Investment Rating - The report maintains a "Positive" outlook for the banking industry, indicating a relative strength compared to the market benchmark index [6][7]. Core Insights - The banking sector is expected to benefit from a period of intensive policy implementation aimed at stabilizing growth, with monetary easing leading the way, followed by fiscal measures. This is anticipated to have a profound impact on the banking fundamentals in 2025 [2]. - The downward adjustment of deposit rates is expected to protect the banks' net interest margins, while the risk of deposit disintermediation is likely to be moderate [6]. - 2025 is projected to be a year of solidifying asset quality for banks, with improved risk expectations in real estate and urban investment properties underpinned by supportive policies [2]. Summary by Sections Investment Recommendations and Targets - Focus on two main investment lines: 1. High dividend and core index weight banks such as Agricultural Bank of China (601288), Industrial and Commercial Bank of China (601398), China Merchants Bank (600036), and Industrial Bank (601166) [7]. 2. City commercial banks with strong fundamentals and regional advantages, including Chongqing Rural Commercial Bank (601077), Chongqing Bank (601963), Jiangsu Bank (600919), Qingdao Bank (002948), and Shanghai Bank (601229) [7]. Interest Rate Adjustments - On May 20, 2025, the 1-year and 5-year Loan Prime Rate (LPR) was lowered by 10 basis points, and state-owned banks announced reductions in deposit rates across various terms [6]. - The first round of interest rate cuts in 2025 is expected to have a neutral impact on banks' net interest margins, with an estimated increase of 3.1 basis points for listed banks in 2025 due to the deposit rate adjustments [6][14]. Deposit Rate Trends - The report highlights a trend of decreasing deposit rates, with significant reductions observed since October 2024, particularly among smaller banks, which have been more aggressive in their rate cuts compared to larger banks [9][14]. - The overall decline in deposit rates is expected to lead to a more favorable structure for new deposits, thereby supporting banks' funding costs [6]. Asset Quality and Risk Management - The report anticipates a significant improvement in asset quality for banks in 2025, driven by policy support and better management of risks in key sectors such as real estate [2]. - The net interest margin for commercial banks was reported at 1.43% in Q1 2025, reflecting a smaller decline compared to previous years, indicating a potential stabilization in margins moving forward [6].

Group 1 - The Ministry of Finance and the Financial Regulatory Administration issued a notice to accelerate the digital development of bank confirmation letters, emphasizing the need for a unified platform and improved service functions [1] - The People's Bank of China released a data security management measure to enhance data protection and clarify the obligations of data processors throughout the data lifecycle [1] - The Shenzhen Financial Regulatory Bureau supports state-owned and joint-stock banks in establishing technology financial centers, outlining 25 policy measures for high-quality development in technology finance [1] Group 2 - Recent adjustments in deposit rates by several small and medium-sized banks have led to an inverted yield curve, where shorter-term deposit rates exceed longer-term rates [2] - The Shanghai Stock Exchange held a training session for commercial bank wealth management companies to enhance their capabilities in equity asset management, with a focus on increasing participation in the capital market [2] - Ping An Life has increased its holdings in Agricultural Bank of China and Postal Savings Bank of China, marking its second acquisition of these banks this year, indicating a trend of insurance companies favoring bank stocks [2] Group 3 - Shanghai Bank elected Gu Jianzhong as the new chairman of its board, pending approval from the banking regulatory authority [3] - Everbright Bank appointed Ma Bo as its first Chief Risk Officer, a position aimed at enhancing theoretical research and practical exploration within the bank [4] Group 4 - Huaxia Bank announced that the qualification of its director, Duan Yuangang, has been approved by the regulatory authority [5] - Zhu Jiangtao, a long-serving executive at China Merchants Bank, is expected to take on the role of president at China Merchants Securities, marking a new challenge outside the banking sector [5] - Zhejiang Wuyi Rural Commercial Bank was fined 3.14 million yuan for multiple regulatory violations, including breaches of financial statistics management and customer identity verification [5] Group 5 - Zhejiang Merchants Bank successfully issued 5 billion yuan in technology innovation bonds with a 3-year term and a coupon rate of 1.66%, aimed at supporting technology innovation projects [6]

Investment Rating - The report maintains a "Positive" investment rating for the banking sector [12] Core Insights - The Yangtze Bank Index increased by 1.5% this week, outperforming the CSI 300 Index by 0.3% and the ChiNext Index by 0.1%. The recent public fund regulations are expected to drive long-term fund allocations towards the banking sector, which has been underrepresented compared to its weight in the CSI 300 [2][6] - The report highlights that the average dividend yield of the five major state-owned banks in A-shares is 4.47%, with a significant spread of 279 basis points over the 10-year government bond yield. The H-shares have an even higher average dividend yield of 5.77%, indicating a notable valuation discount compared to A-shares [7][22] - In April, new social financing totaled 1.16 trillion yuan, primarily driven by government bonds, while new RMB loans were only 280 billion yuan, reflecting a year-on-year decrease of 450 billion yuan. The report anticipates a continuation of weak credit issuance in May, with banks expected to increase lending intensity by the end of June [8][29] - The report notes a significant decline in net interest margins for commercial banks, with an overall decrease of 9 basis points to 1.43% in Q1 2025. State-owned banks saw a drop of 11 basis points to 1.33%, marking a historical low, while city commercial banks performed better due to lower mortgage ratios and strong local credit demand [9][39] Summary by Sections Market Performance - The Yangtze Bank Index's performance this week indicates a positive trend, with specific banks like Ruifeng Bank leading the gains [2][6] Dividend Yields and Valuation - The report emphasizes the attractive dividend yields of state-owned banks compared to government bonds, suggesting potential investment opportunities in H-shares due to their valuation discount [7][22] Credit and Financing Trends - April's financing data shows a reliance on government bonds for social financing growth, with a notable decline in new loans, indicating a cautious lending environment [8][29] Banking Sector Profitability - The decline in net interest margins across the banking sector highlights challenges in profitability, particularly for state-owned banks, while city commercial banks show resilience [9][39]

Core Viewpoint - The leadership changes at Shanghai Rural Commercial Bank, including the appointment of Wang Ming as the new president, are expected to influence the bank's strategic direction and operational efficiency, particularly in asset management and risk management areas [1][2][5]. Leadership Changes - Wang Ming has been appointed as the deputy secretary of the party committee and nominated as the president and vice chairman of Shanghai Rural Commercial Bank, previously serving as the vice president of Shanghai Bank [1]. - Other appointments include Zhang Lingling and Zhang Yuehong as vice presidents, both promoted from within the bank [1]. - The former president, Gu Jianzhong, has returned to Shanghai Bank as the party secretary and chairman [1]. Wang Ming's Background - Wang Ming has a long tenure at Shanghai Bank, with experience in various roles including risk management and asset management [2][3]. - His career saw a significant transition in 2018 when he moved into senior management, overseeing critical areas during challenging regulatory changes in asset management [2][3]. Risk Management Focus - Under Wang Ming's leadership, Shanghai Bank has shifted its focus from total asset quality metrics to more detailed structural indicators, emphasizing proactive risk management [4]. - The bank has actively managed its non-performing loans, achieving a reduction in the non-performing loan ratio to 1.18% by the first quarter of 2025 [3][4]. Financial Performance - Shanghai Rural Commercial Bank reported a significant increase in its asset scale, surpassing 1.5 trillion yuan by the first quarter of 2025, with a net profit of 35.64 billion yuan, reflecting a 12.58% year-on-year growth [8][9]. - The bank has implemented a robust dividend policy, planning to distribute a total of 41.66 billion yuan in cash dividends for 2024, indicating strong financial health and investor confidence [9]. Market Position - Both Shanghai Bank and Shanghai Rural Commercial Bank have shown impressive stock performance, with over 60% growth in 2024, positioning them as leaders in the banking sector [7][8].

Investment Rating - The report indicates a cautious outlook for the banking sector, with expected revenue and net profit growth rates for listed banks in 2025 projected at approximately -1% and 0% respectively [3][9]. Core Insights - The overall revenue and net profit growth rates for listed banks in Q1 2025 were -1.7% and -1.2% year-on-year, reflecting a decline compared to Q4 2024 [3][9]. - The performance of different types of banks varied significantly, with city and rural commercial banks leading in growth due to improved scale and net interest margin, while state-owned banks showed weaker performance [3][10]. - The net interest margin for listed banks in Q1 2025 was 1.37%, a decrease of 13 basis points year-on-year, but the decline was less severe than in the previous year [3][9]. Summary by Sections Revenue and Profit Overview - Listed banks experienced a decline in revenue and net profit growth rates, with Q1 2025 figures at -1.7% and -1.2% respectively, marking a drop of 1.8 percentage points and 3.5 percentage points from Q4 2024 [3][9]. - The decline in net interest income was attributed to a narrowing interest margin and challenges in volume compensating for price [9]. Asset Quality and Provisioning - The asset quality remained stable, with a decrease in non-performing loan ratios and a reduction in provisioning pressure, as banks continued to report lower provisions in a challenging income environment [3][9]. - The provision coverage ratio for listed banks decreased to 238% in Q1 2025, reflecting a trend of reduced provisioning amid stable asset quality [3][9]. Investment Recommendations - The report suggests that the banking sector's configuration value is enhanced by both fundamental and liquidity factors, with a focus on key index-weighted stocks such as China Merchants Bank and Industrial and Commercial Bank of China [3][9]. - The report highlights the potential for mid-sized banks to attract capital for growth, particularly in the context of capital replenishment and profitability [3][9].

Core Viewpoint - Shanghai Bank has issued A-share convertible bonds totaling RMB 20 billion, with a focus on maintaining financial stability and enhancing shareholder value through strategic financial management [2][3][17]. Section Summaries 1. Convertible Bond Overview - The issuance of A-share convertible bonds was approved by the board on October 25, 2019, and by the shareholders on December 12, 2019 [2][3]. - The China Banking and Insurance Regulatory Commission approved the issuance of up to RMB 20 billion in convertible bonds on May 12, 2020 [3]. - The bonds were officially issued on January 25, 2021, with a total of 200 million bonds at a face value of RMB 100 each, raising a net amount of approximately RMB 1.996 billion after expenses [3][4]. 2. Key Terms of the Convertible Bonds - The bonds have a six-year term from January 25, 2021, to January 24, 2027, with a tiered interest rate starting at 0.30% in the first year and reaching 4.00% by the sixth year [5][6]. - The initial conversion price was set at RMB 11.03 per share, which has been adjusted multiple times due to profit distribution, currently standing at RMB 9.09 per share as of November 28, 2024 [6][20]. 3. Financial Performance - In 2024, the bank reported a net interest income of RMB 32.49 billion, a decrease of 7.62% from 2023, while total operating income increased by 4.79% to RMB 52.99 billion [14][15]. - The net profit for 2024 was RMB 23.56 billion, reflecting a growth of 4.38% compared to the previous year [14][15]. - Total assets reached RMB 3.23 trillion, marking a 4.57% increase from 2023 [14][15]. 4. Credit Rating - The convertible bonds have been rated AAA by Shanghai New Century Credit Rating Co., Ltd., with a stable outlook for both the bonds and the issuer [13][18][20]. 5. Use of Proceeds - The funds raised from the convertible bond issuance have been fully utilized, with a total of RMB 19.97 billion spent by December 31, 2021 [17]. 6. Management Responsibilities - Guotai Junan Securities Co., Ltd. has been appointed as the trustee for the bondholders, ensuring compliance with regulations and protecting the interests of bondholders [12][13].

Core Viewpoint - The legal opinion letter from King & Wood Mallesons Shanghai Office confirms that the 2024 Annual General Meeting (AGM) of Shanghai Bank Co., Ltd. was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy of the meeting and its outcomes [1][3][10] Group 1: Meeting Procedures - The AGM is scheduled for May 16, 2025, and the notice for the meeting was properly issued [4][5] - The actual time, location, and voting methods for the AGM were consistent with the notice provided [4][5] - The meeting followed all legal procedures as per the Company Law and the Shareholders' Meeting Rules [4][10] Group 2: Attendance and Qualifications - A total of 1,091 participants attended the AGM, representing 9,110,098,432 shares, which is 64.1253% of the total voting shares [5][6] - The qualifications of attendees, including both corporate and individual shareholders, were verified and found to comply with legal requirements [6][10] - The convener of the meeting was the company's board of directors, which met the necessary qualifications [6][10] Group 3: Voting Procedures and Results - The voting process was conducted through a combination of on-site and online methods, with results being accurately compiled [7][9] - The voting results showed overwhelming support for the proposals, with the majority of votes in favor, such as 99.9799% for one of the resolutions [7][9] - The voting procedures and results were deemed legal and valid according to the relevant laws and regulations [9][10]

证券代码：601229 证券简称：上海银行 公告编号：临2025-026 优先股代码：360029 优先股简称：上银优1 可转债代码：113042 可转债简称：上银转债 上海银行股份有限公司 董事会 2025 年第五次会议决议公告 一、关于选举董事长的议案 表决情况：同意 16 票，反对 0 票，弃权 0 票。 会议选举顾建忠先生为上海银行第六届董事会董事长，任期与第六届董事会 任期一致。顾建忠先生的董事长任职资格尚需报中国银行业监督管理机构核准。 根据公司董事会战略委员会工作规则相关规定，董事会战略委员会主任委员 由董事长担任，自董事、董事长任职资格经监管机构核准后生效。 二、关于 2024 年度大股东及主要股东评估报告的议案 上海银行股份有限公司（以下简称"公司"或"上海银行"）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。 公司董事会 2025 年第五次会议于 2025 年 5 月 16 日以现场加视频接入方式 召开，会议通知已于 2025 年 5 月 9 日以电子邮件方式发出。本次会议应出席董 事 16 人，实际出席董事 ...

据了解，4月22日，上海银行召开干部会议宣布顾建忠担任党委书记，拟接任上海银行董事长。根据上 海市委组织部4月11日发布《上海市市管干部任职前公示》，时任上海农商行行长、党委副书记、副董 事长的顾建忠，拟任市管企业党委书记，并提名任董事长。 简历显示，顾建忠，男，1974年11月出生，研究生学历，经济学硕士学位，经济师。此前任上海农商行 党委副书记、副董事长、执行董事、行长，并兼任上海金融业联合会第四届理事会副理事长、上海市企 业家协会第五届理事会副会长。曾任上海银行金融部副总经理兼营销经理部、港台业务部总经理，上海 银行公司金融部总经理、授信审批中心总经理、营业部总经理，上海市金融服务办公室综合协调处副处 长（挂职）、金融机构处处长（挂职），上海银行党委委员、纪委副书记、人力资源总监、人力资源部 总经理，上海国际集团有限公司党委委员、副总经理。 北京商报讯（记者 宋亦桐）5月16日，上海银行发布《董事会2025年第五次会议决议公告》指出，该行 董事会会议经审议并通过《关于选举董事长的议案》，会议选举顾建忠为该行第六届董事会董事长，任 期与第六届董事会任期一致。 据悉，顾建忠的董事长任职资格尚需报中国银行业监 ...

| 证券代码： | 601229 | 证券简称： | 上海银行 | | --- | --- | --- | --- | | 优先股代码： | 360029 | 优先股简称： | 上银优 1 | | 可转债代码： | 113042 | 可转债简称： | 上银转债 | 上海银行股份有限公司 公开发行 A 股可转换公司债券 受托管理事务报告 （2024 年度） 可转债受托管理人 二〇二五年五月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办 法》"）、《上海银行股份有限公司公开发行 A 股可转换公司债券之受托管理协 议》（以下简称"《受托管理协议》"）、《上海银行股份有限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集说明书》"）、《上海银行 股份有限公司 2024 年度报告》等相关公开信息披露文件、第三方中介机构出具的 专业意见等，由本次可转债受托管理人国泰海通证券股份有限公司（以下简称 "国泰海通"）编制。国泰海通对本报告中所包含的从上述文件中引述内容和信 息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出 任何保证或承担任何责任。 本报告不构成对投资 ...