Core Viewpoint - The rural commercial bank sector experienced a decline of 0.47% on January 27, with Ruifeng Bank leading the drop, while the Shanghai Composite Index rose by 0.18% and the Shenzhen Component Index increased by 0.09% [1] Group 1: Market Performance - The closing prices and changes for key rural commercial banks are as follows: - Yunnan Rural Commercial Bank (601077) closed at 6.15, up 0.33% - Qingnong Bank (002958) closed at 3.13, unchanged - Changshu Bank (601128) closed at 7.18, down 0.14% - Jiangyin Bank (002807) closed at 4.51, down 0.44% - Sunong Bank (603323) closed at 4.98, down 0.60% - Zhangjiagang Bank (002839) closed at 4.46, down 0.67% - Hunan Rural Commercial Bank (601825) closed at 8.32, down 0.95% - Wuxi Bank (600908) closed at 5.76, down 1.03% - Zijin Bank (601860) closed at 2.77, down 1.07% - Ruifeng Bank (601528) closed at 5.40, down 1.10% [1] Group 2: Capital Flow - The rural commercial bank sector saw a net inflow of 88.29 million yuan from institutional investors, while retail investors experienced a net outflow of 112 million yuan [1] - The capital flow for individual banks is as follows: - Hunan Rural Commercial Bank (601825) had a net inflow of 31.55 million yuan from institutional investors, but a net outflow of 54.50 million yuan from retail investors - Changshu Bank (601128) had a net inflow of 21.64 million yuan from institutional investors and a net inflow of 1.10 million yuan from retail investors - Yunnan Rural Commercial Bank (601077) had a net inflow of 18.99 million yuan from institutional investors, with a net outflow of 2.01 million yuan from retail investors - Other banks like Jiangyin Bank (002807) and Zijin Bank (601860) also showed mixed capital flows [2]

Core Viewpoint - The agricultural commercial bank sector experienced a decline of 0.27% on January 26, with the Shanghai Agricultural Commercial Bank leading the drop. The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Group 1: Stock Performance - The closing prices and performance of key agricultural commercial banks are as follows: - Zijin Bank: Closed at 2.80, up 1.08% with a trading volume of 592,100 shares and a transaction value of 164 million yuan - Zhangjiagang Bank: Closed at 4.49, up 0.45% with a trading volume of 293,200 shares and a transaction value of 131 million yuan - Jiangyin Bank: Closed at 4.53, up 0.22% with a trading volume of 376,000 shares and a transaction value of 170 million yuan - Wuxi Bank: Closed at 5.82, up 0.17% with a trading volume of 169,700 shares and a transaction value of 98.42 million yuan - Chongqing Rural Commercial Bank: Closed at 6.13, up 0.16% with a trading volume of 806,700 shares - Changshu Bank: Closed at 7.19, up 0.14% with a trading volume of 365,700 shares - Su Nong Bank: Closed at 5.01, down 0.20% with a trading volume of 246,100 shares - Qing Nong Bank: Closed at 3.13, down 0.32% with a trading volume of 643,900 shares - Ruifeng Bank: Closed at 5.46, down 0.55% with a trading volume of 200,900 shares - Shanghai Agricultural Commercial Bank: Closed at 8.40, down 1.06% with a trading volume of 377,700 shares [1] Group 2: Capital Flow - On that day, the agricultural commercial bank sector saw a net inflow of 140 million yuan from institutional investors, while retail investors experienced a net outflow of 259 million yuan. The net inflow from speculative funds was 119 million yuan [1] - The detailed capital flow for specific banks is as follows: - Chongqing Rural Commercial Bank: Net inflow of 43.43 million yuan from institutional investors, 26.47 million yuan from speculative funds, and a net outflow of 69.89 million yuan from retail investors - Shanghai Agricultural Commercial Bank: Net inflow of 36.54 million yuan from institutional investors, 29.93 million yuan from speculative funds, and a net outflow of 66.47 million yuan from retail investors - Changshu Bank: Net inflow of 22.25 million yuan from institutional investors, 10.94 million yuan from speculative funds, and a net outflow of 33.19 million yuan from retail investors - Jiangyin Bank: Net inflow of 11.74 million yuan from institutional investors, 8.70 million yuan from speculative funds, and a net outflow of 20.44 million yuan from retail investors - Ruifeng Bank: Net inflow of 9.70 million yuan from institutional investors, 8.78 million yuan from speculative funds, and a net outflow of 18.48 million yuan from retail investors [2]

股票研究 /[Table_Date] 2026.01.23 票 研 究 主动基金环比持平，被动基金增持 [Table_Industry] 商业银行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 25Q4 主动基金对银行持仓比例环比持平于 1.9%，被动基金持仓比例环比+1.6pct 至 7.0%，其中宁波银行、兴业银行、中国银行、建设银行等获主动基金增配。 25Q4 基金对银行持仓点评 投资要点： [Table_Summary] 2025 年四季度基金重仓持股情况披露（主动基金包括普通股票型、 偏股混合型、灵活配置型，被动基金包括被动指数型、指数增强型）： [Table_Report] 相关报告 商业银行《国有大行投放力度较大，不良压力或 企稳》20 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 127 regional banks in Jiangsu Province, highlighting their asset and liability structures, profitability, and asset quality [6][18] - Jiangsu's regional banks have shown a significant increase in asset growth, with major city commercial banks growing at 19.4%, surpassing the growth of listed city commercial banks at 14.2% [24][26] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 48.4% in 2024, reflecting a gradual increase in lending activities [30] - Jiangsu's regional banks exhibit better return on assets (ROA) compared to listed banks, with city commercial banks outperforming by 16 basis points and rural commercial banks by 9 basis points [6][42] - The asset quality of Jiangsu's regional banks is superior to that of listed banks, with lower non-performing loan ratios and higher provision coverage ratios [6][42] Summary by Sections 1. Economic Structure of Jiangsu Province - Jiangsu Province is focusing on new industrialization and strategic emerging industries, with significant contributions from cities like Nanjing and Suzhou [13][14] 2. Overview of 127 Regional Banks in Jiangsu - The report categorizes the banks into city commercial banks, rural commercial banks, and others, with a total of 127 banks established between 2006 and 2015 [18][20] 3. Asset/Liability Structure - The asset growth of major city commercial banks is accelerating, while rural commercial banks are experiencing a decline in growth rates [24][26] - The loan-to-asset ratio for city commercial banks is expected to increase to 48.4% by 2024, indicating a shift towards more lending [30] 4. Profitability - Jiangsu's regional banks have a higher ROA compared to listed banks, with city commercial banks showing a 16 basis point advantage [6][42] 5. Asset Quality/Capital Levels - Jiangsu's regional banks maintain a lower non-performing loan ratio compared to listed banks, with city commercial banks having a 30 basis point lower ratio [6][42]

证券代码：601825 证券简称：沪农商行 公告编号：2026-003 上海农村商业银行股份有限公司 关于关联交易事项的公告 本公司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。 重要内容提示： 本次关联交易事项已经上海农村商业银行股份有限公司（以下 简称"本公司"）董事会 2026 年第一次会议审议通过，无需提交股 东会审议。 本次关联交易属于本公司日常业务经营中的正常业务，不构成 对关联方重大依赖，对本公司的正常经营活动及财务状况不构成重要 影响。 一、关联交易概述 本公司董事会 2026 年第一次会议审议通过了《关于与上海银行 股份有限公司关联交易的议案》《关于调整中国远洋海运集团有限公 司关联授信额度的议案》《关于调整久事集团及其关联体存款类关联 交易计划的议案》，同意给予上海银行股份有限公司新增关联授信类 业务及理财业务余额不超过 61.9 亿元；调整中国远洋海运集团有限 公司关联授信额度为 170 亿元；调整上海久事（集团）有限公司关联 存款额度为 282 亿元。 1 上述议案经本公司董事会有效表决票全票通过，汪明董事 ...

上海农村商业银行股份有限公司 董事会 2026 年第一次会议决议公告 本公司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。 证券代码：601825 证券简称：沪农商行 公告编号：2026-002 上海农村商业银行股份有限公司（以下简称"公司"）董事会 2026 年第一次会议以现场加远程视频电话接入方式于 2026 年 1 月 23 日在上海召开，会议通知及会议文件已于 2026 年 1 月 16 日以邮件方 式发出。本次会议应出席董事 16 人，亲自出席董事 16 人。会议由徐 力董事长主持，公司非董事高级管理人员列席会议。本次会议符合《公 司法》和《公司章程》关于召开董事会法定人数的规定，表决所形成 的决议合法、有效。 会议经审议并表决通过以下议案： 一、关于提名陈昊之先生为公司非执行董事候选人的议案 表决情况：同意 16 票，反对 0 票，弃权 0 票。 本议案已经公司董事会薪酬和提名委员会审议通过，全体成员同 意提交董事会审议。 同意提名陈昊之先生为公司非执行董事候选人，并提交公司股东 会审议。陈昊之先生的董事任期为三年，自 ...

Core Viewpoint - The agricultural commercial bank sector experienced a decline of 0.91% on January 23, with Changshu Bank leading the drop, while the Shanghai Composite Index rose by 0.33% and the Shenzhen Component Index increased by 0.79% [1] Group 1: Market Performance - The closing price of Changshu Bank was 7.18, reflecting a decrease of 1.51% [1] - The sector's main stocks showed mixed performance, with XD Yunnong Bank increasing by 0.82% to 6.12, and Wuxi Bank decreasing by 0.17% to 5.81 [1] - The total trading volume for the agricultural commercial bank sector was significant, with XD Yunnong Bank recording a volume of 921,300 shares and a transaction value of 565 million [1] Group 2: Capital Flow - The agricultural commercial bank sector saw a net inflow of 9.78 million from main funds, while retail investors experienced a net outflow of 76.56 million [1] - Among individual banks, Shanghai Agricultural Commercial Bank had the highest net inflow from main funds at 26.90 million, while Changshu Bank faced a net outflow of 22.49 million [2] - Retail investors showed a significant net inflow into Qingnong Bank at 24.98 million, despite the bank experiencing a net outflow from main and speculative funds [2]

Core Viewpoint - The New Development Bank (NDB) has signed a cooperation agreement with Shanghai Rural Commercial Bank for a green loan project, emphasizing financial support for Shanghai's green development [1] Group 1: Project Details - The NDB will provide an equivalent of 100 million USD in five-year RMB funding specifically for renewable energy, energy efficiency, environmental protection, and digital infrastructure [1] - The project is centered around the theme of "Financial Support for Shanghai's Green Development" [1] Group 2: Strategic Importance - The chairman of Shanghai Rural Commercial Bank, Xu Li, stated that green development has become a global consensus and that green finance is essential for achieving carbon neutrality goals and driving comprehensive green transformation [1] - NDB's Vice President, Roman Shcherov, highlighted Shanghai's status as a global financial hub and the ideal environment it provides for this cooperation [1] Group 3: Institutional Background - The NDB was established in 2015 by Brazil, Russia, India, China, and South Africa to support infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries [1] - The bank aims to complement existing multilateral and regional financial institutions to promote global growth and development [1]

Core Viewpoint - The rural commercial bank sector experienced a rise of 0.58% on January 22, with Changshu Bank leading the gains, while the Shanghai Composite Index and Shenzhen Component Index also saw slight increases [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4122.58, up 0.14% [1] - The Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Changshu Bank's stock price increased by 1.96% to 7.29, with a trading volume of 631,600 shares and a transaction value of 457 million yuan [1] Group 2: Individual Stock Performance - Yunnan Rural Commercial Bank's stock rose by 1.29% to 6.27, with a trading volume of 698,700 shares and a transaction value of 437 million yuan [1] - Jiangyin Bank's stock price increased by 0.67% to 4.52, with a trading volume of 258,400 shares and a transaction value of 117 million yuan [1] - Wuxi Bank's stock price rose by 0.34% to 5.82, with a trading volume of 123,800 shares and a transaction value of 72 million yuan [1] Group 3: Fund Flow Analysis - The rural commercial bank sector saw a net inflow of 93.8 million yuan from main funds, while retail investors experienced a net outflow of 80.29 million yuan [1] - Yunnan Rural Commercial Bank had a main fund net inflow of 37.2 million yuan, but retail investors had a net outflow of 26.99 million yuan [2] - Changshu Bank experienced a main fund net inflow of 15.36 million yuan, with retail investors seeing a net inflow of 33.52 million yuan [2]

徐力董事长表示，绿色发展已成为超越国界的全球共识，绿色金融正是撬动"双碳"目标落地、驱动经济 社会全面绿色转型的核心引擎。作为扎根上海、服务长三角的金融国企，上海农商银行始终践行"金融 向善"，持续打造"长三角最具绿色底色的银行"，构建全链条绿色金融服务体系。此次与新开发银行的 携手，是上海农商银行完善ESG管理，促进自身和利益相关方共同可持续发展，实现经济效益、社会效 益和生态效益的良性结合。 来源：i上农商行 1月22日，上海农商银行与新开发银行举行绿色转贷款项目合作签约仪式。上海农商银行党委书记、董 事长徐力与新开发银行副行长罗曼·谢罗夫签署协议，上海农商银行行长汪明、副行长占玲灵、董事会 秘书姚晓岗，新开发银行副行长拉吉夫·兰詹、周强武等出席。 本次是上海农商银行首度与国际多边开发银行开展的绿色转贷款合作，项目以"金融助力上海绿色发 展"为核心，新开发银行将提供等值一亿美元的五年期人民币资金，专项用于支持可再生能源与能效、 环境保护及数字基础设施三大关键绿色领域，是上海农商银行跨境绿色金融的崭新实践。 谢罗夫副行长表示，上海作为全球金融枢纽及新开发银行总部所在地，为本次合作提供了理想的发展环 境。上海 ...