证券代码：601825 证券简称：沪农商行 公告编号：2025-010 上海农村商业银行股份有限公司 关于2025年度存款类关联交易计划的公告 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。 重要内容提示： 一、存款类关联交易基本情况 2025 年 4 月 24 日，本公司董事会 2025 年第三次会议审议通过 《关于公司 2025 年度存款类关联交易计划的议案》，表决结果：赞成 4 票，反对 0 票，弃权 0 票。 关联董事徐力、应长明、张雪雁、王娟、刘宇、叶蓬、阮丽雅、 李冠莹、乐嘉伟、刘运宏回避表决。 本议案已经独立董事专门会议审议通过，独立董事认为：本公司 制定的 2025 年度存款类关联交易计划符合监管机构关联交易管理及 信息披露相关规定，相关交易以不优于对非关联方同类交易的条件开 该存款类关联交易事项已经上海农村商业银行股份有限公司 （以下简称"本公司"）董事会 2025 年第三次会议审议通过， 无需提交股东大会审议。 该存款类关联交易事项对本公司持续经营能力、损益及资产 状况不构成重要影响，不会导致本公司对关联 ...

重要内容提示： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 证券代码：601825 证券简称：沪农商行 公告编号：2025-013 上海农村商业银行股份有限公司 关于续聘会计师事务所的公告 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。 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制企业， 更名为毕马威华振会计师事务所（特殊普通合伙）（以下简称"毕马 威华振"），2012 年 7 月 10 日取得工商营业执照，并于 2012 年 8 月 1 日正式运营。毕马威华振总所位于北京，注册地址为北京市东城 区东长安街 1 号东方广场东 2 座办公楼 8 层。 毕马威华振的首席合伙人邹俊，中国国籍，具有中国注册会计师 资格。 截至 2024 年 12 月 31 日，毕马威华振有合伙人 241 人，注册会 1 本公司拟聘用毕马威华振会计师事务所（特殊普通合伙）为本 公司 2025 年度会计师事务所。 本次续聘事项尚需提交本公司 ...

AI基金富达悦享红利优选混合A（020493）披露2025年一季报，第一季度基金利润268.05万元，加权平均基金份额本期利润0.0271元。报告期内，基金净值 增长率为2.74%，截至一季度末，基金规模为8352.86万元。 该基金属于偏股混合型基金。截至4月21日，单位净值为0.971元。基金经理是聂毅翔和周文群。 基金管理人在一季报中表示，我们对权益市场的长期前景保持乐观，特别是随着宏观政策转向，我们看到国家稳增长的决心非常大，执行力也非常强，后续 政策将持续落地直至经济基本面出现有效改观。我们认为在国际宏观不确定性增加以及中国经济增长模式转型的背景下，高质量分红公司将展现出明显的跨 周期风险收益优势，给投资者带来长期更好的投资体验。 我们非常看好红利资产在一个完整市场周期中的总体表现，特别是随着中国进入低利率时代，红利资产的稀缺性将会凸显。我们认为低利率环境将持续，以 支持实体经济的修复。随着无风险利率持续趋势性下行，可提供确定性股息收入的高质量红利资产将继续受到投资者青睐。我们将持续跟踪宏观数据与组合 持仓上市公司的基本面变化。 截至4月21日，富达悦享红利优选混合A近三个月复权单位净值增长率为-0 ...

证券代码：601825 证券简称：沪农商行 公告编号：2025-005 上海农村商业银行股份有限公司 关于召开 2024 年度业绩说明会的公告 会议召开时间：2025 年 4 月 25 日（星期五）下午 15:00-17:00 会议召开地点： 一、说明会类型 本次业绩说明会以视频直播结合网络互动形式召开，本公司将针 对 2024 年度的经营成果及财务指标的具体情况与投资者进行互动交 流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回 答。 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。 重要内容提示： 上证路演中心：http://roadshow.sseinfo.com 全景网：https://rs.p5w.net/html/145836.shtml 会议召开方式：视频直播和网络互动 投资者可于 2025 年 4 月 18 日（星期五）至 4 月 24 日（星期四） 16:00 前登录上证路演中心网站首页，点击"提问预征集"栏目或通 过本公司邮箱 ir@shrcb.com 进行提问。本公司将在说明会上对投资 者普遍 ...

Group 1 - The banking sector is performing strongly against the trend, with Agricultural Bank of China, China Construction Bank, and Shanghai Bank reaching historical highs during trading [1] - Other banks such as Chongqing Bank, Jiangsu Bank, Shanghai Rural Commercial Bank, and China Everbright Bank also showed significant gains [1]

Core Points - The A-share market's three major indices closed mixed, with the Shanghai 380 Index down 0.25% at 5304.0 points and a trading volume of 88.591 billion yuan [1] - The Shanghai 380 Index has decreased by 6.15% over the past month, increased by 1.25% over the past three months, and has fallen by 1.15% year-to-date [1] - The index is composed of 380 securities selected from the Shanghai Stock Exchange based on criteria such as revenue growth rate, return on equity, trading volume, and total market capitalization [1] Index Composition - The top ten weighted stocks in the Shanghai 380 Index include: Hu Nong Commercial Bank (1.28%), Chifeng Gold (1.21%), Chengdu Bank (1.14%), Yunnan Agricultural Commercial Bank (1.02%), Yutong Bus (0.94%), Rockchip (0.87%), Hengtong Optic-Electric (0.80%), China Software (0.78%), Shengyi Technology (0.74%), and Hongfa Technology (0.72%) [1] - The index is entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Industry Breakdown - The industry composition of the Shanghai 380 Index includes: Industrial (26.66%), Information Technology (14.56%), Materials (12.26%), Financials (10.34%), Healthcare (10.20%), Consumer Discretionary (8.46%), Communication Services (4.72%), Energy (3.72%), Consumer Staples (3.55%), Utilities (3.37%), and Real Estate (2.15%) [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, with a sample adjustment limit of 10% [2] - Special adjustments may occur under certain circumstances, such as when a sample is delisted or undergoes mergers, acquisitions, or splits [2]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [5][40]. Core Insights - The report highlights that the growth in social financing (社融) is supported by both credit and government bonds, with March's new social financing reaching 5.89 trillion yuan, exceeding expectations [6][14]. - The credit situation shows a recovery due to a low base effect, with new loans in March increasing by 3.64 trillion yuan, which is 550 billion yuan more than the same period last year [8][20]. - The report emphasizes the importance of government bond issuance, which maintained high growth, with new financing in March amounting to 1.5 trillion yuan, a year-on-year increase of 1 trillion yuan [18][31]. Summary by Sections Social Financing Overview - In March, social financing increased by 5.89 trillion yuan, which is 1.0544 trillion yuan more than the same month last year, and the stock of social financing grew by 8.4% year-on-year [6][14]. - The structure of new financing in March was composed of 64.5% from loans, 25.2% from government bonds, and -0.8% from corporate bonds [15][18]. Credit Situation - The report notes that the increase in credit is primarily driven by a low base effect, with new RMB loans increasing by 5.358 billion yuan year-on-year [18][20]. - The breakdown of new loans shows that corporate short-term loans increased significantly, while residential loans remained stable compared to last year [20][22]. Market Trends - The report indicates that M1 growth has improved, with M0, M1, and M2 growing by 11.5%, 1.6%, and 7.0% respectively in March [31][33]. - New deposits in March totaled 4.25 trillion yuan, with a year-on-year increase of 6.7%, although this was a decrease of 0.55 trillion yuan compared to the previous year [33][34]. Investment Recommendations - The report suggests focusing on bank stocks due to their dividend attributes, particularly large banks and quality city commercial banks [11][39]. - Two main investment themes are highlighted: high-dividend large banks and city commercial banks with strong regional advantages [11][39].

Investment Rating - The report maintains a "Recommended" investment rating for the banking industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [21]. Core Insights - The report highlights a marginal improvement in performance growth, with core revenue contributions increasing. As of April 12, 2024, 25 out of 42 listed banks reported a year-on-year revenue growth of -0.4% and a net profit growth of 2.0%, both showing a 1 percentage point improvement compared to the previous three quarters [5][6]. - The report anticipates that the banking sector will benefit from strong fiscal policies implemented since October 2024, which are expected to boost economic confidence and stabilize asset quality. If these policies effectively stimulate the real estate and consumer sectors, there will be opportunities for cyclical strategies [5][6]. Summary by Sections Industry Basic Data - The banking sector consists of 42 listed companies with a total market capitalization of approximately 114,992 billion and a circulating market value of about 78,974 billion [2]. Relative Index Performance - The absolute performance of the banking sector over the past month is 5.0%, 17.3% over six months, and 17.7% over twelve months. The relative performance is 2.8%, 15.6%, and 24.4% respectively [3]. Market Review - For the week of April 7-13, 2025, the major indices saw declines, with the Shanghai Composite Index down 3.11% and the Shenzhen Component Index down 6.73%. The average daily trading volume in the A-share market was 10,349 billion, up 41.54% from the previous week [5]. Investment Recommendations - The report suggests focusing on banks with high dividend yields and strong asset quality, such as state-owned banks and regional banks with high provision coverage ratios. It also recommends banks with a high proportion of retail assets, which are expected to show greater resilience in the economic recovery [5][6]. Specific banks highlighted include: - Ningbo Bank, Jiangsu Bank, and China Merchants Bank, all rated as "Recommended" with projected EPS growth for 2025 [6].

Group 1 - The current president of Shanghai Rural Commercial Bank, Gu Jianzhong, is proposed to be appointed as the party secretary and nominated as the chairman of a state-owned enterprise [2] - Shanghai Rural Commercial Bank was established in August 2005 and is the first provincial-level joint-stock commercial bank in China based on rural credit [2] - As of June 2024, the total assets of Shanghai Rural Commercial Bank reached 14,549.57 billion, an increase of 4.51% compared to the end of the previous year [2] Group 2 - As of April 11, the stock price of Shanghai Rural Commercial Bank was 8.3 yuan per share, with a total market capitalization of 800.4 billion [3] - There have been multiple personnel changes among executives in various listed banks this year, indicating a trend in the banking sector [3]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [2] Core Insights - The impact of "reciprocal tariffs" on China's banking industry is profound, leading to additional pressure on loan demand and net interest margins, while asset quality remains stable. The investment value of bank stocks is highlighted, particularly for large banks, China Merchants Bank, and quality city commercial banks [7][12][14] Summary by Sections 1. Impact Mechanism of "Reciprocal Tariffs" on Bank Stocks - The economic impact includes weakened external demand, pressuring the credit demand and asset quality of banks [12][14] - Policy measures may boost retail credit demand through increased monetary easing [12][14] - Investment sentiment shifts towards banks due to enhanced dividend value amidst rising risk aversion [12][14] 2. Credit Demand: Pressure Points and Support - Economic growth pressure leads to declining credit growth, with a potential credit increment shortfall of CNY 2.139 billion in 2025 [15][19] - Export-related customer demand is expected to decline, while consumption-related customers may receive support from policy measures [27][28] 3. Net Interest Margin: Pressure Points and Support - A decline in credit growth could lead to a 14 basis points drop in net interest margins [33] - Monetary policy adjustments, including potential rate cuts, may exert additional pressure on margins [33][34] - The long-term outlook suggests that net interest margins are nearing their bottom, estimated at 1.24% [39][46] 4. Asset Quality: Pressure Points and Support - The impact on asset quality is manageable, with export-related sectors facing direct effects from tariffs [48] - The real estate sector's pressure is expected to ease, while retail sector non-performing loans may improve under supportive policies [48] 5. Investment Recommendations - The report emphasizes the dividend characteristics of bank stocks, recommending a focus on large banks and quality city commercial banks [7][12][14]