近日，本行收到重庆渝富控股集团有限公司通知，上述无偿划转事项的工商 变更登记手续已办理完成。 证券代码：601077 证券简称：渝农商行 公告编号：2025-021 重庆农村商业银行股份有限公司 关于股东权益变动事项的进展公告 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 2025 年 3 月 25 日 在上海证券交易所网站（www.sse.com.cn）披露了《关于股东权益变动的提示性 公告》（公告编号：2025-007）。为增强国有企业服务与保障国家战略能力，提质 提速水务水利和环境基础设施建设，根据重庆市国有资产监督管理委员会《关于 同意重庆渝富控股集团有限公司无偿划转所持重庆市水利投资（集团）有限公司 28%股权的批复》（渝国资〔2025〕157 号）、《关于无偿划转所持重庆市水利投资 （集团）有限公司 72%股权的批复》（渝国资〔2025〕158 号），重庆水务环境控 股集团有限公司将通过国有股权无偿划转的方式合计取得重庆市水利投资（集团） 有限公司 100%的股权 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The Longjiang Bank Index increased by 0.6% this week, outperforming the CSI 300 Index by 0.2% and underperforming the ChiNext Index by 1.4%. The banking sector's defensive attributes have gained traction due to a decline in market risk appetite [2][6] - The performance of listed banks remains stable, with city commercial banks exceeding expectations in their Q1 reports, supporting upward valuation adjustments. Notably, Chongqing Bank and Nanjing Bank reported significant year-on-year growth in net interest income of 28% and 18%, respectively, driven by a low base from last year and improved interest margins [2][7][29] Summary by Sections Market Performance - The Longjiang Bank Index's performance reflects a shift towards defensive investments in the banking sector amid rising risk aversion. The index's performance is supported by the positive earnings reports from major banks [2][6] Earnings Reports - As of April 25, 2025, 15 A-share listed banks have disclosed their Q1 earnings. Most banks reported positive revenue growth, with only two banks experiencing declines. The net profit for all but one bank also showed positive growth. The asset quality remains stable, with non-performing loan ratios generally declining or stable [7][29] - The rebound in net interest income growth is a key highlight, with nine banks reporting year-on-year increases. The overall improvement in net interest margins is attributed to a significant reduction in funding costs [29][30] Dividend Yields - As of April 25, 2025, the average dividend yield for the five major state-owned banks in A-shares is 4.5%, with a spread of 280 basis points over the 10-year government bond yield. The H-shares have an average yield of 6.0%, with a spread of 435 basis points, indicating a more attractive yield in the H-share market [6][23] Monetary Policy Insights - The Central Political Bureau meeting on April 25, 2025, reiterated the need for timely interest rate cuts and reserve requirement ratio reductions. The meeting emphasized the creation of new structural monetary policy tools to support technological innovation and consumption expansion [35][37]

沪指4月28日下跌0.20%，申万所属行业中，今日上涨的有5个，涨幅居前的行业为银行、钢铁，涨幅分 别为0.98%、0.53%。银行行业位居今日涨幅榜首位。跌幅居前的行业为房地产、综合，跌幅分别为 3.66%、2.52%。 资金面上看，两市主力资金全天净流出298.94亿元，主力资金净流入的行业仅有2个，钢铁行业净流入 资金2.00亿元；石油石化行业净流入资金6693.31万元。 主力资金净流出的行业有29个，电子行业主力资金净流出规模居首，全天净流出资金31.04亿元，其次 是汽车行业，净流出资金为25.16亿元，净流出资金较多的还有机械设备、医药生物、非银金融等行 业。 银行行业今日上涨0.98%，全天主力资金净流出4.29亿元，该行业所属的个股共42只，今日上涨的有37 只；下跌的有3只。以资金流向数据进行统计，该行业资金净流入的个股有13只，其中，净流入资金超 千万元的有8只，净流入资金居首的是建设银行，今日净流入资金7850.75万元，紧随其后的是宁波银 行、渝农商行，净流入资金分别为6536.62万元、5726.19万元。银行行业资金净流出个股中，资金净流 出超3000万元的有8只，净流出资金居前 ...

Investment Rating - The report maintains an "Overweight" rating for the banking sector and "Buy" for specific stocks such as China Merchants Bank and Industrial Bank [9][12][14]. Core Insights - The report highlights the establishment of new monetary policy tools and emphasizes the importance of stabilizing and activating the capital market [12][18]. - Investment opportunities are identified in the banking sector, followed by securities and insurance [12][14]. - The overall performance of listed banks in Q1 2025 is stable, with a decline in non-performing loan ratios [12][13]. - The report notes a decrease in the scale of wealth management products, with a total of 29.14 trillion yuan, down 810 billion yuan from the beginning of the year [12][19]. Summary by Sections Banking Sector - Listed banks reported a decline in non-performing loan ratios in Q1 2025, but some experienced net losses due to fluctuations in the bond market [2][12]. - The total scale of wealth management products decreased to 29.14 trillion yuan, with a year-on-year growth rate of 9.4% [12][19]. - The report recommends quality stocks such as China Merchants Bank, Industrial Bank, and Chengdu Bank [3][14]. Securities Sector - The China Securities Association issued guidelines to prevent securities firms from manipulating profits through valuation adjustments [2][12]. - The report indicates that the performance of securities firms remains resilient, with a year-on-year increase in net profit of 16% for 2024 and 51% for Q1 2025 [12][19]. - The report highlights the acquisition bid by Ant Group's shareholder for a securities firm, indicating ongoing consolidation in the sector [12][18]. Insurance Sector - The report suggests focusing on companies with relatively stable balance sheets, as the net profits of major insurers like China Ping An and China Taiping have declined [2][12]. - The report notes that the growth of new business value (NBV) remains strong, driven primarily by the bancassurance channel [12][19].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net profit attributable to shareholders is projected to grow at a rate of 5.5%/7.9%/8.5% for the years 2025/2026/2027, with corresponding EPS of 1.05/1.13/1.23 yuan and BVPS of 11.85/12.70/13.62 yuan. The current stock price corresponds to a PB of 0.57X/0.53X/0.50X for the years 2025/2026/2027. Given the strong financing demand in the region, a 10% valuation premium is maintained compared to comparable companies, leading to a reasonable value of 7.6 yuan per share [3][5] Financial Information Summary - For the year 2023, the company reported operating income of 27,956 million yuan, with a year-on-year decrease of 3.6%. The operating profit was 12,194 million yuan, reflecting a year-on-year increase of 8.9%. The net profit attributable to shareholders was 10,902 million yuan, with a year-on-year growth of 6.1% [4] - The projected operating income for 2025 is 28,724 million yuan, with a year-on-year growth of 1.6%. The operating profit is expected to reach 13,732 million yuan, growing by 6.9% year-on-year. The net profit attributable to shareholders is forecasted to be 12,151 million yuan, reflecting a growth of 5.5% [4] - The company’s total assets and loan amounts are expected to grow by 8% and 6.8% year-on-year respectively by the end of Q1 2025, with a net increase in loans of 30.17 billion yuan, accounting for 80.3% of the total net increase for the year [9] Performance Metrics - The net interest income showed a year-on-year growth of 5.6% as of Q1 2025, supported by a stable net interest margin of 1.61% [9] - The non-performing loan ratio stood at 1.17% as of Q1 2025, showing a slight improvement compared to the end of 2024 [9] - The company’s capital adequacy ratio is projected to be 15.99% for 2023, increasing to 18.96% by 2027 [11]

Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank with a target price of 7.81 CNY per share, corresponding to a 2025 PB valuation of 0.66x, indicating a potential upside of 15% from the current price of 6.79 CNY per share [5][8]. Core Views - The bank's Q1 2025 earnings growth has shown a marginal recovery, with a 1.3% year-on-year increase in revenue and a 6.3% increase in net profit attributable to shareholders, reflecting improved operational performance [2][5]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 1.17% at the end of Q1 2025, unchanged from the previous quarter, and a provision coverage ratio of 363% [4][5]. Summary by Sections Earnings Growth - In Q1 2025, revenue increased by 1.3% year-on-year, and net profit attributable to shareholders grew by 6.3%, driven by accelerated asset growth and improved net interest margin [2][3]. - Total assets grew by 8.0% year-on-year, with corporate loans seeing a significant increase of 17%, indicating strong credit demand in the Chongqing region [2][3]. Net Interest Margin - The average net interest margin for Q1 2025 was 1.61%, stable compared to 2024, supported by a reduction in funding costs [3][4]. - The asset yield decreased to 3.11%, primarily due to the impact of LPR repricing, while the cost of liabilities fell to 1.62% [3][4]. Asset Quality - The NPL ratio remained stable at 1.17%, with a year-on-year decline in impairment losses of 19.2%, indicating improved credit quality [4][5]. - The provision coverage ratio was maintained at a robust 363%, reflecting adequate provisioning levels [4][5]. Financial Forecast and Valuation - The bank is expected to achieve net profit growth of 6.6%, 7.6%, and 7.7% for the years 2025, 2026, and 2027, respectively, with corresponding book values per share of 11.84 CNY, 12.65 CNY, and 13.54 CNY [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net profit attributable to shareholders is projected to grow at a rate of 5.5%/7.9%/8.5% for the years 2025/2026/2027, with corresponding EPS of 1.05/1.13/1.23 yuan and BVPS of 11.85/12.70/13.62 yuan. The current stock price corresponds to a PB of 0.57X/0.53X/0.50X for the years 2025/2026/2027. Given the strong financing demand in the region, a 10% valuation premium is maintained compared to comparable companies, leading to a reasonable value of 7.6 yuan per share [3][5] Financial Performance Summary - For Q1 2025, the company reported a year-on-year revenue growth of 1.4%, PPOP growth of 3.8%, and a net profit growth of 6.25%. The net interest income grew by 5.6%, supported by a strong net interest margin and robust asset expansion [9] - The total assets and loan amounts grew by 8% and 6.8% year-on-year, respectively, with a net increase in loans of 30.17 billion yuan, accounting for 80.3% of the total net increase for the year [9] - The non-performing loan ratio stood at 1.17%, with a provision coverage ratio of 363%, indicating stable asset quality [9] Financial Projections - The company's projected operating income for 2025 is 28,724 million yuan, with a year-on-year growth of 1.6%. The net profit attributable to shareholders is expected to reach 12,151 million yuan, reflecting a growth of 5.5% [4][11] - The projected EPS for 2025 is 1.05 yuan, with a PB ratio of 0.57 [3][4] Market Performance - As of April 25, 2025, the company's stock price was 6.79 yuan, with a target price of 7.6 yuan, indicating potential upside [5] - The company has shown strong absolute performance over various time frames, including a 59.66% increase over the past 12 months [6]

Core Viewpoint - Chongqing Rural Commercial Bank (渝农商行) reported a revenue of 7.2 billion yuan for Q1 2025, reflecting a year-on-year growth of 1.35%, and a net profit attributable to shareholders of 3.7 billion yuan, up 6.25% year-on-year [1]. Performance Summary - Revenue and net profit growth rates for Q1 2025 were 1.35% and 6.25%, respectively, showing improvements of 0.3 percentage points and 0.7 percentage points compared to 2024 [2]. - Net interest income increased by 5.31% year-on-year, with a net interest margin of 1.61%, stabilizing for three consecutive quarters, attributed to improved funding costs [2]. - Fee and commission income decreased by 3.21% year-on-year, but the decline was narrowed by 6.8 percentage points compared to 2024 [3]. - Other non-interest income fell by 16.60% year-on-year, primarily due to a high base last year and increased volatility in the bond market, although investment income rose by 42.39% [3]. Asset Quality Summary - As of Q1 2025, total assets and loans reached 1.61 trillion yuan and 744.4 billion yuan, respectively, marking year-on-year growth of 8.00% and 6.81% [4]. - The net increase in loans for Q1 2025 was 30.2 billion yuan, with a significant increase in general loans of 51.9 billion yuan compared to the same period last year [4]. - Total deposits reached 1.04 trillion yuan, up 8.85% year-on-year, with a net increase of 93.8 billion yuan in Q1 2025, mainly driven by personal deposits [4]. Asset-Liability Management Summary - The non-performing loan ratio stood at 1.17%, down 1 basis point from the end of the previous year, with a provision coverage ratio of 363.37% [5]. - The credit cost for Q1 2025 was 0.62%, a decrease of 19 basis points year-on-year [5]. - The bank is expected to benefit from the Chengdu-Chongqing economic circle development, with anticipated improvements in loan growth, cost management, and asset quality [5].

Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank (渝农商行) [4][7]. Core Views - Chongqing Rural Commercial Bank is expected to benefit from the construction of the Chengdu-Chongqing economic circle, with loan growth accelerating, cost reduction and efficiency enhancement, and improving asset quality contributing to a continuous improvement in fundamentals [4]. - The bank's net interest margin has stabilized over three consecutive quarters, with a net interest margin of 1.61% in Q1 2025 [2][4]. - The bank's revenue and net profit for Q1 2025 were 72 billion yuan and 37 billion yuan, respectively, representing year-on-year growth of 1.35% and 6.25% [1][4]. Financial Performance - Revenue and net profit growth rates for Q1 2025 were 1.35% and 6.25%, respectively, showing improvements compared to the previous year [2]. - Net interest income increased by 5.31% year-on-year, while net interest margin remained stable at 1.61% [2]. - Fee and commission income decreased by 3.21%, but the decline was less severe than in the previous year [2]. Asset Quality - As of Q1 2025, total assets and loans amounted to 1.61 trillion yuan and 744.4 billion yuan, respectively, with year-on-year growth of 8.00% and 6.81% [3]. - The non-performing loan ratio was 1.17%, a slight decrease from the previous year, while the provision coverage ratio was 363.37% [4]. - The bank's credit cost was 0.62%, down 19 basis points year-on-year [4]. Balance Sheet - The bank's total deposits reached 1.04 trillion yuan, with a year-on-year growth of 8.85% [3]. - The bank's loan growth was driven by significant increases in both corporate and personal loans, with net increases of 446 billion yuan and 73 billion yuan, respectively [3].

Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank (601077.SH) [4][7]. Core Views - Chongqing Rural Commercial Bank's performance shows positive growth in revenue and net profit, with Q1 2025 revenue at 7.2 billion yuan, up 1.35% year-on-year, and net profit at 3.7 billion yuan, up 6.25% year-on-year [1][4]. - The bank's net interest margin has stabilized over three consecutive quarters, currently at 1.61%, benefiting from improved funding costs despite a decline in asset yields [2][4]. - The bank is expected to benefit from the Chengdu-Chongqing economic circle development, with anticipated net profit growth rates of 5.81%, 6.15%, and 6.67% for 2025-2027 [4]. Financial Performance - In Q1 2025, net interest income increased by 5.31% year-on-year, while non-interest income saw a decline of 16.60%, primarily due to market volatility [2]. - Total assets and loans reached 16.1 trillion yuan and 744.4 billion yuan, respectively, with year-on-year growth of 8.00% and 6.81% [3]. - The bank's deposit total was 10.4 trillion yuan, reflecting an 8.85% year-on-year increase, with a significant contribution from personal deposits [3]. Asset Quality - The non-performing loan (NPL) ratio stands at 1.17%, showing a slight decrease, while the provision coverage ratio is at 363.37% [4]. - The bank's credit cost is reported at 0.62%, down 19 basis points year-on-year, indicating improved asset quality management [4].