原名山村镇银行的存贷款客户届时可到成都银行雅安分行继续办理相关业务，客户在名山锦程村镇银行 的账户、卡、单、折等继续有效，其中存折需更换后使用，个人业务类介质至成都银行任一营业网点更 换新的交易介质；公司类业务及介质更换需到原开户网点（雅安市名山区皇茶大道756号）办理。客户 的资金安全、交易安全不受影响，原名山村镇银行的各项服务保持不变。 二、成都银行雅安分行营业网点信息 地址：雅安市名山区皇茶大道中段756号 2025年7月3日，成都银行（601838）发布公告称，为进一步整合经营资源，更好地为客户提供金融服 务，经国家金融监督管理总局四川监管局批复同意，成都银行股份有限公司(下称"成都银行")已完成对 四川名山锦程村镇银行股份有限公司(以下简称"名山村镇银行")的收购。经国家金融监督管理总局四川 监管局作出《关于四川名山锦程村镇银行股份有限公司解散的批复》（川金监复〔2025 〕147号）批 准，现决定解散名山村镇银行，其全部业务资产负债、机构网点以及其他各项权利义务等由成都银行股 份有限公司雅安分行依法承继。 一、服务承接 联系电话：0835-3225528 (客服时间：工作日上午09：00-12：0 ...

Investment Rating - The report maintains an "Overweight" rating for the banking sector [2] Core Insights - The banking sector is transitioning from a "pro-cyclical" model to a "weak cyclical" model, indicating a shift in operational dynamics [2][4] - The report emphasizes the stability of bank dividend yields, which are expected to remain attractive even as risk-free interest rates decline [2][4] - The influx of non-freely circulating funds, such as from state-owned enterprises and insurance capital, is expected to provide a stable source of investment in bank stocks [2][4] Summary by Sections From the Perspective of Risk-Free Interest Rates - Bank dividend yields are characterized by strong certainty and sustainability, with interest margins expected to decline more slowly than risk-free rates [5][12] - The correlation between banks and fiscal policies has strengthened, providing a safety net for core assets [12] - If risk-free interest rates decline, the attractiveness of stable bank dividends will increase, especially in a context of economic weak recovery and asset scarcity [8][18] From the Perspective of Funding Allocation to Bank Stocks - Major funding sources for bank stocks include non-freely circulating funds from fiscal authorities, state-owned enterprises, and insurance capital [5][12] - Non-freely circulating market capitalization accounts for approximately 70% of the banking sector, providing a stabilizing effect [5][12] - Insurance capital is projected to significantly increase its allocation to bank stocks, with an estimated annual inflow exceeding 350 billion [5][12] Investment Recommendations - The report continues to recommend the banking sector, particularly focusing on banks with regional advantages and strong dividend yields [4][12] - Specific recommendations include regional banks in areas like Jiangsu, Shanghai, and Chengdu, as well as major banks such as Agricultural Bank of China, China Construction Bank, and Industrial and Commercial Bank of China [4][12]

Core Insights - The banking sector is currently undergoing a trend of value reassessment, driven by expectations of fundamental stability, with banks' earnings resilience consistently exceeding expectations due to regulatory support and the establishment of risk bottom lines in key areas such as local government financing and real estate [4][8] - The current market rally is fundamentally a reflection of the stability of the banking sector rather than a reliance on macroeconomic recovery, marking a systematic value reassessment and correction of historically unreasonable low valuations [8][23] Summary by Sections Fundamental Outlook: Maintaining Earnings Stability - The net interest margin (NIM) is expected to stabilize as regulatory policies aim to maintain it by reducing banks' funding costs to offset the impact of loan interest rate cuts, with NIM currently at a low point [9][26] - Since 2022, multiple rounds of deposit rate cuts have been implemented, and as a significant amount of fixed-term deposits mature in 2025, the repricing of deposit costs will accelerate [9][26] - The overall non-performing loan (NPL) ratio of listed banks is expected to remain stable, supported by rapid asset expansion and write-offs, with a stable provision coverage ratio across most banks [9][37] Capital Market Dynamics: Increased Institutional Investment - Various capital entities, including state-owned enterprises and insurance companies, have been increasing their holdings in bank stocks, driven by the value reassessment of undervalued banks amid an asset scarcity environment [10][45] - The shift in investment strategy among active funds towards bank stocks is anticipated due to their significant index weight and long-standing underallocation, with a focus on quality banks with strong fundamentals [10][45] Investment Recommendations - The report recommends focusing on high-quality city commercial banks and dividend-paying banks, highlighting the investment value of state-owned banks listed in Hong Kong due to their lower valuations [11][10] - Specific banks recommended include Hangzhou Bank, Chengdu Bank, Jiangsu Bank, Qilu Bank, and Qingdao Bank, with a focus on their regional economic performance, asset quality, and growth rates [11][10]

Core Viewpoint - The article discusses the divergent investment opportunities within the A-share banking sector, highlighting the choice between stable, high-dividend state-owned banks and high-growth regional banks [2][11]. Group 1: Overview of the Banking Sector - The banking industry is experiencing a slowdown in growth, with structural pressures leading to reduced profit margins and slower overall growth rates [3][4]. - Major banks like Industrial and Commercial Bank of China (ICBC) and Shanghai Pudong Development Bank have shown negative revenue growth over the past five years, indicating a challenging environment for traditional banking [3][4]. Group 2: Investment Strategies - For conservative investors, the recommendation is to focus on large state-owned banks, which offer stable dividends and lower risk, providing a reliable cash flow [12]. - For aggressive investors seeking total returns, the focus should be on smaller, high-growth regional banks, which present higher risks but also the potential for significant returns through earnings growth and valuation recovery [13]. - A balanced approach can be taken by combining investments in both large state-owned banks and high-growth regional banks to achieve stability and growth [14]. Group 3: Performance Metrics - Key performance metrics for major banks include: - ICBC: PB of 0.68, TTM dividend yield of 5.87%, and a 5-year profit compound growth of 3.22% [19]. - Chengdu Bank: PB of 0.98, TTM dividend yield of 3.94%, and a 5-year profit compound growth of 18.29% [19]. - Hangzhou Bank: PB of 0.85, TTM dividend yield of 4.27%, and a 5-year profit compound growth of 20.80% [19]. - The article emphasizes the importance of understanding the different growth trajectories and risk profiles of these banks when making investment decisions [18].

Core Viewpoint - The banking sector in A-shares has seen significant growth, with various banks experiencing substantial increases in stock prices despite a declining fundamental performance [1][3]. Group 1: Stock Performance - Since early 2025, shares of joint-stock banks, rural commercial banks, and city commercial banks have surged nearly 20%, leading the markets in Shanghai, Shenzhen, and Beijing [1]. - From 2024 onwards, specific banks like Shanghai Pudong Development Bank and Shanghai Bank have seen stock price increases exceeding 100%, while others like Jiangsu Bank and Chongqing Rural Commercial Bank have risen over 90% [1][2]. - Even the "Big Four" banks have shown over 50% growth, continuously reaching new historical highs [1]. Group 2: Fundamental Analysis - As of Q1 2025, the 42 listed banks in A-shares reported a year-on-year decline in revenue and net profit attributable to shareholders by 1.7% and 1.2%, respectively [3][5]. - The net interest margin for commercial banks hit a record low of 1.43% in Q1 2025, below the acceptable level of 1.8% as indicated by the central bank [5][3]. - The non-performing loan ratio stood at 1.51%, indicating ongoing challenges in the banking sector [5]. Group 3: Market Dynamics - The rally in bank stocks began around the end of 2023, driven by state-owned entities ("national team") actively stabilizing the market and encouraging other funds to invest in banks [9][12]. - By the end of 2024, the "national team" held over 1 trillion yuan in A-share ETFs, significantly increasing their market presence [9][12]. - The influx of funds into ETFs, particularly those weighted heavily in banking stocks, has contributed to the sector's performance [10][11]. Group 4: Future Outlook - Despite the current bullish trend, the fundamental decline in bank performance suggests that the upward trajectory may not be sustainable, leading to potential valuation corrections [15][16]. - The banking sector's price-to-book ratio (PB) is currently at 0.71, with some banks exceeding a PB of 1, indicating a potential for overvaluation [15][16]. - Future investment strategies may focus on selecting city commercial banks with growth potential and lower bad debt ratios, while avoiding poorly performing smaller banks [16][17].

Group 1 - The core index, the China Securities Dividend Singapore Dollar Index, increased by 0.7% to 5199.8 points with a trading volume of 6.888 billion [1] - Over the past month, the index has decreased by 1.59%, by 4.20% over the last three months, and by 7.49% year-to-date [2] - The index comprises 100 stocks with high cash dividend yields and stable dividends, reflecting the overall performance of high dividend yield companies [2] Group 2 - The top ten weighted stocks in the index include COSCO Shipping Holdings (2.59%), Jizhong Energy (1.81%), and Ningbo Huaxiang (1.76%) [2] - The index's holdings are primarily from the Shanghai Stock Exchange (81.48%), followed by the Shenzhen Stock Exchange (17.78%) and the Beijing Stock Exchange (0.74%) [2] Group 3 - The industry composition of the index shows that finance accounts for 28.24%, industrials 19.03%, and energy 18.41% [3] - Other sectors include materials (12.07%), consumer discretionary (11.78%), communication services (4.12%), utilities (2.35%), healthcare (1.59%), real estate (1.54%), and consumer staples (0.87%) [3] Group 4 - The index samples are adjusted annually, with the next adjustment scheduled for the trading day following the second Friday of December [4] - Criteria for sample inclusion include a cash dividend yield greater than 0.5% over the past year and ranking within the top 90% for average total market capitalization and trading volume [4] - Adjustments typically do not exceed 20% of the sample, unless more than 20% of the original samples are disqualified due to the cash dividend yield criterion [4]

Core Viewpoint - The demand for capital replenishment among small and medium-sized banks is increasing, as evidenced by recent approvals for the issuance of perpetual bonds and other capital instruments [1][2][3] Group 1: Recent Developments - Lanzhou Bank has received regulatory approval to issue up to 5 billion RMB in perpetual bonds, with the flexibility to decide on the timing and scale within 24 months [1] - Xi'an Bank has been approved to issue up to 7 billion RMB in perpetual bonds, also with similar issuance flexibility [1] - Other banks, including Zhejiang Chouzhou Commercial Bank and Shanxi Bank, have also received approvals for capital instruments, indicating a broader trend [1] Group 2: Capital Adequacy and Sources - In Q1 of this year, the capital adequacy ratios for city commercial banks, private banks, and rural commercial banks were 12.44%, 11.98%, and 12.96% respectively, compared to 17.79% and 13.71% for state-owned and national joint-stock banks [2] - Capital replenishment for banks can be categorized into internal and external sources, with internal sources primarily being retained earnings and external sources including IPOs, rights issues, and various types of bonds [2] Group 3: Challenges and Opportunities - There are over 4,000 small and medium-sized banks in China, accounting for 99% of the banking system, but they face challenges in capital replenishment compared to larger banks [3] - The recent approvals for perpetual bonds indicate that the channels for capital replenishment for small and medium-sized banks are expanding [3] - The issuance of perpetual bonds by private banks, such as MyBank, is becoming more common, although historically it has been rare due to high regulatory standards and market concerns [4][5] Group 4: Expert Insights - Experts suggest that feasible capital replenishment methods for small and medium-sized banks include shareholder capital injection, issuance of subordinated debt, profit retention, attracting strategic investors, and local government support [5] - The regulatory environment is expected to continue improving, which may lead to a more diversified capital replenishment system for private and small banks [5]

证券代码：601838 证券简称：成都银行 公告编号：2025-037 成都银行股份有限公司 第八届监事会第七次会议决议公告 本公司监事会及全体监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。 成都银行股份有限公司第八届监事会第七次会议以书面传签方 式召开，决议表决截止日为 2025 年 6 月 25 日。会议通知已于 2025 年 6 月 13 日以电子邮件及书面方式发出。本次会议应参与表决监事 司法》《中华人民共和国证券法》等法律、行政法规、部门规章、规 范性文件以及《成都银行股份有限公司章程》的有关规定。会议所形 成的决议合法、有效。 会议对如下议案进行了审议并表决： 一、审议通过了《关于高级管理人员 2024 年度绩效考核及任期 考核情况的议案》 表决结果：同意 4 票，反对 0 票，弃权 0 票。 三、审议通过了《关于独立董事 2024 年度考核相关事宜的议案》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 四、审议通过了《关于外部监事 2024 年度考核相关事宜的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 ...

邮编：100005 (86-10) 8519-1300 (86-10) 8519-1350 关于成都银行股份有限公司 的法律意见书 北大街 8 号华润大厦 20 层 致：成都银行股份有限公司 北京市君合律师事务所（以下简称"本所"）接受成都银行股份有限公司（以 下简称"贵公司"）的委托，就贵公司2024年年度股东大会（以下简称"本次会 议"）召集、召开的有关事宜，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、中国证券监督管理委员会《上市公司股东会规则》（以下简称"《股 东会规则》"）等中国（为出具本法律意见书之目的，不包括香港特别行政区和 澳门特别行政区及台湾地区）法律、法规、规章及贵公司现行有效的《成都银行 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法律意 见书。 为出具本法律意见书之目的，本所委派律师（以下简称"本所律师"）列席 了贵公司本次会议，并根据现行法律、法规、规章的有关规定及要求，按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，对贵公司提供的与本次会议召 开有关的文件和事实进行了核查和验证，在此基础上，本所律师对本法律意见书 出具之日及以前所发生的相关事实 ...

Market Performance - The market experienced a strong upward trend, with the Shanghai Composite Index closing at 3455.97 points, marking a new high for the year, and the ChiNext Index rising nearly 3% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.6 trillion yuan, an increase of 188.2 billion yuan compared to the previous trading day [1] Sector Performance - Financial stocks continued to surge, with major banks like ICBC, ABC, BOC, and CCB reaching historical highs [2] - The military industry stocks also performed well, with over 10 stocks, including Great Wall Industry, hitting the daily limit [2] - Chip stocks saw fluctuations, with Taiji Co. hitting the daily limit of 20% [2] - In contrast, oil and gas stocks continued to adjust, with Zhun Oil Co. facing consecutive daily limits [2] Investment Outlook - A positive outlook for A-share funding is anticipated, with long-term capital inflows increasing and ETF sizes steadily growing, providing significant support [3] - The market is expected to present a steady upward trend in the second half of the year, with a focus on large-cap stocks and growth opportunities [3] - Structural opportunities are highlighted in four main areas: safe assets, technological innovation, consumer goods, and mergers and acquisitions [3] Economic Context - The domestic economy is generally stable, but the end of the tariff suspension period in July and August may reveal the impact of exports on economic performance [4] - The importance of domestic demand is emphasized, with potential policy adjustments expected after August [4] - The market's ability to maintain stability above the 3400-point level is crucial, with ongoing monitoring of external factors and the performance of the financial sector [4]