Core Insights - The rural commercial bank sector experienced a decline of 0.68% on October 9, with Yunnan Rural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - The following banks showed varying performance: - Su Nong Bank: Closed at 5.03, up 1.21% with a trading volume of 267,900 shares and a turnover of 134 million yuan [1] - Zijin Bank: Closed at 2.83, up 1.07% with a trading volume of 391,700 shares and a turnover of 110 million yuan [1] - Qing Nong Commercial Bank: Closed at 3.14, up 0.96% with a trading volume of 304,500 shares and a turnover of 95.06 million yuan [1] - Zhangjiagang Bank: Closed at 4.31, up 0.23% with a trading volume of 217,600 shares and a turnover of 93.71 million yuan [1] - Ruifeng Bank: Closed at 5.32, up 0.19% with a trading volume of 128,300 shares and a turnover of 68.16 million yuan [1] - Wuxi Bank: Closed at 5.88, unchanged with a trading volume of 89,600 shares and a turnover of 52.64 million yuan [1] - Jiangyin Bank: Closed at 4.43, down 0.45% with a trading volume of 326,800 shares and a turnover of 145 million yuan [1] - Changshu Bank: Closed at 6.79, down 0.73% with a trading volume of 465,400 shares and a turnover of 317 million yuan [1] - Hu Nong Bank: Closed at 8.12, down 0.73% with a trading volume of 297,500 shares and a turnover of 242 million yuan [1] - Yunnan Rural Commercial Bank: Closed at 6.45, down 2.12% with a trading volume of 655,100 shares and a turnover of 421 million yuan [1] Capital Flow Analysis - The rural commercial bank sector saw a net outflow of 9.51 million yuan from main funds, while speculative funds had a net inflow of 59.77 million yuan, and retail investors experienced a net outflow of 50.26 million yuan [1] - Specific capital flows for selected banks include: - Yunnan Rural Commercial Bank: Main funds net inflow of 61.64 million yuan, speculative funds net inflow of 21.83 million yuan, and retail net outflow of 83.48 million yuan [2] - Ruifeng Bank: Main funds net inflow of 4.05 million yuan, speculative funds net outflow of 1.54 million yuan, and retail net outflow of 2.51 million yuan [2] - Qing Nong Commercial Bank: Main funds net inflow of 2.37 million yuan, speculative funds net outflow of 6.20 million yuan, and retail net outflow of 3.83 million yuan [2] - Zhangjiagang Bank: Main funds net inflow of 1.55 million yuan, speculative funds net outflow of 3.13 million yuan, and retail net inflow of 1.58 million yuan [2] - Wuxi Bank: Main funds net outflow of 0.93 million yuan, speculative funds net inflow of 0.63 million yuan, and retail net inflow of 0.30 million yuan [2] - Zijin Bank: Main funds net outflow of 1.10 million yuan, speculative funds net inflow of 3.72 million yuan, and retail net outflow of 2.62 million yuan [2] - Jiangyin Bank: Main funds net outflow of 5.86 million yuan, speculative funds net outflow of 11.33 million yuan, and retail net inflow of 17.19 million yuan [2] - Hu Nong Bank: Main funds net outflow of 6.30 million yuan, speculative funds net inflow of 6.54 million yuan, and retail net outflow of 0.25 million yuan [2] - Su Nong Bank: Main funds net outflow of 22.55 million yuan, speculative funds net inflow of 20.66 million yuan, and retail net inflow of 0.19 million yuan [2] - Changshu Bank: Main funds net outflow of 42.38 million yuan, speculative funds net inflow of 28.58 million yuan, and retail net inflow of 13.80 million yuan [2]

致：香港交易及結算所有限公司 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: 2025年9月30日 狀態: 新提交 公司名稱: 重慶農村商業銀行股份有限公司 呈交日期: 2025年10月6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 | | | 1 RMB | | 2,513,336,041 | | ...

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: 2025年9月30日 狀態: 新提交 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: 2025年10月6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 | | | 1 RMB | | 2,513,336,041 | | ...

Core Viewpoint - The Hong Kong banking sector, particularly the mainland banks, experienced a decline, with several banks reporting significant drops in their stock prices [1] Group 1: Stock Performance - Jiangxi Bank, Qingdao Bank, and Chongqing Rural Commercial Bank saw declines of over 2% [1] - Jiujiang Bank, Chongqing Bank, Zhengzhou Bank, China Everbright Bank, and Harbin Bank experienced declines of over 1% [1]

Market Overview - The rural commercial bank sector experienced a decline of 1.16% on September 30, with the Shanghai Rural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Individual Stock Performance - The closing prices and changes for key rural commercial banks are as follows: - Yunnan Rural Commercial Bank: 6.59, -0.15% - Jiangsu Rural Bank: 4.97, -1.00% - Wuxi Bank: 5.88, -1.01% - Zijin Bank: 2.80, -1.06% - Zhangjiagang Bank: 4.30, -1.15% - Ruifeng Bank: 5.31, -1.30% - Jiangyin Bank: 4.45, -1.55% - Qingnong Bank: 3.11, -1.58% - Changshu Bank: 6.84, -1.58% - Shanghai Rural Commercial Bank: 8.18, -1.68% [1] Capital Flow Analysis - The rural commercial bank sector saw a net outflow of 1.93 million yuan from main funds, while speculative funds had a net inflow of 38.39 million yuan, and retail investors experienced a net outflow of 36.46 million yuan [1] - Detailed capital flow for individual banks includes: - Yunnan Rural Commercial Bank: Main funds net inflow of 38.13 million yuan, retail net outflow of 62.35 million yuan - Wuxi Bank: Main funds net inflow of 7.45 million yuan, retail net outflow of 6.08 million yuan - Jiangsu Rural Bank: Main funds net inflow of 3.52 million yuan, retail net outflow of 0.29 million yuan - Ruifeng Bank: Main funds net inflow of 1.14 million yuan, retail net outflow of 2.89 million yuan - Jiangyin Bank: Main funds net inflow of 0.52 million yuan, retail net outflow of 0.55 million yuan - Shanghai Rural Commercial Bank: Main funds net inflow of 0.13 million yuan, retail net inflow of 0.12 million yuan - Zhangjiagang Bank: Main funds net outflow of 10.63 million yuan, retail net inflow of 2.61 million yuan - Zijin Bank: Main funds net outflow of 11.13 million yuan, retail net inflow of 4.80 million yuan - Qingnong Bank: Main funds net outflow of 13.84 million yuan, retail net inflow of 9.58 million yuan - Changshu Bank: Main funds net outflow of 17.22 million yuan, retail net inflow of 22.50 million yuan [2]

Market Performance - The rural commercial bank sector increased by 0.94% on September 29, with Yunnan Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Individual Stock Performance - Yunnan Rural Commercial Bank (601077) closed at 6.60, with a rise of 2.17% and a trading volume of 995,000 shares, amounting to a transaction value of 654 million [1] - Other notable performers include Ruifeng Bank (601528) with a 1.13% increase, Wuxi Bank (600908) with a 1.02% increase, and Shanghai Rural Commercial Bank (601825) with a 0.73% increase [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 66.4588 million from institutional investors, while retail investors saw a net inflow of 22.9898 million [1] - Specific stocks like Qingnong Bank (002958) had a net inflow of 9.1251 million from institutional investors, while Su Nong Bank (603323) had a net inflow of 613.43 million [2] Detailed Capital Flow for Selected Stocks - Yunnan Rural Commercial Bank had a significant net outflow of 50.7024 million from institutional investors, but a net inflow of 54.2507 million from retail investors [2] - Common trends show that while some banks like Zhangjiagang Bank (002839) attracted retail inflows, others like Changshu Bank (601128) faced substantial outflows from institutional investors [2]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [2] Core Views - The cost-effectiveness of bank allocations has improved, with a significant number of quality banks offering dividend yields exceeding 5% for 2025 [5][10] - The banking sector is expected to see a recovery in market allocation demand in Q4, driven by calendar effects and a potential shift towards safer investments [5][10] - Core business profitability is improving under supportive policies, with a narrowing decline in net interest income for listed banks [6][10] Summary by Sections Investment Rating - The banking sector is rated as "Buy" for several key banks, including Industrial and Commercial Bank of China (ICBC) with a target price of 7.88 HKD, Chengdu Bank at 23.33 CNY, and Shanghai Bank at 12.02 CNY [4] Market Trends - The banking index has experienced a maximum drawdown of approximately 15% since July, with the PB ratio falling to 0.62x, indicating a favorable valuation compared to historical levels [5][11] - The report highlights that 37 A-share banks have fallen below their six-month moving average, with 14 below their annual moving average, suggesting a potential buying opportunity [5] Performance Outlook - The report anticipates that insurance capital, industrial capital, and foreign investment will become significant incremental allocation sources for the banking sector [7] - The report notes that the banking sector's dividend payout capabilities are stable, making them attractive to long-term investors [7] Economic Indicators - The report discusses the impact of interest rate increases on bank performance, suggesting that banks may buffer non-interest income pressures through realized gains [8][10] - It emphasizes that if the economy enters an upward cycle, rising interest rates could positively impact net interest income and overall bank profitability [8][10]

9月29日，渝农商行盘中上涨2.01%，截至09:58，报6.59元/股，成交1.26亿元，换手率0.22%，总市值 748.43亿元。 资金流向方面，主力资金净流出447.59万元，特大单买入512.07万元，占比4.06%，卖出512.98万元，占 比4.06%；大单买入2100.80万元，占比16.64%，卖出2547.47万元，占比20.18%。 渝农商行今年以来股价涨14.71%，近5个交易日涨5.10%，近20日涨3.29%，近60日跌10.34%。 资料显示，重庆农村商业银行股份有限公司位于重庆市江北区金沙门路36号,香港铜锣湾希慎道33号利 园1期19楼1920室，成立日期2008年6月27日，上市日期2019年10月29日，公司主营业务涉及重庆农村商 业银行主要从事提供银行服务及相关金融服务业务。该公司通过三个业务部门运营。公司银行业务部从 事向公司类客户、政府机构及金融机构提供金融产品和服务业务。个人银行业务部从事向个人客户提供 金融产品和服务业务。金融市场业务部从事货币市场交易、回购交易以及为其本身或代表客户进行债务 工具投资业务。主营业务收入构成为：零售银行业务41.93%，公司银行业 ...

Investment Rating - The report maintains a recommendation for the banking industry [3] Core Insights - The report provides a comprehensive analysis of the asset-liability structure and interest margin changes of 42 A-share listed banks during the "14th Five-Year Plan" period, highlighting a shift towards corporate loans on the asset side and a stronger retail focus on the liability side [12][14] - The asset-liability structure indicates a significant increase in the proportion of corporate loans, rising from 57.02% to 63.22% from the end of 2020 to mid-2025, while the proportion of demand deposits decreased from 41.94% to 30% [12][14] - The report notes a decline in both asset yield and interest margin, with the yield on interest-earning assets dropping from 4.43% to 3.32% and the net interest margin decreasing from 2.23% to 1.53% during the same period [14][15] Summary by Sections Overall Asset-Liability Structure and Interest Margin Changes - The asset-liability structure shows an increase in loan-to-earning asset ratio from 54.19% to 56.49%, with corporate loans making up a larger share of total loans [14][15] - The average yield on interest-earning assets decreased significantly, with the loan yield falling from 5.34% to 3.82% [15] - The net interest margin for listed banks remains higher than that of commercial banks, despite a decline [14][15] Changes in Each Banking Sector's Asset-Liability Structure and Interest Margin - City commercial banks experienced a more significant increase in the proportion of corporate loans, with their interest margin narrowing less compared to other banks [18] - The report highlights that the proportion of deposits in interest-bearing liabilities for state-owned banks decreased, while it increased for rural commercial banks [18] - The decline in interest-bearing liabilities' cost rate was most pronounced in city commercial banks, leading to a smaller reduction in their interest margin [18]

Market Overview - On September 26, the rural commercial bank sector declined by 0.74% compared to the previous trading day, with XD Hu Nong leading the decline [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Individual Stock Performance - The following stocks in the rural commercial bank sector showed varying performance: - Chongqing Rural Commercial Bank (601077) closed at 6.46, up 2.38% with a trading volume of 730,200 shares [1] - Wuxi Bank (600908) closed at 5.88, up 0.68% with a trading volume of 127,700 shares [1] - Su Nong Bank (603323) closed at 5.02, up 0.60% with a trading volume of 167,700 shares [1] - Zhangjiagang Bank (002839) closed at 4.32, up 0.47% with a trading volume of 193,000 shares [1] - Ruifeng Bank (601528) closed at 5.32, up 0.38% with a trading volume of 95,700 shares [1] - Other banks like Jiangyin Bank (002807) and Changshu Bank (601128) showed minor fluctuations [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 30.21 million yuan from institutional investors and 22.38 million yuan from retail investors, while retail investors saw a net inflow of 52.59 million yuan [1] - Specific capital flows for individual banks include: - Changshu Bank (601128) had a net inflow of 8.26 million yuan from institutional investors but a net outflow of 34.30 million yuan from retail investors [2] - Zijin Bank (601860) saw a net inflow of 7.99 million yuan from institutional investors [2] - Other banks like Su Nong Bank (603323) and Zhangjiagang Bank (002839) experienced significant net outflows from institutional investors [2]