智通财经记者 | 安震 此前，苏州农商银行（苏农商行，603323.SH）吸收合并张家港渝农商村镇银行议案获通过，但反对票 达13.08%。 相比之下，银行日常经营中股东对议案表决赞成比例通常在99%以上，而吸收合并中小地方银行为何频 繁遭到部分股东反对？ 中小股东"发声"投下反对票 从上市银行公告的一些案例中可以看出，部分股东对于银行吸收合并议案存在不同意见。 比如，1月15日，苏农商行召开2026年第一次临时股东会，审议通过了关于吸收合并江苏张家港渝农商 村镇银行并设立分支机构的议案。该议案获得85.97%的同意票，反对票占比13.08%，弃权票占比 0.95%。其中，持股5%以下的股东同意比例为80.25%，反对和弃权比例分别为18.42%和1.34%。 这样的情况并非孤例。贵州银行（06199.HK）在第三次临时股东大会上审议通过收购盘州万和村镇银 行、凯里东南村镇银行和白云德信村镇银行并设立支行的三项议案。每项议案反对票均超过1.5%，弃 权票均超过3.7%。 此外，去年11月，贵阳银行（601997.SH）拟收购息烽发展村镇银行并设立分支机构的议案获得80.83% 的赞成票，反对票达19.07%， ...

Market Performance - The city commercial bank sector increased by 0.13% compared to the previous trading day, with Qingdao Bank leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Qingdao Bank (002948) closed at 4.61, up 2.22% with a trading volume of 820,200 shares and a transaction value of 376 million [1] - Ningbo Bank (002142) closed at 30.55, up 0.86% with a trading volume of 507,200 shares and a transaction value of 1545 million [1] - Hangzhou Bank (600926) closed at 15.69, up 0.71% with a trading volume of 837,900 shares and a transaction value of 1323 million [1] - Qilu Bank (601665) closed at 5.59, up 0.54% with a trading volume of 649,200 shares and a transaction value of 363 million [1] - Chongqing Bank (601963) closed at 10.36, up 0.39% with a trading volume of 91,200 shares and a transaction value of 94.52 million [1] - Shanghai Bank (601229) closed at 9.27, up 0.11% with a trading volume of 635,000 shares and a transaction value of 593 million [1] - Other banks such as Changsha Bank, Xiamen Bank, and Suzhou Bank showed minimal changes in their stock prices [1] Capital Flow - The city commercial bank sector saw a net inflow of 404 million from main funds, while retail investors experienced a net outflow of 4.15 billion [2] - The main funds' net inflow and outflow for individual banks varied, with Ningbo Bank and Jiangsu Bank showing significant inflows [3] - Retail investors showed notable outflows in several banks, indicating a shift in investment sentiment [3]

Core Viewpoint - Guizhou Bank plays a crucial role in supporting the local economy by providing tailored financial services to various industries, enhancing the vitality of the county economy through innovative financial solutions and community engagement [1][2][3][5][8]. Group 1: Financial Support for Agriculture - Guizhou Bank implements a "one county, one industry" strategy, offering comprehensive financial services that boost local agricultural production, such as edible mushrooms and blueberries, leading to significant income increases for farmers [2][3][4]. - The bank's financial assistance has enabled companies like Guizhou Guiwang Biotechnology Co., Ltd. to expand production, resulting in an annual output value of 1 billion yuan and supporting over 200 local farmers with an average annual income increase of over 30,000 yuan [2][3]. - The blueberry industry in Majiang County has generated over 800 million yuan in annual output value, benefiting more than 30,000 residents through stable income opportunities [3]. Group 2: Industrial Upgrading and Support - Guizhou Bank focuses on financing new industrial projects, such as the aluminum deep processing industry in Qingzhen City, providing essential funding to support local economic transformation [5][6][7]. - The bank has facilitated the construction of the Wangzhuang aluminum processing industrial park, which has become a key driver for the local economy, with significant investments in infrastructure and technology [6][7]. - Financial support for companies like Guizhou Jifang Technology has enabled them to overcome cash flow challenges, leading to increased production capacity and market competitiveness [6][7]. Group 3: Infrastructure Development - Guizhou Bank has invested nearly 14.4 billion yuan in rural road construction, supporting over 41,000 projects and enhancing connectivity for local communities [11][12]. - The bank's innovative funding mechanisms ensure that financial resources are allocated efficiently to infrastructure projects, significantly improving transportation and logistics for rural economies [12]. - Improved rural roads have facilitated the movement of agricultural products, contributing to the economic development of various regions and enhancing the livelihoods of local farmers [12][13]. Group 4: Financial Innovation and Product Development - Guizhou Bank continuously develops innovative financial products, such as "Shuangnong Chengyi Loan" and "Shuangrong Chain," to meet the diverse needs of local industries and farmers [9][10]. - The bank's 24/7 asset management data platform and proprietary risk control indicators enhance the efficiency and security of its financial services, ensuring that support aligns with industry demands [10]. - The bank's commitment to providing tailored financial solutions has resulted in substantial economic benefits for local communities, transforming financial services into a vital resource for growth [10][13].

Core Viewpoint - The article discusses the increasing trend of personal non-performing loan (NPL) transfers in the banking sector, driven by regulatory changes and the rising pressure of bad debts on financial institutions [1][5]. Group 1: Market Dynamics - The personal NPL transfer market is experiencing a surge, with transaction volumes rising from 186.48 billion in 2021 to 965.30 billion in 2023, and projected to reach 1583.50 billion in 2024 [3][4]. - As of January 22, 2026, there were 20 new announcements for personal NPL transfers within the month, indicating heightened activity in the market [2][8]. - The average discount rate for personal NPL packages has significantly decreased, with rates dropping from 8%-10% before 2023 to around 5% in 2026 [10][11]. Group 2: Regulatory Impact - A regulatory notification extended the trial period for bulk transfers of personal NPLs until December 31, 2026, allowing a wider range of financial institutions to participate in the transfer process [2][4]. - The expansion of trial institutions to include city commercial banks and rural commercial banks has led to a notable increase in the volume of NPL transfers [5][17]. Group 3: Borrower Profile and Economic Context - The borrower demographic for personal NPLs includes failed entrepreneurs, unemployed individuals relying on credit cards for living expenses, and consumers with excessive debt [4][20]. - The economic backdrop, characterized by macroeconomic fluctuations and income instability, has exacerbated the bad debt situation, compelling banks to offload risk assets [5][20]. Group 4: Challenges in Asset Recovery - The recovery rates for NPLs have declined, with some packages facing average recovery rates below 6%, marking the lowest in five years [12][13]. - Financial institutions are facing challenges in asset valuation and recovery due to incomplete documentation and inefficient legal processes [26][28]. Group 5: Strategic Adjustments - Banks are adapting their strategies by improving the quality of NPL packages, such as reducing overdue times and increasing the concentration of borrowers in economically developed areas [24][25]. - There is a push for enhanced transparency and standardization in the NPL transfer process to improve market confidence and asset pricing [28].

| | | 香智新虹理财研究院 ·2025年末信息披露优秀机构 | | | | --- | --- | --- | --- | --- | | | | 理财公司前十 | | | | | 排名 | 理财机构 | જ્ઞેસ | | | ← | 14 | 杭银理财e | 99.00 € | ー | | L | 2+ | 南银理财台 | 98.13 € | ← | | ← | 34 | 招银理财 | 96.25 € | 4 | | ← | 44 | 苏银理财。 | 95.63 € | ← | | ← | 56 | 中银理财 | 94.38 € | ← | | 4 | 64 | 渤银理财台 | 92.50 € | ← | | ← | 74 | 品 | 91.88 € | 4 | | 4 | 84 | 工银理财 | 91.88 € | ← | | ← | 96 | 信银理财台 | 91.25 € | ← | | 47 | 10← | 兴银理财台 | 91.25 € | P | | ← | ← | ← | ← | P | 金融监管总局于2025年12月25日发布《银行保险机构资产管理产品信息披露管理办法》（以下简称《办 ...

Group 1 - The core viewpoint of the articles highlights the increasing shareholder dissent during the merger and acquisition processes of rural banks, indicating a trend towards more market-driven governance mechanisms in the banking sector [1][2][3] - The recent merger of Suzhou Rural Commercial Bank with Zhangjiagang Yurun Rural Bank was approved with a 13.08% dissenting vote, reflecting growing concerns among shareholders regarding the governance and decision-making processes in banking [1][2] - Similar patterns were observed in previous cases, such as Guiyang Bank and Guangzhou Rural Commercial Bank, where significant dissenting votes were recorded, suggesting a broader trend of shareholder activism in the banking sector [1][4] Group 2 - Financial data of Zhangjiagang Yurun Rural Bank shows total assets of 537 million yuan and a net profit of 20.33 million yuan, with a low non-performing loan ratio of 0.73% and a high provision coverage ratio of 930.51% [2] - The dissent among shareholders is attributed to concerns over the rationality of merger pricing and the diverse interests of different shareholder groups, particularly between management's focus on long-term growth and minority shareholders' emphasis on short-term returns [3][5] - The integration of rural banks involves complex valuation and risk management issues, with capital adequacy, cultural integration, and strategic alignment being critical factors for successful mergers [7][8]

Group 1 - The core viewpoint of the report indicates that the fund, AI Fund China Europe Dividend Select Mixed Initiation A, has shown a profit of 1.5113 million yuan in Q4 2025, with a weighted average profit per fund share of 0.032 yuan. The fund's net value growth rate for the reporting period was 2.8%, and the fund size reached 61.4973 million yuan by the end of Q4 [3][15] - The fund is categorized as a mixed equity fund, with a unit net value of 1.29 yuan as of January 22. The fund managers are Liu Yong and Zhang Xue Ming [3] - The fund management expresses optimism about the future of dividend investment in China, suggesting there is still room for further development and deeper exploration. They plan to enhance research in this area and refine existing dividend strategies [3] Group 2 - As of January 22, the fund's three-month cumulative net value growth rate is 4.09%, ranking 514 out of 689 comparable funds. The six-month growth rate is 6.58%, ranking 603 out of 689, and the one-year growth rate is 18.55%, ranking 581 out of 673 [3] - The fund's Sharpe ratio since inception is 1.3735, indicating a favorable risk-adjusted return [8] - The maximum drawdown since inception is 6.78%, occurring in Q2 2025, which is the highest quarterly drawdown recorded [11] Group 3 - The average stock position since inception is 86.6%, compared to the peer average of 84.04%. The fund reached its highest stock position of 92.16% at the end of Q3 2025 and its lowest of 67.43% at the end of Q3 2024 [14] - As of the end of Q4 2025, the fund's top ten holdings include Guangzhou Development, Nanjing High-Tech, Weifu High-Tech, Huadian International, Ordos, Nanjing Steel, Wuxi Bank, Shandong Publishing, Guiyang Bank, and Zhongchuang Zhiling [18]

Market Overview - The city commercial bank sector experienced a decline of 0.55% on January 21, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Ningbo Bank closed at 28.88, with an increase of 1.16% and a trading volume of 432,300 shares, amounting to a transaction value of 1.246 billion [1] - Chongqing Bank closed at 10.25, down 1.82%, with a trading volume of 106,800 shares and a transaction value of 110 million [2] - Other notable performers include Xiamen Bank, which closed at 7.13, down 1.66%, and Chengdu Bank, which closed at 15.72, down 1.38% [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 508 million from institutional investors, while retail investors experienced a net outflow of 566 million [2] - The capital flow for individual stocks indicates that Hangzhou Bank had a net inflow of 158 million from institutional investors, while it faced a net outflow of 86.5 million from retail investors [3] - Shanghai Bank also saw a net inflow of 107 million from institutional investors, with a net outflow of 121 million from retail investors [3]

Core Viewpoint - Guizhou Bank announced the extension of share pledges by its major shareholder, Guizhou State-owned Assets Investment Management Company, which holds a significant portion of the bank's shares [1][2]. Group 1: Shareholding and Pledge Details - Guizhou State-owned Assets holds 468,599,066 shares of Guizhou Bank, accounting for 12.8166% of the total share capital [1]. - Together with its concerted actions, Guizhou State-owned Assets and its affiliates hold a total of 565,644,166 shares, representing 15.4708% of the total share capital [1]. - After the pledge extension, Guizhou State-owned Assets has pledged a total of 233,203,600 shares, which is 49.7661% of its holdings [1]. - The total pledged shares by Guizhou State-owned Assets and its affiliates amount to 279,543,600 shares, making up 49.4204% of their combined holdings [1]. Group 2: Pledge Extension Specifics - The shares involved in this pledge extension do not serve as collateral for major asset restructuring performance compensation or other guarantees [2]. - The original pledge dates for the shares were January 9, 2026, and January 16, 2026, for two separate batches of 46,828,000 shares each [2].

证券日报网讯 1月20日，贵阳银行发布公告称，2023年1月11日、2023年1月18日，贵阳市国有资产投资 管理公司（简称"贵阳国资"）分别将持有的46，828，000股、46，828，000股公司股票质押给国泰海通 证券股份有限公司（原国泰君安证券股份有限公司），原质押到期日分别为2026年1月9日、2026年1月 16日。近日，公司收到股东贵阳国资来函，获悉其将相关质押股份办理了质押展期手续，本次质押股数 合计93，656，000股。 （文章来源：证券日报） ...