中国国际金融股份有限公司 关于重庆农村商业银行股份有限公司 首次公开发行部分限售股解禁上市流通的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为重庆农村商业银行股份 有限公司（以下简称"渝农商行"、"重庆农商行"、"公司"）首次公开发行股票并 上市的保荐机构和持续督导机构，根据《证券发行上市保荐业务管理办法》《上海证券 交易所股票上市规则》以及《上海证券交易所上市公司自律监管指引第 11 号——持续 督导》等有关法律法规和规范性文件的要求，对渝农商行首次公开发行部分限售股申请 上市流通的事项进行了审慎核查，并出具核查意见如下： 一、渝农商行首次公开发行股票和股本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准重庆农村商业 银行股份有限公司首次公开发行股票的批复》（证监许可﹝2019﹞1657 号）核准，并经 上海证券交易所同意，渝农商行向社会发行人民币普通股（A 股）1,357,000,000 股，并 于 2019 年 10 月 29 日在上海证券交易所上市。公司首次公开发行股票前总股本为 10,000,000,000 股，首次公开发行股票后总股本为 11,357,000,00 ...

中国国际金融股份有限公司（以下简称"中金公司"）为重庆农村商业银行 股份有限公司（以下简称"本行"）首次公开发行股票并上市项目（以下简称"前 次项目"）的保荐机构，原指派许佳先生、刘紫涵先生作为保荐代表人负责本行 的持续督导工作，持续督导期至 2021 年 12 月 31 日已届满，但鉴于本行前次项 目存在限售股尚未完全解禁等未完结的事项，中金公司仍需继续履行对本行前次 项目相关情况持续督导的职责。 本行于近日收到中金公司出具的《关于更换重庆农村商业银行股份有限公司 持续督导保荐代表人的报告》，因刘紫涵先生工作变动，中金公司现委派吕苏先 生接替刘紫涵先生继续履行对本行持续督导的相关职责和义务。本次变更后，中 金公司负责本行持续督导保荐代表人为许佳先生和吕苏先生。吕苏先生简历详见 附件。 特此公告。 证券代码：601077 证券简称：渝农商行 公告编号：2025-036 重庆农村商业银行股份有限公司 关于变更持续督导保荐代表人的公告 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。 2025年10月24日 附件 吕苏先生简历 吕苏先 ...

Core Viewpoint - Chongqing Rural Commercial Bank announced that a total of 542,155 shares eligible for listing and circulation are part of the initial public offering restricted shares, held by 153 individual shareholders, with a lock-up period of 72 months, set to be listed on October 30, 2025 [1] Summary by Relevant Sections - **Listing and Circulation Details** - The shares to be listed and circulated represent 0.05% of the total share capital, with 5,421,550 shares remaining under restriction [1] - **Compliance and Verification** - The sponsoring institution has verified that the listing and circulation of the restricted shares comply with relevant requirements, and the shareholders have strictly adhered to their share lock-up commitments, ensuring that the information disclosed is true, accurate, and complete [1]

Market Overview - The rural commercial bank sector experienced a decline of 0.82% on October 24, with Jiangyin Bank leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Individual Stock Performance - The closing prices and changes for key rural commercial banks are as follows: - Hu Nong Commercial Bank: 8.86, +0.68% - Ruifeng Bank: 5.54, -0.89% - Qingnong Commercial Bank: 3.27, -1.21% - Yunnan Commercial Bank: 6.93, -1.28% - Su Nong Bank: 5.26, -1.31% - Zhangjiagang Bank: 4.53, -1.52% - Changshu Bank: 7.09, -1.53% - Wuxi Bank: 6.16, -1.60% - Zijin Bank: 2.93, -1.68% - Jiangyin Bank: 5.03, -3.82% [1] Capital Flow Analysis - The rural commercial bank sector saw a net outflow of 144 million yuan from main funds, while retail funds experienced a net inflow of 63.71 million yuan [1] - The detailed capital flow for individual banks indicates: - Hu Nong Commercial Bank: Main funds net inflow of 6.22 million yuan, retail net outflow of 16.25 million yuan - Wuxi Bank: Main funds net outflow of 29.30 million yuan, retail net outflow of 0.99 million yuan - Jiangyin Bank: Main funds net outflow of 56.10 million yuan, retail net inflow of 36.93 million yuan [2]

Group 1 - The A-share market saw a general decline in bank stocks, with Jiangyin Bank dropping over 3%, and several other banks including Xi'an Bank, Chongqing Bank, and Yunnan Rural Commercial Bank falling more than 1% [1] - Agricultural Bank was an exception, experiencing a slight increase of 0.5% [1] - The year-to-date performance of various banks shows Jiangyin Bank with a 22.07% increase, while Xi'an Bank and Chongqing Bank have year-to-date increases of 17.17% and 14.57% respectively [2] Group 2 - Jiangyin Bank's market capitalization is reported at 12.5 billion, while Xi'an Bank's is at 18.4 billion, and Chongqing Bank's is at 35.4 billion [2] - Other banks such as Qingdao Bank and Su Nong Bank also experienced declines of nearly 1%, with market capitalizations of 30.2 billion and 10.7 billion respectively [2] - The overall trend indicates a mixed performance among bank stocks, with some showing significant year-to-date gains despite the recent declines [2]

Investment Rating - The report maintains a "Positive" investment rating for the banking sector as of October 23, 2025 [6]. Core Insights - The external environment's uncertainty has increased, leading to a temporary decline in market risk appetite. However, the report is optimistic about the relative performance of the banking sector in Q4 2025 [3]. - The report identifies two main investment themes: the ongoing demand for financial investments and the motivation behind realizing unrealized gains in bank assets [4][9]. Summary by Sections 1. Investment Assets Driving Bank Expansion - Financial investment growth has accelerated to 15%, with significant performance differentiation across sectors. In H1 2025, financial investments were the core driver of asset expansion, with a year-on-year growth of 14.9% [14]. - The structure of financial investments shows that interest-bearing bonds continue to dominate, with their proportion increasing to 60.2% by mid-2025. The growth rates for state-owned banks and city commercial banks were 8% and 11%, respectively [16]. 2. Changes in How Banks Smooth Earnings Volatility - Banks are increasingly shifting from using the income statement to the balance sheet to smooth earnings volatility. The report highlights that the contribution of investment income, particularly from the amortized cost (AC) assets, has been rising significantly [9][10]. - The unrealized gains in the Other Comprehensive Income (OCI) account were estimated at CNY 438.4 billion, representing 7.8% of annual revenue as of H1 2025 [9]. 3. Motivation for Realizing Unrealized Gains - Smaller banks exhibit a stronger motivation to realize unrealized gains compared to larger banks, which need to balance performance and interest rate risk management (IRRBB) assessments [9]. - The report anticipates continued demand for realizing unrealized gains in Q3 2025, although the intensity may weaken compared to mid-year [9][10]. 4. Investment Recommendations - The report recommends focusing on fundamentally strong small and medium-sized banks, such as Chongqing Rural Commercial Bank (601077, Buy) and Nanjing Bank (601009, Buy) [9]. - For state-owned banks with solid fundamentals and defensive value, the report mentions Industrial and Commercial Bank of China (601398, Not Rated) and Agricultural Bank of China (601288, Not Rated) as potential investment targets [9].

Market Overview - The rural commercial bank sector experienced a decline of 0.27% on October 23, with Yunnan Rural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Key stocks in the rural commercial bank sector showed varied performance, with Zijin Bank closing at 2.98, up 0.68%, and Yunnan Rural Commercial Bank closing at 7.02, down 0.99% [1] - The trading volume and turnover for several banks were significant, with Jiangyin Bank recording a turnover of 5.45 billion yuan [1] Capital Flow Analysis - The rural commercial bank sector saw a net outflow of 210 million yuan from institutional investors, while retail investors contributed a net inflow of 277 million yuan [1] - Detailed capital flow for individual banks indicated that Changshu Bank had a net inflow of 18.64 million yuan from institutional investors, while Yunnan Rural Commercial Bank had a net outflow of 17.66 million yuan [2]

Core Viewpoint - The rural commercial bank sector experienced a 1.07% increase on October 22, with Jiangyin Bank leading the gains, while the overall stock indices showed slight declines [1] Group 1: Market Performance - Jiangyin Bank closed at 5.23, up 3.56%, with a trading volume of 1.13 million shares and a transaction value of 583 million [1] - Su Nong Bank and Zhangjiagang Bank also saw increases of 2.30% and 2.01%, respectively, with closing prices of 5.33 and 4.57 [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, and the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Group 2: Capital Flow - The rural commercial bank sector had a net outflow of 160 million from institutional investors, while retail investors contributed a net inflow of 140 million [1] - Jiangyin Bank experienced a significant net outflow of 104 million from institutional investors, despite a retail net inflow of 78.44 million [2] - The overall capital flow showed that retail investors were more active in the sector, with notable inflows into several banks despite the institutional outflows [2]

Core Points - The agricultural commercial bank sector experienced a decline of 0.3% on October 21, with Yuhuang Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Summary by Category Stock Performance - Jiangyin Bank (002807) closed at 5.05, up 2.43% with a trading volume of 720,000 shares and a transaction value of 361 million yuan [1] - Zijin Bank (601860) closed at 2.94, up 1.03% with a trading volume of 501,600 shares and a transaction value of 147 million yuan [1] - Zhangjiagang Bank (002839) closed at 4.48, up 0.67% with a trading volume of 378,900 shares and a transaction value of 169 million yuan [1] - Qingnong Commercial Bank (002958) closed at 3.27, up 0.31% with a trading volume of 443,800 shares and a transaction value of 145 million yuan [1] - Wuxi Bank (600908) closed at 6.15, down 0.16% with a trading volume of 124,100 shares and a transaction value of 76.67 million yuan [1] - Ruifeng Bank (601528) closed at 5.57, down 0.36% with a trading volume of 173,700 shares and a transaction value of 96.85 million yuan [1] - Sunong Bank (603323) closed at 5.21, down 0.38% with a trading volume of 293,800 shares and a transaction value of 153 million yuan [1] - Changshu Bank (601128) closed at 7.08, down 0.42% with a trading volume of 395,200 shares and a transaction value of 280 million yuan [1] - Hunan Agricultural Commercial Bank (601825) closed at 8.75, down 0.46% with a trading volume of 188,300 shares and a transaction value of 165 million yuan [1] - Yuhuang Commercial Bank (601077) closed at 7.07, down 1.12% with a trading volume of 622,500 shares and a transaction value of 441 million yuan [1] Fund Flow - The agricultural commercial bank sector saw a net outflow of 111 million yuan from main funds, while retail investors contributed a net inflow of 211 million yuan [2]

（责任编辑：徐自立） 中国经济网北京10月21日讯 渝农商行（601077.SH）今日股价收报7.07元，跌幅1.12%。 今日，银行板块涨幅为0.20%，渝农商行股价垫底银行板块。 ...