Core Viewpoint - The banking sector shows resilience with significant stock price increases, driven by executive buybacks and insurance capital inflows, indicating strong confidence in the sector's fundamentals and long-term value [3][12]. Group 1: Market Performance - On January 13, the market experienced a pullback, but the banking sector remained active, with notable gains: Ningbo Bank up over 4%, Hangzhou Bank up over 3%, and several others including CITIC Bank and Chongqing Rural Commercial Bank up over 2% [1][9]. - The top-tier banking ETF (512800) saw an intraday price increase of over 1%, closing up 0.37% and surpassing the 5-day moving average [1][10]. Group 2: Executive Buybacks - The first executive buyback announcement of 2026 was made by Chongqing Rural Commercial Bank, where some directors and executives purchased 192,000 shares from the secondary market, with a maximum investment of 1.23 million yuan [3][12]. - 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, continuing from previous increases since September 2025 [3][12]. Group 3: Insurance Capital Inflows - Insurance capital has been actively purchasing bank stocks, with Ping An Life announcing it reached a 20% stake in China Merchants Bank H-shares, triggering a mandatory bid [3][12]. - In 2025, insurance capital made 41 stake increases, the highest in nearly a decade, with bank stocks accounting for about 40% of these actions, highlighting their dominance in this area [3][12]. Group 4: Seasonal Trends - Historically, the banking sector has performed well before the Spring Festival, with the Shenwan Banking Index showing over 80% win rate in the past decade, except for 2020 [4][16]. - The average absolute return of the Shenwan Banking Index before the Spring Festival is 4.4%, with an average excess return of 4.9% compared to the Shanghai Composite Index, making it the highest among 31 industry indices [4][16]. Group 5: Future Outlook - Factors expected to drive the banking sector's performance leading up to the Spring Festival in 2026 include continued growth policies, ongoing insurance asset scarcity, and increased market volatility [7][16]. - The banking ETF (512800) is noted for its efficiency in tracking the banking sector, with a current scale of 11.95 billion yuan and an average daily trading volume exceeding 800 million yuan since 2025, making it the largest and most liquid banking ETF in A-shares [7][16].

Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank (渝农商行) [1] Core Views - The bank's net profit is expected to grow by 5.1% in 2025, 10.1% in 2026, and 9.5% in 2027, with corresponding book value per share (BVPS) of 12.05, 13.13, and 14.32 yuan [7] - The target price is set at 8.29 yuan per share, reflecting a 10% premium over comparable companies [7] Summary by Sections 1. Local State-Owned Capital Continues to Increase - The new chairman's appointment is expected to drive the execution of strategies aimed at addressing weaknesses and tapping potential [14] - The local state-owned assets management committee has a strong focus on market value management, with significant shareholding in the bank [14][18] 2. Actively Expanding Scale Based on Regional Endowments - The economic turning point in Chongqing is expected to drive demand for the bank's services [24] - The bank is increasing its public loan issuance, with public loans accounting for 54% of the total [39] 3. Improvement in Net Interest Margin and Asset Quality - The bank is experiencing a narrowing of interest margin decline, with asset quality showing clear improvement [10] - The credit cost is expected to remain low, with non-performing loans being effectively managed [10] 4. Plans for ROE Improvement - The bank's return on equity (ROE) is projected to improve, supported by strategic initiatives and management experience [10][19] 5. Financial Forecast and Investment Recommendations - The report provides detailed financial projections, including revenue and profit growth, alongside a valuation analysis [9][7]

Core Viewpoint - The agricultural commercial bank sector experienced a rise of 0.62% on January 13, with Chongqing Rural Commercial Bank leading the gains, while the Shanghai Composite Index fell by 0.64% and the Shenzhen Component Index dropped by 1.37% [1] Group 1: Market Performance - Chongqing Rural Commercial Bank (601077) closed at 6.65, up by 2.15% with a trading volume of 813,100 shares and a transaction value of 540 million yuan [1] - Other notable banks included Zijin Bank (601860) with a closing price of 2.81, up by 0.72%, and Qingnong Bank (002958) at 3.13, up by 0.64% [1] - The overall trading volume for the agricultural commercial bank sector was significant, with total net inflow of main funds amounting to 56.49 million yuan [1] Group 2: Fund Flow Analysis - Main funds saw a net inflow of 17.50 million yuan into Chongqing Rural Commercial Bank, while retail investors experienced a net outflow of 47.08 million yuan [2] - Jiangyin Bank (002807) had a net inflow of 13.55 million yuan from main funds, but retail investors withdrew 8.41 million yuan [2] - The fund flow data indicates a mixed sentiment among retail and institutional investors, with main funds generally showing positive interest in several banks while retail investors were more cautious [2]

1、 第一步 2、 第二步 3、 第三步 1、 第一步 2、 第二步 3、 第三步 如何登录重庆农商行网银查询集团财资信息 如何登录重庆农商行网银查询集团财资信息 ...

1月13日金融一线消息，重庆金融监管局关于刘小军重庆农村商业银行股份有限公司董事、董事长任职 资格的批复，核准刘小军重庆农村商业银行股份有限公司董事、董事长的任职资格。 简历显示，刘小军，汉族，1976年12月生，中共党员，研究生学历，经济学硕士，经济师，现任重庆农 村商业银行股份有限公司党委书记。曾任中国建设银行国际业务部业务副经理、房地产金融业务部业务 经理，中信信托投资有限责任公司（后更名为中信信托有限责任公司）信托业务二部高级经理、副总经 理及总经理，中信信托有限责任公司信托业务八部（筹）副总经理（主持工作），中信信托有限责任公 司业务总监、副总经理，中国宏桥集团有限公司非执行董事，重庆发展投资有限公司党委书记、董事 长。 责任编辑：王馨茹 1月13日金融一线消息，重庆金融监管局关于刘小军重庆农村商业银行股份有限公司董事、董事长任职 资格的批复，核准刘小军重庆农村商业银行股份有限公司董事、董事长的任职资格。 简历显示，刘小军，汉族，1976年12月生，中共党员，研究生学历，经济学硕士，经济师，现任重庆农 村商业银行股份有限公司党委书记。曾任中国建设银行国际业务部业务副经理、房地产金融业务部业务 经理， ...

运营商财经网 张运迪/文 2016年后，刘小军跨入公司核心管理层，先后出任中信信托业务总监、副总经理等职。在任期间，对泛 资管时代的信托公司业务定位、产品布局、投资运作等积累了深入的研究和实践 2024年2月，刘小军出任重庆发展投资公司董事长。一年后，2025年3月，其职业生涯迎来转折，加入重 庆农商行，接棒谢文辉担任该行党委书记，直至此次正式履新董事长职务。 有意思的是，一般来说，上市银行董事长任职资格获得监管批复的时长，大约在1至4个月不等。而刘小 军的任职资格批复时长，达到了近10个月之久。 之前，因其任职资格一直未获监管批复，该行行长隋军一直处于代为履职状态。根据《中资商业银行行 政许可事项实施办法》规定，代为履职的时间不得超过6个月。显然，行长隋军代为履职的时间曾存在 超期情况。 近日，重庆农商行发布公告称，该行近日已收到批复，国家金融监督管理总局重庆监管局已核准刘小军 担任该行董事长的任职资格。 公开信息显示，刘小军出生于1976年12月，今年50岁；是经济学硕士，还有经济师职称。 从工作经历看，刘小军具备横跨国有大行、头部信托、地方金融平台的复合型管理背景。 早年间，刘小军曾供职于建行总行，曾任 ...

（编辑 任世碧） 证券日报网讯 1月12日，渝农商行发布公告称，本行部分董事、高级管理人员于2026年1月5日至1月7日 期间，以自有资金从二级市场买入本行A股股票192，000股，成交价格区间为每股人民币6.36元至6.42 元。 ...

重庆农村商业银行(03618)发布公告，重庆农村商业银行股份有限公司(以下简称"本行")部分董事、高级 管理人员于2026年1月5日至1月7日期间，以自有资金从二级市场买入本行A股股票19.2万股，成交价格 区间为每股人民币6.36元至6.42元。 ...

智通财经APP讯，重庆农村商业银行(03618)发布公告，重庆农村商业银行股份有限公司(以下简称"本 行")部分董事、高级管理人员于2026年1月5日至1月7日期间，以自有资金从二级市场买入本行A股股票 19.2万股，成交价格区间为每股人民币6.36元至6.42元。 ...

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部分董 事、高級管理人員增持本行股票的公告》，謹供參閱。 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 中國 • 重慶，2026年1月12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915000006761 ...