Market Overview - The rural commercial bank sector experienced a slight decline of 0.09% on September 16, with Changshu Bank leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Zijin Bank (601860) closed at 2.96, up 1.37% with a trading volume of 667,700 shares and a turnover of 197 million yuan [1] - Chongqing Rural Commercial Bank (601077) closed at 6.40, up 0.47% with a trading volume of 1,039,100 shares and a turnover of 664 million yuan [1] - Zhangjiagang Bank (002839) closed at 4.45, up 0.45% with a trading volume of 226,300 shares and a turnover of 101 million yuan [1] - Su Nong Bank (603323) closed at 5.22, up 0.19% with a trading volume of 209,100 shares and a turnover of 109 million yuan [1] - Changshu Bank (601128) closed at 7.39, down 1.73% with a trading volume of 450,000 shares and a turnover of 335 million yuan [1] Capital Flow Analysis - The rural commercial bank sector saw a net inflow of 5.63 million yuan from institutional investors, while retail investors experienced a net outflow of 0.70 million yuan [1] - Major capital flows for Chongqing Rural Commercial Bank showed a net inflow of 73.19 million yuan from institutional investors, but a net outflow of 32.84 million yuan from retail investors [2] - Qingnong Bank (002958) had a net inflow of 8.92 million yuan from retail investors despite a net outflow of 8.54 million yuan from institutional investors [2]

本报告导读： 参考团队前期发布的专题报告选股因子系列研究（五十六、五十七），本报告旨在通 过交易明细数据构建相关指标，跟踪大额买入和净主动买入。 投资要点： | | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 张耿宇(分析师) | | | 021-23183109 | | | zhanggengyu@gtht.com | | 登记编号 | S0880525040078 | [Table_Report] 相关报告 高频选股因子周报（20250908-20250912） 2025.09.14 量化择时和拥挤度预警周报（9 月 14 日） 2025.09.14 低频选股因子周报（2025.09.05-2025.09.12） 2025.09.13 绝对收益产品及策略周报（250901-250905） 2025.09.11 大额买入与资金流向跟踪（20250901-20250905） 2025.09.09 大额买入与资金流向跟踪（20250908-20250912） [Table_Authors ...

资料显示，江苏紫金农村商业银行股份有限公司位于江苏省南京市建邺区江东中路381号，成立日期 2011年3月25日，上市日期2019年1月3日，公司主营业务涉及公司金融业务、个人金融业务、资金业务 及其他。主营业务收入构成为：公司业务61.78%，个人业务24.90%，资金业务12.55%，其他0.77%。 紫金银行所属申万行业为：银行-农商行Ⅱ-农商行Ⅲ。所属概念板块包括：长期破净、破净股、低市盈 率、低价、中盘等。 截至6月30日，紫金银行股东户数6.23万，较上期减少3.67%；人均流通股56962股，较上期增加3.81%。 2025年1月-6月，紫金银行实现营业收入0.00元；归母净利润9.12亿元，同比增长0.12%。 9月16日，紫金银行盘中上涨2.05%，截至13:04，报2.98元/股，成交1.46亿元，换手率1.40%，总市值 109.10亿元。 资金流向方面，主力资金净流出245.03万元，特大单买入1957.46万元，占比13.39%，卖出2337.50万 元，占比15.99%；大单买入4081.73万元，占比27.91%，卖出3946.72万元，占比26.99%。 紫金银行今年以来股价涨 ...

证券之星消息，9月15日农商行板块较上一交易日下跌1.26%，渝农商行领跌。当日上证指数报收于 3860.5，下跌0.26%。深证成指报收于13005.77，上涨0.63%。农商行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603323 | 苏农银行 | 5.21 | -0.57% | 18.60万 | 9725.06万 | | | 002839 | 张家港行 | 4.43 | -0.67% | 28.54万 | 1.27亿 | | | 600908 | 无锡银行 | 5.94 | -0.83% | 18.67万 | | 1.11亿 | | 601528 | 瑞丰银行 | 5.47 | -0.91% | 11.82万 | 6477.66万 | | | 002958 | 青农商行 | 3.25 | -0.91% | 46.59万 | | 1.51亿 | | 601128 | 常熟银行 | 7.52 | -0.92% | 27.13万 | | 2.05亿 | ...

该行已建立起完善的ESG工作体系，披露全国农商行首份《ESG报告》，从治理层面对气候和环境风险 进行了有效识别和管控。该行还加入联合国环境规划署金融倡议组织，成为全国第10家、江苏省农商银 行系统首家联合国《负责任银行原则》签署银行。先后荣获"ESG优秀银行""金质量ESG奖"，连续3年 荣获江苏省资本市场峰会"ESG金茉莉奖"。 产品创新，畅通产业融资渠道 该行围绕支持绿色环保项目，推出并升级"环保贷"，将贷款定价与企业环保信用评级相结合，实施差别 化定价，鼓励企业关注环保影响；围绕节能减排、减污降碳等，积极响应政策号召，创新推出"紫金·苏 碳融"产品，为江苏省绿色企业名录库内企业提供中长期低利率信用贷款。同时，积极创新担保方式， 从破解绿色项目担保难点痛点入手，开展碳排放权质押融资，打通生态价值"变现"渠道。 截至7月末，该行绿色贷款余额169.70亿元，较年初增长27.26亿元，增速达19.14%，高于全行贷款平均 增速；绿色贷款户数较年初增幅达10.45%。 践行责任，传递绿色发展温度 中央经济工作会议明确将绿色金融作为金融"五篇大文章"之一，强调加紧经济社会发展全面绿色转型。 紫金农商银行全面融入国 ...

Core Viewpoint - The company, Zijin Bank, is focusing on enhancing its credit strategies and governance to support various sectors, particularly in response to national policies aimed at boosting consumption and supporting the real economy [1][2][3]. Group 1: Loan Strategies - In the first half of the year, the company's loan focus was on inclusive finance, technology loans, and green loans [3]. - The credit strategy for the second half will revolve around the "Five Major Articles" of finance, emphasizing support for technology finance, green finance, inclusive finance, elderly finance, and digital finance [1][3]. - Retail consumer loans will continue to be a key area for personal loan issuance, aligning with national policies to stimulate consumption [1][3]. Group 2: Operational Focus - The company aims to strengthen corporate governance and enhance management quality, integrating party leadership with corporate governance [2]. - There will be an emphasis on optimizing management mechanisms and improving risk control, enhancing internal control management, and promoting refined financial management [2]. - The company is committed to serving the real economy by focusing on financial support for key sectors and fostering the development potential of emerging fields [2].

Core Viewpoint - The banking industry is facing a critical turning point as net interest margins have fallen below non-performing loan ratios, indicating a dual pressure of shrinking income and rising risk [1][4][5] Group 1: Financial Indicators - As of Q1 2025, the non-performing loan ratio for commercial banks was 1.51%, while the net interest margin was 1.43%, marking the lowest net interest margin since 2005 [1][5] - By Q2 2025, the net interest margin further declined to 1.42%, with the non-performing loan ratio rising to 1.49% [1] - Over 20% of the 42 listed banks reported net interest margins lower than their non-performing loan ratios, highlighting a concerning trend in the industry [1][6] Group 2: Industry Response - In response to these challenges, banks are shifting towards middle-income business models, with a notable resurgence in insurance and banking (银保) business, which accounted for over 50% of income for the first time in 15 years [2][21] - Major banks like China Merchants Bank and Ping An Bank reported over 40% year-on-year growth in insurance income [2] Group 3: Asset and Liability Management - The continuous decline in net interest margins is attributed to a combination of low asset yields and rigid liability costs, exacerbated by insufficient effective credit demand and external pressures from bond market financing [10][12] - Banks are adjusting their asset-liability strategies to cope with narrowing margins, focusing on optimizing their loan structures and reducing costs [13] Group 4: Asset Quality and Risk - The total non-performing loan balance for commercial banks was reported at 34,342 billion yuan in Q2 2025, with a slight decrease from Q1 [15] - The provision coverage ratio improved to 211.97%, indicating enhanced risk mitigation capabilities [15] - However, the non-performing loan generation rate and overdue loan rates are on the rise, suggesting ongoing pressure on asset quality [17][19] Group 5: Middle-Income Business Growth - The middle-income business segment is showing signs of recovery, with non-interest income growing by 6.97% year-on-year in the first half of 2025, reversing a downward trend [21][22] - The insurance business is becoming a key growth driver, with banks leveraging their networks to enhance insurance sales [23]

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。 从资金流向上来看，当日农商行板块主力资金净流出1.18亿元，游资资金净流入971.85万元，散户资金净 流入1.08亿元。农商行板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601528 瑞丰银行 | | -189.46万 | -3.06% | 123.45万 | 2.00% | 66.01万 | 1.07% | | 601825 沪农商行 | | -543.89万 | -3.01% | 426.29万 | 2.36% | 117.60万 | 0.65% | | 601860 | 紫金银行 | -740.49万 | -5.56% | -21.60万 | -0.16% | 762.08万 | 5.72% | | 600908 | 无锡银行 | -831.59万 | - ...

Core Viewpoint - The performance of A-share listed rural commercial banks in the first half of 2025 shows overall profit growth despite a declining net interest margin, with asset quality improving amidst increasing uncertainties [1][9]. Group 1: Financial Performance - All 10 A-share listed rural commercial banks reported year-on-year growth in net profit for the first half of 2025, despite a general decline in net interest margins [1]. - Jiangyin Rural Commercial Bank led the growth with a revenue of 2.401 billion yuan and a net profit of 846 million yuan, representing increases of 10.45% and 16.63% respectively [2]. - Changshu Rural Commercial Bank achieved revenue and net profit growth rates of 10.1% and 13.51%, maintaining a relatively high net interest margin of 2.58% [2]. Group 2: Net Interest Margin Trends - The net interest margin for several banks has shown a slowing decline, with some banks like Ruifeng Rural Commercial Bank experiencing a minimal drop of only 0.08 percentage points [4]. - Chongqing Rural Commercial Bank had the smallest decline in net interest margin, reducing by just 0.03 percentage points, while still achieving a 5.98% increase in interest income [4]. - However, banks like Zhangjiagang and Suzhou Rural Commercial Banks faced larger declines in net interest margins, with drops of 0.19 and 0.16 percentage points respectively [5]. Group 3: Asset Quality Improvement - The non-performing loan (NPL) ratio for rural commercial banks improved overall, with the average NPL ratio at 2.77%, a decrease of 0.03 percentage points from the end of 2024 [9]. - Qingdao Rural Commercial Bank showed the most significant improvement, with its NPL ratio decreasing by 0.04 percentage points to 1.75% [10]. - Despite improvements, challenges remain in retail loan quality, with some banks experiencing rising NPL ratios in specific sectors [11]. Group 4: Strategic Adjustments - Banks are adjusting their business structures and pricing strategies to mitigate the impact of declining net interest margins, with Chongqing Rural Commercial Bank effectively managing interest costs [6][7]. - The focus on enhancing non-interest income has been a key strategy, with banks like Changshu Rural Commercial Bank integrating financial and non-financial services to strengthen their competitive edge [7]. - Digital tools and data analytics are being utilized by banks to enhance customer targeting and service delivery, particularly in small and micro-business financing [12][13].

Core Insights - The agricultural commercial bank sector experienced a rise of 0.58% on September 10, with Yunnan Agricultural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Yunnan Agricultural Commercial Bank (601077) closed at 6.66, with an increase of 1.83% and a trading volume of 1.061 million shares, amounting to 702 million yuan [1] - Jiangyin Bank (002807) closed at 4.92, up 1.44%, with a trading volume of 435,400 shares and a turnover of 213 million yuan [1] - Zijin Bank (601860) closed at 2.96, up 1.37%, with a trading volume of 570,400 shares and a turnover of 168 million yuan [1] - Other notable performances include Zhangjiagang Bank (002839) at 4.48 (+0.90%), and Wuxi Bank (600908) at 6.08 (+0.83%) [1] Capital Flow - The agricultural commercial bank sector saw a net outflow of 34.71 million yuan from institutional investors, while retail investors contributed a net inflow of 51.18 million yuan [1] - The detailed capital flow for individual stocks indicates that Changshu Bank (601128) had a net inflow of 20.62 million yuan from institutional investors, while it faced a net outflow of 15.01 million yuan from retail investors [2] - Yunnan Agricultural Commercial Bank (601077) experienced a significant net outflow of 42.29 million yuan from institutional investors, despite a retail net inflow of 36.90 million yuan [2]