证券代码：601077 证券简称：渝农商行 公告编号：2025-024 特此公告。 重庆农村商业银行股份有限公司董事会 2025 年 5 月 22 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个别及连带责任。 重庆农村商业银行股份有限公司（以下简称"本行"）于近日收到《重庆金 融监管局关于唐莉重庆农村商业银行股份有限公司副行长任职资格的批复》（渝 金管复〔2025〕61 号），国家金融监督管理总局重庆监管局已核准唐莉女士担任 本行副行长的任职资格，上述任职资格自 2025 年 5 月 22 日起生效，任期至本行 第五届董事会任期届满之日止。唐莉女士简历详见本行于 2024 年 12 月 27 日在 上海证券交易所网站（www.sse.com.cn）披露的《重庆农村商业银行股份有限公 司第五届董事会第五十一次会议决议公告》。 重庆农村商业银行股份有限公司 关于副行长任职资格获监管机构核准的公告 ...

证券代码：601077 证券简称：渝农商行 公告编号：2025-023 重庆农村商业银行股份有限公司2024年度股东大会决议公告 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。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (二)股东大会召开的地点：重庆市江北区金沙门路36号重庆农村商业银行股份有限公司大厦会议中心 (三)出席会议的普通股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等 重庆农村商业银行股份有限公司（以下简称"本行"）2024年度股东大会采用现场投票和网络投票相结合 的表决方式，符合《公司法》等法律法规和本行章程的规定。本次股东大会由本行董事会召集，本行执 行董事隋军先生（本行执行董事、行长隋军先生代为履行董事长职务，至本行新任董事长任职资格获监 管机构核准之日止，并代为履行董事会秘书职责。）主持本次会议。 (五)本行董事、监事和董事会秘书的列席情况 1、本行在任董事8人，列席8人（其中独立董事张桥云、李明豪、李嘉明、毕茜均列席会议）； 2 ...

Core Viewpoint - The legal opinion issued by Tongshang Law Firm confirms the legality and validity of the procedures and resolutions of the 2024 Annual General Meeting of Chongqing Rural Commercial Bank Co., Ltd. [2][3] Group 1: Meeting Procedures - The notice for the Annual General Meeting was announced within the legal timeframe, detailing the time, location, agenda, and participant registration methods [3][4] - The meeting was held as scheduled, with all proposed resolutions reviewed sequentially [3][4] Group 2: Attendance and Voting - A total of shareholders and their proxies attended the meeting, confirming their eligibility to vote [4][5] - Voting was conducted both in-person and via an online platform, with results combined and verified [4][5] Group 3: Resolutions and Voting Results - Various resolutions were presented, including financial reports, profit distribution plans, and the appointment of directors [6] - Certain related party transactions required abstention from voting by specific shareholders to ensure compliance with regulations [5][6] Group 4: Conclusion - The legal opinion concludes that the meeting's procedures, participant qualifications, and voting processes adhered to legal and regulatory requirements, rendering the resolutions valid [5][6]

证券代码：601077 证券简称：渝农商行 公告编号：2025-023 重庆农村商业银行股份有限公司 2024年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 710 | | --- | --- | --- | | 其中：A 股股东人数 | | 708 | | 境外上市外资股股东人数（H 股） | | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） | 4,837,447,902 | | (一) 股东大会召开的时间：2025 年 5 月 21 日 (二) 股东大会召开的地点：重庆市江北区金沙门路 36 号重庆农村商业银行股 份有限公司大厦会议中心 (三) 出席会议的普通股股东及其持有股份情况： | 其中：A 股股东持有股份总数 | 4,236,993,541 | | --- | --- | | 境外上市外资股股东持有股份总数（H 股） | 600,454,361 | | 3、出席会议的 ...

中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 关于重庆农村商业银行股份有限公司 2024 年度股东大会的 法律意见书 致：重庆农村商业银行股份有限公司 根据《中华人民共和国公司法》(以下简称"公司法")、《中华人民共和国证券法》 (以下简称"证券法")、《上市公司股东会规则》(以下简称"股东会规则")、《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》（以下简称"规范运作指引"）以 及《重庆农村商业银行股份有限公司章程》（以下简称"公司章程"）的规定，北京市通 商律师事务所(以下简称"通商")接受重庆农村商业银行股份有限公司(以下简称"渝农 商行"或"公司")的委托，指派律师出席了公 ...

Core Viewpoint - The recent trend of financial institutions, including banks and insurance companies, to abolish supervisory boards reflects a significant reform in corporate governance, driven by changes in the Company Law of the People's Republic of China [1][6][12]. Group 1: Abolishment of Supervisory Boards - Changsha Bank has decided to abolish its supervisory board, transferring its functions to the audit committee of the board of directors [1]. - Many financial institutions, including major state-owned banks and insurance companies, are following suit, indicating a broader shift in governance practices [1][6]. - The new Company Law allows limited liability companies to establish an audit committee within the board of directors to perform the functions of a supervisory board, thus eliminating the need for a separate supervisory board [6][9]. Group 2: Regulatory Changes and Implications - The National Financial Regulatory Administration has issued new regulations that allow trust companies to set up audit committees within their boards, further promoting the idea of eliminating supervisory boards [2][6]. - The changes aim to enhance operational efficiency by reducing redundancy in oversight functions, as the roles of supervisory boards and audit committees often overlap [2][8]. - The flexibility provided by the new governance structure is expected to lead to more tailored governance models that suit the specific needs of different financial institutions [9][10]. Group 3: Impact on Corporate Governance - The shift to a single-tier governance model allows boards to exercise oversight more directly, potentially improving decision-making efficiency in a rapidly changing financial environment [9][10]. - Smaller financial institutions may benefit from reduced operational costs by not having a supervisory board, while larger institutions may require more complex oversight mechanisms [9][10]. - The transition to audit committees taking on supervisory roles is seen as a way to innovate governance structures and improve compliance management [10][12]. Group 4: Concerns and Future Considerations - There are concerns regarding the effectiveness of audit committees in fulfilling the oversight roles traditionally held by supervisory boards, particularly regarding potential conflicts of interest [11][12]. - Experts suggest that while the new structure may reduce costs, it is crucial to ensure that adequate checks and balances remain in place to maintain effective governance [11][12]. - Future modifications to the Company Law may be necessary to address the evolving needs of corporate governance in the financial sector [12].

Industry Investment Rating - The investment rating for the banking industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The recent round of deposit rate cuts is expected to have a positive impact on net interest margins for listed banks, with a static assessment indicating that a 10 basis point (BP) reduction in the Loan Prime Rate (LPR) and deposit rate cuts would affect net interest margins by -6.15 BP and +8.33 BP respectively [4][15][19] - The report emphasizes the importance of maintaining reasonable net interest margins to better serve the real economy, suggesting that a reasonable margin could be around 1.45% if the provision coverage ratio is lowered to 150% [5][24][26] - Future regulatory measures may include self-discipline mechanisms to standardize deposit and loan pricing, and to control the average repricing cycle of deposits [6][27] Summary by Sections 1. Impact of New Deposit Rate Cuts - The new round of deposit rate adjustments began on May 20, with various rates reduced by 5 to 25 BP across different terms [14][16] - The expected positive impact on net interest margins is based on the assumption that 80% of term deposits are within a 2-year period [15] 2. Importance of Protecting Bank Interest Margins - Protecting interest margins is crucial for banks to maintain stable operations and support the real economy [5][24] - The report calculates that if the provision coverage ratio is adjusted to 150%, the reasonable interest margin would be approximately 1.45% [26] 3. Future Regulatory and Asset-Liability Management Outlook - The report outlines potential future actions, including self-regulation to avoid excessive competition in deposit and loan pricing [6][27] - It highlights the importance of matching the repricing cycles of loans and deposits to stabilize interest rates [27] 4. Investment Recommendations - The report suggests focusing on state-owned banks like Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications due to their expected performance in a declining interest rate environment [36] - It also recommends regional banks such as Chongqing Bank and Chengdu Bank, which may benefit from fiscal policy support [36]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [7] Core Views - The asymmetric interest rate cuts have alleviated pressure on interest margins, with the central bank lowering the 1-year and 5-year Loan Prime Rate (LPR) by 10 basis points [1] - The reduction in deposit rates has a more significant impact than the LPR cuts, providing a net positive effect on banks' interest margins and net profit growth [2] - The banking sector is expected to benefit from a favorable policy environment aimed at economic recovery, with structural opportunities in high-quality banks [5] Summary by Sections Interest Rate Adjustments - The central bank's recent interest rate cuts are expected to positively influence banks' interest margins, with estimated impacts of +2.3 basis points and +1.4 basis points on interest margins for 2025 and 2026, respectively [2][22] - The reduction in deposit rates has been more pronounced than the LPR cuts, with large banks reducing rates across various deposit terms [2][3] Deposit Trends - The banking sector is approaching a peak in deposit re-pricing, which is expected to improve funding costs as significant amounts of fixed-term deposits mature [3] - Despite the positive adjustments in deposit rates, there are concerns about the attractiveness of deposit products, which may lead to liquidity risks for banks [4] Policy Environment - Recent policy measures, including interest rate cuts and structural monetary tools, are expected to support economic stability and improve the banking environment [5] - The report highlights the potential for high dividend yields in large banks, making them attractive for investment [5] Stock Recommendations - The report recommends several banks for investment, including: - Hangzhou Bank (600926 CH) - Overweight - Shanghai Bank (601229 CH) - Buy - Chengdu Bank (601838 CH) - Buy - Chongqing Rural Commercial Bank (3618 HK) - Buy - China Merchants Bank (600036 CH) - Buy - Industrial Bank (601166 CH) - Buy - Agricultural Bank of China (601288 CH) - Overweight [9][24]

Investment Rating - The report maintains a "Buy" rating for the banking sector, indicating a relative strength of over 5% compared to the market benchmark index [6][19]. Core Insights - The banking sector is expected to benefit from a period of intensive policy implementation aimed at stabilizing growth, with monetary easing leading the way, followed by fiscal measures that are anticipated to significantly impact the banking fundamentals in 2025 [2][6]. - The downward adjustment of deposit rates is expected to provide important support for bank net interest margins, despite short-term pressure from broad interest rate declines [2][6]. - 2025 is projected to be a year of solidifying asset quality for banks, with improved risk expectations in real estate and urban investment properties underpinned by policy support [2][6]. Summary by Sections Investment Recommendations and Targets - Focus on two main investment lines: high-dividend stocks and city commercial banks with strong fundamentals and regional advantages [7]. - Recommended banks include Agricultural Bank of China, Industrial and Commercial Bank of China, China Merchants Bank, and others [7]. Interest Rate Adjustments - On May 20, 2025, the 1-year and 5-year Loan Prime Rate (LPR) were both lowered by 10 basis points, with state-owned banks also reducing deposit rates across various terms [6][14]. - The impact of the recent interest rate cuts on bank net interest margins is expected to be neutral, with a projected increase of 3.1 basis points for listed banks in 2025 [6][14]. Deposit Rate Trends - The report highlights a trend of decreasing deposit rates since October 2024, with significant reductions across various terms, indicating a shift in the banking landscape [8][9]. - Despite the pressure from high-interest deposits maturing, the overall deposit growth remains stable, with a net increase of 1.12 trillion yuan in new resident deposits from January to April 2025 [6][14]. Asset Quality and Risk Management - The report anticipates a significant improvement in asset quality for banks in 2025, particularly in sectors previously under stress, such as real estate [2][6]. - The ongoing adjustments in deposit rates are expected to mitigate the risks associated with deposit disintermediation, with a controlled outflow of deposits to non-bank financial products [6][14].

Investment Rating - The report maintains a "Positive" outlook for the banking industry, indicating a relative strength compared to the market benchmark index [6][7]. Core Insights - The banking sector is expected to benefit from a period of intensive policy implementation aimed at stabilizing growth, with monetary easing leading the way, followed by fiscal measures. This is anticipated to have a profound impact on the banking fundamentals in 2025 [2]. - The downward adjustment of deposit rates is expected to protect the banks' net interest margins, while the risk of deposit disintermediation is likely to be moderate [6]. - 2025 is projected to be a year of solidifying asset quality for banks, with improved risk expectations in real estate and urban investment properties underpinned by supportive policies [2]. Summary by Sections Investment Recommendations and Targets - Focus on two main investment lines: 1. High dividend and core index weight banks such as Agricultural Bank of China (601288), Industrial and Commercial Bank of China (601398), China Merchants Bank (600036), and Industrial Bank (601166) [7]. 2. City commercial banks with strong fundamentals and regional advantages, including Chongqing Rural Commercial Bank (601077), Chongqing Bank (601963), Jiangsu Bank (600919), Qingdao Bank (002948), and Shanghai Bank (601229) [7]. Interest Rate Adjustments - On May 20, 2025, the 1-year and 5-year Loan Prime Rate (LPR) was lowered by 10 basis points, and state-owned banks announced reductions in deposit rates across various terms [6]. - The first round of interest rate cuts in 2025 is expected to have a neutral impact on banks' net interest margins, with an estimated increase of 3.1 basis points for listed banks in 2025 due to the deposit rate adjustments [6][14]. Deposit Rate Trends - The report highlights a trend of decreasing deposit rates, with significant reductions observed since October 2024, particularly among smaller banks, which have been more aggressive in their rate cuts compared to larger banks [9][14]. - The overall decline in deposit rates is expected to lead to a more favorable structure for new deposits, thereby supporting banks' funding costs [6]. Asset Quality and Risk Management - The report anticipates a significant improvement in asset quality for banks in 2025, driven by policy support and better management of risks in key sectors such as real estate [2]. - The net interest margin for commercial banks was reported at 1.43% in Q1 2025, reflecting a smaller decline compared to previous years, indicating a potential stabilization in margins moving forward [6].