Investment Rating - The investment rating for the industry is "Positive" (maintained) [1] Core Insights - The report highlights that retail non-performing loan (NPL) rates and generation rates are currently high, indicating ongoing pressure on bank profitability. Despite a low overall NPL rate, the retail sector shows signs of risk, with a marginal increase in the NPL rate to 1.28% [14][15] - The transition period for new risk regulations is nearing its end, with concerns about the impact on banks' provisioning levels. However, the report suggests that the actual impact may be less severe than market expectations [16] - The trend of de-collateralization in bank lending is evident, driven by both business characteristics and strategic choices made by banks to reduce reliance on collateralized loans [17] Summary by Sections 1. Retail NPL and Generation Rates - The retail NPL rate has increased to 1.28%, with a steepening curve indicating ongoing risk. The generation rate for retail loans remains high, with significant increases noted in certain banks [14][18] - The report indicates that while the overall NPL rate is low, the divergence between overdue and NPL indicators suggests underlying risks in the retail sector [19] 2. Impact of New Risk Regulations - The new risk regulations will require banks to classify impaired loans as NPLs, potentially increasing reported NPL rates. However, the report anticipates that the actual provisioning pressure may be manageable [16][17] 3. De-Collateralization in Lending - The report notes a significant decline in the proportion of collateralized loans, with banks shifting towards non-collateralized lending strategies. This shift is influenced by the need to manage risk more effectively [17][18] 4. Investment Recommendations - The report recommends certain state-owned banks due to their customer base advantages and manageable retail risk pressures. It also highlights specific banks such as CITIC Bank and Agricultural Bank of China as beneficiaries of this trend [6]

Investment Rating - The report maintains an "Accumulate" rating for the banking sector, indicating a positive outlook despite challenges in the gold market in 2025 [1]. Core Insights - The gold market is expected to present both opportunities and challenges for banks, with a trend towards deepening precious metal business driven by central bank purchases [1][2]. - The demand for gold bars and coins has increased significantly, reflecting a growing need for gold as a hedge and store of value among residents [4]. - The establishment of a market-making system for gold trading is anticipated to enhance market liquidity and stability, positioning listed banks as key players [3][4]. Summary by Sections 1. Policy and Market Environment - As of September 2025, China's official gold reserves reached 74.06 million ounces, marking an increase for 11 consecutive months [2]. - In Q2 2025, global central banks added 166 tons of gold to their reserves, with 95% of surveyed central banks expecting further increases in the next 12 months [2]. - New policies allowing insurance funds to invest in gold are expected to create new opportunities for banks to provide services to insurance institutions, enhancing their intermediary income [2]. 2. Business Dynamics and Revenue Contribution - In the first half of 2025, China's gold consumption was 505.205 tons, a year-on-year decrease of 3.54%, with significant growth in gold bar and coin consumption by 23.69% [4]. - The decline in gold jewelry consumption is prompting banks to shift focus from traditional jewelry sales to investment-oriented precious metal businesses [4]. - The growth in investment demand for gold bars and coins is expected to stabilize income from investment-related businesses, enhancing the profitability of the precious metals segment for banks [4]. 3. Industry Trends - The report highlights a structural shift in gold consumption, with investment demand rising while jewelry demand declines, indicating a need for banks to adapt their business strategies [4]. - The performance of the banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank and Jiangsu Bank recommended for investment due to positive fundamental changes [8]. 4. Key Data Tracking - The report includes various financial metrics, such as average daily trading volume and margin financing balances, which are essential for assessing market conditions [9][10].

丨证券研究报告丨 行业研究丨行业周报丨银行 [Table_Title] 房地产贷款三季度增速转负 ——银行业周度追踪 2025 年第 42 周 报告要点 [Table_Summary] 本周 A 股风险偏好短期重新回升，银行指数相对收益落后，H 股大行涨幅领先，银行股中期分 红陆续启动，近期南下持股比例重新上升，由于 H 股大行具备低估值高股息特征，预计长期维 度南下持股比例仍将持续提升。个股层面，本周农业银行 H 以 7.9%领涨，今年以来农业银行 A/H 涨幅已达到 56.4%/43.6%，邮储银行 H 股、中信银行 H 股也涨幅领先。上周涨幅较大的 重庆银行、渝农商行本周小幅调整。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 房地产贷款三季度增速转负 2] ——银行业周度追踪 2025 年第 42 周 [Table_Summary2] 央行三季度贷款投向：房地产贷款增速 ...

证券研究报告 2025 年 10 月 26 日 湘财证券研究所 行业研究 银行业周报 关注信贷需求修复 | 1. | 《2025年中期策略-价值重估仍 | | --- | --- | | 在进行时》 | 2025.07.02 | | 2. | 《业绩底部修复，配置价值提 | | 升》 | 2025.09.05 | 近十二个月行业表现 | % | 1 | 个月 | 3 | 个月 | 12 | 个月 | | --- | --- | --- | --- | --- | --- | --- | | 相对收益 | 2.7 | | | -15.8 | | -5.6 | | 绝对收益 | 4.8 | | -3.5 | | | 13.0 | 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 国人寿金融中心10楼 相关研究： 核心要点： 政策性金融工具助力提振信贷需求 据央视网，截至目前，国家开发银行、中国农业发展银行、中国进出口银 行三家政策性银行新型政策性金融工具共计投放超 3300 亿元。 行业评级：增持（维持） 2025 年 9 月 ...

Core Points - Chongqing Rural Commercial Bank announced a change in the designated sponsor representative for its ongoing IPO project, with CICC continuing its supervisory role [1] - The previous supervisory period ended on December 31, 2021, but due to unresolved matters related to the IPO, CICC will maintain its oversight responsibilities [1] - Liu Zihan has been replaced by Lü Su as the new representative due to Liu's job change [1]

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關於變更持續 督導保薦代表人的公告》《重慶農村商業銀行股份有限公司首次公開發行限售股上市流通 公告》《中國國際金融股份有限公司關於重慶農村商業銀行股份有限公司首次公開發行部 分限售股解禁上市流通的核查意見》，謹供參閱。 承董事會命 重慶農村商業銀行股份有限公司* Chongqing Rural Commercial Bank Co., Ltd.* 執行董事兼行長 隋軍 中國 • 重慶，2025年10月24日 於本公告日期，本行 ...

证券代码：601077 证券简称：渝农商行 公告编号：2025-037 重庆农村商业银行股份有限公司 首次公开发行限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发股份；股票认购方式为网下，上市股数为542,155 股。 本次股票上市流通总数为542,155股。 本次股票上市流通日期为2025 年 10 月 30 日。 一、本次限售股上市类型 经中国证券监督管理委员会《关于核准重庆农村商业银行股份有限公司首次 公开发行股票的批复》（证监许可﹝2019﹞1657 号）核准，并经上海证券交易所同 意，重庆农村商业银行股份有限公司（以下简称"本行"或"渝农商行"）向社会 公众首次公开发行人民币普通股（A 股）1,357,000,000 股，并于 2019 年 10 月 29 日在上海证券交易所上市。 本行首次公开发行股票前总股本为 10,000,000,000 股，首次公开发行股票后 总股本为 11,357,000,000 股，其中限售股份的数量为 7,743,394,491 ...

中国国际金融股份有限公司 关于重庆农村商业银行股份有限公司 首次公开发行部分限售股解禁上市流通的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为重庆农村商业银行股份 有限公司（以下简称"渝农商行"、"重庆农商行"、"公司"）首次公开发行股票并 上市的保荐机构和持续督导机构，根据《证券发行上市保荐业务管理办法》《上海证券 交易所股票上市规则》以及《上海证券交易所上市公司自律监管指引第 11 号——持续 督导》等有关法律法规和规范性文件的要求，对渝农商行首次公开发行部分限售股申请 上市流通的事项进行了审慎核查，并出具核查意见如下： 一、渝农商行首次公开发行股票和股本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准重庆农村商业 银行股份有限公司首次公开发行股票的批复》（证监许可﹝2019﹞1657 号）核准，并经 上海证券交易所同意，渝农商行向社会发行人民币普通股（A 股）1,357,000,000 股，并 于 2019 年 10 月 29 日在上海证券交易所上市。公司首次公开发行股票前总股本为 10,000,000,000 股，首次公开发行股票后总股本为 11,357,000,00 ...

中国国际金融股份有限公司（以下简称"中金公司"）为重庆农村商业银行 股份有限公司（以下简称"本行"）首次公开发行股票并上市项目（以下简称"前 次项目"）的保荐机构，原指派许佳先生、刘紫涵先生作为保荐代表人负责本行 的持续督导工作，持续督导期至 2021 年 12 月 31 日已届满，但鉴于本行前次项 目存在限售股尚未完全解禁等未完结的事项，中金公司仍需继续履行对本行前次 项目相关情况持续督导的职责。 本行于近日收到中金公司出具的《关于更换重庆农村商业银行股份有限公司 持续督导保荐代表人的报告》，因刘紫涵先生工作变动，中金公司现委派吕苏先 生接替刘紫涵先生继续履行对本行持续督导的相关职责和义务。本次变更后，中 金公司负责本行持续督导保荐代表人为许佳先生和吕苏先生。吕苏先生简历详见 附件。 特此公告。 证券代码：601077 证券简称：渝农商行 公告编号：2025-036 重庆农村商业银行股份有限公司 关于变更持续督导保荐代表人的公告 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。 2025年10月24日 附件 吕苏先生简历 吕苏先 ...

Core Viewpoint - Chongqing Rural Commercial Bank announced that a total of 542,155 shares eligible for listing and circulation are part of the initial public offering restricted shares, held by 153 individual shareholders, with a lock-up period of 72 months, set to be listed on October 30, 2025 [1] Summary by Relevant Sections - **Listing and Circulation Details** - The shares to be listed and circulated represent 0.05% of the total share capital, with 5,421,550 shares remaining under restriction [1] - **Compliance and Verification** - The sponsoring institution has verified that the listing and circulation of the restricted shares comply with relevant requirements, and the shareholders have strictly adhered to their share lock-up commitments, ensuring that the information disclosed is true, accurate, and complete [1]