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 ...

Core Viewpoint - The first batch of eight listed banks in China has reported their 2025 performance, showing overall positive growth in net profit and revenue, with a focus on optimizing business structures and enhancing risk management for 2026 [1][2]. Group 1: Financial Performance - All eight listed banks reported a year-on-year increase in net profit, with seven achieving both revenue and net profit growth [2] - Hangzhou Bank led with a 12.05% increase in net profit, while Ningbo Bank and Nanjing Bank reported growths of 8.13% and 8.08% respectively [2] - Among joint-stock banks, Pudong Development Bank saw a notable 10.52% increase in net profit, while CITIC Bank, China Merchants Bank, and Industrial Bank reported growths of 2.98%, 1.21%, and 0.34% respectively [2] - Seven banks achieved revenue growth, with only CITIC Bank experiencing a slight decline of 0.55% [2] - Ningbo Bank's revenue grew by 8.01% to 71.968 billion yuan, driven by a 30.72% increase in net income from fees and commissions [2] Group 2: Asset Expansion - Total assets of several banks have expanded significantly, with China Merchants Bank surpassing 13 trillion yuan and Industrial Bank reaching 11 trillion yuan [3] - Smaller banks like Nanjing Bank, Ningbo Bank, and Hangzhou Bank saw asset growth rates of 16.63%, 16.11%, and 11.96% respectively, focusing on technology finance, green finance, and inclusive finance [3] Group 3: Asset Quality - The asset quality indicators remain stable, with a decrease in non-performing loan (NPL) ratios for four banks and three remaining stable [4] - Pudong Development Bank reported a significant decrease in NPL ratio by 10 basis points to 1.26%, while CITIC Bank and China Merchants Bank saw declines of 1 basis point to 1.15% and 0.94% respectively [4] - The overall provision coverage ratio has slightly decreased but remains at a high level, with several banks maintaining coverage ratios above 300% [4] Group 4: Future Strategies - Many banks have outlined their 2026 operational focuses, emphasizing business structure optimization, expanding fee income sources, and strengthening risk management [5][6] - Bank of Beijing has set ten key initiatives for 2026, aiming for qualitative and quantitative growth through deepening specific banking services and ensuring compliance [6]

Investment Rating - The report maintains a positive outlook on the banking sector, particularly highlighting the potential of specific banks such as China Merchants Bank [1][5]. Core Insights - The banking sector is experiencing a significant expansion in wealth management, with the total scale reaching 33.3 trillion yuan by the end of 2025, reflecting a growth of 3.34 trillion yuan and an annual growth rate of 11.2% [3][12]. - The report indicates a strategic shift towards increasing allocations in deposits and public funds while slightly reducing allocations in certificates of deposit and equity assets [4][5]. - The average yield of wealth management products is reported at 1.98%, with a total of 730.3 billion yuan generated for investors in 2025 [4]. Summary by Sections Market Dynamics - The A-share market saw an increase of 1.81% this week, while the banking sector declined by 2.70% [15]. - The People's Bank of China maintained the loan market quotation rate (LPR) at 3.0% for one year and 3.5% for five years and above [1][12]. Wealth Management Trends - By the end of 2025, the wealth management scale is projected to reach 33.3 trillion yuan, with various product categories showing different growth patterns [3][4]. - Cash management products have seen a decline, with a total decrease of 0.26 trillion yuan in 2025, although there was a recovery in the second half of the year [3]. Asset Allocation - As of the end of 2025, the investment assets of wealth management products totaled 35.66 trillion yuan, with bonds, deposits, and public funds making up the majority of the allocations [4]. - The report notes a significant increase in allocations to deposits (2.38 trillion yuan) and public funds (0.89 trillion yuan) [4]. Future Outlook - The report anticipates that the wealth management scale will continue to grow rapidly in 2026, with a neutral expectation of an increase of approximately 3 trillion yuan [5].

Investment Rating - The report assigns an "Overweight" rating to the banking sector [4]. Core Insights - As of January 23, 2026, eight banks have reported stable growth in performance and maintained asset quality. The outlook for 2026 suggests continued improvement in bank performance, supported by narrowing interest margin declines and decreasing credit costs [2][4]. Summary by Sections 1. Performance Indicators - Eight banks reported their performance for 2025, showing stable growth and asset quality. The revenue growth rates for major banks were as follows: - Shanghai Pudong Development Bank: +1.9% - Industrial Bank: +0.2% - China Merchants Bank: +0.01% - CITIC Bank: -0.6% - Regional banks showed varied performance, with Nanjing Bank at +10.5%, Ningbo Bank at +8.0%, Hangzhou Bank at +1.1%, and Suzhou Rural Bank at +0.4% [4][6]. 2. Scale and Growth - Quality regional banks continued to experience strong credit growth. By the end of 2025, asset growth rates were: - Nanjing Bank: 16.6% - Ningbo Bank: 16.1% - Hangzhou Bank: 12.0% - Loan growth rates were: - Nanjing Bank: 13.4% - Ningbo Bank: 17.4% - Hangzhou Bank: 14.3% - Overall deposit growth remained stable, with city commercial banks maintaining a growth rate of over 10% and joint-stock banks at 7%-8% [4][6]. 3. Asset Quality - The non-performing loan (NPL) ratios showed a stable or declining trend across the eight banks, with Shanghai Pudong Development Bank at 1.26%, Suzhou Rural Bank at 0.88%, and CITIC Bank at 1.15%. The provision coverage ratios remained robust, with Hangzhou Bank and China Merchants Bank showing a decline of over 10 percentage points but still at high absolute levels [4][6]. 4. Outlook for 2026 - The report anticipates continued improvement in bank performance in 2026, driven by: - A narrowing decline in interest margins leading to improved net interest income growth. - Increased fee income from insurance and wealth management channels. - Continued resolution of risks in key corporate sectors and stabilization of retail risk exposure [4][6]. 5. Investment Recommendations - The report suggests focusing on three main investment lines for 2026: 1. Identifying banks with potential for performance growth, recommending Ningbo Bank, China Merchants Bank, and Nanjing Bank. 2. Considering banks with convertible bond expectations, recommending Chongqing Bank and Changshu Bank. 3. Continuing dividend strategies, recommending Bank of Communications, Jiangsu Bank, and Chongqing Rural Commercial Bank [4][6].

Core Viewpoint - The first batch of 2025 performance reports from listed banks indicates significant improvement in performance metrics, with asset quality remaining stable [1][2]. Group 1: Performance Highlights - As of January 23, 2025, eight listed banks have released performance reports, with all achieving positive growth in net profit [2]. - Notably, the net profit of China Merchants Bank reached 150.18 billion yuan, showing a slight year-on-year increase, while Hangzhou Bank's net profit grew approximately 12% [1][2]. - Among the eight banks, the majority reported a slowdown in revenue growth, with only CITIC Bank experiencing a slight revenue decline of 0.55% [2]. Group 2: Asset Quality and Loan Performance - All eight listed banks demonstrated steady asset expansion, with smaller banks leading in growth rates [1][4]. - The non-performing loan (NPL) ratio remained favorable, with five banks maintaining NPL ratios below 1% [6][8]. - The NPL ratio for several banks improved, with Shanghai Pudong Development Bank showing the largest decline of 10 basis points to 1.26% [6][8]. Group 3: Provisioning and Coverage Ratios - Many banks increased their provisioning efforts, although the provision coverage ratios generally declined, indicating a strategy to use provisions to support profits [6][9]. - Among the eight banks, seven experienced a decrease in provision coverage ratios, with declines ranging from 5.82 to 58.77 percentage points [9][10]. Group 4: Future Outlook - Analysts predict that the net interest margin (NIM) for banks in 2026 will benefit from monetary policy, with a stabilization in the decline of NIM expected [1][10]. - Revenue and net profit growth for banks in 2026 is anticipated to improve, driven by NIM recovery and reduced credit costs [10][11]. - The banking sector is expected to maintain a stable dividend profile and benefit from economic recovery dynamics in 2026 [11].

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]

Core Viewpoint - The agricultural commercial bank sector experienced a decline of 0.91% on January 23, with Changshu Bank leading the drop, while the Shanghai Composite Index rose by 0.33% and the Shenzhen Component Index increased by 0.79% [1] Group 1: Market Performance - The closing price of Changshu Bank was 7.18, reflecting a decrease of 1.51% [1] - The sector's main stocks showed mixed performance, with XD Yunnong Bank increasing by 0.82% to 6.12, and Wuxi Bank decreasing by 0.17% to 5.81 [1] - The total trading volume for the agricultural commercial bank sector was significant, with XD Yunnong Bank recording a volume of 921,300 shares and a transaction value of 565 million [1] Group 2: Capital Flow - The agricultural commercial bank sector saw a net inflow of 9.78 million from main funds, while retail investors experienced a net outflow of 76.56 million [1] - Among individual banks, Shanghai Agricultural Commercial Bank had the highest net inflow from main funds at 26.90 million, while Changshu Bank faced a net outflow of 22.49 million [2] - Retail investors showed a significant net inflow into Qingnong Bank at 24.98 million, despite the bank experiencing a net outflow from main and speculative funds [2]

（苏农银行） 1月21日，苏农银行发布2025年业绩快报。业绩快报显示，截至2025年末，苏农银行总资产2311.03亿元，较年初增长 8.00%；总贷款1394.32亿元，较年初增长7.81%；总存款1829.59亿元，较年初增长7.47%，其中储蓄存款1125.12亿 元，较年初增长11.03%。2025年度实现营业收入41.91亿元，同比增长0.41%；归属于母公司股东的净利润20.43亿元， 同比增长5.04%。截至2025年末，该行不良贷款率0.88%，较年初下降0.02个百分点，关注贷款率1.33%，拨备覆盖率 370.19%，资产质量健康稳健。 ...

Group 1: Commercial Aerospace - The Chinese commercial aerospace sector is entering a new phase aimed at large-scale launches and commercial closed-loop systems, with significant breakthroughs expected in rocket capacity over the next 3 to 5 years [1] - By 2025, China's commercial aerospace is projected to complete 50 launches, accounting for 54% of total space launches, with 25 commercial rockets launched and 311 commercial satellites in orbit, representing 84% of total satellites [1] - The capital market for commercial aerospace companies is accelerating, with several leading firms preparing for IPOs, including Blue Arrow Aerospace and Zhongke Aerospace [1] Group 2: Public Fund Performance - The latest public fund reports reveal that the top ten holdings include companies like Zhongji Xuchuang, Ningde Times, and Tencent, with notable increases in holdings for companies like Zhongji Xuchuang, which saw an increase of 22.602 billion yuan [2] - The automotive industry is facing cost pressures due to rising prices of memory chips and metals, impacting supply chain dynamics and competition [2] Group 3: Biopharmaceutical Industry - Over 50 biopharmaceutical companies have disclosed their 2025 performance forecasts, with nearly 50% showing positive expectations, particularly in the CXO sector, where WuXi AppTec anticipates a revenue increase of approximately 15.84% [3] - The biopharmaceutical industry is expected to enter a new phase of high-quality development as structural reforms and supportive policies continue to evolve [3] Group 4: Fundraising and Market Trends - The public fund market has seen a resurgence, with several equity funds raising over 7 billion yuan, indicating a positive trend in active equity fund performance [4] - The Shanghai Suiruan Technology Co., Ltd. has received approval for its IPO, aiming to raise 6 billion yuan for product development and business expansion [5] Group 5: Aluminum Market - The aluminum market has shown strong performance, with prices rising over 12% since mid-December 2025, supported by favorable macroeconomic conditions and demand for aluminum in various applications [6] - The copper-aluminum price ratio exceeding 4 suggests a potential shift towards aluminum in sectors like air conditioning, indicating new demand growth [6] Group 6: Banking Sector - Five listed banks have reported a year-on-year increase in net profit for 2025, with improvements in non-performing loan ratios for three banks [9] - The banking sector is expected to maintain stable performance, supported by improved funding costs and a potential stabilization of net interest margins [9] Group 7: Chemical Industry - The chemical industry is experiencing positive performance, with over 60% of companies reporting improved earnings, driven by rising prices of certain chemical products [10] - The DOP market is expected to maintain upward momentum due to strong raw material prices and limited supply, indicating a stable support for pricing [10]