证券代码：601825 证券简称：沪农商行 公告编号：2025-032 上海农村商业银行股份有限公司 董事会 2025 年第七次会议决议公告 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。 上海农村商业银行股份有限公司（以下简称"公司"）董事会 日在上海召开，会议通知及会议文件已于 2025 年 8 月 19 日以邮件方 式发出。本次会议应出席董事 14 人，亲自出席董事 12 人，王娟董事、 李培功独立董事因公务原因未能亲自出席，王娟董事委托陈缨独立董 事代为出席并表决，李培功独立董事委托黄纪宪独立董事代为出席并 表决。会议由徐力董事长主持，公司部分监事、非董事高级管理人员 列席会议。本次会议符合《公司法》和《公司章程》关于召开董事会 法定人数的规定，表决所形成的决议合法、有效。 会议经审议并表决通过以下议案： 表决情况：同意 14 票，反对 0 票，弃权 0 票。 表决情况：同意 14 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过，全体成员同意提交 董事会审议。 详见公司同日在上海证券交易所网 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The investment in secondary and perpetual bonds (referred to as "two - eternal bonds") in the current bond market has reached the fourth stage. Since 2024, two - eternal bonds have become amplifiers of interest rate fluctuations. The report focuses on analyzing the institutional behavior patterns of two - eternal bonds and attempts to discover effective signals [2][15]. - Different types of institutions have different allocation patterns for two - eternal bonds. For example, banks act as stabilizers in the bond market, while securities firms have high - frequency trading, funds are the main buyers, and other institutions have their own preferences [5][6]. - It is difficult to use the institutional behavior of two - eternal bonds to predict interest rate trends, but it can help investors understand the market's expectation of whether interest rates can continue to decline. The report constructs investment sentiment measurement indicators for the trading desks of two - eternal bonds to assist investors in observation [7][8]. 3. Summary According to the Table of Contents 3.1 Why Focus on the Institutional Behavior of Two - eternal Bonds? - The investment in two - eternal bonds has gone through four stages. Since 2024, they have become amplifiers of interest rate fluctuations. The report aims to analyze their institutional behavior patterns and find effective signals [2][15]. - The report discusses three types of bonds (secondary capital bonds, perpetual bonds, and ordinary financial bonds) and six types of investors (banks, securities firms, funds, wealth management, insurance, and others). Different investors' term preferences are mainly concentrated in 1Y, 3Y, and 5Y, and the trading volume of two - eternal bonds over 5Y declines significantly [3][15]. 3.2 Institutional Behavior Patterns of Two - eternal Bonds 3.2.1 Banks Still Act as Stabilizers in the Bond Market - Since the second half of 2024, commercial banks have increased the trading volume of 1Y/3Y secondary capital bonds and continuously net - sold 5Y secondary capital bonds. For perpetual bonds, the trading volume of 1Y/3Y is small, and 5Y is significantly net - sold. For ordinary financial bonds, the trading volume in the 3Y term is the largest, and they are mostly net - sold, except for increasing allocation during bond market corrections [5][16]. 3.2.2 Securities Firms Have High - Frequency Band - trading of Two - eternal Bonds - Securities firms show obvious trading - desk characteristics in the trading of two - eternal bonds, frequently switching between buying and selling with a relatively large scale. They have a high preference for 1Y/3Y/5Y two - eternal bonds and ordinary financial bonds [5][21]. 3.2.3 Funds Are the Main Buyers of Two - eternal Bonds - Funds tend to make trend - based allocations to two - eternal bonds. They continuously buy during bull markets and sell significantly during bear markets, driving market trends. In recent years, with the overall decline in the interest rates of two - eternal bonds, funds have shown a trend of increasing allocation [5][30]. 3.2.4 The Institutional Behavior Characteristics of Wealth Management in Two - eternal Bonds Are Diverse - In most periods, the trading characteristics of wealth management in two - eternal bonds are not obvious, showing an overall allocation trend. At some points, they take profits during bull markets, buy during bear markets, and continue to buy during volatile markets [5][37]. 3.2.5 Insurance Also Acts as a Stabilizer in the Bond Market - Insurance institutions generally net - sell two - eternal bonds but increase allocation during market corrections, acting as stabilizers [5][46]. 3.2.6 Other Types of Institutions Prefer to Continuously Allocate 5Y Two - eternal Bonds - Other types of institutions have a greater preference for continuously allocating 5Y two - eternal bonds [6][52]. 3.3 How to Use the Institutional Behavior Patterns of Two - eternal Bonds? - It is relatively difficult to use the institutional behavior of two - eternal bonds to predict interest rate trends due to factors such as the synchronicity of institutional behavior indicators, less trading data, and data delays [7][61]. - However, the institutional behavior of two - eternal bonds can help investors understand the market's expectation of whether interest rates can continue to decline. When investors expect interest rates to continue to decline, the trading desks of two - eternal bonds will continue to buy, compressing the spread. When the expectation weakens, the buying power will decrease [7][61]. - The report constructs investment sentiment measurement indicators for the trading desks of two - eternal bonds, which are the smoothed overall purchases of funds and securities firms in 5Y secondary capital bonds and 5Y perpetual bonds. When these indicators decline significantly and approach zero, it indicates that the trading desks are less optimistic about buying two - eternal bonds for capital gains. This year, there were two such time points in January 15th and late April, corresponding to subsequent bond market corrections or fluctuations [8][62].

新华财经北京5月26日电 债市周一（5月26日）偏强整理，国债期货主力合约多数小幅收涨，银行间现 券收益率普遍下行1BP左右；公开市场单日净投放2470亿元，短端资金利率走势分化；上周存款降息、 LPR下调等操作落地，长债利率宽幅震荡回升，当下宽货币呵护资金面意图明确，政策持续对冲外需压 力，预计资金面易松难紧。 机构认为，基本面因素还难以打破债市窄幅波动格局，存款利率下行短期利好非银配置需求。若沿着债 市定价体系寻找机会，债券与信贷等广谱利率比相对合理，相比股市性价比偏低，中债是全球利率洼 地。 【行情跟踪】 国债期货收盘多数上涨，30年期主力合约涨0.13%报119.760，10年期主力合约持平于108.855，5年期主 力合约涨0.01%报106.060，2年期主力合约涨0.03%报102.430。 银行间主要利率债收益率小幅下行，10年期国开债"25国开10"收益率下行1.25BP至1.6915%，10年期国 债"25附息国债04"收益率下行0.25BP至1.682%，30年期国债"23附息国债23"收益率下行0.75BP至 1.908%，7年期国债"25附息国债07"收益率下行0.05BP至1.60 ...