Core Viewpoint - Chongqing Rural Commercial Bank has received approval from the China Securities Regulatory Commission for its securities investment fund custody qualification, marking it as the first financial institution to obtain this qualification in 2023 and the 37th commercial bank overall [1][2]. Group 1: Fund Custodian Expansion - The bank will strictly adhere to regulations and the approval document to conduct securities investment fund custody business, ensuring the integrity and independence of fund assets while protecting the legal rights of fund shareholders [3]. - As of May, there are 68 financial institutions listed as securities investment fund custodians, with commercial banks accounting for over 52% of this group [3]. - Among the qualified commercial banks, state-owned banks and national joint-stock banks dominate, with only a few rural commercial banks like Guangzhou Rural Commercial Bank and Shanghai Rural Commercial Bank having custody qualifications [3]. Group 2: Positive Impacts on Banking Operations - Obtaining the fund custody license can expand the bank's intermediary business income, enhancing revenue diversification and risk resilience through fees from custody and account services [4]. - The custody qualification can improve customer loyalty and comprehensive financial service capabilities, allowing the bank to serve various asset management institutions and connect with high-net-worth and institutional clients [4]. - The custody business can lead to increased fund settlement and retention, optimizing the bank's asset-liability structure and enhancing overall profitability [4]. Group 3: Quality Enhancement in Business Development - Commercial banks must enhance their operational quality in fund custody, addressing issues such as compliance and internal controls, as evidenced by recent regulatory warnings against certain banks [5]. - There is a need for banks to invest in IT systems to support custody operations, including valuation and clearing systems, to ensure compliance and operational stability [5]. - Banks should focus on professional talent development, IT infrastructure improvement, risk management, and building cooperative relationships with fund companies to enhance the quality of custody services [6].

Group 1 - Chongqing Rural Commercial Bank has been approved by the China Securities Regulatory Commission (CSRC) to conduct securities investment fund custody business, making it the first commercial bank to receive this qualification in 2023 [1][2] - The CSRC emphasizes that Chongqing Rural Commercial Bank must strictly adhere to regulations and fulfill its responsibilities as a fund custodian, ensuring the integrity and independence of fund assets [2] - As of now, there are 37 banks with fund custody qualifications, including 6 state-owned banks, 12 joint-stock banks, 11 city commercial banks, 3 rural commercial banks, and 5 foreign banks [2] Group 2 - The total assets of public fund custody have exceeded 33 trillion yuan, with Industrial and Commercial Bank of China leading at 4.48 trillion yuan, accounting for 13.78% of the market [3] - Chongqing Rural Commercial Bank's total assets reached 1.51 trillion yuan by the end of 2024, reflecting a year-on-year growth of 5.13%, positioning it among the top listed rural commercial banks [3] - The bank's revenue turned positive in 2024, with operating income of 28.261 billion yuan, a year-on-year increase of 1.09%, and a net profit attributable to shareholders of 11.513 billion yuan, up 5.6% [3] Group 3 - The CSRC has released a draft for the revision of the "Regulations on the Management of Securities Investment Fund Custody Business," focusing on prominent industry issues [4] - The revision aims to address the concentration of the fund custody industry, where a few national commercial banks and securities companies hold 80%-90% of public and private fund assets [4] - The draft proposes to clarify business boundaries and enhance the responsibilities of custodians, addressing issues such as "custody without management" and the need for a market exit mechanism [4][5] Group 4 - Key measures in the revised regulations include improving entry thresholds, strengthening risk isolation, and solidifying custodian responsibilities [5][6] - The regulations require custodians to verify information provided by fund managers and to avoid "sick custody" situations, ensuring that custodians fully disclose risks [6] - The draft allows high-quality custodians to establish wholly-owned subsidiaries dedicated to custody business, subject to relevant financial regulatory requirements [6]

Core Viewpoint - Chongqing Rural Commercial Bank has been approved for securities investment fund custody qualifications, making it the first commercial bank to receive this approval in the current year [1][2]. Group 1: Fund Custody Qualification - The China Securities Regulatory Commission (CSRC) has granted Chongqing Rural Commercial Bank the qualification to conduct securities investment fund custody business, emphasizing the need to adhere to regulations and protect the rights of fund shareholders [3]. - Fund custody involves banks or financial institutions safeguarding fund assets, handling settlement, reviewing net asset values, supervising investments, and convening shareholder meetings [3]. - A total of 37 banks have obtained fund custody qualifications, including 6 state-owned banks, 12 joint-stock banks, 11 city commercial banks, 3 rural commercial banks, and 5 foreign banks [3]. Group 2: Market Dynamics - Fund custody business is a significant source of intermediary income for commercial banks, characterized by low capital requirements, making it a vital revenue stream [3]. - Many regional banks are entering the fund custody market, with several others, including Chengdu Rural Commercial Bank and Inner Mongolia Merchants Bank, in the queue for custody qualifications [3]. - As of now, the total assets under public fund custody exceed 33 trillion yuan, with Industrial and Commercial Bank of China leading at 4.48 trillion yuan, holding a market share of 13.78% [3]. Group 3: Regulatory Changes - The CSRC has proposed revisions to the "Securities Investment Fund Custody Business Management Measures," focusing on industry issues such as the concentration of custody services among a few banks and the need for clearer business boundaries [5][6]. - The revisions aim to enhance entry requirements, strengthen risk isolation, and clarify the responsibilities of custodians, ensuring that they focus on their core duties [6][7]. - New mechanisms for market exit are being established, including conditions for license cancellation and the establishment of specialized subsidiaries for custody services by high-quality institutions [7].

Core Viewpoint - The recent trend of abolishing supervisory boards among listed banks in China is driven by the implementation of the new Company Law and regulatory policies, allowing for a shift towards audit committees within boards of directors to assume supervisory roles [6][7][8]. Group 1: Legislative Changes - The new Company Law, effective from July 1, 2024, permits joint-stock companies to establish audit committees composed of directors, which can perform the functions of supervisory boards [6]. - The National Financial Regulatory Administration has issued guidelines that align with the new Company Law, allowing financial institutions to choose whether to maintain supervisory boards or delegate their responsibilities to audit committees [7]. Group 2: Industry Trends - As of June 2023, 17 listed banks have announced the abolition of their supervisory boards, including major state-owned banks and various smaller banks [5]. - On June 27, five major state-owned banks held shareholder meetings to approve the removal of supervisory boards, marking a significant shift in governance structure [1][5]. Group 3: Implementation and Challenges - The audit committees will take over the supervisory functions previously held by supervisory boards, focusing on financial oversight and internal control assessments [7][8]. - Concerns have been raised regarding the independence of audit committees, as they are composed entirely of board members, which may lead to conflicts of interest in their supervisory roles [8].

证券代码：601077 证券简称：渝农商行 公告编号：2025-030 特此公告。 重庆农村商业银行股份有限公司 关于获得证券投资基金托管资格的公告 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。 重庆农村商业银行股份有限公司（以下简称"本行"）于近日取得中国证券 监督管理委员会《关于核准重庆农村商业银行股份有限公司证券投资基金托管资 格的批复》（证监许可〔2025〕1395 号）。根据该批复，本行的证券投资基金 托管资格已获核准。 本行将在取得《经营证券期货业务许可证》后，严格遵守有关规定和上述批 复文件的要求开展证券投资基金托管业务，认真履行基金托管人的职责，采取有 效措施，确保基金资产的完整性和独立性，切实维护基金份额持有人的合法权益。 重庆农村商业银行股份有限公司董事会 2025 年 7 月 7 日 ...

Group 1 - The China Securities Regulatory Commission (CSRC) approved Chongqing Rural Commercial Bank's qualification for securities investment fund custody on July 3, marking it as the first commercial bank to receive this qualification in 2023 [1] - A total of 37 banks have now obtained fund custody qualifications, which includes 6 state-owned banks, 12 joint-stock banks, 11 city commercial banks, 3 rural commercial banks, and 5 foreign banks [1]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [2] Core Insights - The banking sector is transitioning from a "pro-cyclical" model to a "weak cyclical" model, indicating a shift in operational dynamics [2][4] - The report emphasizes the stability of bank dividend yields, which are expected to remain attractive even as risk-free interest rates decline [2][4] - The influx of non-freely circulating funds, such as from state-owned enterprises and insurance capital, is expected to provide a stable source of investment in bank stocks [2][4] Summary by Sections From the Perspective of Risk-Free Interest Rates - Bank dividend yields are characterized by strong certainty and sustainability, with interest margins expected to decline more slowly than risk-free rates [5][12] - The correlation between banks and fiscal policies has strengthened, providing a safety net for core assets [12] - If risk-free interest rates decline, the attractiveness of stable bank dividends will increase, especially in a context of economic weak recovery and asset scarcity [8][18] From the Perspective of Funding Allocation to Bank Stocks - Major funding sources for bank stocks include non-freely circulating funds from fiscal authorities, state-owned enterprises, and insurance capital [5][12] - Non-freely circulating market capitalization accounts for approximately 70% of the banking sector, providing a stabilizing effect [5][12] - Insurance capital is projected to significantly increase its allocation to bank stocks, with an estimated annual inflow exceeding 350 billion [5][12] Investment Recommendations - The report continues to recommend the banking sector, particularly focusing on banks with regional advantages and strong dividend yields [4][12] - Specific recommendations include regional banks in areas like Jiangsu, Shanghai, and Chengdu, as well as major banks such as Agricultural Bank of China, China Construction Bank, and Industrial and Commercial Bank of China [4][12]

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, expecting the sector index to outperform the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The report highlights the recent revisions to the CIPS (Cross-border Interbank Payment System) rules, which aim to enhance the management of participants and adapt to the growing cross-border e-commerce trade, projected to reach approximately 2.71 trillion yuan in 2024, a 14% year-on-year increase [3][4]. - The CIPS system processed 8.2169 million transactions amounting to 175.49 trillion yuan in 2024, reflecting a significant year-on-year growth of 42.60% [3]. - The report emphasizes the flexibility introduced in the new CIPS rules, allowing financial market infrastructure participants to open CIPS accounts based on business needs rather than strict management requirements [4]. Summary by Sections CIPS Overview - CIPS is a clearing system for cross-border payments in RMB, distinct from SWIFT's messaging system, and has seen a substantial increase in participation, with 174 direct participants and 1,509 indirect participants across 120 countries [2][3]. Recent Developments - The new rules include relaxed entry conditions for system participants, allowing for a more flexible approach to participant management [4]. - The rules specify that foreign direct participants must select domestic direct participants as fund custodians, as foreign banks lack CNAPS accounts [4]. Risk Management Enhancements - The updated regulations detail business processing and risk management requirements, mandating that participants establish robust risk management frameworks and adhere to international anti-money laundering standards [4]. Market Performance - The banking sector index rose by 3.77% during the reporting period, outperforming the CSI 300 index by 2.23 percentage points [8]. - The report suggests a focus on banks with high dividend yields and strong asset quality, recommending major state-owned banks and select regional banks for investment [9]. Company Forecasts - Key banks such as Ningbo Bank, Jiangsu Bank, and China Merchants Bank are highlighted with positive earnings forecasts and investment ratings, indicating strong potential for returns [10].

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may benefit from policy catalysts and cyclical recovery [3]. Core Viewpoints - The report highlights that while tariff policies may cause short-term impacts on exports, long-term domestic policies aimed at stabilizing the real estate market, promoting consumption, and enhancing social welfare are expected to support economic growth [3]. - The banking sector is anticipated to benefit from these policies, with specific banks such as Ningbo Bank, Postal Savings Bank, China Merchants Bank, and Changshu Bank being recommended for investment [3]. - The report also emphasizes the potential for continued dividends from banks like Shanghai Bank, China Merchants Bank, Jiangsu Bank, and Chongqing Bank, which are showing positive fundamental changes [3]. Summary by Sections Credit Growth - As of the end of May 2025, the overall loan growth rate in China was 6.6%, with household and corporate loans growing at 3.0% and 8.5% respectively [1]. - Provinces such as Sichuan, Jiangsu, and Anhui led in credit growth, with growth rates exceeding 9% [1][2]. - Corporate loans in Sichuan, Jiangsu, and Shandong showed impressive growth rates of 13.8%, 13.6%, and 13.4% respectively [2]. Key Data Tracking - The average daily trading volume in the stock market was 14,415.38 billion yuan, a decrease of 453.04 billion yuan from the previous week [4]. - The balance of margin financing and securities lending increased by 1.12% to 1.85 trillion yuan [5]. - The issuance of non-monetary funds decreased significantly, with a total of 53.28 billion yuan issued this week, down 273.46 billion yuan from the previous week [5]. Interest Rate Market Tracking - The issuance scale of interbank certificates of deposit was 2,435.10 billion yuan, a decrease of 4,828.40 billion yuan from the previous week [6]. - The average interest rate for interbank certificates of deposit was 1.62%, down 2 basis points from the previous week [10]. - The average yield on 10-year government bonds remained stable at 1.64% [10]. Sector Performance - The banking sector's performance is closely monitored, with specific stocks showing varying degrees of growth and decline [30]. - The report includes detailed charts tracking the performance of various financial stocks and their respective movements [30][36].

Group 1 - Chongqing Rural Commercial Bank successfully launched the first "product carbon footprint" linked loan of 30 million yuan in Chongqing, which innovatively uses the carbon footprint interest rate linkage model to support enterprise financing while encouraging energy conservation and emission reduction [1][3] - The concept of "carbon footprint" is increasingly applied in industrial production and circulation, measuring the total greenhouse gas emissions of a product throughout its lifecycle, from raw material extraction to disposal and recycling [1] - The loan product is designed to meet the financing needs of industrial enterprises while incentivizing them to reduce carbon emissions, with interest rates fluctuating based on the company's carbon footprint [3][4] Group 2 - The Ministry of Ecology and Environment and 15 other departments released an implementation plan to establish a carbon footprint management system, encouraging financial institutions to enrich financial products and services based on carbon footprint information [2] - Chongqing Rural Commercial Bank has introduced various carbon financial products, including carbon emission rights pledge loans and carbon sink + green loans, to actively respond to policies aimed at reducing carbon emissions and promoting green growth [4] - The bank aims to contribute to achieving carbon peak and carbon neutrality goals while supporting the construction of a beautiful China and a national-level green finance reform and innovation pilot zone [4]