Northeast Securities: Maintains Shanghai Bank's "Buy" rating, rooted in Shanghai, operating steadily.

The Northeast Securities research report pointed out that Shanghai Bank is rooted in Shanghai, operating steadily, and with a stable equity structure. By the end of 2024, the total assets and net assets of the bank were 3.23 trillion yuan and 254.193 billion yuan, respectively, with year-on-year growth of 4.6% and 6.5% respectively. The ultimate controller is Shanghai State-owned Assets Supervision and Administration Commission, and the shareholding proportion of institutional investors has not changed significantly in the past 5 years. Focusing on the new three-year development plan, the company and retail business are developing simultaneously. In terms of retail business, the bank focuses on key businesses such as pensions, wealth management, and credit cards. As of 2024, the bank's retail AUM is 1.02 trillion yuan, an increase of 6.9% compared to 2023, with steady growth in pensions AUM and credit card issuance. Asset quality remains excellent and capital is adequate. Maintaining a "buy" rating.