江南时报讯 在张家港农商银行成立24周年、无锡分行成立9周年之际，为深化银社联动、回馈社区厚爱，近日，张家港 农商银行无锡分行组织员工走进望溪社区，开展"巧手蕙心 好柿花生"主题手作暨反诈宣传活动。 活动现场，分行员工与社区工作者紧密协作，引导居民亲手制作象征"事事如意"与"好事发生"的柿子挂件。居民们巧手 翻飞，交流心得，欢声笑语中传递着温馨情谊，有效拉近了银社距离。随后，分行员工精心开展反诈知识讲座，结合近 期高发的养老诈骗、非法集资等典型案例，以通俗易懂的语言剖析风险陷阱，帮助居民筑牢资金安全防线。活动尾声， 居民们自发录制祝福视频，一声声"生日快乐"饱含真情，为分行发展注入温暖力量。 卓越的品牌不仅镌刻于业绩丰碑，更扎根于深厚的情感认同。这份来自居民的真诚祝福，是张家港农商银行无锡分行前 行路上的宝贵礼物。未来，无锡分行将继续秉承服务初心，与广大客户和社区居民同心同行，共绘美好生活新图景。 (李文颖) ...

Core Viewpoint - The recent increase in institutional research on local listed banks, particularly city and rural commercial banks, is driven by improving fundamental indicators, investment value, and market performance, with a generally optimistic outlook on net interest margins and dividend prospects [1][3]. Group 1: Institutional Research Activity - As of December 3, 12 listed banks have received 195 research visits from 81 institutions since November, a significant increase from October's 58 visits [1][2]. - The banks involved in this round of research are all regional institutions, including Ningbo Bank, Hangzhou Bank, and others [2]. - Year-to-date, 25 banks have been researched, with Ningbo Bank and Hangzhou Bank leading in the number of visits, receiving 323 and 285 visits respectively [3]. Group 2: Outlook on Net Interest Margins - Institutions are focusing on dividend plans, net interest margin outlooks, and response measures during their research [4]. - Despite a historical low net interest margin of 1.42% as of Q3, many banks express optimism about future trends, citing potential stabilization [4][5]. - Banks are adjusting their asset-liability structures and reducing deposit rates to manage the pressure on net interest margins [5]. Group 3: Dividend Stability and Plans - The upcoming mid-term dividends for A-share listed banks in 2025 have become a focal point for institutions, with banks like Ningbo Bank and Zhangjiagang Bank implementing mid-term dividends for the first time [6]. - Several banks, including Suzhou Bank, maintain a stable cash dividend ratio of over 30%, indicating a commitment to providing consistent returns to shareholders [6]. - Banks are advised to balance their operational performance with dividend frequency, ensuring that dividend policies are aligned with profitability and capital adequacy [7].

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 种银行,成分股低估值、高股息率,防御属性突 出，场外基金为联接(A:004597，C:004598)。 【12月3日银行股上涨，银行ETF南方(512700)自10月以来涨超8%】12月3日银行股上扬，张家港行涨 幅超1%，带动银行ETF南方(512700)上涨，自10月起该基金涨超8%。 消息显示，当下市场各银行大额 存单起步门槛多为20万元。工商银行APP显示，其2025年第四期3年期个人大额存单，100万起存，年利 率仅1.55%，而最新三年期定存产品年利率最高1.55%，定存门槛仅50元。 华创证券预计，2026年银行 板块估值将系统性回升，投资逻辑从红利防御转向"红利+成长"双轮驱动。无风险利率下行时，银行股 类债属性吸引稳健资金。部分优质银行业绩弹性强，估值有望从PB转向PE逻辑。 银行ETF南方 (512700)紧密跟踪中证银行指数龙头，覆盖多种银行，成分股低估值、高股息率，防御属性突出，场外 基金为联接(A:004597，C:004598)。 本文由 Al 算法生成，仅作参考，不涉投资建议，使用风险自担 和讯财经 和而不同 迅达天下 ...

格隆汇12月3日｜银行股上涨，张家港行涨超1%，带动银行ETF南方(512700)上涨，自10月以来银行 ETF南方(512700)涨超8%。 消息面上，据悉，当前市场上各家银行大额存单起步门槛基本为20万元。工商银行APP显示，该行正在 发售的2025年第四期3年期个人大额存单，起步门槛标注为"100万起存"，而年利率仅为1.55%。而最新 的工行三年期定存产品的年利率，标注为"年利率最高可至1.55%"，定存的起步门槛仅为50元。 华创证券预计2026年仍是银行板块估值系统性回升的一年，从防御到攻守兼备，基本面回暖和资金驱动 共同发力，2026年银行股的投资逻辑将从单纯的红利防御转向"红利+成长"的双轮驱动。高股息、低估 值的特性依然是银行股的底色，特别是在无风险利率下行的背景下，银行股的类债属性将持续吸引稳健 资金。随着息差企稳、区域信贷需求回升和非息收入增长，部分优质银行将展现出较强的业绩弹性，估 值有望从PB逻辑向PE逻辑切换。 银行ETF南方(512700)紧密跟踪中证银行指数龙头，覆盖国有大行、股份制银行及优质区域银行，成分 股普遍具备低估值(低PB)、高股息率特征，在市场震荡环境中，防御属性突 ...

Core Viewpoint - The rural commercial bank sector experienced a 0.75% increase on December 2, with Yunnan Rural Commercial Bank leading the gains, while the Shanghai Composite Index and Shenzhen Component Index saw declines of 0.42% and 0.68%, respectively [1] Group 1: Market Performance - The closing price of Yunnan Rural Commercial Bank was 6.72, up by 1.20%, with a trading volume of 538,400 shares and a transaction value of 361 million [1] - Other banks in the sector, such as Shanghai Rural Commercial Bank and Wuxi Bank, also reported gains of 1.06% and 0.65%, respectively [1] - The overall trading volume and transaction values for various banks indicate active market participation, with Zhangjiagang Bank and Suzhou Rural Bank also showing positive performance [1] Group 2: Fund Flow Analysis - The rural commercial bank sector saw a net outflow of 83.05 million from institutional investors and 32.37 million from speculative funds, while retail investors contributed a net inflow of 115 million [1] - Yunnan Rural Commercial Bank had a net inflow of 13.21 million from institutional investors, despite a net outflow of 21.98 million from speculative funds [2] - The fund flow data indicates varying levels of investor confidence, with some banks like Zhangjiagang Bank experiencing significant net outflows from institutional and speculative investors, while retail investors showed strong interest [2]

"青居贷"产品的推出不仅是张家港农商银行在住房金融领域的一次创新，也是该行服务品牌"大家金融 成就大家"的生动注解。朱佳令 考虑到年轻人收入特征及未来成长空间，张家港农商银行为该群体量身定制了"青居贷"特色住房按揭贷 款产品。该产品采用前5年少还本金，第6年起还款方式恢复传统等额本息或等额本金的还款方式，大幅 降低年轻人购房初期的还款压力，每月还款本金低至100元，以"时间换空间"的方式为年轻人实现"安居 港城"的愿景。原则上，大学毕业10年内的年轻人只要满足近半年连续在张家港缴纳社保，并且本地区 没有其他未还清的房贷，同时符合张家港市政府人才标准，即可申请。 近期，张家港农商银行推出"青居贷"个人特色住房按揭贷款产品。该产品的推出是该行进一步落实张家 港市委、市政府号召，助力青年、新市民在张家港实现安居乐业美好愿景的具体举措，着力减轻新市 民、青年群体前期还款压力，成为广大客户置业路上的坚实后盾。 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

每经AI快讯，张家港行（SZ 002839，收盘价：4.74元）发布公告称，2025年11月28日，张家港行接受 汇添富基金调研，公司董事会办公室负责人陶鹰等人参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ （记者 王晓波） 2025年1至6月份，张家港行的营业收入构成为：利息收入占比75.14%，非利息收入占比2.73%。 截至发稿，张家港行市值为116亿元。 ...

| | 处置中心制定出相应的处置方案，通过增加担保等方式进行 | | | --- | --- | --- | | | 风险缓释。公司律师事务部通过法律手段追讨欠款，维护银 | | | | 行权益。通过各部门相互配合，较好实现了风险的早识别、 | | | | 早预警、早处置和早化解，全面提升全行风险管控的精准性 | | | | 与有效性。 | | | 附件清单（如有） | 无 | | | 日期 | 2025 年 12 1 日 | 月 | 江苏张家港农村商业银行股份有限公司投资者关系活动记录表 编号:2025-08 | | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 汇添富基金 吴冠霖 | | 人员姓名 | | | 时间 | 2025 年 11 月 28 日下午 13：30-14：30 | | 地点 | 张家港行总行 17 楼会议室 | | 上市公司接待人 | 董事会办公室负责人 陶鹰女士 | | 员姓名 ...

Market Performance - The rural commercial bank sector increased by 1.44% on December 1, with Zhangjiagang Bank leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Zhangjiagang Bank (002839) closed at 4.74, up 4.41% with a trading volume of 1.1194 million shares and a transaction value of 5.31 billion [1] - Qingnong Commercial Bank (002958) closed at 3.21, up 2.23% with a trading volume of 850,300 shares and a transaction value of 270 million [1] - Yunnan Agricultural Bank (601077) closed at 6.64, up 2.15% with a trading volume of 639,200 shares and a transaction value of 422 million [1] - Jiangyin Bank (002807) closed at 4.92, up 2.07% with a trading volume of 543,000 shares and a transaction value of 266 million [1] - Other notable performances include Yuanxi Bank (600908) at 6.17 (+1.98%), Sunong Bank (603323) at 5.30 (+1.92%), and Ruifeng Bank (601528) at 5.61 (+1.63%) [1] Fund Flow Analysis - The rural commercial bank sector experienced a net outflow of 83.7827 million from institutional investors, while retail investors saw a net inflow of 1.7564 million [1] - Notable net inflows from speculative funds amounted to 82.0263 million [1] Detailed Fund Flow for Individual Stocks - Yunnan Agricultural Bank (601077) had a net inflow of 24.4028 million from institutional investors, while retail investors had a net outflow of 36.2857 million [2] - Jiangyin Bank (002807) saw a net inflow of 17.2582 million from institutional investors, with retail investors experiencing a net outflow of 4.7439 million [2] - Other banks like Zijin Bank (601860) and Ruifeng Bank (601528) also showed varied fund flows, with Zijin Bank having a net inflow of 2.9176 million from speculative funds [2]