Core Insights - Addressing climate change and promoting green and sustainable development are key societal concerns, with a focus on ecological civilization and green low-carbon development emphasized in national meetings [1] - Jiangsu Bank positions green finance as a core strategy for transformation and development, aiming to build an influential green finance brand [1] - The bank's Beijing branch actively engages in green finance, focusing on energy low-carbon transition, environmental protection, and urban-rural green development through product innovation and service upgrades [1] Group 1: Green Financial Products - The "Green Factory Loan" product allows companies to convert their green performance into lower financing costs, linking loan rates to ESG evaluations [3][4] - Jiangsu Bank's Beijing branch has provided over 1.3 billion yuan in credit support to more than 100 suppliers through its "Green + Supply Chain" financing model, which integrates ESG performance into financing costs [5][6] - The bank has developed customized financial solutions for various industries, including "Photovoltaic Loans" and "Soil Restoration Loans," to support specific green development needs [8] Group 2: Financial Impact and Achievements - As of September 2025, the green credit balance of Jiangsu Bank's Beijing branch reached 16.172 billion yuan, a 40.92% increase from the beginning of the year, serving over 300 green industry clients [9] - The bank has been recognized as a partner in green finance services in Chaoyang District and is the only financial institution to host the district's Energy Conservation Week [9] - Jiangsu Bank aims to guide more resources into the green low-carbon sector, contributing to high-quality development and the achievement of carbon neutrality goals [9]

Group 1 - The event is the first nationwide competition specifically designed for running groups, featuring over 2,000 participants competing in a 10-kilometer team race, showcasing teamwork and sportsmanship [1] - The innovative race format replaces traditional individual competition with a team-based scoring system, emphasizing both individual speed and team cohesion [1] - The event included comprehensive safety measures, such as medical support and hydration stations, ensuring a secure running experience for all participants [1] Group 2 - Jiangsu Bank, as the title sponsor, emphasizes its commitment to social responsibility and supports the national strategy of "National Fitness," aligning with the growing public interest in sports and health [2] - The collaboration with the Jiangsu Provincial Athletics Association represents a deeper connection to community values, enhancing the overall experience for participants through innovative services like local material collection points [2] - Jiangsu Bank aims to promote sustainable development in the "Finance + Sports" model, contributing to economic recovery and encouraging sports consumption [2] Group 3 - The event serves as a platform for cultural exchange in sports, transforming individual fitness habits into a community trend, and Jiangsu Bank continues to support the high-quality development of sports in Jiangsu [3] - The bank's ongoing efforts in the "Sports + Finance" ecosystem aim to enhance the quality of services and support for the local sports industry [3]

长江证券研报指出，江苏银行三季度以来股价调整充分，目前2025年预期PB 估值0.74x，股息率 5.31%。预计未来战略机制和业绩增速保持稳定，当前配置价值在头部城商行中吸引力突出。按区间交 易均价测算，三季度主动基金减仓金额接近44亿元，仅低于招商银行，银行股重仓排名也从二季度末的 第二位降至第五位。但市场风格波动从中长期角度并不影响银行股的重估方向，筹码结构优化、估值调 整充分后将吸引配置力量持续加仓。预计江苏银行后续将迎来红利价值重估，长期重点推荐，维持"买 入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company has maintained strategic stability since establishing its "smart, characteristic, international, and comprehensive" strategy in 2014, emphasizing a stable operational approach in 2024 that aligns with long-term capital preferences in the current market environment [2][12] - The company is expected to continue its stable performance with a focus on capital balance, benefiting from its geographical advantages and the strong growth of investment and financing in Jiangsu province [2][12] - The company's stock price has adjusted significantly since the third quarter, with a projected PB ratio of 0.74x for 2025 and a dividend yield of 5.31%, making it an attractive option among leading city commercial banks [4][6] Summary by Relevant Sections Company Overview - Jiangsu Bank is the largest city commercial bank by market capitalization and is currently undervalued, with a 2025 projected PB ratio of 0.74x and a ROE exceeding 13% [6] - The bank's dividend yield is projected to reach 5.31% in 2025, appealing to long-term capital investors [6] Financial Performance - The bank's loan growth is expected to remain stable, with a significant increase of 17.9% in loans by the end of Q3 2025, and an anticipated total loan increase of approximately 400 billion yuan for the year [12][36] - The bank's net interest margin is projected to stabilize, with a deposit cost of 1.78% in the first half of 2025, allowing for continued high growth in net interest income [12][36] - The asset quality remains stable, with a low proportion of personal operating loans and a projected net generation rate of non-performing loans of 1.10% for the first half of 2025, down 31 basis points from 2024 [12][36] Market Position - The company has seen a significant reduction in active fund holdings, with the proportion of active funds holding Jiangsu Bank shares dropping to 0.12% by the end of Q3, indicating a potential for reallocation of capital towards the bank [6][12] - The bank's capital adequacy ratio is expected to remain above 8.6% by the end of 2025, supporting its asset expansion [12][36]

Core Viewpoint - Jiangsu Bank successfully hosted the "Suyin Cross-border: Set Sail" event to support Chinese enterprises going global, focusing on the Shanghai Free Trade Zone and Central Asia as key areas for expansion [1][3]. Group 1: Event Overview - The event gathered leaders from Jiangsu Provincial Department of Commerce, Shanghai Pudong New Area Business Committee, and industry experts, along with over a hundred representatives from Chinese enterprises [1]. - The Shanghai Free Trade Zone is highlighted as a crucial hub for linking global resources and expanding international markets, while Central Asia is identified as a potential blue ocean for economic cooperation [3]. Group 2: Strategic Insights - Jiangsu Bank's President Yuan Jun emphasized the bank's commitment to accompany Chinese enterprises in seizing opportunities in the Pudong Free Trade Zone and exploring the Central Asian market [3]. - The event featured a keynote speech by Liang Zhonghua, Chief Macro Analyst at Guotai Junan Securities, providing macroeconomic insights for corporate strategic decision-making [5]. Group 3: Support Services - The Shanghai Pudong New Area Business Committee's Deputy Director Dong Xiaoling delivered a presentation on development opportunities in Pudong, aiding enterprises in understanding regional dynamics [5]. - A strategic cooperation agreement was signed between the Shanghai Pudong New Area Enterprise Going Global Comprehensive Service Center and Jiangsu Bank Shanghai Branch to empower enterprises in their international ventures [5]. Group 4: Market Opportunities - Ding Hai, Vice President of Suhao Holdings Group, introduced the China-Central Asia Trade Connectivity Cooperation Platform, offering comprehensive support for enterprises entering the Central Asian market [8]. - Askar Dairova, representative from the Kazakhstan Trade Policy Development Center, discussed Kazakhstan's trade policies and cooperation opportunities, providing essential references for enterprises [8]. Group 5: Financial Services - Jiangsu Bank's Assistant General Manager of the International Business Department, Chen Lingjia, elaborated on the "Suyin Cross-border" brand, which offers a comprehensive cross-border service solution based on a "4+6" financial and non-financial service system [10]. - The bank aims to continue providing one-stop support for clients' global operations, focusing on innovation and customer-centric services [12].

Group 1 - The city commercial bank sector experienced a decline of 0.31% on December 8, with Shanghai Bank leading the drop [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] - Key individual stock performances in the city commercial bank sector included Xiamen Bank rising by 3.32% and Shanghai Bank falling by 1.43% [1][2] Group 2 - The net inflow of main funds into the city commercial bank sector was 129 million yuan, while retail investors saw a net outflow of 156 million yuan [2] - The table of fund flows indicated that Jiangsu Bank had a net outflow of 56.86 million yuan from main funds, while Hangzhou Bank had a net inflow of 49.79 million yuan [3] - The overall trend showed that retail investors were withdrawing funds from several banks, with notable outflows from Suzhou Bank and Qingdao Bank [3]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report indicates that the ΔEVE (Economic Value of Equity) indicator for major banks has decreased compared to 2024, with some banks potentially exceeding the regulatory requirement of -15% [4][15] - The report highlights that for every 20 trillion yuan of local government bonds undertaken by banks, the ΔEVE/ Tier 1 capital ratio deteriorates by 0.65% to 1.73% [24][25] - The current regulatory buffer allows major banks to undertake approximately 666.8 billion yuan of 30-year local government bonds [33][34] - The report suggests a potential relaxation of regulatory requirements for interest rate risk indicators, which could facilitate banks' ability to manage long-term local government bonds [7] Summary by Sections ΔEVE Indicator Assessment - As of H1 2025, the ΔEVE/ Tier 1 capital ratio for major banks is as follows: ICBC at -16.66%, CCB at -17.26%, ABC at -14.89%, BOC at -12.28%, PSBC at -9.02%, and BC at -12.46% [15][16] - The report notes a decline in the ΔEVE indicator for these banks compared to 2024, with specific changes of -1.95pct for ICBC and -2.52pct for CCB [4][15] Local Government Bond Undertaking - The report estimates that major banks added 3.25 trillion yuan in local government bonds in H1 2025, with state-owned banks accounting for 1.86 trillion yuan, representing 57.2% of the total [5][32] - The duration of local government bonds is assumed to be distributed across various terms, with 30% of bonds being 10 years and 23% being 30 years [25][29] Debt Capacity Assessment - The current regulatory buffer allows major banks to support the undertaking of 30-year local government bonds up to 666.8 billion yuan, with potential increases if regulatory requirements are relaxed [33][34] - For every 1% relaxation in the ΔEVE/ Tier 1 capital ratio, banks could undertake an additional 593.4 billion yuan of 30-year local government bonds [34][35] Investment Recommendations - The report recommends a bottom-line allocation to large state-owned banks, with specific beneficiaries being ABC and ICBC [39] - Core allocations should focus on leading comprehensive banks, with recommended stocks including CMB and CCB [39] - For flexible allocations, regional banks with unique characteristics, such as JSB and CQB, are highlighted as potential beneficiaries [39][40]

Investment Rating - The report maintains a "Positive" investment rating for the banking sector [10] Core Insights - The banking sector has experienced a third consecutive week of decline, primarily due to a rebound in market risk appetite, leading to the outflow of previously defensive capital. The bond market has also adjusted, affecting investment returns. Despite short-term style changes, the report remains optimistic about the revaluation direction of bank stocks, particularly favoring large banks like Bank of Communications and China Merchants Bank, as well as leading city commercial banks such as Nanjing Bank, Jiangsu Bank, and Hangzhou Bank [2][7] - Recent adjustments in insurance risk factors encourage long-term allocations towards low volatility dividend stocks and technology innovation sectors. The National Financial Regulatory Administration has lowered risk factors for certain indices, which is expected to enhance the solvency of insurance companies and promote long-term investments in quality equity assets [4][39] Summary by Sections Market Performance - The banking index fell by 1.1% this week, underperforming the CSI 300 and ChiNext indices by 2.3% and 2.9% respectively. The average dividend yield for the six major state-owned banks in A-shares rose to 3.85%, with a 200 basis point spread over the 10-year government bond yield. H-shares maintain a 5% average dividend yield, with a 23% discount compared to A-shares [7][20][26] Credit Growth - As of the end of October 2025, credit growth across various regions remains differentiated, with major provinces like Jiangsu, Zhejiang, Shandong, Sichuan, and Anhui maintaining growth rates above 8%. Sichuan leads with a growth rate of 10.8%. Corporate loans continue to be the main growth driver, with Jiangsu and Sichuan showing growth rates of 13.6% and 13.3% respectively [6][34] Insurance Capital Allocation - Insurance capital is in a continuous process of increasing allocations to bank stocks, particularly during the third quarter adjustment period. The report outlines three core strategies for capital allocation: large insurance funds strategically investing in state-owned banks and leading city commercial banks, and smaller insurance companies seeking long-term equity investment opportunities in smaller banks [5][39]

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, indicating a positive outlook for the industry in the near term [1]. Core Insights - The positioning of the digital RMB is expected to advance, with significant potential in the payment sector. The People's Bank of China (PBOC) is working on optimizing the management system for digital RMB, which may evolve from a cash-like payment instrument (M0) to broader monetary categories (M1, M2) [2][8]. - Infrastructure development for digital RMB is progressing, with the establishment of international and operational centers in Shanghai and Beijing, respectively. As of September 2025, the cumulative transaction amount in pilot areas reached 14.2 trillion yuan, with 2.25 billion personal wallets opened [3][8]. - The banking sector is expected to see a systematic recovery in valuations in 2026, transitioning from a defensive to a growth-oriented investment logic. Key investment themes include high dividend yields and low valuations, particularly as risk-free interest rates decline [9]. Summary by Sections Industry Overview - The banking sector comprises 42 listed companies with a total market capitalization of approximately 1.15 trillion yuan, representing 13.04% of the market [4]. - The average daily trading volume for A-shares was 10,583.60 billion yuan, reflecting a 0.65% increase from the previous week [8]. Performance Metrics - The absolute performance of the banking sector over the past month is 5.0%, with a relative performance of 2.8% compared to the benchmark [5]. - The report highlights that the banking index underperformed the CSI 300 index by 2.46 percentage points during the week [8]. Investment Recommendations - The report suggests focusing on three main investment lines: 1. State-owned banks and major commercial banks like China Merchants Bank. 2. Quality joint-stock banks and city commercial banks with improving net interest margins and credit costs. 3. City commercial banks benefiting from regional policies and showing significant performance potential [9]. - Specific banks recommended for investment include China Merchants Bank, CITIC Bank, and several city commercial banks such as Chengdu Bank and Chongqing Bank [9][10].

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