Investment Rating - The industry investment rating is "Increase" (maintained) [2][21] Core Insights - The external environment and major power competition remain important starting points for policy, with increased confidence in addressing internal and external issues [4][11] - Fiscal policy will maintain a stable and more proactive stance, with a focus on domestic demand and innovation [4][12] - Monetary policy will continue to be moderately loose, emphasizing flexible decision-making and policy efficiency [4][12] - The regulatory approach for small and medium financial institutions has shifted from "risk resolution" to "quality improvement" [4][18] Summary by Sections Overall Thoughts - The report emphasizes that the external environment and major power competition are crucial for economic policy, with a more confident outlook on both internal and external challenges [4][11] Fiscal Policy - The fiscal policy will continue to be more proactive, focusing on maintaining stability. The emphasis will be on domestic demand and innovation, with a potential tightening of tax incentives and subsidies [4][12][18] Monetary Policy - The monetary policy will remain moderately loose, with a focus on flexible and efficient decision-making. The use of various policy tools, including adjustments to reserve requirements and interest rates, will be prioritized [4][12][18] Financial Regulation - The regulatory focus for small and medium financial institutions has transitioned to enhancing quality rather than merely resolving risks, indicating a shift towards reform and consolidation in the sector [4][18] Investment Recommendations - Investment strategies for bank stocks have shifted from "pro-cyclical" to "weak-cyclical," with a focus on high-dividend stability during economic downturns. Recommendations include regional banks with strong certainty and large banks with high dividends [4][20]

Investment Rating - The report initiates coverage with an "Accumulate" rating for Chongqing Rural Commercial Bank (601077) [1] Core Views - The bank is positioned to benefit from high dividend yields and a solid provisioning base, with expectations for valuation improvement due to its strong performance and new management goals [7][8] - The bank's extensive network in rural areas provides a competitive advantage, allowing it to capitalize on regional growth opportunities [7][10] Summary by Sections 1. Company Overview - Chongqing Rural Commercial Bank has a total asset size of approximately 1.66 trillion yuan, ranking first among listed rural commercial banks [20] - The bank has over 1,700 branches, with 82.4% located in rural areas, providing a strong deposit base and low funding costs [20][22] 2. Financial Data and Profit Forecast - Projected total revenue for 2025 is approximately 28.61 billion yuan, with a year-on-year growth rate of 1.23% [6] - Expected net profit for 2025 is around 12.10 billion yuan, reflecting a growth rate of 5.09% [6] - The bank's return on equity (ROE) is projected to be 9.27% in 2025, with a gradual improvement expected in subsequent years [6] 3. Investment Analysis - The bank is expected to gradually eliminate its valuation discount due to its robust performance and high dividend yield, which is projected to be nearly 5% in 2025 [8] - The anticipated growth rates for net profit from 2025 to 2027 are 5.1%, 9.5%, and 10.2%, respectively [9][8] - The report highlights the potential for asset growth driven by urban expansion and improved operational efficiency [10][30] 4. Management and Strategic Direction - The new management team, led by Liu Xiaojun, aims to significantly enhance key performance indicators by the end of 2027 [10][30] - The bank's strategy includes penetrating urban markets to increase loan productivity and overall asset size [10][30] 5. Market Position and Competitive Advantage - The bank benefits from low deposit costs and a strong credit quality foundation, which supports its competitive net interest margin [32] - The bank's credit cost is projected to remain low, further enhancing its profitability [32]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 - 1 - 於本公告日期，本行執行董事為隋軍先生；本行非執行董事為馬寶先生、董斌先生、 袁剛先生及彭玉龍先生；及本行獨立非執行董事為李明豪先生、李嘉明先生及畢茜女士。 * 本行經中國銀行業監督管理機構批准持有B0335H250000001號金融許可證，並經重慶市市 場監督管理局核准領取統一社會信用代碼為91500000676129728J的企業法人營業執照。本 行根據香港銀行業條例（香港法例第155章）並非一家認可機構，不受香港金融管理局監管， 及不獲授權在香港經營銀行╱接受存款業務。 - 2 - 茲提述重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.*（「本 行」）日期為2025年11月20日及2025年12月10日的公告，以及日期為2025年11月24日的通 函（「通函」），內容有關（其中包括）建議修訂本行公司章程（「公司章程」）。除非文 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Chongqing Rural Commercial Bank Co., Ltd. * * : 3618 海外監管公告 本公告乃重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.* （「本行」）根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列本行在上海證券交易所網站刊發之《重慶農村商業銀行股份有限公司第五屆董事會 第六十五次會議決議公告》，謹供參閱。 重庆农村商业银行股份有限公司 第五届董事会第六十五次会议决议公告 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。 重庆农村商业银行股份有限公司（以下简称"本行"）第五届董事会第六十 五次会议以书面传签、通讯表决方式召开，表决截止日为 2025 年 12 月 15 日。 本行已于 2025 年 1 ...

证券代码：601077 证券简称：渝农商行 公告编号：2025-048 重庆农村商业银行股份有限公司 第五届董事会第六十五次会议决议公告 重庆农村商业银行股份有限公司董事会 2025 年 12 月 15 日 附件：《重庆农村商业银行股份有限公司章程》修订对比表 | 序号 | 修订后条 款序号 | 2025 年第一次临时股东大会通过的公司章程条文 | 进一步修订后的公司章程条文 | | --- | --- | --- | --- | | | | 第一章 总则 | | | 1. | 第一条 | 为规范重庆农村商业银行股份有限公司（以下简称"本行"） | 为规范重庆农村商业银行股份有限公司（以下简称"本行"）的组 | | | | 的组织和行为，全面贯彻落实"两个一以贯之"重要要求，坚 | 织和行为，全面贯彻落实"两个一以贯之"重要要求，坚持和加强党 | | | | 持和加强党的全面领导，完善公司法人治理结构，建设中国特 | 的全面领导，完善公司法人治理结构，建设中国特色现代企业制度， | | | | 色现代企业制度，维护本行、股东、职工和债权人的合法权益， | 维护本行、股东、职工和债权人的合法权益，规范本行的组织 ...

| 以下为原文： | | --- | | 序 | 当事人名称 | 行政处罚 决定书文 | 主要违法违规 | 行政处罚 | 作出决定 | | --- | --- | --- | --- | --- | --- | | 름 | | | 行为 | 内容 | 机关 | | | | 름 | | | | | 13 | 渝农商金融租赁有 | | 租赁物不适 格;租赁业务 | 罚款共计 | 重庆金融 监管局 | | | 限责任公司 | 渝金管罚 | "三查" 不到 | 60万元 | | | | | 洪字 | 位 | | | | | 郑天宇(时任渝农 | (2025) | | | | | | 商金融租赁有限责 | 26를 | 租赁物不适格 | 罚款5万 | | | 14 | 任公司华东业务营 | | 部分同题 | 元 | | | | 销部总经理) | | | | | (责任编辑：田云绯) 郑天宇（时任渝农商金融租赁有限责任公司华东业务营销部总经理）对租赁物不适格部分问题负有 责任，重庆金融监管局对其罚款5万元。 据渝农商行2025年半年度报告，渝农商金融租赁为渝农商行控股子公司，成立于2014年12月，注册 资本25亿元。渝农 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The report indicates that the total social financing (社融) in November increased by 2.49 trillion yuan, which is 159.7 billion yuan more than the same period last year, exceeding the consensus expectation of 2.02 trillion yuan [5][8] - The cumulative social financing for the first eleven months shows a year-on-year growth of 8.5%, maintaining the same growth rate as in October [5][8] - The report highlights a structural differentiation in financing, with trust loans, bond financing, and unendorsed bank acceptance bills showing significant year-on-year increases, while credit and government bonds experienced declines [5][9] Summary by Sections Social Financing Situation - In November, social financing increased by 2.49 trillion yuan, with a year-on-year increase of 159.7 billion yuan, surpassing expectations [5][8] - The cumulative social financing for the first eleven months shows an 8.5% year-on-year increase, consistent with October's growth rate [5][8] Credit Situation - The report notes that the credit supply is lower than in previous years, with November's new RMB loans amounting to 405.3 billion yuan, which is 116.3 billion yuan less than the same month last year [5][12] - The credit balance grew by 6.4% year-on-year, with a slight decline in growth rate compared to the previous month [12] Liquidity and Deposit Situation - The report indicates that M1 growth has slowed, while M2 and M1's differential has slightly expanded [19] - In November, RMB deposits increased by 1.4 trillion yuan, which is 760 billion yuan less than the same period last year, with a year-on-year growth rate of 7.7% [21] Investment Recommendations - The report suggests a shift in the investment logic for bank stocks from "pro-cyclical" to "weak-cyclical," indicating that during periods of economic stagnation, high dividend yields from bank stocks will remain attractive [24] - Two main investment lines are recommended: regional banks with strong certainty and large banks with high dividend yields [24]

Investment Rating - The report assigns an "Overweight" rating to the banking sector [6] Core Insights - The growth rate of social financing is stabilizing, with a year-on-year increase of 8.5% in November 2025, remaining unchanged from the previous month. Excluding government bonds, the growth rate is 6.0%, which is an increase of 0.1 percentage points from the previous month [6] - New social financing in November amounted to 2.49 trillion yuan, a year-on-year increase of 159.7 billion yuan, primarily supported by corporate bond issuance, while credit and government bonds showed negative growth [6] - The report highlights a trend of short-term borrowing among enterprises, with corporate loans increasing by 610 billion yuan, a year-on-year increase of 360 billion yuan [6][4] Summary by Sections 1. Social Financing Data - In November, the total social financing growth rate was 8.5%, with a new social financing addition of 2.49 trillion yuan, up 159.7 billion yuan year-on-year. The growth rate excluding government bonds was 6.0% [6][2] - Corporate bond financing net increased by 416.9 billion yuan, a year-on-year increase of 178.8 billion yuan, primarily driven by state-owned enterprises [6][4] 2. Credit and Loan Trends - The report indicates a weak increase in credit, with November's RMB loan growth rate at 6.4%, down 0.1 percentage points from the previous month. New loans for the month totaled 390 billion yuan, a year-on-year decrease of 190 billion yuan [6] - Personal loans decreased by 206.3 billion yuan, with short-term loans down by 215.8 billion yuan year-on-year, indicating pressure on both short-term and medium-to-long-term loans [4][6] 3. Deposit Trends - RMB deposit growth rate in November was 7.7%, down 0.3 percentage points from the previous month, with new deposits amounting to 1.41 trillion yuan, a year-on-year decrease of 760 billion yuan [6] - The report notes a slowdown in deposit migration, with corporate deposits increasing by 645.3 billion yuan, a year-on-year decrease of 94.7 billion yuan [6][4] 4. Investment Recommendations - The report suggests focusing on three investment themes: identifying banks with potential for performance growth, emphasizing banks with convertible bond expectations, and continuing dividend strategies [6]

Investment Rating - The report maintains a "Positive" outlook for the banking sector in 2026, indicating a return to fundamental narratives supported by policy financial tools and asset expansion resilience [6][23]. Core Viewpoints - The banking sector is expected to stabilize net interest margins due to a concentrated repricing cycle of deposits, with structural risks anticipated to receive policy support [3][23]. - The report highlights two main investment themes: focusing on quality small and medium-sized banks and state-owned banks with defensive value [24]. Summary by Sections Financial Data Analysis - In November 2025, social financing (社融) grew by 8.5% year-on-year, with a monthly increment of 2.49 trillion yuan, exceeding market expectations [10][9]. - The structure of social financing showed a decrease in RMB loans by 116.3 billion yuan year-on-year, indicating weak demand for credit [10][9]. - Government bonds decreased by 104.8 billion yuan year-on-year, while corporate direct financing increased by 170.2 billion yuan, with bond financing up by 178.8 billion yuan [10][9]. Loan Trends - Total RMB loans grew by 6.4% year-on-year in November, with a total of 390 billion yuan in new loans, reflecting a decline in both household and corporate loans [13][14]. - Household loans saw a significant drop, with short-term loans down by 178.8 billion yuan and medium to long-term loans down by 290 billion yuan [13][14]. - Corporate loans increased by 281.9 billion yuan, primarily driven by bill discounting [14][13]. Monetary Supply - M1 growth fell to 4.9% year-on-year, while M2 grew by 8.0%, with the gap between M2 and M1 increasing to 3.1% [20][21]. - New RMB deposits totaled 1.41 trillion yuan in November, a decrease of 760 billion yuan year-on-year, with declines across all categories including household and non-bank deposits [20][22]. Investment Recommendations - The report suggests focusing on quality small and medium-sized banks such as Nanjing Bank, Hangzhou Bank, and Ningbo Bank, while also considering state-owned banks like Bank of Communications and Industrial and Commercial Bank of China for their defensive value [24][23].

（原标题：渝农商行现2笔大宗交易 合计成交113.50万股） 渝农商行12月12日大宗交易平台共发生2笔成交，合计成交量113.50万股，成交金额717.33万元。成交价 格均为6.32元。从参与大宗交易营业部来看，机构专用席位共出现在2笔成交的买方或卖方营业部中， 合计成交金额为717.33万元，净卖出717.33万元。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为3.39亿元。 据天眼查APP显示，重庆农村商业银行股份有限公司成立于2008年06月27日，注册资本1135700万人民 币。（数据宝） 12月12日渝农商行大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日 | | | | --- | --- | --- | --- | --- | --- | | | 额 | 格 | 收盘折溢 | 买方营业部 | 卖方营业 | | | （万 | （元） | 价 | | 部 | | | 元） | | （%） | | | | 58.69 | 370.93 | 6.32 | 0.00 | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 机构专用 | | 54.81 | 346.40 ...