Core Viewpoint - The agricultural commercial bank sector experienced a decline of 1.13% on February 3, with the Shanghai Agricultural Commercial Bank leading the drop, while the overall Shanghai Composite Index rose by 1.29% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4067.74, up 1.29%, and the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - The agricultural commercial bank sector saw various individual stock performances, with notable declines in several banks, including Jiangyin Bank and Zhangjiagang Bank, both down by 0.88% [1] Group 2: Trading Volume and Capital Flow - The total trading volume for the agricultural commercial bank sector was significant, with the highest trading volume recorded for Qingnong Bank at 895,900 shares and a total transaction value of 274 million yuan [1] - The sector experienced a net inflow of 77.82 million yuan from institutional investors, while retail investors saw a net outflow of 106 million yuan [1] Group 3: Individual Stock Analysis - Yunnan Agricultural Commercial Bank had a net inflow of 32.1 million yuan from institutional investors, but a net outflow of 18.46 million yuan from retail investors [2] - Changshu Bank also saw a net inflow of 23.19 million yuan from institutional investors, with retail investors withdrawing 10.73 million yuan [2] - Su Nong Bank had a net inflow of 15.3 million yuan from institutional investors, but a significant net outflow of 20.84 million yuan from retail investors [2]

2月3日，A股市场银行（核心股）股逆势下跌，其中，中国银行、工商银行、农业银行、建设银行、邮 储银行、上海银行、沪农商行跌超1%。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 | 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601988 | 中国银行 | 1 | -1.66 | 17174亿 | -6.98 | | 601398 | 工商银行 | 1 | -1.64 | 25661亿 | -9.21 | | 601288 | 农业银行 | 1 | -1.33 | 23414 乙 | -12.89 | | 601939 | 建设银行 | 1 | -1.25 | 22707亿 | -6.47 | | 601658 | 邮储银行 | 1 | -1.18 | 6053 Z | -5.43 | | 601229 | 上海银行 | | -1.17 | 1319亿 | -8.12 | | 601825 | 沪农商行 | 美 | -1.08 | 798亿 | -10.98 | | 601077 | 渝 ...

Core Viewpoint - The article highlights the ongoing institutional research on listed banks in January, focusing on credit issuance, net interest margin, asset quality trends, and bond investment strategies during the peak marketing season [1][2][7]. Group 1: Institutional Research and Credit Issuance - A total of 373 institutions conducted research on 11 A-share listed banks, with 49 research instances recorded by January 31 [1][7]. - The banks under review include Nanjing Bank, Ningbo Bank, Shanghai Bank, and others, with Nanjing Bank being the most favored, receiving 76 institutional inquiries [2][8]. - Institutions are particularly focused on credit issuance during the marketing peak, with many banks reporting better performance compared to the same period in 2025 [2][8]. - Key areas for credit issuance include manufacturing, infrastructure construction, and green low-carbon transformation projects [3][9]. Group 2: Net Interest Margin Stability - Net interest margin (NIM) is a critical indicator of banking performance, with banks focusing on stabilizing NIM through asset and liability management [4][11]. - Shanghai Bank anticipates a slight decline in NIM due to the expected decrease in loan market quotation rates (LPR) and competitive pressures on deposit pricing [11][12]. - Qilu Bank is optimizing its asset portfolio and enhancing low-cost deposit acquisition to stabilize NIM [11][12]. Group 3: Bond Investment Strategies - The bond market has been volatile since 2025, affecting the bond investment returns of regional small and medium-sized banks [6][12]. - Shanghai Bank expects bond rates to remain in a fluctuating range in 2026, with limited potential for a trend reversal [6][13]. - Hu Nong Bank plans to focus on bond investment for asset allocation while employing risk management strategies, including the use of derivatives [6][13]. Group 4: Asset Quality Management - Banks are implementing measures to maintain stable asset quality, including improving the quality of new loans and increasing efforts to manage non-performing loans [6][13].

Group 1 - In January, 11 A-share listed banks were surveyed by 373 institutions, with a total of 49 survey instances, focusing on credit issuance, net interest margin, asset quality trends, and bond investment strategies during the peak marketing season [1] - The surveyed banks include Nanjing Bank, Ningbo Bank, Shanghai Bank, Hangzhou Bank, Suzhou Bank, Qingdao Bank, Qilu Bank, Xiamen Bank, Hu Nong Bank, Qing Nong Bank, and Zijin Bank, with six banks experiencing stock price increases, led by Qingdao Bank with over 16% growth [2] - Nanjing Bank was the most favored by institutions, receiving 76 surveys, while Shanghai Bank received 75 surveys, indicating strong interest in their credit issuance during the marketing peak [2] Group 2 - The focus of the credit issuance during the peak marketing season is on corporate credit, with banks reporting better performance compared to the same period in 2025, emphasizing manufacturing, infrastructure, and green transformation projects [2][3] - Shanghai Bank anticipates a continued decline in the Loan Prime Rate (LPR) in 2026, which may lead to a slight decrease in net interest margin due to competitive market factors [4] - Qilu Bank aims to stabilize its net interest margin by optimizing asset management and expanding low-cost deposits while managing liabilities effectively [4] Group 3 - The overall pressure on net interest margin for listed banks is expected to ease in 2026, with a narrowing decline anticipated, supported by improvements in funding costs [5] - Shanghai Bank predicts that bond yields will continue to fluctuate within a range in 2026, with low likelihood of a trend reversal [5] - Hu Nong Bank plans to focus on bond investments primarily for allocation, while also employing advanced technologies for trading and risk management [6]

Market Overview - The agricultural commercial bank sector experienced a decline of 1.94% on February 2, with the Shanghai Agricultural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Key stocks in the agricultural commercial bank sector showed the following closing prices and changes: - Zijin Bank: 2.79, down 0.71% - Jiangyin Bank: 4.53, down 0.88% - Zhangjiagang Bank: 4.53, down 0.88% - Ruifeng Bank: 5.40, down 0.92% - Sunong Bank: 4.97, down 1.00% - Changshu Bank: 7.22, down 1.10% - Yuanxi Bank: 5.81, down 1.53% - Qingnong Bank: 3.08, down 1.91% - Yunnan Agricultural Bank: 6.33, down 2.31% - Shanghai Agricultural Bank: 8.36, down 2.68% [1] Capital Flow Analysis - The agricultural commercial bank sector saw a net inflow of 115 million yuan from main funds, while retail funds experienced a net outflow of 52.86 million yuan [1] - The following table summarizes the capital flow for individual stocks: - Yunnan Agricultural Bank: 92.03 million yuan net inflow from main funds, -11.7 million yuan from retail funds - Shanghai Agricultural Bank: 32.16 million yuan net inflow from main funds, -22.14 million yuan from retail funds - Changshu Bank: 19.96 million yuan net inflow from main funds, -31.03 million yuan from retail funds - Sunong Bank: 5.13 million yuan net inflow from main funds, -14.29 million yuan from retail funds - Qingnong Bank: 3.28 million yuan net inflow from main funds, -18.58 million yuan from retail funds - Jiangyin Bank: -4.47 million yuan net outflow from main funds, -3.44 million yuan from retail funds - Wuxi Bank: -5.97 million yuan net outflow from main funds, 0.13 million yuan from retail funds - Ruifeng Bank: -7.41 million yuan net outflow from main funds, 1.42 million yuan from retail funds - Zhangjiagang Bank: -7.44 million yuan net outflow from main funds, 6.66 million yuan from retail funds - Zijin Bank: -12.72 million yuan net outflow from main funds, 3.51 million yuan from retail funds [2]

股 票 研 究 股票研究 /[Table_Date] 2026.02.01 战略投资者拟扩围，利好银行长期资本补充 [Table_Industry] 商业银行 本报告导读： 证监会拟扩大可参与定增的战略投资者类型，并明确最低持股比例要求，利好上市 银行长期资本补充、金融机构合作深化，以及银行理财多元资产投资转型。 投资要点： [Table_Report] 相关报告 商业银行《银行快报陆续披露，25A 业绩稳健增 长》2026.01.25 商业银行《全年增量 3.34 万亿元，公募基金配置 占比提升 2.1pct 至 5.1%》2026.01.25 商业银行《国有大行投放力度较大，不良压力或 企稳》2026.01.23 商业银行《主动基金环比持平，被动基金增持》 2026.01.23 商业银行《利息净收入增速转正，业绩延续改善 趋势》2026.01.19 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 银行周报（2026/1/26-2026/1/30） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析 ...

证券日报网1月30日讯 ，沪农商行在接受调研者提问时表示，2026年，公司以守住风险底线为前提，制 定更为积极的信贷投放目标，进一步优化信贷结构。对公信贷投放方面，重点对接市区重大项目、城市 更新城中村项目、重点区域基础设施项目等，积极推进绿色低碳转型，如园区节能改造，以及制造业转 型、现代服务业升级等领域，同时公司将凭借本土银行优势，继续深耕镇村和三农根据地，稳住基本 盘，实现结构优化。零售信贷投放方面，公司按揭贷款作为零售信贷基石，预计保持平稳增长态势。按 揭贷款坚持公私一体化经营与客户综合化经营的"双经营"驱动，坚持深挖对公业务场景，赋能个人客户 金融服务，实现双向引流与价值共赢；坚持以客户为中心，为房产交易客户提供一站式综合金融服务， 共建"房产+金融"生态圈。 （编辑 姚尧） ...

证券日报网1月30日讯 ，沪农商行在接受调研者提问时表示，公司高度重视股东回报，希望投资者能分 享沪农商行发展的成果。公司2025年中期分红比例为33.14%，较去年的中期分红比例小幅提升，同时 2024年度分红率为33.91%，展望后续，公司将在保持稳健经营和高质量发展的基础上，增强分红政策 的持续性、稳定性和可预期性，充分考虑资本规划、财务状况、股东意愿等情况，平衡业务持续发展与 股东综合回报之间的关系，合理确定分红频次和水平，公司有意愿、有能力、更有底气给资本市场投资 者带来稳定可靠的投资回报。 （编辑 姚尧） ...

Core Viewpoint - The company plans to adopt a cautious investment strategy based on its macroeconomic outlook for 2026, focusing on stable operations, risk control, and enhanced research and investment capabilities [1] Investment Strategy - The company will primarily focus on bond investments through allocation, with supplementary gains from tactical operations, emphasizing refined strategy management to optimize scale, duration, spread, and variety [1] - The company will closely monitor market fluctuations and adhere to strict trading discipline while flexibly utilizing derivatives and hedging tools to ensure overall account risk remains controllable [1] - The company aims to deepen macro and industry research to enhance the ability to identify high-yield assets in favorable sectors and regions, while dynamically optimizing asset allocation and duration [1] - The company is exploring the application of advanced technologies such as bond trading robots, AI model strategy development, and machine learning for research report analysis to improve automation in quoting, trading execution, and enhance operational efficiency in investment decision-making and quantitative strategy development [1]

证券日报网1月30日讯，沪农商行（601825）在接受调研者提问时表示，公司围绕"以客户为中心、以价 值创造为导向"的经营理念，不断强化经营思维，构建以稳健为特色的产品体系，实施精细化的分层分 类客户经营，持续提升客群规模和价值贡献，公司财富管理业务将着重关注以下几方面内容：一是深化 专业经营，财富客户实现"一类一策"，提高经营质效，提升财富业务收入；二是提供多元化的财富产品 和服务，同时利用金融科技手段，提升客户财富资产配置体验，实现客户金融资产量质齐升；三是持续 以资产配置为基石，持续做好保障类产品配置，提升财富中收长期收入。 ...