Investment Rating - The report maintains a "Buy" rating for Shanghai Bank [6] Core Views - Shanghai Bank achieved a total operating income of 41.14 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 4.0%, and a net profit attributable to shareholders of 18.08 billion yuan, up 2.8% year-on-year [1] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.18% and a provision coverage ratio of 254.92% as of the end of Q3 2025, indicating a solid risk buffer [4] - The bank's wealth management business showed positive momentum, with a significant increase in non-interest income, particularly from investment gains which surged by 58.5% year-on-year [2] Financial Performance - For the first three quarters of 2025, net interest income was 25.12 billion yuan, with a year-on-year growth rate of 0.5%, reflecting a slight slowdown compared to the first half of the year [2] - The bank's total assets, total loans, and total deposits reached 3.3 trillion yuan, 1.4 trillion yuan, and 1.8 trillion yuan respectively, with year-on-year growth rates of 2.5%, 2.0%, and 3.0% [3] - The bank's net profit forecasts for 2025, 2026, and 2027 are 24.265 billion yuan, 25.451 billion yuan, and 26.783 billion yuan, with growth rates of 2.99%, 4.89%, and 5.23% respectively [10] Social Responsibility - Shanghai Bank demonstrated its commitment to social responsibility by quickly responding to a fire incident in Hong Kong, donating 10 million HKD to a charity fund and mobilizing volunteers for relief efforts [5]

Group 1 - The fund is named Dongxing Low-Carbon Economy Mixed Initiating Securities Investment Fund, with codes A 024826 and C 024827 [9] - The fund is a contract-based open-end mixed securities investment fund with an indefinite duration [9] - The fund's initial share value is set at RMB 1.00 [9] Group 2 - The subscription period for the fund is from December 15, 2025, to December 26, 2025 [13] - The minimum initial subscription amount for A class shares is RMB 10,000, while for C class shares it is RMB 1 [22][13] - Investors can subscribe through direct sales counters or other sales institutions [17] Group 3 - The fund management company is Dongxing Fund Management Co., Ltd., and the custodian is Shanghai Bank Co., Ltd. [43][44] - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [9][13] - The fund may adjust the fundraising arrangements based on various circumstances [14] Group 4 - Subscription fees for A class shares are applicable, while C class shares do not incur subscription fees [10][12] - The fund may set a cap on the total amount raised during the subscription period [5] - Investors must open a fund account with the management company to subscribe [2][22] Group 5 - The fund's effective subscription funds will earn interest during the fundraising period, which will be converted into corresponding fund shares after the fund contract takes effect [21][39] - The fund's management has the right to refuse subscription applications that may lead to an individual investor holding more than 50% of the total fund shares [5][22] - The fund's management will announce the effective date of the fund contract after receiving confirmation from the China Securities Regulatory Commission [41]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) as of December 12, 2025, showcasing significant daily and year-to-date gains along with dividend yields [1][4]. Group 1: Top Performers - The top stock, Jiufeng Energy (605090.SH), recorded a daily increase of 3.12% and a year-to-date increase of 25.95%, with a dividend yield of 3.43% [1][4]. - Furi Shares (002083.SZ) achieved a daily rise of 3.00% and an impressive year-to-date increase of 131.27%, with a dividend yield of 1.35% [1][4]. - Aotewei (688516.SH) saw a daily gain of 2.67% and a year-to-date increase of 3.38%, with a dividend yield of 5.11% [1][4]. Group 2: Notable Trends - The data indicates that several stocks, such as Yuyuan Group (601686.SH) and Agricultural Bank of China (601288.SH), have shown consistent performance with year-to-date increases of 26.26% and 55.18%, respectively [1][4]. - Stocks like Gree Electric (000651.SZ) and China Petroleum (601857.SH) have experienced fluctuations, with year-to-date changes of -4.59% and 14.06%, respectively, indicating varying market conditions [1][4]. - The overall performance of the index reflects a mix of high-growth stocks and those facing challenges, suggesting a diverse investment landscape within the Chinese A-share market [1][4].

Group 1: Bond Issuance - The company has received approval from the People's Bank of China and the Shanghai Regulatory Bureau to issue "Shanghai Bank Co., Ltd. 2025 Perpetual Capital Bonds" with a total issuance size of RMB 10 billion and a coupon rate of 2.42% [1] - The bonds will be used to supplement the company's other Tier 1 capital as per applicable laws and regulatory approvals [1] Group 2: Preferred Share Redemption - The company plans to redeem all 200 million shares of its preferred stock "Shangyin Preferred 1" (code: 360029) on December 19, 2025, with a total redemption amount of RMB 20 billion [2] - The redemption price will include the face value plus any declared but unpaid dividends [3] - The payment for the redemption will occur on the same day as the redemption date [4][5] Group 3: Dividend Distribution for Preferred Shares - The dividend rate for the preferred shares has been adjusted to 4.02% since December 19, 2022, with a total cash dividend distribution of RMB 804 million (including tax) based on this rate [9][10] - The last trading day for the preferred shares is December 17, 2025, with the record date on December 18, 2025, and the dividend payment date also on December 19, 2025 [11][15] - The cash dividend will be distributed to all registered shareholders of the preferred shares as of the record date [12]

本期债券的发行经过中国人民银行的核准以及国家金融监督管理总局上海监管局的批复，并在银行间市 场清算所股份有限公司完成了登记和托管。 | 证券代码:601229 | 证券简称:上海银行 | 公告编号:临 2025-074 | | --- | --- | --- | | 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 | 12月11日金融一线消息，上海银行发布公告称，公司于2025年12月11日完成了2025年无固定期限资本债 券的发行。 本期债券的发行规模为100亿元，票面利率为2.42%。本期债券的存续期与公司的持续经营存续期一 致，募集资金将用于补充公司的其他一级资本。 责任编辑：秦艺 | 证券代码:601229 | 证券简称:上海银行 | 公告编号:临 2025-074 | | --- | --- | --- | | 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 | 12月11日金融一线消息，上海银行发布公告称，公司于2025年12月11日完成了2025年无 ...

本期债券于2025年12月9日簿记建档，并于2025年12月11日发行完毕。本期债券发行规模为人民币100亿 元，存续期与发行人持续经营存续期一致，票面利率为2.42%。 本期债券募集资金将依据适用法律和主管部门的批准用于补充发行人其他一级资本。 格隆汇12月11日丨上海银行(601229.SH)公布，经中国人民银行核准和国家金融监督管理总局上海监管 局批复，公司在全国银行间债券市场发行"上海银行股份有限公司2025年无固定期限资本债券"（以下简 称"本期债券"），并在银行间市场清算所股份有限公司完成债券的登记、托管。 ...

证券代码：601229 证券简称：上海银行 公告编号：临 2025-074 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 特此公告。 上海银行股份有限公司董事会 2025 年 12 月 12 日 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。 经中国人民银行核准和国家金融监督管理总局上海监管局批复，公司在全国 银行间债券市场发行"上海银行股份有限公司 2025 年无固定期限资本债券"（以 下简称"本期债券"），并在银行间市场清算所股份有限公司完成债券的登记、托 管。 1 本期债券于 2025 年 12 月 9 日簿记建档，并于 2025 年 12 月 11 日发行完毕。 本期债券发行规模为人民币 100 亿元，存续期与发行人持续经营存续期一致，票 面利率为 2.42%。 上海银行股份有限公司 关于 2025 年无固定期限资本债券发行完毕的公告 本期债券募集资金将依据适用法律和主管部门的批准用于补充发行人其他 一级资本。 ...

证券代码：601229 证券简称：上海银行 公告编号：临2025-072 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 公司于 2017 年 12 月非公开发行 2 亿股优先股（以下简称"本次优先股"）， 优先股简称：上银优 1，优先股代码：360029。经公司董事会审议通过，并报国 家金融监督管理总局上海监管局审核同意，公司拟于 2025 年 12 月 19 日赎回本 次优先股，现将有关赎回事宜提示如下： 一、赎回规模 公司拟赎回全部 2 亿股本次优先股，每股面值人民币 100 元，总规模人民币 200 亿元。 二、赎回价格 本次优先股的赎回价格为票面金额加当期已宣告但尚未支付的股息。 三、赎回时间 2025 年本次优先股派息日，即 2025 年 12 月 19 日。 四、付款时间及方法 上海银行股份有限公司 关于赎回优先股的第三次提示性公告 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。 五、赎回程序 公司 2016 年度股东大会审议通过 ...

证券代码：601229 证券简称：上海银行 公告编号：临2025-073 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优先股股息发放实施公告 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： 公司 2016 年度股东大会审议通过了《关于上海银行股份有限公司非公开发 行优先股方案的提案》，授权董事会依照发行方案的约定，宣派和支付全部优先 股股息。本次优先股（优先股代码：360029；优先股简称：上银优 1）股息发放 方案已经公司 2025 年 10 月 30 日召开的董事会 2025 年第九次会议审议通过，董 事会决议公告已刊登在上海证券交易所网站（www.sse.com.cn）。 一、优先股股息发放方案 （一）股息率 自 2022 年 12 月 19 日起，上银优 1 第二个股息率调整期的票面股息率已调 整为 4.02%。 1 优先股代码：360029 优先股简称：上银优 1 每股优先股派发现金股息人民币 ...

上海银行公告称，经相关部门核准和批复，其在全国银行间债券市场发行"上海银行股份有限公司2025 年无固定期限资本债券"，于2025年12月9日簿记建档，12月11日发行完毕。本期债券发行规模100亿 元，存续期与发行人持续经营存续期一致，票面利率2.42%。募集资金将用于补充发行人其他一级资 本。 ...