Market Performance - The agricultural commercial bank sector increased by 0.41% on August 28, with Shanghai Agricultural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Shanghai Agricultural Commercial Bank (601825) closed at 8.76, up 1.04% with a trading volume of 382,700 shares and a transaction value of 334 million [1] - Zhangjiagang Bank (002839) closed at 4.49, up 0.67% with a trading volume of 410,800 shares and a transaction value of 183 million [1] - Chongqing Agricultural Commercial Bank (601077) closed at 6.34, up 0.48% with a trading volume of 744,600 shares and a transaction value of 470 million [1] - Jiangyin Bank (002807) closed at 4.79, down 0.21% with a trading volume of 489,800 shares and a transaction value of 234 million [1] Capital Flow Analysis - The agricultural commercial bank sector saw a net inflow of 9.792 million from institutional investors and a net inflow of 43.4504 million from retail investors, while individual investors experienced a net outflow of 53.2424 million [1] - Chongqing Agricultural Commercial Bank had a net inflow of 32.1428 million from institutional investors, while retail investors had a net outflow of 786.10 thousand [2] - Jiangyin Bank experienced a net inflow of 1.0032 million from institutional investors, with a net outflow of 2.76418 million from retail investors [2]

Core Insights - The social security fund has invested in 396 stocks by the end of Q2, with 37 stocks held for over 20 consecutive quarters, indicating a focus on long-term investments [1][2] Group 1: Investment Trends - The social security fund has consistently held shares in 204 stocks for over four quarters, with 132 stocks held for more than two years [1] - The longest-held stock is Hualu Hengsheng (华鲁恒升), held for 51 quarters since Q4 2012, with a total holding of 133 million shares, accounting for 6.26% of the circulating shares [1][4] - Other long-term holdings include Zhongyuan Media (中原传媒) and WoW Bio (我武生物), held for 44 and 43 quarters respectively [1] Group 2: Stock Performance - Among the 37 stocks held for over five years, the top holdings by quantity are Changshu Bank (常熟银行) with 206 million shares, Sun Paper (太阳纸业) with 151 million shares, and Hualu Hengsheng with 133 million shares [2] - The stocks with the highest holding ratios include Keri International (科锐国际) at 6.30%, Hualu Hengsheng at 6.26%, and Changshu Bank at 6.23% [2] - In terms of changes in holdings, 12 stocks saw an increase in holdings, with significant increases for Three Squirrels (三只松鼠) at 283.29%, Hongfa Co. (宏发股份) at 76.77%, and Hangyang Co. (杭氧股份) at 42.03% [2] Group 3: Industry Distribution - The 37 stocks are concentrated in the basic chemical, electronics, and automotive industries, with 7, 3, and 3 stocks respectively [3] - The basic chemical sector includes Hualu Hengsheng, Yangnong Chemical (扬农化工), and Blue Sky Technology (蓝晓科技) [3] - The electronics sector includes Transsion Holdings (传音控股), Pengding Holdings (鹏鼎控股), and XW Communication (信维通信) [3] Group 4: Financial Performance - Among the 37 stocks, 24 reported year-on-year profit growth, with notable increases from China Jushi (中国巨石) at 75.51%, Jieput (杰普特) at 73.84%, and New Hecheng (新和成) at 63.46% [3] - Conversely, 12 stocks experienced a decline in net profit, with the largest decreases from Zhongqi Co. (中旗股份) at 240.99%, Sanyou Chemical (三友化工) at 77.64%, and Three Squirrels at 52.22% [3]

Core Insights - The Social Security Fund has invested in 313 stocks by the end of Q2, with 20 stocks held for over 20 consecutive quarters [1] - The longest-held stock by the Social Security Fund is Hualu Hengsheng, held for 51 quarters since Q4 2012, with a total holding of 133 million shares, accounting for 6.26% of the circulating shares [1][2] - Among the 20 stocks held for over 5 years, the top holdings by quantity include Changshu Bank, Hualu Hengsheng, and Xiamen Xiangyu, with holdings of 206 million shares, 133 million shares, and 6.39 million shares respectively [2] Holdings Analysis - The Social Security Fund increased its holdings in 8 out of the 20 continuously held stocks by the end of Q2, with significant increases in Hongfa Shares (76.77%), Hangyang Co. (42.03%), and Yilian Network (19.73%) [2] - Conversely, 5 stocks saw a reduction in holdings, with the largest decreases in Zhongqi Shares (-50.14%), Chengyi Pharmaceutical (-8.92%), and Feilihua (-8.70%) [2] Industry Breakdown - The 20 continuously held stocks are concentrated in the basic chemical, pharmaceutical, and electronics industries, with 5, 3, and 2 stocks respectively [3] - The basic chemical sector includes Hualu Hengsheng, Yangnong Chemical, and Lanxiao Technology, while the pharmaceutical sector includes Iwu Biological, Chengyi Pharmaceutical, and New Industry [3] Performance Overview - Among the continuously held stocks, 13 reported year-on-year profit growth in the first half of the year, with notable increases from Jieput (73.84%), Pengding Holdings (57.22%), and Chengyi Pharmaceutical (47.03%) [3] - 7 stocks experienced a decline in net profit, with Zhongqi Shares (-240.99%), Hualu Hengsheng (-29.47%), and Xinwei Communication (-20.18%) showing the largest decreases [3]

| 证券代码：601128 | 证券简称：常熟银行 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：113062 | 转债简称：常银转债 | | 江苏常熟农村商业银行股份有限公司 关于实施 2025 年中期权益分派时"常银转债" 停止转股的提示性公告 江苏常熟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个别及连带责任。 重要内容提示： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113062 | 常银转债 | 可转债转股停牌 | 2025/9/1 | | | | 一、2025 年中期权益分派方案的基本情况 二、本次权益分派方案实施时停止转股的安排 本行将于 2025 年 9 月 2 日在上海证券交易所网站（www.sse.com.cn）和《中 国证券报》《上海证券报》《证券时报》披露本行 2025 年中 ...

Group 1 - The company will stop the conversion of "Changyin Convertible Bonds" during the implementation of the 2025 mid-term profit distribution plan, with resumption of conversion on the first trading day after the equity registration date [1][2] - The 2025 mid-term profit distribution plan includes a cash dividend of 1.50 yuan (before tax) for every 10 shares held by registered ordinary shareholders, based on the total share capital as of the equity registration date [1][2] - The company will announce the implementation of the 2025 mid-term profit distribution and the adjustment of the conversion price for "Changyin Convertible Bonds" on September 2, 2025 [2] Group 2 - The suspension of the conversion of "Changyin Convertible Bonds" will occur from September 1, 2025, until the equity registration date, with the last day for bondholders to convert being August 29, 2025 [2] - The board of directors has been authorized to determine the specific profit distribution plan in accordance with the profit distribution conditions [1]

证券之星消息，8月26日农商行板块较上一交易日下跌0.93%，无锡银行领跌。当日上证指数报收于 3868.38，下跌0.39%。深证成指报收于12473.17，上涨0.26%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 601128 | 常熟银行 | 7.67 | -0.13% | 37.49万 | | 2.88 Z | | 601860 | 紫金银行 | 66'Z | -0.66% | 42.99万 | | 1.29亿 | | 601077 | 渝农商行 | 6.44 | -0.77% | 1 48.69万 | | 3.14亿 | | 002839 | 张家港行 | 4.52 | -0.88% | 33.41万 | | 1.51亿 | | 603323 | 苏农银行 | 5.40 | -1.10% | 27.60万 | | 1.49 Z | | 601825 | 沪农商行 | 8.76 | -1.13% | 23.72万 | | 2.08亿 | ...

Summary of Key Points Core Viewpoint - The recent performance disclosures of A-share listed companies have prompted brokerages to actively conduct research and provide updated ratings, aiming to offer valuable references for investors [1]. Rating Adjustments - As of August 25, brokerages have collectively raised ratings for 28 stocks and lowered ratings for 40 stocks, with 296 stocks receiving initial coverage [1]. - Among the stocks with upgraded ratings, 3 received a "strongly recommended" rating, including Wanhua Chemical, which was upgraded from "hold" to "strongly recommended" by China Merchants Securities [1]. - Other notable upgrades include the ratings for Sankeshu and Ninebot, both raised to "strongly recommended" by their respective brokerages [1]. - In total, 18 stocks had their ratings upgraded from "hold" to "buy," and several others saw similar upward adjustments [1]. Target Prices - Brokerages have set target prices for 8 of the 28 stocks with upgraded ratings, such as: - Fuchuang Precision: Target price of 74.23 CNY/share, latest closing price 68.69 CNY/share [2]. - Jiufeng Energy: Target price of 36.82 CNY/share, latest closing price 28.71 CNY/share [2]. - Lait Light: Target price of 36.07 CNY/share, latest closing price 26.75 CNY/share [2]. Downward Rating Adjustments - Brokerages have lowered ratings for 40 stocks, with 24 of these downgraded from "buy" to "hold" [2]. - Other downgrades include 5 stocks from "strongly recommended" to "recommended" and 4 from "strongly recommended" to "hold" [2]. Distribution of Ratings - A total of 924 stocks received a "buy" rating, with Kweichow Moutai leading at 31 ratings, followed by Huali Group with 29 ratings [3]. - The electronic industry has the highest number of stocks rated "buy" at 121, followed by the pharmaceutical and mechanical equipment industries [3]. Coverage Expansion - Brokerages are expanding their research coverage, with 296 stocks receiving initial ratings this month, including Aisxu Co., Beiqi Blue Valley, and others [3]. Importance of Brokerage Ratings - Brokerage ratings provide professional references for investors, helping them identify quality stocks and mitigate investment risks [4]. - The systematic analysis of stocks by brokerages aids in improving market information asymmetry and encourages listed companies to enhance governance and operational efficiency [4].

Core Viewpoint - The performance reports of several listed banks in A-shares indicate a trend of revenue and net profit growth, despite a general decline in interest rates on deposits, which supports net interest margins [1][2][3]. Group 1: Performance Summary - As of August 25, 2025, 10 listed banks have disclosed their semi-annual performance reports, including 6 city commercial banks, 2 national joint-stock banks, and 2 rural commercial banks [1]. - Five banks, including Ping An Bank, Jiangsu Bank, Chongqing Bank, Changshu Bank, and Jiangyin Bank, reported revenue and net profit growth, with Changshu Bank and Jiangyin Bank exceeding 10% growth in both metrics [2]. - The specific revenues for these banks were 69.385 billion, 44.864 billion, 7.659 billion, 6.062 billion, and 2.401 billion respectively, with year-on-year growth rates of 7.78%, 7%, 10.10%, and 10.45% [2]. Group 2: Interest Rate Trends - The average interest rate on interest-bearing liabilities for Ping An Bank was 1.79%, down 46 basis points year-on-year; Jiangsu Bank's was 1.89%, down 40 basis points; and Chongqing Bank's was 2.29%, down 36 basis points [3]. - Changshu Bank's average cost of interest-bearing liabilities decreased by 28 basis points to 1.98%, while Jiangyin Bank's deposit interest rate was 1.62%, down 26 basis points [3]. Group 3: Dividend Distribution - Ping An Bank and Changshu Bank have announced their mid-term profit distribution plans, with Ping An Bank proposing a cash dividend of 2.36 yuan per 10 shares, totaling 4.58 billion, which is 20.05% of its net profit [4]. - Changshu Bank plans to distribute a cash dividend of 0.15 yuan per share, totaling 497 million, which is 25.27% of its net profit [4]. - Jiangsu Bank has indicated its intention to follow a policy of "multiple dividends per year," with future distributions to be determined by its board based on profitability and cash flow [4]. Group 4: Asset Quality - Among the 10 banks that have disclosed their semi-annual performance, seven banks, including Pudong Development Bank, Ping An Bank, Jiangsu Bank, Chongqing Bank, Qingdao Bank, Qilu Bank, and Changshu Bank, reported a decrease in non-performing loan ratios compared to the end of 2024 [5].

Group 1 - The core viewpoint of the articles highlights the performance and market position of Changshu Bank, with a closing price of 7.68 yuan and a rolling PE ratio of 6.29 times, indicating a total market value of 25.471 billion yuan [1] - Changshu Bank ranks 19th in the banking industry based on PE ratio, with the industry average at 7.52 times and the median at 6.53 times [1][2] - As of the latest semi-annual report for 2025, 60 institutions hold shares in Changshu Bank, including 50 funds, 4 social security funds, and 1 brokerage, with a total shareholding of 1,197.5325 million shares valued at 8.826 billion yuan [1] Group 2 - The main business of Jiangsu Changshu Rural Commercial Bank includes retail banking, corporate banking, financial market operations, and village bank services, with a focus on optimizing domestic asset allocation and capturing foreign exchange market opportunities [1] - The latest performance report shows that for the first half of 2025, the company achieved an operating income of 6.062 billion yuan, a year-on-year increase of 10.10%, and a net profit of 1.969 billion yuan, a year-on-year increase of 13.51% [1] - The financial market business of the company has been recognized for its strong performance, winning awards such as the "Outstanding Participant in Bond Agency Clearing Business" from Shanghai Clearing House and the "2024 Equity Wealth Management Award" from Jinan Jinxin [1]

证券之星消息，8月25日农商行板块较上一交易日上涨0.67%，瑞丰银行领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。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) | | --- | --- | --- | --- | --- | --- | | 601528 | 瑞丰银行 | 5.85 | 1.92% | 25.55万 | 1.48亿 | | 601128 | 常熟银行 | 7.68 | 1.05% | 48.12万 | 3.68亿 | | 601860 | 紫金银行 | 3.01 | 1.01% | 75.52万 | 2.27亿 | | 002807 | 江阴银行 | 5.00 | 0.81% | 42.64万 | 2.12亿 | | 601825 | 沪农商行 | 8.86 | 0.68% | 27.57万 | 2.43亿 | | 002839 | 张家港行 | 4.56 | 0.66% | 46.59万 | 2.12亿 | | 002958 | 青农商行 | 3.54 | 0.57% ...