万联晨会-20250422

Core Viewpoints - The A-share market saw all three major indices rise on Monday, with the Shanghai Composite Index up 0.45%, the Shenzhen Component Index up 1.27%, and the ChiNext Index up 1.59%. The total trading volume in the Shanghai and Shenzhen markets reached 1.04 trillion yuan. In terms of sectors, non-ferrous metals, computers, and beauty care led the gains, while banks, food and beverage, and real estate lagged behind [2][7] - In the overseas market, all three major US indices fell, with the Dow Jones down 2.48%, the S&P 500 down 2.36%, and the Nasdaq down 2.55% [2][7] Important News - The Central Committee of the Communist Party of China and the State Council issued opinions on enhancing the strategy for free trade pilot zones, emphasizing the need for systematic deployment to improve the level of institutional openness and the quality of the open economy over the next five years [3][8] - A joint action plan was released by the People's Bank of China, financial regulatory authorities, and the Shanghai Municipal Government to enhance the convenience of cross-border financial services in Shanghai, proposing 18 key measures to support international competition and cooperation [3][9] Company Analysis - Jiangsu Bank reported an 8.8% year-on-year increase in revenue and a 10.8% increase in net profit attributable to shareholders for 2024. The bank's total assets grew by 16% year-on-year, with loans increasing by 11% and financial investments by 24% [10][11] - The net interest margin for 2024 is projected at 1.86%, a decrease of 12 basis points year-on-year. The bank's fee and commission income also saw a 3.3% year-on-year increase, primarily driven by growth in settlement and underwriting services [11][12] - As of the end of 2024, the non-performing loan ratio stood at 0.89%, down 2 basis points year-on-year, with a provision coverage ratio of 350.1% [13]