10月9日，A股6家上市银行公告可转债转股结果。 浦发银行公告称，截至2025年9月30日，累计已有人民币25428173000元浦发转债转为公司普通股，累计 转股股数2002606591股，占浦发转债转股前公司已发行普通股股份总额的6.8227%。 兴业银行公告称，截至2025年9月30日，累计已有人民币8647930000元兴业转债转为本公司A股普通 股，因转股形成的股份数量累计为388661196股，占兴业转债转股前本公司已发行普通股股份总额的 1.87088%。 上海银行公告称，截至2025年9月30日，累计已有人民币22174000元上银转债转为公司A股普通股，累 计转股股数为2470883股，占上银转债转股前公司已发行A股普通股股份总额的0.0174%。 重庆银行公告称，截至2025年9月30日，累计已有人民币856000元重银转债转为本行A股普通股股票， 因转股形成的股份数量累计为80463股，占重银转债转股前本行已发行普通股股份总额的0.0023%。 常熟银行公告称，截至2025年9月30日，累计已有人民币511000元常银转债转为本行A股普通股，累计 转股股数为72349股，占常银转债转股前 ...

Core Points - The Supervisory Board of Jiangsu Zijin Rural Commercial Bank Co., Ltd. held a meeting on August 27, 2025, to review the half-year report and its summary for 2025, confirming compliance with relevant laws and regulations [1][2] - The meeting had full attendance with 9 supervisors present, and all resolutions were passed unanimously with 9 votes in favor, 0 against, and 0 abstentions [2] Summary by Sections Meeting Details - The meeting was convened in accordance with the Company Law and internal regulations, with prior notification sent via email on August 17, 2025 [1] - All 9 supervisors attended the meeting, ensuring a quorum for decision-making [1] Resolutions Passed - The Supervisory Board approved the half-year report and its summary, affirming that the preparation and review processes adhered to legal and regulatory requirements [1] - The content and format of the report were deemed compliant with regulatory standards, accurately reflecting the bank's operations without any breaches of confidentiality or harm to the bank's interests [1]

Core Viewpoint - Jiangsu Zijin Rural Commercial Bank reported steady growth in key financial metrics for the first half of 2025, with a focus on supporting rural and small enterprises while maintaining a robust risk management framework [2][3]. Financial Performance - Total operating income for the first half of 2025 reached CNY 2,392.67 million, a slight increase of 0.49% compared to CNY 2,381.01 million in the same period of 2024 [2]. - Total profit amounted to CNY 1,064.76 million, reflecting a 1.83% increase from CNY 1,045.58 million year-on-year [2]. - Net profit attributable to shareholders was CNY 912.48 million, a marginal increase of 0.12% from CNY 911.41 million in the previous year [2]. - The bank's total assets grew to CNY 272.09 billion, up 0.79% from CNY 269.94 billion at the end of the previous year [2]. - The non-performing loan ratio stood at 1.24%, with a provision coverage ratio of 200.48% [3]. Business Operations - The bank's loan balance for agricultural and small enterprises reached CNY 1,283.80 billion, accounting for 66.9% of total loans [3]. - The bank has focused on enhancing its service to the real economy, particularly in rural and small business sectors, aligning with national policies [3][4]. - The bank has implemented a strategic transformation, upgrading its microfinance department and signing strategic cooperation agreements with local governments [4][5]. Risk Management - The bank has established a comprehensive risk management system, focusing on credit, market, liquidity, and operational risks [9]. - The management has emphasized compliance culture and risk awareness among staff, enhancing the overall risk control framework [4][9]. Market Positioning - The bank maintains a strong commitment to serving rural areas and small enterprises, positioning itself as a key player in local economic development [8]. - The bank's governance structure is designed to integrate party leadership with corporate governance, ensuring effective oversight and management [8].

公司代码：601860 公司简称：紫金银行 江苏紫金农村商业银行股份有限公司 第一节 重要提示 未来发展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 权董事会在符合监管要求和利润分配的条件下制定具体的中期分红方案，相关方案确定后 另行公告。 前十名股东持股情况（不含通过转融通出借股份） | 第二节 | 公司基本情况 | | | | | | --- | --- | --- | --- | --- | --- | | | 公司股票简况 | | | | | | 股票种类 股票上市交易所 | | 股票简称 | 股票代码 | | 变更前股票简 | | 称 | | | | | | | 普通股A股 上海证券交易所 | | 紫金银行 | 601860 | - | | | 联系人和联系方式 | | 董事会秘书 | | 证券事务代表 | | | 姓名 许国玉 | | | 张毅 | | | | 联系地址 | 南京市建邺区江东中路 | 381 号 | 南京市建邺区江东中路 | 381 号 | | | 电话 | 025-88 ...

Core Viewpoint - Qilu Bank's convertible bond (Qilu Convertible Bond) is set to be delisted, marking the fifth bank convertible bond to exit the market this year, which will further enhance the scarcity of bank convertible bonds [2][5][6]. Group 1: Qilu Convertible Bond Details - The last trading day for Qilu Convertible Bond is August 8, with the final conversion day on August 13, and it will be delisted on August 14 [2]. - Investors can either trade the bond in the secondary market or convert it at a price of 5 CNY per share, or face forced redemption at a price of 100 CNY per bond plus accrued interest, totaling 100.7068 CNY per bond [3]. - The bond was originally set to mature in 2028 but was triggered for forced redemption due to the underlying stock price rising above 130% of the conversion price for 15 trading days [3]. Group 2: Qilu Bank's Financial Performance - For the first half of 2025, Qilu Bank reported revenue of approximately 6.782 billion CNY, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of approximately 2.734 billion CNY, up 16.48% [3][4]. - The net interest margin has stabilized, with net interest income reaching 4.998 billion CNY, a growth of 13.57%, and net commission income of 817 million CNY, also up 13.64% [4]. - The non-performing loan ratio stands at 1.09%, a decrease of 0.10 percentage points from the end of the previous year, and the provision coverage ratio has improved to 343.24%, an increase of 20.86 percentage points [4]. Group 3: Market Implications of Convertible Bond Delisting - The delisting of Qilu Convertible Bond will reduce the number of bank convertible bonds to seven, and with the upcoming delisting of another bond in October, the total market size of bank convertible bonds is expected to fall below 100 billion CNY [2][5][6]. - The scarcity of bank convertible bonds is expected to increase, with potential remaining bonds at year-end estimated to be around 63.9 billion CNY if certain bonds complete conversion [6]. - Analysts predict that the gradual delisting of bank convertible bonds will lead to a restructuring of the market and valuation, with banks having a strong incentive to convert bonds into equity [7][8].

Market Review - Convertible bonds have continued to rise alongside equities, with the Shanghai Composite Index increasing by 3.74% in July, while the CSI Convertible Bond Index rose by 2.87%, underperforming equities by 0.87 percentage points [8][15] - The average closing price of convertible bonds reached 140.73 yuan as of July 31, marking a 4.44% increase from the end of June and a new high for 2023 [15][17] - The average conversion premium for convertible bonds was 39.20%, with a weighted average of 40.08%, both at the lowest levels since January 2023 [17][19] Strategy Layout - The recommended strategy involves a non-typical barbell approach, focusing on sectors such as military industry, AI computing power, and low-altitude economy, while also including low-volatility dividends and high-cost performance varieties to navigate potential market fluctuations [3][37] - The previous convertible bond selection yielded a return of 19.46% from May to July, significantly outperforming the CSI Convertible Bond Index's 8.17% increase, with all holdings generating positive returns [36][37] - The report suggests maintaining the barbell strategy, emphasizing high-quality stocks in popular themes and low-priced convertible bonds to enhance defensive positions [3][37] Changes in Holder Structure - As of July 2025, the total market for convertible bonds on the Shanghai Stock Exchange was 399.31 billion yuan, a decrease of 6.297 billion yuan from the previous month [2][24] - The top five holders of convertible bonds included public funds (1,419.79 billion yuan, 36%), corporate annuities (734.97 billion yuan, 18%), and insurance institutions (353.05 billion yuan, 9%) [2][24] - On the Shenzhen Stock Exchange, the total market for convertible bonds was 318.65 billion yuan, with public funds increasing their holdings by 8.115 billion yuan [2][24] Primary Market Dynamics - In July, nine new convertible bonds were listed, with four exceeding 1 billion yuan in issuance, indicating a positive market sentiment towards new issues [31][32] - The report notes that all new bonds had initial prices above 127 yuan, reflecting strong demand [31][32] - Several companies have received approval for convertible bond issuance, with ongoing applications and proposals in various stages of the approval process [31][34]

Core Viewpoint - The company held its 19th meeting of the 4th Supervisory Board on August 5, 2025, where it approved the proposal to amend its articles of association, which will be submitted for shareholder approval [1]. Group 1 - The meeting was conducted in accordance with relevant laws and regulations, with all 9 supervisors present [1]. - The proposal to amend the company's articles of association received unanimous support, with 9 votes in favor and no votes against or abstentions [1].

证券代码：601860 证券简称：紫金银行 公告编号：2025-024 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个别及连带责任。 重要内容提示： ? 可转债付息债权登记日：2025 年 7 月 22 日 ? 可转债除息日：2025 年 7 月 23 日 ? 可转债兑息日：2025 年 7 月 23 日 江苏紫金农村商业银行股份有限公司（以下简称"公司"）于 2020 年 7 月 将于 2025 年 7 月 23 日支付自 2024 年 7 月 23 日至 2025 年 7 月 22 日期间的利息。 根据《江苏紫金农村商业银行股份有限公司公开发行 A 股可转换公司债券募集 说明书》（以下简称《募集说明书》）有关条款的规定，现将有关事项公告如下： 转债代码：113037 转债简称：紫银转债 江苏紫金农村商业银行股份有限公司 A 股可转换公司债券 2025 年付息公告 一、本期债券的基本情况 第五年 2.00%、第六年 2.50% 该日为法定节假日或休息日，则顺延至下一个工作日，顺延期间不另付息。每相 邻的两个付息日之间为一个计息年度。 ...

Group 1: Convertible Bond Market Outlook - The convertible bond market showed strong performance in June, with both equal-weighted and weighted indices reaching new highs for 2025, yielding returns of 10% and 7% respectively [11][11] - The revaluation of bank stocks, combined with strong conversion of bank convertible bonds, is expected to sustain the strength of bank convertible bonds due to their increasing scarcity [11] - Small-cap convertible bonds have surged due to favorable industry trends and ample liquidity, supported by the performance of small-cap stocks and the absence of concerns over rating risks [11][11] - A "barbell strategy" combining bank convertible bonds, small-cap growth convertible bonds, and low-priced, low-volatility convertible bonds remains effective [11] Group 2: Recommendations for July - Suggested convertible bonds to focus on in July include: Ziyin Convertible Bond, Qingnong Convertible Bond, Pudong Development Convertible Bond, Green Movement Convertible Bond, Tian 23 Convertible Bond, Aowei Convertible Bond, Daotong Convertible Bond, Liyang Convertible Bond, Chao Sheng Convertible Bond, and Huazheng Convertible Bond [12][11] Group 3: Dollar Weakness and De-dollarization - Recent dollar weakness is primarily driven by expectations of interest rate cuts, with the dollar index dropping below 97, marking a 4.7% depreciation since mid-May [13][14] - The narrative of "de-dollarization" should not be conflated with cyclical dollar weakness; the impact of fundamental trends on the dollar's value may be limited [14][15] - The potential for a dollar rebound exists due to resilient employment and inflation pressures, which could delay interest rate cuts and support the dollar index [15][16] Group 4: Hong Kong Stock Market and Foreign Investment - The Hong Kong stock market has seen increased attention, with foreign capital flowing in, particularly through cornerstone investors in IPOs [21] - The proportion of foreign cornerstone investors in Hong Kong IPOs has risen significantly, indicating a strong demand for Chinese assets [21] - A-H premium has narrowed, with some stocks showing valuation premiums in Hong Kong, reflecting ongoing foreign interest in core Chinese assets [21] Group 5: Pharmaceutical Industry Performance - The pharmaceutical sector has shown a 3.6% increase recently, driven by supportive policies for innovative drugs and the initiation of negotiations for the medical insurance directory [31] - Companies in the pharmaceutical sector are expected to report significant profit growth, with several companies projecting over 100% growth in net profit for Q2 2025 [24][32]

证券代码：601860 证券简称：紫金银行 公告编号：2025-022 转债代码：113037 转债简称：紫银转债 江苏紫金农村商业银行股份有限公司 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个别及连带责任。 重要内容提示： 前次评级展望为"稳定"；评级机构为联合资信评估股份有限公司，评级时间为 联合资信评估股份有限公司通过对公司主体及公司公开发行的可转换公司 债券的信用状况进行跟踪分析和评估，于 2025 年 6 月 20 日出具了《江苏紫金农 村商业银行股份有限公司公开发行 A 股可转换公司债券 2025 年跟踪评级报告》 （联合20254958 号），确定维持公司主体长期信用等级为"AA+"，维持"紫银 ? 前次债项评级："AA+"，主体评级："AA+"，评级展望：稳定 ? 本次债项评级："AA+"，主体评级："AA+"，评级展望：稳定 根据中国证券监督管理委员会《上市公司证券发行管理办法》、 《公司债券发 行与交易管理办法》和《上海证券交易所公司债券上市规则》等有关规定，江苏 紫金农村商业银行股份有限公司（以下简称"公司"） ...