FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601077 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,843,663,959 | RMB | | 1 RMB | | 8,843,663,959 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 8,843,663,959 | RMB | | 1 RMB | | 8,843,663,959 | 本月底法定/註冊股本總額： RMB 11,357,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 公司名稱: 重慶 ...

Market Performance - The rural commercial bank sector increased by 1.58% on November 3, with Chongqing Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Chongqing Rural Commercial Bank (601077) closed at 7.14, up 3.18% with a trading volume of 856,500 shares and a transaction value of 606 million yuan [1] - Jiangyin Bank (002807) closed at 4.90, up 3.16% with a trading volume of 857,100 shares and a transaction value of 416 million yuan [1] - Wuxi Bank (600908) closed at 6.18, up 1.81% with a trading volume of 271,400 shares and a transaction value of 167 million yuan [1] - Other notable performances include Zhangjiagang Bank (002839) up 1.80% and Shanghai Rural Commercial Bank (601825) up 0.94% [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 43.08 million yuan from institutional investors, while retail investors saw a net inflow of 35.81 million yuan [1] - The table indicates that Chongqing Rural Commercial Bank had a net inflow of 13.38 million yuan from institutional investors but a net outflow of 64.68 million yuan from retail investors [2] - Jiangyin Bank had a net inflow of 2.47 million yuan from retail investors despite a net outflow from institutional and speculative investors [2]

Core Insights - The recent disclosure evaluation results for listed banks in China for the 2024-2025 period show that all listed banks received ratings of B or above, with 22 banks rated A, indicating a strong performance in information disclosure [1] Summary by Category Overall Ratings - All listed banks achieved a rating of B or higher, with 22 banks rated A, reflecting consistent performance compared to the previous year [1] - Only six banks experienced rating changes, with five banks improving their ratings and one bank, Shanghai Bank, experiencing a downgrade [1] Banks with Rating Changes - The following banks improved their ratings: - Zhangjiagang Bank - Hangzhou Bank - Huaxia Bank - Everbright Bank - Zhejiang Commercial Bank [1] - Shanghai Bank was the only bank to see a downgrade in its rating [1] Detailed Ratings - A selection of banks and their ratings includes: - Ping An Bank: A - Ningbo Bank: A - Agricultural Bank of China: A - Industrial and Commercial Bank of China: A - Shanghai Bank: B (downgraded) [2]

Market Overview - The Shanghai Composite Index closed at 3976.52 points, above the six-month moving average, with an increase of 0.55% [1] - The total trading volume of A-shares reached 21,329.04 million yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 222 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Baose Co., Ltd. (300402) with a deviation rate of 16.81% and a price increase of 19.99% [1] - Meirui New Materials (300848) with a deviation rate of 11.80% and a price increase of 19.99% [1] - Deer Chemical (920304) with a deviation rate of 10.57% and a price increase of 20.75% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Zhuhai Port, Tianhong Shares, and New Energy Tai Shan [1] - The table lists various stocks with their respective trading performance, including: - Academic shares (300261) with a deviation rate of 9.21% and a price increase of 11.98% [1] - Dahongli (300865) with a deviation rate of 7.54% and a price increase of 11.29% [1]

Investment Rating - The report indicates a cautious outlook on the credit growth rate, suggesting a shift towards quality improvement, with expectations for a recovery in corporate loan increments by 2026 [5][9]. Core Insights - Credit growth is expected to slow significantly starting in 2024, but the decline in growth rate is anticipated to moderate by 2026, with corporate loans likely to see a year-on-year increase [7][9]. - The relationship between credit growth and economic growth is weakening, emphasizing the need to optimize credit structure and reduce idle financial resources [9]. - The report highlights that the banking sector's total asset growth will outpace loan growth in 2025, driven by government bond supply and fiscal policies [9]. Summary by Sections Credit Growth Forecast - New RMB loans are projected at 21.3 trillion, 23.6 trillion, and 18.9 trillion yuan for 2022, 2023, and 2024 respectively, with a further estimate of 14.7 trillion yuan for the first three quarters of 2025 [9]. - For 2026, new loans are expected to be between 17.2 trillion and 17.7 trillion yuan, corresponding to a growth rate of 6.3% to 6.5% [9]. Loan Composition - In 2023, the total RMB loans are expected to reach 237.59 trillion yuan, with a year-on-year growth rate of 10.6% [8]. - Retail loans are projected to grow from 80.10 trillion yuan in 2023 to 82.84 trillion yuan in 2024, reflecting a growth rate decline from 5.7% to 3.4% [8]. - Corporate loans are anticipated to increase from 157.07 trillion yuan in 2023 to 171.01 trillion yuan in 2024, with a growth rate of 12.7% [8]. Regional Performance - Regions such as Jiangsu, Zhejiang, Sichuan, and Shandong are expected to continue outperforming the national average in loan growth due to strong economic performance and support from new policy financial tools [12]. Banking Sector Dynamics - The report notes that state-owned banks are expected to maintain a competitive edge due to lower funding costs and capital injections from the Ministry of Finance [12]. - The net interest margin is in a downward trend, but the rate of decline is expected to slow starting in 2025, with some smaller banks potentially stabilizing their margins by 2026 [13][17]. Asset Quality - As of Q2 2025, the non-performing loan (NPL) ratio for listed banks is reported at 1.25%, indicating a stable asset quality despite pressures on retail credit [37]. - The report emphasizes that while retail loan NPLs have increased since 2021, corporate loan clearances have improved significantly, providing a buffer against retail risks [37].

Group 1 - The report highlights that Fengshen Co., the only centrally controlled tire listed company in China, has entered a growth phase with a 168% year-on-year increase in net profit for Q3 2025 [2][6][7] - The company achieved a revenue of 5.543 billion yuan for the first three quarters of 2025, representing a 13.58% increase year-on-year, despite a decline in net profit [6][8] - The average selling price of products increased by 7.88% year-on-year to 1198 yuan per tire, contributing to improved profitability [8][10] Group 2 - Dongfang Tower benefited from the potassium fertilizer boom, reporting a 77.57% increase in net profit for Q3 2025, with a revenue of 3.392 billion yuan [16][17] - The company’s gross profit margin increased by 10.23 percentage points to 40.53% due to rising potassium prices [17][19] - The average price of potassium chloride reached 3269 yuan per ton in Q3 2025, up 773 yuan per ton year-on-year [17][19] Group 3 - Longbai Group's net profit decreased by 34.68% year-on-year in Q3 2025, impacted by falling titanium dioxide prices, with a revenue of 6.105 billion yuan [23][24] - The average price of titanium dioxide fell by 2018 yuan per ton year-on-year, leading to a significant profit squeeze [25][27] - The company is pursuing a strategic acquisition of Venator UK's titanium dioxide assets to enhance its global presence [27][29] Group 4 - Shanmei International reported a 30.20% decline in revenue for the first three quarters of 2025, with a net profit drop of 49.74% [32][33] - The company’s coal production increased by 8.73% year-on-year, while trade coal sales fell by 28.50% [35][36] - The average selling price of self-produced coal decreased by 24.72% year-on-year, affecting overall profitability [36][37] Group 5 - Fenhong Media achieved a total revenue of 9.607 billion yuan in the first three quarters of 2025, reflecting a 3.73% year-on-year growth [38][39] - The company’s gross profit margin improved significantly, reaching 74.1% in Q3 2025 [40][41] - The company plans to distribute a cash dividend of 0.5 yuan per share, indicating a commitment to shareholder returns [41][42] Group 6 - Yunnan Rural Commercial Bank reported a 0.67% increase in revenue for the first three quarters of 2025, with a net profit growth of 3.74% [43][44] - The bank's non-performing loan ratio decreased to 1.12%, reflecting improved asset quality [44]

Core Insights - As of the end of September, Chongqing's financial asset scale reached 9.5 trillion yuan, with a year-on-year growth of 8.3%, and both deposit and loan balances grew faster than the national average [1][3][5] Financial Asset Growth - The financial asset scale in Chongqing has reached 9.5 trillion yuan, reflecting an 8.3% year-on-year increase [1][3] - The average capital of local financial organizations in the city is 384 million yuan [3] Banking Sector Performance - Chongqing Bank's assets have surpassed 1 trillion yuan, while Chongqing Rural Commercial Bank maintains its leading position among rural commercial banks nationwide [1][5] - The balance of consumer finance company loans exceeds 400 billion yuan, accounting for approximately 25% of the national total [3] Strategic Financial Initiatives - The city has facilitated a total credit of 5.47 trillion yuan from central-local strategic cooperation, with various financial institutions establishing regional headquarters [5] - Chongqing has implemented policies to support industrial transformation, private economy, technological innovation, and small and micro enterprises, resulting in a doubling of medium to long-term loans for manufacturing and inclusive small loans since the end of 2020 [5][6] Capital Market Activity - In 2023, the number of refinancing activities for listed companies in Chongqing increased by 126% year-on-year, with market capitalization rising nearly 50% [5] - The amount of mergers and acquisitions among listed companies surged by 637% year-on-year, demonstrating the effective leverage of capital markets [5] Private Equity and Investment - Chongqing is actively developing a hub for private equity investment in the West, with a structured framework of 120 billion yuan for state-controlled private equity funds, attracting over 380 billion yuan in social capital [6] - More than 860 technology-oriented projects have received investments exceeding 40 billion yuan, maintaining a growth rate of over 50% in the past two years [6] Financial Regulation and Stability - The city is enhancing regulatory collaboration between central and local authorities, focusing on financial debt risks and illegal financial activities [6] - As of September, the non-performing loan ratio in Chongqing's banks stands at 1.09%, which is better than the national average, and new cases of illegal fundraising have decreased by 14.3% year-on-year [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown steady operational performance with improving asset quality and stable profit growth. As of Q3 2025, the company achieved operating revenue of 21.658 billion yuan, a year-on-year increase of 0.67%, and a net profit attributable to the parent company of 10.694 billion yuan, up 3.74% year-on-year. The non-performing loan ratio has decreased, indicating effective internal controls and risk management [8][6] Summary by Sections Recent Performance - The company outperformed the CSI 300 index with a 12-month performance of 25.9% compared to the index's 21.1% [4] - As of October 30, 2025, the company's stock price is 6.88 yuan, with a market capitalization of approximately 78.136 billion yuan [4] Financial Metrics - For the first three quarters of 2025, the company reported: - Operating revenue: 21.658 billion yuan, up 0.67% year-on-year - Net profit: 10.694 billion yuan, up 3.74% year-on-year - Net interest income: 17.85 billion yuan, up 6.88% year-on-year - The non-performing loan balance stood at 8.711 billion yuan, with a non-performing loan ratio of 1.12%, down 5 basis points from H1 2025 [8] Risk Management - The company maintains a high provision coverage ratio of 364.82%, which has increased by 1.38 percentage points from the previous year, indicating strong risk resilience [8] Earnings Forecast - The company is projected to achieve the following revenues and net profits for 2025-2027: - Revenue: 28.91 billion yuan (2025), 29.78 billion yuan (2026), 31.26 billion yuan (2027) - Net profit: 12.144 billion yuan (2025), 12.747 billion yuan (2026), 13.314 billion yuan (2027) - The expected growth rates for revenue and net profit are 2.30% and 5.48% respectively for 2025 [9][20]

Core Viewpoint - The apparent stability of bank non-performing loan (NPL) ratios conceals deeper structural changes, indicating that the era of "soft landing" achieved through provisioning adjustments and risk rotation is nearing its end [2][8] Group 1: Banking Performance - China Construction Bank reported a 1.44% year-on-year increase in operating income to 560.281 billion yuan for the first three quarters of 2025, with net profit rising by 0.52% to 258.446 billion yuan [3] - The bank's asset quality remains robust, with a non-performing loan ratio of 1.32%, down 0.02 percentage points from the end of the previous year, and a provisioning coverage ratio of 235.05%, up 1.45 percentage points [3] - Other major banks, such as China Bank and Postal Savings Bank, also show varying levels of asset quality, with China Bank's NPL ratio at 1.24% and Postal Savings Bank's NPL ratio at 0.94% [4] Group 2: Risk Assessment - Some joint-stock banks are experiencing thinner provisioning buffers, with Everbright Bank's NPL ratio at 1.26% and a provisioning coverage ratio of 168.92%, nearing regulatory warning lines [5] - In contrast, certain regional banks demonstrate stronger risk resilience, such as Chengdu Bank with an NPL ratio of only 0.68% and a provisioning coverage ratio of 433.08% [6] - The focus of risk has shifted from corporate to retail, with banks like China Merchants Bank reporting an increase in attention loans, indicating rising concerns in personal lending sectors [7] Group 3: Future Outlook - The banking industry is expected to face a genuine stress test as excess provisioning space narrows and retail risks continue to emerge, marking a transition from scale expansion to quality prioritization [2][8] - The ability to balance risk clearance and sustainable profits will determine the future restructuring of the industry [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Insights - The net interest margin for Q3 2025 is 1.59%, showing a slight decrease of 1 basis point compared to H1 2025, indicating resilience in the interest margin despite a minor decline in the yield on interest-earning assets [3] - The asset quality has improved, with the non-performing loan ratio decreasing by 5 basis points to 1.12% and the provision coverage ratio increasing by 9 percentage points to 365%, reflecting strong risk mitigation capabilities [3] - The company has increased its efforts in recognizing non-performing loans and managing risks, which may temporarily affect profit performance but is expected to lead to continued improvement in asset quality [3] Financial Forecast and Investment Recommendations - Based on Q3 2025 financial data, the forecasted growth rates for the company's net profit attributable to the parent company for 2025, 2026, and 2027 are 5.7%, 8.3%, and 8.5% respectively, with projected BVPS of 12.05, 13.12, and 14.29 yuan [4] - The current stock price corresponds to PB ratios of 0.58X, 0.53X, and 0.49X for 2025, 2026, and 2027 respectively, with a target price set at 8.19 yuan per share [4][6] Key Financial Metrics - As of 2023, the company's operating income is projected at 27,956 million yuan, with a year-on-year growth of -3.6% [5] - The net profit attributable to the parent company for 2023 is estimated at 10,902 million yuan, reflecting a year-on-year growth of 6.1% [5] - The company’s total assets are expected to grow from 1,441,082 million yuan in 2023 to 1,852,998 million yuan by 2027 [13]