Core Viewpoint - The China Securities Shanghai State-Owned Enterprises Index has experienced a decline, reflecting the overall performance of state-owned enterprises in Shanghai, with significant weight in financial and industrial sectors [1][2][3]. Group 1: Index Performance - The China Securities Shanghai State-Owned Enterprises Index fell by 0.16%, closing at 1328.54 points with a trading volume of 14.863 billion yuan [1]. - Over the past month, the index has decreased by 2.10%, by 6.29% over the last three months, and by 6.30% year-to-date [2]. Group 2: Index Composition - The top ten weighted stocks in the index include China Pacific Insurance (8.2%), Shanghai Airport (6.3%), Guotai Junan Securities (5.49%), Shanghai Bank (4.77%), and Shanghai Electric (3.57%) [2]. - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with financials making up 28.18%, industrials 23.95%, and consumer discretionary 12.50% of the holdings [3]. Group 3: Index Adjustment and Management - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as removing stocks that are delisted or adjusting for mergers and acquisitions [3].

证券代码：601229 证券简称：上海银行 公告编号：临 2025-009 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 关于诉讼事项进展的公告 上海银行股份有限公司（以下简称"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： 一、本次诉讼事项基本情况 2023年10月，公司深圳分行（以下简称"原告"）与深圳托吉斯科技有限公 司（以下简称"被告一"）、深圳深业物流集团股份有限公司（以下简称"被告 二"）、托吉斯集团有限公司（以下简称"被告三"）、深圳市宝能投资集团有 限公司（以下简称"被告四"）、宝能控股（中国）有限公司（以下简称"被告 五"）、姚振华（以下简称"被告六"）金融借款合同纠纷一案被广东省深圳市 中级人民法院受理。具体诉讼情况详见公司于2023年10月14日披露的《上海银行 股份有限公司关于诉讼事项的公告》（编号：临2023-041）。 二、本次诉讼事项的进展情况 2025年3月20日，原告收到《广东省深圳市中级人民法院民事 ...

国泰君安证券股份有限公司 关于上海银行股份有限公司关联交易事项的专项核查意见 国泰君安证券股份有限公司（以下简称"保荐机构"）作为上海银行股份有 限公司（以下简称"公司"）持续督导的保荐机构，根据《证券发行上市保荐业 务管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律 监管指引第11号——持续督导》等法律、法规及规范性文件的要求，对公司关联 交易事项进行了认真、审慎的核查，核查情况如下： 一、关联交易概述 （一）与联和投资的关联交易 经公司董事会2025年第二次会议审议通过，同意吸收上海联和投资有限公司 （以下简称"联和投资"）及相关企业存款，自董事会审议通过日起至2026年3 月31日，存款日均余额不超过折合人民币100亿元，联和投资及相关60家企业共 同使用上述额度。 联和投资及相关企业属于公司关联方，本次交易构成关联交易。 （二）与上港集团的关联交易 1、经公司董事会2025年第二次会议审议通过，同意吸收上海国际港务（集 团）股份有限公司（以下简称"上港集团"）及相关企业存款，自董事会审议通 过日起至2026年3月31日，存款日终余额不超过折合人民币150亿元，上港集团及 相关33家 ...

上海银行股份有限公司 关于关联交易事项的公告 证券代码：601229 证券简称：上海银行 公告编号：临 2025-008 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（以下简称"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： 交易内容： 1、经公司董事会 2025 年第二次会议审议通过，同意吸收上海联和投资有限 公司（以下简称"联和投资"）及相关企业存款，自董事会审议通过之日起至 2026 年 3 月 31 日，存款日均余额不超过折合人民币 100 亿元，联和投资及相关 60 家企业共同使用上述额度。 2、经公司董事会 2025 年第二次会议审议通过，同意吸收上海国际港务（集 团）股份有限公司（以下简称"上港集团"）及相关企业存款，自董事会审议通 过之日起至 2026 年 3 月 31 日，存款日终余额不超过折合人民币 150 亿元，上港 集团及相关 33 家企业共同使用上述额度。 3、经公司董事会 2025 年第二次会议审议通过，同 ...

| 证券代码：601229 | 证券简称：上海银行 | 公告编号：临2025-007 | | --- | --- | --- | | 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 年第二次会议决议公告 上海银行股份有限公司（以下简称"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。 公司董事会 2025 年第二次会议于 2025 年 3 月 20 日以现场加视频接入方式 召开，会议通知已于 2025 年 3 月 10 日以电子邮件方式发出。本次会议应出席董 事 17 人，实际出席董事 15 人，施红敏副董事长、牛韧职工董事委托金煜董事长 代为出席并表决。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董事会议事规则》的规定。 本次会议由金煜董事长主持，会议经审议并通过以下议案： 一、关于修订《风险偏好陈述书》的议案 表决情况：同意 17 票，反对 0 票，弃权 0 ...

Group 1 - Shanghai Bank's stock price increased by over 2%, reaching a new high not seen in over 8 years [1]

牛韧先生的简历详见公司于 2024 年 12 月 11 日刊载于上海证券交易所网站 （www.sse.com.cn）的《上海银行股份有限公司关于选举职工董事的公告》。 特此公告。 上海银行股份有限公司董事会 证券代码：601229 证券简称：上海银行 公告编号：临 2025-006 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（以下简称"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。 近日，公司收到《国家金融监督管理总局上海监管局关于牛韧上海银行董事 任职资格的批复》（沪金复〔2025〕131 号），国家金融监督管理总局上海监管 局已核准牛韧先生公司董事的任职资格。 上海银行股份有限公司 关于董事任职资格获监管机构核准的公告 2025 年 3 月 5 日 1 ...

Investment Rating - The report assigns a "Buy" rating for Shanghai Bank, indicating it is a preferred dividend stock due to its high dividend yield and stable performance [5]. Core Views - Shanghai Bank is characterized by low valuation, high dividend yield, and stable positive growth in performance, making it an attractive investment option [19]. - The bank's dividend yield is 5.24%, which is higher than the industry average of 4.59%, and it has maintained a dividend payout ratio above 25% since 2017 [19][20]. - The bank's total assets reached 3.23 trillion yuan as of Q3 2024, reflecting a year-on-year growth of 5.5% [20]. Summary by Sections Investment Overview - The report highlights the attractiveness of high dividend stocks in the current economic environment, with a significant spread between bank dividend yields and government bond yields [19]. - Shanghai Bank's dividend payout ratio is expected to remain stable, with an increase to 30.7% projected for mid-2024 [19][20]. Company Overview - The management team has shown confidence in the bank's long-term value by consistently increasing their shareholdings over the past six years [3]. - Shanghai Bank has established a strong regional presence, particularly in the Yangtze River Delta, with a loan distribution of 78.6% in this area as of mid-2024 [3][9]. Fundamental Analysis - The bank's asset scale has been steadily increasing, with a compound annual growth rate of 8.1% over the past five years [20]. - The bank's net profit for the first three quarters of 2024 was 175.9 billion yuan, reflecting a year-on-year increase of 1.4% [20]. - The bank's cost advantages are evident, with a return on equity (ROE) of 9.32% and a return on assets (ROA) of 0.72% as of Q3 2024 [4]. - The bank's non-performing loan (NPL) ratio has been on a downward trend, currently at 1.20%, indicating improving asset quality [11][12].

Investment Rating - The report assigns a "Buy" rating for Shanghai Bank, indicating it is a preferred dividend stock due to its high dividend yield and stable growth in performance [5]. Core Views - Shanghai Bank is characterized by low valuation, high dividend yield, and stable positive growth in performance, making it an attractive investment option [19]. - The bank's dividend yield is 5.24%, which is higher than the industry average of 4.59%, and it has maintained a dividend payout ratio above 25% since 2017, with an increase to 30% in 2023 [19][20]. - The bank's estimated price-to-book (PB) ratio for 2024 is 0.57, indicating a relatively low valuation compared to peers [19]. Summary by Sections Investment Overview - The report highlights the implementation of a moderately loose monetary policy in 2025, which is expected to create room for interest rate cuts, enhancing the attractiveness of high-dividend stocks [19]. - The bank's dividend strategy is expected to remain sustainable due to its high yield and stable performance [19]. Company Overview - Shanghai Bank has a stable management team, with executives continuously increasing their shareholdings over the past six years, reflecting confidence in the bank's long-term value [3]. - The bank has established a strong regional presence, particularly in the Yangtze River Delta, with significant loan distribution in this area [3][9]. Fundamental Analysis - The total asset size reached CNY 3.23 trillion as of Q3 2024, representing a year-on-year growth of 5.5%, supported by favorable regional conditions [20]. - The bank's revenue and net profit for the first three quarters of 2024 were CNY 39.54 billion and CNY 17.59 billion, respectively, showing a year-on-year increase of 0.7% and 1.4% [20]. - The bank's non-performing loan (NPL) ratio was 1.20% as of Q3 2024, continuing a downward trend since the end of 2021, indicating improving asset quality [12][11]. Financial Projections - The report forecasts the bank's net profit for 2024, 2025, and 2026 to be CNY 22.89 billion, CNY 23.32 billion, and CNY 23.78 billion, respectively, with growth rates of 1.55%, 1.88%, and 1.97% [13][14].