On October 18th, Orient's research report pointed out that Mr. Xie Wenhui has been appointed as the Party Secretary and Chairman of Yufu Holdings, as disclosed on its official website. Yufu Holdings is a chongqing state-owned industrial capital investment operation company, controlling 38 subsidiaries, and also the largest shareholder of Chongqing Rural Commercial Bank (601077.SH), holding a 8.70% stake as of the first half of 2024. After this appointment, the cooperation between Chongqing Rural Commercial Bank and Yufu Holdings and its subsidiaries in project end is expected to be further strengthened, which is bullish for its asset allocation. Considering that the company is expected to benefit more from accelerated debt restructuring and possible enhanced cooperation with Chongqing state-owned assets, the valuation premium is raised to 10%, corresponding to 0.66 times PB in 2024, with a target price of 7.20 yuan per share, maintaining a "buy" rating.