Core Viewpoint - Shanghai Rural Commercial Bank is implementing financial subsidy policies for personal consumption loans, small and micro enterprises, and service industry loans to stimulate consumption and support the real economy in accordance with government directives [1][2][3] Personal Consumption Loan Subsidy - Individuals can enjoy financial subsidies on personal consumption loans or credit card bill installments if the usage meets the specified requirements, with details to be announced later [1] Small and Micro Enterprises Loan Subsidy - Small and micro private enterprises in key industry chains can receive financial subsidies for newly issued fixed asset loans from January 1, 2026, to December 31, 2026, if they meet the specified requirements [2] Service Industry Loan Subsidy - The bank supports 11 major consumption sectors, including catering, health, and tourism, by providing financial subsidies for loans aimed at improving consumption infrastructure or enhancing service supply capabilities during the same period [3] Compliance and Process - Shanghai Rural Commercial Bank will comply with policy requirements, streamline processes, and ensure no service fees are charged for these subsidy services, with further details to be communicated through official channels [3]

Group 1 - The agricultural commercial bank sector increased by 2.37% on January 29, with Chongqing Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Major stocks in the agricultural commercial bank sector showed varying performance, with Chongqing Rural Commercial Bank closing at 6.47, up 4.19% [1] Group 2 - The net inflow of main funds in the agricultural commercial bank sector was 67.54 million yuan, while retail funds saw a net inflow of 44.49 million yuan [1] - The table of fund flows indicates that the main funds had a negative net flow in several banks, including Shanghai Rural Commercial Bank and Jiangyin Bank [2] - Retail investors showed a positive net flow in several banks, including Jiangyin Bank and Su Nong Bank, despite some negative flows in other banks [2]

近年来，上海农商银行坚持"谋科创就是谋未来"理念，着力深耕金融资源最稀缺、服务难度最大的"0-1 阶段"成果转化项目及初创期科技企业服务，布局从"孵化"到"成熟"的接力培育体系。 未来，上海农商银行将聚焦"捐赠 +"项目全生命周期需求深化合作，提供覆盖公司成立前后的金融服务 与孵化赋能，配套人才服务等增值支持，同时激活专家库资源，推动更多科研成果落地转化，共同为上 海科创产业高质量发展注入动力。 银行频道更多独家策划、专家专栏，免费查阅>> 责任编辑：小讯 1月28日，上海农商银行创新推出的、旨在推动早期科研转化的"捐赠+"模式首期10个项目落地，上海农 商银行副行长张跃红、上海理工大学副校长张众参加项目阶段性总结活动。 2025年6月，上海农商银行与上海理工大学签署早期科技成果转化"捐赠+"合作方案，共建成果转化赋能 生态圈。合作以来，双方聚焦医学前沿与临床需求，从103个候选项目中遴选出10个优秀项目，涵盖医 学影像与智能诊断、AI辅助诊疗、康复与神经工程、生物医药、高端医疗设备五大方向，突出体现 了"医工交叉、智能驱动、国产替代"的转化导向。针对这10个项目，上海农商银行将依托"捐赠+"合作 方案提供早 ...

Core Insights - The agricultural commercial bank sector experienced a rise of 0.59% on January 28, with Changshu Bank leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up by 0.27%, while the Shenzhen Component Index closed at 14342.9, up by 0.09% [1] Agricultural Commercial Bank Sector Performance - Changshu Bank (601128) closed at 7.34, with an increase of 2.23% and a trading volume of 733,900 shares, amounting to a transaction value of 537 million [1] - Zhangjiagang Bank (002839) closed at 4.52, up by 1.35%, with a trading volume of 333,700 shares and a transaction value of 150 million [1] - Yunnan Agricultural Commercial Bank (601077) closed at 6.21, increasing by 0.98%, with a trading volume of 868,000 shares and a transaction value of 541 million [1] - Other banks such as Wuxi Bank (600908), Jiangyin Bank (002807), and Zijin Bank (601860) also showed modest gains [1] Capital Flow Analysis - The agricultural commercial bank sector saw a net inflow of 91.16 million from institutional investors, while retail investors experienced a net outflow of 205 million [1] - Notable net inflows from individual stocks include Hu Agricultural Commercial Bank (601825) with 52.25 million from institutional investors and Zhangjiagang Bank (002839) with 13.01 million [2] - Conversely, Yunnan Agricultural Commercial Bank (601077) and Hu Agricultural Commercial Bank (601825) faced significant net outflows from retail investors, amounting to 88.16 million and 98.40 million respectively [2]

[Table_Page] 深度分析|银行 证券研究报告 [Table_Title] 银行行业 一文纵览全国分省份财政社融特征 [Table_Summary] 核心观点： （5）地方债务：2024 年所有省份狭义赤字率平均为 16.4%，广义赤 字率平均为 20.0%，处于 2010 年来偏低水平；债务率平均为 357.0%， 2016 年来持续上行。 [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-01-28 [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 01/25 04/25 06/25 09/25 11/25 01/26 银行 沪深300 | [分析师： Table_Author]倪军 | | | --- | --- | | | SAC 执证号：S0260518020004 | | | 021-38003646 | | | nijun@gf.com.cn | | 分析师： | 林虎 | | | SAC 执证号：S0260525040004 | | | SFC CE No. BWK411 | | | 021-38003643 ...

2、个人微信银行福利—会员权益下所有页面功能。 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021-962999。 2026年1月27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2026年1月30日22:00至1月31日02:00开展零售综合积分系统维护工作，期间相关业务将 暂停办理。具体业务影响如下： 1、个人手机银行首页权益活动、生活页开心商城icon和开心豆专区、我的页面开心豆、U+等级等入口 和跳转功能、个人手机银行内开心商城所有页面功能； ...

多家银行推出黄金挂钩结构性存款 随着国际金价的持续走强，与黄金相关标的挂钩的银行结构性存款也"火"了。 据梳理统计，截至目前，已经有交通银行、招商银行、兴业银行、民生银行、江苏银行、上海银行、上海农商银行等多家中资银行以及星展 银行、渣打银行等外资银行相继推出了此类特色存款产品。同时，甚至有部分热门产品还呈现了"上架即售罄"的热销状态。 多位银行业内人士表示，随着金价的不断创新高，当前和黄金挂钩的产品普遍都比较好卖，且近期储户存款大规模到期，不少投资者于近期 开始积极咨询起挂钩黄金的结构性存款情况。此外，多家上市公司也于近期披露了认购该产品情况，认购总规模也远超去年同期。 【导读】银行积极热销黄金挂钩结构性存款，上市公司认购规模远超去年同期 近期，多家银行App均推出了和黄金挂钩的结构性存款产品。例如，交通银行App显示了4款名为"稳添慧"的结构性存款产品，分别为黄金看 涨64天、黄金看跌64天、股指看涨36天和股指看跌36天。这些产品均为R1低风险产品，1万元起购，预期年化收益区间为0.5%—3.20%。 中国基金报记者 马嘉昕 记者查阅招商银行App发现，该行在售的黄金挂钩的结构性存款数量繁多，普遍期限在 ...

Core Viewpoint - The rural commercial bank sector experienced a decline of 0.47% on January 27, with Ruifeng Bank leading the drop, while the Shanghai Composite Index rose by 0.18% and the Shenzhen Component Index increased by 0.09% [1] Group 1: Market Performance - The closing prices and changes for key rural commercial banks are as follows: - Yunnan Rural Commercial Bank (601077) closed at 6.15, up 0.33% - Qingnong Bank (002958) closed at 3.13, unchanged - Changshu Bank (601128) closed at 7.18, down 0.14% - Jiangyin Bank (002807) closed at 4.51, down 0.44% - Sunong Bank (603323) closed at 4.98, down 0.60% - Zhangjiagang Bank (002839) closed at 4.46, down 0.67% - Hunan Rural Commercial Bank (601825) closed at 8.32, down 0.95% - Wuxi Bank (600908) closed at 5.76, down 1.03% - Zijin Bank (601860) closed at 2.77, down 1.07% - Ruifeng Bank (601528) closed at 5.40, down 1.10% [1] Group 2: Capital Flow - The rural commercial bank sector saw a net inflow of 88.29 million yuan from institutional investors, while retail investors experienced a net outflow of 112 million yuan [1] - The capital flow for individual banks is as follows: - Hunan Rural Commercial Bank (601825) had a net inflow of 31.55 million yuan from institutional investors, but a net outflow of 54.50 million yuan from retail investors - Changshu Bank (601128) had a net inflow of 21.64 million yuan from institutional investors and a net inflow of 1.10 million yuan from retail investors - Yunnan Rural Commercial Bank (601077) had a net inflow of 18.99 million yuan from institutional investors, with a net outflow of 2.01 million yuan from retail investors - Other banks like Jiangyin Bank (002807) and Zijin Bank (601860) also showed mixed capital flows [2]

Core Viewpoint - The agricultural commercial bank sector experienced a decline of 0.27% on January 26, with the Shanghai Agricultural Commercial Bank leading the drop. The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Group 1: Stock Performance - The closing prices and performance of key agricultural commercial banks are as follows: - Zijin Bank: Closed at 2.80, up 1.08% with a trading volume of 592,100 shares and a transaction value of 164 million yuan - Zhangjiagang Bank: Closed at 4.49, up 0.45% with a trading volume of 293,200 shares and a transaction value of 131 million yuan - Jiangyin Bank: Closed at 4.53, up 0.22% with a trading volume of 376,000 shares and a transaction value of 170 million yuan - Wuxi Bank: Closed at 5.82, up 0.17% with a trading volume of 169,700 shares and a transaction value of 98.42 million yuan - Chongqing Rural Commercial Bank: Closed at 6.13, up 0.16% with a trading volume of 806,700 shares - Changshu Bank: Closed at 7.19, up 0.14% with a trading volume of 365,700 shares - Su Nong Bank: Closed at 5.01, down 0.20% with a trading volume of 246,100 shares - Qing Nong Bank: Closed at 3.13, down 0.32% with a trading volume of 643,900 shares - Ruifeng Bank: Closed at 5.46, down 0.55% with a trading volume of 200,900 shares - Shanghai Agricultural Commercial Bank: Closed at 8.40, down 1.06% with a trading volume of 377,700 shares [1] Group 2: Capital Flow - On that day, the agricultural commercial bank sector saw a net inflow of 140 million yuan from institutional investors, while retail investors experienced a net outflow of 259 million yuan. The net inflow from speculative funds was 119 million yuan [1] - The detailed capital flow for specific banks is as follows: - Chongqing Rural Commercial Bank: Net inflow of 43.43 million yuan from institutional investors, 26.47 million yuan from speculative funds, and a net outflow of 69.89 million yuan from retail investors - Shanghai Agricultural Commercial Bank: Net inflow of 36.54 million yuan from institutional investors, 29.93 million yuan from speculative funds, and a net outflow of 66.47 million yuan from retail investors - Changshu Bank: Net inflow of 22.25 million yuan from institutional investors, 10.94 million yuan from speculative funds, and a net outflow of 33.19 million yuan from retail investors - Jiangyin Bank: Net inflow of 11.74 million yuan from institutional investors, 8.70 million yuan from speculative funds, and a net outflow of 20.44 million yuan from retail investors - Ruifeng Bank: Net inflow of 9.70 million yuan from institutional investors, 8.78 million yuan from speculative funds, and a net outflow of 18.48 million yuan from retail investors [2]

股票研究 /[Table_Date] 2026.01.23 票 研 究 主动基金环比持平，被动基金增持 [Table_Industry] 商业银行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 25Q4 主动基金对银行持仓比例环比持平于 1.9%，被动基金持仓比例环比+1.6pct 至 7.0%，其中宁波银行、兴业银行、中国银行、建设银行等获主动基金增配。 25Q4 基金对银行持仓点评 投资要点： [Table_Summary] 2025 年四季度基金重仓持股情况披露（主动基金包括普通股票型、 偏股混合型、灵活配置型，被动基金包括被动指数型、指数增强型）： [Table_Report] 相关报告 商业银行《国有大行投放力度较大，不良压力或 企稳》20 ...