Group 1 - The banking sector continues to decline, with Agricultural Bank, Xiamen Bank, Zijin Bank, Xi'an Bank, and Zhangjiagang Bank experiencing drops of over 5% [1]

证券代码：600928 证券简称：西安银行 公告编号：2026-007 西安银行股份有限公司关于关联交易事项的公告 中加基金系持有本公司 5%以上股份的加拿大丰业银行施加重大 影响的公司，根据《上海证券交易所股票上市规则》等法律法规的相 关规定属于本公司关联方。 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： 西安银行股份有限公司（以下简称"公司"）第六届董事会第 三十四次会议审议通过了《西安银行股份有限公司关于与关联方中加 基金管理有限公司开展投资业务合作的议案》，同意按市场定价原则 与加拿大丰业银行的关联方中加基金管理有限公司（以下简称"中加 基金"）开展不超过 13 亿元的投资业务合作。 过去 12 个月，本公司与中加基金未开展投资业务合作，本次 投资业务合作金额超过本公司最近一期经审计净资产绝对值的0.5%， 未达到 5%以上。 本次关联交易属于本公司日常经营业务，不构成重大资产重组， 对本公司的正常经营活动及财务状况不构成重大影响。本次关联交易 无需提交股东会审议批准。 一、关联交易概述 2026 ...

证券代码：600928 证券简称：西安银行 公告编号：2026-006 三、审议通过了《西安银行股份有限公司 2025 年度主要股东和 大股东评估报告》 西安银行股份有限公司 第六届董事会第三十四次会议决议公告 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。 西安银行股份有限公司（以下简称"公司"）于 2026 年 3 月 9 日 以电子邮件及书面方式发出关于召开第六届董事会第三十四次会议 的通知。会议于 2026 年 3 月 19 日在公司总部 4 楼第 1 会议室以现场 方式召开，梁邦海董事长主持会议，本次会议应出席董事 10 名，实 际出席董事 10 名。公司股东大唐西市文化产业投资集团有限公司股 权质押比例超过 50%，根据监管规定对其提名的胡军董事在董事会上 的表决权进行了限制。公司高级管理人员列席了会议。本次会议的召 开符合《中华人民共和国公司法》等法律法规和《西安银行股份有限 公司章程》的有关规定。会议所形成的决议合法、有效。 会议对如下议案进行了审议并表决： 一、审议通过了《西安银行股份有限公司关于组织架构调 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The spot price of logs has been adjusted downwards to increase sales volume, while the futures price has slightly increased. The supply side is expected to face pressure in the future, but there is still potential for price increases during the peak season. The future price trend is mainly influenced by downstream demand and other fundamental factors [3][4][9] 3. Summary by Relevant Catalogs 3.1 Supply - Spot prices: The price of 3.9 - meter medium - A radiata pine logs at Rizhao Port remained stable at 770 yuan/cubic meter compared to the previous period, while the price of 4 - meter medium - A radiata pine logs at Taicang Port decreased. The futures price of the main log contract 2605 rebounded after a decline, closing at 811.5 yuan/cubic meter on March 7 [4] - Foreign quotes and freight rates: In March 2026, the CFR quote range for New Zealand radiata pine logs was 117 - 122 US dollars/JAS cubic meter, a 5 - dollar increase from the previous month. The ocean freight for imported coniferous log bulk carriers from New Zealand to China in late March was 40 US dollars/JAS cubic meter, an 8 - dollar increase from early March, a 25% increase [4] - Expected and actual arrivals: From March 16 - 22, 2026, 15 New Zealand log ships were expected to arrive at 13 Chinese ports, a 67% increase from the previous week, with a total arrival volume of about 546,000 cubic meters, a 90% increase. From March 9 - 15, 9 New Zealand log ships actually arrived at 13 Chinese ports, a 10% decrease from the previous week, with a total arrival volume of about 287,000 cubic meters, a 25% decrease [4] - Import volume: In February 2026, China imported 3.215 million cubic meters of logs and sawn timber. From January to February, the import volume was 7.503 million cubic meters, a year - on - year decrease of 11.2%. In 2025, the total import volume of Chinese coniferous logs decreased year - on - year [4] - Departure volume: From February 28 to March 6, 2026, a total of 11 ships with 440,000 cubic meters of logs departed from 12 New Zealand ports, a decrease of 3 ships and 90,000 cubic meters compared to the previous period. Among them, 9 ships with 350,000 cubic meters were directly sent to China, a decrease of 1 ship and 30,000 cubic meters [4] 3.2 Inventory - Inventory status: As of March 13, the total domestic coniferous log inventory was 3.04 million cubic meters, a decrease of 90,000 cubic meters from the previous week. The radiata pine inventory was 2.43 million cubic meters, a decrease of 80,000 cubic meters; the North American timber inventory was 270,000 cubic meters, an increase of 10,000 cubic meters; and the spruce/fir inventory was 150,000 cubic meters, a decrease of 10,000 cubic meters [6] - Inventory trend: Before the Spring Festival, inventory shifted from reduction to accumulation, and continued to accumulate during the Spring Festival. The inventory of radiata pine and North American timber increased significantly, but was still at a relatively low level compared to the same period in history. The arrival pressure during the Spring Festival was more moderate than in previous years. In March, 14 ships of New Zealand timber were expected to arrive at Taicang Port, about 460,000 cubic meters, a 296% increase from February [6] 3.3 Demand - Outbound volume: From March 9 - 15, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 57,800 cubic meters, a 73.57% increase from the previous week. Among them, the average daily outbound volume of coniferous logs at Shandong ports was 28,700 cubic meters, a 20.59% increase; and at Jiangsu ports was 22,400 cubic meters, a 220% increase [6] - Market situation: The outbound volume of logs decreased during the Spring Festival due to the closure of the spot market. With the resumption of work in the market, the outbound volume after the festival has significantly recovered to the normal level. Affected by the port inventory pressure, traders actively reduced prices to promote sales [6] 3.4 Recent News and Outlook - Resource concentration: China's imported radiata pine shows a significant resource concentration, with an increasing proportion from New Zealand. However, the risk of over - relying on a single source is accumulating [7] - Policy impact: The anti - involution policy has a certain indirect boost in the off - season. The downstream products of logs and black futures are affected by the construction and manufacturing industries. The correlation between construction wood and coke is 0.9, and the industrial structure adjustment in the construction industry benefits the log futures market [7] - Customs policy: The General Administration of Customs decided to abolish the suspension of importing US logs. In the short term, the total volume of US logs that can arrive at ports and complete customs clearance will still be limited [7] - Natural disaster: A landslide in New Zealand's North Island may affect local logging operations and cause delays in the shipment of some ships. Currently, the arrival volume in China is still at a low level [7] - Exchange policy: The Dalian Commodity Exchange adjusted the designated vehicle - board delivery locations for logs, suspending the delivery business at some locations [7] - Geopolitical situation: The Iran situation has indirectly increased the global geopolitical risk index. Although New Zealand log shipping is not directly involved in the Iran route, it may indirectly affect the global transportation efficiency of New Zealand logs and increase the shipping cost [7] 3.5 Strategies and Suggestions - Risk factors: Geopolitical news, tariff news, changes in foreign quotes, and changes in ocean freight rates [9] - Market trend in 2025: In the second half of 2025, the near - and far - month trends of log futures diverged significantly. The 2511 contract declined rapidly after the peak season, while the 2601 contract initially maintained a strong shock. The price difference structure became more differentiated [9] - Market situation around the Spring Festival in 2026: Before the Spring Festival, the demand showed a north - south differentiation. In Jiangsu, the supply shortage was gradually alleviated, and the price increase trend may slow down; in Shandong, the demand was stable. During the Spring Festival, the outbound volume decreased significantly, and the inventory pressure was more moderate than in previous years [9] - Post - festival market: After the Spring Festival, the main contract was switched to 2605. The price of the main log futures contract rose continuously, breaking through the short - term high of 804. The price increase was due to the increase in costs such as ocean freight and foreign quotes under the influence of the US - Iran geopolitical situation, as well as the positive demand expectation after the market resumed work [9] - Future outlook: The current main contract 2605 rebounded after a decline. Although the orders for construction timber have not recovered well, there is still a positive expectation in the market. In the short term, the price may remain stable. In the future, the price trend is mainly influenced by downstream demand. There is still room for price increases during the peak season [9]

Group 1 - The banking operating environment is characterized by a shift to a "quality over quantity" approach in credit growth, with a slowdown in RMB loan growth to 6% as of February 2026, influenced by weak credit demand and a focus on state-supported industries [4][14] - Fiscal policy remains proactive, with a projected general deficit rate of approximately 8.0% in 2026, which is expected to maintain a strong leverage effect on credit demand similar to 2025 [31][32] - The profitability of banks is gradually stabilizing, with state-owned banks showing positive profit growth due to fiscal policies, while smaller banks face operational pressures [7][35] Group 2 - Retail credit risk remains under pressure, with an increase in non-performing loans, particularly among smaller banks, although there is optimism for state-owned banks' asset quality [7][26] - The investment strategy emphasizes two main lines: focusing on wealth management capabilities in joint-stock banks and identifying city and rural commercial banks with controllable risks and strong profit certainty [6][35] - The credit growth momentum is shifting from traditional industries to emerging sectors supported by government policies, with significant growth in loans to green and high-tech enterprises [19][20]

关于部分国有股份协议转让完成过户登记的公告 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 本公司股东长安国际信托股份有限公司将其持有本公司的 48,268,809股股份以协议转让方式转让至本公司股东西安投资控股 有限公司持有。上述股份协议转让已于2026年3月10日完成过户登记 手续。 本次股份协议转让系与公司实际控制人西安市人民政府具有 关联关系的国有股东之间的内部转让，不涉及向市场增持或减持，不 触及要约收购。本次股份协议转让完成后，本公司实际控制人西安市 人 民 政 府 合 计 股 份 数 量 及 比 例 未 发 生 变 化 ， 合 计 持 股 仍 为 1,218,448,240股，占公司总股本比例27.42%。 一、协议转让概述 前期，西安银行股份有限公司（以下简称"公司"）收到股东西 安投资控股有限公司（以下简称"西投控股"）和长安国际信托股份 有限公司（以下简称"长安信托"）的通知。为了促进国有股东资源 整合，提高国有金融资本运营管理效率，长安信托拟将其持有公司的 证券代码：600928 证券简称 ...

Investment Rating - The report maintains a recommendation for the banking sector, indicating a defensive value amidst external uncertainties affecting the A-share market [2][5]. Core Insights - The "Two Sessions" have provided financial signals, focusing on monetary policy, financial risk prevention, and institutional reforms. The monetary policy is expected to remain moderately loose, prioritizing stable economic growth and reasonable price recovery [5][11]. - The report anticipates that the frequency of reserve requirement ratio (RRR) and interest rate cuts will remain consistent with the previous year, with a lower probability of implementation in the first half of the year. The growth rate of social financing (社融) and M2 may fall below 8% [5][11]. - Structural monetary policy tools will be emphasized, with an expected net investment scale exceeding 540.5 billion in 2025, focusing on supporting domestic demand, technological innovation, and small and micro enterprises [6][11]. Summary by Sections Regulatory Dynamics - The report highlights the successful convening of the "Two Sessions" and the focus on monetary policy and financial risk prevention by the People's Bank of China [3][14]. Market Dynamics - The report notes a decline of 2.30% in the Wind All A Index, while the Shenwan banking sector increased by 1.64% [17]. Data Overview - The central bank's net withdrawal this week was 1.56 trillion, with a decrease in various interest rates, including the Shibor rates [4][25]. - The report provides detailed data on the performance of various banking stocks, including their dividend rates and price-to-earnings ratios [22]. Banking Sector Trends - The report indicates that the net interest margin decline is stabilizing, suggesting that revenue challenges for commercial banks may be easing. It recommends focusing on city commercial banks in key development areas and national banks with lower non-performing asset pressures [11].

证券代码：600928 证券简称：西安银行 公告编号：2026-004 西安银行股份有限公司关于董事退休离任的公告 范德尧先生已确认与公司董事会无不同意见，亦无任何与离 任有关的事项需要通知公司股东与债权人。范德尧先生已按照公 司有关要求做好工作交接。范德尧先生的离任不会导致公司董事 会成员低于法定人数。 公司董事会对范德尧先生在任期间为公司做出的贡献表示 衷心的感谢。 特此公告。 西安银行股份有限公司董事会 2026 年 3 月 6 日 姓名 离任职务 离任时间 离任 原因 是否继续在上 市公司及其控 股子公司任职 是否存在未 履行完毕的 公开承诺 范德尧 董事 2026 年 3 月 5 日 退休 否 否 一、 董事离任基本情况 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。 西安银行股份有限公司（以下简称"公司"）董事范德尧先 生因退休于 2026 年 3 月 5 日向公司董事会提交了辞职报告，申 请辞去公司第六届董事会董事以及董事会相关专门委员会委员 职务。根据公司章程规定，范德尧先生的辞任自其辞职报告送达 公司董事会 ...

Group 1 - The core transaction involved Xi'an Bank, with a total of 3 million shares traded on February 26, resulting in a transaction amount of 11.19 million yuan, which accounted for 10.7% of the total trading volume for that day [1][2] - The transaction price was 3.73 yuan per share, which was consistent with the market closing price of 3.73 yuan [1][2]

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].