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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 重慶農村商業銀行股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03618 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,513,336,041 | RMB | | 1 RMB | | 2,513,336,041 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,513,336,041 | RMB | | 1 RMB | | 2,513,336,041 | | 2. 股份分類 | 普通股 | 股份 ...

证券代码：601077 证券简称：渝农商行 公告编号：2025-034 重庆农村商业银行股份有限公司 本次业绩说明会以视频结合网络互动形式召开，本行将针对 2025 年半年度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 9 日(星期二)14:00-16:30 会议召开时间：2025 年 9 月 9 日(星期二)14:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 9 月 2 日(星期二)至 9 月 8 日(星期一)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过本行邮箱 ir@cqrcb.com 进行提问。本行将在 2025 年半年度业绩说明会上对投资 者普遍关注的问题进行回答。 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 ...

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召開2025 年半年度業績說明會的公告》，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.* 证券代码：601077 证券简称：渝农商行 公告编号：2025-034 執行董事兼行長 隋軍 中國 • 重慶，2025年9月1日 於本公告日期，本行執行董事為隋軍先生；本行非執行董事為胡淳女士、殷祥林先生及 彭玉龍先生；及本行獨立非執行董事為 ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 重慶農村商業銀行股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03618 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,513,336,041 | RMB | | 1 RMB | | 2,513,336,041 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,513,336,041 | RMB | | 1 RMB | | 2,513,336,041 | | 2. 股份分類 | 普通股 | 股份 ...

Core Viewpoint - The Hongli Low Volatility ETF (512890) experienced a slight decline of 0.25% on September 1, closing at 1.191 yuan, with a trading volume of 4.81 billion yuan, leading among similar ETFs [1][2]. Trading Performance - The ETF's trading performance included a turnover rate of 2.33% and a five-day decline of 2.30%, while it showed a 60-day increase of 1.88% [2][3]. - Recent trading data indicates a narrowing trend in fund outflows, with a net outflow of 66.43 million yuan over the last five trading days and a total net outflow of 1.04 billion yuan over the past 20 days, but a net inflow of 2.51 billion yuan over the last 60 days [2][3]. Fund Composition - The ETF's top holdings showed mixed performance, with notable declines in stocks such as Chengdu Bank (-1.46%) and Industrial Bank (-2.68%), while Sichuan Road and Bridge saw an increase of 2.89% [3][4]. - The ETF's total market value as of August 29, 2025, was 206.33 billion yuan, with a cumulative return rate of 138.34% since its inception in December 2018, ranking 54th among 502 similar products [5]. Investment Recommendations - Analysts suggest focusing on banks with high dividend yields and strong asset quality, particularly smaller regional banks like Chengdu Bank and Jiangsu Bank, as well as banks with potential for ROE improvement such as China Merchants Bank and Ningbo Bank [4].

Market Performance - On September 1, the rural commercial bank sector rose by 0.17% compared to the previous trading day, with Yunnan Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Yunnan Rural Commercial Bank (601077) closed at 6.38, with a gain of 1.43% and a trading volume of 1.21 million shares, totaling a transaction value of 772 million [1] - Shanghai Rural Commercial Bank (601825) closed at 8.75, up 0.57%, with a trading volume of 561,000 shares and a transaction value of 493 million [1] - Jiangyin Bank (002807) remained unchanged at 4.80, with a trading volume of 1.39 million shares and a transaction value of 186 million [1] - Other banks such as Changshu Bank (601128), Ruifeng Bank (601528), and Zijin Bank (601860) experienced slight declines [1] Capital Flow Analysis - The rural commercial bank sector saw a net inflow of 98.58 million from institutional investors, while retail investors experienced a net outflow of 119 million [1] - Shanghai Rural Commercial Bank had a net inflow of 60.40 million from institutional investors, but a net outflow of 66.99 million from retail investors [2] - Qingnong Commercial Bank (002958) reported a net inflow of 32.51 million from institutional investors, with a net outflow of 18.25 million from retail investors [2]

Group 1 - The report highlights the growth trend in the treatment of hemorrhoids products and the potential for expanding into wet wipes business, with a focus on the company's strong performance in the first half of 2025 [5][6][7] - The company achieved a revenue of 1.949 billion yuan in H1 2025, a year-on-year increase of 1.11%, and a net profit of 343 million yuan, up 10.04% year-on-year [6][7] - The company is extending its product line into the field of anal health, with rapid growth in wet wipes, leveraging its established brand recognition and user base [7] Group 2 - The report discusses the strategic focus on financial technology and the acceleration of AI model applications by the company, which reported a revenue of 1.208 billion yuan in H1 2025, a decrease of 48.55% year-on-year [8][9] - The company is narrowing its business focus to financial technology, reducing non-financial IT business, while maintaining investment in core technology and product areas [9][10] - The new generation of core products is being developed to enhance self-operated technology services, with significant investments in AI [11][12] Group 3 - The report indicates that the secondary market is under pressure, with new infrastructure turnover rates leading the market, as evidenced by the issuance of 14 public REITs in 2025, a decrease from the previous year [13][14] - The REITs index has faced declines, with the market's total value dropping to 215.894 billion yuan, while the trading activity has increased slightly [14][15] - New infrastructure sectors are showing higher turnover rates, particularly in park infrastructure, which is leading in transaction volume [15] Group 4 - The report notes that competition in the food delivery sector is intensifying, leading to significant pressure on profits, with the company reporting a revenue of 91.8 billion yuan in Q2 2025, a year-on-year increase of 12% [18][19] - The core local business revenue grew by 8% to 65.3 billion yuan, but operating profits fell sharply due to increased delivery subsidies and marketing expenses [19][20] - The company is optimistic about its long-term growth potential in instant delivery and overseas expansion despite short-term profit pressures [21][22] Group 5 - The report highlights the company's investments in digital and cultural sectors, with a stable revenue of 1.179 billion yuan in H1 2025, and a focus on expanding its digital technology and cultural offerings [23][24] - The online gaming segment showed a revenue increase of 9% to 706 million yuan, while the digital marketing services revenue grew by 14% [24][25] - The company is actively investing in various innovative business areas, including digital sports and arts, to enhance its market presence [25][26] Group 6 - The report indicates that the company achieved a revenue of 13.38 billion yuan in H1 2025, a year-on-year increase of 27.9%, with a significant rise in overseas sales [31][32] - The company is focusing on expanding its IP matrix and targeting a broader age demographic, with a notable increase in sales from online channels [33][34] - The company is adjusting its revenue forecasts for 2025-2027, expecting revenues of 34.18 billion yuan, 47.16 billion yuan, and 57.25 billion yuan respectively [36]

Investment Rating - The report maintains a "Recommendation" rating for Chongqing Rural Commercial Bank (601077) with a target price of 7.8 CNY / 7.02 HKD [2]. Core Views - The bank has demonstrated significant effectiveness in managing liability costs, resulting in stable asset quality. The bank's net profit for the first half of 2025 increased by 4.63% year-on-year, supported by a reduction in credit impairment losses [2][5]. - The bank's total assets reached 1.63 trillion CNY, growing by 7.60% year-to-date, with total loans increasing by 7.14% and total deposits by 8.84% [5]. - The bank's non-interest income has declined by 16.56% due to market interest rate fluctuations and business expansion strategies [5]. Financial Performance Summary - **Revenue and Profit**: In the first half of 2025, the bank achieved operating revenue of 147.41 billion CNY, a slight increase of 0.46% year-on-year, and a net profit attributable to shareholders of 76.99 billion CNY, up 4.63% [2]. - **Asset Quality**: The non-performing loan (NPL) ratio stood at 1.17%, down 1 basis point from the beginning of the year, with a provision coverage ratio of 355.58%, down 7.86 percentage points [2][5]. - **Loan Growth**: Corporate loans were the main growth driver, with a balance of 4.16 trillion CNY, a significant increase of 16.25% year-to-date [5]. Key Financial Indicators - **Net Interest Margin**: The net interest margin for the first half of 2025 was 1.60%, showing a slight decrease of 3 basis points year-on-year [5]. - **Earnings Forecast**: The projected revenue growth rates for 2025E-2027E are 1.5%, 4.5%, and 5.8%, respectively, while net profit growth rates are expected to be 4.6%, 4.8%, and 5.3% [5][6]. - **Valuation Metrics**: The current stock price corresponds to a 2025E price-to-book (PB) ratio of 0.55X, with a target PB of 0.68X, indicating growth potential based on regional advantages and business characteristics [5].

Market Overview - On August 29, the rural commercial bank sector declined by 0.23%, with Yunnan Rural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Key stock performances in the rural commercial bank sector included: - Zijin Bank: Closed at 2.98, up 1.71% with a trading volume of 1.1942 million shares and a turnover of 3.56 billion [1] - Wuxi Bank: Closed at 6.10, up 1.50% with a trading volume of 520,700 shares and a turnover of 321 million [1] - Zhangjiagang Bank: Closed at 4.52, up 0.67% with a trading volume of 671,100 shares and a turnover of 304 million [1] - Qingnong Bank: Closed at 3.42, up 0.59% with a trading volume of 661,700 shares and a turnover of 228 million [1] - Jiangyin Bank: Closed at 4.80, up 0.21% with a trading volume of 510,100 shares and a turnover of 247 million [1] - Ruifeng Bank: Closed at 5.61, down 0.18% with a trading volume of 182,100 shares and a turnover of 103 million [1] - Changshu Bank: Closed at 7.52, down 0.27% with a trading volume of 445,800 shares and a turnover of 338 million [1] - Sunong Bank: Closed at 5.29, down 0.38% with a trading volume of 477,800 shares and a turnover of 255 million [1] - Hunan Rural Commercial Bank: Closed at 18.70, down 0.68% with a trading volume of 364,400 shares and a turnover of 320 million [1] - Yunnan Rural Commercial Bank: Closed at 6.29, down 0.79% with a trading volume of 865,600 shares and a turnover of 552 million [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 13.4605 million from main funds, while speculative funds saw a net inflow of 38.5712 million, and retail investors had a net outflow of 25.1107 million [1] - Detailed capital flow for individual stocks included: - Sunong Bank: Main funds net inflow of 22.3068 million, speculative funds net inflow of 30.55 million, retail net outflow of 22.6123 million [2] - Jiangyin Bank: Main funds net inflow of 7.4654 million, speculative funds net inflow of 73.39 million, retail net outflow of 8.1993 million [2] - Zijin Bank: Main funds net inflow of 7.3454 million, speculative funds net inflow of 819.73 million, retail net outflow of 15.5427 million [2] - Qingnong Bank: Main funds net inflow of 6.0408 million, speculative funds net inflow of 374.38 million, retail net outflow of 9.7846 million [2] - Wuxi Bank: Main funds net inflow of 3.1286 million, speculative funds net inflow of 96.36 million, retail net outflow of 4.0922 million [2] - Ruifeng Bank: Main funds net outflow of 1.3678 million, speculative funds net inflow of 794.01 million, retail net outflow of 6.5722 million [2] - Zhangjiagang Bank: Main funds net outflow of 2.5651 million, speculative funds net inflow of 438.50 million, retail net outflow of 1.8199 million [2] - Hunan Rural Commercial Bank: Main funds net outflow of 7.2508 million, speculative funds net inflow of 596.70 million, retail net inflow of 128.37 million [2] - Changshu Bank: Main funds net outflow of 8.2141 million, speculative funds net inflow of 620.80 million, retail net inflow of 200.61 million [2] - Yunnan Rural Commercial Bank: Main funds net outflow of 40.3497 million, speculative funds net inflow of 12.71 million, retail net inflow of 40.2227 million [2]

投资建议：公司2025E、2026E、2027E PB 0.55X/ 0.52X/ 0.48X；公司深耕重庆，实现存贷款规模快速 扩张，同时在负债端拥有低成本优势，资产质量保持稳健，业绩整体向好，建议关注。预测公司2025- 2027 年营收分别同比增长0.6%、1.8%、2.0%，归母净利润分别同比增长5.4%、4.8%、4.0%，对应每股 收益分别为1.07、1.12、1.16元，维持"买入"评级。 从期限结构来看，定期存款、活期存款分别增长12.1%、0.1%，定期存款占比较年初提升2.2 个百分点 至75.7%。 资产质量稳定。1H25 银行不良贷款率为1.17%，环比年初下降1bp，其中公司贷款、个人贷款不良率分 别为0.68%、2.04%，分别较年初-0.36、+0.43 个百分点。细分对公行业来看，批发和零售业、建筑业不 良率相对较高，1H25 分别为1.8%、1.4%。不良生成0.78%，同比下降6bp。逾期率为1.41%，较年初提 升8bp。1H25 银行拨备覆盖率为355.58%，环比一季度下降7.8 个百分点；拨贷比4.16%，环比下降 11bp。 资本充足率环比上行。1H25 银行核心 ...