炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 独角金融 作者 | 刘银平编辑 | 付影 近日，重庆农商行（601077.SH）因5项违规行为收到870罚单而被推至聚光灯下，这张罚单直指该行信 贷审核领域的重大违法违规行为，创下近三年来罚款金额之最。在金融监管"双罚制"下，10名责任人也 被处以相应处罚，还有2名被终身禁业，值得注意的是，被罚者中，原副行长舒静在2024年3月已被解 聘，后因严重违纪违法被"双开"。 舒静担任重庆农商行副行长8年有余，曾长期在信贷领域承担重要管理职责，在信贷审批方面存在违规 操作、利用职权谋取私利等严重违纪行为。在任期间重庆农商行贷款规模持续增长，不良率持续下降， 不过在其任期后两年零售贷款规模增速放缓，不良率持续上升。 一边是信贷风控栽跟头、高管被追责，另一边重庆农商行的业绩账本也透出了"冷热不均"的信号。前三 季度营收、净利润双升，各项业务呈现出分化态势，利息净收入在连续三年下降之后迎来增长，投资收 益在连续五年高速增长之后回落，手续费及佣金净收入则持续缩水。 1 870万罚单背后涉5项违规，原副行长被终身禁业 从罚单信息来看，重庆农商行 ...

Core Viewpoint - The regulatory environment for the insurance industry is intensifying, as evidenced by a recent penalty against Anxin Property Insurance Co., Ltd., which involved multiple individuals facing industry bans and fines, highlighting the commitment of regulatory authorities to rectify market irregularities and protect consumer rights [1][11]. Regulatory Actions - Anxin Property Insurance has been ordered to cease accepting new business in credit guarantee insurance for 36 months, short-term health insurance for 24 months, and vehicle insurance for 6 months due to serious violations [2][12]. - A total of 19 individuals associated with Anxin have received warnings and fines totaling 770,000 yuan, with several key personnel banned from the insurance industry for periods ranging from 6 to 11 years [3][13]. Company Background - Anxin was established in December 2015 and officially commenced operations in January 2016, being one of the first four specialized internet insurance companies in China [3][13]. - The company is based in Suzhou, Jiangsu Province, and is primarily owned by Zhongcheng Investment Group [3][13]. Financial Performance - Anxin's insurance business revenue grew significantly from 75.32 million yuan in 2016 to 2.721 billion yuan in 2019, but revenue growth slowed in 2020 and 2021, with figures of 1.758 billion yuan and 373 million yuan, respectively [4][14]. - The company has reported net losses from 2016 to 2021, totaling 7.27 billion yuan over the six years, with a peak loss of 5.78 billion yuan in 2021 [4][14]. Business Challenges - The company's credit guarantee insurance business has been a significant source of trouble, particularly following a partnership with Migang Financial that led to substantial payout obligations when debts defaulted [7][16]. - Anxin's solvency ratios have deteriorated, with a core solvency ratio of -175.83% as of Q4 2020, and it has remained in negative territory for 16 consecutive quarters, indicating severe financial distress [7][16]. Attempts at Recovery - Anxin has sought to raise capital multiple times, including a 285 million yuan increase in 2018, but subsequent attempts to attract new investors in 2020 and 2021 were unsuccessful [8][17]. - The company's focus on short-term gains at the expense of long-term risk management has been criticized, leading to inadequate risk assessments and compliance controls [8][17]. Future Implications - The recent penalties and operational halts are expected to have profound effects on Anxin's future operations, with speculation that the newly established Dongwu Insurance may take over some of its business [10][19]. - The insurance industry is anticipated to shift back towards risk management and sustainable growth as regulatory frameworks become more stringent [10][19].