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 ...

Market Performance - The agricultural commercial bank sector increased by 0.41% on August 28, with Shanghai Agricultural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Shanghai Agricultural Commercial Bank (601825) closed at 8.76, up 1.04% with a trading volume of 382,700 shares and a transaction value of 334 million [1] - Zhangjiagang Bank (002839) closed at 4.49, up 0.67% with a trading volume of 410,800 shares and a transaction value of 183 million [1] - Chongqing Agricultural Commercial Bank (601077) closed at 6.34, up 0.48% with a trading volume of 744,600 shares and a transaction value of 470 million [1] - Jiangyin Bank (002807) closed at 4.79, down 0.21% with a trading volume of 489,800 shares and a transaction value of 234 million [1] Capital Flow Analysis - The agricultural commercial bank sector saw a net inflow of 9.792 million from institutional investors and a net inflow of 43.4504 million from retail investors, while individual investors experienced a net outflow of 53.2424 million [1] - Chongqing Agricultural Commercial Bank had a net inflow of 32.1428 million from institutional investors, while retail investors had a net outflow of 786.10 thousand [2] - Jiangyin Bank experienced a net inflow of 1.0032 million from institutional investors, with a net outflow of 2.76418 million from retail investors [2]

瑞财经 王敏 8月27日，重庆农村商业银行股份有限公司（以下简称"渝农商行"）2025年半年度报告，实 现营收净利双增。 2025年上半年，渝农商行实现营业收入147.41亿元，同比增加0.68亿元，增幅0.46%；净利润78.47亿 元，同比增加2.86亿元，增幅3.79%；归属于本行股东的净利润76.99亿元，同比增加3.41亿元，增幅 4.63%。 截至2025年6月末，渝农商行资产总额16,301.31亿元、较上年末增长1,151.89亿元，存款余额10,251.95亿 元、较上年末增长832.49亿元，贷款余额7,652.45亿元、较上年末增长509.72亿元。 据渝农商行2024年发布的公告显示，当年10月16日，该行董事长谢文辉因工作调动原因宣布辞任，同 日，渝农商行董事会通过决议，推举行长隋军代为履行重庆农村商业银行股份有限公司董事长职务。 当前，隋军代为履行渝农商行董事长已有10个多月。 2025年4月，渝农商行董事会选举刘小军担任该行第五届董事会董事长，刘小军担任该行董事长的资格 尚需自股东大会选举其担任该行执行董事后，经银行业监督管理机构核准其董事及董事长任职资格后生 效。 但在监管批复 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net profit growth is forecasted at 5.5%/7.9%/8.5% for the years 2025/2026/2027, with a target price of 7.70 CNY per share, reflecting a 10% premium over comparable companies [2][5] - The company's asset deployment capability has been validated, with a significant increase in loan issuance, achieving 661 billion CNY in new loans in the first half of 2025, which is more than double the total for 2024 [9] - The net interest margin remains resilient at 1.60%, with a notable improvement in funding costs, indicating strong deposit-taking capabilities [9] Financial Performance Summary - Revenue for 2023 is projected at 27,956 million CNY, with a slight decline of 3.6% year-on-year, but expected to grow gradually in subsequent years [4] - The company's net profit attributable to shareholders is expected to reach 10,902 million CNY in 2023, with a growth rate of 6.1% [4] - The forecasted earnings per share (EPS) for 2025 is 1.05 CNY, with a projected book value per share (BVPS) of 11.85 CNY [2][4] Asset Quality and Risk Management - The non-performing loan (NPL) ratio remains stable, with a significant improvement in corporate loan quality, while individual loan quality shows some structural pressure [9] - The provision coverage ratio stands at 356%, indicating sufficient risk mitigation capacity [9]

资产投放能力得到验证，净息差韧性十足 ——渝农商行 25H1 财报点评 核心观点 ⚫ 盈利预测与投资建议 ⚫ 根 据 25H1 财 报 数 据 ， 预 测 公 司 25/26/27 年 归 母 净 利 润 同 比 增 速 为 5.5%/7.9%/8.5%， BVPS 为 11.85/12.70/13.62 元（维持原预测），当前股价对应 25/26/27 年 PB 为 0.53X/0.50X/0.46X。可比公司 25 年 PB 0.59 倍，维持 10%溢 价，对应 25 年 0.65 倍 PB，目标价 7.70 元/股，维持"买入"评级。 风险提示 经济复苏不及预期；信贷需求不及预期；资产质量恶化。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 27,956 | 28,261 | 28,724 | 29,670 | 30,888 | | 同比增长 (%) | -3.6% | 1.1% | 1.6% | 3.3% | 4.1% | | 营业利润( ...

浙商证券研报指出，25H1渝农商行营收、归母净利润同比分别+0.5%、+4.6%，盈利保持平稳增长，增 速环比25Q1分别下降0.9pc、1.6pc。驱动因素来看，息差拖累小幅改善，但非息负增压力加大。（1） 息差：渝农商行25H1日均息差较25Q1微降1bp至1.60%，息差韧性较强，对盈利的拖累改善；（2）非 息：渝农商行25H1非息同比下降16.6%，降幅较25Q1扩大4.4pc。其中，中收同比下降13.2%，降幅较 25Q1扩大10pc，判断主要压力点来自银行卡中收，25H1银行卡中收同比下降56%；其他非息同比下降 17.7%，降幅较25Q1扩大1pc。展望未来，考虑到渝农商行拨备水平充足，扩表动能较强，2025年全年 利润增速有望保持平稳。维持目标价7.81元/股，对应2025年PB估值0.66x，现价空间21%，维持"买 入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank (601077.SH) [5] Core Views - Chongqing Rural Commercial Bank's performance shows a steady increase in credit and stable net interest margins, benefiting from the construction of the Chengdu-Chongqing economic circle [10] - The bank's net profit for the first half of 2025 is projected to grow at rates of 5.81%, 6.15%, and 6.67% for the years 2025, 2026, and 2027 respectively [10] Financial Performance - In the first half of 2025, the bank achieved revenue of 14.7 billion yuan, a year-on-year increase of 0.46%, and a net profit of 7.7 billion yuan, up 4.63% year-on-year [1] - The net interest margin for the first half of 2025 was 1.60%, showing a slight decrease of 1 basis point compared to the previous year [2] - Interest income increased by 5.98% year-on-year, while non-interest income decreased by 13.2% [2][3] Asset and Liability Management - As of the end of Q2 2025, total assets reached 1.63 trillion yuan, with total loans amounting to 765.2 billion yuan, both reflecting year-on-year growth of 8.0% and 8.3% respectively [4] - The bank's total deposits reached 1.03 trillion yuan, a year-on-year increase of 8.9% [4] Asset Quality - The non-performing loan (NPL) ratio stood at 1.17% at the end of Q2 2025, remaining stable compared to the previous quarter [9] - The bank's provision coverage ratio was 355.6%, indicating a slight decrease of 8 percentage points from the previous quarter [9] Investment Outlook - The bank is expected to benefit from increased credit support and stable net interest margins, maintaining a favorable position among high-dividend banks [10]

证券研究报告 渝农商行 (3618 HK/601077 CH) 港股通 信贷扩张提速，负债成本改善 华泰研究 中报点评 息差降幅收窄，非息增速下滑 渝农商行 25H1 净息差 1.60%，较 25Q1、24 年均下行 1bp，息差降幅收窄， 主要因负债端成本改善显效。25H1 计息负债成本率、存款成本率较 24 年 -22bp、-21bp 至 1.64%、1.52%。资产端定价仍处于下行通道，25H1 生息 资产收益率、贷款收益率较 24 年-23bp、-22bp 至 3.14%、3.70%。利息净 收入平稳增长，25H1 同比+6.0%，增速较 Q1+0.7pct。非息有所波动，25H1 中收同比-13.2%，增速较 Q1-10.0pct，主要是银行卡手续费下降；其他非 息收入同比-17.7%，增速较 Q1-1.1pct。25H1 成本收入比同比+1.4pct 至 26.6%，主要因去年同期优化调整补充医疗保险计划致基数较低。 不良整体平稳，零售风险波动 渝农商行 25H1 不良率、拨备覆盖率分别较 Q1 持平、-8bp 至 1.17%、356%， 不良走势平稳，拨备略有下行但仍保持充裕水平。分行业看，对公 ...

Core Viewpoint - The report from Chongqing Rural Commercial Bank (渝农商行) indicates stable growth in revenue and profit for the first half of 2025, with a focus on supporting rural and local economies through various financial services [1][2]. Financial Performance - The bank achieved an operating income of 14.741 billion yuan, a year-on-year increase of 0.46% [1] - The net profit attributable to shareholders reached 7.699 billion yuan, up 4.63% year-on-year [1] - Total assets amounted to 1.630131 trillion yuan, an increase of 115.189 billion yuan from the end of the previous year [1] - Deposit balance was 1.025195 trillion yuan, growing by 83.249 billion yuan [1] - Loan balance stood at 765.245 billion yuan, an increase of 50.972 billion yuan [1] Asset Quality - The non-performing loan ratio was 1.17%, a decrease of 0.01 percentage points from the end of the previous year [1] - Capital adequacy ratio was 15.11% [1] - Provision coverage ratio was 355.58% [1] - Cost-to-income ratio was 26.58% [1] - Interest rate on deposits was 1.52%, down 27 basis points year-on-year [1] Support for Local Economy - The bank maintains a leading position in rural finance, with nearly 70% of personnel and 80% of outlets focused on rural areas [1] - Agricultural loan balance reached 260.218 billion yuan, with a leading market share in Chongqing [1] Strategic Initiatives - The bank is accelerating urban development efforts, with technology loan balance at 99.805 billion yuan [2] - Green credit balance reached 80.219 billion yuan, increasing by 12.466 billion yuan [2] - Inclusive finance initiatives include credit card and consumer loan balances exceeding 150 billion yuan, leading in Chongqing [2] - Loans for small and micro enterprises totaled 147.846 billion yuan [2] - The bank supports key projects in the Chengdu-Chongqing economic circle with a loan balance of 26.822 billion yuan [2] - Financing for the New International Land-Sea Trade Corridor reached 58.725 billion yuan, an increase of 4.169 billion yuan [2]