格隆汇12月26日丨无锡银行(600908.SH)公布，2020年12月，本行在全国银行间债券市场发行了规模为 人民币15亿元的无固定期限资本债券。根据本期债券募集说明书相关条款的约定，本期债券设有发行人 有条件赎回权，发行人有权在本期债券第5个计息年度的最后一日(2025年12月25日)全部或部分赎回本 期债券。 截至本公告日，经国家金融监督管理总局江苏监管局同意，本行已行使赎回权并全额赎回了本期债券。 ...

Core Viewpoint - The rural commercial bank sector experienced a decline of 0.72% on December 26, with Yunnan Rural Commercial Bank leading the drop [1] Market Performance - The Shanghai Composite Index closed at 3963.68, up 0.1% - The Shenzhen Component Index closed at 13603.89, up 0.54% [1] Individual Stock Performance - 瑞丰银行 (Rui Feng Bank) closed at 5.69, up 1.25% with a trading volume of 191,600 shares and a transaction value of 1.09 billion - 常熟银行 (Changshu Bank) closed at 7.06, down 0.28% with a trading volume of 257,400 shares and a transaction value of 182 million - 青农商行 (Qingnong Bank) closed at 3.13, down 0.32% with a trading volume of 308,500 shares and a transaction value of 96.6 million - 紫金银行 (Zijin Bank) closed at 2.76, down 0.36% with a trading volume of 234,900 shares and a transaction value of 64.99 million - 张家港行 (Zhangjiagang Bank) closed at 4.59, down 0.43% with a trading volume of 195,400 shares and a transaction value of 89.74 million - 苏农银行 (Sunong Bank) closed at 5.10, down 0.58% with a trading volume of 155,300 shares and a transaction value of 79.41 million - 元锡银行 (Yuanxi Bank) closed at 5.93, down 0.67% with a trading volume of 110,400 shares and a transaction value of 65.56 million - 江阴银行 (Jiangyin Bank) closed at 4.65, down 0.85% with a trading volume of 263,100 shares and a transaction value of 123 million - 沪农商行 (Hu Nong Bank) closed at 9.05, down 0.88% with a trading volume of 189,500 shares and a transaction value of 173 million - 渝农商行 (Yun Nong Bank) closed at 6.34, down 1.25% with a trading volume of 368,900 shares and a transaction value of 235 million [1] Capital Flow - The rural commercial bank sector saw a net outflow of 63.53 million from main funds, while retail funds had a net inflow of 15.54 million [1] - The detailed capital flow for individual stocks shows varying trends, with some banks experiencing significant net outflows from main funds [2]

截至本公告日，经国家金融监督管理总局江苏监管局同意，本行已行使赎回 权并全额赎回了本期债券。 特此公告。 无锡农村商业银行股份有限公司董事会 证券代码：600908 证券简称：无锡银行 公告编号：2025-031 无锡农村商业银行股份有限公司 关于赎回无固定期限资本债券的公告 无锡农村商业银行股份有限公司（以下简称"本行"）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。 2020 年 12 月，本行在全国银行间债券市场发行了规模为人民币 15 亿元的 无固定期限资本债券（以下简称"本期债券"）。根据本期债券募集说明书相关 条款的约定，本期债券设有发行人有条件赎回权，发行人有权在本期债券第 5 个计息年度的最后一日（2025 年 12 月 25 日）全部或部分赎回本期债券。 2025 年 12 月 27 日 ...

12月26日金融一线消息，无锡银行公告称，2020 年 12 月，该行在全国银行间债券市场发行了规模为人 民币15 亿元的无固定期限资本债券（以下简称"本期债券"）。根据本期债券募集说明书相关条款的约 定，本期债券设有发行人有条件赎回权，发行人有权在本期债券第5个计息年度的最后一日（2025 年 12 月 25 日）全部或部分赎回本期债券。截至本公告日，经国家金融监督管理总局江苏监管局同意，该行 已行使赎回权并全额赎回了本期债券。 责任编辑：李琳琳 12月26日金融一线消息，无锡银行公告称，2020 年 12 月，该行在全国银行间债券市场发行了规模为人 民币15 亿元的无固定期限资本债券（以下简称"本期债券"）。根据本期债券募集说明书相关条款的约 定，本期债券设有发行人有条件赎回权，发行人有权在本期债券第5个计息年度的最后一日（2025 年 12 月 25 日）全部或部分赎回本期债券。截至本公告日，经国家金融监督管理总局江苏监管局同意，该行 已行使赎回权并全额赎回了本期债券。 责任编辑：李琳琳 ...

Market Overview - The agricultural commercial bank sector experienced a slight decline of 0.05% on December 24, with Changshu Bank leading the drop [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Individual Stock Performance - Jiangyin Bank closed at 4.70, with a gain of 0.64% and a trading volume of 252,600 shares, amounting to 118 million yuan [1] - Zhangjiagang Bank closed at 4.59, up 0.44%, with a trading volume of 232,800 shares, totaling 106 million yuan [1] - Zijin Bank closed at 2.76, gaining 0.36%, with a trading volume of 232,500 shares, amounting to 63.89 million yuan [1] - Qingnong Commercial Bank closed at 3.14, up 0.32%, with a trading volume of 241,600 shares, totaling 7.56 million yuan [1] - Shinan Bank closed at 5.15, gaining 0.19%, with a trading volume of 151,100 shares, amounting to 7.75 million yuan [1] - Wuxi Bank closed at 5.96, up 0.17%, with a trading volume of 93,900 shares, totaling 5.59 million yuan [1] - Yunnan Agricultural Commercial Bank closed at 6.43, gaining 0.16%, with a trading volume of 424,500 shares, amounting to 272 million yuan [1] - Shanghai Agricultural Commercial Bank closed at 9.16, down 0.22%, with a trading volume of 192,800 shares, totaling 177 million yuan [1] - Ruifeng Bank closed at 5.54, down 0.72%, with a trading volume of 121,600 shares, amounting to 6.74 million yuan [1] - Changshu Bank closed at 7.07, down 0.84%, with a trading volume of 363,200 shares, totaling 257 million yuan [1] Fund Flow Analysis - The agricultural commercial bank sector saw a net outflow of 10.80 million yuan from main funds, while speculative funds had a net inflow of 53.25 million yuan, and retail investors experienced a net outflow of 42.45 million yuan [1] - Yunnan Agricultural Commercial Bank had a main fund net inflow of 18.22 million yuan, accounting for 6.69% of its total [2] - Wuxi Bank experienced a main fund net inflow of 1.33 million yuan, representing 2.37% of its total [2] - Zijin Bank had a main fund net inflow of 130,700 yuan, which is 0.20% of its total [2] - Changshu Bank faced a main fund net outflow of 2.10 million yuan, accounting for -0.82% of its total [2] - Jiangyin Bank had a main fund net outflow of 5.73 million yuan, representing -4.84% of its total [2] - Zhangjiagang Bank experienced a main fund net outflow of 6.66 million yuan, accounting for -6.26% of its total [2] - Qingnong Commercial Bank had a significant main fund net outflow of 9.53 million yuan, representing -12.61% of its total [2]

Core Viewpoint - The rural commercial bank sector experienced a decline of 1.18% on December 22, with Yunnan Rural Commercial Bank leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3917.36, up by 0.69% [1] - The Shenzhen Component Index closed at 13332.73, up by 1.47% [1] - The rural commercial bank sector saw mixed individual stock performances, with notable declines in several banks [1] Group 2: Individual Stock Performance - Wuxi Bank (600908) had a closing price of 5.96, down by 1.32%, with a trading volume of 141,500 shares and a transaction amount of 84.89 million [1] - Changshu Bank (601128) closed at 7.16, down by 1.10%, with a trading volume of 259,900 shares and a transaction amount of 187 million [1] - Yunnan Rural Commercial Bank (601077) closed at 6.36, down by 2.15%, with a trading volume of 418,000 shares and a transaction amount of 267 million [1] Group 3: Capital Flow - The rural commercial bank sector had a net inflow of 19.98 million from main funds, while retail investors saw a net outflow of 44.62 million [1] - Individual stocks within the sector showed varied capital flows, with some banks experiencing significant net outflows from retail investors [2]

证券之星消息，12月18日农商行板块较上一交易日上涨2.0%，渝农商行领涨。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。农商行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601077 | 渝农商行 | 6.45 | 3.20% | 76.95万 | 4.90 Z | | 002807 | 江阴银行 | 4.69 | 2.40% | 33.50万 | 1.56亿 | | 603323 | 示农银行 | 5.17 | 1.77% | 21.28万 | 260'T | | 002839 | 张家港行 | 4.65 | 1.75% | 1 29.62万 | 1.37亿 | | 601825 | 沪农商行 | 9.36 | 1.74% | 15.73万 | 1.46亿 | | 600908 | 无锡银行 | 5.98 | 1.70% | 17.63万 | 1.05亿 | | 601128 | 常熟银行 | 7.23 | 1. ...

Investment Rating - The report assigns an "Overweight" rating for the banking sector [7]. Core Insights - The report emphasizes the significant improvement in the cost of liabilities for banks in 2025, with a notable decrease of 28 basis points (bp) in the first half of the year, compared to only 4 bp in the same period last year. This improvement is primarily driven by reductions in deposit and interbank liabilities costs, contributing 19 bp and 7 bp respectively [3][11]. - The net interest margin (NIM) is expected to decline by approximately 5 bp in 2026, with the downward pressure on margins continuing to ease marginally, suggesting that some banks may stabilize their NIMs [2][10]. Summary by Sections 1. Liability Cost Improvement in 2025 - The first half of 2025 saw a significant reduction in the cost of interest-bearing liabilities, with the cost rate dropping to 1.70%, a decrease of 28 bp from 2024. This was supported by improvements in both deposit and interbank liability costs [11]. 2. Liability Side: Deposit Maturity and Repricing Benefits 1) **Term Structure**: The proportion of long-term deposits entering the repricing cycle has increased, with the share of deposits with a remaining maturity of 1-5 years declining by 1.5 percentage points (pct) to 22.6% by the end of Q2 2025. Some banks, such as those in Ningbo and Chongqing, experienced declines exceeding 10 pct [4]. 2) **Price Factors**: Regulatory focus on maintaining reasonable NIM levels has increased, with expectations of further interest rate cuts. The maximum reduction for three-year deposits could exceed 100 bp, indicating substantial room for cost improvement [5]. 3. Asset Side: Yield Pressure Expected to be Better than 2025 1) **Loans**: The repricing pressure on loans is expected to ease, with the five-year Loan Prime Rate (LPR) declining by only 10 bp in 2025, significantly less than the 50 bp drop the previous year [6]. 2) **Debt Replacement**: The shift from high-interest to low-interest debt is anticipated to have a limited impact on net interest margins, estimated to drag down margins by about 4 bp [6]. 3) **Bond Maturity**: The widening gap between new bond issuance rates and existing bond yields is expected to exert downward pressure on investment yields, with an estimated drag of 6 bp on margins from the reallocation of bonds maturing within one year [6]. 4. NIM Projections - The report forecasts a 5 bp decline in NIM for 2026, with the downward trend continuing to converge. The asset yield is expected to decrease by 17 bp, while the cost of liabilities is projected to improve by 13 bp, with deposit costs improving by 17 bp [7][10].

Core Insights - The agricultural commercial bank sector experienced a slight increase of 0.21% on December 8, with Shanghai Agricultural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up by 0.54%, while the Shenzhen Component Index closed at 13329.99, up by 1.39% [1] Stock Performance - Shanghai Agricultural Commercial Bank (601825) closed at 9.52, with a rise of 1.17% and a trading volume of 214,500 shares, amounting to a transaction value of 204 million yuan [1] - Changshu Bank (601128) closed at 7.13, up by 0.28%, with a trading volume of 369,800 shares [1] - Other banks such as Jiangyin Bank (002807) and Zijin Bank (601860) saw declines of 0.63% and 0.71% respectively [1] Capital Flow - The agricultural commercial bank sector saw a net outflow of 5.0441 million yuan from main funds, while retail funds experienced a net outflow of 7.61304 million yuan [1] - Speculative funds, however, recorded a net inflow of 81.1746 million yuan [1] Individual Stock Capital Flow - Wuxi Bank (600908) had a main fund net inflow of 19.0391 million yuan, while retail funds saw a net outflow of 21.8041 million yuan [2] - Qingnong Bank (002958) experienced a main fund net inflow of 15.7202 million yuan, but retail funds had a net outflow of 1.13021 million yuan [2] - Zhangjiagang Bank (002839) had a main fund net inflow of 7.6575 million yuan, with retail funds seeing a net outflow of 1.24512 million yuan [2]

Core Viewpoint - The rural commercial bank sector experienced a 0.75% increase on December 2, with Yunnan Rural Commercial Bank leading the gains, while the Shanghai Composite Index and Shenzhen Component Index saw declines of 0.42% and 0.68%, respectively [1] Group 1: Market Performance - The closing price of Yunnan Rural Commercial Bank was 6.72, up by 1.20%, with a trading volume of 538,400 shares and a transaction value of 361 million [1] - Other banks in the sector, such as Shanghai Rural Commercial Bank and Wuxi Bank, also reported gains of 1.06% and 0.65%, respectively [1] - The overall trading volume and transaction values for various banks indicate active market participation, with Zhangjiagang Bank and Suzhou Rural Bank also showing positive performance [1] Group 2: Fund Flow Analysis - The rural commercial bank sector saw a net outflow of 83.05 million from institutional investors and 32.37 million from speculative funds, while retail investors contributed a net inflow of 115 million [1] - Yunnan Rural Commercial Bank had a net inflow of 13.21 million from institutional investors, despite a net outflow of 21.98 million from speculative funds [2] - The fund flow data indicates varying levels of investor confidence, with some banks like Zhangjiagang Bank experiencing significant net outflows from institutional and speculative investors, while retail investors showed strong interest [2]