: 3618 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Chongqing Rural Commercial Bank Co., Ltd. * * 本公告乃重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.* （「本行」）根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列本行在上海證券交易所網站刊發之《重慶農村商業銀行股份有限公司關於董事會秘 書任職資格獲監管機構核准的公告》，謹供參閱。 承董事會命 重慶農村商業銀行股份有限公司* Chongqing Rural Commercial Bank Co., Ltd.* 董事長兼執行董事 劉小軍 中國 • 重慶，2026年3月23日 於本公告日期，本行執行董事為劉小軍先生及隋軍先生；本行非執行董事為馬寶先生、 董斌先生及袁剛先生；及本行獨立非執行董事為李明豪先生及畢茜女士。 * 本行經中國銀行業監督管理機構 ...

本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 关于董事会秘书任职资格获监管机构核准的公告 证券代码：601077 证券简称：渝农商行 公告编号：2026-008 重庆农村商业银行股份有限公司（以下简称"本行"）于 2025 年 9 月 8 日 召开第五届董事会第六十一次会议，聘任谭彬先生为本行董事会秘书。近日，本 行收到《重庆金融监管局关于谭彬重庆农村商业银行董事会秘书任职资格的批 复》（渝金管复〔2026〕33 号），国家金融监督管理总局重庆监管局已核准谭 彬先生担任本行董事会秘书的任职资格，任职资格自即日起生效，任期至本行第 五届董事会任期届满之日止。 重庆农村商业银行股份有限公司 谭彬先生已参加上海证券交易所组织的董事会秘书任职培训并取得培训证 明。谭彬先生的简历详见本行在上海证券交易所网站（www.sse.com.cn）披露的 《重庆农村商业银行股份有限公司第五届董事会第六十一次会议决议公告》。 2026 年 3 月 23 日 特此公告。 重庆农村商业银行股份有限公司董事会 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that under inflation expectations, broad asset liquidity may contract, and attention should be paid to negative feedback effects [1][14] - The central bank's operations have resulted in a net injection of 215.8 billion CNY, with liquidity in the interbank market remaining ample and funding rates slightly declining [14] - The report emphasizes the potential for liquidity-driven valuation expansion to slow down in the second quarter due to rising inflation expectations and external geopolitical conflicts affecting oil prices [14][16] Summary by Sections 1. Inflation Expectations and Asset Liquidity - The interbank liquidity is currently abundant, with funding rates showing a slight decline. As of March 20, R001 and R007 rates were 1.40% and 1.48%, respectively [14] - The central bank conducted 242.3 billion CNY in 7-day reverse repos, with a maturity of 1,765 billion CNY, and a net injection of 215.8 billion CNY was achieved [14] - The report anticipates that liquidity may face contraction in Q2, influenced by inflation recovery expectations and external factors [14] 2. Central Bank Dynamics and Market Rates - The central bank's operations are characterized by small adjustments, maintaining a stable liquidity environment [15] - The report notes that government bond yields have shown mixed movements, with 1Y and 3Y yields decreasing by 2.0bp and 2.5bp, while longer-term yields have increased [16] - The report suggests that the market should prepare for potential upward pressure on long-term interest rates as economic recovery and inflation expectations evolve [16] 3. Bank Financing Tracking - The report indicates that the issuance of interbank certificates of deposit (NCD) has seen a weighted average issuance rate of 1.53%, down by 2bp from the previous period [19] - The total outstanding amount of interbank certificates of deposit is 18.17 trillion CNY, with a negative net financing of 4.042 billion CNY this period [19] - The report highlights that there were no new issuances of commercial bank bonds during this period, with a total outstanding amount of 3.35 trillion CNY [20]

证券代码：601077 证券简称：渝农商行 公告编号：2026-007 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重庆农村商业银行股份有限公司（以下简称"本行"）董事会近日获悉，本 行独立董事李嘉明先生于近日不幸离世。本行及本行董事会对李嘉明先生的离世 致以沉重哀悼，并向其家人表示深切慰问。 李嘉明先生在担任本行独立董事、董事会审计委员会、薪酬委员会主任委员 及提名委员会、关联交易控制委员会、三农金融服务委员会委员期间，恪尽职守、 勤勉尽责，忠实地履行了作为独立董事应尽的职责和义务，为本行相关决策事项 提供了专业意见和建议。本行董事会对于李嘉明先生在任职期间为本行作出的贡 献给予高度评价并致以衷心的感谢。 李嘉明先生离世后，本行现任董事会成员未低于法定最低人数。本行将根据 《公司法》及本行《公司章程》等有关规定，按照相关程序尽快完成独立董事补 选工作并及时履行信息披露义务。本行生产经营活动正常开展，不会因此受到不 利影响。 特此公告。 重庆农村商业银行股份有限公司董事会 2026年3月20日 重庆农村商业银行股份有限公司 ...

Chongqing Rural Commercial Bank Co., Ltd. * * : 3618 董事名單與其角色和職能 重慶農村商業銀行股份有限公司* 董事會（「董事會」）成員列載如下： 執行董事 劉小軍先生 隋軍先生 C 有關委員會的主任委員 M 有關委員會的委員 2026年3月20日 * 本行經中國銀行業監督管理機構批准持有B0335H250000001號金融許可證，並經重慶市市場 監督管理局核准領取統一社會信用代碼為91500000676129728J的企業法人營業執照。本行根 據香港銀行業條例（香港法例第155章）並非一家認可機構，不受香港金融管理局監管，及不獲 授權在香港經營銀行╱接受存款業務。 - 2 - 非執行董事 馬寶先生 董斌先生 袁剛先生 獨立非執行董事 李明豪先生 畢茜女士 - 1 - 附註： 董事會設立八個委員會。下表提供各董事會成員在各有關委員會中所擔任的職位： 董事 戰略發展 委員會 風險管理 委員會 審計委員會 提名委員會 薪酬委員會 關聯交易 控制委員會 三農金融 服務委員會 消費者權益 保護委員會 劉小軍先生 C C 隋軍先生 C C 馬寶先生 M M 董斌先生 M ...

承董事會命 重慶農村商業銀行股份有限公司* Chongqing Rural Commercial Bank Co., Ltd.* 董事長兼執行董事 劉小軍 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.*（「本行」）董 事會（「董事會」）沉痛宣佈，本行獨立非執行董事、董事會審計委員會主任委員、董事會 薪酬委員會主任委員、董事會提名委員會委員、董事會關聯交易控制委員會委員、董事 會三農金融服務委員會委員李嘉明先生於近日不幸離世。本行及董事會對李嘉明先生的 離世致以沉重哀悼，並向其家人表示深切慰問。 李嘉明先生在本行任職期間恪盡職守、勤勉盡責，忠實地履行了作為獨立非執行董事應 盡的職責和義務，為本行相關決策事項提供了專業意見和建議。董事會對於李嘉明先生 在任職期間為本行作出的貢獻給予高度評價並致以衷心的感謝。 李嘉明先生離世後，董事會及相關專門 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 219 regional banks in Shandong Province, highlighting their asset structure, profitability, and asset quality compared to listed banks [6][21] - The asset growth rate of major city commercial banks in Shandong is 13.5%, which is lower than the 14.2% growth rate of listed city commercial banks [26] - The report indicates that the loan-to-asset ratio for city commercial banks is 54.9%, while for rural commercial banks it is 51.6%, both showing a slight year-on-year decline [31] - The profitability metrics reveal that the return on assets (ROA) for city commercial banks in Shandong is 50 basis points lower than that of listed city commercial banks, and the return on equity (ROE) is 3.09 percentage points lower [6][31] - The asset quality of regional banks in Shandong is weaker than that of listed banks, with non-performing loan ratios higher by 21 basis points for city commercial banks and 72 basis points for rural commercial banks [6][31] Summary by Sections 1. Economic Structure of Shandong Province - Shandong Province is implementing initiatives to enhance its economic development, focusing on green and high-quality growth [13] 2. Overview of Regional Banks in Shandong - Shandong has 219 commercial banks, including 14 city commercial banks, 91 village banks, and 110 rural commercial banks [21] - The report notes that the majority of these banks were established between 2011 and 2015, with 125 banks founded during this period [21] 3. Asset and Liability Structure - The asset growth of major banks has remained stable since 2017, with city commercial banks showing a growth rate of 13.5% in the first half of 2025 [26] - The report highlights that the loan structure is predominantly corporate loans, with city and rural commercial banks having corporate loan ratios of 72.7% and 64.2%, respectively [32] 4. Profitability and Asset Quality - The report indicates that the profitability of Shandong's regional banks is lower than that of listed banks, with city commercial banks' ROA at 0.66% and ROE at 9.43% [6][31] - The non-performing loan ratio for city commercial banks is reported at 1.21%, which is higher than the average for listed banks [31] 5. Capital Adequacy - The capital adequacy ratios for city and rural commercial banks in Shandong are reported to be 13.4% and 13.8%, respectively, indicating a sufficient safety margin [6][31]

Core Viewpoint - Fosun International Holdings Ltd. has reduced its stake in Chongqing Rural Commercial Bank by 2.8 million shares at a price of HKD 5.9607 per share, totaling approximately HKD 16.69 million, resulting in a new holding of about 300 million shares, representing 11.93% of the bank's total shares [1] Group 1: Shareholding Changes - Fosun International's recent reduction in shares marks the second time Guo Guangchang has decreased his stake in Chongqing Rural Commercial Bank [1] - Following the latest transaction, Fosun's total shareholding in Chongqing Rural Commercial Bank is approximately 300 million shares, down from 326 million shares previously held [4] Group 2: Financial Performance of Chongqing Rural Commercial Bank - Chongqing Rural Commercial Bank reported a revenue of CNY 21.658 billion for the first three quarters of 2025, reflecting a year-on-year growth of 0.67%, which is above the average growth rate of A-share rural commercial banks [9] - The bank's net profit attributable to shareholders reached CNY 10.694 billion, with a year-on-year increase of 3.74% [9] - The bank's total assets amounted to approximately CNY 1.66 trillion, growing by 9.3% compared to the previous year, and it became the first financial institution in Chongqing to surpass CNY 1 trillion in deposits [9]

Investment Rating - The investment rating for the banking industry is "Positive" and maintained [7] Core Insights - The banking index has achieved excess returns amid a decline in market risk appetite, with a 1.5% increase compared to the Shanghai Composite and ChiNext indices [2][13] - There is a notable inflow into dividend-related index funds, indicating a shift in institutional investment strategies [2][20] - The report continues to favor the valuation recovery of bank stocks, highlighting low PB-ROE valuations and improving performance trends [2][18] Summary by Sections Loan Growth and Leverage - In January-February, corporate loans increased significantly while household leverage continued to decrease, with a total of 5.61 trillion RMB in new loans, a year-on-year decrease of 530 billion RMB [11][43] - The growth rate of RMB loans fell to 6.0% by the end of February, aligning with market expectations [11][43] - Short-term household loans contracted by 359.6 billion RMB, reflecting weak consumer finance demand [12][43] Market Performance - The banking index outperformed the broader market indices, with a 1.5% increase compared to a 1.3% excess return over the Shanghai Composite and a -1.0% return on ChiNext [2][13] - The report recommends high-quality city commercial banks in Zhejiang, Jiangsu, and Shandong provinces, including Hangzhou Bank and Jiangsu Bank [2][18] Investment Opportunities - The report suggests focusing on undervalued banks with high dividend yields and significant conversion space for convertible bonds, particularly highlighting Industrial Bank [34] - The average dividend yield for the six major state-owned banks is 4.19%, with H-shares yielding 5.36% [29][30] Trading Activity - There has been a decline in trading turnover and transaction volume for various types of bank stocks, indicating low trading activity levels [37][41] - The report anticipates an increase in attention towards bank stocks as valuation corrections and index fund impacts are gradually absorbed [37][41]

Core Insights - The report emphasizes the financial impact of rising inflation, particularly due to the recent increase in oil prices, which is expected to have a more significant effect on the price system compared to previous instances, such as during the 2022 Russia-Ukraine conflict [21][22] - The current economic cycle is positioned differently than in 2022, with signs indicating a potential recovery in corporate inventory and an increase in long-term loans, suggesting a shift towards a demand cycle [21][22] - The report predicts that long-term bond rates will likely break through their upper resistance levels as nominal economic recovery continues, with structural monetary policy adjustments being a key focus for the central bank [3][23] Financial Implications - The report outlines three main financial implications: 1. Long-term bond rates are expected to rise, with the ten-year government bond yield likely to break its current range [3][23] 2. A decrease in market risk appetite may lead to a shift from liquidity-driven asset valuation to profit-driven valuation, potentially resulting in a challenging period for financial assets [3][23] 3. The ongoing geopolitical tensions in the Middle East may drive capital flows towards safer assets, including RMB-denominated assets, depending on the pace of financial infrastructure opening [3][23] Banking Sector Adjustments - The banking sector is advised to adjust its mindset regarding the interest rate down cycle, preparing for a scenario where interest rates and funding costs may no longer decline [4][24] - Large banks should focus on reducing the duration of loans and increasing the acquisition of settlement deposits, while smaller banks need to extend the duration of liabilities to mitigate potential impacts from cyclical shifts [4][24] Market Performance - During the observation period from March 9 to March 13, 2026, the banking sector overall increased by 1.5%, outperforming the broader market [19][56] - The report notes that the A-share banking sector showed a positive performance, while H-share banks lagged behind, indicating a divergence in market performance [19][56] Profit Forecasts - The report indicates that profit growth expectations for banks in 2025 remain largely unchanged, with minor adjustments noted for specific banks [20][56]