Core Viewpoint - The banking sector is gaining attention in the capital market due to a combination of declining interest rates, policy support, and low valuations, leading to increased investment from long-term funds like insurance capital [1][2]. Group 1: Reasons for Insurance Capital Favoring Bank Stocks - Insurance capital seeks stable and reliable assets due to a mismatch in the average duration of liabilities (over 12 years) and assets (approximately 6 years), resulting in over 2 trillion yuan needing investment annually [1]. - Bank stocks are attractive due to their high dividend yields, low valuations, and low volatility, with an average dividend yield of 3.86%, significantly higher than the 10-year government bond yield of 1.82% as of November 19, 2025 [1][2]. Group 2: Valuation and Stability of the Banking Sector - The banking sector's price-to-book ratio is at 0.63, indicating extreme low valuation and providing a safety cushion [2]. - The banking sector has shown a volatility of only 14.90% over the past three years, which is significantly lower than the 24.80% volatility of the CSI 300 index, making it suitable for long-term holding as a core asset [2]. Group 3: Impact of IFRS 9 on Insurance Companies - The implementation of IFRS 9 accounting standards requires insurance companies to estimate and recognize expected credit losses at the initial recognition of assets, affecting profits even before actual losses occur [2]. - This new standard encourages insurance companies to classify more equity investments as FVOCI (Fair Value Through Other Comprehensive Income), which helps to isolate short-term market fluctuations from profit statements, making bank stocks a suitable choice for long-term holding [2]. Group 4: Preferred Bank Stocks Among Insurance Capital - Insurance capital shows a preference for state-owned banks like Industrial and Commercial Bank of China and China Construction Bank due to their stable dividends and strong liquidity [3]. - Quality joint-stock banks such as China Merchants Bank and Industrial Bank are favored for their robust profitability and potential for valuation recovery [3]. - High-growth regional banks like Chengdu Bank and Suzhou Bank are also attractive due to their high ROE and asset quality, indicating potential for price appreciation [3]. - Hong Kong-listed bank stocks, such as CITIC Bank and Chongqing Bank, are appealing due to higher dividend yields and more attractive valuations [3]. Group 5: Implications for Ordinary Investors - For ordinary investors, bank stocks offer a combination of high dividends and low valuations, providing defensive characteristics and cash flow returns in the current market environment [5]. - As market trends shift towards stable returns, bank stocks can play a crucial role in balancing risk and securing stable dividends within an investment portfolio [5].

数据来源：Wind 截止日期：2025年11月20日 根据最新定期报告，红利低波ETF（512890）十大重仓股涨跌互现，重点配置银行及交运板块，包括中 粮糖业、南钢股份、成都银行、大秦铁路、南京银行、兴业银行、农业银行、建设银行、中信银行、四 川路桥，持仓占比如下。 | 10 48 | 版雷代码 服量名称 | 特会市量(元) | 将会数量 | HI对上期增幅 | 占設量市幅比 | 西基金净值比 | 占混攝服本比 所属行业 | 区间变酸帽 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 600757.9H 中换播变 () | 095,200,225.9G | 49,691,001 | | 0.47% | 3.46% | 2.04% 日常消费 | 76.1196 | | 2 | 600282.5H 商钢股份(1) | 570,069,953.25 | 106,584,753 | - | 2.85% | 2.83% | 1.76% 材料 | 28.07% | | 3 | 601030.5H 应精模行 | 567,817,870.50 | ...

Group 1 - The A-share market showed a positive trend on November 19, with the banking index rising by 0.93% [1] - The Tianhong Bank ETF (515290) recorded a trading volume exceeding 35 million yuan, indicating strong investor interest [1] - Major banks such as Bank of China, Everbright Bank, and Postal Savings Bank saw their stock prices increase by over 2% [1] Group 2 - As of November 18, the Tianhong Bank ETF had a total scale of nearly 6.2 billion yuan, covering 42 listed banks across various categories [2] - There has been significant insider buying in regional banks this year, with several banks announcing plans for share buybacks in November [2] - Securities firms noted that the profit growth rate for listed banks improved in Q3, driven by reduced provisioning, stabilized net interest margins, and improved wealth management income [2]

Core Viewpoint - The announcement from Hu Nong Commercial Bank indicates significant insider buying by top executives, reflecting confidence in the bank's future performance and aligning with a broader trend of regional banks experiencing similar increases in executive and institutional shareholdings [1]. Group 1: Executive Purchases - Five senior executives of Hu Nong Commercial Bank, including the president and several vice presidents, purchased a total of 259,100 shares from November 13 to November 17, 2025, at prices ranging from 9.02 to 9.08 yuan [1]. - This trend of executive share purchases is not isolated, as other regional banks such as Nanjing Bank, Wuxi Bank, and Suzhou Bank have also seen similar actions from their management teams [1]. Group 2: Institutional Purchases - Qingdao Bank reported that its major shareholder, Qingdao Guoxin Financial Holdings Group Co., Ltd., increased its holdings through the Hong Kong Stock Connect, raising its total stake to 15.42%, making it the largest shareholder of the bank [1]. - In addition, Su Nong Bank's executives plan to purchase at least 1.8 million yuan worth of A-shares within six months starting from November 11, 2025 [1]. - Qilu Bank disclosed that its management has already purchased approximately 3.15 million yuan worth of shares, achieving 90% of its planned increase since announcing its buyback plan in mid-September [1].

成都银行 20251117 摘要 2025 年前三季度，成都银行公司贷款新增 989 亿元，个人贷款新增 75 亿元，新增贷款主要集中在政信资产方面，约 800 亿元与政信类资产相 关，个金资产约 70 亿元，中小企业客户普惠金融占几十亿。 成都银行 2025 年上半年在大中产业客户方面表现不理想，主要由于行 内重视程度不足及考核力度不够，但自新董事长上任后，已开始调整业 务结构，加大对产业链客户的关注力度，预计四季度将有 100 亿左右新 增贷款来自产业端客户。 成都银行 2026 年的整体贷款目标约为 1,000 亿元（不含票据）， 2025 年已达到 1,050 亿（含 200 多亿票据），未来将提升非政信类资 产余额占比，增加其他单元贡献，而不是牺牲现有业务规模或增量。 成都银行预计全年净息差将基本维持在 1.62%左右，三季度 LPR 下降 及按季重定价贷款重定价可能带来负向影响，但非息资产增长有拉动作 用，2026 年存款成本调降集中释放后，如果不考虑新的 LPR 调整，预 计近期差将企稳并有所提升。 Q&A 2025 年四季度的业务展望如何？ 展望 2025 年四季度，预计环比三季度会有所改善。 ...

Core Viewpoint - Chengdu Bank's stock price has experienced a decline, with a current trading price of 16.71 CNY per share, reflecting a 2.05% drop on November 17. The bank's market capitalization stands at 70.824 billion CNY [1]. Group 1: Stock Performance - Chengdu Bank's stock has increased by 3.03% year-to-date, but has seen a decline of 2.22% over the last five trading days, 9.28% over the last 20 days, and 8.24% over the last 60 days [1]. - The trading volume on November 17 reached 664 million CNY, with a turnover rate of 0.93% [1]. Group 2: Financial Metrics - For the period from January to September 2025, Chengdu Bank reported a net profit attributable to shareholders of 9.493 billion CNY, representing a year-on-year growth of 5.03% [1]. - The bank has distributed a total of 17.856 billion CNY in dividends since its A-share listing, with 10.126 billion CNY distributed over the past three years [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders of Chengdu Bank increased by 19.69% to 53,400, while the average circulating shares per person decreased by 16.45% to 79,262 shares [1]. - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 255.7 million shares, an increase of 9.7744 million shares from the previous period [2].

成都银行股份有限公司 2025 年第三次临时股东大会会议材料 成都银行股份有限公司 2025年第三次临时股东大会会议材料 （股票代码：601838） 2025 年 11 月 28 日 一、成都银行股份有限公司（下称"本行"）根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司 股东会规则》和《成都银行股份有限公司章程》的规定，认 真做好召开股东大会的各项工作。 二、在会议主持人宣布现场出席会议的股东和代理人数 及其所持有表决权的股份总数之前，会议登记终止。 成都银行股份有限公司 2025 年第三次临时股东大会会议材料 文件目录 成都银行股份有限公司 2025 年第三次临时股东大会会议材料 会议须知 为维护全体股东的合法权益，确保股东大会的会议秩序 和议事效率，保证股东大会的顺利召开，根据《中华人民共 和国公司法》《上市公司股东会规则》《成都银行股份有限 公司章程》和《成都银行股份有限公司股东大会议事规则》 等相关规定，特制定本须知。 三、股东参加股东大会，应当认真履行其法定义务，会 议开始后应将手机铃声置于无声状态，尊重和维护其他股东 合法权益，保障大会的正常秩序。 四、股东及股东代理人参加股东大 ...

Investment Rating - The report does not explicitly state an investment rating for the banking sector, but it provides detailed insights into dividend yields and distribution processes, which can inform investment decisions. Core Insights - The report outlines the latest dividend yields and mid-term dividend processes for A and H shares of listed banks, emphasizing the importance of accurately calculating dynamic dividend yields to avoid discrepancies across periods [1][2]. - It details the two processes for mid-term dividends following the 2023 revision of the regulatory guidelines, highlighting the conventional and simplified processes for implementing mid-term dividends [2]. - The report provides a comprehensive overview of key dates related to dividend distribution for both A and H shares, including the importance of purchasing shares before the ex-dividend date to qualify for dividends [3][4]. Summary by Sections Dynamic Dividend Yield Calculation - A simplified yet accurate method for calculating dynamic dividend yield is introduced, defined as "rolling 12-month EPS * cash dividend rate / share price," which helps avoid issues related to overlapping or missing annual and mid-term dividends [1]. - The report calculates the cash dividend rate using a standardized approach across different banks, resulting in a clear comparison of dividend yields as of November 13, 2025 [1]. Mid-Term Dividend Processes - The report explains the two processes for mid-term dividends: the conventional process requiring shareholder approval and a simplified process allowing for quicker implementation [2]. - The simplified process is designed to enhance flexibility for companies in distributing mid-term dividends, thereby improving shareholder returns [2]. Dividend Distribution Key Dates - For A shares, investors must purchase shares before the ex-dividend date to receive dividends on the same day, while H shares typically see a delay of about one month for dividend payments [3][4]. - The report outlines the differences in the dividend distribution timeline between A and H shares, emphasizing the need for investors to be aware of these timelines to maximize their returns [3][4]. Mid-Term Dividend Progress - As of November 13, 2025, 31 A-share banks have confirmed mid-term dividends, while 11 H-share banks have also confirmed their dividend distributions [9][11]. - The report categorizes banks based on their dividend status, detailing those that have implemented dividends, those that are pending, and those that have opted not to distribute dividends [9][10][11]. - It highlights that the end of 2025 and early 2026 is expected to be a peak period for mid-term dividend distributions, suggesting potential investment opportunities for dividend-seeking investors [11].

公告显示，公司临时股东大会审议已通过《关于发行2026年资本工具的议案》，即计划发行70亿元二级资本债，期限10年，第5年末有一次赎回权。依据适用法律和监管部门的批准用于补充本 同时，大会还通过了《关于发行2026年专项金融债券、普通金融债券的议案》，涉及计划发行总金额100亿元。其中，科技创新债券不超过30亿元（含30亿元），绿色金融债券不超过30亿元 两项议案需提交股东大会审议，具体发行方案以监管机构审批为准。 11月12日金融一线消息，成都银行近日披露第八届董事会第二十一次（临时）会议决议，两项涉及大额债券发行的议案获全票通过。 责任编辑：秦艺 ...

一、 召开会议的基本情况 (一) 股东大会类型和届次 证券代码：601838 证券简称：成都银行 公告编号：2025-065 成都银行股份有限公司 关于召开2025年第三次临时股东大会的通知 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： 2025年第三次临时股东大会 召开的日期时间：2025 年 11 月 28 日 9 点 30 分 股东大会召开日期：2025年11月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开地点：四川省成都市西御街 16 号成都银行大厦 5 楼 3 号会议室 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 28 日 至2025 年 11 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间 ...