Investment Rating - The report maintains a recommendation for the banking industry [3] Core Insights - The report provides a comprehensive analysis of the asset-liability structure and interest margin changes of 42 A-share listed banks during the "14th Five-Year Plan" period, highlighting a shift towards corporate loans on the asset side and a stronger retail focus on the liability side [12][14] - The asset-liability structure indicates a significant increase in the proportion of corporate loans, rising from 57.02% to 63.22% from the end of 2020 to mid-2025, while the proportion of demand deposits decreased from 41.94% to 30% [12][14] - The report notes a decline in both asset yield and interest margin, with the yield on interest-earning assets dropping from 4.43% to 3.32% and the net interest margin decreasing from 2.23% to 1.53% during the same period [14][15] Summary by Sections Overall Asset-Liability Structure and Interest Margin Changes - The asset-liability structure shows an increase in loan-to-earning asset ratio from 54.19% to 56.49%, with corporate loans making up a larger share of total loans [14][15] - The average yield on interest-earning assets decreased significantly, with the loan yield falling from 5.34% to 3.82% [15] - The net interest margin for listed banks remains higher than that of commercial banks, despite a decline [14][15] Changes in Each Banking Sector's Asset-Liability Structure and Interest Margin - City commercial banks experienced a more significant increase in the proportion of corporate loans, with their interest margin narrowing less compared to other banks [18] - The report highlights that the proportion of deposits in interest-bearing liabilities for state-owned banks decreased, while it increased for rural commercial banks [18] - The decline in interest-bearing liabilities' cost rate was most pronounced in city commercial banks, leading to a smaller reduction in their interest margin [18]

未来，青岛农商银行将聚焦"内控合规标杆"目标，严格落实"合规为先、风险为本"的经营方针，持续完 善内控合规管理体系，强化合规管理和风险防控，为全行高质量发展提供坚实的内控合规保障。 近年来，青岛农商银行深刻把握金融工作的政治性、人民性，坚持把金融服务实体经济作为根本宗旨， 深入推进"三年三步走"战略部署，着力打造"内控合规标杆"银行，先后制定了内控合规管理体系建设规 划纲要、行动方案，绘就内控合规管理"蓝图"和"路线图"，创新构建了与经营范围、风险状况等相适应 的内控合规管理架构体系即"一体两翼八大体系"。经过近三年的实践，青岛农商银行内控合规履职能力 得到有效提升、内控合规价值得到显著体现、内控合规文化得到持续厚植。 近日，中国上市公司协会公布"2025年上市公司内部控制最佳实践案例"征集活动评选结果。青岛农商银 行申报的《"一体两翼八大体系"内控合规管理创新实践案例》，荣获"2025年上市公司内部控制优秀实 践案例"。 "上市公司内部控制最佳实践案例"评选活动由中国上市公司协会主办，旨在挖掘和发挥优秀案例的示范 作用，激活上市公司内生动力，构建内控实践"中国范式"。本次评选活动由权威专家组客观独立评审， ...

| 证券代码：002958 | 证券简称：青农商行 | 公告编号：2025-046 | | --- | --- | --- | | 转债代码：128129 | 转债简称：青农转债 | | 青岛农村商业银行股份有限公司 会议审议通过了以下议案： 1.审议并通过《关于调整董事会战略规划委员会、董事会三农金融服务与消费者 权益保护委员会人员的议案》。 表决结果为：同意 12 票，反对 0 票，弃权 0 票。 第五届董事会第六次会议决议公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 青岛农村商业银行股份有限公司（以下简称本行）第五届董事会第六次会议于 2025 年 9 月 26 日在本行总行召开。会议通知已于 2025 年 9 月 16 日以电子邮件及书 面方式发出。应出席本次会议的董事 12 人，实际出席本次会议（含网络方式）的董 事 11 人。丁明来董事因工作原因不能出席本次会议，授权委托于丰星董事代为出席 并行使表决权。薛健、鲁玉瑞、王少飞、潘爱玲、李维安、王绍宏董事以网络方式参 加会议。会议由董事长王锡峰主持，部分监事列席了会议。会议的召开及表决程序符 合《 ...

每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ （记者 王晓波） 2025年1至6月份，青农商行的营业收入构成为：利息收入占比133.84%，非利息收入占比10.31%。 截至发稿，青农商行市值为175亿元。 每经AI快讯，青农商行（SZ 002958，收盘价：3.15元）9月26日晚间发布公告称，公司第五届第六次董 事会会议于2025年9月26日在本行总行召开。会议审议了《关于调整董事会战略规划委员会、董事会三 农金融服务与消费者权益保护委员会人员的议案》等文件。 ...

Market Overview - On September 26, the rural commercial bank sector declined by 0.74% compared to the previous trading day, with XD Hu Nong leading the decline [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Individual Stock Performance - The following stocks in the rural commercial bank sector showed varying performance: - Chongqing Rural Commercial Bank (601077) closed at 6.46, up 2.38% with a trading volume of 730,200 shares [1] - Wuxi Bank (600908) closed at 5.88, up 0.68% with a trading volume of 127,700 shares [1] - Su Nong Bank (603323) closed at 5.02, up 0.60% with a trading volume of 167,700 shares [1] - Zhangjiagang Bank (002839) closed at 4.32, up 0.47% with a trading volume of 193,000 shares [1] - Ruifeng Bank (601528) closed at 5.32, up 0.38% with a trading volume of 95,700 shares [1] - Other banks like Jiangyin Bank (002807) and Changshu Bank (601128) showed minor fluctuations [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 30.21 million yuan from institutional investors and 22.38 million yuan from retail investors, while retail investors saw a net inflow of 52.59 million yuan [1] - Specific capital flows for individual banks include: - Changshu Bank (601128) had a net inflow of 8.26 million yuan from institutional investors but a net outflow of 34.30 million yuan from retail investors [2] - Zijin Bank (601860) saw a net inflow of 7.99 million yuan from institutional investors [2] - Other banks like Su Nong Bank (603323) and Zhangjiagang Bank (002839) experienced significant net outflows from institutional investors [2]

Market Overview - On September 25, the rural commercial bank sector declined by 1.62%, with Chongqing Rural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Individual Stock Performance - The closing prices and changes for key rural commercial banks are as follows: - Hu Nong Commercial Bank: 8.62, down 0.58% - Qing Nong Commercial Bank: 3.14, down 0.95% - Su Nong Bank: 4.99, down 0.99% - Wuxi Bank: 5.84, down 1.02% - Rui Feng Bank: 5.30, down 1.12% - Zhangjiagang Bank: 4.30, down 1.15% - Jiangyin Bank: 4.50, down 1.32% - Zijin Bank: 2.81, down 1.75% - Changshu Bank: 6.96, down 2.11% - Chongqing Rural Commercial Bank: 6.31, down 3.52% [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 3.11 million yuan from main funds, while speculative funds saw a net inflow of 5.88 million yuan, and retail investors had a net outflow of 2.77 million yuan [1] - Detailed capital flow for individual banks shows: - Jiangyin Bank: Main funds net inflow of 12.09 million yuan, retail net outflow of 14.79 million yuan - Wuxi Bank: Main funds net inflow of 11.99 million yuan, retail net outflow of 8.76 million yuan - Su Nong Bank: Main funds net inflow of 11.61 million yuan, retail net outflow of 8.11 million yuan - Chongqing Rural Commercial Bank: Main funds net outflow of 27.42 million yuan, retail net inflow of 34.26 million yuan - Zijin Bank: Main funds net outflow of 33.66 million yuan, retail net inflow of 16.64 million yuan [2]

Core Insights - Qingdao Rural Commercial Bank's wealth management product, "Chuangfu Youxiang No. 356," won the "Five-Star Wealth Management Product" award due to its robust investment strategy and excellent performance [1] - The evaluation was conducted by the Asset Management Professional Committee of the China Investment Association, which assessed 26,482 bank wealth management products using a scientific and quantitative approach [1] Group 1 - Qingdao Rural Commercial Bank has been active in the wealth management market since 2012, developing a comprehensive product range that includes short, medium, and long-term investment options [1] - The bank's innovative "4+N" wealth management product system reflects a shift from a "bank perspective" to a "customer perspective," addressing the diverse needs of investors [1] - The investment strategy emphasizes stability, low volatility, and flexible growth, helping investors navigate product selection challenges [1] Group 2 - Looking ahead, Qingdao Rural Commercial Bank aims to uphold its mission of "finance for the people" and enhance its product offerings to meet diverse customer needs [2] - The bank is committed to providing more professional and personalized products and services, contributing to customers' quality of life [2]

Market Performance - The rural commercial bank sector increased by 1.75% on September 24, with Yunnan Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Yunnan Rural Commercial Bank (601077) closed at 6.54, up 1.87% with a trading volume of 853,400 shares and a transaction value of 559 million [1] - Changshu Bank (601128) closed at 7.11, up 1.57% with a trading volume of 412,600 shares and a transaction value of 291 million [1] - Shanghai Rural Commercial Bank (601825) closed at 8.67, up 0.70% with a trading volume of 244,700 shares and a transaction value of 212 million [1] - Jiangyin Bank (002807) closed at 4.56, up 0.44% with a trading volume of 258,000 shares and a transaction value of 118 million [1] - Qingnong Commercial Bank (002958) closed at 3.17, down 0.31% with a trading volume of 435,000 shares and a transaction value of 138 million [1] Fund Flow Analysis - The rural commercial bank sector experienced a net outflow of 639,800 yuan from main funds, while retail funds saw a net inflow of 28.92 million yuan [1] - Individual stock fund flows showed that Changshu Bank had a main fund net inflow of 22.92 million yuan, while Yunnan Rural Commercial Bank had a net inflow of 9.09 million yuan from main funds [2] - Jiangyin Bank experienced a significant net outflow of 18.43 million yuan from main funds, indicating a potential concern among investors [2]

Market Performance - On September 22, the rural commercial bank sector rose by 0.05% compared to the previous trading day, with Shanghai Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Shanghai Rural Commercial Bank (601825) closed at 65.8, with a gain of 1.30% and a trading volume of 301,400 shares, amounting to a transaction value of 258 million yuan [1] - Other notable performances include: - Chongqing Rural Commercial Bank (601077) at 6.27, up 0.16% [1] - Qingdao Rural Commercial Bank (002958) at 3.17, unchanged [1] - Zhangjiagang Bank (002839) at 4.32, down 0.23% [1] - Zijin Bank (601860) at 2.86, down 0.69% [1] - Ruifeng Bank (601528) at 5.31, down 0.93% [1] - Wuxi Bank (600908) at 5.84, down 1.02% [1] - Sunong Bank (603323) at 4.98, down 1.39% [1] - Changshu Bank (601128) at 6.95, down 1.56% [1] - Jiangyin Bank (002807) at 4.52, down 1.74% [1] Capital Flow Analysis - The rural commercial bank sector experienced a net inflow of 61.3 million yuan from institutional investors, while retail investors saw a net inflow of 291,200 yuan [1] - Notable capital flows for individual stocks include: - Shanghai Rural Commercial Bank had a net outflow of 35.5 million yuan from institutional investors [2] - Zijin Bank saw a net inflow of 17.5 million yuan from institutional investors [2] - Changshu Bank had a net inflow of 13.0 million yuan from institutional investors [2] - Wuxi Bank had a net inflow of 10.6 million yuan from institutional investors [2] - Jiangyin Bank experienced a net outflow of 11.5 million yuan from institutional investors [2]

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting potential investment opportunities due to favorable policy catalysts and improving fundamentals in certain banks [12]. Core Insights - The report highlights the adequacy of loan loss provisions among listed banks, with a provision coverage ratio of 70.8% for Stage 3 loans, indicating limited future impact on profits [2][12]. - It emphasizes the improvement in asset quality, particularly in Stage 3 loans, with notable reductions in the proportion of such loans for several banks compared to the end of Q4 2024 [1][2]. - The report suggests a focus on banks with positive fundamental changes and continuous improvement in financial statements, recommending specific banks for investment [12]. Summary by Sections 1. Loan Quality and Provisioning - The proportion of Stage 3 loans is relatively low for banks like Chengdu Bank (0.66%) and Ningbo Bank (0.76) [1]. - Significant improvements in Stage 3 loan ratios were observed for Chongqing Bank (-61bp) and Guiyang Bank (-48bp) compared to Q4 2024 [1]. - The provision coverage for Stage 3 loans is high, with leading banks like Qingnong Bank (4.35%) and Yunan Bank (4.16%) showing strong provisioning ratios [2]. 2. Financial Assets - The proportion of Stage 3 financial assets is low, with most banks not exceeding 0.05%, indicating manageable asset quality pressure [4]. - The report notes that the provision coverage for financial investments is also robust, with Zhejiang Bank (3.16%) and Qingdao Bank (2.85%) leading in provisioning ratios [8]. 3. Sector Outlook - The report anticipates that expansionary policies aimed at stabilizing the economy will benefit the banking sector, with a focus on banks like Ningbo Bank and Jiangsu Bank for potential investment [12]. - It highlights the ongoing economic recovery and the potential for interest rate cuts, suggesting a sustained dividend strategy for certain banks [12].