证 券 研 究 报 告 渝农商行（601077）2025 年报点评 推荐（维持） 对公信贷较旺，息差企稳，资产质量改善 目标价：8.32 元/7.77 港元 事项： ❖ 3 月 25 日晚，渝农商行披露 2025 年报，全年实现营业收入 286.48 亿元，同比 增长 1.37%（1-3Q25 为 0.67%）；实现归母净利润 121.28 亿元，同比增长 5.35% （1-3Q25 为 3.74%）。不良贷款率环比下降 4bp 至 1.08%；拨备覆盖率环比上 升 2pct 至 367%。 评论： 公司研究 农商行 2026 年 03 月 26 日 当前价：7.03 元/6.60 港元 《渝农商行（601077）2025 年半年报点评：负债 成本管控成效显著，资产质量稳定》 华创证券研究所 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 公司基本数据 | 总股本(万股) | 1,135,700.00 | | --- | - ...

Core Viewpoint - The Chongqing region aims to enhance its economic capabilities and become a significant growth pole for high-quality development in China, focusing on strategic positioning and regional collaboration [2][3]. Group 1: Industrial Development - The region will accelerate technological innovation and optimize the layout of major productive forces, leading with the "33618" modern manufacturing cluster to develop world-class trillion-level industrial clusters in sectors such as smart connected new energy vehicles, electronic information manufacturing, new materials, specialty consumer goods, digital economy, and low-altitude economy [2]. Group 2: Platform Functionality - The region will leverage national policies through free trade zones, comprehensive bonded zones, high-tech zones, and the China-Singapore connectivity project to enhance the construction of the ten neighboring areas of Sichuan and Chongqing, facilitating the implementation of major projects, policies, and reforms [2]. Group 3: Regional Coordination - The focus will be on promoting regional collaboration and dual-core linkage to support the modernization of Chongqing, establishing a new pattern of regional interaction characterized by "one body, two cores, and multiple points" [3]. Group 4: Deepening Cooperation - The region will seize new strategic opportunities to deepen cooperation between central and local governments, seeking strong support from central ministries and encouraging more central enterprises to establish headquarters or southwestern headquarters in Chongqing, while enhancing inter-provincial cooperation with neighboring regions [3].