Investment Rating - The report indicates a positive outlook for the banking industry, with overall revenue and net profit growth rates turning positive in the first half of 2025, at 1.0% and 0.8% respectively, showing improvements from the previous quarter [4]. Core Insights - The banking sector's net interest margin for the first half of 2025 is reported at 1.42%, a decrease of 10 basis points compared to the previous year, but the decline is narrowing due to improved cost management on the liability side [5]. - Non-interest income, particularly from fees and commissions, has increased by 3.1% year-on-year, driven by a recovery in wealth management and a more active market environment [5]. - The asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 239%, indicating a solid credit environment [5]. Summary by Sections Financial Performance Overview - The overall revenue and net profit growth for listed banks in the first half of 2025 were 1.0% and 0.8%, respectively, with both metrics showing improvement from the first quarter [4][22]. - The total assets of listed banks reached 321.3 trillion yuan, growing by 6.35% year-to-date, with loans and advances totaling 179.4 trillion yuan, accounting for 55.84% of total assets [21][24]. Income Sources - Net interest income decreased by 1.3% year-on-year, but the decline rate has slowed, reflecting better management of funding costs [5]. - Fee and commission income grew by 3.1% year-on-year, benefiting from a recovering market and the gradual impact of regulatory changes [5]. - Other non-interest income saw a significant increase of 10.7%, primarily due to favorable market conditions in the bond market [5]. Asset Quality and Management - The non-performing loan ratio remained stable at 1.23%, with a provision coverage ratio of 239%, indicating a robust asset quality [5]. - The credit cost for the first half of 2025 was 0.81%, a decrease of 5 basis points year-on-year, suggesting manageable credit risks [5]. Loan Growth and Composition - Loan growth was primarily driven by corporate lending, with significant contributions from infrastructure and manufacturing sectors [20]. - Personal loan growth was weaker, with a year-on-year increase of only 3.6%, reflecting a cautious approach to consumer lending amid rising risks [20]. Investment and Market Conditions - The investment asset proportion decreased to 34% as banks adjusted their strategies in response to market volatility [20]. - The overall yield on bonds fluctuated significantly, prompting banks to engage in tactical trading to enhance returns [20].

Group 1 - The report highlights that the overall economic environment is favorable for the bond market, but structural changes may arise if the stock market continues to perform well, potentially diverting demand from bonds [4] - The report indicates that in H1 2025, Weichai Power's revenue reached 113.15 billion yuan, with a year-on-year growth of 0.6%, while the net profit attributable to shareholders decreased by 4.4% to 5.64 billion yuan [6][7] - The report notes that the heavy truck market in China is recovering, with wholesale sales increasing by 7% in H1 2025, and Weichai Power's engine sales reached 362,000 units, a 41% increase year-on-year [7][8] Group 2 - The report states that the REITs market has seen a significant breakthrough with the approval of the first foreign consumer REITs, indicating a growing interest in this investment vehicle [10][11] - The report mentions that the revenue of Hangcha Group reached 9.302 billion yuan in H1 2025, reflecting an 8.74% year-on-year increase, with a net profit of 1.121 billion yuan, up 11.38% [14][15] - The report highlights that the sales volume of industrial vehicles in China reached 739,000 units in H1 2025, with a year-on-year increase of 11.66%, indicating a robust market demand [15][16] Group 3 - The report indicates that Dou Shen Education achieved a revenue of 450 million yuan in H1 2025, representing a year-on-year growth of 36.13%, with a net profit of 104 million yuan, up 50.33% [20][21] - The report states that Weilon Co., Ltd. reported a revenue of 272 million yuan in H1 2025, with a year-on-year increase of 12.86%, and a net profit of 59 million yuan, up 15.14% [24] - The report notes that China Construction Bank's revenue grew by 10.36% year-on-year in Q2 2025, with a significant contribution from non-interest income, which increased by 18.53% [28][29] Group 4 - The report highlights that Anhui Heli's revenue reached 9.4 billion yuan in H1 2025, with a year-on-year increase of 6.2%, and a net profit of 800 million yuan, down 4.6% [32][33] - The report indicates that the entertainment sector, particularly Cat Eye Entertainment, saw a revenue of 2.47 billion yuan in H1 2025, reflecting a year-on-year growth of 13.9%, despite a net profit decline of 37.3% [38][39] - The report mentions that Jingwei Hengrun achieved a revenue of 2.908 billion yuan in H1 2025, with a year-on-year growth of 43.48%, and successfully turned a profit in Q2 2025 [42][43]

Core Insights - The rural commercial bank sector experienced a rise of 2.83% on September 2, with Chongqing Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Chongqing Rural Commercial Bank (601077) closed at 6.65, up 4.23%, with a trading volume of 1.68 million shares and a transaction value of 1.11 billion [1] - Shanghai Rural Commercial Bank (601825) closed at 60.6, up 3.89%, with a trading volume of 814,600 shares and a transaction value of 734 million [1] - Jiangyin Bank (002807) closed at 4.90, up 2.08%, with a trading volume of 479,800 shares and a transaction value of 233 million [1] - Other notable performances include Zijin Bank (601860) up 1.70%, Changshu Bank (601128) up 1.46%, and Zhangjiagang Bank (002839) up 1.34% [1] Fund Flow Analysis - The rural commercial bank sector saw a net outflow of 6.54 million from institutional investors, while retail investors experienced a net outflow of 102 million [1] - Speculative funds recorded a net inflow of 109 million [1] - Detailed fund flow for Chongqing Rural Commercial Bank shows a net inflow of 11.57 million from institutional investors, but a net outflow of 88.18 million from retail investors [2] - Shanghai Rural Commercial Bank had a net inflow of 14.69 million from institutional investors and a net inflow of 49.14 million from speculative funds [2] - Other banks like Zijin Bank and Su Nong Bank experienced significant net outflows from institutional investors, indicating a mixed sentiment in the sector [2]

Investment Rating - The report maintains a strong buy recommendation for Wuxi Bank [6]. Core Views - Wuxi Bank has shown steady growth in both loans and deposits, with a loan growth rate of 9.76% year-on-year as of Q2 2025, primarily driven by corporate loans [2][4]. - The bank's non-performing loan ratio remains low at 0.78%, with a sufficient provision coverage ratio of 424.87%, ensuring asset quality and sustainability of earnings [2][4]. - Other non-interest income has also seen positive growth, increasing by 3.79% year-on-year, despite a high base from the previous year [3][4]. Summary by Sections 1. Performance - For the first half of 2025, Wuxi Bank reported a revenue growth of 3.44%, PPOP growth of 5.59%, and a net profit growth of 3.52% compared to the same period last year [1][13]. - The bank's total assets reached 272.83 billion, with total loans at 167.54 billion and total deposits at 234.92 billion [13]. 2. Non-Interest Income - The bank's non-interest income grew by 3.79% year-on-year, mainly from investment gains [3][33]. - However, net fee income saw a significant decline of 24.45% year-on-year, attributed to a drop in agency business revenue [3][33]. 3. Interest Margin and Asset Quality - The net interest margin for the first half of 2025 was reported at 1.46%, a slight decrease of 5 basis points from the beginning of the year [2][13]. - The non-performing loan ratio has remained stable at 0.78% for four consecutive quarters, indicating effective risk management [2][4]. 4. Capital and Shareholder Information - The bank's total market capitalization is approximately 13.4 billion, with a current share price of 6.1 yuan [6]. - The return on equity (ROE) stands at 9.4%, reflecting the bank's profitability [6][13].

证券代码：600908 证券简称：无锡银行 公告编号：2025-020 无锡农村商业银行股份有限公司 本公司监事会及全体监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法律责任。 无锡农村商业银行股份有限公司（以下简称"公司"）于2025年8月15日向全 体监事发出关于召开第七届监事会第五次会议的通知，会议于2025年8月27日在 无锡农村商业银行（无锡市金融二街9号)1207会议室以现场方式召开，监事长王 峰主持会议，会议应出席监事9名，实际出席监事8名，监事钱小满因事请假，书 面授权委托监事陆相林代为行使表决权。本次会议的召开符合《公司法》等法律 法规和本行《公司章程》的规定，表决所形成决议合法、有效。 会议审议并表决通过了如下议案： 一、关于2025年半年度报告及摘要审核意见的议案 表决结果：赞成9票；反对0票；弃权0票。 监事会认为： 章程和公司内部管理制度的规定； 的内容真实、准确、完整地反映了本公司报告期内的经营管理和财务状况等事项， 赞成9票；反对0票；弃权0票。 四、关于2025年上半年主要风险点的评估报告的议案 赞成9票；反对0票；弃权0 ...

Meeting Information - The shareholders' meeting is scheduled for September 16, 2025, at 13:30 [1] - The meeting will be held at the first conference room on the third floor of Wuxi Rural Commercial Bank [1] - Voting will be conducted through a combination of on-site and online methods [1] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholders' meeting online voting system [1] - Voting will be available from 9:15 to 15:00 on the day of the meeting [1][3] - Shareholders can vote through designated trading securities companies or via the internet voting platform [3][4] Shareholder Rights - Shareholders registered by the close of trading on September 9, 2025, are eligible to attend the meeting [4] - Shareholders can appoint proxies to attend and vote on their behalf [4][5] - Multiple accounts held by a shareholder can be used to cast votes, but only the first vote will be counted for each category of shares [4][6] Meeting Registration - Registration requires valid identification and proof of shareholding [5] - Registration can be done in person or via fax, with original documents required for in-person attendance [5][6] - The registration office is located on the 15th floor of Wuxi Rural Commercial Bank [5] Additional Information - Contact details for the board office are provided for any inquiries [6] - Attendees are responsible for their own travel and accommodation expenses [6]

Core Viewpoint - Wuxi Rural Commercial Bank reported a positive performance in the first half of 2025, with significant growth in total assets, deposits, and loans, while maintaining a strong risk management framework. Company Overview and Key Financial Indicators - The bank's total assets reached CNY 272.83 billion, an increase of 6.24% compared to the end of the previous year [2][3] - Total deposits amounted to CNY 229.84 billion, reflecting an 8.17% growth [2][3] - Total loans stood at CNY 167.54 billion, with a net increase of 6.97% [2][3] - The net profit attributable to shareholders was CNY 1.38 billion, up 3.52% year-on-year [2][3] - The bank's non-performing loan ratio was 0.78%, with a provision coverage ratio of 424.87%, indicating strong risk management capabilities [2][3] Business Operations and Strategy - The bank focuses on high-quality development, emphasizing service to the real economy and supporting small and micro enterprises [3][4] - It has launched various financial products tailored to meet the needs of technology-driven enterprises and small businesses [3][4] - The bank is enhancing its retail banking capabilities, with a focus on consumer loans and mortgage business [3][4] - A significant increase in wealth management products was noted, with a net increase of CNY 3.33 billion in the first half of 2025 [3][4] Risk Management and Compliance - The bank has implemented measures to manage credit, market, liquidity, and operational risks effectively [1][2] - It has conducted thorough risk assessments in key areas such as foreign trade and related party transactions [3][4] - The bank emphasizes compliance with regulatory requirements and has engaged in activities to promote a culture of integrity among its employees [3][4] Financial Performance Metrics - Operating income for the first half of 2025 was CNY 2.65 billion, a 3.44% increase from the previous year [2][3] - The net cash flow from operating activities was CNY 4.68 billion, down 6.64% year-on-year [2][3] - The bank's basic earnings per share increased to CNY 0.62, reflecting a 3.33% growth [2][3] Capital Adequacy and Financial Health - The bank's total liabilities were CNY 248.25 billion, a 6.35% increase from the previous year [2][3] - The capital adequacy ratio stood at 14.35%, with a core tier one capital ratio of 12.09% [2][3] - The bank's leverage ratio was 7.83%, indicating a stable capital structure [2][3]

Core Viewpoint - Wuxi Rural Commercial Bank reported a 6.24% increase in total assets, reaching CNY 272.83 billion, compared to the previous year [1] - The bank's operating income rose by 3.44% to CNY 2.65 billion, while total profit increased by 4.02% to CNY 1.50 billion [1] Financial Performance - Total assets at the end of the reporting period were CNY 272,833,062 thousand, up from CNY 256,801,132 thousand, reflecting a growth of 6.24% [1] - Operating income for the period was CNY 2,645,165 thousand, compared to CNY 2,557,139 thousand in the previous year, marking a 3.44% increase [1] - Total profit amounted to CNY 1,504,857 thousand, an increase of 4.02% from CNY 1,446,711 thousand [1] - Net profit attributable to shareholders was CNY 1,379,266 thousand, up 3.52% from CNY 1,332,364 thousand [1] - Net profit after deducting non-recurring gains and losses was CNY 1,377,353 thousand, a 6.90% increase from CNY 1,288,503 thousand [1] Shareholder Information - The top shareholders include Wuxi Taihu New City Asset Management Co., holding 7.58% with 166,330,635 shares, and Wuxi Xingda Nylon Co., holding 5.06% with 110,984,508 shares [2] - Other significant shareholders include Wuxi Wanxin Machinery Co. with 3.60% and Wuxi Shenwei Chemical Co. with 1.80% [2] - The report indicates that Wuxi Xingda Nylon Co. and Wuxi Shenwei Chemical Co. are controlled by the same actual controller [2]

Core Viewpoint - Wuxi Rural Commercial Bank has proposed amendments to its articles of association, which will be submitted for shareholder approval, reflecting changes in governance and operational guidelines [1]. Summary by Sections Amendments Overview - The board of directors approved the proposal to amend the articles of association during the fifth meeting of the seventh board on August 27, 2025 [1]. - The amendments are based on relevant laws and regulations, including the Company Law and guidelines for listed companies [2]. Key Amendments - Article 8: The legal representative of the bank will be the chairman, who will assume this role upon election by the board [2]. - Article 9: The legal representative's civil activities will bind the bank, and the bank will bear civil liability for damages caused by the representative in the course of their duties [2]. - Article 10: The articles will serve as a binding document for the bank, shareholders, and management, outlining rights and obligations [3]. - Article 15: The bank's operational purpose is to focus on customer service and market orientation while promoting local economic development [3]. - Article 21: The bank's shares will be issued at par value, ensuring equal rights for all shareholders [4]. - Article 26: The bank will not provide financial assistance for purchasing its shares, except for employee stock ownership plans [4]. - Article 30: The bank can repurchase its shares through public trading or other legally recognized methods [5]. - Article 36: The establishment of a party committee within the bank is mandated, with specific roles and responsibilities outlined [8]. Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends proportional to their shareholding and to attend shareholder meetings [9]. - Shareholders can request to inspect the bank's records and financial documents, subject to certain conditions [10]. - The bank's shareholders are obligated to not misuse their rights to harm the bank or other shareholders' interests [16].

证券代码：600908 证券简称：无锡银行 公告编号：2025-019 无锡农村商业银行股份有限公司 表决情况：赞成15票；反对0票；弃权0票。 表决情况：赞成15票；反对0票；弃权0票。 表决情况：赞成15票；反对0票；弃权0票。 表决情况：赞成15票；反对0票；弃权0票。 本行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法律责任。 无锡农村商业银行股份有限公司（以下简称"本行"或"公司"）第七 届董事会第五次会议于2025年8月27日下午在无锡农村商业银行（无锡市金融 二街9号）1208会议室召开以现场方式召开，会议通知已于2025年8月15日向 全体董事发出。本次会议由董事长陶畅先生主持，会议应到15人，实到15人， 部分监事及高级管理人员列席。本次会议的召集、召开程序符合《中华人民 共和国公司法》及《无锡农村商业银行股份有限公司章程》的规定。本次会 议审议并表决通过了： 表决情况：赞成15票；反对0票；弃权0票。 请详见本行同日于上海证券交易所网站（www.sse.com.cn）发布的相关 内容。 该议案已经本行董事会审计及消费者权 ...