Group 1: Core Insights - Kunshan Rural Commercial Bank is advancing its digital transformation by deploying multiple domestic open-source large models to create an intelligent office matrix, providing strong technical support for its initiatives [1] - As of May 2025, the bank has delivered over 10,000 efficient services to more than 500 individuals through intelligent office scenarios [1] Group 2: Technology Planning and Implementation - The bank has established a technology planning framework that emphasizes a "scene-driven, small-step fast-run" approach, prioritizing high-frequency and essential scenarios for development, successfully creating and testing five application scenarios including knowledge assistance and document translation [3] - The introduction of several domestic open-source large models has led to the construction of a multi-model collaborative intelligent office matrix, expanding the intelligent computing server cluster to meet current and future diverse application needs [3] Group 3: Departmental Collaboration - A virtual task force has been established to break down departmental barriers and promote deep integration of AI technology with business processes, led by the data management department [5] - A dynamic service feedback loop has been created, allowing business personnel to report issues encountered while using large model scenarios, facilitating timely feedback and iterative improvements to ensure business needs are met [5] Group 4: Data Security and Risk Management - The bank implements a tiered management system for its AI knowledge base, categorizing content into four levels: public, internal, sensitive, and core, to prevent unauthorized access and ensure appropriate management of sensitive information [7] - Strict network access controls are in place, including firewall rules and differentiated authorization strategies to mitigate external attacks and internal data leakage risks [7] - A comprehensive auditing mechanism is established to regularly review and assess the outputs of generative large models, ensuring compliance with ethical standards and value orientation [7]

Group 1 - The China Banking Index (399986) has seen a strong increase of 1.14%, with notable gains from Shanghai Bank (601229) up 3.08%, Ningbo Bank (002142) up 2.44%, and Zijin Bank (601860) up 2.31% [1] - As of June 30, 2023, the total scale of the bank wealth management market reached 31.22 trillion yuan, an increase of 5.22% since the beginning of the year [1] - The decline in deposit interest rates and the regulatory halt on manual interest supplementation are expected to enhance the attractiveness of wealth management products, leading to increased capital inflow into the bank wealth management market [1] Group 2 - The China Banking ETF (512730) has risen by 0.90%, with the latest price reported at 1.79 yuan [1] - The top ten weighted stocks in the China Banking Index as of June 30, 2023, include China Merchants Bank (600036), Industrial Bank (601166), and ICBC (601398), collectively accounting for 65.64% of the index [2] - Short-term deposit rate cuts may create pressure on banks' liabilities, but in the medium to long term, the cost of bank liabilities is expected to decrease, particularly with the repricing of long-term deposits in the third quarter [1]

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index down 0.04% and the Shenzhen Component Index down 0.42% as of midday [2][3] - The total trading volume in the market was 867.48 billion yuan, showing a significant decrease compared to the previous day [4] Banking Sector - The banking sector saw a collective rise, with Zijin Bank increasing nearly 3% and several other banks like Lanzhou Bank and Ningbo Bank rising over 2% [8][10] - A total of 13 A-share listed banks have completed nearly 70% of their cash dividend distribution for 2024, with some banks already proposing mid-term dividends for 2025 [13] Solar Energy Sector - The rooftop solar concept stocks surged, with companies like Xiangqiang Co. and Yamaton hitting their daily limit up [15][17] - HJT battery concept stocks also saw significant gains, with Yijing Optoelectronics and Yaopi Glass reaching their daily limit up [18] - The silicon energy sector continued to rise, with *ST Xinyuan hitting the daily limit up and Daqo New Energy increasing over 11% [19][21] - Major photovoltaic glass companies plan to collectively reduce production by 30% starting in July, which is expected to decrease domestic glass output to around 45GW [22] Multi-Financial Sector - The multi-financial sector faced a downturn, with Aijian Group hitting the daily limit down and several other stocks like Hongye Futures and Guosheng Jinkong experiencing significant declines [26][28] - Aijian Group's stock was previously favored due to speculation about its involvement in stablecoin business, but the company clarified it has not engaged in such activities [29]

| 证券代码：601860 | 证券简称：紫金银行 | 公告编号：2025-023 | | --- | --- | --- | | 转债代码：113037 | 转债简称：紫银转债 | | 可转债转股结果暨股份变动公告 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： 一、紫银转债发行上市概况 根据中国证券监督管理委员会《关于核准江苏紫金农村商业银行股份有限公 司公开发行可转换公司债券的批复》（证监许可[2020]1068 号），江苏紫金农村商 业银行股份有限公司（以下简称"紫金银行"或者"公司"）于 2020 年 7 月 23 日向社会公开发行面值总额 45 亿元的可转换公司债券（以下简称"可转债"、"紫 银转债"），每张面值 100 元，按面值发行，期限 6 年。经上海证券交易所自律监 管决定书[2020]254 号文同意，公司 45 亿元可转换公司债券于 2020 年 8 月 17 日 起在上海证券交易所挂牌交易，债券简称"紫银转债"，债券代码"113037"。 根据《上海证券交易所股票上市规则》等有关法规的 ...

Group 1 - The core idea of the news is the initiative by Kunshan Rural Commercial Bank to enhance inclusive financial services and strengthen financial security through activities like "Financial Knowledge Journey" aimed at merchants [1][2] - The bank organized an event at Tongyun Trade City, focusing on the financial needs of merchants, utilizing a combination of face-to-face presentations and immersive experiences to educate them on financial knowledge [1] - The event included a well-decorated promotional area with anti-fraud videos, distribution of informational brochures, and interactive Q&A sessions, attracting numerous merchants to participate [1] Group 2 - The bank's staff provided tailored financing solutions based on merchants' operating cash flow and credit status, addressing the common financing difficulties faced by small and micro enterprises [2] - During the event, over 200 promotional materials were distributed, with more than 120 consultations answered, resulting in financing intentions from 8 merchants, effectively delivering financial services to the grassroots of the real economy [2] - The bank plans to continue its "Financial Knowledge into the Market" series of activities to deepen the integration of financial services with merchant needs, contributing to the high-quality development of the local economy [2]

Core Viewpoint - The peak period for cash dividend distribution among listed banks has arrived, with a significant increase in total cash dividends for 2024 compared to the previous year [1][2][3]. Summary by Sections Cash Dividend Distribution - As of June 27, 2024, 26 banks have implemented their cash dividend distribution plans, totaling 427.38 billion yuan [2][4]. - The total cash dividends for A-share listed banks are projected to reach 631.96 billion yuan in 2024, an increase of nearly 20 billion yuan from the previous year, representing a growth rate of 3.03% [3]. Dividend Increase - Nearly half of the A-share listed banks have advanced their dividend actions, with 14 banks completing both mid-term and year-end dividends by June 27 [4]. - A total of 39 out of 42 listed banks are expected to increase their cash dividends in 2024, with an overall increase of 18.6 billion yuan [5]. Major Contributors - The six major state-owned banks are the primary contributors to the dividend payouts, with total dividends exceeding 420 billion yuan [5]. - Industrial and Commercial Bank of China and China Construction Bank each have cash dividends exceeding 100 billion yuan, at 109.77 billion yuan and 100.75 billion yuan respectively [5][6]. Dividend Ratios - 14 banks have a cash dividend ratio exceeding 30% for 2024, with a slight decrease in the number of banks compared to 2023 [10]. - Notably, Ningbo Bank's cash dividend ratio increased by 6.3 percentage points to 21.91%, while Hu'nong Commercial Bank's ratio rose from 30.10% to 33.91% [10]. Mid-term Dividends - 23 A-share listed banks have implemented mid-term dividend plans, distributing a total of 257.71 billion yuan [8]. - Some banks, like Hu'nong Commercial Bank, have already proposed mid-term dividend plans for 2025 [9]. Challenges - Despite the increase in dividend frequency and ratios, the banking industry faces challenges such as narrowing interest margins and slowing revenue growth [12].

Core Viewpoint - The article highlights the performance and growth of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF, indicating a bullish outlook on bank stocks driven by low interest rates and a long-term market trend [3][4]. Performance Summary - As of June 27, 2025, the Zhongzheng Dividend Low Volatility 100 Index rose by 0.31%, with constituent stocks such as Lanzhou Bank and Guizhou Bank showing significant gains [3]. - The Zhongzheng Dividend Low Volatility 100 ETF (159307) has seen a recent price increase of 0.38%, marking its sixth consecutive rise, with a latest price of 1.05 yuan and a trading volume of 484.03 million yuan [3]. - Over the past year, the ETF's net value increased by 14.89%, ranking first among comparable funds [4]. Fund Growth and Inflows - The ETF experienced a substantial increase in shares, growing by 7.26 million shares over the past year, placing it second among comparable funds [4]. - Despite a recent net outflow of 209.37 million yuan, the ETF has seen net inflows on 8 out of the last 10 trading days, totaling 3.35 million yuan [4]. Risk and Return Metrics - The ETF's maximum drawdown this year was 6.18%, with a recovery period of 36 days, indicating relatively low risk compared to peers [4]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5]. Index Composition - The Zhongzheng Dividend Low Volatility 100 Index includes 100 stocks characterized by high liquidity, continuous dividends, high dividend yields, and low volatility [5]. - The top ten weighted stocks in the index account for 19.64% of the total index weight, with notable companies including Jizhong Energy and Daqin Railway [5][6].

证券代码：601860 证券简称：紫金银行 公告编号：2025-022 转债代码：113037 转债简称：紫银转债 江苏紫金农村商业银行股份有限公司 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个别及连带责任。 重要内容提示： 前次评级展望为"稳定"；评级机构为联合资信评估股份有限公司，评级时间为 联合资信评估股份有限公司通过对公司主体及公司公开发行的可转换公司 债券的信用状况进行跟踪分析和评估，于 2025 年 6 月 20 日出具了《江苏紫金农 村商业银行股份有限公司公开发行 A 股可转换公司债券 2025 年跟踪评级报告》 （联合20254958 号），确定维持公司主体长期信用等级为"AA+"，维持"紫银 ? 前次债项评级："AA+"，主体评级："AA+"，评级展望：稳定 ? 本次债项评级："AA+"，主体评级："AA+"，评级展望：稳定 根据中国证券监督管理委员会《上市公司证券发行管理办法》、 《公司债券发 行与交易管理办法》和《上海证券交易所公司债券上市规则》等有关规定，江苏 紫金农村商业银行股份有限公司（以下简称"公司"） ...

Core Viewpoint - Jiangsu Zijin Rural Commercial Bank maintains a stable credit rating of AA+ for both its entity and its convertible bonds, indicating strong financial health and operational stability [1][4]. Company Overview - Jiangsu Zijin Rural Commercial Bank was established in March 2011 and has a registered capital of 3.661 billion yuan as of the end of 2024 [10][20]. - The bank operates primarily in Nanjing, with a total of 135 branches, including 1 head office, 3 branches, and 122 secondary branches [10][22]. Financial Performance - As of the end of 2024, the bank's total assets reached 269.944 billion yuan, with a net profit of 1.624 billion yuan, reflecting a stable financial performance despite a slight decline in net interest margin [10][9]. - The non-performing loan ratio was reported at 1.24%, indicating a relatively healthy asset quality compared to industry standards [10][14]. Market Position - The bank holds a market share of 3.51% in deposits and 2.72% in loans within Nanjing, ranking in the upper-middle tier among local competitors [22][24]. - The bank's core liabilities are stable, with a high proportion of savings and time deposits, contributing to its financial stability [6][14]. Business Strategy - The bank focuses on serving agriculture, small and medium enterprises, and urban-rural integration, with a strategic emphasis on the "Ning-Zhen-Yang" integration plan [22][25]. - It has introduced various financial products tailored for small and micro enterprises, enhancing customer engagement and service delivery [26]. Risk Factors - The bank faces challenges from a competitive local banking environment and macroeconomic pressures, which have led to a decrease in corporate deposits by 9.24% year-on-year [25][9]. - The bank's asset quality is under scrutiny, particularly in the real estate and construction sectors, where non-performing loans are higher than the overall average [7][14]. Future Outlook - The bank's position in the Yangtze River Delta and its role as a pilot for financial reform provide a favorable growth outlook, although increased competition and economic conditions warrant close monitoring [5][12]. - Potential factors for rating upgrades include significant improvements in profitability and capital strength, while downgrades could arise from deteriorating financial conditions or market position [5][4].

| 证券代码：601860 | 证券简称：紫金银行 公告编号：2025-022 | | --- | --- | | 转债代码：113037 | 转债简称：紫银转债 | 江苏紫金农村商业银行股份有限公司 关于 A 股可转换公司债券 2025 年跟踪评级结果的公告 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个别及连带责任。 重要内容提示： 根据中国证券监督管理委员会《上市公司证券发行管理办法》、《公司债券发 行与交易管理办法》和《上海证券交易所公司债券上市规则》等有关规定，江苏 紫金农村商业银行股份有限公司（以下简称"公司"）委托联合资信评估股份有 限公司对公司已发行的 A 股可转换公司债券（债券简称"紫银转债"，代码： 113037）进行了跟踪评级。 江苏紫金农村商业银行股份有限公司董事会 2025 年 6 月 23 日 联合资信评估股份有限公司通过对公司主体及公司公开发行的可转换公司 债券的信用状况进行跟踪分析和评估，于 2025 年 6 月 20 日出具了《江苏紫金农 村商业银行股份有限公司公开发行 A 股可转换公司债券 2025 ...