Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The report indicates that the total social financing (社融) in November increased by 2.49 trillion yuan, which is 159.7 billion yuan more than the same period last year, exceeding the consensus expectation of 2.02 trillion yuan [5][8] - The cumulative social financing for the first eleven months shows a year-on-year growth of 8.5%, maintaining the same growth rate as in October [5][8] - The report highlights a structural differentiation in financing, with trust loans, bond financing, and unendorsed bank acceptance bills showing significant year-on-year increases, while credit and government bonds experienced declines [5][9] Summary by Sections Social Financing Situation - In November, social financing increased by 2.49 trillion yuan, with a year-on-year increase of 159.7 billion yuan, surpassing expectations [5][8] - The cumulative social financing for the first eleven months shows an 8.5% year-on-year increase, consistent with October's growth rate [5][8] Credit Situation - The report notes that the credit supply is lower than in previous years, with November's new RMB loans amounting to 405.3 billion yuan, which is 116.3 billion yuan less than the same month last year [5][12] - The credit balance grew by 6.4% year-on-year, with a slight decline in growth rate compared to the previous month [12] Liquidity and Deposit Situation - The report indicates that M1 growth has slowed, while M2 and M1's differential has slightly expanded [19] - In November, RMB deposits increased by 1.4 trillion yuan, which is 760 billion yuan less than the same period last year, with a year-on-year growth rate of 7.7% [21] Investment Recommendations - The report suggests a shift in the investment logic for bank stocks from "pro-cyclical" to "weak-cyclical," indicating that during periods of economic stagnation, high dividend yields from bank stocks will remain attractive [24] - Two main investment lines are recommended: regional banks with strong certainty and large banks with high dividend yields [24]

（原标题：渝农商行现2笔大宗交易 合计成交113.50万股） 渝农商行12月12日大宗交易平台共发生2笔成交，合计成交量113.50万股，成交金额717.33万元。成交价 格均为6.32元。从参与大宗交易营业部来看，机构专用席位共出现在2笔成交的买方或卖方营业部中， 合计成交金额为717.33万元，净卖出717.33万元。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为3.39亿元。 据天眼查APP显示，重庆农村商业银行股份有限公司成立于2008年06月27日，注册资本1135700万人民 币。（数据宝） 12月12日渝农商行大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日 | | | | --- | --- | --- | --- | --- | --- | | | 额 | 格 | 收盘折溢 | 买方营业部 | 卖方营业 | | | （万 | （元） | 价 | | 部 | | | 元） | | （%） | | | | 58.69 | 370.93 | 6.32 | 0.00 | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 机构专用 | | 54.81 | 346.40 ...

Core Viewpoint - The announcement by Chongqing Rural Commercial Bank regarding the implementation of a personal consumption loan interest subsidy policy aims to boost local consumption by allowing residents to benefit from interest subsidies on loans used for consumption from September 1, 2025, to August 31, 2026 [1][2]. Group 1: Policy Implementation - The personal consumption loan interest subsidy policy will be applicable to loans issued by regional banks in addition to the six major state-owned commercial banks and twelve national joint-stock commercial banks [1][2]. - The subsidy will cover loans for various consumption categories, including household vehicles, education, and healthcare, with a maximum annual subsidy rate of 1% and a cap of 50% of the loan contract interest rate [2][3]. Group 2: Regional Bank Participation - Several regional banks, including Chongqing Bank and Guizhou Bank, have announced their participation in the subsidy program, indicating a broader implementation of the policy across different financial institutions [1][8]. - The execution periods for the subsidy may vary among regional banks, with some banks setting specific time frames for eligibility [3][4]. Group 3: Eligibility and Restrictions - Regional banks have established strict eligibility criteria for the subsidy, requiring that the consumption must occur within the respective provinces and that certain documentation must be provided [5][6]. - There are specific restrictions on the types of transactions that qualify for the subsidy, such as requiring that the loan be used for consumption within 30 days of disbursement [6][7]. Group 4: Local Government Support - Local governments are encouraged to support the implementation of the subsidy policy, with funding responsibilities shared between provincial and municipal levels [8]. - The policy aims to enhance the competitiveness of regional banks and stimulate local consumption while keeping the fiscal burden manageable for local governments [9].

12月10日，浙商银行、渝农商行发布公告宣布拟取消监事会。据不完全统计，今年以来，已超20家银行宣布不再设立监事会或披露相关计划。 业内人士指出，取消监事会的银行将由董事会审计委员会承接监事会职权，这有助于提升公司治理效率、降低运营成本，但需确保监督的独立性、专业性 与有效性。 多家银行不再设立监事会 12月10日，浙商银行发布第七届董事会2025年第九次临时会议决议公告，会议审议通过了《关于不再设置监事会的议案》，该议案尚需提交股东大会审议 通过。 随后，浙商银行发布H股公告显示，根据《中华人民共和国公司法》以及中国证监会、金融监管总局关于不设置监事会的有关规定，浙商银行拟不再设置 监事会，由该行董事会审计委员会承接法律法规规定的监事会职权，在董事会中设置职工董事，并相应修订公司章程。该行各项规章制度中涉及监事会、 监事的规定将不再适用。此次调整自该行股东大会审议通过且收到金融监管总局的核准批复后生效。 同日，重庆农商行发布2025年第一次临时股东大会决议公告称，会议审议通过了该行不再设置监事会的议案。 此外，宁波银行于12月8日召开的临时股东大会已审议通过《关于不再设立监事会的议案》；贵阳银行12月5日公 ...

12月11日，重庆农村商业银行（以下简称"渝农商行"601077.SH/03618.HK）发布公告称，国家金融监督 管理总局重庆监管局已正式核准马宝、董斌、袁刚三人的非执行董事任职资格，任期至第五届董事会届 满。与此同时，原非执行董事胡淳、殷祥林因个人工作安排辞任，相关职务交接自新董事任职资格生效 日起完成。 【文/羽扇观金工作室】 根据公开信息，三位新任非执行董事均具备丰富的政企管理经验与金融专业背景。 马宝，满族，现年40岁，本科学历，农业推广硕士，高级政工师、经济师。曾任重庆工商行政管理局双 桥区分局办公室副主任，重庆渝富资产经营管理集团有限公司办公室副主任，重庆渝富控股集团有限公 司董事会秘书、办公室主任、安全督查办公室主任、汽车与智能制造事业部总监、汽车事业部总监，重 庆渝富资本运营集团有限公司董事长。 董斌现年54岁，拥有会计硕士学历及高级会计师、注册会计师资格，现任重庆市城市建设投资集团党委 委员、董事、财务总监。其职业生涯横跨政府审计部门（重庆市审计局）、地方国企（重庆渝富资产经 营管理集团）、金融基础设施（重庆金融资产交易所）及交通基建领域（重庆高速公路集团）。 袁刚现年51岁，现任重庆发展 ...

Core Insights - Tencent Holdings, China Merchants Bank, and Xiaomi Group lead the market in net inflows, with amounts of 875 million, 725 million, and 540 million respectively [1] - Pop Mart, Luoyang Molybdenum, and China Hongqiao experience the highest net outflows, with amounts of -574 million, -409 million, and -375 million respectively [1] Net Inflows Summary - Tencent Holdings (00700) shows a net inflow of 875 million, representing an increase of 8.35% in net inflow ratio, closing at 602.500 with a decrease of 0.41% [2] - China Merchants Bank (03968) has a net inflow of 725 million, with a net inflow ratio of 54.62%, closing at 52.000 with an increase of 0.39% [2] - Xiaomi Group (01810) reports a net inflow of 540 million, with a net inflow ratio of 7.11%, closing at 41.260 with a decrease of 3.10% [2] Net Outflows Summary - Pop Mart (09992) records a net outflow of -574 million, with a net outflow ratio of -12.71%, closing at 190.300 with a decrease of 5.04% [2] - Luoyang Molybdenum (03993) has a net outflow of -409 million, with a net outflow ratio of -27.72%, closing at 17.920 with a decrease of 6.42% [2] - China Hongqiao (01378) shows a net outflow of -375 million, with a net outflow ratio of -30.29%, closing at 31.340 with a decrease of 3.87% [2] Net Inflow Ratio Leaders - Sichuan Chengyu Expressway (00107) leads with a net inflow ratio of 68.25%, with a net inflow of 7.056 million, closing at 5.560 with a decrease of 0.36% [3] - Tongrentang (03613) follows with a net inflow ratio of 66.47%, with a net inflow of 5.284 million, closing at 8.810 with a decrease of 1.12% [3] - China Merchants Hengsheng Technology (03423) has a net inflow ratio of 63.08%, with a net inflow of 974,000, closing at 9.960 with a decrease of 1.87% [3] Net Outflow Ratio Leaders - China Merchants Port (00144) leads with a net outflow ratio of -58.92%, with a net outflow of -35.2885 million, closing at 15.940 with a decrease of 1.42% [3] - Chongqing Rural Commercial Bank (03618) follows with a net outflow ratio of -54.76%, with a net outflow of -33.6925 million, closing at 6.180 with a decrease of 1.59% [3] - Hisense Home Appliances (00921) shows a net outflow ratio of -54.05%, with a net outflow of -16.1746 million, closing at 24.840 with a decrease of 0.32% [3]

H股股东主要针对的是《关于修订〈重庆农村商业银行股份有限公司章程〉的议案》；另一个是《关于 修订〈重庆农村商业银行股份有限公司董事会议事规则〉的议案》。记者发现，H股股东反对的公司章 程与董事会议事规则修订，或主要与上海豫园旅游商城（集团）股份有限公司及其关联方的治理影响力 变化密切相关。 【深圳商报讯】（首席记者 谢惠茜）12月10日晚，重庆农村商业银行（以下简称"渝农商行 （601077）"）发布公告称，其近期召开2025年第一次临时股东大会，审议并通过了四项议案，其中两 项涉及公司章程和董事会议事规则的修订。记者注意到，虽然这两项议案都获得了通过，但却在投票过 程中遭到H股股东高比例反对。 ...

Core Viewpoint - The expansion of personal consumption loan interest subsidy policies by regional banks in Guizhou, Sichuan, and Chongqing aims to stimulate local consumption and enhance the competitiveness of regional financial institutions [1][6]. Group 1: Implementation of Subsidy Policies - Regional banks such as Guiyang Bank, Guizhou Bank, and Chengdu Bank have announced the implementation of personal consumption loan interest subsidies, expanding the original 23 financial institutions to include more local banks [1][2]. - The subsidy policies are in response to national calls to boost local consumption, with other provinces expected to follow suit [1][6]. Group 2: Specifics of Subsidy Programs - In Guizhou, the subsidy period is from December 1, 2025, to December 31, 2025, with a maximum subsidy of 3,000 yuan for eligible borrowers [2][4]. - In Chongqing, the subsidy applies to personal consumption loans issued from September 1, 2025, to August 31, 2026, with three local banks included as loan issuers [3][4]. - Chengdu Bank and Chengdu Rural Commercial Bank have set a subsidy cap of 1,500 yuan for borrowers during their policy period [5]. Group 3: Variations in Subsidy Standards - The annual subsidy rate for personal consumption loans in Guizhou and Chongqing is set at 1%, but the maximum subsidy amounts differ, with Guizhou and Chongqing allowing up to 3,000 yuan per borrower [4]. - Chengdu's subsidy cap is lower, at 1,500 yuan, indicating regional differences in subsidy implementation [5]. Group 4: Future Prospects and Market Impact - The introduction of these subsidy policies is expected to create a "national subsidy + local subsidy" synergy, enhancing regional banks' market competitiveness and stimulating local consumption [6][7]. - The policies are seen as a short-term growth opportunity for banks, but long-term sustainability may be challenged due to differences in customer base and risk management capabilities compared to larger banks [7].

格隆汇12月11日丨重庆农村商业银行(03618.HK)谨定于2025年12月23日(星期二)举行董事会会议，以审 议及通过(其中包括)2025年中期利润分配之事宜。 ...

该行董事会近日接获该行独立非执行董事张桥云先生的辞呈。因其任职独立非执行董事已满6年，根据 关于独立非执行董事任职期限的监管规定，张桥云先生辞去该行独立非执行董事、董事会提名委员会主 任委员、董事会战略发展委员会委员、董事会风险管理委员会委员、董事会审计委员会委员、董事会消 费者权益保护委员会委员职务。张桥云先生的辞任自2025年12月11日起生效。 智通财经APP讯，重庆农村商业银行(03618)发布公告，该行董事会谨此宣布，马宝先生、董斌先生及袁 刚先生就任该行非执行董事，任期自2025年12月11日起至本届董事会任期届满为止。该行将尽快召开董 事会会议，以委任马宝先生、董斌先生及袁刚先生担任董事会专门委员会成员。 ...