Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index, showcasing their daily and year-to-date performance along with dividend yields [1][2] - The stock with the highest daily increase is Xingri Co., Ltd. (002083.SZ) with a rise of 10.02%, while the highest year-to-date performer is Yiyi Co., Ltd. (001206.SZ) with a remarkable increase of 116.53% [1][2] - The overall dividend yield for the index is reported at 5.18%, with a historical price-to-earnings ratio of 10.64 times and an expected price-to-earnings ratio of 10.08 times [2] Group 2 - The article mentions the formation of a MACD golden cross signal, indicating a positive trend for certain stocks [3]

Investment Rating - The investment rating for the banking sector is "Positive" and is maintained [11] Core Viewpoints - There is still divergence in the market regarding the sustainability of the banking stock market. However, it is believed that valuation recovery will continue. From a strategic perspective, it is essential to view the relationship between banking stocks and market sentiment dialectically. In the medium to long term, undervalued banking stocks align with the market's slow bull direction, as the index has been reaching new highs over the past year. In the short term, the performance of growth stocks benefiting from high-risk preferences may diverge from low-risk banking stocks, which indirectly help stabilize the index [6][38] - The fundamental logic supporting the valuation recovery of banking stocks remains solid. The trend of establishing a bottom line for significant risks in urban investment, real estate, and capital is clear, with policies still supporting urban investment debt and orderly capital replenishment for important banks. Mainstream banks continue to show stable growth in performance, with revenue growth points shifting from investment income to net interest income since 2025. It is expected that more banks will see a reversal in net interest income growth as deposit costs continue to decline in 2026 [6][39] Summary by Sections Market Performance - This week, the banking index rose by 5.0%, outperforming the CSI 300 and ChiNext indices by 7.3% and 10.7%, respectively. The market's risk appetite has decreased since the fourth quarter, but the banking sector has seen significant relative gains due to a valuation recovery [2][8] - Individual stocks such as Chongqing Bank and Yunnan Rural Commercial Bank led the gains, while the stock price of Shanghai Pudong Development Bank showed notable elasticity as its convertible bonds approach maturity [19][21] Trading Dynamics - Each round of adjustment presents opportunities for low-valuation configurations. The mid-term dividend has already started, and the demand for dividend assets from absolute return funds remains unchanged. The pressure from new funds and the maturity of existing non-standard assets will push the dividend yield of banking stocks to continue declining [7][39] - The trading volume and turnover rate of state-owned banks, city commercial banks, and rural commercial banks have decreased compared to last week, but the turnover rate of banking stocks has begun to rise again, indicating a change in market risk appetite [10][31] Convertible Bonds - Attention is drawn to the strong redemption trading opportunities for convertible bonds in the banking sector. As the banking sector rises, the stock prices of convertible bond banks are approaching their strong redemption prices. The recent rebound in the stock price of Shanghai Pudong Development Bank has been driven by active conversions by major shareholders [9][26] Future Outlook - The market remains optimistic about the effectiveness of anti-involution measures and the expected recovery of the PPI next year. If macroeconomic recovery resolves the asset shortage contradiction, the fundamentals of banking stocks will benefit accordingly. Additionally, local state-owned assets and industrial capital continue to have a positive outlook on banking stocks, with frequent increases in holdings by major shareholders and management since the third quarter [7][39]

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting that several banks are undervalued based on their asset quality and excess provisioning metrics [4][3]. Core Insights - The valuation premium of banks typically arises from their middle-income and liability advantages, while valuation discounts are often due to concerns over asset quality [2][10]. - The report introduces two key indicators: "broad non-performing asset ratio" and "excess provisioning profit multiple" to objectively assess and compare the current asset quality status of banks [2][10]. - A total of 56 AH-listed banks are analyzed, expanding from the previous report's focus on 42 A-share listed banks, to provide a comprehensive overview of excess provisioning levels and trends [2][10]. Summary by Sections 1. Introduction: Significance of Asset Quality - The report emphasizes the importance of objectively assessing asset quality, as it significantly impacts bank valuations and performance [10]. 2. How to Objectively Assess Bank Non-Performing Assets - Traditional asset quality indicators may not accurately reflect the true provisioning situation due to inconsistent standards and incomplete coverage of assets [14]. - The report proposes a "broad non-performing asset ratio" to better capture the credit risk within banks [14][15]. 3. Construction of Excess Provisioning Profit Multiple Indicator - The excess provisioning profit multiple is constructed to measure the performance elasticity of banks, indicating their potential for future earnings recovery [7][14]. - The report highlights that banks with higher excess provisioning ratios, such as Hangzhou Bank, show strong risk mitigation capabilities [7][14]. 4. Valuation from the Perspective of Broad Excess Provisioning - The long-term correlation between bank valuation levels and ROE is noted, with excess provisioning contributing to performance and valuation improvements [3][4]. - Several banks, including Wuxi Bank and Agricultural Bank (H), are identified as being significantly above the PB-excess provisioning profit multiple regression line, indicating potential investment opportunities [3][4].

Core Insights - The rural commercial bank sector experienced a slight increase of 0.28% on October 17, with Jiangyin Bank leading the gains [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Jiangyin Bank (002807) closed at 4.87, up 1.88% with a trading volume of 520,200 shares and a transaction value of 252 million [1] - Zhangjiagang Bank (002839) closed at 4.46, up 0.90% with a trading volume of 560,500 shares and a transaction value of 250 million [1] - Other notable performances include: - Hunan Rural Commercial Bank (601825) at 8.86, up 0.57% [1] - Ruifeng Bank (601528) at 5.53, up 0.55% [1] - Yuanxi Bank (600908) at 6.16, up 0.16% [1] - Changshu Bank (601128) at 7.13, up 0.14% [1] - Yunnan Rural Commercial Bank (601077) at 7.28, unchanged [1] - Zijin Bank (601860) at 2.90, down 0.34% [1] - Sunong Bank (603323) at 5.25, down 0.38% [1] - Qingnong Bank (002958) at 3.24, down 0.61% [1] Capital Flow - The rural commercial bank sector saw a net outflow of 182 million from main funds, while retail investors contributed a net inflow of 240 million [1] - Detailed capital flow for selected banks includes: - Changshu Bank (601128) had a main fund net inflow of 24.33 million, with a retail net inflow of 16.99 million [2] - Ruifeng Bank (601528) had a main fund net inflow of 11.44 million, with a retail net inflow of 1.54 million [2] - Jiangyin Bank (002807) experienced a main fund net outflow of 18.85 million, but a retail net inflow of 35.68 million [2] - Zhangjiagang Bank (002839) had a significant main fund net outflow of 53.27 million, with a retail net inflow of 37.39 million [2] - Hunan Rural Commercial Bank (601825) also faced a main fund net outflow of 55.29 million, with a retail net inflow of 36.06 million [2]

重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.*（「本行」）董 事會（「董事會」）茲通告謹定於2025年10月28日（星期二）舉行董事會會議，以審議及通過 （其中包括）本行及其附屬公司截至2025年9月30日止九個月的未經審核季度業績及其發 佈。 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 董事會會議召開日期 * 本行經中國銀行業監督管理機構批准持有B0335H250000001號金融許可證，並經重慶市市 場監督管理局核准領取統一社會信用代碼為91500000676129728J的企業法人營業執照。本 行根據香港銀行業條例（香港法例第155章）並非一家認可機構，不受香港金融管理局監管， 及不獲授權在香港經營銀行╱接受存款業務。 承董事會命 重慶農村商業銀行股份有限公司* Chon ...

格隆汇10月16日丨重庆农村商业银行(03618.HK)发布公告，董事会谨定于2025年10月28日（星期二）举 行董事会会议，以审议及通过（其中包括）本行及其附属公司截至2025年9月30日止九个月的未经审核 季度业绩及其发布。 ...

中國•重慶，2025年10月16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張橋雲先生、李明豪先生、李嘉明先生及畢茜女 士。 * 本行經中國銀行業監督管理機構批准持有B0335H250000001號金融許可證，並經重慶市市 場監督管理局核准領取統一社會信用代碼為91500000676129728J的企業法人營業執照。本 行根據香港銀行業條例（香港法例第155章）並非一家認可機構，不受香港金融管理局監管， 及不獲授權在香港經營銀行╱接受存款業務。 重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.*（「本行」）董 事會（「董事會」）茲通告謹定於2025年10月28日（星期二）舉行董事會會議，以審議及通過 （其中包括）本行及其附屬公司截至2025年9月30日止九個月的未經審核季度業績及其發 佈。 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 香港交易及結算所有限公司及香港聯合交易 ...

Market Performance - The rural commercial bank sector increased by 1.54% on October 16, with Jiangyin Bank leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Jiangyin Bank (002807) closed at 4.78, up 2.14% with a trading volume of 462,300 shares and a transaction value of 2.19 billion [1] - Other notable performers include: - Shanghai Rural Commercial Bank (601825) at 8.81, up 1.85% [1] - Chongqing Rural Commercial Bank (601077) at 7.28, up 1.82% [1] - Zhangjiagang Bank (002839) at 4.42, up 1.61% [1] - Suzhou Rural Bank (603323) at 5.27, up 1.15% [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 114 million from institutional investors, while retail investors saw a net inflow of 117 million [1] - Detailed capital flow for individual stocks shows: - Changshu Bank (601128) had a net inflow of 20.74 million from institutional investors [2] - Jiangyin Bank (002807) had a net outflow of 7.53 million from institutional investors [2] - Suzhou Rural Bank (603323) had a significant net outflow of 26.89 million from institutional investors [2]

资料显示，重庆农村商业银行股份有限公司位于重庆市江北区金沙门路36号,香港铜锣湾希慎道33号利 园1期19楼1920室，成立日期2008年6月27日，上市日期2019年10月29日，公司主营业务涉及重庆农村商 业银行主要从事提供银行服务及相关金融服务业务。该公司通过三个业务部门运营。公司银行业务部从 事向公司类客户、政府机构及金融机构提供金融产品和服务业务。个人银行业务部从事向个人客户提供 金融产品和服务业务。金融市场业务部从事货币市场交易、回购交易以及为其本身或代表客户进行债务 工具投资业务。主营业务收入构成为：零售银行业务40.09%，公司银行业务31.46%，金融市场业务 28.06%，未分配项目0.39%。 10月16日，渝农商行盘中上涨2.10%，截至14:23，报7.30元/股，成交4.85亿元，换手率0.76%，总市值 829.06亿元。 资金流向方面，主力资金净流出2371.83万元，特大单买入3577.07万元，占比7.38%，卖出2259.60万 元，占比4.66%；大单买入8890.22万元，占比18.34%，卖出1.26亿元，占比25.95%。 渝农商行今年以来股价涨27.07%，近5 ...

Investment Rating - The report maintains a "Positive" outlook for the banking sector [5] Core Viewpoints - The external environment's uncertainty has increased, leading to a temporary decline in market risk appetite. This, combined with the insurance sector entering a peak season, has heightened demand for dividend allocation, creating opportunities for portfolio adjustments. The report is optimistic about the relative performance of the banking sector in Q4 2025 [3][22] - The report identifies two main investment themes: 1. High-quality small and medium-sized banks with stable fundamentals, including Chongqing Rural Commercial Bank (601077, Buy), Chongqing Bank (601963, Not Rated), Nanjing Bank (601009, Buy), and Hangzhou Bank (600926, Buy) 2. Large state-owned banks with solid fundamentals and good defensive value, including Industrial and Commercial Bank of China (601398, Not Rated), China Construction Bank (601939, Not Rated), and Agricultural Bank of China (601288, Not Rated) [3][22] Summary by Sections Social Financing and Credit Growth - In September 2025, social financing grew by 8.7% year-on-year, with a monthly increase of 3.53 trillion yuan, exceeding market expectations. However, this represents a year-on-year decrease of 2.3 billion yuan [8][9] - The structure of social financing shows a year-on-year decrease in RMB loans by 366.2 billion yuan, indicating weak credit demand and the ongoing impact of debt restructuring [9][10] - Government bonds also saw a year-on-year decrease of 347.1 billion yuan, although their issuance has accelerated this year [9] - Direct financing for enterprises increased by 240.3 billion yuan year-on-year, with bond financing up by 203.1 billion yuan, largely due to a low base effect from last year [9] Loan Growth Trends - Total RMB loans grew by 6.6% year-on-year in September 2025, with new loans of 1.29 trillion yuan, slightly below expectations and a year-on-year decrease of 300 billion yuan [13] - Residential loans decreased by 107.9 billion yuan year-on-year, while corporate loans increased by 200 billion yuan [13][14] - The report notes a significant decline in bill financing, which decreased by 471.2 billion yuan year-on-year, indicating a shift in corporate financing dynamics [14] Monetary Supply and Deposits - M1 growth improved significantly, rising by 7.2% year-on-year, while M2 grew by 8.4% [19] - In September, new RMB deposits totaled 2.21 trillion yuan, a year-on-year decrease of 1.53 trillion yuan, with household deposits increasing by 760 billion yuan [19][21] - The report highlights a trend of funds moving back to banks, with corporate deposits increasing by 149.4 billion yuan, while fiscal deposits decreased by 604.2 billion yuan [19]