长沙银行股份有限公司 关于召开2025年第二次临时股东会的通知 本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： 股东会召开日期：2025年12月31日 本次股东会采用的网络投票系统：上海证券交易所股东会网络 投票系统 证券代码：601577 证券简称：长沙银行 公告编号：2025-062 优先股代码：360038 优先股简称:长银优 1 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第二次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网 络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 31 日 14 点 00 分 召开地点：湖南省长沙市岳麓滨江路 53 楷林商务中心 B 座长沙 银行总行 1908 会议室 (五) 网络投票的系统、起止日期和投票时间。 1 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 31 日 至2025 年 12 月 31 日 采用 ...

长沙银行公告，拟以自有资金对控股子公司湖南长银五八消费金融股份有限公司增资，增资金额不超过 15.5亿元（含），最终金额以经监管部门核准后的实际出资金额为准。本次增资事项已经董事会审议通 过，尚须提交股东会审议并报请监管部门批准后方可实施。增资目的是进一步增强长银五八的资本实 力，提升其风险抵御能力，推动其健康可持续发展。 ...

Group 1 - Changsha Bank plans to donate a total of 10 million yuan to Central South University over the next five years to support the cultivation of outstanding students in key disciplines and majors [1] - The donation will be facilitated through the Changsha Bank Happy Charity Foundation, aiming to strengthen the talent foundation for educational development in Hunan Province [1] - Both parties discussed various aspects of collaboration, including the integration of industry, academia, and research, as well as the establishment of a long-term cooperation mechanism for innovation and entrepreneurship [1] Group 2 - Central South University President Li Jiancheng emphasized the importance of financial institutions in supporting the development of higher education and expressed the potential for further collaboration with Changsha Bank [3] - Changsha Bank's President Zhang Man stated the bank will explore a new model of "finance + education" philanthropy, creating a virtuous cycle of donation, education, and feedback [3] - The bank has donated a total of 176 million yuan to social welfare initiatives and has been recognized on the "Hunan Charity List," highlighting its commitment to social responsibility [3]

Core Points - The city commercial bank sector experienced a decline of 0.23% on December 12, with Hangzhou Bank leading the drop [1] - The Shanghai Composite Index closed at 3889.35, up 0.41%, while the Shenzhen Component Index closed at 13258.33, up 0.84% [1] Summary by Category Stock Performance - Hangzhou Bank closed at 15.12, down 0.92% with a trading volume of 543,600 shares and a transaction value of 824 million yuan [2] - Qilu Bank closed at 5.63, down 0.71% with a trading volume of 1,165,000 shares and a transaction value of 657 million yuan [2] - Qingdao Bank closed at 4.58, down 0.65% with a trading volume of 370,100 shares and a transaction value of 169 million yuan [2] - Chongqing Bank closed at 10.84, down 0.64% with a trading volume of 118,200 shares and a transaction value of 129 million yuan [2] - Chengdu Bank closed at 16.35, down 0.49% with a trading volume of 390,900 shares and a transaction value of 642 million yuan [2] - Lanzhou Bank closed at 2.32, down 0.43% with a trading volume of 529,700 shares and a transaction value of 123 million yuan [2] - Xiamen Bank closed at 7.56, down 0.26% with a trading volume of 358,000 shares and a transaction value of 270 million yuan [2] - Ningbo Bank closed at 27.72, down 0.25% with a trading volume of 215,400 shares and a transaction value of 596 million yuan [2] - Changsha Bank closed at 9.48, down 0.21% with a trading volume of 321,800 shares and a transaction value of 306 million yuan [2] - Jiangsu Bank closed at 10.39, down 0.19% with a trading volume of 1,989,400 shares and a transaction value of 2.066 billion yuan [2] Capital Flow - The city commercial bank sector saw a net outflow of 9.0898 million yuan from institutional investors, while retail investors contributed a net inflow of 230 million yuan [4] - Speculative funds experienced a net outflow of 2.21 billion yuan [4]

Investment Rating - The report assigns an "Overweight" rating for the banking sector [7]. Core Insights - The report emphasizes the significant improvement in the cost of liabilities for banks in 2025, with a notable decrease of 28 basis points (bp) in the first half of the year, compared to only 4 bp in the same period last year. This improvement is primarily driven by reductions in deposit and interbank liabilities costs, contributing 19 bp and 7 bp respectively [3][11]. - The net interest margin (NIM) is expected to decline by approximately 5 bp in 2026, with the downward pressure on margins continuing to ease marginally, suggesting that some banks may stabilize their NIMs [2][10]. Summary by Sections 1. Liability Cost Improvement in 2025 - The first half of 2025 saw a significant reduction in the cost of interest-bearing liabilities, with the cost rate dropping to 1.70%, a decrease of 28 bp from 2024. This was supported by improvements in both deposit and interbank liability costs [11]. 2. Liability Side: Deposit Maturity and Repricing Benefits 1) **Term Structure**: The proportion of long-term deposits entering the repricing cycle has increased, with the share of deposits with a remaining maturity of 1-5 years declining by 1.5 percentage points (pct) to 22.6% by the end of Q2 2025. Some banks, such as those in Ningbo and Chongqing, experienced declines exceeding 10 pct [4]. 2) **Price Factors**: Regulatory focus on maintaining reasonable NIM levels has increased, with expectations of further interest rate cuts. The maximum reduction for three-year deposits could exceed 100 bp, indicating substantial room for cost improvement [5]. 3. Asset Side: Yield Pressure Expected to be Better than 2025 1) **Loans**: The repricing pressure on loans is expected to ease, with the five-year Loan Prime Rate (LPR) declining by only 10 bp in 2025, significantly less than the 50 bp drop the previous year [6]. 2) **Debt Replacement**: The shift from high-interest to low-interest debt is anticipated to have a limited impact on net interest margins, estimated to drag down margins by about 4 bp [6]. 3) **Bond Maturity**: The widening gap between new bond issuance rates and existing bond yields is expected to exert downward pressure on investment yields, with an estimated drag of 6 bp on margins from the reallocation of bonds maturing within one year [6]. 4. NIM Projections - The report forecasts a 5 bp decline in NIM for 2026, with the downward trend continuing to converge. The asset yield is expected to decrease by 17 bp, while the cost of liabilities is projected to improve by 13 bp, with deposit costs improving by 17 bp [7][10].

Core Viewpoint - The mid-term dividend distribution by major state-owned banks in 2025 is characterized by an increase in quantity, faster pace, and stable strength, which may serve as a catalyst for the valuation recovery of the banking sector [1][5][6]. Group 1: Dividend Distribution Characteristics - The timing of mid-term dividends has advanced by nearly a month compared to last year, with 26 A-share listed banks announcing dividend plans totaling over 260 billion yuan, reflecting a 2.55% increase from last year [2][3]. - The total cash dividend amount from the six major state-owned banks is expected to exceed 200 billion yuan, maintaining a payout ratio of 30% of net profit attributable to shareholders [1][2]. - Industrial and Commercial Bank of China leads with a cash dividend of 1.414 yuan per 10 shares, totaling 50.396 billion yuan [1][2]. Group 2: Participation of Other Banks - Several joint-stock banks and regional banks have joined the dividend distribution, with notable participation from banks like Industrial Bank and China CITIC Bank, which have increased their dividend amounts compared to last year [4]. - A total of 32 listed banks have announced mid-term dividends, with 9 banks planning to implement dividends for the first time [2][4]. Group 3: Market Impact and Investor Sentiment - The stable dividend policies of state-owned banks are closely linked to regulatory guidance, and the implementation of mid-term dividends is expected to enhance the valuation recovery of bank stocks [3][6]. - The average dividend yield for listed banks is 4.48%, with 12 banks yielding over 5%, indicating strong investor interest in high-dividend stocks [2][6]. - Recent stock buybacks by major shareholders and executives signal positive market sentiment and confidence in the long-term investment value of certain banks [8].

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].

本报讯 （记者何文英） 银行间市场清算所股份有限公司（简称"上海清算所"）联合长沙银行股份有限公司（以下简称"长沙银行"）编制"上海清算 所长沙银行湖南省优选信用债指数"，并于12月9日在上海共同举行发布活动。 "上海清算所长沙银行湖南省优选信用债指数"涵盖湖南省企业所发行的AA+及以上的信用债，截至2025年11月，包含样本 券642只，总市值5780亿元，样本券平均修正久期1.69年，平均收益率2.09%，具备信用风险较低、波动率较低等特征。该指数 是上海清算所和长沙银行共同支持湖南省经济发展、激发湖南企业活力的重大创新举措，为全国机构投资者进一步丰富了湖南 省债券投资的比较基准与投资标的，有助于投资者更直观地了解湖南省债券整体价格变化趋势。目前，基于该指数，长沙银行 金芙蓉理财和中信证券资管已分别创设资管产品，未来，预计将有更多资产管理机构创设挂钩该指数的金融产品，不断发挥该 指数引资入湘、"投资湖南"的长期价值。 （编辑 张明富） 参会的28家在沪投资机构代表管理资产规模合计超150万亿元。参会的10家湖南优质企业标杆，是该指数样本券的重要发 行主体，也是全国银行间债券市场降低融资成本的积极参与者和切 ...

Core Viewpoint - The announcement of interim dividends by major banks reflects their robust operational resilience and mature shareholder return mechanisms, which may act as catalysts for valuation recovery in the banking sector [1][5][6] Group 1: Dividend Announcements - Industrial and Commercial Bank of China and Agricultural Bank of China announced interim dividends totaling CNY 503.96 billion and CNY 418.23 billion respectively, with both distributing over CNY 300 billion in cash dividends [1] - As of December 9, 26 A-share listed banks have disclosed their 2025 interim or quarterly dividend plans, with a total proposed payout exceeding CNY 260 billion [1][2] - The six major state-owned banks are the primary contributors to dividends, proposing a total cash dividend of CNY 2,046.57 billion, accounting for over 70% of the total disclosed dividends [2] Group 2: Trends in Dividend Distribution - The six major banks, including ICBC, CCB, ABC, and BOC, have maintained a stable dividend payout ratio around 30% [2] - Regional banks are increasingly participating in dividend distributions, with several institutions like Ningbo Bank and Changsha Bank announcing their first interim dividends [2] - The introduction of interim dividends by banks like Industrial Bank marks a significant step in enhancing the high-dividend landscape among joint-stock banks [2] Group 3: Regulatory and Market Influences - The expansion of the interim dividend landscape is attributed to regulatory policies, solid operational fundamentals, and market demand [3] - Recent policies encourage listed banks to optimize their dividend strategies, with measures to enhance dividend stability and predictability [3] - The Shanghai Stock Exchange is actively promoting higher dividend payouts and increased frequency of distributions to enhance company valuations [3] Group 4: Investment Implications - Bank stocks are characterized by stable performance, low valuations, high dividends, and low volatility, making them attractive for institutional investors seeking low-risk dividend assets [4] - The recent stability in bank stock performance and the appeal of high-dividend stocks are expected to attract more long-term capital, reinforcing the positive cycle of management, dividends, and valuation recovery [5][6] - Analysts believe that the ongoing high dividend policies and stock buybacks will continue to attract long-term investors, enhancing the overall investment value of bank stocks [6]

Core Insights - The awards for financial bond underwriting and market-making have been announced, recognizing various banks and securities firms for their outstanding performance in the industry [1][2][3][4][5][6][7] Group 1: Outstanding Underwriters - The title of "Outstanding Underwriter" was awarded to several banks, including CITIC Bank, Shanghai Pudong Development Bank, and Industrial and Commercial Bank of China [1][2] - A total of 10 banks were recognized as "Excellent Underwriters," highlighting their contributions to the financial bond market [1] Group 2: Excellent Market Makers - The "Excellent Market Maker" category included firms such as Huatai Securities and CITIC Securities, showcasing their role in enhancing market liquidity [2][4] - A diverse range of banks, including Ping An Bank and Industrial Bank, were acknowledged for their market-making capabilities [2][4] Group 3: Special Awards - Special awards were given for various categories, including "Debt Sea Rising Award" and "Green Low Carbon Award," recognizing banks like Agricultural Bank of China and Postal Savings Bank of China for their innovative approaches [3] - The "Technology Innovation Award" was awarded to banks that demonstrated significant advancements in financial technology [3] Group 4: Individual Recognitions - Individual awards were presented to key personnel from various banks, such as CITIC Bank's Sun Wei and China Everbright Bank's Liu Yan, acknowledging their leadership in driving financial bond initiatives [4][5] - The "Outstanding Underwriting Supervisor" category highlighted individuals from major banks, emphasizing the importance of leadership in underwriting processes [5]