Investment Rating - The investment rating for the banking industry is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes that policy support is crucial for stabilizing growth, with a focus on the recovery of banking sector sentiment in Q1 [4][7] - The People's Bank of China (PBOC) has indicated the feasibility of further interest rate cuts and reserve requirement ratio (RRR) reductions due to high current levels of RRR and a stable exchange rate environment [4] - Structural monetary policy tools have been introduced to lower the overall financing costs in society, with specific interest rate cuts for various loans [5] - The resumption of government bond trading operations by the PBOC is aimed at enhancing the monetary policy toolkit and ensuring smooth issuance of government bonds [6] Summary by Sections Monetary Policy and Economic Recovery - The PBOC's recent measures include a potential for 1-2 interest rate cuts within the year, with a possible reduction of 10 basis points each time, with the earliest cut expected in Q1 [4] - The report notes that the core Consumer Price Index (CPI) has shown positive growth, indicating effective policy collaboration [7] Banking Sector Performance - The banking sector is expected to benefit from improved economic conditions, with a significant increase in credit issuance anticipated in January, potentially the highest in history [7] - Banks with strong wealth management capabilities and those in active financial environments are likely to gain more from the supportive policy landscape [7] Recommendations - The report recommends focusing on banks such as CITIC Bank, Construction Bank, Agricultural Bank, and others, which are expected to benefit from the current economic recovery and policy support [7]

Core Viewpoint - Chongqing Rural Commercial Bank (CRCB) has demonstrated strong growth and resilience, with key executives and board members increasing their shareholdings, reflecting confidence in the bank's future prospects and strategic direction [2][7]. Group 1: Financial Performance - As of the end of Q3 2025, CRCB's total assets reached 1.65 trillion yuan, a 9.3% increase from the previous year, surpassing the average growth rates of A-share listed banks and rural commercial banks [3]. - The bank's deposit scale exceeded 1 trillion yuan, making it the first bank in the Chongqing region to achieve this milestone, while its loan balance approached 780 billion yuan, maintaining a leading position in growth rates among listed banks [3]. - For the first three quarters of 2025, CRCB reported operating income of 21.7 billion yuan, a 0.7% year-on-year increase, with net interest income rising by 6.9%, showcasing strong profitability despite a challenging interest rate environment [3]. Group 2: Asset Quality and Risk Management - CRCB's non-performing loan ratio decreased to 1.12% by the end of Q3 2025, down 0.06 percentage points from the previous year, which is lower than the average for A-share listed banks [4]. - The bank's provision coverage ratio improved to 365%, providing a solid risk buffer, while its core Tier 1 capital adequacy ratio stood at 12.98% and total capital adequacy ratio at 14.77%, indicating robust capital strength [4]. Group 3: Strategic Development - Under the leadership of Chairman Liu Xiaojun, CRCB has set clear strategic goals focusing on "technology-driven, industry-driven, and ecosystem-driven" transformations, aiming for a breakthrough in rural and urban financial services over the next five years [5]. - The bank has established a comprehensive financial service system, serving over 29.5 million personal customers and nearly 2 million merchants in Chongqing, enhancing local consumption through community-focused financial services [5]. - CRCB is also focusing on major strategic initiatives in the Chengdu-Chongqing economic circle and the new western land-sea corridor, integrating resources from universities and investment institutions to support technology enterprises [5]. Group 4: Governance and Market Confidence - CRCB has a well-defined governance structure and has recently optimized its board composition, receiving recognition for its governance practices [6]. - The increase in shareholdings by executives and board members signals strong confidence in the bank's operational fundamentals and long-term growth potential, aligning with positive institutional ratings received since March 2025 [7]. - The bank's commitment to high-quality transformation and innovation is expected to enhance its market recognition and support its ongoing reforms and business expansion [7][8].

Group 1 - The Low Volatility Dividend Index (H30269.CSI) includes 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility. As of January 14, the index has a one-year dividend yield of 4.57% [1] - The Low Volatility Dividend ETF (华夏 159547) is the ETF with the lowest comprehensive fee tracking this index, with quarterly evaluations for dividends. The linked funds are Class A (021482) and Class C (021483) [1] - The Dividend Quality Index (931468.CSI) consists of 50 listed companies that provide continuous cash dividends, have high payout ratios, and exhibit high profitability. As of January 14, this index has a one-year dividend yield of 3.49% [1] - The only ETF tracking the Dividend Quality Index is the Dividend Quality ETF (159758), with linked funds being Class A (016440), Class C (016441), and Class D (024263) [1] Group 2 - Chongqing Rural Commercial Bank (渝农商行) announced a cash dividend of RMB 0.20336 per share (tax included), with the record date on January 22, 2026, and the ex-dividend date on January 23, 2026. It is a component of the Low Volatility Dividend Index (H30269.CSI) but not part of the Dividend Quality Index (931468.CSI) [1] - Bojie Co., Ltd. (博杰股份) declared a cash dividend of RMB 0.940663 per 10 shares (tax included), with the record date on January 21, 2026, and the ex-dividend date on January 22, 2026. It is not included in either the Low Volatility Dividend Index (H30269.CSI) or the Dividend Quality Index (931468.CSI) [2]

Group 1 - The company announced a cash dividend distribution plan for the first half of 2025, with a payout of 0.20336 yuan per share (including tax) [2] - The record date for the dividend distribution is set for January 22, 2026, with the ex-dividend date and payment date both on January 23, 2026 [2]

Core Viewpoint - Chongqing Rural Commercial Bank announced a cash dividend distribution plan for the first half of 2025, with a total cash dividend of 2.31 billion RMB, of which 1.80 billion RMB is allocated to A-shareholders [1][6]. Dividend Distribution Details - The total share capital for the dividend distribution is 11.36 billion shares, with 8.84 billion shares being A-shares [6]. - The cash dividend per A-share is set at 0.20336 RMB (including tax) [3][6]. - The total cash dividend to be distributed amounts to 2.31 billion RMB (including tax), with A-share dividends totaling 1.80 billion RMB (including tax) [1][6]. Important Dates - The record date for shareholders is January 22, 2026 [3][7]. - The ex-dividend date and cash dividend payment date is January 23, 2026 [1][3][7]. Approval and Implementation - The dividend distribution plan was approved at the annual general meeting held on May 21, 2025, and further confirmed at the board meeting on December 23, 2025 [3][4]. - The cash dividends for A-shareholders will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [8].

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. * * : 3618 海外監管公告 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2025年半年度 A股權益分派實施公告》，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1月14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、袁剛先生及彭玉龍先生；及本行獨立非執行董事為李明豪先生、李嘉明先生 及畢茜女士。 * 本行經中 ...

证券代码：601077 证券简称：渝农商行 公告编号：2026-003 重庆农村商业银行股份有限公司 2025年半年度A 股权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利人民币0.20336元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2026/1/22 | － | 2026/1/23 | 2026/1/23 | 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 重庆农村商业银行股份有限公司（以下简称"本行"）2025 年 5 月 21 日召开的2024年度 股东大会审议通过《关于审议重庆农村商业银行股份有限公司 2025 年中期利润分配安排的议 案》，授权董事会在符合利润分配的条件下制定具体的中期利润分配方案。本行 2025 年 12 月 23 日召开的第五届董事会第六十六次会议审议通过《关于审议重庆农村商业银 ...

Core Viewpoint - Chongqing Rural Commercial Bank announced a cash dividend distribution for the first half of 2025, with a total of 2.31 billion RMB to be distributed based on a total share capital of 11.36 billion shares, with each A-share receiving a cash dividend of 0.20336 RMB [1][12]. Summary by Relevant Sections Dividend Distribution Details - The cash dividend per A-share is set at 0.20336 RMB (including tax) [3][14]. - The total cash dividend to be distributed amounts to 2.31 billion RMB (including tax), with 1.80 billion RMB allocated specifically for A-shares [6][17]. Important Dates - The record date for shareholders is January 22, 2026 [3][18]. - The ex-dividend date and cash dividend payment date is January 23, 2026 [1][18]. Distribution Method - Cash dividends for A-shareholders will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, except for specific entities that will receive dividends directly from the bank [19][20]. - Shareholders who have completed designated trading can collect their cash dividends at their designated securities business department on the payment date [19]. Shareholder Meeting Approvals - The profit distribution plan was approved at the annual general meeting held on May 21, 2025, and further ratified by the board meeting on December 23, 2025 [3][14]. Special Notes - The cash dividend distribution does not apply to H-share shareholders, who will receive separate arrangements as detailed in announcements on the Hong Kong Stock Exchange [5][16].

Core Viewpoint - The recent increase in shareholding by major shareholders and executives in several banks indicates confidence in the banking sector's development and potential for valuation recovery [1][3]. Group 1: Shareholder Actions - Yunnan Rural Commercial Bank announced that six core executives collectively increased their holdings by purchasing 192,000 shares at prices ranging from RMB 6.36 to 6.42 per share [2]. - Nanjing Bank reported that its major shareholder, Zijin Group, increased its stake by 123,472,060 shares, representing 1.00% of the total share capital [2]. - Qilu Bank's executives exceeded their planned share purchase, acquiring 771,000 shares for a total of RMB 4.48 million, surpassing the initial target of RMB 3.5 million [2]. Group 2: Market Signals - Analysts suggest that the increase in shareholding by major shareholders sends three key signals: it enhances the capital of listed banks, reflects confidence in future development and stock performance, and may serve as a catalyst for valuation recovery [3]. - The actions of insurance companies, such as Ping An Life, to increase holdings in major banks highlight a trend of institutional investment in the banking sector, driven by the attractive dividend yields of over 4% [4]. Group 3: Investment Outlook - The insurance sector is expected to inject over RMB 2 trillion into the market in 2026, with a growing demand for high-dividend assets, making state-owned banks attractive long-term investment targets [4]. - Analysts from Galaxy Securities maintain a positive outlook on the banking sector, anticipating continued interest from long-term funds, particularly from insurance capital [5]. - Industry insiders believe that the valuation of bank stocks remains low, suggesting potential for further appreciation [6].

Group 1 - The 2026 commemorative coins and banknotes will be available for online reservation starting January 13, with a total issuance of 100 million for each product [1] - Shanghai government has introduced four financial measures focusing on consumer scenarios and innovation in consumer finance, aiming to support the expansion of consumer finance business in the banking sector [4] - The banking industry is experiencing a retail "asset enhancement battle," with state-owned banks offering rewards exceeding 3,000 yuan to attract retail deposits and investment [7] Group 2 - Pudong Development Bank reported total assets exceeding 10 trillion yuan, with a net profit growth of 10.52% year-on-year, indicating improved asset quality and profitability [1] - The Chongqing Rural Commercial Bank's management has increased their shareholdings, signaling confidence in the bank's future development [2] - A significant amount of high-interest fixed deposits, estimated at around 50 trillion yuan, will mature in 2026, which may stabilize bank profitability as funds are reallocated [3] Group 3 - Over 60 village banks have been transformed into branches by state-owned banks in 2026, aiming to enhance financial services in rural areas [5] - Banks are launching structured deposits linked to gold, with annualized returns reaching up to 5%, as gold investment products gain popularity amid fluctuating gold prices [8] - Many small and medium-sized banks are closing cross-border transaction capabilities for debit cards in response to increasing incidents of overseas card fraud, enhancing their risk management systems [10]