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 特此公告 联合资信评估股份有限公司 www.lhratings.com 联合〔2025〕4958 号 联合资信评估股份有限公司通过对江苏紫金农村商业银行股份 有限公司主体及其可转换公司债券的信用状况进行跟踪分析和评估， 确定维持江苏紫金农村商业银行股份有限公司主体长期信用等级为 AA+，维持"紫银转债"信用等级为 AA+，评级展望为稳定。 评级总监： 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信基 于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事实 陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真实、客 观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告在资料信 息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受江苏紫金农村商业银行股份有限公司（以下简 称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委 托关系外，联合资信、评级人员与该 ...

Group 1 - The banking sector experienced a rebound after hitting a low, with several banks reaching historical highs [1] - Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Shanghai Pudong Development Bank, Postal Savings Bank of China, Industrial Bank, and Beijing Bank all achieved record highs [1] - Zhejiang Commercial Bank, Zijin Bank, Huaxia Bank, and Chongqing Rural Commercial Bank saw nearly a 2% increase in their stock prices [1]

Group 1: Core Insights - Shanghai Yuancai Investment has conducted research on Zijin Bank, focusing on its commitment to serving the real economy and supporting rural revitalization [1] - Zijin Bank has made significant progress in financial support for small and micro enterprises and inclusive finance, with a strategic focus on agriculture, small and medium enterprises, and urban-rural integration [1] - The bank has launched various micro-loan products, including "Tongshang e-loan," "Micro Enterprise Easy Loan," and "Settlement Easy Loan," to better serve small businesses [1] Group 2: Product Offerings - Zijin Bank has established a comprehensive agricultural loan product system, including "Jinling Huinong Small Loan," "Jinling Huinong Loan," "Huinong Quick Loan," and "Sunong Loan," to meet the diverse needs of farmers [1] - The bank is actively promoting the construction of rural convenience service points to enhance the level of inclusive financial services [1] Group 3: Company Overview - Yuancai Investment, founded in August 2009, is a well-known private equity management company specializing in secondary market stock investments, with a management scale exceeding 10 billion [2] - The company has a mature organizational structure, incentive mechanisms, risk control, compliance, and research framework, with a current active management scale of 7 billion [2] - The founder, Zhang Yichi, has extensive experience in fund management and has a proven track record in the industry, particularly in the pharmaceutical sector [2]

Group 1 - The A-share market showed mixed performance on June 10, with defensive sectors like banking leading the gains, as evidenced by the Tianhong Bank ETF (515290) rising by 1.29% and reaching a new high since its listing [1] - Multiple banks have announced dividend distributions, with 11 banks having completed their year-end dividend distributions by June 6, 2024, indicating an earlier payout schedule compared to previous years [1] - The Tianhong Bank ETF closely tracks the CSI Bank Index, which consists of up to 50 banking stocks, reflecting the overall performance of the banking sector [1] Group 2 - According to Shenwan Hongyuan's latest report, the banking sector has experienced a recovery since the end of 2023, with a cumulative increase of 55%, driven primarily by valuation recovery and supported by high dividend yields [2] - Guotou Securities emphasizes that valuation changes have a more significant and lasting impact on banks compared to minor performance changes, with ongoing trends since 2021 expected to continue driving returns in the banking sector [2]

Group 1 - The core idea of the news is the collaboration between Jiangsu Rural Commercial Bank and Zijin Rural Commercial Bank to promote financial technology and enhance public awareness of technological innovation through a community event in Nanjing [1][2] - The event consists of three main sections: "Technology Promotion," "Elderly Assistance," and "Convenience Market," aimed at integrating financial technology services with public needs [1][2] - The technology promotion area showcased China's historical achievements in technological innovation and distributed the newly revised "Law on the Popularization of Science and Technology," aiming to inspire youth and cultivate future innovators [1][2] Group 2 - In the "Elderly Assistance" section, the "Little Circle Service Team" provided one-on-one training for elderly individuals on using smart devices, resulting in successful online payment experiences for participants [2] - The event included a "Fraud Prevention" segment where residents were educated on recognizing various scams, with over 120 anti-fraud manuals distributed and 95% of participants able to identify multiple new fraud methods [2] - The "Convenience Market" attracted many residents, where financial knowledge was integrated into daily services, such as haircuts and knife sharpening, demonstrating practical applications of digital payment methods [2][3] Group 3 - The initiative emphasizes that the vitality of financial technology lies in serving the public, with plans to introduce a "Mobile Financial Technology Service Vehicle" to further engage with community needs [3]

Core Points - The company announced a cash dividend distribution of 0.05 yuan per share for the fiscal year 2024, approved at the shareholders' meeting on May 20, 2025 [2][15] - The total cash dividend to be distributed amounts to approximately 183 million yuan, based on a total share capital of 3,660,984,783 shares [4][15] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3][4] Distribution Details - The cash dividend will be distributed through the China Securities Depository and Clearing Corporation, with shareholders who have completed designated transactions able to receive their dividends on the payment date [5] - For shareholders who have not completed designated transactions, the dividends will be held by the China Securities Depository and Clearing Corporation until the transactions are completed [5] - The company will not withhold individual income tax for natural person shareholders and securities investment funds at the time of dividend distribution, with tax obligations calculated based on the holding period of the shares [9][10] Convertible Bond Adjustment - Following the dividend distribution, the conversion price of the company's convertible bonds (Ziyin Convertible Bonds) will be adjusted from 3.70 yuan to 3.65 yuan per share, effective June 6, 2025 [15][16] - The adjustment is in accordance with the terms outlined in the bond issuance prospectus, which stipulates that the conversion price will be adjusted based on cash dividends distributed [14][15] - The trading of the convertible bonds will be suspended from May 28, 2025, until the registration date for the dividend distribution [16]

证券代码：601860 证券简称：紫金银行 公告编号：2025-021 可转债代码：113037 可转债简称：紫银转债 江苏紫金农村商业银行股份有限公司 关于根据 2024 年度利润分配方案调整可转债转股价的公告 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： 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113037 | 紫银转债 | 可转债转股复 | | | 2025/6/5 | 2025/6/6 | | | | 牌 | | | | | 一、转股价格调整依据 江苏紫金农村商业银行股份有限公司（以下简称"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，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 ...

证券代码：601860 证券简称：紫金银行 公告编号：2025-020 江苏紫金农村商业银行股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本3,660,984,783股为基数，每股派发现金红利 0.05元（含税），共计派发现金红利183,049,23 ...

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may have alpha potential due to policy catalysts and a cyclical recovery [4]. Core Insights - Multiple banks have lowered their deposit rates, with the one-year and five-year Loan Prime Rate (LPR) reduced by 10 basis points on May 20, 2025. This trend reflects a broader market-driven decline in deposit costs [1][2]. - The average deposit cost rate for China Merchants Bank decreased significantly by 25 basis points to 1.29% in Q1 2025, indicating a trend of improving deposit costs across the sector [1]. - The report highlights that banks like Chongqing Bank, Minsheng Bank, and CITIC Bank have substantial room for further deposit cost reductions, suggesting a favorable environment for banks to optimize their funding costs [2]. Summary by Sections Section 1: Focus of the Week - Several banks have adjusted their deposit rates downward, with over half of listed banks participating in this trend by May 24, 2025 [1]. - The report notes that the average deposit cost rate for China Merchants Bank has shown improvement since Q2 2024, aligning with previous forecasts of enhanced cost reduction in liabilities [1]. Section 2: Sector Perspective - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [4]. - The report emphasizes that the cyclical recovery may take time, but the ongoing interest rate cuts could sustain the dividend strategy for banks like Shanghai Bank and Jiangsu Bank [4]. Section 3: Key Data Tracking - The report tracks various financial metrics, including the issuance of interbank certificates and the average rates for different types of bank notes, indicating a dynamic market environment [9][8]. - It also notes the increase in the proportion of deposits with a remaining maturity of less than one year, which rose by 3 percentage points to 37.4% by the end of 2024, suggesting a trend towards concentrated deposit maturities [2][16].

Core Viewpoint - The A-share listed rural commercial banks demonstrated strong resilience in Q1 2025, with all 10 banks achieving positive net profit growth, highlighting their robust financial performance despite market pressures [1][5][6]. Financial Performance - All 10 A-share listed rural commercial banks reported positive net profit growth in Q1 2025, with Changshu Bank leading at a 13.81% year-on-year increase [1][7]. - Eight banks experienced positive revenue growth, while two banks, Shanghai Rural Commercial Bank and Zijin Bank, reported declines in revenue [1][5][6]. - Revenue figures for major banks include: - Chongqing Rural Commercial Bank: 72.24 billion yuan, up 1.35% - Shanghai Rural Commercial Bank: 65.60 billion yuan, down 7.41% - Qingnong Bank: 30.57 billion yuan, up 0.99% - Changshu Bank: 29.71 billion yuan, up 10.04% [3][5][6]. Asset Quality - As of the end of March, seven banks had non-performing loan (NPL) ratios below 1%, with Changshu Bank, Wuxi Bank, and Jiangyin Bank all below 0.9% [1][15]. - Qingnong Bank had the highest NPL ratio at 1.77%, despite a slight decrease from the previous year [1][15]. Asset Scale - Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank both exceeded 1.5 trillion yuan in total assets, with Chongqing leading at 1.61 trillion yuan, a 6.3% increase [9][11]. - Qingnong Bank ranked third in total assets at 511.58 billion yuan, while Changshu Bank followed closely with 389.01 billion yuan [11][12]. Interest Margin - The net interest margin for several banks has narrowed, with Zijin Bank reporting the lowest at 1.23%, below the industry average of 1.52% [4][7].