FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 致：香港交易及結算所有限公司 公司名稱: 重慶農村商業銀行股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03618 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,513,336,041 | RMB | | 1 | RMB | | 2,513,336,041 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 2,513,336,041 | RMB | | ...

[Table_Page] 深度分析|银行 证券研究报告 [Table_Title] 银行行业 业绩驱动分化，国有行景气度再现 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [分析师： Table_Author]倪军 SAC 执证号：S0260518020004 021-38003646 nijun@gf.com.cn 分析师： 林虎 SAC 执证号：S0260525040004 SFC CE No. BWK411 021-38003643 gflinhu@gf.com.cn -10% -3% 4% 10% 17% 24% 04/25 06/25 08/25 11/25 01/26 03/26 银行 沪深300 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] | 银行投资观察 20260329:石 | 2026-03-29 | | --- | --- | | 油冲击对流动性的影响再解 | | | 析 | | | 跨境流动性跟踪 20260329: | 2026-03-29 | ...

证券研究报告 | 2026年03月31日 渝农商行（601077.SH）2025 年报点评 优于大市 对公贷款扩表提速，净息差企稳 业绩增速提升，分红率稳定。2025 年实现营收 286.5 亿元，同比增长 1.4%， 实现归母净利润 121.3 亿元，同比增长 5.3%，较前三季度增速分别提升了 0.7 个和 1.6 个百分点。2023-2025 年现金分红率稳定在 30.5%。 净利息收入增速亮眼。2025 年公司净利息收入同比增长 7.9%，较前三季度 增速提升了 1.0 个百分点，主要受益于贷款高增以及净息差企稳。2025 年公 司手续费及佣金净收入同比下降 19.7%，其他非息收入同比下降 26%。 对公贷款扩表提速，存贷款增量居全市第一。2025 年末总资产总额 1.67 万 亿元，贷款总额 0.80 万亿元，存款总额 1.03 万亿元，较年初增长了 9.95%、 11.62%和 9.21%，较 2024 年增速分别提升了 4.8 个、6.1 个和 4.1 个百分点。 公司披露存贷款存量和增量市场份额均居全市银行第一。主要是受益于川渝 经济区重要战略地位，对公贷款扩表提速明显，较年初增长 21.4 ...

Group 1 - The report highlights the importance of momentum in trading strategies for the April quarterly reports, suggesting that combining momentum with timing conditions and industry selection can improve strategy performance [3] - The A-share market showed a rebound after a dip, influenced by external factors such as geopolitical tensions and global market fluctuations [3] - The report indicates that the fixed income market is experiencing redemption pressures, which may lead to a reduction in equity asset allocations and affect liquidity [5][6] Group 2 - The coal industry is experiencing price fluctuations due to geopolitical tensions, particularly the conflict in the Middle East affecting LNG supplies to India, which increases reliance on coal power [13][14] - The report recommends focusing on coal companies such as China Coal Energy, Yanzhou Coal Mining, and China Shenhua Energy, as they are expected to benefit from the current market conditions [15] - The agricultural sector is facing significant losses in pig farming, with prices dropping to 9.46 yuan/kg, leading to a recommendation for investors to consider low-cost pig farming companies [17][18] Group 3 - The report emphasizes the growth potential of the Chinese innovative pharmaceutical industry, with a significant increase in business development (BD) deals, reaching over $600 billion in Q1 2026 [20][21] - The report suggests monitoring companies involved in oncology, platform assets, and AI drug development, as they are positioned to benefit from the evolving market landscape [22] - The report notes that the media and entertainment sector is experiencing a recovery in gaming, with several new game releases expected to drive growth [10][11] Group 4 - The report indicates that Meituan is entering a profit recovery phase as competition in the food delivery market eases, with expectations for improved operational efficiency [28][29] - The electronic sector, particularly Huakin Technology, is experiencing rapid growth due to its strategic upgrade in smart product platforms, with projected revenue growth over the next few years [30][31] - The aluminum industry, represented by Tianshan Aluminum, is expected to see significant performance improvements due to rising prices and production efficiency [34]

证券研究报告 | 年报点评报告 gszqdatemark 2026 03 30 年 月 日 渝农商行（601077.SH） 2025 年报点评：对公持续发力，资产质量优化 事件：3 月 25 日，渝农商行披露 2025 年报，公司 2025 年实现营收 286.5 亿元，同比+1.4%；实现归母净利润 121.3 亿元，同比+5.3%。 净利息收入支撑营收，业绩环比改善）净息差对业绩的拖累收窄 。1 。规 模方面，2025 年生息资产规模平稳增长，贡献业绩 8pct，幅度较 1-3Q25 高 0.4pct；价格方面，受让利实体经济、存量贷款重定价、资金市场利率 走低等因素综合影响，2025 年净息差拖累公司业绩 0.2pct，但环比来看， 公司持续发挥存款优势，息差拖累幅度较 1-3Q25 收窄 0.5pct。2）其他非 息收入拖累业绩。2025 年债市波动行情下，其他非息收入拖累业绩 4.6pct。 3）拨备贡献业绩。得益于公司稳中向好的资产质量，2025 年拨备计提贡 献业绩 5.1pct。 规模平稳增长，政信类贷款支撑增速。公司 2025 年末客户贷款和垫款总 额共 7973 亿元，同比+11.6%，增 ...

证券研究报告 | 年报点评报告 gszqdatemark 2026 03 30 年 月 日 渝农商行（601077.SH） 2025 年报点评：对公持续发力，资产质量优化 事件：3 月 25 日，渝农商行披露 2025 年报，公司 2025 年实现营收 286.5 亿元，同比+1.4%；实现归母净利润 121.3 亿元，同比+5.3%。 净利息收入支撑营收，业绩环比改善）净息差对业绩的拖累收窄 。1 。规 模方面，2025 年生息资产规模平稳增长，贡献业绩 8pct，幅度较 1-3Q25 高 0.4pct；价格方面，受让利实体经济、存量贷款重定价、资金市场利率 走低等因素综合影响，2025 年净息差拖累公司业绩 0.2pct，但环比来看， 公司持续发挥存款优势，息差拖累幅度较 1-3Q25 收窄 0.5pct。2）其他非 息收入拖累业绩。2025 年债市波动行情下，其他非息收入拖累业绩 4.6pct。 3）拨备贡献业绩。得益于公司稳中向好的资产质量，2025 年拨备计提贡 献业绩 5.1pct。 规模平稳增长，政信类贷款支撑增速。公司 2025 年末客户贷款和垫款总 额共 7973 亿元，同比+11.6%，增 ...

2025年的渝农商行，创出了近四年最高的扩表幅度——年末资产总额突破1.66万亿元，较上年末增长 9.95%。 渝农商行一以贯之的"扎根重庆、深耕县域"经营导向，从该行去年多项细分指标位居地方法人银行首位是可以 看出来。 该行董事长刘小军在2025年报致辞中，称该行去年服务实体经济发展呈现"54321"格局：即投放全市近1/5的制 造业贷款、1/4的普惠小微贷款、1/3的涉农贷款、1/2 的农户贷款，支持实体经济主要指标均居重庆第一。 记者梳理渝农商行年报，汇总了该行在细分领域的领先指标，这些领先指标都居重庆银行业第一。 一是科技金融方面，科技贷款实现新突破，科技型企业贷款余额909.06亿元，居地方法人银行首位； 二是绿色金融方面，绿色贷款余额828.17亿元，成功落地重庆市首单碳足迹挂钩贷款； 三是养老金融方面，普惠型小微贷款、涉农贷款规模稳居全市银行首位，社保卡发卡量及服务养老客户 量居全市银行首位； 效益指标也表现不俗，实现营业收入286.48亿元，同比增长1.37%；净利润124.20亿元，同比增长5.35%，净资 产收益率9.18%。 但进一步分析渝农商行的基本面，这些亮眼的业绩指标和贷款占比不足 ...

Core Insights - The report emphasizes the impact of oil price shocks on liquidity, suggesting that the ability to transmit cost shocks downstream will be stronger than previous oil price impacts, with expectations of nominal price increases in Q2 2026 [19][20][21] - It highlights that while medium-term demand remains optimistic, caution is advised regarding the contraction of broad liquidity in Q2 2026, particularly due to cross-border liquidity constraints and rising long-term interest rates affecting investment returns [19][21] Section Summaries 1. Current Observation - The banking sector overall declined by 0.8% during the observation period from March 23 to March 27, 2026, underperforming the Wind All A index, which fell by 0.7% [17] - State-owned banks, joint-stock banks, city commercial banks, and rural commercial banks experienced declines of -1.29%, -0.42%, -0.85%, and -0.47% respectively [17] - In contrast, H-shares of banks outperformed, with the Hang Seng Index down 1.2% while H-share banks gained 0.5% [17] 2. Investment Recommendations - The report suggests that the market's concerns regarding the demand side of the Chinese economy and cost transmission are overly pessimistic, given the supportive fiscal policies and stabilization in the real estate cycle [19] - It recommends caution regarding the contraction of liquidity in Q2 2026, emphasizing the importance of cross-border liquidity as a key variable for supporting Chinese asset liquidity [19][20] 3. Sector Performance - The banking sector's average price for convertible bonds fell by 0.67%, underperforming the convertible bond index by 1.95 percentage points [18] - The report notes that the profitability growth expectations for 2025 remain largely unchanged for seven banks, indicating stability in earnings forecasts [18] 4. Individual Stock Performance - Among A-share banks, Ping An Bank and Shanghai Rural Commercial Bank saw increases of 2.32% and 1.25% respectively, while Chongqing Bank experienced a decline of 6.55% [17] - In H-shares, Chongqing Rural Commercial Bank and Bank of China rose by 4.68% and 3.40%, while Bohai Bank and Jiangxi Bank fell by 3.45% and 1.49% respectively [17] 5. Valuation and Financial Analysis - As of March 27, 2026, the banking sector's latest price-to-earnings ratio (TTM) is 6.84X, and the price-to-book ratio is 0.67X, indicating that valuations are at historical average levels [45] - The report provides detailed financial metrics for key banks, including expected earnings per share and return on equity for 2026 and 2027, supporting the investment recommendations [9]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report indicates that large banks have limited net buying activity, with a monthly cumulative net purchase of 46.8 billion yuan as of March 26, which is a decrease of approximately 200 billion yuan month-on-month but an increase of about 50 billion yuan year-on-year. It is expected that credit issuance may slightly decline compared to March 2025, but the initial performance remains strong [7][20] - The central bank's operations included a net injection of 281.9 billion yuan through various monetary policy tools, with a focus on maintaining liquidity stability as the quarter-end approaches [16] - The report highlights that the liquidity environment is expected to tighten in April due to tax payments and annual settlement pressures, with potential increases in funding rates towards the end of the month [16][17] Summary by Sections Section 1: March Credit Performance - The data shows that the funding environment remains stable as the quarter-end approaches, with large banks gradually reducing their lending from 4.37 trillion yuan to 3.78 trillion yuan [16] - The report emphasizes the importance of monitoring the upcoming PMI data and bank annual reports for insights into future liquidity trends [23] Section 2: Central Bank Dynamics and Market Rates - The central bank conducted 4.742 trillion yuan in 7-day reverse repos, with a net injection of 281.9 billion yuan after accounting for maturing operations [16] - Market rates for various instruments, including treasury bonds and NCDs, have shown slight fluctuations, with the 1-year treasury yield at 1.25% and the average NCD issuance rate at 1.52% [17][18] Section 3: Bank Financing Tracking - The total outstanding amount of interbank certificates of deposit (NCDs) is 18.19 trillion yuan, with a weighted average issuance rate of 1.65% [21] - The report notes that there were no new issuances of commercial bank bonds during the period, and the total outstanding amount of commercial bank bonds is 3.32 trillion yuan [22]

股 票 研 究 26Q1 业绩前瞻：息差降幅显著收敛，利息净收入增速改善确定性较高 [Table_Industry] 商业银行 银行周报（2026/3/23-2026/3/27） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 业绩前瞻：预计样本银行（下同）26Q1 营收及归母净利润增速分别为 2.7%、2.2%， 营收增速有望呈现向上修复趋势，利润增速预计保持平稳，主要得益于净息差同比 降幅明显收敛、其他非息基数压力减轻。 投资要点： 商业银行《银行业格局：龙头化、差异化、边缘 化》2026.03.22 商业银行《风格均衡叠加业绩期，银行股迎投资 机会》2026.03.22 商业银行《业绩期，重视绩优股》2026.03.21 商业银行《定存向大型银行 ...