登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601229 证券简称：上海银行 公告编号：临2025-058 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 监事会2025年第六次会议决议公告 上海银行股份有限公司（以下简称"公司"）监事会及全体监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。 公司监事会2025年第六次会议于2025年10月30日以现场加视频接入方式召开，会议通知已于2025年10月 20日以电子邮件方式发出。本次会议应出席监事3人,实际出席监事3人。本次会议的召开符合《中华人 民共和国公司法》《上海银行股份有限公司章程》《上海银行股份有限公司监事会议事规则》的规定。 本次会议由葛明监事主持，会议经审议并通过以下议案： 一、关于2025年第三季度报告的议案 表决情况：同意3票，反对0票，弃权0票。 监事会对公司2025年第三季度报告进行了审议，并出具如下审核意见：公司2025年第三季度报告的编制 和审议程序符合国家法律、法规和公司章程等规定；报告 ...

Investment Rating - The investment rating for Shanghai Bank is "Buy" (maintained) [9] Core Views - Shanghai Bank demonstrates steady growth in performance, with an increase in net interest margin quarter-on-quarter, and state-owned capital increase reflects long-term development recognition [1][3] - The bank's revenue and net profit for the first three quarters of 2025 grew by 4.0% and 2.8% year-on-year, respectively, with the growth rate of revenue slightly declining compared to the first half of 2025 [2][3] - The non-performing loan ratio remained stable at 1.18% as of the end of Q3 2025, while the provision coverage ratio improved by 11 percentage points to 255% [5] Summary by Sections Performance Overview - For Q1-Q3 2025, Shanghai Bank's revenue and net profit increased by 4.0% and 2.8% year-on-year, with the growth rates showing a slight decline and improvement compared to H1 2025 [2][3] - Key drivers included a decrease in the effective tax rate to 14.3% and a rise in other non-interest income by 14.7% year-on-year, attributed to a low base in Q3 2024 and realization of bond investment gains [3] - However, asset impairment losses increased by 11.1% year-on-year, and the growth of interest-earning assets slowed, with a year-on-year increase of 2.2% as of Q3 2025 [3] Net Interest Margin - The net interest margin for Q3 2025 rose by 7 basis points to 1.17%, primarily due to improved funding costs [4] - The asset yield decreased by 2 basis points to 2.73%, influenced by lower new loan rates and market interest rates, while the cost of liabilities fell by 10 basis points to 1.55% [4] Asset Quality - The non-performing loan ratio remained stable at 1.18%, with the attention loan ratio increasing by 4 basis points to 2.08% [5] - The provision coverage ratio improved by 11 percentage points to 255% as of Q3 2025 [5] Shareholding Changes - The largest shareholder, Shanghai United (controlled by Shanghai State-owned Assets Supervision and Administration Commission), increased its stake by 6.97 million shares, indicating confidence in the bank's future [6] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 3.12%, 4.29%, and 4.95%, respectively, with corresponding book values per share of 16.96, 18.46, and 19.72 yuan [7] - The target price is set at 14.22 yuan per share, corresponding to a price-to-book ratio of 0.84 for 2025, indicating a potential upside of 51% from the current price [7]

Core Insights - Shanghai Bank reported positive growth in both revenue and profit for the first nine months of 2025, with operating income reaching 41.14 billion yuan, a year-on-year increase of 4.04%, and net profit attributable to shareholders at 18.08 billion yuan, up 2.77% [1] Financial Performance - As of September 30, 2025, the net assets attributable to shareholders reached 260.19 billion yuan, a growth of 2.36% compared to the end of the previous year [2] - Total assets of Shanghai Bank stood at 3,308.00 billion yuan, reflecting a 2.52% increase from the end of the previous year [2] - Customer loans and advances totaled 1,441.65 billion yuan, marking a 2.55% increase year-on-year [2] - Total deposits reached 1,804.25 billion yuan, with a year-on-year growth of 5.51% [2] Risk Management and Asset Quality - The bank maintained a stable asset quality, with a non-performing loan ratio of 1.18%, unchanged from the end of the previous year [2] - The provision coverage ratio was reported at 254.92%, indicating a sufficient level of provisions [2] Capital Management - Shanghai Bank improved its capital management, with the core Tier 1 capital adequacy ratio at 10.52%, Tier 1 capital ratio at 11.40%, and total capital ratio at 14.33%, all showing increases from the previous year [3] - The largest shareholder, Shanghai Lianhe Investment Co., Ltd., increased its holdings to 2.09 billion shares, representing 14.72% of the total shares, an increase of 0.05 percentage points from the previous quarter [3] Shareholder Returns - The bank has consistently increased its dividend payout ratio, with the 2025 interim dividend ratio rising to 32.22% [3] - The dividend payout ratios for the years 2023, 2024 interim, and 2024 were 30.06%, 30.67%, and 31.22% respectively [3] Strategic Focus - Shanghai Bank is committed to implementing central government policies, focusing on financial structural adjustments, enhancing digital transformation, and improving risk management to support the real economy [3]

Core Insights - Shanghai Bank's Q3 2025 report highlights a focus on strategic leadership and structural adjustments, resulting in steady operational performance and improved service quality for the real economy [1][2] Financial Performance - For the first three quarters of this year, Shanghai Bank reported operating income of 41.14 billion yuan, a year-on-year increase of 4.04%, and a net profit attributable to shareholders of 18.08 billion yuan, up 2.77% year-on-year [1] - Basic earnings per share reached 1.27 yuan, reflecting a year-on-year growth of 2.42% [1] - As of the end of September, the bank's total assets stood at 3.31 trillion yuan, a 2.52% increase from the end of the previous year [1] Asset Quality and Risk Management - The non-performing loan ratio remained stable at 1.18% as of September, unchanged from the end of the previous year, with a provision coverage ratio of 254.92%, indicating a robust overall provision level [2] - Core Tier 1 capital adequacy ratio was reported at 10.52%, with Tier 1 capital adequacy ratio at 11.40% and total capital adequacy ratio at 14.33%, all showing slight improvements from the previous year [2] Shareholder Activity - The largest shareholder, Shanghai Lianhe Investment Co., Ltd., increased its holdings to 2.092 billion shares by the end of September, a rise of 6.97 million shares since June, resulting in a shareholding ratio of 14.72% [2]

Core Insights - The city commercial bank sector experienced a rise of 1.06% on October 31, with Guiyang Bank leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Guiyang Bank (601997) closed at 6.08, up 3.23% with a trading volume of 1.05 million shares and a transaction value of 638 million [1] - Qilu Bank (601665) closed at 6.05, up 2.89% with a trading volume of 1.23 million shares and a transaction value of 745 million [1] - Nanjing Bank (601009) closed at 11.31, up 2.26% with a trading volume of 766,400 shares and a transaction value of 859 million [1] - Other notable banks include Changsha Bank (601577) at 9.57, up 2.24%, and Ningbo Bank (002142) at 28.34, also up 2.24% [1] Capital Flow - The city commercial bank sector saw a net inflow of 296 million from institutional investors, while retail investors experienced a net outflow of 146 million and 150 million respectively [2] - The capital flow data indicates that Nanjing Bank had a net inflow of 12.9 million from institutional investors, but a net outflow of 59.7 million from speculative funds and 69 million from retail investors [3] - Ningbo Bank recorded a net inflow of 91.9 million from institutional investors, with outflows from both speculative and retail investors [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 12.02, corresponding to a 2025 target PB of 0.68 times [7][5]. Core Insights - The company has shown stable performance with a slight increase in profit growth, with a year-on-year increase in net profit and operating income of 2.8% and 4.0% respectively for the first nine months of 2025 [1]. - Non-interest income has demonstrated strong resilience, with a year-on-year growth of 10.1% in the first three quarters of 2025, driven by a significant increase in investment income [3]. - The company has improved its credit quality, with a stable non-performing loan (NPL) ratio of 1.18% and an increase in the provision coverage ratio to 255% [4]. Summary by Sections Financial Performance - For the first nine months of 2025, the annualized ROE and ROA were 10.04% and 0.74%, reflecting a slight decline of 0.35 percentage points and 0.01 percentage points year-on-year respectively [1]. - The company reported a net interest margin of 1.16% for the first nine months, benefiting from optimized funding costs [2]. Loan and Deposit Growth - As of September 2025, total assets, loans, and deposits grew by 2.5%, 2.0%, and 3.0% respectively compared to June 2025, indicating a slight acceleration in credit issuance [2]. - The company has focused on supporting the real economy, with significant growth in technology loans (16.3%), green loans (8.9%), and manufacturing loans (10.1%) [2]. Non-Interest Income and Taxation - The company’s non-interest income accounted for 31.9% of total revenue, with a year-on-year increase of 3.0 percentage points [3]. - The effective tax rate decreased significantly by 83.1% quarter-on-quarter, contributing positively to profit release [3]. Asset Quality and Provisions - The NPL generation rate improved slightly, with a quarterly NPL generation rate of 0.91%, down 83 basis points from the previous quarter [4]. - The company’s credit impairment has increased, with an annualized credit cost of 1.47%, reflecting a year-on-year increase of 15 basis points [4]. Valuation Metrics - The forecast for net profit for 2025-2027 is RMB 242 billion, RMB 253 billion, and RMB 268 billion, with corresponding year-on-year growth rates of 2.8%, 4.6%, and 5.9% [5]. - The estimated PB for 2025 is 0.53 times, compared to a peer average of 0.72 times [5].

Core Insights - Shanghai Bank established the Industry Research Institute to enhance its capabilities in supporting technology-driven enterprises and address challenges faced by early-stage companies [1][3][4] Group 1: Purpose and Vision - The research institute aims to reshape the evaluation logic of technology enterprises and the risk-return balance in technology finance, positioning Shanghai Bank as the preferred partner for technology transformation and incubation [3] - The vision includes becoming a comprehensive financial partner for technology enterprises throughout their growth cycle, from inception to maturity [3][5] Group 2: Strategic Positioning - The institute will focus on three main roles: outputting professional capabilities, supporting professional evaluations, and cultivating interdisciplinary talent that understands finance, technology, and industry [3][4] - It aligns with national strategies for technological self-reliance and the development of world-class industrial clusters in Shanghai [5] Group 3: Implementation and Goals - The institute will adopt a forward-looking, precise, and operational approach to analyze trends, map industry chains, and predict market benefits [3][5] - Key initiatives include building a robust industry recognition system, enhancing risk assessment frameworks, and creating a full-cycle service system for enterprises [5][7] Group 4: Collaborative Efforts - Shanghai Bank signed cooperation agreements with five investment institutions to launch eight strategic research tracks, aiming to integrate technology, industry, and finance [7] - The establishment of the research institute is seen as a critical step in enhancing Shanghai Bank's service offerings to technology enterprises, particularly in the early stages of development [4][5]

Core Insights - Shanghai Bank reported positive growth in both revenue and profit for the first three quarters of 2025, with operating income reaching 41.14 billion yuan, a year-on-year increase of 4.04% [2] - The net profit attributable to shareholders was 18.08 billion yuan, reflecting a year-on-year growth of 2.77% [2] - Basic earnings per share increased to 1.27 yuan, up by 2.42% compared to the previous year [2] Financial Performance - As of September 30, 2025, the total assets of Shanghai Bank amounted to 3,308.00 billion yuan, marking a growth of 2.52% from the end of the previous year [2] - The net assets attributable to shareholders stood at 260.19 billion yuan, which is a 2.36% increase from the end of the last year [2] - The non-performing loan ratio remained stable at 1.18%, unchanged from the end of the previous year, while the provision coverage ratio was 254.92%, indicating a sufficient overall provision level [2] Shareholder Returns - Shanghai Bank has consistently increased its cash dividend payout ratio in recent years, with the ratios for 2023, 2024 interim, and 2024 being 30.06%, 30.67%, and 31.22% respectively [2] - For the 2025 interim period, the dividend payout ratio was further raised to 32.22% [2]

Core Insights - Shanghai Bank reported a revenue of 41.14 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 4.04%, and a net profit of 18.059 billion yuan, up 2.66% year-on-year [2][3] Revenue and Profitability - Net interest income increased by 0.54% to 25.122 billion yuan, while the net interest margin for the first three quarters was 1.16%, slightly up from 1.15% in the first half of the year [3] - Non-interest income saw a decline in fee and commission income, which fell by 6.93% to 2.891 billion yuan, continuing a downward trend for three consecutive years [3] - Investment income surged by 58.49% to 16.775 billion yuan, accounting for 40.77% of total revenue, an increase of 14 percentage points compared to the same period last year [3] Asset and Loan Growth - As of September 30, 2025, total assets reached 3.31 trillion yuan, a growth of 2.52% from the end of the previous year, with total loans and advances amounting to 1.44 trillion yuan, up 2.55% [4] - The bank emphasized its focus on serving the real economy, with significant growth in loans for technology, green projects, and manufacturing, which increased by 16.36%, 8.91%, and 10.08% respectively [4] Asset Quality - The non-performing loan ratio remained stable at 1.18%, unchanged from the end of the previous year, while the provision coverage ratio decreased by 14.89 percentage points to 254.92% [5] - Credit impairment losses rose by 11.13% to 10.265 billion yuan, marking a shift after three years of declining provisions [5] Capital Adequacy - As of September 30, 2025, the capital adequacy ratio and core tier 1 capital ratio were 14.33% and 10.52%, respectively, showing a slight increase from the end of the previous year but a decline from the end of the first half of the year [6]

Core Insights - Shanghai Bank reported a revenue of 41.14 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 4.04%, and a net profit of 18.059 billion yuan, up 2.66% year-on-year [1][2] Revenue and Profitability - Net interest income increased by 0.54% to 25.122 billion yuan, while the proportion of non-interest income, particularly from investment gains, rose significantly [2] - Investment income surged by 58.49% to 16.775 billion yuan, accounting for 40.77% of total revenue, an increase of 14 percentage points compared to the same period last year [2] Credit and Loan Growth - As of September 30, 2025, total assets reached 3.31 trillion yuan, with customer loans and advances totaling 1.44 trillion yuan, reflecting a growth of 2.55% year-on-year [3] - The bank emphasized its focus on supporting the real economy, particularly in key sectors such as technology, green finance, and manufacturing [3] Asset Quality and Capital Adequacy - The non-performing loan ratio remained stable at 1.18%, while the provision coverage ratio decreased by 14.89 percentage points to 254.92% [4] - Credit impairment losses rose by 11.13% to 10.265 billion yuan, indicating a renewed increase in provisioning after three years of decline [4] - Capital adequacy ratios showed slight improvements year-on-year but declined compared to the previous half-year [4]