Core Viewpoint - Chongqing Rural Commercial Bank has shown a mixed performance in stock price and financial metrics, with a notable increase in stock price year-to-date but a decline over the past 20 days [1][2]. Group 1: Stock Performance - On December 18, the stock price increased by 2.08%, reaching 6.38 CNY per share, with a trading volume of 2.21 billion CNY and a turnover rate of 0.40%, resulting in a total market capitalization of 72.458 billion CNY [1]. - Year-to-date, the stock price has risen by 11.05%, with a slight increase of 1.11% over the last five trading days, but a decline of 5.62% over the last 20 days and 1.09% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, the bank reported operating revenue of 21.658 billion CNY, reflecting a year-on-year growth of 0.67%, and a net profit attributable to shareholders of 10.694 billion CNY, which is a 3.74% increase compared to the previous year [2]. - Since its A-share listing, the bank has distributed a total of 17.819 billion CNY in dividends, with 9.818 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders stood at 115,300, a decrease of 6.84% from the previous period, with an average of 0 shares per shareholder, unchanged from the previous period [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 268 million shares, a decrease of 111 million shares from the previous period, while Huatai-PB CSI 300 ETF holds 105 million shares, down by 3.7996 million shares [3].

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The report highlights a slowdown in non-bank deposit growth, indicating a reduced diversion of deposits to the stock market, with large banks experiencing a net inflow of deposits while smaller banks see a decline [5][6] - The report suggests that the upcoming quarter (Q1 2026) will present challenges for banks in terms of asset-liability matching due to the maturity of high-interest deposits and fluctuating deposit growth [7] - The investment strategy emphasizes balancing asset quality and pricing power, with a focus on large state-owned banks and leading comprehensive banks as key investment targets [8] Summary by Sections Deposit Trends - In November, large banks saw a decrease of 83.3 billion yuan in non-bank deposits, reflecting a weakening effect of the stock market on deposit diversion [5] - Non-bank deposit growth remains higher than that of resident fixed deposits, indicating a shift of funds into wealth management products [6] - Smaller banks experienced a year-on-year decrease of 478.9 billion yuan in fixed deposits, while large banks saw an increase of 419.4 billion yuan, suggesting a trend of deposit migration back to larger institutions [6] Credit and Investment Dynamics - Credit demand, particularly in consumer sectors, remains weak, leading to a continued slowdown in lending growth [7] - The report anticipates that banks may increase bond investments to fill year-end balance sheet requirements, especially as high-interest fixed deposits mature [7] Investment Recommendations - The report recommends a focus on large state-owned banks as foundational investments, with specific mentions of Agricultural Bank of China and Industrial and Commercial Bank of China as beneficiaries [8] - Core investments should target leading comprehensive banks like China Merchants Bank and Industrial Bank, with a recommendation for CITIC Bank as a key stock [8] - For more flexible investments, banks such as Jiangsu Bank and Chongqing Bank are highlighted as potential beneficiaries [8]

Group 1 - The stock price of Chongqing Rural Commercial Bank (601077.SH) closed at 6.25 yuan, with a decline of 1.11% [1] - The banking sector experienced a slight increase of 0.07%, but Chongqing Rural Commercial Bank's stock was the lowest performer in the sector [2]

Group 1 - The core viewpoint indicates that the rural commercial bank sector experienced a decline of 0.51% on December 17, with Yunnan Rural Commercial Bank leading the drop [1] - On the same day, the Shanghai Composite Index closed at 3870.28, reflecting an increase of 1.19%, while the Shenzhen Component Index closed at 13224.51, showing a rise of 2.4% [1] Group 2 - In terms of capital flow, the rural commercial bank sector saw a net inflow of 50.5982 million yuan from main funds, while retail funds experienced a net outflow of 20.8276 million yuan and speculative funds had a net outflow of 29.7706 million yuan [2]

Group 1 - The Chongqing Rural Commercial Bank's Rongchang branch was fined 700,000 yuan due to internal control management issues [1][3] - The bank has faced multiple penalties this year, including a fine of 2.9586 million yuan for foreign exchange business violations on January 9 [3] - The bank's Q3 2025 report shows a slight increase in revenue to 21.658 billion yuan, with a net profit of 10.694 billion yuan, reflecting a year-on-year increase of 3.74% [3] Group 2 - The bank's Q3 revenue showed signs of pressure, with a quarter-on-quarter contraction of 7.98% and a year-on-year increase of only 1.1% [3] - The bank's intermediary business income has weakened, with net income from fees and commissions decreasing by 16.71% year-on-year [3] - As of the end of Q3, the bank's non-performing loan ratio was 1.12%, which has decreased compared to the end of the previous year [3] Group 3 - The Chongqing Rural Commercial Bank was established in 1951 and underwent a shareholding reform in 2008, becoming the first rural commercial bank listed in both Hong Kong and A-share markets [3]

（文章来源：证券日报） 证券日报网讯 12月16日，渝农商行在互动平台回答投资者提问时表示，截至2025年11月28日，本行A股 股东户数为11.53万户。 ...

（文章来源：证券日报） 证券日报网讯 12月15日晚间，渝农商行发布公告称，第五届董事会第六十五次会议书面传签表决通过 《关于调整部分条款的议案》。 ...

| 序 | 当事人名称 | 行政处罚决 | 主要违法违规 | 行政处罚内 | 作出决 | | --- | --- | --- | --- | --- | --- | | 릉 | | 定书文号 | 行为 | 网 | 定机关 | | 1 2 | 重庆农村商业银行股 张波(时任重庆农村 赵晨(时任重庆农村 商业银行股份有限公 | 永川金管罚 | 贷款"三查" 不到位、员工 贷款"三查" 贷款"三查" 不到位、员工 | 罚款70万元 事银行业工 作 警告 | 永川金融 监管分局 | | | 份有限公司荣昌支行 | | 行为管理不到 | | | | | | | 位 | | | | | | | | 禁止终身从 | | | | 商业银行股份有限公 | 决字 | 不到位、员工 | | | | | 司荣昌支行双河分理 | (2025) 3 | 行为管理不到 | | | | | 处信贷客户经理) | 를 | 位 | | | | 3 | | | 行为管理不到 | | | | | 司荣昌支行副行长） | | | | | | | | | 位 | | | (责任编辑：徐自立) 以下为原文： 中国经济网北京12月16日讯 国家金融监督管理 ...

| 序号 | 当事人 | 主要违法违规 | 行政处罚内容 | 作 | | --- | --- | --- | --- | --- | | | 名称 | 行为 | | | | 1 | 上海浦东 发展银行 股份有限 | 贷款"三查"严重不尽 | 对上海浦东发展银行股 份有限公司昆明分行罚 | | | | | | | ZF | | | | | 款 50万元,对相关分支 | | | | 公司昆明 | 眼 | | | | | 分行及相 | | 机构罚款70万元;对李 仙周、张昱警告。 | | | | 关责任人 | | | | 作者 胡群 12月15日，国家金融监督管理总局云南监管局与永川监管分局相继公布行政处罚决定。上海浦东发展银行昆明分行因贷款"三查"严重不尽职，被处以共计 120万元罚款，相关责任人李仙周、张昱被警告。 来源：国家金融监督管理总局 同日，重庆农村商业银行荣昌支行也因贷款"三查"不到位、员工行为管理不到位被罚款70万元，其时任信贷客户经理张波被禁止终身从事银行业工作，副行 长赵晨受到警告。 | 序 | 当事人名称 | 行政处罚决 | 主要违法违规 | 行政处罚内 | | --- | --- | --- ...

SWS Research恢复跟踪 渝农商行 A股；评级增持。 ...