Core Points - The rural commercial bank sector experienced a decline of 1.59% on October 29, with Jiangyin Bank leading the drop [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Group 1: Stock Performance - Ruifeng Bank (601528) closed at 5.51 with no change in price [1] - Qingnong Commercial Bank (002958) closed at 3.21, down 0.93% [1] - Changshu Bank (601128) closed at 6.92, down 1.14% [1] - Sunong Bank (603323) closed at 5.17, down 1.34% [1] - Zijin Bank (601860) closed at 2.87, down 1.37% [1] - Yunnan Agricultural Commercial Bank (601077) closed at 6.86, down 1.44% [1] - Wuxi Bank (600908) closed at 6.05, down 1.47% [1] - Zhangjiagang Bank (002839) closed at 4.42, down 1.56% [1] - Shanghai Agricultural Commercial Bank (601825) closed at 8.52, down 2.07% [1] - Jiangyin Bank (002807) closed at 4.80, down 2.83% [1] Group 2: Capital Flow - The rural commercial bank sector saw a net inflow of 78.64 million yuan from main funds, while retail funds experienced a net outflow of 10.52 million yuan [2] - Speculative funds had a net outflow of 68.12 million yuan [2]

Market Overview - The rural commercial bank sector experienced a decline of 0.75% on October 28, with Jiangyin Bank leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Key stock performances in the rural commercial bank sector included: - Ruifeng Bank: Closed at 5.51, unchanged - Sunong Bank: Closed at 5.24, down 0.19% - Zijin Bank: Closed at 2.91, down 0.34% - Changshu Bank: Closed at 7.00, down 0.57% - Yuanxi Bank: Closed at 6.14, down 0.65% - Hunan Rural Commercial Bank: Closed at 8.70, down 0.68% - Qingnong Bank: Closed at 3.24, down 0.92% - Yunnan Rural Commercial Bank: Closed at 6.96, down 1.00% - Zhangjiagang Bank: Closed at 4.49, down 1.10% - Jiangyin Bank: Closed at 4.94, down 1.20% [1] Capital Flow Analysis - The rural commercial bank sector saw a net inflow of 16.51 million yuan from institutional investors, while retail investors experienced a net outflow of 25.96 million yuan [1] - Detailed capital flow for selected banks included: - Sunong Bank: Net inflow of 13.07 million yuan from institutional investors, with a net outflow of 9.25 million yuan from retail investors [2] - Hunan Rural Commercial Bank: Net inflow of 13.06 million yuan from institutional investors, with a net outflow of 16.03 million yuan from retail investors [2] - Qingnong Bank: Net inflow of 7.95 million yuan from institutional investors, with a net outflow of 7.73 million yuan from retail investors [2] - Jiangyin Bank: Net outflow of 5.93 million yuan from institutional investors, with a net inflow of 8.14 million yuan from retail investors [2]

Core Insights - The agricultural commercial bank sector experienced a slight decline of 0.13% on October 27, with the Shanghai Agricultural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - The closing prices and performance of key agricultural commercial banks are as follows: - Yunnan Agricultural Commercial Bank (601077) closed at 7.03, up 1.44% with a trading volume of 651,800 shares and a transaction value of 455 million [1] - Wuxi Bank (600908) closed at 6.18, up 0.32% with a trading volume of 176,600 shares and a transaction value of 109 million [1] - Zhangjiagang Bank (002839) closed at 4.54, up 0.22% with a trading volume of 373,600 shares and a transaction value of 170 million [1] - Other banks like Su Nong Bank (603323) and Zijin Bank (601860) saw declines of 0.19% and 0.34% respectively [1] Fund Flow Analysis - The agricultural commercial bank sector saw a net inflow of 24.73 million from institutional investors and 41.41 million from retail investors, while retail investors had a net outflow of 66.14 million [1] - Detailed fund flow for specific banks indicates: - Jiangyin Bank (002807) had a net inflow of 9.34 million from institutional investors and a net outflow of 18.65 million from retail investors [2] - Wuxi Bank (600908) had a net inflow of 8.72 million from institutional investors and a net outflow of 10.73 million from retail investors [2] - Other banks like Zijin Bank (601860) and Yunnan Agricultural Commercial Bank (601077) also experienced mixed fund flows with significant retail outflows [2]

Investment Rating - The investment rating for the industry is "Positive" (maintained) [1] Core Insights - The report highlights that retail non-performing loan (NPL) rates and generation rates are currently high, indicating ongoing pressure on bank profitability. Despite a low overall NPL rate, the retail sector shows signs of risk, with a marginal increase in the NPL rate to 1.28% [14][15] - The transition period for new risk regulations is nearing its end, with concerns about the impact on banks' provisioning levels. However, the report suggests that the actual impact may be less severe than market expectations [16] - The trend of de-collateralization in bank lending is evident, driven by both business characteristics and strategic choices made by banks to reduce reliance on collateralized loans [17] Summary by Sections 1. Retail NPL and Generation Rates - The retail NPL rate has increased to 1.28%, with a steepening curve indicating ongoing risk. The generation rate for retail loans remains high, with significant increases noted in certain banks [14][18] - The report indicates that while the overall NPL rate is low, the divergence between overdue and NPL indicators suggests underlying risks in the retail sector [19] 2. Impact of New Risk Regulations - The new risk regulations will require banks to classify impaired loans as NPLs, potentially increasing reported NPL rates. However, the report anticipates that the actual provisioning pressure may be manageable [16][17] 3. De-Collateralization in Lending - The report notes a significant decline in the proportion of collateralized loans, with banks shifting towards non-collateralized lending strategies. This shift is influenced by the need to manage risk more effectively [17][18] 4. Investment Recommendations - The report recommends certain state-owned banks due to their customer base advantages and manageable retail risk pressures. It also highlights specific banks such as CITIC Bank and Agricultural Bank of China as beneficiaries of this trend [6]

Investment Rating - The report maintains an "Accumulate" rating for the banking sector, indicating a positive outlook despite challenges in the gold market in 2025 [1]. Core Insights - The gold market is expected to present both opportunities and challenges for banks, with a trend towards deepening precious metal business driven by central bank purchases [1][2]. - The demand for gold bars and coins has increased significantly, reflecting a growing need for gold as a hedge and store of value among residents [4]. - The establishment of a market-making system for gold trading is anticipated to enhance market liquidity and stability, positioning listed banks as key players [3][4]. Summary by Sections 1. Policy and Market Environment - As of September 2025, China's official gold reserves reached 74.06 million ounces, marking an increase for 11 consecutive months [2]. - In Q2 2025, global central banks added 166 tons of gold to their reserves, with 95% of surveyed central banks expecting further increases in the next 12 months [2]. - New policies allowing insurance funds to invest in gold are expected to create new opportunities for banks to provide services to insurance institutions, enhancing their intermediary income [2]. 2. Business Dynamics and Revenue Contribution - In the first half of 2025, China's gold consumption was 505.205 tons, a year-on-year decrease of 3.54%, with significant growth in gold bar and coin consumption by 23.69% [4]. - The decline in gold jewelry consumption is prompting banks to shift focus from traditional jewelry sales to investment-oriented precious metal businesses [4]. - The growth in investment demand for gold bars and coins is expected to stabilize income from investment-related businesses, enhancing the profitability of the precious metals segment for banks [4]. 3. Industry Trends - The report highlights a structural shift in gold consumption, with investment demand rising while jewelry demand declines, indicating a need for banks to adapt their business strategies [4]. - The performance of the banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank and Jiangsu Bank recommended for investment due to positive fundamental changes [8]. 4. Key Data Tracking - The report includes various financial metrics, such as average daily trading volume and margin financing balances, which are essential for assessing market conditions [9][10].

证券代码： 601860 证券简称： 紫金银行 公告编号：2025-036 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 关于召开 2025 年第三季度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 27 日(星期一) 至 10 月 31 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 boardoffice@zjrcbank.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 江苏紫金农村商业银行股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日披露公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公 司经营成果、财务状况，公司计划于 2025 年 11 月 03 日(星期一) 13:00-14:00 举行 2025 年第三季度业绩 ...

Market Overview - The rural commercial bank sector experienced a decline of 0.82% on October 24, with Jiangyin Bank leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Individual Stock Performance - The closing prices and changes for key rural commercial banks are as follows: - Hu Nong Commercial Bank: 8.86, +0.68% - Ruifeng Bank: 5.54, -0.89% - Qingnong Commercial Bank: 3.27, -1.21% - Yunnan Commercial Bank: 6.93, -1.28% - Su Nong Bank: 5.26, -1.31% - Zhangjiagang Bank: 4.53, -1.52% - Changshu Bank: 7.09, -1.53% - Wuxi Bank: 6.16, -1.60% - Zijin Bank: 2.93, -1.68% - Jiangyin Bank: 5.03, -3.82% [1] Capital Flow Analysis - The rural commercial bank sector saw a net outflow of 144 million yuan from main funds, while retail funds experienced a net inflow of 63.71 million yuan [1] - The detailed capital flow for individual banks indicates: - Hu Nong Commercial Bank: Main funds net inflow of 6.22 million yuan, retail net outflow of 16.25 million yuan - Wuxi Bank: Main funds net outflow of 29.30 million yuan, retail net outflow of 0.99 million yuan - Jiangyin Bank: Main funds net outflow of 56.10 million yuan, retail net inflow of 36.93 million yuan [2]

Core Viewpoint - Zijin Bank has received approval from the Jiangsu Regulatory Bureau of the National Financial Supervision Administration for the appointment of Wei Ying as the Vice President of the bank [1] Company Summary - Wei Ying, born in September 1985, is a male member of the Communist Party and holds a master's degree and intermediate economist qualification [1] - Wei Ying has held various positions within Zijin Rural Commercial Bank, including roles as a teller, customer manager, compliance management staff, and branch manager in different locations [1] - Currently, Wei Ying serves as a member of the bank's party committee [1]

证券日报网讯 10月23日晚间，紫金银行发布公告称，近日，江苏紫金农村商业银行股份有限公司（以 下简称"本公司"）收到国家金融监督管理总局江苏监管局下发的《江苏金融监管局关于韦莹紫金农村商 业银行副行长任职资格的批复》（苏金复〔2025〕368号），核准韦莹先生本公司副行长的任职资格。 （文章来源：证券日报） ...

近日，江苏紫金农村商业银行股份有限公司（以下简称"本公司"）收到国 家金融监督管理总局江苏监管局下发的《江苏金融监管局关于韦莹紫金农村商业 银行副行长任职资格的批复》（苏金复〔2025〕368号），核准韦莹先生本公司 副行长的任职资格。 韦莹，男，1985年9月出生，中共党员，硕士研究生学历，中级经济师。曾 任紫金农商银行月牙湖支行柜员、客户经理，合规管理部办事员，紫金农商银行 扬州分行管理部经理、江都支行行长，紫金农商银行玄武支行行长、扬州分行行 长。现任本行党委委员。 特此公告。 江苏紫金农村商业银行股份有限公司董事会 2025 年 10 月 23 日 1 证券代码： 601860 证券简称： 紫金银行 公告编号：2025-035 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 关于副行长任职资格获核准的公告 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。 ...