Core Viewpoint - The strategic cooperation agreement signed between Shenwan Hongyuan Securities and Shanghai Rural Commercial Bank marks a new phase in their long-standing partnership, focusing on mutual development and collaboration in various financial sectors [2][4]. Group 1: Company Overview - Shanghai Rural Commercial Bank, established on August 25, 2005, is a state-owned bank headquartered in Shanghai and the first provincial-level joint-stock commercial bank formed on the basis of rural credit [4]. - As of now, Shanghai Rural Commercial Bank has a registered capital of 9.644 billion RMB, over 360 branches, and more than 11,000 employees [4]. Group 2: Strategic Cooperation Details - The new strategic cooperation agreement builds on the initial agreement signed in July 2022, indicating a deepening of the relationship between the two entities [4]. - The collaboration will focus on expanding cooperation in areas such as peer business, technology innovation finance, and wealth management, aiming to enhance mutual trust and contribute to the development of Shanghai as an international financial center [4].

Market Performance - The rural commercial bank sector increased by 0.94% on September 29, with Yunnan Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Individual Stock Performance - Yunnan Rural Commercial Bank (601077) closed at 6.60, with a rise of 2.17% and a trading volume of 995,000 shares, amounting to a transaction value of 654 million [1] - Other notable performers include Ruifeng Bank (601528) with a 1.13% increase, Wuxi Bank (600908) with a 1.02% increase, and Shanghai Rural Commercial Bank (601825) with a 0.73% increase [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 66.4588 million from institutional investors, while retail investors saw a net inflow of 22.9898 million [1] - Specific stocks like Qingnong Bank (002958) had a net inflow of 9.1251 million from institutional investors, while Su Nong Bank (603323) had a net inflow of 613.43 million [2] Detailed Capital Flow for Selected Stocks - Yunnan Rural Commercial Bank had a significant net outflow of 50.7024 million from institutional investors, but a net inflow of 54.2507 million from retail investors [2] - Common trends show that while some banks like Zhangjiagang Bank (002839) attracted retail inflows, others like Changshu Bank (601128) faced substantial outflows from institutional investors [2]

Investment Rating - The report maintains a recommendation for the banking industry [3] Core Insights - The report provides a comprehensive analysis of the asset-liability structure and interest margin changes of 42 A-share listed banks during the "14th Five-Year Plan" period, highlighting a shift towards corporate loans on the asset side and a stronger retail focus on the liability side [12][14] - The asset-liability structure indicates a significant increase in the proportion of corporate loans, rising from 57.02% to 63.22% from the end of 2020 to mid-2025, while the proportion of demand deposits decreased from 41.94% to 30% [12][14] - The report notes a decline in both asset yield and interest margin, with the yield on interest-earning assets dropping from 4.43% to 3.32% and the net interest margin decreasing from 2.23% to 1.53% during the same period [14][15] Summary by Sections Overall Asset-Liability Structure and Interest Margin Changes - The asset-liability structure shows an increase in loan-to-earning asset ratio from 54.19% to 56.49%, with corporate loans making up a larger share of total loans [14][15] - The average yield on interest-earning assets decreased significantly, with the loan yield falling from 5.34% to 3.82% [15] - The net interest margin for listed banks remains higher than that of commercial banks, despite a decline [14][15] Changes in Each Banking Sector's Asset-Liability Structure and Interest Margin - City commercial banks experienced a more significant increase in the proportion of corporate loans, with their interest margin narrowing less compared to other banks [18] - The report highlights that the proportion of deposits in interest-bearing liabilities for state-owned banks decreased, while it increased for rural commercial banks [18] - The decline in interest-bearing liabilities' cost rate was most pronounced in city commercial banks, leading to a smaller reduction in their interest margin [18]

Core Viewpoint - A-share listed banks are actively implementing their 2025 interim dividend distribution plans, with significant cash dividends being announced and distributed by multiple banks in September 2023 [1][4]. Summary by Category Dividend Distribution - As of now, 17 A-share listed banks have announced their 2025 interim profit distribution plans, with six major state-owned banks collectively distributing a total of 204.657 billion yuan in cash dividends [1][4]. - Bank of Communications leads with a cash dividend of 50.396 billion yuan, followed by Agricultural Bank of China with 41.823 billion yuan, and China Construction Bank with 48.605 billion yuan [4]. Specific Bank Announcements - Shanghai Rural Commercial Bank announced a cash dividend of 0.241 yuan per share, totaling 2.324 billion yuan, distributed on September 26, 2025 [2][3]. - Changsha Bank declared a cash dividend of 0.20 yuan per share, amounting to 804 million yuan, also distributed on September 26, 2025 [2][3]. - Other banks such as Suzhou Rural Commercial Bank, Minsheng Bank, and Changshu Bank have also completed their 2025 interim dividend distributions [1][2]. New Dividend Policies - Several banks, including China Merchants Bank, Changshu Bank, and Ningbo Bank, have confirmed the implementation of interim dividends for the first time [6][7]. - Jiangyin Bank's board has approved its 2025 interim dividend plan, while other banks like Wuxi Bank and Xiamen Bank are considering their dividend distribution methods [7]. Non-Dividend Announcements - Some banks, such as Zhengzhou Bank, have explicitly stated they will not distribute cash dividends for the first half of 2025 [8]. - The trend of increasing dividend frequency is seen as beneficial for investor confidence and stock price stability [8]. Market Context - The overall dividend distribution in 2024 exceeded 630 billion yuan, with major banks like ICBC and CCB leading the way with over 100 billion yuan each [9][10]. - Regulatory changes have encouraged companies to enhance their dividend policies, aiming for more frequent and higher dividend payouts [10].

Market Overview - On September 26, the rural commercial bank sector declined by 0.74% compared to the previous trading day, with XD Hu Nong leading the decline [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Individual Stock Performance - The following stocks in the rural commercial bank sector showed varying performance: - Chongqing Rural Commercial Bank (601077) closed at 6.46, up 2.38% with a trading volume of 730,200 shares [1] - Wuxi Bank (600908) closed at 5.88, up 0.68% with a trading volume of 127,700 shares [1] - Su Nong Bank (603323) closed at 5.02, up 0.60% with a trading volume of 167,700 shares [1] - Zhangjiagang Bank (002839) closed at 4.32, up 0.47% with a trading volume of 193,000 shares [1] - Ruifeng Bank (601528) closed at 5.32, up 0.38% with a trading volume of 95,700 shares [1] - Other banks like Jiangyin Bank (002807) and Changshu Bank (601128) showed minor fluctuations [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 30.21 million yuan from institutional investors and 22.38 million yuan from retail investors, while retail investors saw a net inflow of 52.59 million yuan [1] - Specific capital flows for individual banks include: - Changshu Bank (601128) had a net inflow of 8.26 million yuan from institutional investors but a net outflow of 34.30 million yuan from retail investors [2] - Zijin Bank (601860) saw a net inflow of 7.99 million yuan from institutional investors [2] - Other banks like Su Nong Bank (603323) and Zhangjiagang Bank (002839) experienced significant net outflows from institutional investors [2]

Core Points - Shanghai Rural Commercial Bank, in collaboration with various organizations, is hosting the 2025 Shanghai Urban Amateur League "Heart Home Cup" Community Square Dance Series, marking the beginning of the bank's Elderly Month activities [2] - The series includes six competition zones, attracting nearly 130 teams and over 1,800 participants, providing a professional platform for square dance enthusiasts [2] - The bank has initiated various community activities to enrich cultural life, including K-song competitions and local dialect courses, aimed at enhancing urban aesthetic vitality and building cultural bridges [2] Community Engagement - During the Elderly Month, Shanghai Rural Commercial Bank will launch a series of services themed around "Legal Protection for the Elderly, Quality Elderly Care, Active Aging, Cultural Enjoyment for the Elderly, and Financial Assistance for the Elderly" [3] - The bank plans to organize over a thousand financial knowledge and legal classes to raise awareness among the elderly about fraud prevention [3] - Collaborations with Shanghai Open University will provide elderly individuals with access to quality courses and learning experiences [3] Social Responsibility - Shanghai Rural Commercial Bank has established over 1,000 "Heart Home" public service stations, achieving full coverage across 216 streets and towns in the city [4] - The bank is committed to the mission of "Inclusive Finance to Enhance Citizens' Quality of Life" and aims to create an elderly-friendly society by integrating various resources [4]

Market Overview - On September 25, the rural commercial bank sector declined by 1.62%, with Chongqing Rural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Individual Stock Performance - The closing prices and changes for key rural commercial banks are as follows: - Hu Nong Commercial Bank: 8.62, down 0.58% - Qing Nong Commercial Bank: 3.14, down 0.95% - Su Nong Bank: 4.99, down 0.99% - Wuxi Bank: 5.84, down 1.02% - Rui Feng Bank: 5.30, down 1.12% - Zhangjiagang Bank: 4.30, down 1.15% - Jiangyin Bank: 4.50, down 1.32% - Zijin Bank: 2.81, down 1.75% - Changshu Bank: 6.96, down 2.11% - Chongqing Rural Commercial Bank: 6.31, down 3.52% [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 3.11 million yuan from main funds, while speculative funds saw a net inflow of 5.88 million yuan, and retail investors had a net outflow of 2.77 million yuan [1] - Detailed capital flow for individual banks shows: - Jiangyin Bank: Main funds net inflow of 12.09 million yuan, retail net outflow of 14.79 million yuan - Wuxi Bank: Main funds net inflow of 11.99 million yuan, retail net outflow of 8.76 million yuan - Su Nong Bank: Main funds net inflow of 11.61 million yuan, retail net outflow of 8.11 million yuan - Chongqing Rural Commercial Bank: Main funds net outflow of 27.42 million yuan, retail net inflow of 34.26 million yuan - Zijin Bank: Main funds net outflow of 33.66 million yuan, retail net inflow of 16.64 million yuan [2]

Core Viewpoint - The report from Dongfang Securities indicates that Shanghai Rural Commercial Bank has shown marginal improvement in revenue growth while maintaining positive profit growth as of the first half of 2025 [1] Financial Performance - As of 25H1, the bank's revenue, PPOP, and net profit attributable to shareholders have year-on-year growth rates of -3.4%, -1.9%, and +0.6% respectively, showing improvements from 25Q1 by +4.0 percentage points, +5.8 percentage points, and +0.3 percentage points [1] - The increase in loans during the first half of the year was entirely driven by corporate lending, while retail loan balances slightly decreased [1] Loan Composition - The real estate sector contributed 95% of the increase in corporate loans, primarily driven by government projects such as urban village renovations and affordable housing [1] Financial Metrics - The bank's net interest margin remains under pressure, but there has been significant improvement in funding costs [1] - Asset quality remains stable, although the attention ratio has increased [1] Valuation - The bank maintains a 5% valuation premium compared to comparable companies, with a target price-to-book ratio of 0.70 for 2025, corresponding to a fair value of 9.61 CNY per share, and maintains a "Buy" rating [1]

近日，经修订的《公司章程》及相关附件《股东会议事规则》《董事会议事规则》获国家金融监督管理 总局上海监管局核准生效。本次经修订的《公司章程》生效后，公司监事会和监事同步撤销，由审计委 员会承接和行使《公司法》规定的监事会职权。 北京商报讯（记者 孟凡霞 周义力）9月24日，上海农商行发布公告称，5月23日，该行董事会2025年第 四次会议审议通过了《关于撤销监事会并修订<上海农村商业银行股份有限公司章程>及相关附件的议 案》，6月13日，该行2024年度股东大会审议批准了该议案。 ...

第一条 为规范上海农村商业银行股份有限公司（以下简 称"本行"）的行为，保证股东会依法行使职权，根据《银 行保险机构公司治理准则》《上市公司股东会规则》《上海 农村商业银行股份有限公司章程》（以下简称"《章程》"） 及其他法律、法规，结合本行实际，制定本规则。 第二条 本行股东会的召集、提案、通知、召开等事项适 用本规则。 第三条 本行应当严格按照法律、行政法规、本行《章程》 及本规则的相关规定召开股东会，保证股东能够依法行使权 利。本行董事会应当切实履行职责，认真、按时组织股东会， 本行全体董事应当勤勉尽责，确保股东会正常召开和依法行 使职权。 上海农村商业银行股份有限公司 股东会议事规则 第一章 总 则 第四条 股东会应当在相关法律法规和本行《章程》规定 的范围内行使职权。 股东会职权范围内的事项，应由股东会审议决定，但在 必要、合理、合法的情况下，股东会可以授权董事会决定。 授权的内容应当明确、具体。股东会对董事会的授权，如授 权事项属于本行《章程》规定应由股东会以普通决议通过的 1 事项，应当由出席股东会的股东（包括股东代理人）所持表 决权过半数通过；如授权事项属于本行《章程》规定应由股 东会以特别决 ...