Core Viewpoint - The announcement from Hu Nong Commercial Bank indicates significant insider buying by top executives, reflecting confidence in the bank's future performance and aligning with a broader trend of regional banks experiencing similar increases in executive and institutional shareholdings [1]. Group 1: Executive Purchases - Five senior executives of Hu Nong Commercial Bank, including the president and several vice presidents, purchased a total of 259,100 shares from November 13 to November 17, 2025, at prices ranging from 9.02 to 9.08 yuan [1]. - This trend of executive share purchases is not isolated, as other regional banks such as Nanjing Bank, Wuxi Bank, and Suzhou Bank have also seen similar actions from their management teams [1]. Group 2: Institutional Purchases - Qingdao Bank reported that its major shareholder, Qingdao Guoxin Financial Holdings Group Co., Ltd., increased its holdings through the Hong Kong Stock Connect, raising its total stake to 15.42%, making it the largest shareholder of the bank [1]. - In addition, Su Nong Bank's executives plan to purchase at least 1.8 million yuan worth of A-shares within six months starting from November 11, 2025 [1]. - Qilu Bank disclosed that its management has already purchased approximately 3.15 million yuan worth of shares, achieving 90% of its planned increase since announcing its buyback plan in mid-September [1].

Core Insights - The agricultural commercial bank sector experienced a decline of 0.94% on November 18, with Yunnan Agricultural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - The closing prices and changes for key agricultural banks are as follows: - Wuxi Bank (600908): Closed at 6.16, down 0.16% - Su Nong Bank (603323): Closed at 5.25, down 0.19% - Zhangjiagang Bank (002839): Closed at 4.59, down 0.22% - Shanghai Agricultural Bank (601825): Closed at 8.89, down 0.34% - Changshu Bank (601128): Closed at 7.08, down 0.56% - Jiangyin Bank (002807): Closed at 4.84, down 0.62% - Ruifeng Bank (601528): Closed at 5.56, down 0.89% - Qingnong Bank (002958): Closed at 3.19, down 0.93% - Zijin Bank (601860): Closed at 2.84, down 1.39% - Yunnan Agricultural Bank (601077): Closed at 6.68, down 2.34% [1] Capital Flow - The agricultural commercial bank sector saw a net outflow of 84.52 million yuan from main funds, while retail funds experienced a net inflow of 42.45 million yuan [1] - The detailed capital flow for selected banks includes: - Su Nong Bank: Main funds net inflow of 11.60 million yuan, retail net outflow of 6.05 million yuan - Qingnong Bank: Main funds net inflow of 5.36 million yuan, retail net outflow of 4.42 million yuan - Ruifeng Bank: Main funds net inflow of 3.82 million yuan, retail net outflow of 1.59 million yuan - Zijin Bank: Main funds net inflow of 3.54 million yuan, retail net outflow of 1.21 million yuan - Wuxi Bank: Main funds net inflow of 3.32 million yuan, retail net inflow of 2.90 million yuan - Yunnan Agricultural Bank: Main funds net outflow of 60.81 million yuan, retail net inflow of 39.29 million yuan [2]

Core Points - The company announced a cash dividend of 0.11 yuan per share (including tax) for the first half of 2025 [2][5] - The profit distribution plan was approved at the first extraordinary general meeting of shareholders held on September 16, 2025, and subsequently ratified by the board on October 24, 2025 [3][5] Distribution Plan - The distribution is based on a total share capital of 2,194,681,695 shares, resulting in a total cash dividend payout of approximately 241.41 million yuan [5] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [4][5] Implementation Details - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, with shareholders able to receive their dividends at their designated securities firms on the payment date [6] - For shareholders who have not completed designated transactions, the dividends will be held by the China Securities Depository and Clearing Corporation Limited until the transactions are completed [6] Taxation Information - Individual shareholders and securities investment funds will not have personal income tax withheld at the time of dividend distribution; tax will be calculated based on the holding period when shares are sold [10] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% corporate income tax withheld on dividends, with provisions for tax treaty benefits [11] - Other resident enterprises will be responsible for their own tax payments on dividend income [12]

Market Overview - The rural commercial bank sector experienced a decline of 1.94% on November 17, with Jiangyin Bank leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Key stocks in the rural commercial bank sector showed the following closing prices and changes: - Zijin Bank: 2.88, down 0.69% - Wuxi Bank: 6.17, down 1.12% - Qingnong Bank: 3.22, down 1.23% - Sunong Bank: 5.26, down 1.31% - Ruifeng Bank: 5.61, down 1.41% - Zhangjiagang Bank: 4.60, down 1.50% - Changshu Bank: 7.12, down 1.52% - Yunnan Rural Commercial Bank: 6.84, down 2.15% - Hunan Rural Commercial Bank: 8.92, down 2.41% - Jiangyin Bank: 4.87, down 2.79% [1] Capital Flow Analysis - The rural commercial bank sector saw a net inflow of 7.09 million yuan from institutional investors, while retail investors experienced a net outflow of 69.16 million yuan [1] - The following table summarizes the capital flow for individual stocks: - Su Nong Bank: Institutional net outflow of 37.41 million yuan, retail net outflow of 23.52 million yuan - Wuxi Bank: Institutional net inflow of 20.36 million yuan, retail net outflow of 16.42 million yuan - Qingnong Bank: Institutional net inflow of 8.88 million yuan, retail net outflow of 4.44 million yuan - Zhangjiagang Bank: Institutional net inflow of 0.09 million yuan, retail net outflow of 4.14 million yuan - Zijin Bank: Institutional net outflow of 2.25 million yuan, retail net inflow of 1.99 million yuan - Hunan Rural Commercial Bank: Institutional net outflow of 3.01 million yuan, retail net outflow of 5.89 million yuan - Yunnan Rural Commercial Bank: Institutional net outflow of 3.03 million yuan, retail net outflow of 3.84 million yuan - Jiangyin Bank: Institutional net outflow of 4.77 million yuan, retail net outflow of 10.49 million yuan - Ruifeng Bank: Institutional net outflow of 7.96 million yuan, retail net inflow of 3.60 million yuan - Changshu Bank: Institutional net outflow of 38.61 million yuan, retail net inflow of 44.61 million yuan [2]

每股分配比例 A 股每股现金红利0.11元（含税）。 证券代码：600908 证券简称：无锡银行 公告编号：2025-029 无锡农村商业银行股份有限公司 2025年半年度权益分派实施公告 无锡农村商业银行股份有限公司（以下简称"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： 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/11/24 | － | 2025/11/25 | 2025/11/25 | 差异化分红送转： 否 3. 分配方案： 本次利润分配以方案实施前的公司总股本2,194,681,695股为基数，每股派发现金红利0.11 元（含税），共计派发现金红利241,414,986.45元。 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 ...

Core Points - Wuxi Bank announced that its profit distribution plan for the first half of 2025 has been approved [1] - The distribution will be based on a total share capital of 2.195 billion shares, with a cash dividend of 0.11 yuan per share (tax included), totaling 241 million yuan [1] - The record date for the dividend is November 24, 2025, with the ex-dividend date and payment date set for November 25, 2025 [1] - The distribution of dividends for unrestricted circulating shares will be handled by China Securities Depository and Clearing Corporation Limited Shanghai Branch, while some shareholders will receive dividends directly from the company, with different tax deduction methods for various types of shareholders [1]

Core Viewpoint - The recent approval by regulatory authorities for banks to abolish their supervisory boards and transfer their functions to the audit committee of the board is a significant shift in corporate governance within the banking sector in China [1][2][3] Group 1: Regulatory Changes - Over ten banks have announced the approval to abolish their supervisory boards, including prominent banks such as Wuxi Rural Commercial Bank, Changshu Bank, Zhengzhou Bank, and Shanghai Bank [1] - The new Company Law, effective from July 1, 2024, allows joint-stock companies to establish an audit committee composed of directors to perform the functions of the supervisory board, eliminating the need for a supervisory board [2] - The National Financial Supervision Administration's notification in December 2025 further clarifies that financial institutions can set up an audit committee in accordance with their articles of association, thereby not requiring a supervisory board [2] Group 2: Historical Context and Implications - The supervisory board system was introduced in the 1990s in China's banking sector, modeled after the German system, to establish an independent supervisory layer [3] - The original intent of the supervisory board was to act as a supervisor in corporate governance, ensuring compliance and asset safety, but it has often struggled to fulfill this role effectively [3] - The transition to an audit committee, typically composed of directors with financial and risk management backgrounds, is expected to enhance governance efficiency by integrating supervisory functions into the decision-making core of the board [3]

Investment Rating - The report does not explicitly state an investment rating for the banking sector, but it provides detailed insights into dividend yields and distribution processes, which can inform investment decisions. Core Insights - The report outlines the latest dividend yields and mid-term dividend processes for A and H shares of listed banks, emphasizing the importance of accurately calculating dynamic dividend yields to avoid discrepancies across periods [1][2]. - It details the two processes for mid-term dividends following the 2023 revision of the regulatory guidelines, highlighting the conventional and simplified processes for implementing mid-term dividends [2]. - The report provides a comprehensive overview of key dates related to dividend distribution for both A and H shares, including the importance of purchasing shares before the ex-dividend date to qualify for dividends [3][4]. Summary by Sections Dynamic Dividend Yield Calculation - A simplified yet accurate method for calculating dynamic dividend yield is introduced, defined as "rolling 12-month EPS * cash dividend rate / share price," which helps avoid issues related to overlapping or missing annual and mid-term dividends [1]. - The report calculates the cash dividend rate using a standardized approach across different banks, resulting in a clear comparison of dividend yields as of November 13, 2025 [1]. Mid-Term Dividend Processes - The report explains the two processes for mid-term dividends: the conventional process requiring shareholder approval and a simplified process allowing for quicker implementation [2]. - The simplified process is designed to enhance flexibility for companies in distributing mid-term dividends, thereby improving shareholder returns [2]. Dividend Distribution Key Dates - For A shares, investors must purchase shares before the ex-dividend date to receive dividends on the same day, while H shares typically see a delay of about one month for dividend payments [3][4]. - The report outlines the differences in the dividend distribution timeline between A and H shares, emphasizing the need for investors to be aware of these timelines to maximize their returns [3][4]. Mid-Term Dividend Progress - As of November 13, 2025, 31 A-share banks have confirmed mid-term dividends, while 11 H-share banks have also confirmed their dividend distributions [9][11]. - The report categorizes banks based on their dividend status, detailing those that have implemented dividends, those that are pending, and those that have opted not to distribute dividends [9][10][11]. - It highlights that the end of 2025 and early 2026 is expected to be a peak period for mid-term dividend distributions, suggesting potential investment opportunities for dividend-seeking investors [11].

Group 1 - On November 12, Wuxi Bank executed a block trade of 4 million shares, with a transaction amount of 25.2 million yuan, accounting for 20.36% of the total trading volume for the day [1] - The transaction price was 6.3 yuan, which was in line with the market closing price of 6.3 yuan [1]

Core Viewpoint - The rural commercial bank sector experienced a slight increase of 0.34% on November 12, with Yunnan Rural Commercial Bank leading the gains, while the Shanghai Composite Index fell by 0.07% and the Shenzhen Component Index decreased by 0.36% [1] Group 1: Market Performance - The closing price of Yunnan Rural Commercial Bank was 7.07, with an increase of 1.29% and a trading volume of 786,800 shares, amounting to a transaction value of 560 million yuan [1] - Zhangjiagang Bank closed at 4.70, up 0.86%, with a trading volume of 364,600 shares and a transaction value of 171 million yuan [1] - Wuxi Bank's closing price was 6.30, reflecting an increase of 0.80%, with a trading volume of 156,400 shares and a transaction value of approximately 98.55 million yuan [1] - Su Nong Bank closed at 5.38, up 0.37%, with a trading volume of 291,500 shares and a transaction value of 157 million yuan [1] - Ruifeng Bank's closing price was 5.68, with a 0.35% increase, trading 132,800 shares for a total value of approximately 7.55 million yuan [1] - Zijin Bank closed at 2.89, up 0.35%, with a trading volume of 578,600 shares and a transaction value of 167 million yuan [1] - Qingnong Bank closed at 3.28, reflecting a 0.31% increase, with a trading volume of 896,200 shares and a transaction value of 294 million yuan [1] - Jiangyin Bank's closing price was 5.05, unchanged, with a trading volume of 419,400 shares and a transaction value of 212 million yuan [1] - Changshu Bank closed at 7.25, unchanged, with a trading volume of 330,700 shares and a transaction value of 241 million yuan [1] - Shanghai Rural Commercial Bank closed at 9.04, down 0.33%, with a trading volume of 147,500 shares and a transaction value of 134 million yuan [1] Group 2: Fund Flow Analysis - The rural commercial bank sector saw a net outflow of 26.19 million yuan from main funds, while speculative funds experienced a net inflow of 34.43 million yuan, and retail investors had a net outflow of 8.24 million yuan [1]