上海银行股份有限公司 公开发行 A 股可转换公司债券 定期跟踪评级报告 | 项目负责人： | | --- | | 项目组成员： | | 评级总监： | | 联系电话： (021) 63501349 | | 联系地址：上海市黄浦区汉口路 398 号华盛大厦 14 层 | | 公司网站：www.shxsj.com | 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 评级声明 除因本次评级事项使本评级机构与评级对象构成委托关系外，本评级机构、评级人员与评级对象不存在任何影 响评级行为独立、客观、公正的关联关系。 本评级机构与评级人员履行了调查和诚信义务，所出具的评级报告遵循了真实、客观、公正的原则。 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断，未因评级对象和其他任 何组织或个人的不当影响改变评级意见。 本次跟踪评级依据评级对象及其相关方提供或已经正式对外公布的信息，相关信息的真实性、准确性和完整性 由资料提供方或发布方负责。本评级机构合理采信其他专业机构出具的专业意见， ...

| 证券代码：601229 | 证券简称：上海银行 | 公告编号：临2025-033 | | --- | --- | --- | | 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 年第三次会议决议公告 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 年第三次会议于 2025 年 6 月 23 日以书面传签方式召开， 会议通知已于 2025 年 6 月 13 日以电子邮件方式发出。本次会议应参加表决监事 4 人,实际参加表决监事 4 人。本次会议参加表决人数符合《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。 会议经审议并通过以下议案： 关于上海银行监事会 2024 年度监督评价报告的议案 表决情况：同意 4 票，反对 0 票，弃权 0 票。 特此公告。 上海银行股份有限公司监事会 2025 年 6 月 ...

Core Viewpoint - The China Securities Index of State-Owned Enterprises Dividend (CSI State-Owned Enterprises Dividend Index) shows a slight increase of 0.27% to 2079.1 points, with a trading volume of 39.736 billion yuan, despite a decline of 0.93% over the past month and a year-to-date drop of 2.69% [1] Group 1: Index Performance - The CSI State-Owned Enterprises Dividend Index has decreased by 0.93% in the last month, increased by 0.25% in the last three months, and has fallen by 2.69% year-to-date [1] - The index is based on 100 listed companies selected for their high cash dividend yield, stable dividends, and certain scale and liquidity, reflecting the overall performance of high-dividend securities among state-owned enterprises [1] Group 2: Index Holdings - The top ten weighted stocks in the CSI State-Owned Enterprises Dividend Index include: COSCO Shipping Holdings (2.66%), Jizhong Energy (2.06%), Lu'an Environmental Energy (1.53%), Shanxi Coking Coal (1.5%), Shanxi Coal International (1.5%), Hengyuan Coal Power (1.41%), Xiamen International Trade (1.35%), Jianfa Co. (1.29%), Shaanxi Coal and Chemical Industry (1.28%), and Shanghai Bank (1.27%) [1] - The index's holdings are primarily listed on the Shanghai Stock Exchange (83.20%) and the Shenzhen Stock Exchange (16.80%) [1] Group 3: Industry Composition - The industry composition of the index holdings is as follows: Finance (28.10%), Industry (24.84%), Energy (21.72%), Materials (8.08%), Communication Services (6.47%), Real Estate (3.88%), Consumer Discretionary (3.53%), Utilities (1.77%), and Consumer Staples (1.60%) [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Criteria for sample retention include: actual control by state-owned entities, cash dividend yield greater than 0.5% in the past year, average market capitalization ranking in the top 90% of the CSI All Share Index, and average dividend payout ratio over the past three years being greater than 0 and less than 1 [3] - Adjustments to the sample weight factors occur simultaneously with the sample adjustments, and temporary adjustments can be made under special circumstances [3] Group 5: Related Funds - Public funds tracking the CSI State-Owned Enterprises Dividend Index include: Western Li De State-Owned Enterprises Dividend Index Enhanced C, Pengyang CSI State-Owned Enterprises Dividend Linked A, Pengyang CSI State-Owned Enterprises Dividend Linked C, Hua'an CSI State-Owned Enterprises Dividend Linked A, Hua'an CSI State-Owned Enterprises Dividend Linked C, Pengyang CSI State-Owned Enterprises Dividend ETF, Western Li De State-Owned Enterprises Dividend Index Enhanced A, and Hua'an CSI State-Owned Enterprises Dividend ETF [4]

Core Insights - The 2025 Lujiazui Forum focused on the integration of technology and finance, emphasizing the development of a comprehensive financial service system for innovative enterprises in Shanghai [2][5] - Shanghai aims to enhance its role as a global financial center by fostering a supportive ecosystem for technology-driven industries and improving financial products tailored to various stages of enterprise development [3][4] Group 1: Event Overview - The event included a concentrated release of financial services for the entire lifecycle of technology innovation, a signing ceremony with the Greek Shipping Finance Management Association, and roundtable discussions [2][5] - Key officials from Shanghai's financial sector and representatives from various financial institutions and technology companies participated, highlighting the collaborative effort to support strategic emerging industries [2][3] Group 2: Financial Products Released - A range of financial products was launched to support small and medium-sized technology enterprises, focusing on digital credit, capital market linkage, and cross-institution collaboration [3][4] - Initial stage products include "Innovation Drug Loan" from Agricultural Bank of China and "Smart Intellectual Property Loan" from Bank of Communications, among others [3] - Growth stage products include "Puxin Loan" from Shanghai Pudong Development Bank and "Investment-Loan Linked Loan" from Industrial Bank, while mature stage products include "ICBC Treasury" and "Index Investment Series Products" [4] Group 3: Collaborative Efforts - A memorandum of cooperation was signed between Shanghai Financial Association and the Greek Shipping Finance Management Association, indicating a commitment to enhance collaboration in shipping finance and green finance [4] - The event featured two roundtable discussions addressing capital flow support for hard technology enterprises and financial collaboration to build future industry hubs [5]

Core Viewpoint - The A-share market experienced a downward trend on June 19, 2025, with the banking sector showing relative resilience, only declining by 0.15%, second only to the oil and petrochemical sector [1] Banking Sector Performance - Individual bank stocks showed localized activity, with notable gains from CITIC Bank, Shanghai Bank, and Jiangyin Bank, each rising over 1% [1] - The banking ETF (512800) opened lower but turned positive during the day, ultimately closing slightly down by 0.12%, continuing its strong performance throughout the year [2][3] ETF and Index Performance - The banking ETF (512800) has repeatedly set historical highs this year, with the index it tracks, the China Securities Banking Index, having increased by 11.87% year-to-date, outperforming the Shanghai Composite Index and CSI 300 by 12.18 and 14.2 percentage points, respectively [3][4] - The banking sector's strong performance is attributed to its status as a stable asset class, characterized by steady operations, consistent dividends, and high dividend yields, making it attractive in a volatile market [4] Fund Allocation and Future Outlook - Short-term drivers include regulatory changes encouraging public funds to increase their allocation to the banking sector, which currently has a significantly lower representation in active funds compared to its weight in the CSI 300 [5] - Analysts believe the core investment logic for the banking sector will persist, driven by its high dividend yield, potential for institutional fund inflows, and supportive policies for interest margins [5] - The current market environment is viewed as the beginning of a long-term trend, with low interest rates and the revaluation of RMB assets serving as foundational logic for this market cycle [5] Investment Opportunities - Investors looking for value in the banking sector are encouraged to consider the banking ETF (512800) and its associated funds, which provide exposure to a diversified portfolio of 42 listed banks in A-shares [6]

"国家对普惠金融可以说是不遗余力地推动。现在的全国普惠贷款规模相比2015年增加了2.6倍。"顾建忠认为，普惠金融的可及性还要有度的把握，要做 到"合理的风险覆盖、真实场景背景下的真实融资需求"两条标准。 新华财经上海6月19日电（记者王淑娟）如何提高普惠金融的均衡性和可及性？6月19日，在2025陆家嘴论坛上，上海银行党委书记顾建忠表示，普惠金融永 远在路上，在数字化赋能的背景下，上海银行通过"四化"积极拓展普惠金融的新境界、新领域：一是抓好数字深度融合的场景化，二是抓好基于数据驱动的 生态化，三是抓好普惠金融服务的综合化，四是推动数字化的同时抓好人的能力专业化。 （文章来源：新华财经） 顾建忠认为，"人的专业能力是数字化所不能替代的，在数字化赋能的背景下，我们不能忽视人的核心价值，人依然是金融皇冠上的明珠。" 图为上海银行党委书记顾建忠在2025陆家嘴论坛现场发表讲话查伟诚/摄 在顾建忠看来，近几年，普惠金融的"含科性"越来越大。但很多初创期的科技企业，营收很少，没有抵质押，孵化器的企业甚至连营收都没有，因此商业银 行挺进科技金融"可可西里"要有担当，要做难而正确的事，一定要有坚持，要有情怀。 顾建忠强调 ...

Core Points - The Shanghai Energy Conservation Promotion Week will take place from June 23 to June 29, 2025, focusing on the theme "Energy Saving and Efficiency Improvement, Leading with 'New'" [1] - The event will feature approximately 400 green-themed activities across various sectors, including green home appliances, home decoration, 3C digital products, and new energy vehicles, aiming to create the "Green Movement in Shanghai" brand [1][4] Group 1 - The event will adopt a collaborative model involving government, enterprises, and public participation, with various activities organized by different government departments [2][3] - Notable companies such as Sheneng Group, SAIC Motor, Shanghai Bank, and Nippon Paint have been recognized as "Green and Low-Carbon Partners" during the event [2][3] - The Shanghai Municipal Economic and Information Commission will launch a "Media Open Week" to report on the latest achievements in the green and low-carbon sector [3] Group 2 - Activities will include a "trade-in" program for home appliances and furniture, with online and offline subsidies to encourage the replacement of old items [3][4] - Companies like Suning and Ele.me will offer significant discounts and subsidies for green services and products, with Suning providing up to 50% off on various services [4] - The event will also feature a series of community-focused activities, such as "Green Passport" initiatives and low-carbon knowledge competitions [7][8] Group 3 - Each district in Shanghai will host unique energy conservation activities, such as family workshops, interactive quizzes, and cultural performances to engage the community [8] - The event aims to promote green living and energy-saving practices among citizens through various engaging and educational activities [8]

Group 1 - Bank stocks have shown resilience, with several banks reaching historical highs, including Agricultural Bank of China, CITIC Bank, Shanghai Pudong Development Bank, Beijing Bank, and Chengdu Bank [1] - Other banks such as Shanghai Bank, Bank of China, China Construction Bank, and Jiangsu Bank also experienced upward movement in their stock prices [1]

Core Viewpoint - The banking sector, particularly the leading bank ETF (512820), is experiencing a strong performance driven by high dividend yields and low valuations, making it an attractive investment opportunity [5][10][15]. Group 1: Market Performance - On June 17, the A-share market showed mixed trends, with the bank ETF (512820) experiencing a slight decline of 0.2% after reaching a historical high during the day [1]. - The bank ETF (512820) has attracted over 25 million yuan in capital inflow over the past three days, indicating strong investor interest in high-dividend sectors [1]. - The index of the bank ETF (512820) has seen a 15.33% increase over the past six months, outperforming the CSI 300 by 16.51% [5]. Group 2: Fundraising and Capital Injections - Recently, major banks like the Bank of Communications and Bank of China announced successful A-share stock issuances, raising 120 billion yuan and 165 billion yuan respectively, contributing to a total of 520 billion yuan in capital injections for the four major state-owned banks [5]. - This capital injection is expected to enhance the core Tier 1 capital adequacy ratio of state-owned banks, thereby improving their ability to support the real economy [5]. Group 3: Investment Appeal - The banking sector is characterized by high dividend yields and low valuations, making it more attractive compared to other industries [7][10]. - The current price-to-book ratio (PB) of the bank ETF (512820) is 0.68, indicating a significant undervaluation [12]. - The latest dividend yield for the bank ETF (512820) is 5.4%, which is competitive in the market [12]. Group 4: Future Outlook - There is strong momentum for long-term capital inflows into the banking sector from insurance funds, state-owned enterprises, and public funds, which is expected to support the valuation of bank stocks [8][15]. - The banking sector's fundamentals remain robust, with stable operations and sustainable dividends, which are likely to strengthen its high dividend characteristics [9][15].

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core View The report analyzes the situation of bank convertible bonds shrinking in the convertible bond market and explores possible bottom - position allocation ideas for convertible bond funds and other types of funds after the reduction of bank convertible bonds as large - cap bottom - position varieties. It provides suggestions for investors on how to choose bottom - position varieties based on the characteristics of convertible bond bottom - position varieties and market conditions [13]. Summary by Relevant Catalogs 1. Convertible Bond Bottom - Position Variety Overview - Pan - fixed - income + funds have a certain demand for convertible bonds. Convertible bond funds have an average convertible bond position of about 78%, and the convertible bond positions of first/second - level bond funds, balanced hybrid, and partial - debt hybrid funds are mostly maintained above 10% [1][15]. - At the industry level, public funds generally use convertible bonds from industries such as banks and power equipment as bottom - position varieties. Bank convertible bonds account for a large proportion in the convertible bond bottom - position varieties of public funds at all times, but the bottom - position varieties change with factors such as bond balance and market conditions [19][21]. 2. Overview of Bank Convertible Bonds - the "Major Holders" of Convertible Bond Bottom - Positions - **Purpose of Issuance**: Issuing convertible bonds is an important way for commercial banks to supplement core tier - 1 capital, and they need to achieve this through continuous conversion. Some bank convertible bonds have seen large shareholders convert at a premium to seize the opportunity to supplement core tier - 1 capital [2][28]. - **Characteristics**: Bank convertible bonds have high safety, can be pledged, and have high dividend yields of underlying stocks, almost no default risk, and strong anti - risk ability. They are also an important income - enhancement channel for stable accounts [2][33]. - **Scale Trend**: In recent years, there have been few bank convertible bond issuances, but the delisting rhythm has accelerated significantly. There are currently no new bank convertible bond issuances in the short term, and there are no new bank convertible bond pre - plans after the refinancing regulations [40][43]. 3. How to Allocate Subsequent Bottom - Position Varieties? - **Characteristics of Convertible Bond Bottom - Position Varieties**: Most bottom - position varieties have high ratings (AA and above), large market values (nearly 90% have a convertible bond balance of over 2 billion), and good anti - decline performance [3][46]. - **Analysis of "Possible Bottom - Position Varieties"**: - **Substituting with Other High - Rating Large - Cap Varieties**: Such as photovoltaic convertible bonds. Although there are relatively limited eligible targets, and photovoltaic convertible bonds have been increasingly favored by funds in recent quarters, whether each high - rating large - cap bond can be used as a bottom - position still needs comprehensive consideration [52][56]. - **Comparing with Public Fund Benchmarks**: Considering currently under - allocated varieties. However, in practice, most public funds' performance benchmarks do not contain convertible bond - related indices, and the conversion premium rate may be a significant interference factor [57][62]. - **Idea for Bottom - Position Selection**: - **For Convertible Bond Funds**: Consider individual bonds with a positive YTM and good credit quality of underlying stocks. Also, construct a convertible bond portfolio with low or negative correlations among some individual bonds [66][67]. - **For Non - Convertible Bond Funds**: When it is difficult to find suitable bottom - position varieties in the convertible bond market, consider switching to other types of bonds [71][72].