Core Viewpoint - The article highlights the increasing interest of institutional investors in listed banks, particularly focusing on loan allocation, interest margin trends, and capital replenishment strategies. Group 1: Investor Engagement - Multiple listed banks, including Jiangsu Bank, Suzhou Bank, and Ningbo Bank, have engaged in investor relations activities, discussing key issues with investors [1] - As of July 12, 2023, 26 listed banks have been surveyed by institutions, totaling 230 instances of engagement, primarily among small and medium-sized banks [1][3] - Changshu Bank received the highest number of surveys at 33, while Ningbo Bank attracted the most institutions, with 195 participating [3][4] Group 2: Interest Margin Trends - The interest margin remains a hot topic among institutions, with the net interest margin for banks reported at 1.43% in Q1 2025, a year-on-year decrease of 0.11 percentage points [4] - Jiangsu Bank aims to maintain a net interest margin that outperforms peers by enhancing asset research capabilities and managing loan interest rates [5] - Changshu Bank plans to consolidate its interest margin advantage by optimizing both asset and liability sides, focusing on high-yield assets and controlling high-cost deposits [6] Group 3: Capital Replenishment - Capital replenishment is another key focus for investors, with regulatory updates from the Financial Regulatory Bureau regarding advanced capital measurement methods [8] - Ningbo Bank is actively researching regulatory requirements and plans to issue up to 45 billion yuan in capital bonds [8] - Suzhou Bank reported a successful conversion of nearly 5 billion yuan in convertible bonds, enhancing its capital strength [9] - Su Nong Bank intends to issue up to 1 billion yuan in secondary capital bonds to support its operations [9]

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, expecting the sector index to outperform the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The report highlights the recent revisions to the CIPS (Cross-border Interbank Payment System) rules, which aim to enhance the management of participants and adapt to the growing cross-border e-commerce trade, projected to reach approximately 2.71 trillion yuan in 2024, a 14% year-on-year increase [3][4]. - The CIPS system processed 8.2169 million transactions amounting to 175.49 trillion yuan in 2024, reflecting a significant year-on-year growth of 42.60% [3]. - The report emphasizes the flexibility introduced in the new CIPS rules, allowing financial market infrastructure participants to open CIPS accounts based on business needs rather than strict management requirements [4]. Summary by Sections CIPS Overview - CIPS is a clearing system for cross-border payments in RMB, distinct from SWIFT's messaging system, and has seen a substantial increase in participation, with 174 direct participants and 1,509 indirect participants across 120 countries [2][3]. Recent Developments - The new rules include relaxed entry conditions for system participants, allowing for a more flexible approach to participant management [4]. - The rules specify that foreign direct participants must select domestic direct participants as fund custodians, as foreign banks lack CNAPS accounts [4]. Risk Management Enhancements - The updated regulations detail business processing and risk management requirements, mandating that participants establish robust risk management frameworks and adhere to international anti-money laundering standards [4]. Market Performance - The banking sector index rose by 3.77% during the reporting period, outperforming the CSI 300 index by 2.23 percentage points [8]. - The report suggests a focus on banks with high dividend yields and strong asset quality, recommending major state-owned banks and select regional banks for investment [9]. Company Forecasts - Key banks such as Ningbo Bank, Jiangsu Bank, and China Merchants Bank are highlighted with positive earnings forecasts and investment ratings, indicating strong potential for returns [10].

Group 1 - The A-share banking sector experienced a slight decline, with several banks such as Qingdao Bank, Su Nong Bank, Zhejiang Commercial Bank, and Ruifeng Bank dropping over 2% [1] - Other banks including Zhengzhou Bank and Chongqing Bank also followed the downward trend [1]

Core Viewpoint - The banking industry is experiencing a significant salary reduction trend, particularly affecting high-level executives, with a notable increase in the number of banks reporting salary cuts and the extent of these reductions [2][3][5]. Group 1: Salary Reduction Trends - In 2023, 14 out of 42 listed banks in A-shares reported a decline in average salary, with the maximum drop reaching 13.59%. This number increased to 18 banks in 2024, with the maximum decline expanding to 15% [2]. - The total compensation for bank management decreased from 870 million yuan in 2023 to 700 million yuan in 2024, a drop of 19.5%. Meanwhile, the average salary for bank employees fell from 462,300 yuan to 444,900 yuan, a decrease of 2.68% [6][7]. Group 2: Executive Salary Cuts - A significant 78.5% of the management teams in listed banks saw their salaries decrease year-on-year in 2024. The average salary for executives in various banks has been notably impacted, with some banks experiencing drastic reductions [5][10]. - Specific banks like Everbright Bank and Zhejiang Commercial Bank saw executive salary reductions of 57.9% and 39.72%, respectively, indicating a trend where executive pay is being cut more severely than that of general employees [10]. Group 3: Factors Influencing Salary Changes - The primary driver of salary fluctuations in banks is the variable component of compensation, which is heavily influenced by the banks' revenue and profit conditions. The floating salary constitutes 65% of the total compensation, making it a critical factor [12][13]. - The banking sector is facing significant revenue pressures, with the average net interest margin dropping to 1.52% in 2024, a decline of 17 basis points from 2023. This has led to a 2.20% decrease in net interest income, marking two consecutive years of negative growth [14][15]. Group 4: Structural Adjustments and Policy Impacts - The banking industry is undergoing structural adjustments, with a focus on risk management and governance. Policies such as the "salary limit order" have imposed constraints on executive compensation, leading to a shift in how salaries are structured [16][17]. - The emphasis on "cost reduction and efficiency enhancement" has resulted in banks prioritizing compensation for frontline and value-creating positions, further contributing to the decline in executive salaries [18][17]. Group 5: Performance-Based Salary Recovery - The trend of "reverse salary recovery" has emerged, where banks reclaim performance bonuses from executives based on risk management failures. This practice aims to align compensation with long-term risk management rather than short-term performance [20][21]. - The total amount reclaimed through reverse salary recovery has approached 99 million yuan, indicating a significant shift in the banking industry's approach to executive compensation and risk management [20].

Core Viewpoint - Zhejiang Shaoxing Ruifeng Rural Commercial Bank Co., Ltd. is set to list 29,014,331 shares of its restricted stock on June 25, 2025, following the expiration of the lock-up period for its initial public offering [1][5]. Group 1: Stock Listing Details - The stock type being listed is restricted shares from the initial public offering, with a total of 29,014,331 shares to be released [1]. - The total number of shares issued by the bank before this listing was 1,962,161,395 shares, with 256,719,188 shares still under restriction prior to this listing [2][7]. - The bank's initial public offering was approved by the China Securities Regulatory Commission, allowing for the issuance of 150,935,492 shares [1]. Group 2: Shareholder Commitments - Shareholders, including directors and senior management, have made commitments regarding the sale of their shares post-lock-up, limiting annual sales to 15% of their total holdings and a maximum of 50% within five years after the lock-up period [2][3][4]. - Employees holding more than 50,000 shares are also subject to a three-year lock-up period, with similar restrictions on share sales thereafter [4]. Group 3: Compliance and Verification - The bank has confirmed that there are no outstanding commitments that would affect the listing of the restricted shares [5]. - The underwriting institution, CITIC Securities Co., Ltd., has verified that the listing of the restricted shares complies with relevant regulations and that the shareholders have adhered to their commitments [5].

证券代码：601528 证券简称：瑞丰银行 公告编号：2025-016 浙江绍兴瑞丰农村商业银行股份有限公司 首次公开发行部分限售股上市流通公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"或"瑞丰银行"） 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： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 29,014,331股。 本次股票上市流通总数为29,014,331股。 本次股票上市流通日期为2025 年 6 月 25 日。 一、本次限售股上市类型:首次公开发行限售股 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准浙江绍兴 瑞丰农村商业银行股份有限公司首次公开发行股票的批复》（证监许可[2021]1588 号）核准，本行首次公开发行人民币普通股（A 股）150,935,492 股，并于 2021 年 6 月 25 日在上海证券交易所挂牌上市。本行首次公开发行前总股本为 1,358,419,427 股，首次公开发行后总股本为 1,509,354,919 股。 1、自瑞丰银行股 ...

首次公开发行部分限售股解禁上市流通的核查意见 中信建投证券股份有限公司 关于浙江绍兴瑞丰农村商业银行股份有限公司 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作为 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"瑞丰银行"或"发行人"） 首次公开发行 A 股股票的保荐机构，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》及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律法规规定，对瑞丰银行首次公开发行部分限售股解 禁上市流通事项进行了认真、审慎的核查，发表核查意见如下： 一、本次限售股上市类型：首次公开发行限售股 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准浙江绍兴 瑞丰农村商业银行股份有限公司首次公开发行股票的批复》（证监许可 [2021]1588 号）核准，瑞丰银行首次公开发行人民币普通股（A 股）150,935,492 股，并于 2021 年 6 月 25 日在上海证券交易所挂牌上市。瑞丰银行首次公开发行 前总股本为 1,358,419,427 股，首次公开发行后总股本为 1,509,354,919 股。 本次上市流通的限售股 ...

Group 1 - The A-share market showed mixed performance on June 10, with defensive sectors like banking leading the gains, as evidenced by the Tianhong Bank ETF (515290) rising by 1.29% and reaching a new high since its listing [1] - Multiple banks have announced dividend distributions, with 11 banks having completed their year-end dividend distributions by June 6, 2024, indicating an earlier payout schedule compared to previous years [1] - The Tianhong Bank ETF closely tracks the CSI Bank Index, which consists of up to 50 banking stocks, reflecting the overall performance of the banking sector [1] Group 2 - According to Shenwan Hongyuan's latest report, the banking sector has experienced a recovery since the end of 2023, with a cumulative increase of 55%, driven primarily by valuation recovery and supported by high dividend yields [2] - Guotou Securities emphasizes that valuation changes have a more significant and lasting impact on banks compared to minor performance changes, with ongoing trends since 2021 expected to continue driving returns in the banking sector [2]

银行板块震荡走强 沪农商行触及涨停创3年多新高 智通财经6月3日电，早盘沪农商行触及涨停，再创3年多新高，渝农商行涨近6%，杭州银行、中信银行 刷新历史高点，兴业银行、瑞丰银行、平安银行、郑州银行等涨幅靠前。 ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - As of the week ending May 30, the banking index has increased by 0.1%, outperforming the CSI 300 index by 1.2% and the ChiNext index by 1.5%. The market's focus on bank stocks has notably increased due to active fund allocation, with a continued upward trend in the sector, particularly for city commercial banks with relatively strong performance [3][14] - The growth rate of real estate loans has turned positive for the first time since the end of Q3 2023, with a year-on-year increase of 0.04% as of the end of March, primarily driven by a recovery in mortgage demand. In Q1, new personal housing loans amounted to 2,144 billion, a year-on-year increase of 2,093 billion, mainly due to a rebound in second-hand housing sales and improved early repayments [4][30] - Recently, the inclusion of Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank into the CSI 300 index is expected to attract more index funds, providing a positive outlook for these constituent stocks [5][44] - The focus on convertible bond banks is increasing, with significant valuation recovery and trading opportunities. Hangzhou Bank's stock price has risen significantly after triggering the strong redemption clause for its convertible bonds, indicating high investor confidence [6][44] Summary by Sections Banking Sector Performance - The banking index has shown a cumulative increase of 0.1% as of May 30, outperforming the CSI 300 index by 1.2% and the ChiNext index by 1.5% [3][14] - Individual stocks such as Hangzhou Bank have led the gains, with its stock price reaching a new high after the convertible bond triggered strong redemption conditions [3][14] Loan Trends - The growth rate of real estate loans has turned positive, with a year-on-year increase of 0.04% as of the end of March, driven by a recovery in mortgage demand [4][30] - In Q1, new personal housing loans totaled 2,144 billion, a year-on-year increase of 2,093 billion, attributed to improved second-hand housing sales and early repayments [4][30] Index Adjustments - Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank have been included in the CSI 300 index, effective June 13, 2025, which is expected to lead to increased capital inflow into these stocks [5][44] Convertible Bonds - The focus on banks issuing convertible bonds has intensified, with Hangzhou Bank's stock price showing significant gains after the strong redemption clause was triggered [6][44]