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。 Chongqing Rural Commercial Bank Co., Ltd. * * : 3618 公告 建議修訂公司章程、股東會議事規則及董事會議事規則 同時，為進一步加強黨的領導和完善公司治理統一，規範本行股東會的組織和行為，保 證股東會和董事會高效規範運作和科學決策，確保股東有效行使權利，保障股東合法權 益，根據《公司法》《上市公司章程指引》《上市公司股東會規則》《銀行保險機構公司治理準 則》等法律法規相關規定，結合本行實際情況，董事會建議對《重慶農村商業銀行股份有 限公司股東會議事規則》（「股東會議事規則」）及《重慶農村商業銀行股份有限公司董事會 議事規則》（「董事會議事規則」）進行修訂。 董事會已經審議通過建議修訂公司章程的議案、建議修訂股東會議事規則的議案及建議 修訂董事會議事規則的議案（「本次建議修訂」），並將向股東提呈本次建議修訂，以供股 東考慮及批准。同時，董事會擬提請本行股東大 ...

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。 * 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。 证券代码：601077 证券简称：渝农商行 公告编号：2025-040 重庆农村商业银行股份有限公司 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第五 ...

第五届董事会第六十四次会议决议公告 证券代码：601077 证券简称：渝农商行 公告编号：2025-040 重庆农村商业银行股份有限公司 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"）第五届董事会第六十 四次会议于 2025 年 11 月 20 日在本行总行 401 会议室以现场结合通讯方式召开。 本行已于 2025 年 11 月 19 日以电子邮件形式发出会议通知和材料。本次会议应 出席董事 8 名，实际出席董事 8 名（其中，现场出席董事 1 名，董事胡淳女士、 殷祥林先生、彭玉龙先生、张桥云先生、李明豪先生、李嘉明先生、毕茜女士以 通讯方式参会）。本行股东上海豫园旅游商城（集团）股份有限公司质押本行股 权比例超过 50%，根据监管规定对其提名的彭玉龙董事在董事会上的表决权进行 了限制。会议的召开符合法律、行政法规、部门规章、规范性文件和本行章程的 有关规定。 本次会议由执行董事隋军先生主持。本次会议审议通过了以下议案： 一、《关于修订<重庆农村商业银行股份有限公司章程>的议 ...

重庆农村商业银行股份有限公司 关于股东权益变动事项的进展公告 证券代码：601077 证券简称：渝农商行 公告编号：2025-041 近日，本行收到渝富资本通知，上述协议涉及的川仪股份股票过户登记手续 已办理完成。 特此公告。 重庆农村商业银行股份有限公司董事会 2025 年 11 月 20 日 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"）于 2025 年 6 月 4 日在 上海证券交易所网站（www.sse.com.cn）披露了《关于股东权益变动的提示性公 告》（公告编号：2025-026）。本行主要股东重庆渝富资本运营集团有限公司（以 下简称"渝富资本"）的控股股东重庆渝富控股集团有限公司与中国机械工业集 团有限公司（以下简称"国机集团"）、国机仪器仪表（重庆）有限公司（以下简 称"国机仪器仪表"）签订《表决权委托协议》，中国四联仪器仪表集团有限公司 与国机集团、国机仪器仪表签订《关于重庆川仪自动化股份有限公司之股份转让 框架协议的补充协议》，上述协议签订后，国机仪器仪表成 ...

Group 1 - The core point of the article is that Chongqing Rural Commercial Bank (渝农商行) held its 64th board meeting on November 20, 2025, to discuss amendments to its articles of association [1] - For the first half of 2025, the bank's revenue composition shows that interest income accounted for 105.29%, debt instrument investments for 51.72%, and non-interest income for 6.43% [1] - As of the report date, the market capitalization of Chongqing Rural Commercial Bank is 76.8 billion yuan [1]

Investment Rating - Investment rating: Positive (maintained) [1] Core Views - The current credit growth continues to slow down, and social financing growth is also declining from high levels. Although policies are in place to support the market, their impact on demand recovery has not yet been reflected due to time lags. The retail risk for listed banks has increased but remains manageable, supported by substantial provisioning and stable dividend policies, which together form a "stable anchor" for the "dividend revaluation" logic of banks. The banks' advantages in capital markets, wealth management, and investment banking create a "growth sail" for differentiated valuations. Bank valuations are still at historically low levels, and medium to long-term funds have the potential for allocation, making increased allocation to the banking sector a favorable choice under the "high cut low" and balanced allocation strategy. It is recommended to invest in state-owned banks as they still offer good value compared to risk-free interest rates. Specific recommendations include CITIC Bank, benefiting from China Construction Bank, Agricultural Bank of China, China Merchants Bank, Jiangsu Bank, Chongqing Bank, Hangzhou Bank, and Chongqing Rural Commercial Bank [7]. Summary by Sections Deposit and Loan Growth - The deposit and loan growth rates for small and medium-sized banks continued to recover, with the national large banks' deposit-loan growth rate difference at -1.31% at the end of October, a decrease of 0.33 percentage points from the end of September. The four major banks' deposit-loan growth rate difference narrowed by 0.02 percentage points to -2.10%. Small and medium-sized banks recorded a deposit-loan growth rate difference of 3.74%, an increase of 0.08 percentage points [3][4]. Deposit Structure - In October, both large and small banks saw an acceleration in deposit growth, with large banks and small banks' deposit growth rates at 7.40% and 9.33%, respectively, increasing by 0.16 and 0.22 percentage points month-on-month. However, corporate deposits faced pressure, with both large and small banks experiencing negative growth in corporate deposits for the month. The increase in deposits was primarily driven by non-bank contributions, indicating a trend of "deposit migration" [4][5]. Credit Demand and Supply - The overall credit volume and structure remain poor, with small and medium-sized banks increasing lending. The total loans from deposit-taking financial institutions to residents and enterprises saw a year-on-year decrease. The credit growth is under pressure due to unfulfilled demand and other factors, including banks completing most of their annual credit targets in the first three quarters and a lack of actual credit demand conversion from policy measures [6]. Investment Recommendations - Given the current environment, increasing allocation to the banking sector is recommended as it presents a favorable opportunity for investors. The report emphasizes the potential of state-owned banks and suggests specific banks for investment based on their performance and market conditions [7].

（责任编辑：徐自立） 中国经济网北京11月18日讯 渝农商行（601077.SH）今日股价收报6.68元，跌幅2.34%。 今日，银行板块跌幅为0.59%，渝农商行股价垫底银行板块。 ...

Core Insights - The agricultural commercial bank sector experienced a decline of 0.94% on November 18, with Yunnan Agricultural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - The closing prices and changes for key agricultural banks are as follows: - Wuxi Bank (600908): Closed at 6.16, down 0.16% - Su Nong Bank (603323): Closed at 5.25, down 0.19% - Zhangjiagang Bank (002839): Closed at 4.59, down 0.22% - Shanghai Agricultural Bank (601825): Closed at 8.89, down 0.34% - Changshu Bank (601128): Closed at 7.08, down 0.56% - Jiangyin Bank (002807): Closed at 4.84, down 0.62% - Ruifeng Bank (601528): Closed at 5.56, down 0.89% - Qingnong Bank (002958): Closed at 3.19, down 0.93% - Zijin Bank (601860): Closed at 2.84, down 1.39% - Yunnan Agricultural Bank (601077): Closed at 6.68, down 2.34% [1] Capital Flow - The agricultural commercial bank sector saw a net outflow of 84.52 million yuan from main funds, while retail funds experienced a net inflow of 42.45 million yuan [1] - The detailed capital flow for selected banks includes: - Su Nong Bank: Main funds net inflow of 11.60 million yuan, retail net outflow of 6.05 million yuan - Qingnong Bank: Main funds net inflow of 5.36 million yuan, retail net outflow of 4.42 million yuan - Ruifeng Bank: Main funds net inflow of 3.82 million yuan, retail net outflow of 1.59 million yuan - Zijin Bank: Main funds net inflow of 3.54 million yuan, retail net outflow of 1.21 million yuan - Wuxi Bank: Main funds net inflow of 3.32 million yuan, retail net inflow of 2.90 million yuan - Yunnan Agricultural Bank: Main funds net outflow of 60.81 million yuan, retail net inflow of 39.29 million yuan [2]

Core Viewpoint - Chongqing Rural Commercial Bank's stock has experienced fluctuations, with a recent decline of 2.05% and a year-to-date increase of 16.62% [1][2]. Financial Performance - As of September 30, 2025, the bank reported a net profit of 10.694 billion yuan, representing a year-on-year growth of 3.74% [2]. - The bank's cumulative cash distribution since its A-share listing amounts to 17.819 billion yuan, with 9.818 billion yuan distributed over the past three years [3]. Stock Market Activity - The stock price is currently at 6.70 yuan per share, with a total market capitalization of 76.092 billion yuan [1]. - The trading volume shows a net outflow of 32.144 million yuan from main funds, with significant selling pressure observed [1]. Business Segments - The bank's revenue composition includes retail banking (40.09%), corporate banking (31.46%), and financial market operations (28.06%) [2]. - The bank operates through three main business departments: corporate banking, personal banking, and financial markets [2]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 0.60% to 123,800 [2]. - Major shareholders include Hong Kong Central Clearing Limited and Huatai-PineBridge CSI 300 ETF, both of which have reduced their holdings [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a continued slowdown in social financing and a shift of deposits towards wealth management products, indicating a need for observation regarding the recovery of resident confidence and corporate operational activity [5][6] - The report notes that the credit growth is slowing down, with new RMB loans added in October amounting to 220 billion yuan, a year-on-year decrease of 280 billion yuan, reflecting seasonal demand factors and constraints on credit expansion [3][4] - Government bonds remain the main contributor to social financing growth, with new government bonds issued in October at 489.3 billion yuan, marking the lowest monthly level for the year [4] Summary by Sections Credit Market Analysis - In October, the new RMB loans were 220 billion yuan, with a year-on-year decrease of 280 billion yuan, and the balance growth rate was 6.5%, down 0.1 percentage points from September [3] - The report indicates that corporate loans increased by 220 billion yuan year-on-year, primarily supported by a 331.2 billion yuan increase in bills, while residential borrowing intentions decreased [3][4] Social Financing Trends - In October, social financing increased by 815 billion yuan, a year-on-year decrease of 597 billion yuan, with a stock growth rate of 8.5%, down 0.2 percentage points from September [4] - The report emphasizes that while social financing growth has been declining since July, the overall downward trend has been limited, with government bonds continuing to play a significant role [4] Deposit and Liquidity Dynamics - The M2 money supply grew by 8.2% year-on-year, while M1 grew by 6.2%, indicating a shift towards demand deposits [5] - There is a notable trend of deposits moving from residents to non-bank financial institutions, with a significant increase of 770 billion yuan in non-bank deposits, suggesting a migration of funds towards wealth management products [5][6] Investment Recommendations - The report suggests that despite the ongoing slowdown in credit growth and social financing, the retail risk for listed banks remains manageable, supported by robust provisioning and stable dividend policies [6] - It recommends increasing allocations to the banking sector, particularly state-owned banks, which are seen as offering value relative to risk-free rates, highlighting specific banks such as CITIC Bank and others as beneficiaries [6]