证券之星消息，1月12日农商行板块较上一交易日下跌0.14%，渝农商行领跌。当日上证指数报收于 4165.29，上涨1.09%。深证成指报收于14366.91，上涨1.75%。农商行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601860 | 紫金银行 | 2.79 | 0.72% | 38.66万 | | 1.07亿 | | 603323 | 苏农银行 | 5.06 | 0.40% | 20.49万 | | 1.04亿 | | 601528 | 瑞丰银行 | 5.51 | 0.36% | 18.11万 | | 9927.94万 | | 002958 | 青农商行 | 3.11 | 0.32% | 42.21万 | | 1.31亿 | | 600908 | 元锡银行 | 5.90 | 0.17% | 13.44万 | | 7917.48万 | | 601825 | 沪农商行 | 9.03 | 0.00% | 17.04万 | | 1.54亿 | | 00 ...

近十二个月行业表现 相对收益 -6.2 2.5 -19.2 绝对收益 -2.7 3.5 6.7 注：相对收益与沪深 300 相比 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 证券研究报告 2026 年 01 月 11 日 湘财证券研究所 行业研究 银行业周报 息差稳定预期加强 | 1. | 《业绩底部修复，配置价值提 | | --- | --- | | 升》 | 2025.09.05 | | 2. | 《2026年银行业策略：高股息 | | | 为盾，静待价值修复》 | | | 2025.12.31 | 国人寿金融中心10楼 相关研究： 核心要点： 央行 2026 年工作会议召开，银行息差稳定预期加强 2. 《2026年银行业策略：高股息 2025.12.31 近日，央行召开 2026 年工作会议，根据当前形势研究部署后续工作。会议 明确下一阶段货币政策将保持适度宽松的基调，强调兼顾逆周期调节与跨 周期调节，着眼于中长期结构优化和发展可持续性。会议指出将着力提升 金融服务实体经济高质量发展的质效，表明金融资源的配置将 ...

智通财经记者 | 何柳颖 智通财经编辑 | 王姝 近日，成都农商银行官宣资产规模突破万亿。自此，农商行中的万亿玩家扩容至5家，其余四家分别为重庆农商行、上海农商行、广州农商行以及北京农商 行。 截至2025年9月末，5家头部农商行总资产为6.98万亿元。根据国家金融监督管理总局数据，同期农村金融机构（包括农村商业银行、农村合作银行、农村信 用社和新型农村金融机构）的总资产为61.06万亿元，这意味着，5家农商行在农村金融机构中的资产占比达到11.4%。 根据国家金融监督管理总局披露的《银行业金融机构法人名单》，截至2025年6月末，我国农村商业银行数量为1505家，农村合作银行20家，农村信用社401 家，农村资金互助社15家，村镇银行1440家。 可以看出，农商行的头部集聚效应正在突显。与此同时，中小村镇银行的整合也正加速进行，农村金融机构的格局未来将如何发展？ 5家资产破万亿 2020年，北京农商行、广州农商行（01551.HK）、上海农商行（沪农商行，601825.SH）均迈入万亿级资产规模，农商行四强格局自此形成并维持多年。 2026年1月1日，伴随着成都农商行发文"梦想是要有的，万亿实现了呢！"，农 ...

运营商财经网 张运迪/文 类似战略宣誓的文章背后，既是对未来方向的期许，又表达了上海农商行的态度，文章没有任何错误， 只是读与不读这样的文章，都无所谓。 股民还是更关注"沪农商行"的业绩，文章中对"可持续收益"的强调，直接对应着该行在营收增长上的情 况。财报数据显示，2025年前三季度，上海农商银行实现营业收入198.31亿元，同比下滑3.18%。 上海农商行近几年营收不错，不断增长，利润也保持平稳。2019 年至2024 年间，上海农商行营收增幅 分别为 5.59%、3.61%、9.64%、6.05%、3.07%、0.86%。前三季度上海农商行实现归母净利润105.67亿 元，同比增0.78%。营收下滑、利润却能增长，这很不容易。 去年年末，上海农商银行董事长徐力发表了一篇自撰文章，题为《为客户创造价值，助百姓美好生 活》，仔细读下来，觉得上海农商行这个大银行还是为用户做了不少事情，挺用心。 文章中写道，"我们以专业、周全、可及的服务，夯实百姓对金融的信任底座"、"上海农商银行坚定以 改革促进发展，以服务创造价值，以价值换取可持续收益，在解决社会痛点中寻找市场机遇"。 另外，上海农商行多年来与重庆农商行都有 ...

证券之星消息，1月8日农商行板块较上一交易日下跌0.18%，张家港行领跌。当日上证指数报收于 4082.98，下跌0.07%。深证成指报收于13959.48，下跌0.51%。农商行板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601528 瑞丰银行 | | = 476.72万 | 5.04% | 362.05万 | 3.83% | -838.77万 | -8.88% | | 806000 | 无锡银行 | 282.29万 | 2.74% | 92.01万 | 0.89% | -374.30万 | -3.63% | | 603323 | 苏农银行 | 183.31万 | 2.09% | 337.35万 | 3.84% | -520.66万 | -5.93% | | 601860 | 紫金银行 | -282.67万 | -4.03% | 323.07万 | 4.61% | -40.40万 | - ...

开年伊始，国有大行的一则业务调整公告搅动了贵金属投资市场，工商银行宣布1月12日起将个人积存 金业务风险准入等级上调至C3（平衡型）及以上。近两年，伴随着黄金价格的暴涨，市场波动风险陡 然加大，急涨急跌的"过山车"行情屡次上演，为此商业银行纷纷采取提高积存金金额、收紧风险准入门 槛等措施，加强风险管控。1月7日，北京商报记者调查发现，当前多家国有大行、股份制银行及城商行 已普遍将平衡型风险承受能力设为积存金投资的入门底线，部分银行更将准入标准提高至进取型等级， 一场覆盖全行业的积存金业务风控升级正在进行中。 通常情况下，银行会把投资者风险承受能力划分为五个等级，从低到高分别是：保守型/谨慎型、稳健 型、平衡型、进取型、激进型。其中，C3或R3对应的投资者，意味着能够接受投资出现一定波动，容 忍短期小幅亏损，核心需求是追求稳健与收益的平衡。 国有大行中，工商银行明确，自1月12日起，个人客户办理积存金业务的开户、主动积存或新增定投计 划的，需取得C3-平衡型及以上的评估结果并签订积存金风险揭示书。而在此之前，该行对个人客户的 要求为通过风险测评并取得C1-保守型及以上结果，同时签订风险揭示书即可办理。 邮储银行 ...

Investment Rating - The report maintains an "Overweight" rating for the banking sector [2] Core Insights - The four categories of retail loans (mortgages, credit cards, consumer loans, and business loans) collectively constitute household liabilities, each with distinct collateral types, duration structures, and policy influences. The report aims to establish a risk framework for these retail assets and assess their impact on banking operations in the future [2][4] - Under stress testing, the non-performing loan (NPL) ratios for mortgages, credit cards, and consumer loans are projected to increase by 11, 12, and 20 basis points respectively in 2026, while the growth in non-performing amounts remains manageable. The overall quality of corporate assets is expected to continue improving, indicating a stable banking sector [2][4] - Retail asset risks are deemed controllable, with policies expected to maintain stability in the near term [2] Summary by Sections Retail Asset Analysis Framework: Collateral Types + Duration Structure + Policy Impact - The overall NPL ratio for retail loans of listed banks is estimated at 1.27% in the first half of 2025, slightly above the corporate NPL ratio of 1.26%, but the increase in NPL ratios is stabilizing. The composition of existing NPLs is 63% corporate and 37% retail, with business loans and mortgages showing higher proportions of both existing and newly added NPLs [2][12] - The report establishes a risk analysis framework for retail assets, highlighting the differences in collateral types, duration structures, and policy impacts among the four categories of retail loans [2][4] Consumer Loans: "High-Risk" Assets - The relationship between consumer loans and consumption trends is closely aligned, with notable deviations occurring during strict property purchase restrictions and regulatory cycles for online loans. The market structure for consumer credit (excluding credit cards and mortgages) shows that listed banks hold over 51.5% of the market, while non-listed banks account for 17% and other players for 31% [2][4] - The risk logic for consumer credit indicates that risk pricing is primarily determined by interest rates, which can be categorized into four tiers based on risk levels. The report estimates that 4.4% of consumer loans fall into the "high-risk" category, with commercial banks' high-risk consumer loans representing only 0.6% of their total consumer loans [2][4] Mortgage Loans: Risk Sources and International Comparisons - The primary sources of mortgage risk include negative cash flow and high loan-to-value (LTV) ratios, with 1.2% of respondents reporting monthly incomes below their mortgage payments. The report anticipates that the current high LTV portion, which constitutes 2.9% of total mortgage balances, will not necessarily lead to increased NPLs [2][4] - International comparisons indicate that mortgage NPL ratios in most countries remain below 2%, suggesting that the risks in the domestic market are manageable [2][4] Business Loans: High-Risk Assets - The report estimates that approximately 2 trillion yuan of high-risk business loans were outstanding at the end of 2021, with nearly one-third of these high-risk assets already exposed. The peak of risk exposure is expected in 2024 and the first half of 2025, with NPL ratios projected to rise by 18 basis points to 1.96% under stress testing conditions [2][4] Credit Cards: Early NPL Exposure - Credit cards have historically shown early exposure to NPLs, with the NPL ratio at 2.44% in the first half of 2025. The report notes that the net increase in credit card NPLs has significantly decreased, indicating that credit cards are not currently a major pressure point for banks [2][4] Investment Recommendations - The report suggests two main investment lines for bank stocks: focusing on regional banks with strong certainty and advantages, particularly in areas like Jiangsu, Shanghai, Chengdu, Shandong, and Fujian, and recommending large banks with high dividend yields such as Agricultural Bank, Construction Bank, and Industrial and Commercial Bank [2][4]

Core Viewpoint - The rural commercial bank sector experienced a decline of 0.57% on January 7, with Ruifeng Bank leading the drop, while the Shanghai Composite Index rose by 0.05% and the Shenzhen Component Index increased by 0.06% [1] Group 1: Market Performance - The closing prices and performance of key rural commercial banks on January 7 are as follows: - Yunnan Rural Commercial Bank (601077) closed at 6.39, up by 0.16% - Jiangyin Bank (002807) closed at 4.59, unchanged - Zhangjiagang Bank (002839) closed at 4.59, unchanged - Qingnong Bank (002958) closed at 3.11, down by 0.32% - Sunan Bank (603323) closed at 5.05, down by 0.59% - Wuxi Bank (600908) closed at 5.93, down by 0.67% - Changshu Bank (601128) closed at 7.05, down by 0.70% - Zijin Bank (601860) closed at 2.77, down by 0.72% - Hunan Rural Commercial Bank (601825) closed at 9.15, down by 1.08% - Ruifeng Bank (601528) closed at 5.56, down by 1.24% [1] Group 2: Capital Flow - On January 7, the rural commercial bank sector saw a net inflow of 50.43 million yuan from main funds, while retail investors experienced a net outflow of 84.63 million yuan [1] - The capital flow for individual banks is as follows: - Zhangjiagang Bank (002839) had a main fund net inflow of 13.66 million yuan, but a retail net outflow of 13.84 million yuan - Changshu Bank (601128) had a main fund net inflow of 13.25 million yuan, with a retail net outflow of 22.78 million yuan - Qingnong Bank (002958) had a main fund net inflow of 12.24 million yuan, but a retail net outflow of 8.34 million yuan - Wuxi Bank (600908) had a main fund net inflow of 9.53 million yuan, with a retail net outflow of 6.99 million yuan [2]

证券代码：601825 证券简称：沪农商行 公告编号：2026-001 梁晓丽女士、储晓明先生的简历请参见公司于 2025 年 11 月 5 日 披露于上海证券交易所网站（www.sse.com.cn）的《上海农村商业银 行股份有限公司 2025 年第一次临时股东会会议材料》。 特此公告。 上海农村商业银行股份有限公司董事会 2026 年 1 月 8 日 上海农村商业银行股份有限公司 关于董事任职资格获监管机构核准的公告 本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。 上海农村商业银行股份有限公司（以下简称"公司"）近日收到 《国家金融监督管理总局上海监管局关于梁晓丽上海农村商业银行 股份有限公司董事任职资格的批复》（沪金复〔2025〕875 号）、《国 家金融监督管理总局上海监管局关于储晓明上海农村商业银行股份 有限公司独立董事任职资格的批复》（沪金复〔2025〕878 号），国 家金融监督管理总局上海监管局已核准梁晓丽女士的公司董事任职 资格、储晓明先生的公司独立董事任职资格。 ...

沪农商行(601825.SH)公告称，公司收到国家金融监督管理总局上海监管局批复，核准梁晓丽的公司董 事任职资格、储晓明的公司独立董事任职资格。 ...