Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 127 regional banks in Jiangsu Province, highlighting their asset and liability structures, profitability, and asset quality [6][18] - Jiangsu's regional banks have shown a significant increase in asset growth, with major city commercial banks growing at 19.4%, surpassing the growth of listed city commercial banks at 14.2% [24][26] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 48.4% in 2024, reflecting a gradual increase in lending activities [30] - Jiangsu's regional banks exhibit better return on assets (ROA) compared to listed banks, with city commercial banks outperforming by 16 basis points and rural commercial banks by 9 basis points [6][42] - The asset quality of Jiangsu's regional banks is superior to that of listed banks, with lower non-performing loan ratios and higher provision coverage ratios [6][42] Summary by Sections 1. Economic Structure of Jiangsu Province - Jiangsu Province is focusing on new industrialization and strategic emerging industries, with significant contributions from cities like Nanjing and Suzhou [13][14] 2. Overview of 127 Regional Banks in Jiangsu - The report categorizes the banks into city commercial banks, rural commercial banks, and others, with a total of 127 banks established between 2006 and 2015 [18][20] 3. Asset/Liability Structure - The asset growth of major city commercial banks is accelerating, while rural commercial banks are experiencing a decline in growth rates [24][26] - The loan-to-asset ratio for city commercial banks is expected to increase to 48.4% by 2024, indicating a shift towards more lending [30] 4. Profitability - Jiangsu's regional banks have a higher ROA compared to listed banks, with city commercial banks showing a 16 basis point advantage [6][42] 5. Asset Quality/Capital Levels - Jiangsu's regional banks maintain a lower non-performing loan ratio compared to listed banks, with city commercial banks having a 30 basis point lower ratio [6][42]

证券代码：601825 证券简称：沪农商行 公告编号：2026-003 上海农村商业银行股份有限公司 关于关联交易事项的公告 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： 本次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 2026 年第一次会议审议通过，无需提交股 东会审议。 本次关联交易属于本公司日常业务经营中的正常业务，不构成 对关联方重大依赖，对本公司的正常经营活动及财务状况不构成重要 影响。 一、关联交易概述 本公司董事会 2026 年第一次会议审议通过了《关于与上海银行 股份有限公司关联交易的议案》《关于调整中国远洋海运集团有限公 司关联授信额度的议案》《关于调整久事集团及其关联体存款类关联 交易计划的议案》，同意给予上海银行股份有限公司新增关联授信类 业务及理财业务余额不超过 61.9 亿元；调整中国远洋海运集团有限 公司关联授信额度为 170 亿元；调整上海久事（集团）有限公司关联 存款额度为 282 亿元。 1 上述议案经本公司董事会有效表决票全票通过，汪明董事 ...

上海农村商业银行股份有限公司 董事会 2026 年第一次会议决议公告 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。 证券代码：601825 证券简称：沪农商行 公告编号：2026-002 上海农村商业银行股份有限公司（以下简称"公司"）董事会 2026 年第一次会议以现场加远程视频电话接入方式于 2026 年 1 月 23 日在上海召开，会议通知及会议文件已于 2026 年 1 月 16 日以邮件方 式发出。本次会议应出席董事 16 人，亲自出席董事 16 人。会议由徐 力董事长主持，公司非董事高级管理人员列席会议。本次会议符合《公 司法》和《公司章程》关于召开董事会法定人数的规定，表决所形成 的决议合法、有效。 会议经审议并表决通过以下议案： 一、关于提名陈昊之先生为公司非执行董事候选人的议案 表决情况：同意 16 票，反对 0 票，弃权 0 票。 本议案已经公司董事会薪酬和提名委员会审议通过，全体成员同 意提交董事会审议。 同意提名陈昊之先生为公司非执行董事候选人，并提交公司股东 会审议。陈昊之先生的董事任期为三年，自 ...

Core Viewpoint - The agricultural commercial bank sector experienced a decline of 0.91% on January 23, with Changshu Bank leading the drop, while the Shanghai Composite Index rose by 0.33% and the Shenzhen Component Index increased by 0.79% [1] Group 1: Market Performance - The closing price of Changshu Bank was 7.18, reflecting a decrease of 1.51% [1] - The sector's main stocks showed mixed performance, with XD Yunnong Bank increasing by 0.82% to 6.12, and Wuxi Bank decreasing by 0.17% to 5.81 [1] - The total trading volume for the agricultural commercial bank sector was significant, with XD Yunnong Bank recording a volume of 921,300 shares and a transaction value of 565 million [1] Group 2: Capital Flow - The agricultural commercial bank sector saw a net inflow of 9.78 million from main funds, while retail investors experienced a net outflow of 76.56 million [1] - Among individual banks, Shanghai Agricultural Commercial Bank had the highest net inflow from main funds at 26.90 million, while Changshu Bank faced a net outflow of 22.49 million [2] - Retail investors showed a significant net inflow into Qingnong Bank at 24.98 million, despite the bank experiencing a net outflow from main and speculative funds [2]

Core Viewpoint - The New Development Bank (NDB) has signed a cooperation agreement with Shanghai Rural Commercial Bank for a green loan project, emphasizing financial support for Shanghai's green development [1] Group 1: Project Details - The NDB will provide an equivalent of 100 million USD in five-year RMB funding specifically for renewable energy, energy efficiency, environmental protection, and digital infrastructure [1] - The project is centered around the theme of "Financial Support for Shanghai's Green Development" [1] Group 2: Strategic Importance - The chairman of Shanghai Rural Commercial Bank, Xu Li, stated that green development has become a global consensus and that green finance is essential for achieving carbon neutrality goals and driving comprehensive green transformation [1] - NDB's Vice President, Roman Shcherov, highlighted Shanghai's status as a global financial hub and the ideal environment it provides for this cooperation [1] Group 3: Institutional Background - The NDB was established in 2015 by Brazil, Russia, India, China, and South Africa to support infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries [1] - The bank aims to complement existing multilateral and regional financial institutions to promote global growth and development [1]

Core Viewpoint - The rural commercial bank sector experienced a rise of 0.58% on January 22, with Changshu Bank leading the gains, while the Shanghai Composite Index and Shenzhen Component Index also saw slight increases [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4122.58, up 0.14% [1] - The Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Changshu Bank's stock price increased by 1.96% to 7.29, with a trading volume of 631,600 shares and a transaction value of 457 million yuan [1] Group 2: Individual Stock Performance - Yunnan Rural Commercial Bank's stock rose by 1.29% to 6.27, with a trading volume of 698,700 shares and a transaction value of 437 million yuan [1] - Jiangyin Bank's stock price increased by 0.67% to 4.52, with a trading volume of 258,400 shares and a transaction value of 117 million yuan [1] - Wuxi Bank's stock price rose by 0.34% to 5.82, with a trading volume of 123,800 shares and a transaction value of 72 million yuan [1] Group 3: Fund Flow Analysis - The rural commercial bank sector saw a net inflow of 93.8 million yuan from main funds, while retail investors experienced a net outflow of 80.29 million yuan [1] - Yunnan Rural Commercial Bank had a main fund net inflow of 37.2 million yuan, but retail investors had a net outflow of 26.99 million yuan [2] - Changshu Bank experienced a main fund net inflow of 15.36 million yuan, with retail investors seeing a net inflow of 33.52 million yuan [2]

徐力董事长表示，绿色发展已成为超越国界的全球共识，绿色金融正是撬动"双碳"目标落地、驱动经济 社会全面绿色转型的核心引擎。作为扎根上海、服务长三角的金融国企，上海农商银行始终践行"金融 向善"，持续打造"长三角最具绿色底色的银行"，构建全链条绿色金融服务体系。此次与新开发银行的 携手，是上海农商银行完善ESG管理，促进自身和利益相关方共同可持续发展，实现经济效益、社会效 益和生态效益的良性结合。 来源：i上农商行 1月22日，上海农商银行与新开发银行举行绿色转贷款项目合作签约仪式。上海农商银行党委书记、董 事长徐力与新开发银行副行长罗曼·谢罗夫签署协议，上海农商银行行长汪明、副行长占玲灵、董事会 秘书姚晓岗，新开发银行副行长拉吉夫·兰詹、周强武等出席。 本次是上海农商银行首度与国际多边开发银行开展的绿色转贷款合作，项目以"金融助力上海绿色发 展"为核心，新开发银行将提供等值一亿美元的五年期人民币资金，专项用于支持可再生能源与能效、 环境保护及数字基础设施三大关键绿色领域，是上海农商银行跨境绿色金融的崭新实践。 谢罗夫副行长表示，上海作为全球金融枢纽及新开发银行总部所在地，为本次合作提供了理想的发展环 境。上海 ...

Investment Rating - The report provides a "Buy" rating for all major banks analyzed, indicating a positive outlook for the banking sector [7]. Core Insights - The digital renminbi has entered its 2.0 era, transitioning from a central bank liability (M0) to a commercial bank liability (M1), allowing it to earn interest and be included in deposit insurance and reserve requirements [6][14]. - This transformation positions China as the first economy to offer interest on its central bank digital currency (CBDC), fundamentally altering its monetary attributes and creating a new financial paradigm in the digital economy [27]. - The digital renminbi's interest-bearing feature enhances user motivation to hold it, shifting its perception from a mere payment tool to a viable store of value, thus promoting its integration into everyday financial activities [27][28]. Summary by Sections 1. Digital Renminbi 2.0 Era - The digital renminbi (e-CNY) is now classified as a digital deposit currency, which can earn interest and is managed under a new regulatory framework [14]. - Major state-owned banks have begun offering interest on digital renminbi wallet balances, marking a significant shift in its utility and appeal [14][27]. 2. Development Progress and Application Status - The development of the digital renminbi began in 2014, with significant milestones including pilot tests in various cities and the establishment of a comprehensive operational framework by 2025 [32][33]. - As of November 2025, the digital renminbi has processed 34.8 billion transactions amounting to 16.7 trillion yuan, with extensive coverage across multiple provinces and cities [37]. 3. Global CBDC Development Trends - The report identifies three main trends in global CBDC development: active retail CBDC initiatives, innovation in payment systems, and cautious approaches in some countries like the U.S. [6]. - China's proactive stance in developing its CBDC positions it favorably in the global digital economy landscape, particularly in cross-border trade applications [30].

2026年1月22日，上海农商银行发布公告称，感谢您一直以来对上海农商银行的支持，因业务调整，自 2026年3月26日起，上海农商银行将停止微信银行定向付服务。您可通过上海农商银行手机银行、网上 银行等渠道完成资金转账，由此给您带来的不便敬请谅解。 如有疑问，可致电上海农商银行客户服务热线021-962999，感谢您的理解与支持！ ...

Core Viewpoint - The rural commercial bank sector experienced a decline of 1.32% on January 21, with the Shanghai Rural Commercial Bank leading the drop, while the overall Shanghai Composite Index rose by 0.08% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4116.94, up 0.08%, and the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - The rural commercial bank sector saw various individual stock performances, with the following notable declines: - Shanghai Rural Commercial Bank: -1.83% - Changshu Bank: -1.38% - Chongqing Rural Commercial Bank: -1.28% [1] Group 2: Trading Volume and Capital Flow - The total trading volume for the rural commercial bank sector was significant, with the following notable figures: - Jiangyin Bank: 32.52 million shares traded - Yunnan Bank: 69.28 million shares traded [1] - The net capital flow for the rural commercial bank sector showed a net inflow of 107 million yuan from institutional investors and a net inflow of 109 million yuan from retail investors, while retail investors had a net outflow of 217 million yuan [1] Group 3: Individual Stock Capital Flow - The following stocks had notable capital flows: - Shanghai Rural Commercial Bank: 34.33 million yuan net inflow from institutional investors, but a net outflow of 62.48 million yuan from retail investors [2] - Chongqing Rural Commercial Bank: 29.51 million yuan net inflow from institutional investors, with a net outflow of 38.80 million yuan from retail investors [2] - Zhangjiagang Bank: 18.05 million yuan net inflow from institutional investors, but a net outflow of 24.22 million yuan from retail investors [2]