本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： 2025年12月8日，公司、中建联合与青岛农村商业银行股份有限公司崂山支行签订了《最高额保证合 同》，公司、中建联合作为保证人向德才高科在青岛农村商业银行股份有限公司崂山支行的上述担保事 项提供最高债务本金金额不超过人民币1,500万元的连带责任担保。 （二）内部决策程序 公司分别于2025年4月29日、2025年5月29日召开的第四届董事会第二十五次会议、2024年年度股东大 会，审议通过了《关于预计2025年度对外担保额度的议案》，同意公司2025年度对外担保额度不超过人 民币60亿元，其中，对资产负债率在70%以上的子公司担保金额不超过人民币40亿元，对资产负债率在 70%以下的子公司担保金额不超过人民币20亿元。担保额度授权有效期自2024年年度股东大会审议通过 之日起不超过12个月。 本次新增担保金额在2024年年度股东大会批准的担保额度范围内，无须再次履行董事会或股东大会审议 程序。 二、被担保人基本情况 （一）基本情况 ● 担保对象及基本情况 ■ ● ...

Core Insights - The agricultural commercial bank sector experienced a slight increase of 0.21% on December 8, with Shanghai Agricultural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up by 0.54%, while the Shenzhen Component Index closed at 13329.99, up by 1.39% [1] Stock Performance - Shanghai Agricultural Commercial Bank (601825) closed at 9.52, with a rise of 1.17% and a trading volume of 214,500 shares, amounting to a transaction value of 204 million yuan [1] - Changshu Bank (601128) closed at 7.13, up by 0.28%, with a trading volume of 369,800 shares [1] - Other banks such as Jiangyin Bank (002807) and Zijin Bank (601860) saw declines of 0.63% and 0.71% respectively [1] Capital Flow - The agricultural commercial bank sector saw a net outflow of 5.0441 million yuan from main funds, while retail funds experienced a net outflow of 7.61304 million yuan [1] - Speculative funds, however, recorded a net inflow of 81.1746 million yuan [1] Individual Stock Capital Flow - Wuxi Bank (600908) had a main fund net inflow of 19.0391 million yuan, while retail funds saw a net outflow of 21.8041 million yuan [2] - Qingnong Bank (002958) experienced a main fund net inflow of 15.7202 million yuan, but retail funds had a net outflow of 1.13021 million yuan [2] - Zhangjiagang Bank (002839) had a main fund net inflow of 7.6575 million yuan, with retail funds seeing a net outflow of 1.24512 million yuan [2]

Core Viewpoint - The National Financial Supervision Administration of Qingdao has approved the transfer of shares in Qingdao Jimo Huimin Village Bank, allowing Qingdao Rural Commercial Bank to acquire 118 million shares from Jilin Jiutai Rural Commercial Bank, resulting in a 59% ownership stake for Qingdao Rural Commercial Bank [1][2]. Group 1 - The approval involves Qingdao Rural Commercial Bank acquiring 118 million shares from Jilin Jiutai Rural Commercial Bank [1][2]. - After the transfer, Jilin Jiutai Rural Commercial Bank will no longer hold any shares in Qingdao Jimo Huimin Village Bank [1][2]. - Qingdao Rural Commercial Bank's ownership stake will increase from 0% to 59% following the acquisition [1][2].

Core Viewpoint - The Hang Seng Stock Connect Financial R (HKD) Index (483026) closed at 10,527.47 points, up 1.15%, with a trading volume of 51.949 billion HKD and a turnover rate of 0.43% on December 5 [1] Group 1: Index Performance - The index saw 65 constituent stocks rise, with Ruida Futures leading at a 10.01% increase, while 22 stocks declined, with Electric Power Investment and Financing leading at a 3.86% decrease [1] - The top ten constituent stocks by weight include HSBC Holdings (15.53%), China Construction Bank (11.08%), and AIA Group (8.37%) [1] Group 2: Market Capitalization - The total market capitalization of the top ten stocks includes HSBC Holdings at 1,733.079 billion HKD, China Construction Bank at 1,897.727 billion HKD, and Industrial and Commercial Bank of China at 2,050.886 billion HKD [1] Group 3: Capital Flow - The net inflow of main funds into the index's constituent stocks totaled 1.556 billion HKD, while speculative funds saw a net outflow of 488 million HKD, and retail investors experienced a net outflow of 1.068 billion HKD [3] - Notable net inflows include Dongfang Wealth at 532 million HKD and Guotai Junan Securities at 132 million HKD, while significant outflows were observed in Guangfa Securities and Changjiang Securities [3]

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].

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]

Core Viewpoint - The retirement of Wang Xifeng, chairman of Qingdao Rural Commercial Bank, after two years of leading the bank, has sparked discussions about the bank's compensation mechanism and performance during his tenure, particularly as the bank has transitioned from a significant performance decline to a stable profit growth phase [1][12]. Group 1: Performance and Financial Metrics - Upon taking over in 2022, Qingdao Rural Commercial Bank was facing a severe performance downturn, with profits declining over 20% year-on-year and incurring fines exceeding 70 million yuan due to poor management of real estate loans [1]. - By the first three quarters of 2025, despite a revenue decline of 4.92%, the bank achieved a profit growth of 3.57%, indicating some resilience in profitability [1]. - The bank's interest income contribution remained around 70% from 2020 to the first three quarters of 2025, although it has been declining due to market fluctuations and reduced credit income [5][8]. Group 2: Challenges and Competition - The bank faces significant challenges, including a real estate industry non-performing loan rate exceeding 20% and stagnant credit expansion, compounded by increasing competition from local banks like Qingdao Bank and Qilu Bank [2][12]. - Qingdao Rural Commercial Bank's loan market share and growth have been lackluster, with a mere 0.77% increase in loans compared to deposits, leading to a low loan-to-deposit ratio of 79.99% [8]. - The bank's asset quality is under pressure, with a non-performing loan rate of 1.73%, the worst among A-share city commercial banks, and a significant portion of its real estate loans facing risks [13]. Group 3: Strategic Direction and Expansion - The bank is focusing on expanding its operations beyond Qingdao, having opened 24 new branches outside the city and merged with five village banks to enhance its regional presence [17][18]. - The bank's strategy involves addressing internal challenges while navigating external competition, particularly as it seeks to establish a differentiated competitive edge in a saturated market [5][19]. - The management team, with an average age of 54, may face ongoing personnel changes that could impact strategic continuity, alongside potential regulatory changes affecting the bank's operational framework [20][22].

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]

11月26日，青农商行发布公告称，董事会近日收到董事长王锡峰提交的辞职报告，因到龄退休，王锡峰辞去第五届董事会执行董事、董事长等职务，辞职后 将不再担任该公司及控股子公司任何职务。 | 姓名 | 离任职务 | 离任时间 | 原定任期 | | 是否继续在本 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | 离任原因 | 公司及其控股 | | | | | | | | 子公司任职 | 公开承诺 | | 王锡峰 | 第五届童事会执行 董事、董事长,董 | 2025年11 | 2027年6 | 退休 | 否 | 合 | | | 事会战略规划委员 | 月25日 | 月18日 | | | | | | 会主任委员 | | | | | | 公开简历显示，王锡峰出生于1965年8月，现已满足60岁退休年龄，并未延长任期。值得注意的是，王锡峰原定任期到期日是2027年6月18日，而此次相比原 定任期提早近一年半。 同日，青农商行召开第五届董事会第十五次临时会议，审议并通过《关于推举于丰星先生代为履行第五届董事会董事长职责的议案》，推举 ...

Core Viewpoint - The A-share market has seen a significant increase in bank stocks, with notable gains in several banks on December 1st, indicating positive market sentiment towards the banking sector [1]. Summary by Category Stock Performance - Zhangjiagang Bank increased by 5.07%, with a total market capitalization of 11.7 billion and a year-to-date increase of 16.95% [2]. - Xiamen Bank rose by 4.34%, with a market cap of 19.7 billion and a year-to-date increase of 35.40% [2]. - Qilu Bank saw a 3.38% increase, with a market cap of 37.7 billion and a year-to-date increase of 14.59% [2]. - Jiangyin Bank increased by 2.07%, with a market cap of 12.1 billion and a year-to-date increase of 18.46% [2]. - Wuxi Bank and Shanghai Bank both rose nearly 2%, with market caps of 13.5 billion and 143.1 billion respectively, and year-to-date increases of 10.04% and 15.96% [1][2]. Technical Indicators - The formation of a MACD golden cross signal suggests a positive trend for these bank stocks, contributing to their upward momentum [1].