12月31日金融一线消息，成都银行今日发布公告称，公司监事会于近日收到孙波提交的辞职报告。因工 作调动另有任用，孙波辞去公司第八届监事会监事长、职工监事、监事会提名委员会委员、监事会监督 委员会委员职务，自2025年12月31日起生效。孙波辞任后，不再担任公司任何职务。 | 姓名 | 高任职务 | 高任时间 | 原定任期 到期日 | 高任原因 | 是否继续在上 市公司及其控 | 是否存在 未展行元 辛的公开 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 股子公司任职 | | | | | | | | | 承诺 | | 孙波 | 监事长、职 | 2025 年 12 | 2027 年 6 月 | 工作调动 | 合 | 合 | | | 工监事、监 | 月 31 日 | 11日 | 另有任用 | | | | | 事会提名 | | | | | | | | 委员会委 | | | | | | | | 员、监事会 | | | | | | | | 监督委员 | | | | | | | | 会委员 | | | | | | 责任编辑：王馨茹 12月31日金融一线消 ...

证券代码：601838 证券简称：成都银行 公告编号：2026-001 成都银行股份有限公司 关于监事长离任的公告 | 姓名 | 离任职务 | | 离任时间 | | | 原定任期 到期日 | | 离任原因 | | | 是否继续在上 市公司及其控 | 是否存在 未履行完 毕的公开 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 股子公司任职 | 承诺 | | 孙波 | 监事长、职 | 2025 | 年 | 12 | 2027 | 年 6 | 月 | 工 作 | 调 | 动 | 否 | 否 | | | 工监事、监 | 月 31 | 日 | | 11 | 日 | | 另有任用 | | | | | | | 事 会 提 名 | | | | | | | | | | | | | | 委 员 会 委 | | | | | | | | | | | | | | 员、监事会 | | | | | | | | | | | | | | 监 督 委 员 | | | | | | | ...

格隆汇12月31日丨成都银行(601838.SH)公布，公司监事会于近日收到孙波先生提交的辞职报告。因工 作调动另有任用，孙波先生辞去公司第八届监事会监事长、职工监事、监事会提名委员会委员、监事会 监督委员会委员职务，自2025年12月31日起生效。孙波先生辞任后，不再担任公司任何职务。 ...

Market Overview - The city commercial bank sector experienced a decline of 0.33% on December 31, with Xiamen Bank leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Bank Performance - Qilu Bank closed at 5.74, up 1.77% with a trading volume of 848,200 shares and a transaction value of 485 million [1] - Suzhou Bank closed at 8.29, up 0.24% with a trading volume of 263,500 shares and a transaction value of 219 million [1] - Xiamen Bank closed at 7.34, down 1.08% with a trading volume of 133,200 shares and a transaction value of 97.8 million [2] - Nanjing Bank closed at 11.43, down 0.78% with a trading volume of 235,600 shares and a transaction value of 270 million [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 201 million from institutional investors, while retail investors experienced a net outflow of 9.56 million [2] - The capital flow for individual banks shows that Shanghai Bank had a net inflow of 48.9 million from institutional investors, while Hangzhou Bank had a net outflow of 50.55 million [3] - Suzhou Bank recorded a net inflow of 30.66 million from institutional investors, while retail investors had a net outflow of 27.1 million [3]

Group 1 - The core viewpoint of the news is the performance and investment potential of the Dividend Low Volatility ETF (512890), which has shown resilience in a fluctuating market environment [1][5][9] - The top ten holdings of the ETF exhibit mixed performance, with notable changes in stock values, including a decline in COFCO Sugar and Nanjing Bank, while Construction Bank and CITIC Bank showed slight increases [1][5] - The ETF has attracted significant capital inflows, with net inflows of 1.02 billion yuan over the last 10 trading days, 1.35 billion yuan over the last 20 days, and 5.72 billion yuan over the last 60 days, indicating strong investor interest [1][5] Group 2 - Huatai Securities' chief strategist He Kang expresses optimism about the "old economy" sector, highlighting its low valuations and potential for recovery, contrasting with the crowded and overvalued tech sector [3][8] - The current market is described as being in a "slow bull" phase, with a recommendation to use dividend assets as a foundational investment while balancing growth-oriented sectors [4][8] - The Dividend Low Volatility ETF (512890) has a historical return of 134.48% since its inception in December 2018, outperforming its benchmark and ranking 85th among 502 products, making it a stable investment tool in volatile markets [9]

Core Viewpoint - The rapid implementation of local consumer loan interest subsidy policies by Chengdu Bank, following the national "Guo Bu" consumer loan initiative, aims to stimulate consumer spending and economic recovery in Sichuan Province [1][2]. Group 1: Policy Implementation - Chengdu Bank released specific implementation details for the consumer loan interest subsidy policy, which is effective from October 1, 2025, to March 31, 2026, covering key consumption periods such as New Year's Day and Spring Festival [1]. - The policy is designed to balance fairness and efficiency, addressing both large consumer needs and smaller purchases like home appliance upgrades [1]. Group 2: Financial Performance - Since 2025, Chengdu Bank has issued a total of 27 billion yuan in consumer loans, reflecting a year-on-year growth of 10.9%, thereby injecting financial resources into the consumer market [1]. - The bank has invested over 11 million yuan in subsidies since 2025, benefiting 1.5 million citizens and directly driving consumption exceeding 1.5 billion yuan [2]. Group 3: Digital Services and Consumer Engagement - Chengdu Bank has developed a cloud-based automotive finance rights platform, creating a fully digital service system for auto financing, and has conducted 24 promotional events since 2023, distributing 660 million yuan in consumer rewards [2]. - The bank collaborates with major platforms like Meituan and JD.com, as well as over 200 local merchants, to create a comprehensive discount matrix that enhances consumer engagement [2]. Group 4: Future Outlook - Chengdu Bank plans to continue focusing on local service and enhancing consumer financial products to contribute to urban economic vitality and promote quality consumption expansion [2].

Investment Rating - The report provides a "Buy" rating for all listed banks analyzed, indicating a positive outlook for their stock performance [6]. Core Insights - The report focuses on the classification of financial investments, the current allocation of listed banks, and how related revenues are accounted for under new accounting standards [5]. - As of Q3 2025, the financial investments of 42 listed banks total approximately 101.5 trillion CNY, with 87% allocated to the configuration portfolio and 13% to the trading portfolio [5][23]. - The bond market is the primary investment direction for listed banks, accounting for 87.6% of their financial investments, with government bonds making up 59.5% of this total [5]. Summary by Sections 1. Classification of Financial Investments - Financial assets are classified into three categories under the new accounting standards: FVTPL (fair value through profit or loss), AC (amortized cost), and FVOCI (fair value through other comprehensive income) [12][13]. - The classification is based on the business model for managing financial assets and the cash flow characteristics of the financial assets [14]. 2. Accounting for Market Revenues - FVTPL assets reflect market fluctuations through "fair value changes" in profit or loss, while AC assets do not reflect fair value changes and primarily generate income from interest [5]. - FVOCI assets account for market fluctuations in other comprehensive income, with interest income recognized in profit or loss [5]. 3. Financial Investment Structure - The configuration portfolio is dominant, with state-owned banks showing the highest allocation to AC, while joint-stock banks and city commercial banks have a higher proportion of trading assets [23][24][25]. - The report notes a structural shift where FVOCI is becoming the main growth area, as banks seek flexibility in their investment strategies [5][23].

Group 1 - The core point of the article is the introduction of a local consumer loan subsidy policy in Sichuan Province, allowing citizens to apply for a "new year red envelope" in the form of interest subsidies on personal consumer loans [1] - The policy execution period is from October 1, 2025, to March 31, 2026, during which eligible personal consumer loans can apply for interest subsidies [1] - Eligible personal consumer loans can enjoy an interest subsidy of 1 percentage point per annum, with a maximum not exceeding 50% of the loan contract interest rate [1] Group 2 - There is a cumulative subsidy cap mechanism in place, where individual borrowers can receive a maximum subsidy of 500 yuan for loans below 50,000 yuan, corresponding to a maximum cumulative loan amount of 100,000 yuan [1] - The overall cumulative subsidy limit is set at 1,500 yuan, applicable to a maximum cumulative loan amount of 300,000 yuan [1] - Citizens can apply for the subsidy through the mobile banking app by selecting the "subsidy application" option and uploading consumption vouchers or invoices as required [2]

Core Viewpoint - Changsha Bank has successfully redeemed its high-interest preferred shares, optimizing its capital structure and reducing financing costs in a declining interest rate environment [1][2][3] Group 1: Redemption of Preferred Shares - Changsha Bank announced the redemption of all 60 million shares of its preferred stock, "Changyin You 1," issued in December 2019, with a total payment of 62.3 billion yuan [1][2] - The redemption was driven by the need to lower financing costs, as the preferred shares had a relatively high dividend rate compared to current market rates [2][3] - The bank's preferred shares were redeemed and delisted on December 25, 2025, marking the completion of the redemption process [2] Group 2: Financial Performance - Since its listing in 2018, Changsha Bank has achieved continuous growth in both operating income and net profit for eight consecutive years [6] - For the first three quarters of 2025, the bank reported operating income of 19.721 billion yuan, a year-on-year increase of 1.29%, and net profit attributable to shareholders of 6.557 billion yuan, up 6% [6] - The bank's total assets reached 1.24 trillion yuan by the end of the third quarter of 2025, reflecting significant growth since its initial public offering [7] Group 3: Capital Management and Debt Issuance - In 2025, Changsha Bank has issued various types of bonds, raising a total of 14 billion yuan to optimize its capital structure [3] - The bank's bond issuance includes a 100 billion yuan financial bond with a 1.98% interest rate and a 40 billion yuan perpetual bond with a 2.34% interest rate, aimed at supplementing its capital [3] - The issuance of bonds aligns with regulatory requirements and supports the bank's business expansion needs [3] Group 4: Asset Quality and Risk Management - The bank's non-performing loan ratio has improved from 1.29% in 2018 to 1.18% in the first three quarters of 2025, indicating effective risk management [7] - The average non-performing loan ratio for city commercial banks was reported at 1.84% as of the third quarter of 2025, showing that Changsha Bank's performance is better than the industry average [7] Group 5: Leadership Change - Changsha Bank has appointed a new chairperson, Zhang Man, following the retirement of Zhao Xiaozhong, who had been with the bank since its inception [8] - Zhang Man's leadership is anticipated to influence the bank's future performance and asset quality [8]

Market Overview - On December 29, the three major A-share indices showed mixed results, with the Shanghai Composite Index slightly rising, achieving a "nine consecutive days of gains" [1] - The ChiNext Index experienced a decline of over 1% at one point during the day [1] ETF Performance - The Dividend Low Volatility ETF (512890) closed up 0.09% at 1.176 CNY, with a turnover rate of 2.14% and a trading volume of 570 million CNY, leading among similar ETFs [1][3] - Over the past 20 trading days, the ETF accumulated a total trading volume of 12.2 billion CNY, averaging 610 million CNY per day; since the beginning of the year, the total trading volume reached 116.1 billion CNY, averaging 482 million CNY per day [2] Fund Inflows - The ETF has seen consistent net inflows, with 3.8 million CNY over the last 5 trading days, 14.7 million CNY over the last 10 days, and 58.6 million CNY over the last 60 days [2] - The current overall circulation scale of the ETF is 26.6 billion CNY [2] Top Holdings - As of September 30, 2025, the top ten holdings of the Dividend Low Volatility ETF include major companies such as COFCO Sugar, Nanjing Bank, and Agricultural Bank of China, with a total market value of approximately 5.5 billion CNY, accounting for 27.47% of the total stock market value and 27.29% of the fund's net value [4] Investment Strategy - Current market conditions suggest a phase of "solidifying the bottom before preparing for the pre-Spring Festival market," with investors adopting a strategy of "buying on dips and structural switching" rather than aggressive accumulation at high levels [5] - The Dividend Low Volatility ETF, established in December 2018, has shown a robust historical performance with a return of 135% since inception, significantly outperforming its benchmark [5]