Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may have alpha potential due to policy catalysts and a cyclical recovery [4]. Core Insights - Multiple banks have lowered their deposit rates, with the one-year and five-year Loan Prime Rate (LPR) reduced by 10 basis points on May 20, 2025. This trend reflects a broader market-driven decline in deposit costs [1][2]. - The average deposit cost rate for China Merchants Bank decreased significantly by 25 basis points to 1.29% in Q1 2025, indicating a trend of improving deposit costs across the sector [1]. - The report highlights that banks like Chongqing Bank, Minsheng Bank, and CITIC Bank have substantial room for further deposit cost reductions, suggesting a favorable environment for banks to optimize their funding costs [2]. Summary by Sections Section 1: Focus of the Week - Several banks have adjusted their deposit rates downward, with over half of listed banks participating in this trend by May 24, 2025 [1]. - The report notes that the average deposit cost rate for China Merchants Bank has shown improvement since Q2 2024, aligning with previous forecasts of enhanced cost reduction in liabilities [1]. Section 2: Sector Perspective - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [4]. - The report emphasizes that the cyclical recovery may take time, but the ongoing interest rate cuts could sustain the dividend strategy for banks like Shanghai Bank and Jiangsu Bank [4]. Section 3: Key Data Tracking - The report tracks various financial metrics, including the issuance of interbank certificates and the average rates for different types of bank notes, indicating a dynamic market environment [9][8]. - It also notes the increase in the proportion of deposits with a remaining maturity of less than one year, which rose by 3 percentage points to 37.4% by the end of 2024, suggesting a trend towards concentrated deposit maturities [2][16].

Core Viewpoint - The A-share listed rural commercial banks demonstrated strong resilience in Q1 2025, with all 10 banks achieving positive net profit growth, highlighting their robust financial performance despite market pressures [1][5][6]. Financial Performance - All 10 A-share listed rural commercial banks reported positive net profit growth in Q1 2025, with Changshu Bank leading at a 13.81% year-on-year increase [1][7]. - Eight banks experienced positive revenue growth, while two banks, Shanghai Rural Commercial Bank and Zijin Bank, reported declines in revenue [1][5][6]. - Revenue figures for major banks include: - Chongqing Rural Commercial Bank: 72.24 billion yuan, up 1.35% - Shanghai Rural Commercial Bank: 65.60 billion yuan, down 7.41% - Qingnong Bank: 30.57 billion yuan, up 0.99% - Changshu Bank: 29.71 billion yuan, up 10.04% [3][5][6]. Asset Quality - As of the end of March, seven banks had non-performing loan (NPL) ratios below 1%, with Changshu Bank, Wuxi Bank, and Jiangyin Bank all below 0.9% [1][15]. - Qingnong Bank had the highest NPL ratio at 1.77%, despite a slight decrease from the previous year [1][15]. Asset Scale - Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank both exceeded 1.5 trillion yuan in total assets, with Chongqing leading at 1.61 trillion yuan, a 6.3% increase [9][11]. - Qingnong Bank ranked third in total assets at 511.58 billion yuan, while Changshu Bank followed closely with 389.01 billion yuan [11][12]. Interest Margin - The net interest margin for several banks has narrowed, with Zijin Bank reporting the lowest at 1.23%, below the industry average of 1.52% [4][7].

为了深入贯彻党中央、国务院，重庆市委、市政府及上级监管部门有关提振消费的决策部署，打造"渝 悦消费·金融畅惠"金融支持消费品牌，自今年3月份以来，重庆农村商业银行(以下简称"重庆农商行")积 极推出以江渝信用卡为支付载体的"金融+国补焕新"惠民工程，倾力支持重庆建设国际消费中心城市。 截至2025年5月21日，重庆农商行已联动全市3000余家商户构建场景消费生态圈，带动家电、数码等重 点领域消费超过5000万元，惠及家庭超过1.2万户。近日，随着酉阳、城口等县域地区场景消费生态圈 服务网络全面打通，该行开展的江渝信用卡"金融+国补焕新"惠民活动实现全市38区县全覆盖，有力推 动了全市消费提振。 据悉，重庆农商行开展江渝信用卡"金融+国补焕新"惠民工程，创新推出"渝悦焕新补贴计划"，形成了 三大特色机制，有力推动了全市消费潜力释放。 重庆农商行"金融特派员"为商户店员讲解"国补焕新 提振消费"活动内容。重庆农商行供图 ——消费满减享双补：消费者购买国补指定商品时，在享受国家补贴基础上，还可通过云闪付领取重庆 农商行江渝信用卡"满2000减88、5000减188"优惠券，实现"一键双补"。 ——分期特惠优惠多：消 ...

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]