Core Viewpoint - The launch of the "E Driving Fund" service by Kunshan Rural Commercial Bank aims to address the pain points in the traditional driving training industry, such as fund supervision and student rights protection, by ensuring safe and phased payment of tuition fees through a dual-channel model of mobile banking app and WeChat mini-program [1][2]. Group 1: Service Features - The "E Driving Fund" service enhances user experience and service coverage by providing a one-stop platform for driving and financial services through the mobile banking app, while the WeChat mini-program offers a quick and convenient experience for students [2]. - Users can easily open electronic accounts, manage funds, and track their driving progress through the WeChat mini-program without needing to download the app, ensuring seamless data connectivity between the two platforms [2]. Group 2: Core Advantages - The service ensures safety by keeping tuition fees in a bank-regulated account, releasing funds to driving schools only after students complete corresponding subjects, thus eliminating prepayment risks [3]. - The dual-channel design caters to different user habits, with the app addressing deeper financial needs and the mini-program providing simplified operations, lowering the usage threshold [3]. - The integration of data between the app and mini-program allows for a consistent user experience across platforms, making operations efficient and straightforward [3]. - By introducing bank credit and standardized fund management processes, the "E Driving Fund" promotes transparency and standardization in the driving training industry, enhancing overall service quality and industry credibility [3].

Core Viewpoint - Jiangsu Suzhou Rural Commercial Bank Co., Ltd. is holding a shareholders' meeting to discuss several key resolutions, including the election of an independent director and changes to the governance structure, specifically the proposal to abolish the supervisory board and transfer its responsibilities to the audit committee of the board of directors [1][4][6]. Group 1: Shareholders' Meeting Procedures - The meeting will take place on July 8, 2025, at 14:30 in Suzhou, Jiangsu Province [1]. - Shareholders have the right to vote, speak, and inquire during the meeting, with specific guidelines for participation and time limits for speaking [2][3]. - Voting will be conducted both on-site and online, with each share carrying one vote [2][3]. Group 2: Proposed Resolutions - The first resolution proposes the abolition of the supervisory board, with its functions to be assumed by the audit committee of the board of directors [4][5]. - The second resolution involves changing the registered capital from RMB 1,803,061,543 to RMB 2,018,541,437 due to the conversion of convertible bonds and capital reserve distribution [5][6]. - The third resolution seeks to amend the company's articles of association to reflect the governance changes and other regulatory requirements [6][7]. Group 3: Governance Structure Changes - The proposed changes to the articles of association include the elimination of the supervisory board, adjustments to the powers of the shareholders' meeting and board of directors, and the introduction of employee directors [6][7]. - The new governance structure aims to enhance operational efficiency and align with regulatory standards [6][7].

2025 年第一次临时股东大会 会议材料 2025 年 7 月 8 日 1 江苏苏州农村商业银行股份有限公司 2025 年第一次临时股东大会会议材料目录 | 2025 年第一次临时股东大会会议议程 3 | | --- | | 2025 年第一次临时股东大会会议须知 4 | | 审议议案一：关于不再设立监事会的议案 6 | | 审议议案二：关于变更注册资本的议案 7 | | 审议议案三：关于修订《公司章程》的议案 8 | | 审议议案四：关于修订《股东会议事规则》的议案 65 | | 审议议案五：关于修订《董事会议事规则》的议案 78 | | 审议议案六：关于选举束兰根先生为第七届董事会独立董事的议案 90 | | 审议议案七：关于发行苏州农商银行二级资本债券的议案 91 | 2 江苏苏州农村商业银行股份有限公司 2025 年第一次临时股东大会会议议程 现场会议时间：2025 年 7 月 8 日 14：30 现场会议地点：江苏省苏州市吴江区东太湖大道 10888 号 5 楼报告厅 主持人：董事长徐晓军 一、主持人宣布会议开始 四、审议各项议案 审议议案： 五、股东发言及提问 3 二、宣布股东大会现场出席情况 三 ...

Quantitative Factor and Model Analysis Quantitative Models and Construction 1. **Model Name**: GAN_GRU Model **Model Construction Idea**: The GAN_GRU model combines Generative Adversarial Networks (GAN) for generating realistic price-volume sequential features and Gated Recurrent Units (GRU) for encoding these sequential features into predictive signals for stock selection [2][9]. **Model Construction Process**: - **GRU Component**: - Input features include 18 price-volume features such as closing price, opening price, turnover, and turnover rate [10][13]. - Training data consists of the past 400 trading days' features, sampled every 5 trading days, forming a 40x18 feature matrix to predict the cumulative return over the next 20 trading days [14]. - Data preprocessing includes outlier removal and standardization at both time-series and cross-sectional levels [14]. - The GRU network consists of two layers (GRU(128, 128)) followed by an MLP (256, 64, 64), with the final output being the predicted return (pRet) [18]. - **GAN Component**: - The generator (G) uses an LSTM model to preserve the sequential nature of the input features, while the discriminator (D) employs a CNN to process the two-dimensional price-volume feature "images" [29][32]. - The generator's loss function is: $$ L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))] $$ where \( z \) represents random noise, \( G(z) \) is the generated data, and \( D(G(z)) \) is the discriminator's output probability [20][21]. - The discriminator's loss function is: $$ L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))] $$ where \( x \) is real data, \( D(x) \) is the discriminator's output for real data, and \( D(G(z)) \) is the output for generated data [23][25]. - Training alternates between updating the discriminator and generator parameters until convergence [26]. **Model Evaluation**: The GAN_GRU model effectively captures both sequential and cross-sectional price-volume features, leveraging the strengths of GANs and GRUs for stock selection [2][9][29]. --- Quantitative Factors and Construction 1. **Factor Name**: GAN_GRU Factor **Factor Construction Idea**: The GAN_GRU factor is derived from the GAN_GRU model's output, representing the encoded price-volume sequential features as a stock selection signal [2][9]. **Factor Construction Process**: - The factor is derived from the predicted return (pRet) output of the GAN_GRU model [18]. - The factor undergoes industry and market capitalization neutralization, followed by standardization [18]. **Factor Evaluation**: The GAN_GRU factor demonstrates strong predictive power across various industries, with consistent performance in both IC and excess returns [36][40]. --- Model Backtest Results 1. **GAN_GRU Model**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37]. --- Factor Backtest Results 1. **GAN_GRU Factor**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37].

Market Overview - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index up 0.2%, the Shenzhen Component Index up 0.54%, and the ChiNext Index up 0.93% [1] - The total market turnover reached 932.6 billion yuan, a decrease of 81.1 billion yuan compared to the previous day, with over 3,500 stocks rising [1] Sector Performance - The gaming, military, brain-computer interface, and photolithography concept stocks led the gains, while the banking, securities, and dairy sectors experienced declines [3] - Notable stocks in the military sector included Hengyu Xintong (300965), Chenxi Aviation (300581), and Zhongbing Hongjian (000519), all of which hit the daily limit [3] - The gaming sector saw significant increases with Kaiying Network (002517) and Giant Network (002558) both reaching the daily limit [3] - Photolithography concept stocks were active, with Blue Eagle Equipment (300293) hitting the daily limit, along with Kaimete Gas (002549) and Zhongci Electronics (003031) [3] - The innovative drug sector rebounded, with Zhaoyan New Drug (603127) also hitting the daily limit [3] - The banking and securities sectors faced early declines, with Guosheng Jinkong (002670) dropping over 5% [3] Hot Stocks - The strongest sectors included new energy vehicles, military, and specialized innovative companies, with multiple stocks hitting daily limits [8][9][10] - In the new energy vehicle sector, 16 stocks reached the daily limit, with the highest consecutive limit being 9 days [8] - The military sector had 14 stocks hitting the daily limit, with the highest consecutive limit also being 9 days [9] - The specialized innovative sector had 13 stocks hitting the daily limit, with a maximum of 3 consecutive limits [10] Sector Insights - The military equipment sector is expected to benefit from increasing global military trade demand and domestic military modernization efforts, potentially leading to a dual boost in fundamentals and industry valuations [12] - The gaming sector is supported by a record number of game approvals, indicating regulatory support for healthy industry development [13] - The brain-computer interface sector is gaining attention due to advancements from Neuralink, with significant usage data reported from trial participants [14] - The digital currency sector is poised for growth as Hong Kong aims to enhance cross-border payment efficiency through stablecoins, with new regulations set to take effect [15]

证券代码：603323 证券简称：苏农银行 公告编号：2025-022 江苏苏州农村商业银行股份有限公司关于 持股 5%以上股东部分股份解除质押及再质押的公告 江苏苏州农村商业银行股份有限公司（以下简称"本行"或"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: 公司股东亨通集团有限公司（以下简称"亨通集团"）持有公司股份 137,454,953 股，占公司总股本 6.81%，累计质押股份 105,420,000 股， 占其持股总股数的 76.69%。 近日，公司接到股东亨通集团关于股份解除质押及股份再质押的通知，具体 事项如下： 一、上市公司股份解除质押 2025 年 6 月 23 日，亨通集团将其质押给渤海银行股份有限公司苏州分行的 49,170,000 股公司非限售流通股解除质押，相关手续于 2025 年 6 月 24 日办理 完毕。具体情况如下： 单位：股 本次解除质押的股份将用于后续质押，具体情况见"二、上市公司股份质押"。 二、上市公司股份质押 2025 年 6 月 23 日，亨通集团在中国证券登 ...

银行板块短线跳水，长沙银行（601577）、苏农银行（603323）跌超2%，中信银行（601998）、西安 银行（600928）、齐鲁银行（601665）、青岛银行（002948）纷纷下挫。 ...

苏农银行监事会成员共9人 #图文作者回归激励计划#，其中股东监事3名、职工监事3名、外部监事3名 ，上述束兰根之外，其他监事的去向暂未公布。 监事转为独董为监管所认可。2024年12月，金融监管总局有关司局负责人就《关于公司治理监管规定与公司法衔接有关事项的通知》答记者问时称，金融 机构取消监事会后，原外部监事符合独立董事任职资格要求的，可按照独立董事的选任程序转任独立董事。但原任职外部监事和转任独立董事的累计任职 年限，原则上不得超过六年。 另据湘财Plus此前文章，同位于江苏的姜堰农商银行上个月宣布完成监事会改革，其中2位外部监事转任独立董事，2位外部监事任职到期辞职，4名职工 监事均不再兼任相关职务，监事会办公室主任转任工会副主席、职工董事，4名股东监事转聘担任行务监督员。 统筹/新湘财撰文/湘财Plus 苏州农商银行日前召开董事会会议，审议通过了不再设立监事会、修改公司章程、股东会议事规则、董事会议事规则等多项议案，其中提名束兰根独立董 事候选人的议案引人注意。 △苏州农商银行。 湘财Plus注意到，束兰根此前为苏农银行外部监事，该行不再设立监事会之后，其转而出任独立董事。 简历显示，束兰根今年57岁 ...

Market Overview - A-shares experienced a low open and high close, with the Shanghai Composite Index rising by 0.35%, Shenzhen Component Index by 0.41%, and ChiNext Index by 0.66% [1] - The total market turnover reached 12,435 billion, with over 3,500 stocks in the market closing in the green [1] Stablecoin Concept - The stablecoin concept surged throughout the day, with the digital currency sector rising by 4.72%, making it the top-performing industry concept [2] - Notable stocks included Tianyang Technology and Sifang Jingchuang hitting the 20% limit up, while Lakala rose over 15% [2] - The positive sentiment is attributed to favorable policies boosting investor confidence, with long-term prospects for stablecoins expected to drive the virtual asset industry [3] Financial Sector Performance - The banking sector showed strong performance, with Qingnong Commercial Bank and Sunong Bank rising over 3%, and several banks reaching historical highs [4] - The People's Bank of China reported an increase in social financing scale and new RMB loans, indicating a robust financial environment [4] - Analysts suggest that bank stocks have strong earnings certainty and recommend focusing on their investment value due to stable fundamentals and low valuations [5] Real Estate Sector Activity - The real estate sector exhibited strong performance, with a 1.69% overall increase, and 81 out of 91 stocks rising [6] - Positive policy signals from the government aim to stabilize the real estate market, with measures to optimize existing policies and enhance market expectations [6][7] - The National Bureau of Statistics indicated that the real estate market is moving towards stabilization, supported by the implementation of various policies [7]

Core Points - Su Nong Bank plans to increase its registered capital from 1.803 billion to 2.019 billion yuan due to convertible bond conversion and capital reserve increase [1] - There is a trend among regional city commercial banks and rural commercial banks to frequently engage in capital increases and expansions through various methods such as introducing external shareholders, convertible bond conversions, and targeted placements [1][2] - The conversion of convertible bonds is expected to enhance the core Tier 1 capital of banks like Hangzhou Bank and Nanjing Bank, with their respective conversion ratios reaching 94.23% and 75.82% [2] - Several regional banks have received regulatory approval for their capital increase plans, indicating a significant demand for capital supplementation among these institutions [3] - The ownership structure of some banks is changing, with local state-owned enterprises increasingly appearing as shareholders following capital increases [4] Group 1 - Su Nong Bank issued 25 million convertible bonds in 2018, with a total of 31.9761 million shares added through conversion by 2024 [2] - The bank's recent capital increase involved a distribution plan that resulted in an actual increase of 184 million shares [2] - The capital increase is seen as a cost-effective way for small and medium-sized banks to enhance their capital adequacy ratio [3] Group 2 - The capital increase by banks like Hanko Bank involved issuing 873.53 million shares, raising 4.586 billion yuan, with local state-owned enterprises as primary investors [4] - Challenges faced by regional banks in capital supplementation include limited external financing channels and reduced net interest margins [5] - Experts suggest that supporting small and medium-sized banks in establishing long-term capital supplementation mechanisms is essential for improving their capital capabilities [5][6]