上海市石门一路 288 号 兴业太古汇香港兴业中心一座 26 层 邮编：200040 电话：(86-21) 5298-5488 传真：(86-21) 5298-5492 君合律师事务所上海分所 关于上海农村商业银行股份有限公司 2024 年度股东大会的法律意见书 上海农村商业银行股份有限公司： 君合律师事务所上海分所（以下简称"本所"）接受上海农村商业银行股份 有限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》、中国证券监督管理委员会《上市公 司股东大会规则》（以下简称"《股东大会规则》"）等中国现行法律、法规和规范 性文件（以下简称"中国法律、法规"，为本法律意见书之目的，"中国"不包括 香港特别行政区、澳门特别行政区及台湾）以及《上海农村商业银行股份有限公 司章程》（以下简称"《公司章程》"）的有关规定，就公司 2024 年度股东大会（以 下简称"本次股东大会"）有关事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合中国法律、法规及《公司章程》的 规定以及表 ...

Core Viewpoint - The Central Financial Work Conference emphasizes the development of five key areas in finance: technology finance, green finance, inclusive finance, pension finance, and digital finance, aiming to enhance support for technological innovation and green transformation in the banking sector [1][13]. Digital Finance Development - Financial institutions are urged to accelerate the development of digital finance to empower the digital economy, focusing on digital transformation and optimizing organizational structures [1][13]. - By the end of 2024, major state-owned banks such as ICBC, ABC, CCB, and BOC have invested over 20 billion yuan in information technology, while joint-stock banks like CMB and CITIC Bank have invested over 10 billion yuan [2][3]. Information Technology Investment - In 2024, ICBC's investment in information technology reached 28.518 billion yuan, with ABC, CCB, and BOC also exceeding 20 billion yuan. CMB and CITIC Bank's investments surpassed 10 billion yuan [3][4]. - The growth rates of IT investments for Chongqing Bank, Shanghai Rural Commercial Bank, and Everbright Bank were 19.58%, 17.64%, and 13.04%, respectively [6]. Research Personnel - Shanghai Bank has the highest proportion of research personnel among listed banks, with 11.45% of its total employees engaged in research [6][7]. - Shanghai Rural Commercial Bank and Bank of Communications have research personnel ratios exceeding 9% [6]. Mobile Banking User Growth - By the end of 2024, the number of mobile banking users for major state-owned banks exceeded 500 million, with ICBC, CCB, and ABC leading the way [11]. - The mobile banking user base for Ping An Bank reached 17.4 million, while other joint-stock banks like SPDB, CEB, and CIB had over 5 million users [11][12]. Digital Product Innovations - Agricultural Bank of China launched new digital products such as "Merchant e-loan" and "Micro Loan 3.0," enhancing online and offline information sharing [12]. - Shanghai Bank implemented the "Smart Trust Project," improving risk management capabilities through new system components and services [7]. Digital Transformation Initiatives - Construction Bank is focusing on enhancing user experience and increasing transaction volume through digital transformation, achieving 521 million users in its dual-star model [13]. - Ningbo Bank is providing industrial digital management consulting services to optimize processes and improve management models [14].

Core Viewpoint - The central financial work conference emphasizes the development of five key areas in finance: technology finance, green finance, inclusive finance, pension finance, and digital finance, with a focus on enhancing support for key sectors such as technological innovation and green transformation [1][2] Group 1: Pension Finance Development - By the end of 2024, Postal Savings Bank and Industrial and Commercial Bank of China (ICBC) each served over 200 million elderly clients [3][4] - The personal pension system has been fully implemented, leading to a rapid increase in personal pension account openings at several listed banks, with ICBC, Bank of Communications, and CITIC Bank seeing their account numbers double [1][7] - As of the end of 2024, China Bank and China Merchants Bank each had over 10 million personal pension accounts [1][7] Group 2: Growth in Personal Pension Accounts - A total of 12 listed banks reported significant growth in personal pension accounts, with China Bank and China Merchants Bank each exceeding 10 million accounts [7][8] - CITIC Bank reported a 136.04% increase in personal pension accounts compared to the previous year, while Industrial Bank saw a 47.67% increase [10][8] - The personal pension account numbers for Beijing Bank and Shanghai Bank surpassed 170,000 and 159,530 respectively by the end of 2024 [7][8] Group 3: Diversification of Pension Financial Products - The National Financial Regulatory Administration has issued guidelines to enhance the quality of pension finance, encouraging banks to diversify their product offerings and improve service adaptability [11][12] - China Bank has launched 262 personal pension products, covering various financial instruments, positioning itself as a leader in product variety [11] - Agricultural Bank of China is focused on enhancing the coverage and quality of its pension financial services, while CITIC Bank has developed a comprehensive pension financial product and service system [12]

A股银行板块异动拉升，民生银行涨超2.5%，南京银行、华夏银行、浙商银行、兴业银行均涨超1.5%， 沪农商行等跟涨。 订阅A股市场资讯 +订阅 ...

Group 1 - The core viewpoint of the articles highlights the adjustments in the CSI 300 index, which includes the addition of Hu Nong Commercial Bank and Yu Nong Commercial Bank, leading to significant passive fund inflows estimated at approximately 29.8 billion and 25.8 billion respectively [1] - The adjustment will take effect on June 16, and the trading activity for both banks has increased significantly, with Hu Nong Commercial Bank and Yu Nong Commercial Bank recording transaction volumes of 46.9 billion and 29.0 billion respectively over four trading days, representing increases of 461% and 67% compared to May [1] - FTSE Russell's announcement of Jiangsu Bank's inclusion in the FTSE China A50 index is expected to enhance market attention and influence, despite the trading impact being relatively minor [1] Group 2 - The banking sector has seen the highest number of stock buybacks, with other sectors including utilities, energy, and transportation also involved [2] - According to CITIC Securities, the recent adjustments in the CSI 300 index have led to increased trading volumes for smaller banks, although a slight weakening in market sentiment is anticipated in the coming week [2] - Two main investment strategies are suggested: focusing on high-value banks with expected earnings growth above peers and selecting banks with unique business models and low volatility for long-term investment [2] Group 3 - Related Hong Kong-listed banks include CITIC Bank, Minsheng Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Postal Savings Bank of China, China Construction Bank, and Bank of China [3]

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (国企红利指数) has shown fluctuations, with a recent decline of 0.66% despite a monthly increase of 4.02% and a year-to-date decrease of 1.10% [1][2]. Index Performance - The China Securities State-Owned Enterprises Dividend Index is composed of 100 listed companies selected for their high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among state-owned enterprises [2]. - The index was established on June 30, 2009, with a base value of 1000.0 points [2]. Index Holdings - The top ten weighted stocks in the index include: - COSCO Shipping Holdings (中远海控) - 2.82% - Jizhong Energy (冀中能源) - 2.14% - Chengdu Bank (成都银行) - 1.48% - Chongqing Rural Commercial Bank (渝农商行) - 1.46% - Shanghai Rural Commercial Bank (沪农商行) - 1.44% - Shanghai Bank (上海银行) - 1.37% - Industrial Bank (兴业银行) - 1.36% - Sichuan Road & Bridge (四川路桥) - 1.3% - Jiangsu Bank (江苏银行) - 1.3% - China Shenhua Energy (中国神华) - 1.26% [2]. Market Composition - The index's holdings are primarily listed on the Shanghai Stock Exchange (83.24%) and the Shenzhen Stock Exchange (16.76%) [2]. - The industry composition of the index includes: - Financials - 29.79% - Industrials - 25.98% - Energy - 18.99% - Materials - 8.79% - Communication Services - 5.23% - Consumer Discretionary - 3.71% - Real Estate - 3.61% - Utilities - 3.14% - Consumer Staples - 0.76% [2]. Sample Adjustment Criteria - The index samples are adjusted biannually, with criteria including: - Control by state-owned entities - Cash dividend yield greater than 0.5% over the past year - Average market capitalization and trading volume ranking within the top 90% of the China Securities Index [3]. - Adjustments are limited to a maximum of 20% unless specific conditions are met [3]. Related Funds - Public funds tracking the state-owned enterprise dividend index include: - Western Li De State-Owned Enterprise Dividend Index Enhanced C - Pengyang China Securities State-Owned Enterprise Dividend Link A & C - Huaan China Securities State-Owned Enterprise Dividend Link A & C - Pengyang China Securities State-Owned Enterprise Dividend ETF - Western Li De State-Owned Enterprise Dividend Index Enhanced A - Huaan China Securities State-Owned Enterprise Dividend ETF [4].

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has experienced a decline of 0.66% as of June 5, 2025, indicating a mixed performance among its constituent stocks, with some stocks rising while others fell significantly [1][2]. Group 1: Index Performance - The China Securities State-Owned Enterprises Dividend Index (000824) has decreased by 0.66% as of June 5, 2025 [1]. - The National Enterprise Dividend ETF (159515) has also seen a decline of 0.54%, with the latest price at 1.1 yuan [1]. - Notable gainers include Ninghu Expressway (600377) up by 1.75%, and notable losers include Caibai Co., Ltd. (605599) down by 6.15% [1]. Group 2: Market Analysis - Recent reports indicate that dividend assets have rapidly "shrunk," with the exception of the banking sector, which has shown lackluster performance [1]. - The proportion of stocks with a Sharpe Ratio higher than the index among dividend assets has reached an extreme historical low, suggesting a potential market adjustment followed by upward movement [1]. - Despite the rising valuation levels of dividend assets, there remains significant room for further increases when compared to historical peaks [1]. Group 3: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index include COSCO Shipping Holdings (601919) and Jizhong Energy (000937), with the top ten accounting for 15.83% of the index [2].

银行板块震荡调整 沪农商行跌近5% 智通财经6月5日电，银行板块震荡下挫，城商行方向领跌，沪农商行跌近5%，西安银行、紫金银行、 青农商行、厦门银行、张家港行跌幅均在2%左右。 ...

Group 1 - The core viewpoint of the articles indicates that the banking sector is experiencing a positive performance driven by several key events, including the impact of the US-China tariff war, index inclusions, and changes in market expectations regarding major shareholders [1] - The banking ETF (512730.SH) saw a slight increase of 0.06%, with significant gains from major constituents such as Hu Nong Commercial Bank (5.68%) and Jiangsu Bank (0.90%) [1] - The inclusion of Hu Nong and Yu Nong in major indices is expected to bring additional passive investment flows, enhancing their market performance [1] Group 2 - Looking ahead to Q3 2025, the insurance preset interest rate may be lowered again, which could increase the tolerance for dividend yields in the banking sector [2] - The banking sector's fundamentals are expected to improve marginally in Q2 2025 compared to Q1 2025, primarily due to a narrowing decline in interest margins [2] - The recovery of bond investment losses in TPL accounts is anticipated as government bond yields decline, which may positively impact the banking sector [2]

2025.06. 04 本文字数：3405，阅读时长大约6分钟 作者 | 第一财经 亓宁 经历节前短暂调整之后，节后银行板块又成了股市"最靓的仔"。端午假期后首个交易日（6月3 日），银行AH股集体走强，A股沪农商行早盘强势封涨停，带动城农商行和股份行齐涨，多股股价 创下新高。 进入二季度以来，银行股在高股息率、险资增配、公募基金改革调仓等逻辑支撑下被避险资金持续看 好，成为A股首个市值突破10万亿元的板块，银行指数和部分个股频频逆势续创新高。随着5月降准 降息和新一轮存款利率调降落地，低利率环境中关于"存款理财不如买银行股"的讨论进一步升温。 不过，对于6月3日银行股的显眼表现，受访人士认为，主要与沪农商行和渝农商行被纳入市场核心 指数有关，这再度刺激了市场的炒作情绪。"不同于理性投资、价值投资，炒作注定没办法持 续。"有资深银行研究人士提示，要理性看待部分个股股价的过快上涨，银行股投资终究要回归基本 面。 2家农商行纳入核心指数 6月3日，沪农商行开盘即走强，以一个涨停板成为银行板块的"明星"。伴随板块集体大涨，兴业银 行、中信银行、北京银行、浦发银行、杭州银行、南京银行、成都银行、渝农商行股价均在当天创 ...