Core Viewpoint - The A-share market is witnessing a counter-trend rise in bank stocks, with several banks showing significant gains, particularly Agricultural Bank of China, which has reached a historical high with a substantial year-to-date increase [1] Group 1: Bank Performance - Zhejiang Commercial Bank, Wuxi Bank, CITIC Bank, Xi'an Bank, Jiangyin Bank, Suning Bank, Agricultural Bank of China, Ningbo Bank, and Nanjing Bank have all risen over 1% [1] - Agricultural Bank of China has achieved a remarkable 14 consecutive days of gains, marking a new historical high and an approximate year-to-date increase of 56% [1]

Core Points - The agricultural commercial bank sector experienced a decline of 0.3% on October 21, with Yuhuang Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Summary by Category Stock Performance - Jiangyin Bank (002807) closed at 5.05, up 2.43% with a trading volume of 720,000 shares and a transaction value of 361 million yuan [1] - Zijin Bank (601860) closed at 2.94, up 1.03% with a trading volume of 501,600 shares and a transaction value of 147 million yuan [1] - Zhangjiagang Bank (002839) closed at 4.48, up 0.67% with a trading volume of 378,900 shares and a transaction value of 169 million yuan [1] - Qingnong Commercial Bank (002958) closed at 3.27, up 0.31% with a trading volume of 443,800 shares and a transaction value of 145 million yuan [1] - Wuxi Bank (600908) closed at 6.15, down 0.16% with a trading volume of 124,100 shares and a transaction value of 76.67 million yuan [1] - Ruifeng Bank (601528) closed at 5.57, down 0.36% with a trading volume of 173,700 shares and a transaction value of 96.85 million yuan [1] - Sunong Bank (603323) closed at 5.21, down 0.38% with a trading volume of 293,800 shares and a transaction value of 153 million yuan [1] - Changshu Bank (601128) closed at 7.08, down 0.42% with a trading volume of 395,200 shares and a transaction value of 280 million yuan [1] - Hunan Agricultural Commercial Bank (601825) closed at 8.75, down 0.46% with a trading volume of 188,300 shares and a transaction value of 165 million yuan [1] - Yuhuang Commercial Bank (601077) closed at 7.07, down 1.12% with a trading volume of 622,500 shares and a transaction value of 441 million yuan [1] Fund Flow - The agricultural commercial bank sector saw a net outflow of 111 million yuan from main funds, while retail investors contributed a net inflow of 211 million yuan [2]

近日，该行收到《无锡金融监管分局关于无锡农村商业银行修改公司章程的批复》，修订后的《公司章 程》已获核准生效。《股东会议事规则（2025年10月修订）》《董事会议事规则（2025年10月修订）》 等同步生效。该行随后将履行工商备案等相关手续。自《公司章程》核准之日起，该行监事会及监事依 法撤销，《监事会议事规则》同时废止。 北京商报讯（记者 孟凡霞 周义力）10月20日，无锡农商行发布公告称，该行于2025年9月16日召开的 2025年第一次临时股东大会审议批准了《关于不再设立监事会的议案》及《关于修订<公司章程>的议 案》。该行根据法律法规、最新监管规定及公司治理实践，对《无锡农村商业银行股份有限公司章程》 进行了修订。 ...

无锡农村商业银行股份有限公司 董事会议事规则 （2025 年 10 月修订） 第一章 总则 本行董事会讨论决定公司重大问题、重大经营管理事项时，以党委研究讨论 作为前置程序。 第三条 董事会由 15 名董事组成，包括执行董事 3 名，股权董事 6 名，独立 董事 5 名，职工代表董事 1 名，设董事长 1 名。执行董事是指在本行担任除董事 职务外的其他经营管理职务的董事。非执行董事是指在本行不担任经营管理职务 的董事。 第一条 为规范无锡农村商业银行股份有限公司（以下简称"本行"）董事会 的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规范 运作和科学决策水平，根据《中国共产党章程》《中华人民共和国公司法》（以下 简称《公司法》）、《中华人民共和国商业银行法》《上海证券交易所股票上市规则》 （以下简称《上市规则》）、《银行保险机构公司治理准则》等相关法律、行政法 规及规范性文件的规定，并结合本行《公司章程》《三重一大决策制度实施办法》 等有关规定，制订本议事规则。 第二章 职责与权限 第二条 本行董事会是股东会的执行机构和本行的经营决策机构，对股东会 负责。 第四条 董事会行使下列职权： （ ...

无锡农村商业银行股份有限公司 股东会议事规则 （2025年10月修订） 第一章 总则 第一条 为规范无锡农村商业银行股份有限公司（以下简称"本行"）股东 会议事程序，维护全体股东的合法权益，保证股东会能够依法行使职权，本行依 据《中华人民共和国公司法》（以下简称《公司法》）、《银行保险机构公司治 理准则》（以下简称《治理准则》）、《上市公司股东会规则》（以下简称《股 东会规则》）、本行《章程》及其他有关法律、法规和规范性文件的规定，特制 定本议事规则。 第二条 本行严格按照法律、行政法规、《股东会规则》及本行《章程》的 相关规定召开股东会，保证股东能够依法行使权利。 本行董事会应切实履行职责，认真、按时组织好股东会。本行全体董事对于 股东会的正常召开负有诚信责任，勤勉尽责，确保股东会正常召开和依法行使职 权，不得阻碍股东会依法行使职权。 第三条 合法有效持有本行股份的股东均有权亲自出席或授权委托代理人出 席股东会，并依法享有知情权、发言权、质询权和表决权等权利。 第四条 股东（包括股东代理人）出席股东会，应当遵守有关法律、法规、 规范性文件及本行《章程》的规定，自觉维护会议秩序，不得侵犯其它股东的合 法权益。 ...

无锡农村商业银行股份有限公司 章 程 1 | | | | 第五章 | 股东和股东会 | 11 | | --- | --- | --- | | 第一节 | 股东 | 11 | | 第二节 | 股东会一般规定 | 21 | | 第三节 | 股东会的召集 | 24 | | 第四节 | 股东会的提案与通知 | 26 | | 第五节 | 股东会的召开 | 28 | | 第六节 | 股东会的表决和决议 | 31 | | 第六章 | 董事会 | 35 | | 第一节 | 董事 | 35 | | 第二节 | 董事会 | 46 | | 第八章 | 财务会计制度、利润分配和审计 | 60 | | 第一节 | 财务会计制度 | 60 | | 第二节 | 内部审计 | 64 | | 第三节 | 会计师事务所的聘任 | 64 | | 第九章 | 通知和公告 | 65 | | 第一节 | 通知 | 65 | | 第十章 | 合并、分立、增资、减资、解散和清算 | 66 | | 第一节 | 合并、分立、增资和减资 | 66 | | 第二节 | 解散和清算 | 67 | | 第十一章 | 修改章程 | 70 | | 第十二章 | 附则 | ...

无锡农村商业银行股份有限公司 关于公司章程修订获监管机构核准 及不再设立监事会的公告 证券代码：600908 证券简称：无锡银行 公告编号：2025-025 近日，本行收到《无锡金融监管分局关于无锡农村商业银行修改公司章 程的批复》（锡金复〔2025〕114号），修订后的《公司章程》已获核准生效， 修订后的《公司章程》全文请参见本行于同日在上海证券交易所网站 （www.sse.com.cn）披露的文件。《股东会议事规则（2025年10月修订）》 《董事会议事规则（2025年10月修订）》等同步生效。本行随后将履行工商 备案等相关手续。 自《公司章程》核准之日起，本行监事会及监事依法撤销，《监事会议 事规则》同时废止。本行对各位监事在任职期间做出的贡献表示衷心感谢。 特此公告。 无锡农村商业银行股份有限公司董事会 2025年10月21日 无锡农村商业银行股份有限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。 无锡农村商业银行股份有限公司（以下简称"本行"）于2025年9月16 日召开的2025年第一次临时股东大会审议批准了《关于 ...

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting that several banks are undervalued based on their asset quality and excess provisioning metrics [4][3]. Core Insights - The valuation premium of banks typically arises from their middle-income and liability advantages, while valuation discounts are often due to concerns over asset quality [2][10]. - The report introduces two key indicators: "broad non-performing asset ratio" and "excess provisioning profit multiple" to objectively assess and compare the current asset quality status of banks [2][10]. - A total of 56 AH-listed banks are analyzed, expanding from the previous report's focus on 42 A-share listed banks, to provide a comprehensive overview of excess provisioning levels and trends [2][10]. Summary by Sections 1. Introduction: Significance of Asset Quality - The report emphasizes the importance of objectively assessing asset quality, as it significantly impacts bank valuations and performance [10]. 2. How to Objectively Assess Bank Non-Performing Assets - Traditional asset quality indicators may not accurately reflect the true provisioning situation due to inconsistent standards and incomplete coverage of assets [14]. - The report proposes a "broad non-performing asset ratio" to better capture the credit risk within banks [14][15]. 3. Construction of Excess Provisioning Profit Multiple Indicator - The excess provisioning profit multiple is constructed to measure the performance elasticity of banks, indicating their potential for future earnings recovery [7][14]. - The report highlights that banks with higher excess provisioning ratios, such as Hangzhou Bank, show strong risk mitigation capabilities [7][14]. 4. Valuation from the Perspective of Broad Excess Provisioning - The long-term correlation between bank valuation levels and ROE is noted, with excess provisioning contributing to performance and valuation improvements [3][4]. - Several banks, including Wuxi Bank and Agricultural Bank (H), are identified as being significantly above the PB-excess provisioning profit multiple regression line, indicating potential investment opportunities [3][4].

Core Insights - The rural commercial bank sector experienced a slight increase of 0.28% on October 17, with Jiangyin Bank leading the gains [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Jiangyin Bank (002807) closed at 4.87, up 1.88% with a trading volume of 520,200 shares and a transaction value of 252 million [1] - Zhangjiagang Bank (002839) closed at 4.46, up 0.90% with a trading volume of 560,500 shares and a transaction value of 250 million [1] - Other notable performances include: - Hunan Rural Commercial Bank (601825) at 8.86, up 0.57% [1] - Ruifeng Bank (601528) at 5.53, up 0.55% [1] - Yuanxi Bank (600908) at 6.16, up 0.16% [1] - Changshu Bank (601128) at 7.13, up 0.14% [1] - Yunnan Rural Commercial Bank (601077) at 7.28, unchanged [1] - Zijin Bank (601860) at 2.90, down 0.34% [1] - Sunong Bank (603323) at 5.25, down 0.38% [1] - Qingnong Bank (002958) at 3.24, down 0.61% [1] Capital Flow - The rural commercial bank sector saw a net outflow of 182 million from main funds, while retail investors contributed a net inflow of 240 million [1] - Detailed capital flow for selected banks includes: - Changshu Bank (601128) had a main fund net inflow of 24.33 million, with a retail net inflow of 16.99 million [2] - Ruifeng Bank (601528) had a main fund net inflow of 11.44 million, with a retail net inflow of 1.54 million [2] - Jiangyin Bank (002807) experienced a main fund net outflow of 18.85 million, but a retail net inflow of 35.68 million [2] - Zhangjiagang Bank (002839) had a significant main fund net outflow of 53.27 million, with a retail net inflow of 37.39 million [2] - Hunan Rural Commercial Bank (601825) also faced a main fund net outflow of 55.29 million, with a retail net inflow of 36.06 million [2]

Market Performance - The rural commercial bank sector increased by 1.54% on October 16, with Jiangyin Bank leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Jiangyin Bank (002807) closed at 4.78, up 2.14% with a trading volume of 462,300 shares and a transaction value of 2.19 billion [1] - Other notable performers include: - Shanghai Rural Commercial Bank (601825) at 8.81, up 1.85% [1] - Chongqing Rural Commercial Bank (601077) at 7.28, up 1.82% [1] - Zhangjiagang Bank (002839) at 4.42, up 1.61% [1] - Suzhou Rural Bank (603323) at 5.27, up 1.15% [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 114 million from institutional investors, while retail investors saw a net inflow of 117 million [1] - Detailed capital flow for individual stocks shows: - Changshu Bank (601128) had a net inflow of 20.74 million from institutional investors [2] - Jiangyin Bank (002807) had a net outflow of 7.53 million from institutional investors [2] - Suzhou Rural Bank (603323) had a significant net outflow of 26.89 million from institutional investors [2]