经中国人民银行《准予行政许可决定书》（银许准予决字〔2025〕第24号）批准，本行近日在全国银行 间债券市场成功发行"2025年浙江绍兴瑞丰农村商业银行股份有限公司绿色金融债券（第二期）"（以下 简称"本期债券")，并在银行间市场清算所股份有限公司完成债券的登记、托管。 本期债券于2025年11月13日簿记建档，并于2025年11月17日在全国银行间债券市场发行完毕。本期债券 发行规模为人民币7亿元，品种为3年期固定利率债券，票面利率为1.89%。 证券代码：601528 证券简称：瑞丰银行 公告编号：2025-035 浙江绍兴瑞丰农村商业银行股份有限公司 关于2025年绿色金融债券（第二期） 发行完毕的公告 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"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。 本期债券募集资金将依据适用法律和监管部门的批准，用于满足本行资产负债配置需要，充实资金来 源，优化负债期限结构，全部用于《绿色金融支持项目目录（2025年版）》规定的绿色项目。 特此公告。 浙江绍兴瑞丰农村商业银 ...

浙江绍兴瑞丰农村商业银行股份有限公司 关于 2025 年绿色金融债券（第二期） 发行完毕的公告 证券代码：601528 证券简称：瑞丰银行 公告编号：2025-035 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"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。 经中国人民银行《准予行政许可决定书》（银许准予决字〔2025〕第 24 号） 批准，本行近日在全国银行间债券市场成功发行"2025 年浙江绍兴瑞丰农村商 业银行股份有限公司绿色金融债券（第二期）"（以下简称"本期债券")，并 在银行间市场清算所股份有限公司完成债券的登记、托管。 特此公告。 浙江绍兴瑞丰农村商业银行股份有限公司董事会 2025 年 11 月 17 日 本期债券于 2025 年 11 月 13 日簿记建档，并于 2025 年 11 月 17 日在全国银 行间债券市场发行完毕。本期债券发行规模为人民币 7 亿元，品种为 3 年期固定 利率债券，票面利率为 1.89%。 本期债券募集资金将依据适用法律和监管部门的批准，用于满足本行资产负 债配置 ...

Market Overview - The rural commercial bank sector experienced a decline of 1.94% on November 17, with Jiangyin Bank leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Key stocks in the rural commercial bank sector showed the following closing prices and changes: - Zijin Bank: 2.88, down 0.69% - Wuxi Bank: 6.17, down 1.12% - Qingnong Bank: 3.22, down 1.23% - Sunong Bank: 5.26, down 1.31% - Ruifeng Bank: 5.61, down 1.41% - Zhangjiagang Bank: 4.60, down 1.50% - Changshu Bank: 7.12, down 1.52% - Yunnan Rural Commercial Bank: 6.84, down 2.15% - Hunan Rural Commercial Bank: 8.92, down 2.41% - Jiangyin Bank: 4.87, down 2.79% [1] Capital Flow Analysis - The rural commercial bank sector saw a net inflow of 7.09 million yuan from institutional investors, while retail investors experienced a net outflow of 69.16 million yuan [1] - The following table summarizes the capital flow for individual stocks: - Su Nong Bank: Institutional net outflow of 37.41 million yuan, retail net outflow of 23.52 million yuan - Wuxi Bank: Institutional net inflow of 20.36 million yuan, retail net outflow of 16.42 million yuan - Qingnong Bank: Institutional net inflow of 8.88 million yuan, retail net outflow of 4.44 million yuan - Zhangjiagang Bank: Institutional net inflow of 0.09 million yuan, retail net outflow of 4.14 million yuan - Zijin Bank: Institutional net outflow of 2.25 million yuan, retail net inflow of 1.99 million yuan - Hunan Rural Commercial Bank: Institutional net outflow of 3.01 million yuan, retail net outflow of 5.89 million yuan - Yunnan Rural Commercial Bank: Institutional net outflow of 3.03 million yuan, retail net outflow of 3.84 million yuan - Jiangyin Bank: Institutional net outflow of 4.77 million yuan, retail net outflow of 10.49 million yuan - Ruifeng Bank: Institutional net outflow of 7.96 million yuan, retail net inflow of 3.60 million yuan - Changshu Bank: Institutional net outflow of 38.61 million yuan, retail net inflow of 44.61 million yuan [2]

Group 1 - The core view of the report indicates a decline in fiscal support year-on-year, with M1 growth peaking and then receding [1][3] - The report highlights a decrease in credit volume, with October RMB loan growth at 6.5% year-on-year, a reduction of 0.12 percentage points month-on-month, and a new loan addition of 220 billion yuan, which is 280 billion yuan less than the previous year [2] - The report emphasizes the importance of "supply-demand balance" in the credit market, noting that weak demand in the household sector, particularly for short-term loans, is a significant factor [2] Group 2 - M1 and M2 growth rates fell by 1 percentage point and 0.2 percentage points respectively in October, with M1 at 6.2% and M2 at 8.2% [3] - The report suggests that the decline in M1 growth is attributed to a booming capital market, leading to a shift of deposits from residents and enterprises to non-bank deposits [3] - The investment recommendation remains focused on the banking sector, highlighting that the long-term investment value of banks continues to be strong, with a suggestion to focus on state-owned banks and quality regional banks [4][9] Group 3 - The report provides a detailed analysis of the banking sector's performance, indicating that the Shenyin & Wanguo Bank Index rose by 1.70% during the week, outperforming the CSI 300 Index by 2.78 percentage points [8] - It notes that the overall market performance for the week saw major indices decline, with the CSI 300 down by 1.08% and the Shanghai Composite Index down by 0.18% [8] - The report also includes a forecast for key companies, with EPS and PE ratios provided for several banks, indicating a positive outlook for banks like Ningbo Bank and Jiangsu Bank [10]

Core Insights - Zhejiang Rural Commercial Bank has prioritized solving financing difficulties for small and micro enterprises, establishing a replicable financial model known as "Ruifeng Model" to support the real economy [1][2] Group 1: Financing Innovations - Ruifeng Rural Commercial Bank has launched the "Micro Flow Loan" product, allowing businesses to complete loan applications via mobile in just two hours, significantly reducing the need for extensive documentation and collateral [1] - The bank employs a "basic quota + dynamic optimization" model to analyze the scale, frequency, and stability of business cash flows, enabling automatic credit matching and eliminating rigid approval processes [1] Group 2: Quality-Driven Financing - The bank introduced the "Quality Loan" in collaboration with the Shaoxing Market Supervision Bureau, converting government quality awards and certifications into tangible credit limits, with a maximum of 10 million yuan available for quality benchmark enterprises [2] - Over 20 billion yuan in credit has been granted to more than 70 quality-honored enterprises, with an additional 1 billion yuan earmarked to support more "Shaoxing manufacturing" companies [2] Group 3: Future Directions - The bank aims to continue innovating financial products based on real entity demands, focusing on the integration of "digital + industry + finance" to enhance service quality and support high-quality regional economic development [2]

Core Viewpoint - The recent approval by regulatory authorities for banks to abolish their supervisory boards and transfer their functions to the audit committee of the board is a significant shift in corporate governance within the banking sector in China [1][2][3] Group 1: Regulatory Changes - Over ten banks have announced the approval to abolish their supervisory boards, including prominent banks such as Wuxi Rural Commercial Bank, Changshu Bank, Zhengzhou Bank, and Shanghai Bank [1] - The new Company Law, effective from July 1, 2024, allows joint-stock companies to establish an audit committee composed of directors to perform the functions of the supervisory board, eliminating the need for a supervisory board [2] - The National Financial Supervision Administration's notification in December 2025 further clarifies that financial institutions can set up an audit committee in accordance with their articles of association, thereby not requiring a supervisory board [2] Group 2: Historical Context and Implications - The supervisory board system was introduced in the 1990s in China's banking sector, modeled after the German system, to establish an independent supervisory layer [3] - The original intent of the supervisory board was to act as a supervisor in corporate governance, ensuring compliance and asset safety, but it has often struggled to fulfill this role effectively [3] - The transition to an audit committee, typically composed of directors with financial and risk management backgrounds, is expected to enhance governance efficiency by integrating supervisory functions into the decision-making core of the board [3]

Investment Rating - The report does not explicitly state an investment rating for the banking sector, but it provides detailed insights into dividend yields and distribution processes, which can inform investment decisions. Core Insights - The report outlines the latest dividend yields and mid-term dividend processes for A and H shares of listed banks, emphasizing the importance of accurately calculating dynamic dividend yields to avoid discrepancies across periods [1][2]. - It details the two processes for mid-term dividends following the 2023 revision of the regulatory guidelines, highlighting the conventional and simplified processes for implementing mid-term dividends [2]. - The report provides a comprehensive overview of key dates related to dividend distribution for both A and H shares, including the importance of purchasing shares before the ex-dividend date to qualify for dividends [3][4]. Summary by Sections Dynamic Dividend Yield Calculation - A simplified yet accurate method for calculating dynamic dividend yield is introduced, defined as "rolling 12-month EPS * cash dividend rate / share price," which helps avoid issues related to overlapping or missing annual and mid-term dividends [1]. - The report calculates the cash dividend rate using a standardized approach across different banks, resulting in a clear comparison of dividend yields as of November 13, 2025 [1]. Mid-Term Dividend Processes - The report explains the two processes for mid-term dividends: the conventional process requiring shareholder approval and a simplified process allowing for quicker implementation [2]. - The simplified process is designed to enhance flexibility for companies in distributing mid-term dividends, thereby improving shareholder returns [2]. Dividend Distribution Key Dates - For A shares, investors must purchase shares before the ex-dividend date to receive dividends on the same day, while H shares typically see a delay of about one month for dividend payments [3][4]. - The report outlines the differences in the dividend distribution timeline between A and H shares, emphasizing the need for investors to be aware of these timelines to maximize their returns [3][4]. Mid-Term Dividend Progress - As of November 13, 2025, 31 A-share banks have confirmed mid-term dividends, while 11 H-share banks have also confirmed their dividend distributions [9][11]. - The report categorizes banks based on their dividend status, detailing those that have implemented dividends, those that are pending, and those that have opted not to distribute dividends [9][10][11]. - It highlights that the end of 2025 and early 2026 is expected to be a peak period for mid-term dividend distributions, suggesting potential investment opportunities for dividend-seeking investors [11].

Core Insights - In the second half of this year, institutions have actively researched and tracked the operational status of listed banks, with 748 institutions conducting 133 investigations into 23 listed banks as of November 13 [1][2] - The focus of these investigations has been primarily on city commercial banks and rural commercial banks, with key areas of interest including net interest margin trends, non-interest income trends, and capital replenishment [1][2] Group 1: Institutional Research - The majority of institutions conducting research on listed banks are fund companies and securities firms, accounting for 53% of the total [2] - Jiangsu Bank emerged as the most popular among institutions, receiving 83 investigations, followed by Chongqing Rural Commercial Bank and Ningbo Bank with 76 and 75 investigations respectively [2] - Ruifeng Bank had the highest number of total investigations at 22 [2] Group 2: Net Interest Margin Trends - Net interest margin has been a focal point for institutions, with some listed banks showing signs of stabilization or slight recovery compared to the previous year [2] - Several banks reported successful measures to reduce funding costs, such as exiting high-cost deposits and enhancing the absorption of low-cost current deposits [3] - Xiamen Bank reported a 4 basis point increase in net interest margin to 1.08% in the first half of the year, with continued stabilization in the third quarter [3] Group 3: Debt Market Analysis - The bond market has shown a volatile trend this year, impacting the investment income of some listed banks, particularly city and rural commercial banks [4] - Banks are focusing on their investment strategies in the bond market, with a cautious approach to market trends and adjustments in trading positions [4] - Shanghai Bank plans to enhance its market analysis capabilities and maintain flexibility in its investment strategies to mitigate risks from market interest rate fluctuations [4] Group 4: Non-Interest Income and Capital Replenishment - Many banks noted changes in non-interest income, particularly in net income from fees and commissions, which have been affected by regulatory requirements on self-managed wealth management [6] - Banks are exploring various methods for capital replenishment, combining internal capital accumulation with external sources to strengthen their capital base [6]

证券代码：601528 证券简称：瑞丰银行 公告编号：2025-034 浙江绍兴瑞丰农村商业银行股份有限公司 关于修订《公司章程》获监管机构核准 及撤销监事会的公告 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"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。 本行于2025年9月11日召开的2025年第一次临时股东大会审议通过了关于《变更经营范围及修订〈公司 章程〉》《不再设立监事会》的议案。近日，本行收到国家金融监督管理总局绍兴监管分局《关于瑞丰 银行修改公司章程的批复》（绍金复〔2025〕120号），核准本行修订后的《公司章程》。核准后的 《公司章程》全文详见上海证券交易所网站(www.sse.com.cn)。本行《股东会议事规则（2025年修 订）》《董事会议事规则（2025年修订）》等同步生效。本行随后将履行《公司章程》工商备案、经营 范围工商变更登记等相关手续。 自《公司章程》核准之日起，本行监事会依法撤销，由董事会审计委员会行使《中华人民共和国公司 法》等法律法规、监管制度规定的监事会职权，现任监事 ...

Core Insights - Institutions are actively researching the operational status of listed banks in the second half of the year, with 748 institutions conducting 133 investigations into 23 listed banks, primarily focusing on city commercial banks and rural commercial banks [1][2] Group 1: Institutional Research - The majority of institutions conducting research are fund companies and securities firms, accounting for 53% of the total [2] - Jiangsu Bank is the most popular among institutions, receiving 83 investigations, followed by Chongqing Rural Commercial Bank and Ningbo Bank with 76 and 75 investigations respectively [2] - Ruifeng Bank leads in total investigation counts with 22 [2] Group 2: Net Interest Margin Trends - Net interest margin (NIM) has stabilized for some listed banks, with a slight year-on-year recovery noted [2] - Several banks have reported success in reducing funding costs, which alleviates downward pressure on NIM by exiting high-cost deposits and enhancing low-cost deposit absorption [2][3] - Xiamen Bank reported a 4 basis point increase in NIM to 1.08% in the first half of the year, with continued stabilization in the third quarter [3] Group 3: Debt Market Analysis - The bond market has shown volatility this year, impacting investment income for some banks, particularly city and rural commercial banks [4] - Banks are adjusting their investment strategies in response to market conditions, with a focus on defensive strategies and selective trading opportunities [4] - Shanghai Bank aims to enhance market analysis and maintain flexibility in its investment strategies while managing interest rate risks [4] Group 4: Non-Interest Income and Capital Supplementation - Non-interest income, particularly from fees and commissions, has been affected by regulatory requirements on self-managed wealth management products [5] - Banks are exploring ways to supplement capital through internal accumulation and external sources to strengthen their capital base [5] - Qingdao Bank focuses on standardized fixed-income securities and emphasizes duration management to ensure steady growth in bond investment income [5]