Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.61 CNY per share, corresponding to a PB of 0.70 for 2025 [4][7]. Core Views - The company's revenue growth has shown marginal improvement, with a cumulative year-on-year growth of -3.4% for revenue, +0.6% for net profit attributable to the parent company, and a decrease in net interest income by 5.5% [11]. - The loan portfolio has expanded steadily, with a year-on-year growth of 5.2%, primarily driven by corporate loans, which increased by 7.8% [11]. - The net interest margin remains under pressure at 1.39%, but there is significant potential for improvement in funding costs as high-interest deposits are re-priced [11]. - Asset quality remains stable, with a non-performing loan ratio holding steady, while the attention ratio has increased slightly to 1.77% [11]. Financial Summary - The company's projected net profit attributable to the parent company for 2025 is 12,415 million CNY, reflecting a year-on-year growth of 1.0% [6]. - The earnings per share (EPS) for 2025 is estimated at 1.29 CNY, with a book value per share (BVPS) of 13.81 CNY [4][6]. - The total assets are projected to reach 1,583,350 million CNY by 2025, with a capital adequacy ratio of 17.73% [14].

Core Viewpoint - The mid-term dividend plans of A-share listed banks for 2025 are progressing steadily, reflecting confidence in development and returning value to investors [1] Group 1: Mid-term Dividend Distribution - As of September 22, 17 A-share listed banks have disclosed their mid-term profit distribution plans, with major state-owned commercial banks being the main contributors, each proposing dividends exceeding 10 billion [2] - Notably, Changsha Bank has implemented its first mid-term dividend since its listing, with a payout of 0.20 yuan per share totaling 804 million [2] - The six major state-owned banks maintain a dividend payout ratio around 30%, showcasing their commitment to stable operations and shareholder returns [2] Group 2: Industry Trends and Insights - The participation and enthusiasm for mid-term dividends among listed banks have significantly increased in 2025, becoming a new trend in the industry [4] - Experts attribute this trend to improved bank performance, corporate governance, and market confidence, indicating a strong belief in future profitability [4] - The implementation of mid-term dividends is seen as a proactive measure to boost investor confidence and manage valuations [4] Group 3: Sustainability and Future Outlook - The widespread adoption of mid-term dividends is expected to enhance investor returns and attract long-term capital, fostering a positive market cycle [5] - Experts predict that with the continuous improvement of the macro economy, the profitability of the banking sector is likely to improve steadily, supporting the expansion of dividend scales [5] - Factors such as easing interest margin pressures and the growth of non-interest income from wealth management are expected to further enhance the stability of bank earnings [5]

Core Viewpoint - The financial ETF (510230) has seen a rise of over 0.5%, supported by mid-term dividend announcements from banks, which are aiding in the valuation recovery of the sector [1] Group 1: Dividend Announcements - Changsha Bank announced a dividend of 0.20 CNY per share (before tax), totaling 804 million CNY in payouts [1] - Shanghai Rural Commercial Bank declared a dividend of 0.241 CNY per share (before tax), with total distributions amounting to 2.324 billion CNY [1] - By September 19, 2025, four banks, including Minsheng Bank, Jiangsu Rural Bank, Changsha Bank, and Shanghai Rural Commercial Bank, have released specific mid-term dividend plans [1] Group 2: Market Impact - The gradual rollout of mid-term dividends by listed banks is expected to attract more financial investments from funds that prioritize dividends, thereby driving the recovery of the banking sector's valuations [1] - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from the financial sector, including banks, insurance, and securities, to reflect the overall performance of listed companies in the financial industry [1] - The 180 Financial Index is characterized by high industry concentration and style allocation, effectively representing market trends in the financial sector [1]

Core Viewpoint - The mid-term dividend distribution among A-share listed banks is progressing, with several banks announcing their plans for 2025, indicating a positive trend in the banking sector's profitability and governance [1][4]. Group 1: Dividend Announcements - Recently, Hu Nong Commercial Bank and Changsha Bank announced their mid-term cash dividends, totaling 3.128 billion yuan, with Hu Nong distributing 2.324 billion yuan and Changsha distributing 804 million yuan [1][2]. - As of September 22, 17 banks have disclosed their mid-term profit distribution plans for 2025, with several banks, including Changsha Bank and Ningbo Bank, implementing mid-term dividends for the first time since their listings [1][4]. Group 2: Dividend Distribution Details - Hu Nong Commercial Bank's cash dividend is based on a total share capital of 9.644 billion shares, distributing 0.241 yuan per share, while Changsha Bank's distribution is based on 4.022 billion shares at 0.20 yuan per share [2]. - In September, three other banks, including Changshu Bank and Minsheng Bank, completed their mid-term dividend distributions, totaling 6.633 billion yuan [2]. Group 3: Dividend Ratios and Trends - The six major state-owned commercial banks have a cash dividend ratio of around 30%, with some city commercial banks and rural commercial banks exceeding this level [3]. - The expansion of mid-term dividends among listed banks reflects a recovery in bank performance, providing sufficient profit space for such distributions [4]. Group 4: Market Implications - Analysts suggest that mid-term dividends enhance predictability, boost investor confidence, and improve valuations, supported by the current strong performance of listed banks [4]. - The overall improvement in bank performance, driven by easing interest margin pressures and growth in non-interest income, is expected to sustain and potentially increase dividend distributions in the future [4][5].

Market Performance - On September 22, the rural commercial bank sector rose by 0.05% compared to the previous trading day, with Shanghai Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Shanghai Rural Commercial Bank (601825) closed at 65.8, with a gain of 1.30% and a trading volume of 301,400 shares, amounting to a transaction value of 258 million yuan [1] - Other notable performances include: - Chongqing Rural Commercial Bank (601077) at 6.27, up 0.16% [1] - Qingdao Rural Commercial Bank (002958) at 3.17, unchanged [1] - Zhangjiagang Bank (002839) at 4.32, down 0.23% [1] - Zijin Bank (601860) at 2.86, down 0.69% [1] - Ruifeng Bank (601528) at 5.31, down 0.93% [1] - Wuxi Bank (600908) at 5.84, down 1.02% [1] - Sunong Bank (603323) at 4.98, down 1.39% [1] - Changshu Bank (601128) at 6.95, down 1.56% [1] - Jiangyin Bank (002807) at 4.52, down 1.74% [1] Capital Flow Analysis - The rural commercial bank sector experienced a net inflow of 61.3 million yuan from institutional investors, while retail investors saw a net inflow of 291,200 yuan [1] - Notable capital flows for individual stocks include: - Shanghai Rural Commercial Bank had a net outflow of 35.5 million yuan from institutional investors [2] - Zijin Bank saw a net inflow of 17.5 million yuan from institutional investors [2] - Changshu Bank had a net inflow of 13.0 million yuan from institutional investors [2] - Wuxi Bank had a net inflow of 10.6 million yuan from institutional investors [2] - Jiangyin Bank experienced a net outflow of 11.5 million yuan from institutional investors [2]

Core Viewpoint - The event "2025 Shanghai Listed Companies Collective Reception Day and Mid-Year Performance Briefing" highlighted the commitment of Hu Nong Commercial Bank (601825) to stable dividend distribution, emphasizing its strong performance in returning value to shareholders [1] Summary by Relevant Sections - **Dividend Policy** - The company announced a cash dividend of 2.41 yuan (after tax) per 10 shares for the mid-year of 2025, with a cash dividend rate of 33.14%, slightly higher than the 33.07% rate for the mid-year of 2024 [1] - This positions the bank among the top performers in terms of dividend distribution within the listed banking sector [1] - **Future Dividend Strategy** - The company expressed its intention to develop a balanced dividend policy that considers business development needs, capital adequacy, and shareholder return expectations [1] - The management indicated a willingness, capability, and confidence to provide stable and reliable returns to investors in the capital market [1]

请您根据需要提前做好相应安排，错开系统维护时段办理相关业务。由于系统维护给您带来的诸多不 便，上海农商银行深表歉意，敬请谅解。详情请咨询上海农商银行客服热线。 2025年9月21日，上海农商银行发布公告称，为进一步提升金融服务能力，提供更优质的客户服务，上 海农商银行定于2025年09月24日00:00至02:00开展自助设备平台维护工作，期间部分上海农商银行ATM 暂停使用。 ...

当日关注点 交易信息汇总资金流向 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年9月19日收盘，沪农商行(601825)报收于8.48元，上涨0.83%，换手率0.19%，成交量17.96万 手，成交额1.51亿元。 来自交易信息汇总：9月19日主力资金净流入725.43万元，占总成交额4.8%。 来自公司公告汇总：沪农商行2025年半年度每股派发现金红利0.241元（含税），股权登记日为 2025年9月25日。 9月19日主力资金净流入725.43万元，占总成交额4.8%；游资资金净流出1022.87万元，占总成交额 6.77%；散户资金净流入297.44万元，占总成交额1.97%。 公司公告汇总上海农村商业银行股份有限公司2025年半年度权益分派实施公告 上海农村商业银行股份有限公司2025年半年度权益分派实施公告：每股现金红利0.241元（含税），股 权登记日为2025年9月25日，除权（息）日和现金红利发放日均为2025年9月26日。本次利润分配以公司 总股本9,644,444,445股为基数，共派发现金红利 ...

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting potential investment opportunities due to favorable policy catalysts and improving fundamentals in certain banks [12]. Core Insights - The report highlights the adequacy of loan loss provisions among listed banks, with a provision coverage ratio of 70.8% for Stage 3 loans, indicating limited future impact on profits [2][12]. - It emphasizes the improvement in asset quality, particularly in Stage 3 loans, with notable reductions in the proportion of such loans for several banks compared to the end of Q4 2024 [1][2]. - The report suggests a focus on banks with positive fundamental changes and continuous improvement in financial statements, recommending specific banks for investment [12]. Summary by Sections 1. Loan Quality and Provisioning - The proportion of Stage 3 loans is relatively low for banks like Chengdu Bank (0.66%) and Ningbo Bank (0.76) [1]. - Significant improvements in Stage 3 loan ratios were observed for Chongqing Bank (-61bp) and Guiyang Bank (-48bp) compared to Q4 2024 [1]. - The provision coverage for Stage 3 loans is high, with leading banks like Qingnong Bank (4.35%) and Yunan Bank (4.16%) showing strong provisioning ratios [2]. 2. Financial Assets - The proportion of Stage 3 financial assets is low, with most banks not exceeding 0.05%, indicating manageable asset quality pressure [4]. - The report notes that the provision coverage for financial investments is also robust, with Zhejiang Bank (3.16%) and Qingdao Bank (2.85%) leading in provisioning ratios [8]. 3. Sector Outlook - The report anticipates that expansionary policies aimed at stabilizing the economy will benefit the banking sector, with a focus on banks like Ningbo Bank and Jiangsu Bank for potential investment [12]. - It highlights the ongoing economic recovery and the potential for interest rate cuts, suggesting a sustained dividend strategy for certain banks [12].

上海农村商业银行股份有限公司2025年半年度权益分派实施公告：每股现金红利0.241元（含税），股 权登记日为2025年9月25日，除权（息）日和现金红利发放日均为2025年9月26日。本次利润分配以公司 总股本9,644,444,445股为基数，共派发现金红利2,324,311,111.25元。分配对象为截至股权登记日在中国 结算上海分公司登记在册的全体股东。现金红利通过中国结算上海分公司派发，部分股东由公司自行发 放。对不同股东按税法规定实行差别化个人所得税政策，持股超1年者暂免征收个人所得税，QFII及沪 股通投资者按10%税率代扣代缴。咨询电话：021-61899333。 截至2025年9月19日收盘，沪农商行（601825）报收于8.48元，较上周的8.68元下跌2.3%。本周，沪农 商行9月15日盘中最高价报8.69元。9月19日盘中最低价报8.34元。沪农商行当前最新总市值817.85亿 元，在农商行板块市值排名1/10，在两市A股市值排名207/5153。 本周关注点 公司公告汇总 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 ...