Core Viewpoint - The city commercial bank sector experienced a decline of 0.67% on December 26, with Xiamen Bank leading the drop, while the Shanghai Composite Index rose by 0.1% and the Shenzhen Component Index increased by 0.54% [1] Group 1: Market Performance - The closing price of Xiamen Bank was 7.56, reflecting a decrease of 2.45% with a trading volume of 139,200 shares and a transaction amount of 106 million yuan [2] - Other notable banks included Guizhou Bank at 5.90 (-1.17%), Ningbo Bank at 28.00 (-1.10%), and Chongqing Bank at 10.85 (-0.91%) [2] - The overall city commercial bank sector saw a net outflow of 59.97 million yuan from main funds, while retail funds experienced a net outflow of 80.69 million yuan [2] Group 2: Fund Flow Analysis - Hangzhou Bank had a main fund net inflow of 11.5 million yuan, but retail funds saw a net outflow of 76.27 million yuan [3] - Ningbo Bank recorded a main fund net inflow of 56.33 million yuan, while retail funds had a net outflow of 6.51 million yuan [3] - The overall trend indicates that while some banks attracted main fund inflows, retail investors were largely withdrawing their investments [3]

Group 1 - The core viewpoint emphasizes the importance of integrating technology and finance to enhance productivity and achieve high-quality development, as highlighted in the "14th Five-Year Plan" [1] - Zhejiang province is positioned as a strategic hub in the Yangtze River Delta, fostering a vibrant environment for private enterprises and tech innovation [1] - The banking sector plays a crucial role in developing "tech finance," with various banks in Zhejiang implementing innovative financing solutions tailored to the needs of tech enterprises [2][3] Group 2 - The central financial work conference identified "tech finance" as a priority, aiming to create a virtuous cycle among technology, industry, and finance [2] - Financial institutions are restructuring their service logic to better support tech enterprises characterized by light assets and long cycles, focusing on talent value and intellectual property [2][3] - Zhejiang banks have developed a comprehensive service system covering the entire lifecycle of tech enterprises, offering differentiated products based on the specific needs of companies at various stages [4] Group 3 - Innovative financing solutions, such as intellectual property pledge loans, have been introduced to support tech companies like Zhejiang Deshman Technology, which has over 200 patents and is expanding rapidly [3] - Banks in Zhejiang are creating diverse product matrices and service systems to support tech enterprises through different growth phases, including specialized loans for various stages of development [4][11] - The collaboration between banks and local governments is essential for building a supportive ecosystem for tech finance, as seen in the strategic partnerships formed in regions like Jiaxing [12][10] Group 4 - Banks are enhancing their internal capabilities to better serve tech enterprises, developing proprietary evaluation models to assess the future value of companies [5][13] - The establishment of a comprehensive tech finance service network by banks, including specialized branches and dedicated teams, is aimed at improving service efficiency and coverage [14][15] - Collaborative efforts among banks and other stakeholders are being made to address the financing challenges faced by small and micro tech enterprises, ensuring a more inclusive financial environment [15][16]

Core Insights - The article highlights the unique approach of Beijing Yingzhi Technology Co., Ltd. in the field of embodied intelligence, focusing on "non-human" robots, particularly in the coffee consumption scenario [1][2] - The XBOT coffee robot has gained popularity for its ability to create customized coffee designs based on user-uploaded selfies, combining high-quality coffee with emotional value [1][2] - The company is in its startup phase and has received support from Shanghai Bank, which is helping it transition from a startup to a growth stage [1][4] Company Overview - Yingzhi Technology specializes in non-human embodied intelligence, differentiating itself from competitors focused on humanoid robots [1] - The XBOT coffee robot has been deployed in over 600 locations across various sectors, producing more than 4 million cups of coffee, with daily production rates of 300 to 500 cups per machine [2][3] - The company is expanding its production capacity, with plans for multiple factories to meet the anticipated market demand of around 100,000 coffee robots [3] Technological Features - The XBOT coffee robot features autonomous decision-making and manufacturing capabilities, utilizing a built-in coffee model to generate personalized drink recipes based on customer preferences [3] - The robot is equipped with a camera and a "robot brain" that controls the mechanical arm for coffee preparation while also interpreting customer emotions [3] Financial Support and Growth Strategy - Shanghai Bank has provided financial products tailored for technology companies, including a "dynamic interest rate" forward win-win product to support Yingzhi Technology's growth [1][4][6] - The bank's innovative "forward win-win interest" scheme allows for lower initial interest rates that adjust as the company grows, addressing common financing challenges faced by startups [6][7] - The collaboration with Shanghai Bank aims to leverage its foreign shareholder, Santander Bank, to expand Yingzhi Technology's market reach into the Eurozone [4] Service and Ecosystem Development - Yingzhi Technology is transitioning from a hardware supplier to a service and ecosystem builder, launching a 7S service center that encompasses sales, service, spare parts, feedback, financial services, data operations, and equipment buyback [3] - The bank's proactive service approach includes business planning discussions and product optimization to facilitate global market expansion for Yingzhi Technology [4][8]

Core Viewpoint - The motivation for listed banks to redeem existing "high-interest" preferred shares is increasing in a low-interest-rate environment, aiming to save on interest costs [1][4]. Group 1: Redemption of Preferred Shares - Changsha Bank announced the redemption of 6 billion yuan of its preferred shares "Changyin You 1" on December 25, 2025, marking it as the fifth bank to redeem preferred shares in December [1][4]. - A total of 9 banks have redeemed preferred shares since 2025, with a cumulative redemption amount exceeding 1,000 billion yuan [4][5]. - The redemption actions include banks such as Nanjing Bank (4.9 billion yuan), Shanghai Bank (20 billion yuan), and Beijing Bank (4.9 billion yuan) [3][4]. Group 2: Market Trends and Supply - The total outstanding preferred shares of banks is 6,453.5 billion yuan, accounting for 99.58% of the preferred share market [5]. - Since 2020, the issuance of new preferred shares has nearly halted, leading to a gradual reduction in the outstanding volume [5][6]. - The introduction of perpetual bonds in 2019 has diversified the capital supplement tools available to banks, reducing the attractiveness of preferred shares [5][6]. Group 3: Investment Dynamics - Preferred shares are becoming increasingly scarce, making them a valuable asset for asset management institutions, including public funds and insurance funds [8][9]. - As of June 2025, approximately 3,079 billion yuan of bank preferred shares were held by wealth management products, representing 40.66% of the total outstanding preferred shares [8]. - The liquidity of bank preferred shares remains low compared to other capital supplement tools, with a low turnover rate in the market [9].

Market Performance - The city commercial bank sector increased by 0.07% compared to the previous trading day, with Shanghai Bank leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Individual Stock Performance - Shanghai Bank (601229) closed at 9.96, up 0.61% with a trading volume of 291,300 shares and a transaction value of 290 million [1] - Other notable performers include: - Changsha Bank (601577) at 9.76, up 0.41% [1] - Xi'an Bank (600928) at 3.76, up 0.27% [1] - Hangzhou Bank (600926) at 15.36, up 0.26% [1] - Beijing Bank (601169) at 5.51, up 0.18% [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 111 million from institutional investors, while retail investors saw a net inflow of 121 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Detailed Capital Flow by Bank - Hangzhou Bank (600926) had a net inflow of 38.46 million from institutional investors, but a net outflow of 43.46 million from speculative funds [3] - Beijing Bank (601169) saw a net inflow of 23.41 million from institutional investors, with a net outflow of 18.77 million from speculative funds [3] - Guizhou Bank (601997) had a significant net inflow of 22.19 million from institutional investors, but a net outflow of 36.07 million from retail investors [3]

据郎老先生回忆："有一个姓陈的银行职员，贪污挪用了30多万元。被人发觉后逃掉了，据说去了东 北，银行悬赏5万元抓他，但一直没有抓到。解放后此人我还见过，大概不了了之了。陈光甫最恨，也 最怕这样的人，所以对吃喝嫖赌管得最紧，不允许银行职员到娱乐场所去。" 20世纪30 年代上海街头的运银车。上海银行。视觉中国 图 一家经营如此成功的银行，居然有舞弊大案，这让人始料未及。后来查阅了一些银行档案资料，发现在 旧中国腐败的政治和社会环境中，上海各银行的舞弊案不仅层出不穷，而且触目惊心，只是各家银行考 虑到自身名誉，不愿声张，故而鲜为人知。 以上海银行为例，从1920年至1934年，该行计有76人案发，舞弊金额达88万余元。舞弊的主要手段，有 银行会计和出纳员舞弊、银行职员携款潜逃、银行职员内外勾结舞弊、直接从现金下手等手段。郎念祖 先生所说的陈姓职员舞弊案，在档案里也有比较详细的记载。 该职员名陈民德，为上海银行界路分行票据稽核员，他先在界路分行开立一个活期存户，然后开出巨额 支票，交其他银行开户代收，从中贪污巨款17万元（郎老回忆数额，因年代久远，与档案记载有出 入）。 那么17万元相当于现今的多少钱呢？上海广发银 ...

Group 1 - The core theme of the event is the transformation of the banking industry through AI technology, emphasizing that the application of intelligent agents has shifted from optional to essential for banks [2][4] - The "14th Five-Year Plan" highlights the importance of AI in driving the digital transformation of the financial sector, positioning it as a key practice for enhancing financial services and promoting high-quality development [2][3] - Experts suggest that the focus of digital finance should shift from the "household sector" to the "enterprise sector," as the latter has a lower level of digitalization, which can enhance the efficiency of financial institutions [2][3] Group 2 - The development of digital finance is seen as a means to support supply-side structural reforms, requiring banks to apply digital capabilities across various management and operational levels [3] - The successful implementation of intelligent agents in finance relies on three factors: technological breakthroughs, iterative business scenarios, and supportive policies [4][5] - Financial institutions are encouraged to enhance their technological maturity and adapt to new business scenarios while building a collaborative ecosystem for the deployment of intelligent agents [5][9] Group 3 - The event highlighted the challenges faced by banks in AI application, including the need for high-quality knowledge bases and the integration of business and technology [6][7] - There are significant challenges in software testing for AI applications, including the need for comprehensive testing across various dimensions and ensuring fairness and safety in AI applications [8][9] - The future of intelligent agents in banking is expected to focus on creating operational loops that assess both business outcomes and model parameters for continuous improvement [9][10]

上银基金管理有限公司关于上银消费机遇混合型发起式证券投资基金新增上海银行为销售机构的公 告 根据上银基金管理有限公司（以下简称"本公司"）与上海银行股份有限公司(以下简称"上海银行")签署 的销售协议和相关业务准备情况，自2025年12月25日起，上海银行将开始销售本公司旗下部分基金。 一、适用基金范围 ■ 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 二、投资者可通过以下途径咨询有关详情 1、上海银行股份有限公司 客户服务电话：021-60231999 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分 考虑自身的风险承受能力，在了解产品情况及销售适当性意见的基础上，理性判断并 ...

Group 1 - The article discusses the performance of the CSPSADRP index, highlighting the top 20 stocks based on their annual growth and dividend yield [6][7] - Nanshan Aluminum (600219.SH) leads with a daily increase of 4.15% and an annual growth of 40.35%, along with a dividend yield of 8.09% [6] - Other notable performers include Hailong Cold Chain (603187.SH) with a 3.52% daily increase and 48.40% annual growth, and Luri Co. (002083.SZ) with a remarkable 132.32% annual growth despite a lower dividend yield of 1.34% [6] Group 2 - The overall dividend yield for the index is reported at 4.85%, with a price-to-book ratio of 1.32 times [7] - Historical price-to-earnings ratio stands at 11.57 times, while the expected price-to-earnings ratio is 10.67 times, indicating potential valuation insights for investors [7]

来源：中国金融 党的二十届四中全会提出"六个坚持"重大原则，体现了我们党对经济社会发展规律性认识的深化提升。 当前，上海银行也正在研究制定"十五五"规划，将结合自身实际，在实践中切实做到"六个坚持"。 第一，坚持党的全面领导。更加持续地用习近平新时代中国特色社会主义思想来统一思想、统一意志、 统一行动，切实把加强党的领导贯穿到全行架构改革、战略实施、转型攻坚等的全过程、各方面，进一 步增强各级党组织的政治功能和组织功能。 党的二十届四中全会是在新时代新征程上，围绕研究制定"十五五"规划、加快推进中国式现代化而召开 的一次十分重要的会议。全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》（以下简称《建议》），对加快金融强国建设作出了战略部署、提出了明确要求。作为扎根上海、 面向全国的市属金融国有企业，上海银行党委坚持把学习宣传贯彻党的二十届四中全会精神作为一项重 大政治任务，深刻把握"十五五"时期经济社会发展的重大意义、指导思想、重大原则等，特别是加快建 设金融强国的核心要义和实践路径，进一步凝聚发展共识、找准发力方向，更好服务国家和各地"十五 五"发展。 毫不动摇遵循"十五五"时期经济社 ...