| 证券代码：601229 | 证券简称：上海银行 | 公告编号：临 2025-055 | | --- | --- | --- | | 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 关于可转债转股结果暨股份变动公告 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。 经中国证券监督管理委员会《关于核准上海银行股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2020〕3172 号）核准，公司于 2021 年 1 月 25 日公开发行了 20,000 万张可转换公司债券（以下简称"可转债"），每张面值 人民币 100 元，按面值发行，发行总额人民币 200 亿元，期限 6 年。 经上海证券交易所自律监管决定书〔2021〕52 号文同意，公司人民币 200 亿元可转债于 2021 年 2 月 10 日起在上海证券交易所挂牌交易，债券简称"上银 转债"，债券代码"113042"。 根据有关规定和 ...

证券代码：601229 证券简称：上海银行 公告编号：临 2025-054 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 关于根据 2025 年中期利润分配方案 调整 A 股可转换公司债券转股价格的公告 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： 因实施 2025 年中期普通股权益分派,公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 起始日 | 期间 | | | | 113042 | 上银转债 | 可转债转股复牌 | | | 2025/10/15 | 2025/10/16 | 根据上述约定，因公司实施 2025 年中期权益分派，"上银转债"自 2025 年 10 月 9 日至本次普通股权益分派股权登记日（2025 年 ...

证券代码：601229 证券简称：上海银行 公告编号：临 2025-053 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 2025年半年度权益分派实施公告 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： 每股分配比例 A 股普通股每股现金红利人民币0.30元（含税）。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/15 | － | 2025/10/16 | 2025/10/16 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 2025 年 5 月 16 日，公司 2024 年度股东大会审议通过了《关于上海银行股份有限公司 2024 年度利润分配方案的提案》，授权董事会在符合利润分配条件的情况下制定并实施具体的 2025 年中期利润分配方案。2 ...

近期， 由申万宏源证券 作为联席主承销商 的 "上海银行股份有限公司2025年第二期金融债券"成功发行，本期债券发行规模 200 亿 元，发行期限 3 年，票面利率 1.89 % 。本期债券的顺利发行，进一步优化了上海银行中长期负债结构。 上海银行是国内 20家系统重要性银行之一，整体实力位居城商行前列 。 近年 来，上海银行综合实力不断增强、发展品质稳步提升。目前总资产已超 3万亿元，年营 收超500亿元、盈利超200亿元，资产质量保持银行业较好水平。 近年来， 申万宏源证券与上海银行 建立了良好的合作关系 ，本次 债券的 成功发行彰 显了申万宏源强大的资本市场销售实力，各部门积极协调配合，得到了发行人的高度评 价和充分认可，也是申万宏源深耕上海区域的又一丰硕成果，对于申万宏源持续深耕长 三角地区债券市场、加强重点区域覆盖力度具有重要意义。展望未来，申万宏源证券 将继续充分发挥在金融市场的专业优势，以高质量金融服务助力现代化经济体系建设 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 。 ...

Core Viewpoint - The implementation of the new regulatory policy, referred to as the "Assisted Loan New Regulations," will significantly reshape the landscape of the assisted loan industry by establishing clear compliance boundaries for commercial banks' internet-assisted loan businesses [1][3]. Group 1: Regulatory Changes - The new regulation, effective from October 1, 2025, mandates commercial banks to adopt a "list management" system for assisted loan cooperation institutions, which has led to a lack of transparency regarding the cooperation lists of major banks [4][5]. - The regulation imposes strict controls on "comprehensive financing costs," particularly targeting products with annualized comprehensive costs exceeding 24%, which poses a challenge to existing business models in the assisted loan sector [1][9]. Group 2: Market Dynamics - The disclosed cooperation lists indicate a trend where major internet giants are preferred partners for banks, leading to a concentration of funds and resources in the hands of a few leading institutions [5][6]. - Various banks have begun to reveal their cooperation lists, with significant participation from both state-owned and private banks, although the six major state-owned banks have yet to disclose their lists [4][6]. Group 3: Business Models and Strategies - Banks like Ping An Bank have developed platforms such as the "Smart Loan Platform" to enhance compliance and safety while expanding their internet credit ecosystem, reflecting a shift towards more regulated and secure lending practices [7]. - Some banks are reconsidering their involvement in assisted loan businesses due to high default rates and rising customer acquisition costs, which are compressing profit margins [7]. Group 4: Financial Implications - The new regulations are expected to create a significant stratification in funding sources, with high-interest assets losing bank support while assets with annualized rates below 24% become highly competitive [9][10]. - Trust funds have seen a temporary increase in demand as an alternative funding source, but their higher costs and regulatory constraints limit their sustainability [10]. Group 5: Regulatory Focus Post-Implementation - Post-implementation, regulatory scrutiny will focus on pricing transparency and comprehensive cost control, particularly regarding the inclusion of service fees in the overall financing costs [11]. - The regulatory authorities will also evaluate banks' risk management capabilities and their adherence to core responsibilities in the assisted loan sector [11].

Core Insights - The city commercial bank sector experienced a decline of 1.0% on September 30, with Suzhou Bank leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance Summary - Qingdao Bank: Closed at 4.76, unchanged; trading volume of 223,200 shares, turnover of 106 million [1] - Shanghai Bank: Closed at 8.96, down 0.55%; trading volume of 416,300 shares, turnover of 373 million [1] - Beijing Bank: Closed at 5.51, down 0.72%; trading volume of 2,311,600 shares, turnover of 1.272 billion [1] - Hangzhou Bank: Closed at 15.27, down 0.78%; trading volume of 157,990 shares, turnover of 883 million [1] - Lanzhou Bank: Closed at 2.36, down 0.84%; trading volume of 339,500 shares, turnover of 80.379 million [1] - Guiyang Bank: Closed at 5.76, down 0.86%; trading volume of 271,900 shares, turnover of 157 million [1] - Chongqing Bank: Closed at 8.93, down 0.89%; trading volume of 99,700 shares, turnover of 89.151 million [1] - Changsha Bank: Closed at 8.83, down 0.90%; trading volume of 276,800 shares, turnover of 244 million [1] - Chengdu Bank: Closed at 17.25, down 0.92%; trading volume of 279,700 shares, turnover of 482 million [1] - Zhengzhou Bank: Closed at 1.98, down 1.00%; trading volume of 756,400 shares, turnover of 150 million [1] Capital Flow Analysis - The city commercial bank sector saw a net outflow of 462 million from main funds, while speculative funds had a net inflow of 331 million, and retail investors had a net inflow of 131 million [2] - Suzhou Bank: Main fund net inflow of 55.9396 million, speculative fund net outflow of 11.5337 million, retail net outflow of 44.4059 million [3] - Changsha Bank: Main fund net inflow of 33.8793 million, speculative fund net outflow of 13.6525 million, retail net outflow of 20.2268 million [3] - Qilu Bank: Main fund net inflow of 8.6825 million, speculative fund net outflow of 2.7980 million, retail net outflow of 5.8846 million [3] - Hangzhou Bank: Main fund net inflow of 7.6881 million, speculative fund net inflow of 44.2474 million, retail net outflow of 51.9354 million [3] - Guiyang Bank: Main fund net inflow of 4.8665 million, speculative fund net outflow of 1.6412 million, retail net outflow of 3.2254 million [3]

Core Viewpoint - The article highlights the increasing interest of institutional investors in regional banks, particularly in the Yangtze River Delta, due to their strong performance and resilience in a developed economic region [1][2]. Group 1: Institutional Research Focus - As of September 29, 2023, A-share listed banks have been surveyed over 300 times by more than 2000 institutions, with regional banks in the Yangtze River Delta receiving significant attention [1]. - Institutions are particularly focused on net interest margin stability, potential asset quality risks, and future credit allocation strategies during their research [2][3]. Group 2: Financial Performance of Regional Banks - Changshu Bank reported a revenue of 6.062 billion yuan, a year-on-year increase of 10.10%, and a net profit of 1.969 billion yuan, up 13.51% [2]. - The bank also declared its first interim cash dividend since its listing, distributing 0.15 yuan per share, totaling 499 million yuan [2]. Group 3: Investment Trends in Banking Sector - The investment logic for bank stocks is shifting from valuation recovery to deep value discovery of high-quality banks amid industry differentiation [3]. - As of September 29, 2023, the Shenwan Primary Bank Index closed at 4000.30 points, with a year-to-date increase of 2.33%, while individual stocks like Agricultural Bank, Qingdao Bank, and Pudong Development Bank rose over 20% [4]. - Institutional investments in bank stocks have increased, with insurance funds actively purchasing shares in various banks, indicating a preference for high dividend returns and stable earnings [4].

Core Insights - The Shanghai Bank's 8th Geek Competition concluded successfully, emphasizing innovation and AI empowerment in the financial sector [5][10] - The event showcased the collaborative spirit of young employees, highlighting their role as a driving force for innovation within the bank [5][10] Group 1: Competition Overview - The competition, themed "Geek · Empowering Innovation," took place on September 28, 2025, coinciding with the bank's 30th anniversary [5] - It served as a platform for exploring digital finance and showcased the bank's commitment to innovation and cultural development [5][10] Group 2: Focus Areas - The competition focused on the application of AI in financial services, aiming to transition from "digitalization" to "intelligence" [7][8] - Two main tracks were established: "Smart Code · AI Programming" and "Co-creation · Business Application," addressing both technical development and practical business scenarios [8] Group 3: Participation and Results - A total of 69 teams and over 260 employees participated, contributing to the establishment of a comprehensive ecosystem for AI model applications within the bank [8] - The final results included awards for the top teams, with the "Colla" team winning the first prize, and several other teams receiving second and third prizes, as well as special awards [11] Group 4: Future Outlook - The bank aims to continue fostering innovation and integrating AI into various business scenarios to enhance service quality and create new competitive advantages [14]

Core Insights - The Shanghai Bank's eighth Geek Competition showcased the collaborative spirit of young employees, emphasizing the importance of talent in driving digital finance innovation [1][2] - The competition, themed "Geek • Empowering New," coincided with the bank's 30th anniversary, highlighting a renewed commitment to digital transformation and innovation [1][2] - The event focused on the application of AI and intelligent technologies in financial services, aiming to enhance customer engagement, risk management, and operational efficiency [2] Group 1 - The competition attracted 69 teams and over 260 employees, fostering a collaborative ecosystem for AI model applications within the bank [2] - The first prize was awarded to the "Colla" team, with additional awards given to various teams, showcasing the innovative capabilities of the bank's workforce [2] - The bank's leadership emphasized the importance of cultivating a culture of innovation and problem-solving skills among employees to enhance core competitiveness [2] Group 2 - Looking ahead, the bank plans to maintain its focus on innovation and the integration of AI to improve service quality and create new competitive advantages in the digital finance landscape [2]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [2] Core Views - The cost-effectiveness of bank allocations has improved, with a significant number of quality banks offering dividend yields exceeding 5% for 2025 [5][10] - The banking sector is expected to see a recovery in market allocation demand in Q4, driven by calendar effects and a potential shift towards safer investments [5][10] - Core business profitability is improving under supportive policies, with a narrowing decline in net interest income for listed banks [6][10] Summary by Sections Investment Rating - The banking sector is rated as "Buy" for several key banks, including Industrial and Commercial Bank of China (ICBC) with a target price of 7.88 HKD, Chengdu Bank at 23.33 CNY, and Shanghai Bank at 12.02 CNY [4] Market Trends - The banking index has experienced a maximum drawdown of approximately 15% since July, with the PB ratio falling to 0.62x, indicating a favorable valuation compared to historical levels [5][11] - The report highlights that 37 A-share banks have fallen below their six-month moving average, with 14 below their annual moving average, suggesting a potential buying opportunity [5] Performance Outlook - The report anticipates that insurance capital, industrial capital, and foreign investment will become significant incremental allocation sources for the banking sector [7] - The report notes that the banking sector's dividend payout capabilities are stable, making them attractive to long-term investors [7] Economic Indicators - The report discusses the impact of interest rate increases on bank performance, suggesting that banks may buffer non-interest income pressures through realized gains [8][10] - It emphasizes that if the economy enters an upward cycle, rising interest rates could positively impact net interest income and overall bank profitability [8][10]