（文章来源：证券日报） 证券日报网讯 1月15日，瑞丰银行在互动平台回答投资者提问时表示，当前我行可转债发行还在交易所 审核阶段，后续如有进展将按照要求及时进行披露。 ...

Group 1 - The agricultural commercial bank sector experienced a decline of 0.94% on January 15, with Hu Nong Commercial Bank leading the drop [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] - The trading volume and turnover for various agricultural commercial banks are detailed in a table, showing mixed performance among individual stocks [1] Group 2 - The net outflow of main funds from the agricultural commercial bank sector was 42.961 million yuan, while retail funds saw a net outflow of 56.997 million yuan [1] - The table of fund flows indicates that some banks, like Changshu Bank and Zhangjiagang Bank, had positive net inflows from retail and speculative funds, while others like Yunnan Agricultural Bank and Jiangyin Bank faced significant outflows [2] - Specific data shows that Changshu Bank had a main fund net inflow of 8.1314 million yuan, while Yunnan Agricultural Bank had a net outflow of 25.5857 million yuan [2]

Core Viewpoint - The rural commercial bank sector experienced a decline of 1.28% on January 14, with Ruifeng Bank leading the drop, while the Shanghai Composite Index fell by 0.31% and the Shenzhen Component Index rose by 0.56% [1] Group 1: Market Performance - The closing price of Qingnong Commercial Bank was 3.13, unchanged from the previous day, with a trading volume of 645,900 shares and a transaction value of 202 million yuan [1] - Zijin Bank closed at 2.79, down 0.71%, with a trading volume of 498,600 shares and a transaction value of 140 million yuan [1] - Changshu Bank's closing price was 6.96, also down 0.71%, with a trading volume of 569,400 shares and a transaction value of 398 million yuan [1] - Wuxi Bank closed at 5.87, down 0.84%, with a trading volume of 183,700 shares and a transaction value of 108 million yuan [1] - The overall rural commercial bank sector saw a net inflow of 114 million yuan from main funds, while retail investors experienced a net outflow of 1.41 billion yuan [1] Group 2: Fund Flow Analysis - Changshu Bank had a main fund net inflow of 22.95 million yuan, accounting for 5.77% of its total, while retail investors had a net outflow of 5.30 million yuan [2] - Yunnan Agricultural Commercial Bank saw a main fund net inflow of 20.12 million yuan, representing 4.30%, but a retail net outflow of 34.64 million yuan [2] - Zhangjiagang Bank recorded a main fund net inflow of 15.78 million yuan, with a retail net outflow of 29.95 million yuan [2] - Wuxi Bank had a main fund net inflow of 12.01 million yuan, which is 11.10% of its total, while retail investors faced a net outflow of 9.00 million yuan [2] - Ruifeng Bank experienced a main fund net inflow of 3.60 million yuan, with a retail net outflow of 9.82 million yuan [2]

Core Viewpoint - The Zhejiang Regulatory Bureau of the National Financial Supervision Administration has approved the Zhejiang Shaoxing Ruifeng Rural Commercial Bank to engage in credit asset securitization business, emphasizing compliance with relevant regulations and risk management [1][2]. Summary by Categories Regulatory Approval - The Zhejiang Shaoxing Ruifeng Rural Commercial Bank has received approval to start credit asset securitization business [1][2]. Compliance Requirements - The bank must strictly adhere to the "Supervision Management Measures for Pilot Credit Asset Securitization by Financial Institutions" and other relevant regulations [1][2]. - The bank is required to register information according to the notice from the China Banking and Insurance Regulatory Commission regarding credit asset securitization [1][2]. Risk Management - The bank is mandated to effectively prevent various types of risks while conducting the securitization business [1][2]. - It must report significant events and risk issues to regulatory authorities during the business operation [1][2].

北京商报讯(记者宋亦桐)1月13日，国家金融监督管理总局浙江监管局发布《关于浙江绍兴瑞丰农村商 业银行股份有限公司开办信贷资产证券化业务资格的批复》，核准浙江绍兴瑞丰农村商业银行股份有限 公司开办信贷资产证券化业务资格。 ...

Core Viewpoint - The agricultural commercial bank sector experienced a rise of 0.62% on January 13, with Chongqing Rural Commercial Bank leading the gains, while the Shanghai Composite Index fell by 0.64% and the Shenzhen Component Index dropped by 1.37% [1] Group 1: Market Performance - Chongqing Rural Commercial Bank (601077) closed at 6.65, up by 2.15% with a trading volume of 813,100 shares and a transaction value of 540 million yuan [1] - Other notable banks included Zijin Bank (601860) with a closing price of 2.81, up by 0.72%, and Qingnong Bank (002958) at 3.13, up by 0.64% [1] - The overall trading volume for the agricultural commercial bank sector was significant, with total net inflow of main funds amounting to 56.49 million yuan [1] Group 2: Fund Flow Analysis - Main funds saw a net inflow of 17.50 million yuan into Chongqing Rural Commercial Bank, while retail investors experienced a net outflow of 47.08 million yuan [2] - Jiangyin Bank (002807) had a net inflow of 13.55 million yuan from main funds, but retail investors withdrew 8.41 million yuan [2] - The fund flow data indicates a mixed sentiment among retail and institutional investors, with main funds generally showing positive interest in several banks while retail investors were more cautious [2]

Investment Rating - The report maintains a "Recommended" rating for the banking sector, indicating an expectation that the sector will outperform the benchmark index by more than 5% in the next 3-6 months [25]. Core Insights - The average yield of bank wealth management products has been on a downward trend, with the average yield falling below the average personal deposit rate of listed banks for the first time since 2012. This trend is attributed to regulatory changes and market conditions [7][8]. - There is a potential for increasing the allocation of equity assets in wealth management products, which could enhance overall returns and attract more investors. Currently, equity products account for only 0.08% of the total wealth management product market, which has a total size of 31.63 trillion yuan [2][8]. - The banking sector is expected to see a systematic recovery in valuations in 2026, driven by a combination of improved fundamentals and capital inflows. The investment logic is shifting from pure defensive strategies to a dual focus on dividends and growth [8]. Summary by Sections Wealth Management Products - As of December 2025, the total market size of wealth management products reached 31.63 trillion yuan, with fixed income products making up 76.60%, cash management products 20.87%, mixed products 2.37%, and equity products only 0.08% [2]. - Regulatory bodies are exploring ways to facilitate greater equity market participation by wealth management funds, which could lead to an increase in the proportion of equity investments [2][8]. Company Earnings Forecasts and Valuations - Key companies in the banking sector have been rated as "Recommended" with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential for growth. For example, Ningbo Bank is projected to have an EPS of 4.33 yuan in 2025 with a PE ratio of 6.48 [3]. - The report highlights several banks, including China Merchants Bank and Jiangsu Bank, as having strong growth potential and favorable valuations, suggesting they are well-positioned for investment [3][8]. Market Performance - The report notes that the banking index underperformed the broader market indices, with a weekly decline of 1.90% compared to a 2.79% increase in the CSI 300 index [7]. - The report emphasizes the importance of monitoring market trends and the performance of individual banks to identify investment opportunities [5][8].

Market Overview - The agricultural commercial bank sector experienced a decline of 0.14% on January 12, with Yunnan Agricultural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Individual Bank Performance - Zijin Bank closed at 2.79, with an increase of 0.72% and a trading volume of 386,600 shares, totaling a transaction value of 107 million yuan [1] - Su Nong Bank closed at 5.06, up 0.40%, with a trading volume of 204,900 shares, totaling 104 million yuan [1] - Ruifeng Bank closed at 5.51, up 0.36%, with a trading volume of 181,100 shares, totaling approximately 99.28 million yuan [1] - Qing Nong Bank closed at 3.11, up 0.32%, with a trading volume of 422,100 shares, totaling 131 million yuan [1] - Yunnan Agricultural Commercial Bank closed at 6.51, down 0.91%, with a trading volume of 690,100 shares [1] Capital Flow Analysis - The agricultural commercial bank sector saw a net outflow of 59.28 million yuan from institutional investors, while retail investors contributed a net inflow of 49.11 million yuan [1] - The table of capital flow indicates that Changshu Bank had a net inflow of 7.30 million yuan from institutional investors, while it faced a net outflow of 22.43 million yuan from speculative funds [2] - Yunnan Agricultural Commercial Bank experienced a net outflow of 21.20 million yuan from institutional investors, but a net inflow of 42.56 million yuan from speculative funds [2]

Core Insights - The banking industry is undergoing a restructuring wave in risk and compliance systems due to tightening regulatory rules and a complex risk environment [1][2] - A surge in appointments for Chief Risk Officers (CROs) and Chief Compliance Officers (CCOs) is expected by the end of 2025 and early 2026, with over 20 banks and branches already approved for relevant positions since the beginning of 2025 [1][2] Regulatory Changes - The "Measures for Compliance Management of Financial Institutions" requires financial institutions to establish a CCO at their headquarters, who will be classified as a senior management position [2] - The transitional period for compliance with this regulation is set to expire one year after its implementation on March 1, 2025 [2] Appointment Trends - A variety of banks, including Ping An Bank, Industrial Bank, and Minsheng Bank, have announced the appointment of CCOs as the transitional deadline approaches [2] - The trend shows a mix of large, medium, and small institutions moving forward with these appointments [2] Governance Models - Two governance models are emerging: "one person holding multiple roles" and "independent separation" for CCOs and CROs [3] - The "one person holding multiple roles" model is prevalent among smaller banks, allowing for unified decision-making in risk and compliance management [3] - The "independent separation" model is more common in larger banks, emphasizing specialized development and independent oversight in risk management [3][4] Talent Acquisition Challenges - The establishment of CCO and CRO positions presents new challenges for talent acquisition, with a preference for candidates possessing a combination of frontline business experience, cross-regional vision, and professional qualifications [6] - Some banks are adopting market-based recruitment strategies for CCOs, breaking traditional selection models [6] Compensation Trends - The compensation for CCOs is rising, with annual total income expected to be no less than the average for senior management positions [6] - Reports indicate that the reference monthly salary for these positions can reach between 100,000 to 130,000 yuan [6] Compliance Management Evolution - Effective compliance management is evolving from a "cost center" to a "value guardian," playing a crucial role in mitigating credit, market, and liquidity risks [7] - The compliance governance system is expected to become more institutionalized and refined, with clearer responsibilities and a growing demand for composite compliance talent [7][8] Core Competencies for CCOs - The core competencies for CCOs are identified as business insight, regulatory interpretation, execution capability, and cross-departmental collaboration [8] - These competencies are essential for CCOs to effectively support governance and create compliance value [8]

Core Viewpoint - The tightening of regulatory rules and the complexity of the risk environment are driving a restructuring wave in the banking industry's risk and compliance systems [1][7]. Group 1: Appointment Trends - A surge in appointments for Chief Risk Officers (CROs) and Chief Compliance Officers (CCOs) is expected from late 2025 to early 2026, with nearly 10 banks increasing related personnel configurations in the past month [1][7]. - Since the beginning of 2025, over 20 banks and branches have had relevant qualifications approved by regulators [1][7]. - The trend is influenced by the impending expiration of a one-year transition period set by the "Financial Institutions Compliance Management Measures," which requires financial institutions to establish a CCO at their headquarters [1][7]. Group 2: Governance Models - The banking sector exhibits two governance models for CCOs and CROs: "one person holding both positions" and "independent separation" [2][9]. - The "one person holding both positions" model is prevalent, particularly in smaller banks, allowing for unified decision-making in risk and compliance management [2][9]. - Conversely, the "independent separation" model is more common in larger banks, enhancing professional checks and balances within the risk control system [3][10]. Group 3: Talent Acquisition and Challenges - The demand for composite talents is rising, with banks favoring candidates with extensive experience in finance or legal compliance [11][12]. - Some banks are adopting market-based recruitment methods for CCOs, breaking traditional selection models [11]. - Salary levels for CCO positions are increasing, with some banks offering monthly salaries between 100,000 to 130,000 yuan [11]. Group 4: Compliance Management Evolution - Effective compliance management is evolving from a "cost center" to a "value guardian," playing a crucial role in mitigating credit, market, and liquidity risks [12][13]. - The future of compliance governance in the banking industry is expected to become more institutionalized and refined, with clearer responsibilities and a focus on composite compliance talents [12][13]. - The core competencies for CCOs are expected to include deep business insight, precise regulatory interpretation, efficient execution, and strong cross-departmental collaboration [13].