Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The report highlights a "strong deposit, weak loan" characteristic in the opening month of the year [4] - In January 2026, new social financing increased by 7.2 trillion yuan, a year-on-year increase of 166.2 billion yuan, with a balance growth of 8.2% [4][5] - New RMB loans in January 2026 amounted to 4.7 trillion yuan, a year-on-year decrease of 420 billion yuan, with a balance growth of 6.1% [4][5] - The report indicates that consumer demand has shown some recovery, particularly in short-term loans, but overall consumer credit demand may remain pessimistic throughout the year [1][2] Summary by Sections Credit Overview - Entity credit remained stable, with a significant reduction in bill financing [1] - Retail loans saw an increase of 456.5 billion yuan in January, with short-term loans contributing 109.7 billion yuan [1] - Corporate loans totaled 4.5 trillion yuan, a year-on-year decrease of 330 billion yuan, influenced by a substitution effect between short-term loans and bill financing [2] Social Financing - Government bonds contributed significantly to social financing, with new issuance of 976.4 billion yuan in January, a year-on-year increase of 283.1 billion yuan [5] - The report notes a trend of "deposit migration," with non-bank deposits reaching 36 trillion yuan, accounting for 10.7% of total deposits [5] Investment Recommendations - The report recommends a "New Momentum Portfolio" including banks like Nanjing Bank, Shanghai Bank, and others, highlighting their potential for value recovery [3][5] - It emphasizes the importance of high-dividend bank stocks in the current environment, suggesting that banks with new growth drivers may achieve greater value restoration [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The report highlights a "strong deposit, weak loan" characteristic in the opening month of the year [4] - In January 2026, new social financing increased by 7.2 trillion yuan, a year-on-year increase of 166.2 billion yuan, with a balance growth of 8.2% [4][5] - New RMB loans in January 2026 amounted to 4.7 trillion yuan, a year-on-year decrease of 420 billion yuan, with a balance growth of 6.1% [4][5] - The report indicates that consumer demand has shown some recovery, particularly in short-term loans, but overall consumer credit demand may remain pessimistic throughout the year [1][2] Summary by Sections Credit Overview - Entity credit remained stable, with a significant reduction in bill financing [1] - Retail loans added 456.5 billion yuan in January, a year-on-year increase of 12.7 billion yuan [1] - Corporate loans added 4.5 trillion yuan, a year-on-year decrease of 330 billion yuan, primarily due to a reduction in bill financing [2] Social Financing - Government bonds contributed significantly to social financing, with new issuance of 976.4 billion yuan, a year-on-year increase of 283.1 billion yuan [5] - The report notes a trend of "deposit migration," with non-bank deposits reaching 36 trillion yuan, accounting for 10.7% of total deposits [5] Investment Recommendations - The report recommends a "New Momentum Portfolio" including banks such as Nanjing Bank, Shanghai Bank, and Industrial and Commercial Bank of China, highlighting their potential for value recovery [3][5] - It emphasizes the importance of high-dividend bank stocks as having allocation value amid steady declines in credit growth [5]

Investment Rating - The industry rating is "Overweight" [8] Core Insights - The banking sector's profit growth is showing marginal improvement, with net interest margins stabilizing and asset quality remaining robust [5][3] - Major banks are leading the industry in asset expansion, with total assets growing by 9.0% year-on-year as of the end of Q4 2025 [2] - The net profit of commercial banks increased by 2.33% year-on-year in Q4 2025, driven by stable net interest margins and declining credit costs [3] - The non-performing loan ratio for commercial banks improved to 1.50%, indicating a healthy asset quality [4] Summary by Sections Asset Expansion - As of Q4 2025, major banks and joint-stock banks saw a marginal increase in total asset growth rates, while city and rural commercial banks experienced a slowdown [2] - The balance of inclusive small and micro loans increased by 11.0% year-on-year, although the growth rate has slowed [2] Profit Growth - The net profit growth of commercial banks improved by 2.3 percentage points compared to Q3 2025, with significant rebounds in city and rural commercial banks [3] - The annualized ROE and ROA for commercial banks were 7.78% and 0.60%, respectively, reflecting a slight decline year-on-year [2] Asset Quality - The non-performing loan ratio decreased by 2 basis points from the end of September 2025, with major banks showing a decline in non-performing loan ratios [4] - The provision coverage ratio for commercial banks was 205%, indicating a reasonable risk compensation ability [4] Investment Opportunities - The report recommends focusing on structural opportunities within the banking sector, highlighting specific banks such as Ningbo, Nanjing, and Chongqing Rural Commercial Bank for their strong performance and dividend yield [5][9]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report analyzes 132 regional banks in the Sichuan-Chongqing area, highlighting the growth and structural changes in the banking sector [6][27] - The asset growth rates of major city commercial banks in the region are higher than those of listed city commercial banks, indicating a robust expansion [38] - Profitability metrics show that city commercial banks in the region have lower ROE compared to listed banks, while rural commercial banks outperform them [6][27] - Asset quality is slightly weaker in regional banks compared to listed banks, with higher non-performing loan ratios [6][27] Summary by Sections Economic Structure Analysis - Sichuan province is positioned as a key driver for western development, with a focus on enhancing the Chengdu-Chongqing economic circle [13][14] - In 2025, Chengdu's GDP is projected to account for 38.7% of the province's total, with significant growth in various sectors [15] Banking Sector Overview - The Sichuan-Chongqing region has 132 commercial banks, including 14 city commercial banks, 65 rural banks, and 51 rural commercial banks [27] - The asset growth rates for major city commercial banks in the region are 15.6% and 18.2%, surpassing the 14.2% growth of listed city commercial banks [38] Asset and Liability Structure - The proportion of loans to total assets has been increasing since 2016, with city commercial banks in Sichuan projected to have a loan ratio of 56.1% by 2024 [38][40] - The financial investment ratio for city commercial banks is on a downward trend, with a slight recovery noted in the first half of 2025 [40][46] Profitability and Asset Quality - The average ROE for city commercial banks in the region is 10.97%, lower than the 11.99% average for listed city commercial banks [6][27] - Non-performing loan ratios for city commercial banks in the region are higher than those of listed banks, indicating potential asset quality concerns [6][27] Capital Adequacy - Capital adequacy ratios for regional banks are comparable to those of listed banks, providing a safety margin for operations [6][27]

Group 1 - The core viewpoint of the article highlights that multiple listed banks in China have announced a total dividend payout of nearly 70 billion yuan for the first half of 2025, indicating a robust trend in bank dividends compared to the previous year [1] - A total of 31 listed banks have declared mid-year dividends for 2025, which is an increase of 8 banks compared to 2024, reflecting a growing trend in dividend announcements within the banking sector [1] - The increase in dividends is partly attributed to the new "National Nine Articles" policy issued in April 2024, which encourages listed companies to enhance incentives for high-quality dividend-paying companies and promote stable and predictable dividend distributions [1] Group 2 - The collective dividend actions of listed banks signal strong profitability and ample cash flow within the banking sector, which can effectively boost investor confidence and lead to a valuation recovery for the sector [1] - In the first three quarters of 2025, 42 A-share listed banks achieved a total operating income exceeding 4.3 trillion yuan, with over 60% of them reporting year-on-year growth [1] - The net interest margin for listed banks was measured at 1.33% in the third quarter of 2025, remaining stable compared to the first half of the year, indicating consistent performance in the banking industry [1]

Group 1 - The core point of the article is that Guo Guangchang has reduced his stake in Chongqing Rural Commercial Bank by selling 4.726 million shares at a price of HKD 6.0979 per share, totaling approximately HKD 28.8187 million [1] - After the sale, Guo Guangchang's remaining shareholding is approximately 326 million shares, representing a holding percentage of 12.98% [1] - The transaction involves other related parties, including Fosun International Limited and Fosun International Holdings Ltd. [1]

Group 1 - The core point of the article is that Guo Guangchang has reduced his stake in Chongqing Rural Commercial Bank by selling 4.726 million shares at a price of HKD 6.0979 per share, totaling approximately HKD 28.8187 million [1] - After the sale, Guo Guangchang's remaining shareholding is approximately 326 million shares, representing a 12.98% ownership in the bank [1] - The transaction involves other related parties, including Fosun International Limited and Fosun International Holdings Ltd. [1]

Investment Rating - The report assigns an "Accumulate" rating for the banking sector, indicating a potential increase of over 15% relative to the CSI 300 index [2][12]. Core Insights - The central bank will continue to implement a moderately loose monetary policy, integrating both incremental and stock policies to enhance effectiveness [3]. - New loan interest rates have decreased, with the weighted average interest rate for new loans in December at 3.15%, down 10 basis points from September. The rates for general loans, corporate loans, bill financing, and mortgage loans are 3.55%, 3.10%, 1.14%, and 3.06%, respectively [4]. - The growth of asset management products is impacting the structure of bank deposits, with total assets of asset management products reaching 120 trillion yuan, a year-on-year increase of 13.1% [4]. - The central bank and the Ministry of Finance have announced a package of policy measures aimed at supporting small and micro enterprises and boosting consumption [4]. - A one-time credit repair policy will support individuals in improving their credit status by removing overdue debt records if paid off by March 31, 2026 [4]. Summary by Sections Loan Market - The report highlights a continued optimization in financing structure, with significant year-on-year growth in technology loans (11.5%), green loans (20.2%), inclusive loans (10.9%), elderly care industry loans (50.5%), and digital economy loans (14.1%) [4]. Asset Management Products - The rapid expansion of asset management products has led to a shift in the deposit structure, with a notable increase in non-bank deposits from small and medium banks [4]. - Over 80% of asset management products are allocated to fixed-income assets, primarily in interbank deposits and certificates of deposit, indicating that funds remain within the banking system [4]. Investment Recommendations - The report suggests focusing on three main lines for investment in the banking sector: 1. Identifying banks with expected growth in performance, recommending Ningbo Bank, China Merchants Bank, and Nanjing Bank [4]. 2. Considering banks with convertible bond expectations, recommending Chongqing Bank and Changshu Bank, with Shanghai Bank as a related target [4]. 3. Continuing the dividend strategy, recommending Bank of Communications, Jiangsu Bank, Chongqing Rural Commercial Bank, and Shanghai Rural Commercial Bank [4].

| 姓名 | 职务 | 2024 年度税前薪酬情况 （人民币万元） | | --- | --- | --- | | 隋军 | 党委副书记、行长、执行董事 | 79.42 | | 周国华 | 党委委员、副行长 | 69.15 | | 谭彬 | 党委委员、副行长 | 67.70 | | 张进 | 党委委员、副行长 | 50.70 | | 谢文辉 | 原党委书记、董事长、执行董事 | 59.57 | | 张培宗 | 原党委委员、副行长、执行董事、董事会秘书 | 67.05 | 注：以上披露信息为本行相关人员 2024 年度全部应发税前薪酬。 特此公告。 重庆农村商业银行股份有限公司董事会 证券代码：601077 证券简称：渝农商行 公告编号：2026-006 重庆农村商业银行股份有限公司 2024 年度报告补充公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重庆农村商业银行股份有限公司（以下简称"本行"）2024 年度报告已披 露本行董事、监事及高级管理人员报告期内在本行领取的税前薪酬总额。现就本 行部分董事、高级管理人员已获核 ...

| 姓名 | 職務 | 2024年度稅前薪酬情況 （人民幣萬元） | | --- | --- | --- | | 隋軍 | 重慶農村商業銀行黨委副書記、行長、執行董 | 79.42 | | | 事 | | | 周國華 | 重慶農村商業銀行黨委委員、副行長 | 69.15 | | 譚彬 | 重慶農村商業銀行黨委委員、副行長 | 67.70 | | 張進 | 重慶農村商業銀行黨委委員、副行長 | 50.70 | - 1 - 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 公告 關於2024年度本行負責人薪酬 重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.*（「本行」或 「重慶農村商業銀行」）於2025年4月10日所派發之2024年度報告已披露本行董事、監事及 高級管理人員於截至2024年 ...