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%， ...

回顾上周，A股市场整体呈现震荡分化格局，主要指数表现不一，热点板块轮动活跃。展望后市，机构 普遍持乐观态度，认为市场有望震荡上行。目前正值上市公司2025年业绩预告密集披露期，业绩高增长 领域有望成为后续市场关注的焦点。 结合机构统计数据，截至1月25日，A股已有超过950家公司披露了2025年业绩预告，其中业绩向好的公 司占比在四成左右。分行业来看，与人工智能高度相关的半导体产业链公司2025年业绩整体表现亮眼。 医药行业公司约有五成业绩预喜，呈现结构性分化格局。此外，金融投资报记者注意到，银行板块中已 有8家公司披露业绩快报，归母净利润同比均实现增长。 半导体产业链公司业绩爆发 受人工智能、数据中心建设及国产替代需求拉动，半导体产业链上市公司2025年业绩整体呈现强劲增长 态势。特别是在存储芯片、设备及材料领域，多家公司净利润同比翻倍。 中微半导1月25日公告称，经财务部门初步测算，预计公司2025年实现营业收入11.22亿元左右，同比增 长约23%；归母净利润2.84亿元，同比增长约107%。 炬芯科技1月25日公告称，预计2025年实现营业收入9.22亿元，同比增长41.44%；归母净利润2.04亿 ...

Core Viewpoint - The rural commercial bank sector experienced a decline of 0.47% on January 27, with Ruifeng Bank leading the drop, while the Shanghai Composite Index rose by 0.18% and the Shenzhen Component Index increased by 0.09% [1] Group 1: Market Performance - The closing prices and changes for key rural commercial banks are as follows: - Yunnan Rural Commercial Bank (601077) closed at 6.15, up 0.33% - Qingnong Bank (002958) closed at 3.13, unchanged - Changshu Bank (601128) closed at 7.18, down 0.14% - Jiangyin Bank (002807) closed at 4.51, down 0.44% - Sunong Bank (603323) closed at 4.98, down 0.60% - Zhangjiagang Bank (002839) closed at 4.46, down 0.67% - Hunan Rural Commercial Bank (601825) closed at 8.32, down 0.95% - Wuxi Bank (600908) closed at 5.76, down 1.03% - Zijin Bank (601860) closed at 2.77, down 1.07% - Ruifeng Bank (601528) closed at 5.40, down 1.10% [1] Group 2: Capital Flow - The rural commercial bank sector saw a net inflow of 88.29 million yuan from institutional investors, while retail investors experienced a net outflow of 112 million yuan [1] - The capital flow for individual banks is as follows: - Hunan Rural Commercial Bank (601825) had a net inflow of 31.55 million yuan from institutional investors, but a net outflow of 54.50 million yuan from retail investors - Changshu Bank (601128) had a net inflow of 21.64 million yuan from institutional investors and a net inflow of 1.10 million yuan from retail investors - Yunnan Rural Commercial Bank (601077) had a net inflow of 18.99 million yuan from institutional investors, with a net outflow of 2.01 million yuan from retail investors - Other banks like Jiangyin Bank (002807) and Zijin Bank (601860) also showed mixed capital flows [2]

近日，江苏省数据局公示全省第一批拟入库培育数据企业名单，苏州农商银行凭借在数据应用领域的创 新突破和数字化转型的扎实成效，跻身成功入选的3家农商银行之一。此次入选充分彰显了该行"数字创 新"转型策略的实践价值与显著成效。 风控提效，筑牢风险屏障。苏州农商银行构建全链路智能风控体系，将大数据、机器学习技术融入信贷 流程。贷前审批实现小额贷款"自动秒批"、大额贷款30秒输出决策建议；贷中运用图计算技术识别企业 关联风险；贷后建立1300余个预警信号，以"实时风控"取代"定期贷后"模式。目前，该行全业务线风险 模型覆盖率达100%，风险指标精简50%，实现风险防控与业务效率双提升。 此外，依托数据资产深度运营打造的全产品推荐模型实现"千人千面"精准营销，点击及购买客户数较上 线前提升5倍以上，带动存贷业务超百亿元，该项目荣获江苏金融业数字化转型职工技能竞赛二等奖。 此次苏州农商银行入选全省首批数据企业培育库，彰显了其在数字化转型进程中的深度布局与显著成 果。未来，该行将以此为契机，持续深化数据治理领域，拓宽数据价值转化场景边界，在数字金融创新 突破、数据安全保障等方面加码发力，不断迭代优化数字化运营体系，为地方经济 ...

● 本报记者 吴杨 截至1月26日中国证券报记者发稿时，招商银行、浦发银行、中信银行、杭州银行等8家银行披露了业绩 快报。数据显示，2025年这些银行整体保持稳健发展态势，营业收入与归母净利润普遍实现正增长，资 产质量核心指标稳中向好。 规模有序扩张 已披露2025年业绩快报的8家银行（4家股份行、3家城商行、1家农商行）均实现归母净利润同比正增 长，其中7家银行实现营业收入与归母净利润"双增"。 城商行业绩增长势头较为强劲。2025年，杭州银行以12.05%的归母净利润同比增速位居前列；宁波银 行实现归母净利润293.33亿元，同比增长8.13%；南京银行实现归母净利润218.07亿元，同比增长 8.08%。股份行中，2025年，浦发银行实现归母净利润500.17亿元，同比增长10.52%，增速较为突出； 中信银行、招商银行、兴业银行在面临多重挑战的经营环境下，归母净利润分别实现了2.98%、 对于拨备水平的适度回调，市场观点认为，这主要源于资产质量整体改善，部分银行得以释放拨备来支 撑利润增长。国联民生证券银行业首席分析师王先爽表示，银行通过拨备反哺利润需满足两方面条件： 一是拨备储备较为充足，二是上一期 ...

Core Viewpoint - The agricultural commercial bank sector experienced a decline of 0.27% on January 26, with the Shanghai Agricultural Commercial Bank leading the drop. The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Group 1: Stock Performance - The closing prices and performance of key agricultural commercial banks are as follows: - Zijin Bank: Closed at 2.80, up 1.08% with a trading volume of 592,100 shares and a transaction value of 164 million yuan - Zhangjiagang Bank: Closed at 4.49, up 0.45% with a trading volume of 293,200 shares and a transaction value of 131 million yuan - Jiangyin Bank: Closed at 4.53, up 0.22% with a trading volume of 376,000 shares and a transaction value of 170 million yuan - Wuxi Bank: Closed at 5.82, up 0.17% with a trading volume of 169,700 shares and a transaction value of 98.42 million yuan - Chongqing Rural Commercial Bank: Closed at 6.13, up 0.16% with a trading volume of 806,700 shares - Changshu Bank: Closed at 7.19, up 0.14% with a trading volume of 365,700 shares - Su Nong Bank: Closed at 5.01, down 0.20% with a trading volume of 246,100 shares - Qing Nong Bank: Closed at 3.13, down 0.32% with a trading volume of 643,900 shares - Ruifeng Bank: Closed at 5.46, down 0.55% with a trading volume of 200,900 shares - Shanghai Agricultural Commercial Bank: Closed at 8.40, down 1.06% with a trading volume of 377,700 shares [1] Group 2: Capital Flow - On that day, the agricultural commercial bank sector saw a net inflow of 140 million yuan from institutional investors, while retail investors experienced a net outflow of 259 million yuan. The net inflow from speculative funds was 119 million yuan [1] - The detailed capital flow for specific banks is as follows: - Chongqing Rural Commercial Bank: Net inflow of 43.43 million yuan from institutional investors, 26.47 million yuan from speculative funds, and a net outflow of 69.89 million yuan from retail investors - Shanghai Agricultural Commercial Bank: Net inflow of 36.54 million yuan from institutional investors, 29.93 million yuan from speculative funds, and a net outflow of 66.47 million yuan from retail investors - Changshu Bank: Net inflow of 22.25 million yuan from institutional investors, 10.94 million yuan from speculative funds, and a net outflow of 33.19 million yuan from retail investors - Jiangyin Bank: Net inflow of 11.74 million yuan from institutional investors, 8.70 million yuan from speculative funds, and a net outflow of 20.44 million yuan from retail investors - Ruifeng Bank: Net inflow of 9.70 million yuan from institutional investors, 8.78 million yuan from speculative funds, and a net outflow of 18.48 million yuan from retail investors [2]

上市银行"村改支"整合中再现股东分歧。 日前，苏农银行（603323）（603323.SH）发布的股东会决议显示，该行吸收合并张家港渝农商村镇银 行并设立分支机构的议案反对票占比13.0821%，特别是持股5%以下中小股东反对票比例达到18.415%。 无独有偶，近半年以来，已有贵阳银行（601997）、张家港行（002839）等上市银行"村改支"方案出现 中小股东意见分歧。这也反映出在市场与监管环境变化下，中小股东对于银行资本消耗型并购的态度日 趋审慎。 长江商报记者注意到，此次"村改支"是苏农银行进一步优化区域布局的重要举措。随着区域布局的持续 推进，截至2025年末，苏农银行总资产2311.03亿元，较年初增长8.00%。 但另一方面，苏农银行同时面临营收增长放缓的挑战。2025年全年，苏农银行实现营业收入41.91亿 元，同比仅增长0.41%；归母净利润20.29亿元，同比增长7.58%；加权平均净资产收益率为10.84%，同 比下降0.83个百分点。 二级市场上，截至1月23日收盘，苏农银行A股股价5.02元/股，较2025年6月6.26元/股的高点回撤近 20%。2025年全年，苏农银行股价累计涨 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending the insurance sector [8]. Core Insights - The market remains active with an average daily trading volume of 28 trillion yuan in A-shares, and the financing balance stabilizing at 2.7 trillion yuan. However, the ETF market has experienced significant volatility, with major outflows from core broad-based ETFs [11][16]. - The sentiment for market bullishness is strong, and the spring rally is expected to continue, particularly in the insurance sector where beta trading opportunities are anticipated [2][26]. - The central bank's governor indicated that there is still room for interest rate cuts, with the latest Loan Prime Rate (LPR) remaining unchanged for eight consecutive months [11][32]. Securities Sector Summary - The report highlights a positive outlook for the securities sector, with several brokerages reporting significant profit growth for 2025. The recommendation includes top brokerages such as CITIC Securities, Guotai Junan, and GF Securities [2][12]. - The average daily trading volume in the A-share market is noted at 28 trillion yuan, with a stable financing balance, indicating a recovery opportunity for the brokerage sector [11][12]. Insurance Sector Summary - The report suggests focusing on quality leading companies in the insurance sector, as the market sentiment remains strong and the spring rally is expected to continue [26][27]. - The insurance sector's fund holdings have increased, with major stocks like Ping An and China Life being highlighted for their significant market presence [27][31]. Banking Sector Summary - The banking sector is characterized by stable performance, with several banks reporting positive earnings forecasts for 2025. The report recommends quality individual stocks such as Nanjing Bank and Chengdu Bank [3][40]. - The central bank's comments on potential interest rate cuts and the expansion of wealth management products indicate a favorable environment for banks [32][33]. - The report notes a decline in bond allocations within bank wealth management products, with an increase in deposits and funds [37][34].

长江商报消息●长江商报记者 徐佳 上市银行"村改支"整合中再现股东分歧。 日前，苏农银行（603323.SH）发布的股东会决议显示，该行吸收合并张家港渝农商村镇银行并设立分 支机构的议案反对票占比13.0821%，特别是持股5%以下中小股东反对票比例达到18.415%。 无独有偶，近半年以来，已有贵阳银行、张家港行等上市银行"村改支"方案出现中小股东意见分歧。这 也反映出在市场与监管环境变化下，中小股东对于银行资本消耗型并购的态度日趋审慎。 长江商报记者注意到，此次"村改支"是苏农银行进一步优化区域布局的重要举措。随着区域布局的持续 推进，截至2025年末，苏农银行总资产2311.03亿元，较年初增长8.00%。 但另一方面，苏农银行同时面临营收增长放缓的挑战。2025年全年，苏农银行实现营业收入41.91亿 元，同比仅增长0.41%；归母净利润20.29亿元，同比增长7.58%；加权平均净资产收益率为10.84%，同 比下降0.83个百分点。 二级市场上，截至1月23日收盘，苏农银行A股股价5.02元/股，较2025年6月6.26元/股的高点回撤近 20%。2025年全年，苏农银行股价累计涨幅为10.75% ...

长江商报消息●长江商报记者 徐佳 上市银行"村改支"整合中再现股东分歧。 日前，苏农银行（603323.SH）发布的股东会决议显示，该行吸收合并张家港渝农商村镇银行并设立分 支机构的议案反对票占比13.0821%，特别是持股5%以下中小股东反对票比例达到18.415%。 根据苏农银行发布的《关于吸收合并江苏张家港渝农商村镇银行股份有限公司并设立分支机构的议 案》，苏农银行拟吸收合并张家港渝农商村镇银行并设立分支机构。 本次吸收合并后，张家港渝农商村镇银行解散并注销法人资格，其全部业务、财产、债权债务及其他一 切权利义务由苏农银行承继。 据了解，张家港渝农商村镇银行由重庆农商行在2010年4月发起设立，注册资本2亿元，其中主发起行持 股比例90%。截至2024年末，张家港渝农商村镇银行总资产5.37亿元，总存款1.54亿元，总贷款4.69亿 元，年度净利润2033万元，不良率0.73%，拨备覆盖率930.51%。 通过本次吸收合并，苏农银行将进一步整合经营资源及优化网点布局，以进一步增强对区域经济发展的 金融服务能力。 1月15日，苏农银行召开2026年第一次临时股东会，上述"村改支"议案获得表决通过。但从投票 ...