Group 1 - The A-share market saw a significant increase in bank stocks, with Qilu Bank rising nearly 2% and several other banks, including Changshu Bank and Chongqing Rural Commercial Bank, increasing by over 1% [1] - The total market capitalization of Qilu Bank is 33.7 billion, while Changshu Bank has a market cap of 23.8 billion [2] - Year-to-date performance shows that Qilu Bank has decreased by 4.70%, while Changshu Bank has increased by 1.99% [2] Group 2 - Other banks that experienced gains include Yunnan Rural Commercial Bank (1.46%), CITIC Bank (1.30%), and Shanghai Bank (1.04%) [2] - The total market capitalization of CITIC Bank is 434 billion, and it has a year-to-date performance of 1.30% [2] - Despite the gains, many banks still show negative year-to-date performance, such as Shanghai Bank (-3.37%) and China Bank (-5.58%) [2]

1月19日金融一线消息，上海银行公告，公司于 2021 年 1 月 25 日公开发行的 200 亿元 A 股可转换公司 债券（以下简称"可转债""本期债券"）将于 2026 年 1 月 26 日开始支付自2025 年1 月25日至 2026 年 1 月 24 日期间的利息。 根据《募集说明书》约定的付息期限与方式，本计息年度票面利率为3.50%（含税），即每张面值人民 币 100 元可转债付息金额为人民币3.50 元（含税）。 上海银行股份有限公司 关于"上银转债"2026年付息的进展公告 付息债权登记日为2026年1月23日，除息日及兑息日均为2026年1月26日（原定付息日1月25日为非交易 日，故顺延）。 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。 本次付息对象为截至 2026 年 1 月 23 日上海证券交易所收市后，在中国结算上海分公司登记在册的全 体"上银转债"持有人。 证券简称:上海银行 重要内容提示: 证券代码:601229 可转债代码:113042 公告编号:临 202 ...

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： 根据《关于延续实施境外机构投资境内债券市场企业所得税、增值税政策的 公告》（财政部 税务总局公告 2026 年第 5 号），自 2026 年 1 月 1 日起至 2027 年 12 月 31 日止，对境外机构投资境内债券市场取得的债券利息收入暂免征收企 业所得税和增值税。持有上银转债的境外机构（包括 QFII、RQFII）取得的上银 转债利息收入按照本公告说明的最新税收政策执行。 公司于 2021 年 1 月 25 日公开发行的 200 亿元 A 股可转换公司债券（以下简 称"可转债""本期债券"）将于 2026 年 1 月 26 日开始支付自 2025 年 1 月 25 日至 2026 年 1 月 24 日期间的利息。根据《上海银行股份有限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集说明书》"）有关条款的规 定，现将有关事项公告如下： 证券代码：601229 证券简称：上海银行 公告编号：临 2026-00 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also suggesting a positive outlook for the insurance sector [10][40]. Core Insights - The report highlights a structural monetary policy shift with a focus on "increasing quantity and reducing price," indicating potential for further interest rate cuts and reserve requirement ratio reductions [12][41]. - The A-share market remains active, with an average daily trading volume of 3.47 trillion yuan and a financing balance exceeding 2.7 trillion yuan, marking a new high [12][28]. - The report emphasizes the importance of the recent increase in the minimum margin requirement for financing from 80% to 100%, which aims to stabilize market conditions and reduce leverage [14][18]. Securities Sector Summary - The securities sector is expected to benefit from improved market conditions, with a focus on high-quality brokerage firms such as CITIC Securities and Guotai Junan [3][27]. - The report notes that the recent increase in financing margin requirements is a regulatory measure to control leverage and stabilize market sentiment [14][15]. - CITIC Securities reported a 38% year-on-year increase in net profit for 2025, reflecting strong performance in brokerage and investment banking [27]. Insurance Sector Summary - The insurance sector is advised to focus on high-quality leading companies, as the market has recognized the strong performance of life insurance sales [39]. - The report indicates that the main drivers for insurance stock prices are currently on the asset side rather than the liability side, leading to some price corrections [12][39]. Banking Sector Summary - The banking sector is characterized by a stable performance, with major banks like Shanghai Bank and Nanjing Bank recommended for investment due to their solid fundamentals [3][40]. - The report highlights a decrease in social financing growth, primarily due to high government debt base effects, but notes an increase in corporate loans [42][43]. - The Central Bank's recent policies suggest room for further interest rate cuts, which could enhance the banking sector's profitability [41][40].

Investment Rating - The report maintains a "Buy" rating for several banks, including Chengdu Bank, Chongqing Rural Commercial Bank, Nanjing Bank, Industrial and Commercial Bank of China, Shanghai Bank, and China Construction Bank, while recommending "Hold" for Chongqing Rural Commercial Bank [8][35]. Core Insights - The report highlights that corporate lending has become the main driver of credit growth, with December's new loans reaching 910 billion yuan, exceeding expectations, while household loans contracted significantly [2][5]. - The total social financing for 2025 is projected to be 35.6 trillion yuan, an increase of 3.34 trillion yuan year-on-year, supported mainly by government bonds [5][12]. - The report indicates a recovery in corporate bond financing, with December seeing an increase of 1.54 billion yuan, while government bond financing decreased significantly due to a high base effect from the previous year [3][5]. Summary by Sections Credit Growth - December's new loans amounted to 910 billion yuan, with corporate loans increasing by 1.07 trillion yuan, while household loans decreased by 916 billion yuan [2][5]. - The overall loan growth rate for December was 6.4%, remaining stable compared to November [2][12]. Social Financing - The total social financing in December was 2.21 trillion yuan, with a year-on-year decrease of 646.2 billion yuan, primarily due to fluctuations in government bonds [1][5]. - For the entire year of 2025, social financing is expected to grow significantly, driven by government support [5][12]. Monetary Supply - M1 and M2 growth rates for December were 3.8% and 8.5%, respectively, with M1 showing a decline due to limited demand for corporate current funds [4][12]. - New deposits in December reached 1.68 trillion yuan, with a year-on-year increase of 3.08 trillion yuan [4][12]. Investment Recommendations - The report recommends specific stocks for investment, including Chengdu Bank (target price 23.25 yuan), Nanjing Bank (target price 14.78 yuan), and Industrial and Commercial Bank of China (target price 8.31 yuan) [11][35].

Core Viewpoint - The city commercial bank sector experienced a decline of 1.27% on January 16, with Jiangsu Bank leading the drop. The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1]. Group 1: Stock Performance - Ningbo Bank closed at 29.30, up 1.70% with a trading volume of 589,500 shares and a transaction value of 1.723 billion [1]. - Xiamen Bank closed at 7.20, up 0.70% with a trading volume of 128,700 shares and a transaction value of 92.3661 million [1]. - Jiangsu Bank closed at 9.76, down 2.69% with a trading volume of 2,061,300 shares and a transaction value of 2.033 billion [2]. - Shanghai Bank closed at 9.64, down 2.43% with a trading volume of 961,200 shares and a transaction value of 933.3 million [2]. Group 2: Capital Flow - The city commercial bank sector saw a net outflow of 229 million from main funds, while speculative funds had a net inflow of 716 million, and retail investors experienced a net outflow of 487 million [2]. - Hangzhou Bank had a main fund net inflow of 153 million, while retail investors saw a net outflow of 113 million [3]. - Nanjing Bank recorded a main fund net inflow of 70.5 million and a retail net outflow of 131 million [3].

证券代码：601229 证券简称：上海银行 公告编号：临2026-002 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"上银转债"2026年付息公告 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： 公司于2021年1月25日公开发行的200亿元A股可转换公司债券（以下简称"可转债""本期债券""上银转 债"）将于2026年1月26日开始支付自2025年1月25日至2026年1月24日期间的利息。根据《上海银行股份 有限公司公开发行A股可转换公司债券募集说明书》（以下简称"《募集说明书》"）有关条款的规定， 现将有关事项公告如下： 一、可转债发行上市概况 4、证券类型：可转换为公司A股普通股股票的可转换公司债券。 8、可转债基本情况： （4）票面利率：第一年为0.30%、第二年为0.80%、第三年为1.50%、第四年为2.80%、第五年为 3.50%、第六年为4.00%。 （5）债券到期赎回：在可转债期满后五个交易日内，公司将以可转债的票面面值的11 ...

关于"上银转债"2026 年付息公告 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。 1 可转债付息债权登记日：2026 年 1 月 23 日 可转债除息日：2026 年 1 月 26 日 可转债兑息日：2026 年 1 月 26 日（由于 2026 年 1 月 25 日为非交易日， 可转债付息日顺延至 2026 年 1 月 26 日） 证券代码：601229 证券简称：上海银行 公告编号：临 2026-002 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 重要内容提示： 公司于 2021 年 1 月 25 日公开发行的 200 亿元 A 股可转换公司债券（以下简 称"可转债""本期债券""上银转债"）将于 2026 年 1 月 26 日开始支付自 2025 年 1 月 25 日至 2026 年 1 月 24 日期间的利息。根据《上海银行股份有限公 司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集说明书》"） 有关条款的规定，现将有关事项公告如下： 一、 ...

Market Performance - The city commercial bank sector declined by 0.59% on January 15, with Qingdao Bank leading the decline [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Individual Stock Performance - Chongqing Bank closed at 10.36, up 0.58% with a trading volume of 85,800 shares and a transaction value of 88.94 million [1] - Xiamen Bank closed at 7.15, up 0.42% with a trading volume of 89,300 shares and a transaction value of 63.77 million [1] - Hangzhou Bank closed at 15.68, up 0.38% with a trading volume of 626,300 shares and a transaction value of 9.85 billion [1] - Ningbo Bank closed at 28.81, down 0.31% with a trading volume of 285,000 shares and a transaction value of 824 million [1] - Chengdu Bank closed at 15.99, down 0.68% with a trading volume of 365,100 shares and a transaction value of 586 million [1] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 221 million from institutional investors and a net inflow of 296 million from speculative funds, while retail investors experienced a net outflow of 517 million [2] - Hangzhou Bank had a net inflow of 123 million from institutional investors, accounting for 12.51% of its total [3] - Shanghai Bank had a net inflow of 97.02 million from institutional investors, representing 20.87% of its total [3] - Nanjing Bank had a net inflow of 37.40 million from institutional investors, making up 6.86% of its total [3]

Core Viewpoint - The city commercial bank sector experienced a decline of 2.11% on January 14, with Beijing Bank leading the drop, while the overall market showed mixed results with the Shanghai Composite Index down 0.31% and the Shenzhen Component Index up 0.56% [1] Group 1: Market Performance - The closing price of Beijing Bank was 5.38, down 2.71%, with a trading volume of 4.6089 million shares and a transaction value of 2.514 billion [1] - Other notable declines included Chongqing Bank at 10.30 (-2.37%), Hangzhou Bank at 15.62 (-2.13%), and Qilu Bank at 5.57 (-2.11%) [1] - The city commercial bank sector saw a net outflow of 729 million in main funds, while retail investors contributed a net inflow of 53.1975 million [1] Group 2: Fund Flow Analysis - Hangzhou Bank had a main fund net inflow of 1.20 billion, but a net outflow from retail investors of 92.9469 million [2] - Suzhou Bank recorded a net inflow of 52.503 million from main funds, while retail investors had a net outflow of 54.0558 million [2] - Shanghai Bank experienced a main fund net inflow of 45.3249 million, with a retail net outflow of 46.6735 million [2]