公告编号：临2025-033 证券代码：600000 证券简称：浦发银行 优先股代码：360003 360008 优先股简称：浦发优1 浦发优2 转债代码：110059 转债简称：浦发转债 同意：11票 弃权：0票 反对：0票 2.《公司关于修订<信用风险加权资产计量管理办法>的议案》 同意：11票 弃权：0票 反对：0票 3.《公司关于2025年度第一次预期信用损失法模型优化和参数更新的议案》 同意：11票 弃权：0票 反对：0票 4.《公司关于资产损失核销的议案》 上海浦东发展银行股份有限公司 董事会 2025 年第五次会议决议公告 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。 上海浦东发展银行股份有限公司（以下简称"公司"）董事会2025年第五次 会议于2025年6月27日以书面传签方式召开，会议通知及会议文件于2025年6月20 日以电子邮件方式发出。应参加会议董事11名，实际参加会议董事11名，符合《公 司法》及《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。公司监事、高级管理人员通过审阅会 ...

Market Performance - The cross-border payment (CIPS) concept declined by 1.95%, ranking among the top decliners in the concept sector [1] - Major decliners in the CIPS sector included Xiaogoods City, Jida Zhengyuan, and Xincheng Technology, while top gainers were Donghua Software, Jingbeifang, and *ST Rendo, with increases of 4.28%, 2.40%, and 2.34% respectively [1] Capital Flow - The CIPS concept experienced a net outflow of 6.149 billion yuan, with 47 stocks seeing net outflows, and 21 stocks exceeding 100 million yuan in net outflows [1] - Agricultural Bank led the net outflow with 759.39 million yuan, followed by Lakala, Xiaogoods City, and Industrial and Commercial Bank with outflows of 588.37 million yuan, 563.46 million yuan, and 485.34 million yuan respectively [1] Top Gainers and Losers - The top gainers in the CIPS sector included Donghua Software with a 4.28% increase, while the largest loser was Xiaogoods City with a 9.89% decrease [1] - Other notable losers included Agricultural Bank (-3.29%), Industrial and Commercial Bank (-2.85%), and Lakala (-2.44%) [2]

Group 1: Banking Sector - The banking sector has shown strong performance recently, with a two-week increase of 5.48%, ranking second among 31 industries [14][17] - Major banks like Jiangsu Bank, Hangzhou Bank, and Industrial and Commercial Bank of China have reached historical highs, despite a marginal decline in overall performance in Q1 due to macroeconomic conditions [46][47] - The sector's return on equity (ROE) remains above 10%, indicating resilience in profitability and dividends, supported by policies aimed at boosting domestic demand and credit growth [46][47] Group 2: Securities Sector - The securities sector has been active, with a recent approval for Guotai Junan International to provide virtual asset trading services, marking a significant development in the industry [48] - The sector's price-to-book (PB) ratio stands at 1.46, indicating potential for valuation recovery as it is at the 54.84% percentile of the last five years [48][26] - Expected improvements in global risk appetite and ongoing capital market reforms are likely to enhance the business environment for securities firms, with projected double-digit profit growth for the year [48][49] Group 3: Insurance Sector - Recent regulatory measures have curtailed aggressive competition in the insurance sector, particularly regarding dividend insurance, which is expected to stabilize the market [50] - The shift from a "scale-oriented" to a "value-oriented" strategy in the insurance industry is anticipated to lead to valuation recovery, with a focus on products that offer both guaranteed and floating returns [50] - Insurance companies are increasingly investing in bank stocks, benefiting from stable dividends and strong market performance, which is expected to enhance their investment returns [50][51]

Core Viewpoint - Shanghai Pudong Development Bank (SPDB) Shanghai Branch has achieved significant milestones over its 32 years, focusing on serving the local economy and enhancing consumer experiences through various financial services and initiatives [1][11]. Group 1: Service to Livelihood and Activation of Domestic Demand - SPDB Shanghai Branch actively participates in government consumption voucher programs, facilitating over 150,000 redemptions worth more than 300 million yuan, thereby stimulating local consumption [2]. - The bank has engaged in promotional activities linked to major city events, covering over 2,000 merchant stores and providing 114,000 discount opportunities to enhance consumer spending [2]. Group 2: Credit Empowerment and Consumer Vitality - The "Pudong Flash Loan" program has issued a total credit of 17 billion yuan in Shanghai, serving nearly 90,000 customers, with a loan balance of 7.7 billion yuan [3]. - The bank has focused on new residents, providing 600 million yuan in loans to nearly 2,000 individuals, addressing their housing and consumption needs [3]. Group 3: Innovative Branches and Community Engagement - SPDB Shanghai Branch has established unique service points, including "Citywalk" activities and pet-friendly branches, to integrate financial services with local culture and community events [4]. - The bank has transformed its branches into community hubs, offering services that cater to various lifestyle needs, thus enhancing customer engagement [4]. Group 4: Wealth Management and Financial Services - The bank's wealth management services have seen steady growth, with personal financial assets approaching one trillion yuan and private banking clients exceeding 15,000 [5]. - SPDB has launched innovative financial products, including commercial pension insurance, and has been recognized for its excellence in pension financial services [5]. Group 5: Airport Services and Internationalization - Leveraging its airport branches, SPDB Shanghai Branch provides comprehensive services, including foreign currency exchange and payment solutions, enhancing the experience for international travelers [7]. - The establishment of a 30-member youth team at the airport aims to improve payment services for foreign visitors, showcasing Shanghai's financial service capabilities [7]. Group 6: Elderly Financial Services and Social Responsibility - The bank has developed a "12345" elderly service system, offering tailored financial solutions and community activities to support the aging population [9]. - SPDB actively participates in events like the Shanghai Elderly Expo to promote its financial services aimed at enhancing the quality of life for senior citizens [9].

Core Viewpoint - The article discusses the recent increase in the holdings of SPDB convertible bonds by Xinda Investment, drawing parallels to the "Everbright model" where a significant shareholder increased their stake before bond maturity, leading to a successful conversion into equity [1][3][10]. Group 1: SPDB Convertible Bonds - As of June 25, Xinda Securities managed to accumulate nearly 118 million SPDB convertible bonds, representing 23.57% of the total issuance [2][7]. - The SPDB convertible bonds were issued in October 2019 with a total amount of 50 billion yuan and are set to mature in four months [2][4]. - By the end of March, only 144,000 yuan worth of SPDB convertible bonds had been converted into common stock, indicating a conversion rate of 0.0029% [5]. Group 2: Comparison with Everbright Bank - The article highlights a similar case with Everbright Bank, where China Huarong increased its holdings of Everbright convertible bonds before their maturity, leading to a significant conversion into equity [3][10]. - Following the conversion, China Huarong became the second-largest shareholder of Everbright Bank, which alleviated the repayment pressure of the bonds and strengthened the bank's core capital [11]. Group 3: Market Context and Trends - The article notes that the recent performance of the banking sector has led to several banks triggering strong redemption and conversion of their convertible bonds, with a total issuance of 48 billion yuan involved [16]. - The SPDB convertible bonds are nearing maturity, with only four months left, while other banks are also close to triggering strong redemption conditions [20]. - The issuance of new convertible bonds has stagnated since 2023 due to the long-standing undervaluation of bank stocks, impacting the willingness of banks to issue new bonds [26].

Group 1 - The core viewpoint emphasizes the transformation of consumption patterns in Shenzhen, driven by policies aimed at expanding domestic demand and promoting consumption [1] - The city, with a population of 18 million, is fostering new consumption experiences and fields, supported by financial services that integrate technology into everyday transactions [1] - The "Tengfei Loan" 3.0 model provides significant credit support to technology-driven enterprises, addressing funding challenges in research and development [2][3] Group 2 - The "Tengfei Loan" 3.0 model differs from traditional lending by offering larger initial credit support to help companies increase their equity value before sharing in the excess equity gains [3] - The "Puzhanggui" intelligent settlement platform is introduced to enhance the payment experience for businesses, addressing issues like high labor costs and inefficiencies in payment management [4] - The platform has received positive feedback from businesses, including a new restaurant chain in Shenzhen, for optimizing payment processes and ensuring fund security [4] Group 3 - To improve the consumption experience for foreign visitors, the bank has established a comprehensive service system at key locations, including language support and streamlined processes for currency exchange [5][6] - The bank's proactive approach in assisting foreign clients, such as facilitating currency exchange for an Indian visitor, highlights its commitment to enhancing cross-border payment experiences [6] - The bank aims to deepen its three-dimensional service system of "payment + credit + scenarios" to stimulate the consumption market and contribute to Shenzhen's goal of becoming a globally influential consumption hub [6]

Core Viewpoint - Shanghai Pudong Development Bank has announced an increase in the holdings of its convertible bonds by a significant asset management plan managed by Xinda Securities, indicating strong investor confidence in the company's financial instruments [1][3]. Group 1: Convertible Bond Overview - The company has publicly issued 50 million convertible bonds, with a total value of RMB 5 billion and a maturity period of 6 years, approved by the China Securities Regulatory Commission [2]. - The bonds, known as "Pudong Convertible Bonds," have been trading on the Shanghai Stock Exchange since November 15, 2019, under the code "110059" [2]. Group 2: Recent Increase in Holdings - As of June 25, 2025, Xinda Securities' managed asset plan, Xinfeng No. 1, has cumulatively increased its holdings of the company's convertible bonds by 117,852,490 units, which represents 23.57% of the total issuance [3].

Core Viewpoint - Recently, Cinda Securities purchased over 10 billion yuan of SPDB convertible bonds, indicating a strategic move to address potential redemption issues as the bonds approach maturity [2][5]. Group 1: Investment Details - Cinda Securities' asset management plan, XinFeng No. 1, has cumulatively increased its holdings of SPDB convertible bonds by 117,852,490 shares, representing 23.57% of the total issuance of 500 billion yuan [2][5]. - The face value of one convertible bond is 100 yuan, making the total value of the purchased bonds approximately 11.785 billion yuan, with a market value of 13.252 billion yuan based on the latest closing price of 112.451 yuan [5]. Group 2: Market Performance - The SPDB convertible bonds have shown a price increase of 3.17% year-to-date, closing at 112.451 yuan [5]. - The bonds were issued on October 28, 2019, with a maturity period of six years, set to mature in about four months [7]. Group 3: Strategic Implications - If the convertible bonds are not converted before maturity, SPDB will need to redeem them at a price of 110 yuan, which includes the final interest payment [7]. - The current bond balance is approximately 499.97 billion yuan, indicating minimal conversion activity thus far, raising questions about Cinda Investment's significant purchase and its potential role in facilitating the conversion process [7].

Core Viewpoint - The significant purchase of over 11.78 million shares of SPDB convertible bonds by Xinda Securities, amounting to over 11.78 billion yuan, raises questions about the potential resolution of SPDB's convertible bond conversion issues before maturity [2][4][6]. Group 1: Investment Activity - Xinda Securities' asset management plan, Xinfeng No. 1, has cumulatively increased its holdings of SPDB convertible bonds to 11,785,249 shares, representing 23.57% of the total issuance [2][4]. - The total face value of the purchased convertible bonds is approximately 11.785 billion yuan, with a market value of around 13.252 billion yuan based on the latest closing price [4]. Group 2: Bond Performance - The SPDB convertible bonds have shown a price increase of 3.17% year-to-date, closing at 112.451 yuan [5]. - The bonds, issued on October 28, 2019, have a total issuance of 50 billion yuan and are set to mature in four months, with a redemption price of 110 yuan [5]. Group 3: Implications for SPDB - If the convertible bonds are not converted before maturity, SPDB will need to redeem them, with the current bond balance at approximately 49.997 billion yuan, indicating minimal conversion activity [6]. - The substantial increase in holdings by Xinda Investment, a subsidiary of China Cinda, may be aimed at assisting SPDB in addressing its convertible bond conversion challenges [6].

Core Viewpoint - The Shanghai Pudong Development Bank (SPDB) Guangzhou Branch is actively supporting the construction of Guangzhou as an international consumption center by transforming its financial services to enhance consumer spending and meet diverse customer needs [2][10]. Group 1: Wealth Management and Consumer Support - SPDB Guangzhou Branch is building a comprehensive wealth management service system that caters to various customer groups and scenarios, providing essential support for consumption growth [4]. - In response to declining deposit rates, the bank focuses on safeguarding customers' financial interests by innovating wealth management products and launching specialized services for the elderly [5]. Group 2: Elderly Financial Services - The bank has established a unique elderly financial service system featuring specialized branches and exclusive benefits, enhancing service quality for senior customers [5][6]. - SPDB Guangzhou Branch has received the "Elderly Financial Service Home+" certification from the Guangzhou Financial Bureau, promoting personal pension accounts and products [5]. Group 3: Consumer Loan Innovations - SPDB is innovating its consumer loan products to stimulate spending, including increasing credit limits and extending loan terms [7]. - The "Pu Flash Loan" product has expanded its eligibility and offers competitive pricing to reduce financing costs for customers [7]. Group 4: Payment Services and Promotions - The bank collaborates with local merchants and platforms to create a localized payment benefits system, enhancing customer engagement through various promotional activities [8][9]. - SPDB Guangzhou Branch has implemented a series of consumer incentives, including discounts for elderly customers and exclusive offers for new residents in Guangdong [6][9]. Group 5: Future Directions - The bank plans to continue its financial innovations and initiatives aimed at boosting consumption and improving the quality of life for residents, contributing to the high-quality development of Guangdong's economy [10].