Core Viewpoint - Suchang Chai A (000570.SZ) announced the approval of a cash dividend distribution plan for the first half of 2025, with a payout of 0.3309 yuan per share (including tax) [1] Group 1: Dividend Distribution - Jiangsu Bank's 2025 interim profit distribution plan was approved, allowing for a cash dividend of 0.3309 yuan per share [1] - Suchang Chai currently holds 23.4 million shares of Jiangsu Bank, which will result in a total cash dividend of 7.74306 million yuan, recognized as investment income [1] - The company has received the full amount of the dividend recently [1]

Group 1 - International gold prices have been rising, prompting both domestic and foreign banks to launch gold-linked structured deposit products, which appeal to conservative investors due to their "capital protection" and yield flexibility [2] - Several banks have introduced related products since the beginning of 2026, with potential maximum annual yields reaching 4.5% [2] - Foreign banks' products have high entry thresholds and longer terms, such as DBS Bank requiring a minimum investment of $10,000 for a 12-month term, while HSBC China requires $20,000 for a 3-year term, and Standard Chartered Bank has a minimum subscription of $75,000 for an 18-month term [2] Group 2 - In contrast, domestic banks offer more accessible products with shorter terms and lower risks, with institutions like Jiangsu Bank, Shanghai Rural Commercial Bank, and China Merchants Bank having minimum investment amounts generally around $1,000 and terms ranging from 7 to 90 days [2] - Experts from the Beijing Wealth Management Industry Association indicate that the current trend of de-dollarization and geopolitical fluctuations are driving demand for gold, which remains strong in the market [2] - Companies are actively participating in the allocation of such products, although investors are advised to choose wisely, as structured deposits, while promising capital protection, have returns linked to market performance [2]

二、核准江苏银行兴化昭阳支行业务范围为：经银行保险监督管理机构或其他有行政许可权的机构批准 并经上级机构授权办理的业务。 三、接此批复文件后，江苏银行兴化昭阳支行应按照有关规定领取许可证并办理开业前的相关手续。开 业后及时向泰州金融监管分局报告相关情况。 2026年1月8日，泰州金融监管分局发布批复称，《江苏银行（600919）泰州分行关于兴化昭阳支行开业 的请示》（苏银泰发〔2025〕105号）收悉。经审核，现批复如下： 一、同意江苏银行股份有限公司兴化昭阳支行开业，营业场所为江苏省泰州市兴化市海德国际7号地块 A楼英武中路71、73、75号。 ...

Core Insights - The city commercial bank sector experienced a rise of 1.55% on January 13, with Ningbo Bank leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Ningbo Bank (002142) closed at 29.26, up 4.24%, with a trading volume of 655,400 shares and a transaction value of 1.904 billion [1] - Hangzhou Bank (600926) closed at 15.96, up 3.70%, with a trading volume of 1,208,400 shares and a transaction value of 1.912 billion [1] - Suzhou Bank (002966) closed at 8.26, up 1.35%, with a trading volume of 485,800 shares [1] - Chengdu Bank (601838) closed at 16.29, up 1.24%, with a trading volume of 426,400 shares and a transaction value of 693 million [1] - Nanjing Bank (600109) closed at 10.88, up 1.21%, with a trading volume of 1,192,800 shares and a transaction value of 1.303 billion [1] - Qilu Bank (601665) closed at 5.69, up 1.07%, with a trading volume of 649,900 shares and a transaction value of 368 million [1] - Chongqing Bank (601963) closed at 10.55, up 0.96%, with a trading volume of 99,300 shares and a transaction value of 10.5 million [1] - Jiangsu Bank (616009) closed at 10.60, up 0.95%, with a trading volume of 1,504,800 shares and a transaction value of 1.593 billion [1] - Xi'an Bank (600928) closed at 3.77, up 0.53%, with a trading volume of 363,100 shares and a transaction value of 13.8 million [1] - Changsha Bank (601577) closed at 9.50, up 0.53%, with a trading volume of 183,100 shares and a transaction value of 174 million [1] Capital Flow - The city commercial bank sector saw a net inflow of 238 million from institutional investors, while retail investors contributed a net inflow of 199 million [2] - The sector experienced a net outflow of 437 million from speculative funds [2] Individual Stock Capital Flow - Hangzhou Bank (600926) had a net inflow of 70.42 million from institutional investors, while it faced a net outflow of 12.4 million from speculative funds [3] - Shanghai Bank (601229) saw a net inflow of 66.71 million from institutional investors, with a net outflow of 33.15 million from speculative funds [3] - Ningbo Bank (002142) had a net inflow of 37.18 million from institutional investors, with a net outflow of 1.4 million from speculative funds [3] - Suzhou Bank (002966) experienced a net inflow of 34.87 million from institutional investors, while facing a net outflow of 24.25 million from speculative funds [3] - Jiangsu Bank (601577) had a net inflow of 20.83 million from institutional investors, with a net outflow of 15.24 million from speculative funds [3]

Group 1 - The A-share banking sector remains active, with the China Securities Banking Index rising over 1% during the afternoon session on January 13, 2023, driven by significant gains in stocks such as Agricultural Bank of China, Hangzhou Bank, Chongqing Rural Commercial Bank, CITIC Bank, and Nanjing Bank [1] - The Tianhong Bank ETF (515290) has seen a trading volume exceeding 38 million yuan, indicating premium trading activity, and it encompasses 42 listed banks in A-shares, covering the entire spectrum of state-owned banks, joint-stock banks, and city commercial banks [1] - The People's Bank of China emphasized key priorities for 2026, including strict governance, effective implementation of moderately loose monetary policy, financial reform, and risk prevention [1] Group 2 - Following the recent dividend distributions, including Postal Savings Bank on January 12, Jiangsu Bank and China Merchants Bank are set to distribute dividends on January 14 and January 16, respectively, with Jiangsu Bank offering 0.3309 yuan per share (totaling 6.072 billion yuan) and China Merchants Bank offering 1.013 yuan per share (totaling approximately 20.897 billion yuan) [2] - Over half of the 42 listed banks in A-shares have implemented mid-term dividends for 2025, signaling robust profitability in the banking sector [2] - Analysts from Zheshang Securities anticipate a return to positive growth in net interest income for banks, while Longjiang Securities projects stable earnings growth for mainstream banks in 2026, highlighting the increased attractiveness of the PB-ROE valuation post-recent adjustments [2]

Core Viewpoint - Several banks are distributing cash dividends, indicating a stable profitability in the banking sector and providing tangible returns to shareholders [2][3][4]. Group 1: Dividend Distribution - Postal Savings Bank distributed a cash dividend of 0.1230 yuan per share, totaling 12.33 billion yuan [3]. - Jiangsu Bank plans to distribute a cash dividend of 0.3309 yuan per share, amounting to 6.07 billion yuan [2][3]. - China Merchants Bank intends to distribute a cash dividend of 1.013 yuan per share, totaling approximately 20.90 billion yuan [2][3]. Group 2: Overall Banking Sector Performance - As of January 13, over half of the 42 listed A-share banks have implemented mid-term dividends for 2025, with 31 banks announcing such distributions, an increase of 7 banks compared to 2024 [4][5]. - The total proposed dividend amount for these banks is 276.49 billion yuan, reflecting a growth of 7.05% compared to 2024 [4]. Group 3: Dividend Yields - The dividend yields for the banks are as follows: Postal Savings Bank at 2.30%, Jiangsu Bank at 3.15%, and China Merchants Bank at 2.46% based on their respective closing prices [3]. Group 4: Future Dividend Plans - Huaxia Bank has announced a profit distribution plan with a cash dividend of 1.00 yuan per 10 shares, totaling 1.59 billion yuan, pending a shareholder meeting [7]. - Industrial Bank plans to hold a shareholder meeting on January 20 to review its mid-term profit distribution proposal, which includes a cash dividend of 5.65 yuan per 10 shares, totaling 11.96 billion yuan [7].

Investment Rating - The report maintains an "Outperform" rating for the banking sector [6] Core Insights - The expected M2 growth rate for 2026 is approximately 7.5%, with credit growth around 6.0% and social financing growth at about 8.0%. This aligns with the goal of stabilizing economic growth and ensuring reasonable price recovery [2][18][19] - The banking sector is expected to see a structural differentiation in retail credit, with corporate lending remaining the primary contributor to new loans, accounting for approximately 80% to 85% of new loans [33][37] - The report highlights the importance of deposit flows, particularly the trend of deposits moving from large banks to smaller banks, which will influence the asset-liability gap for large banks in 2026 [3][41] Summary by Sections M2 and Credit Growth - The M2 increment for 2026 is estimated at about 25.4 trillion yuan, with fiscal net injection contributing approximately 12.0 trillion yuan and bank credit (including write-offs and ABS) contributing around 16.8 trillion yuan [2][29][24] - The anticipated new social financing for 2026 is about 35.3 trillion yuan, reflecting a growth rate of approximately 8.0% [30][32] Credit Allocation - Corporate lending is expected to remain strong, while retail lending will show structural improvements, contributing about 10% to 15% of new loans [33][37] - The report notes that retail credit is likely to experience a slight positive growth, particularly in quality consumption scenarios and personal operating loans [33][37] Asset-Liability Dynamics - The asset-liability gap for large banks is projected to continue, with marginal changes primarily driven by the liability side, influenced by deposit flows [3][41] - The report estimates that the maturity of fixed-term deposits for the six major banks in 2026 will be around 57 trillion yuan, with 2-year and longer-term deposits accounting for 27 to 32 trillion yuan [49][52] Investment Recommendations - The report recommends focusing on high-quality stocks with improving fundamentals, specifically highlighting Ningbo Bank and Changshu Bank, while also suggesting attention to Changsha Bank and Chongqing Rural Commercial Bank for potential excess returns [4] - Additionally, it emphasizes the value of stable, high-dividend stocks, recommending China Merchants Bank, Industrial and Commercial Bank of China, and Jiangsu Bank [4]

Investment Rating - The report maintains a "Recommended" rating for the banking sector, indicating an expectation that the sector will outperform the benchmark index by more than 5% in the next 3-6 months [25]. Core Insights - The average yield of bank wealth management products has been on a downward trend, with the average yield falling below the average personal deposit rate of listed banks for the first time since 2012. This trend is attributed to regulatory changes and market conditions [7][8]. - There is a potential for increasing the allocation of equity assets in wealth management products, which could enhance overall returns and attract more investors. Currently, equity products account for only 0.08% of the total wealth management product market, which has a total size of 31.63 trillion yuan [2][8]. - The banking sector is expected to see a systematic recovery in valuations in 2026, driven by a combination of improved fundamentals and capital inflows. The investment logic is shifting from pure defensive strategies to a dual focus on dividends and growth [8]. Summary by Sections Wealth Management Products - As of December 2025, the total market size of wealth management products reached 31.63 trillion yuan, with fixed income products making up 76.60%, cash management products 20.87%, mixed products 2.37%, and equity products only 0.08% [2]. - Regulatory bodies are exploring ways to facilitate greater equity market participation by wealth management funds, which could lead to an increase in the proportion of equity investments [2][8]. Company Earnings Forecasts and Valuations - Key companies in the banking sector have been rated as "Recommended" with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential for growth. For example, Ningbo Bank is projected to have an EPS of 4.33 yuan in 2025 with a PE ratio of 6.48 [3]. - The report highlights several banks, including China Merchants Bank and Jiangsu Bank, as having strong growth potential and favorable valuations, suggesting they are well-positioned for investment [3][8]. Market Performance - The report notes that the banking index underperformed the broader market indices, with a weekly decline of 1.90% compared to a 2.79% increase in the CSI 300 index [7]. - The report emphasizes the importance of monitoring market trends and the performance of individual banks to identify investment opportunities [5][8].

Group 1 - The company, Huaxi Co., stated that it currently does not hold any shares of Jiangsu Bank Co., Ltd. in response to investor inquiries on an interactive platform [2]

Core Viewpoint - The Jiangsu Regulatory Bureau of the National Financial Supervision Administration has approved the appointment of Zhou Hong as the director and chairman of Su Yin Wealth Management Co., Ltd. [1][2] Group 1: Appointment Details - Zhou Hong is set to succeed Ke Zhenlin, who will resign as chairman in November 2025 [1][2] - Zhou Hong has held various positions at Jiangsu Bank, including General Manager of the Financial Interbank Department [1][2] - The approval date for Zhou Hong's appointment is December 29, 2025 [1][2] Group 2: Company Background - Su Yin Wealth Management is a wholly-owned subsidiary of Jiangsu Bank, established on August 20, 2020, with a registered capital of 2 billion yuan [1][2] - The company's business scope includes issuing public and private wealth management products, as well as providing wealth advisory and consulting services [1][2]