Core Insights - Jiangsu Financial Regulatory Bureau, in collaboration with the provincial Science and Technology Department and Finance Department, has initiated a special action to expand the first loan support for technology-based enterprises, resulting in 2,556 companies receiving first loans totaling 14.14 billion yuan by the end of September [1][3] Group 1: Special Action Implementation - Jiangsu financial institutions have developed specific implementation plans to achieve the goals of the special action, with banks like Jiangsu Bank, Nanjing Bank, and Agricultural Bank of Jiangsu quickly establishing their action plans [2] - Nanjing Bank has set up reward policies focusing on customer visits, marketing implementation, and comprehensive services [2] - Bank of China Jiangsu Branch has created a "Digital Inclusive" service platform for automatic customer assignment to nearby branches [2] Group 2: Product and Service Optimization - Jiangsu financial institutions are continuously optimizing products and services to ensure that technology-based enterprises with reasonable financing needs can access loans [3] - Industrial and Commercial Bank of China Jiangsu Branch has introduced a "Value Evaluation System" for technology enterprises, facilitating the transition from "no loan" to "first loan" [3] - Nanjing Bank has launched a product for the transformation of scientific and technological achievements, and upgraded its online standardized product "Xin e Technology Enterprise" [3] Group 3: Loan Growth Metrics - By the end of September, the loan balance for technology-based enterprises in Jiangsu reached 27.7 trillion yuan, reflecting a growth of 16.17% since the beginning of the year, which is 7.33 percentage points higher than the overall loan growth rate [3]

Market Overview - The city commercial bank sector experienced a decline of 0.21% on November 7, with Qilu Bank leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Individual Bank Performance - Xiamen Bank closed at 7.23, up 0.98% with a trading volume of 333,300 shares and a transaction value of 241 million [1] - Ningbo Bank closed at 29.31, up 0.51% with a trading volume of 297,300 shares and a transaction value of 875 million [1] - Qilu Bank closed at 6.08, down 1.46% with a trading volume of 648,100 shares and a transaction value of 39.86 million [2] - Suzhou Bank closed at 8.33, down 1.07% with a trading volume of 373,400 shares and a transaction value of 314 million [2] Capital Flow Analysis - The city commercial bank sector saw a net outflow of 148 million from institutional investors, while retail investors had a net inflow of 163 million [2] - Jiangsu Bank had a net inflow of 63.24 million from institutional investors, but a net outflow of 39.08 million from speculative funds [3] - Nanjing Bank experienced a net inflow of 24.45 million from institutional investors, with a net outflow of 30.58 million from speculative funds [3]

Core Viewpoint - Jiangsu Bank's revenue, PPOP, and net profit growth rates for the first three quarters of 2025 show slight changes, indicating a stable financial performance despite some fluctuations in loan growth [1] Financial Performance - Jiangsu Bank's revenue growth rate is 7.8%, PPOP growth rate is 5.9%, and net profit growth rate is 8.3%, with slight changes of +0.1 percentage points, -2.0 percentage points, and +0.3 percentage points respectively [1] - As of Q3 2025, the total loan amount of Jiangsu Bank has a year-on-year growth rate of 17.9%, with a quarter-on-quarter decrease of 0.4 percentage points [1] Loan Composition - Corporate loans contributed 92% of the loan increment in the first three quarters, while retail loans showed a slight decline in Q3 [1] - The growth in corporate loans is primarily driven by government financing business, indicating a relatively weak retail loan demand [1] Future Outlook - The establishment of the Ningbo branch and the efforts of Su Yin Kai Ji consumer finance are expected to support asset expansion for Jiangsu Bank, maintaining steady growth in scale [1] - Marginal stabilization of interest margins and significant improvement in funding costs are anticipated [1] Asset Quality - The asset quality is improving steadily, although the provision coverage ratio has slightly declined [1] - Jiangsu Bank maintains a valuation premium of 20% compared to comparable companies, with a target price of 13.86 CNY per share based on a 0.98 times PB for 2025 [1]

Core Insights - The mobile banking app has become a core platform for commercial banks to serve users, optimize experiences, and enhance competitiveness in the context of national digital transformation and financial technology innovation [1] - The integration of AI technology, refined operational strategies, and diversified user demands are reshaping the market landscape and value of mobile banking apps [1] User Flow and Behavior - The user flow of mobile banking apps in China is stabilizing between 650 million to 700 million from 2023 to 2025, indicating a saturated market [2] - The decline in user engagement is evident, with average daily usage time dropping from 4.93 minutes to 2.70 minutes and daily usage frequency decreasing from 4.54 times to 2.86 times [4] Operational Strategies - Refined operations are crucial for banks to break through in a saturated market, focusing on precise user insights and intelligent technology applications [6][7] - AI technology is enhancing refined operations by upgrading interaction experiences, strengthening risk control, expanding diverse scenarios, and improving data operations [9] Rankings and Performance - The top three banks by average monthly active users (MAU) are Agricultural Bank of China (24 million), Industrial and Commercial Bank of China (18.9 million), and China Construction Bank (10.6 million) [11][15] - Among joint-stock commercial banks, China Merchants Bank leads with over 7 million MAU, while other banks like Ping An Bank and CITIC Bank follow closely [16][17] - City commercial banks show strong performance, with Jiangsu Bank leading at 349.6 thousand MAU, and several banks achieving significant growth rates [19][20] Case Studies of Successful Apps - Agricultural Bank of China is integrating financial services with daily life scenarios, achieving a 4.8% growth in MAU [28][29] - China Merchants Bank continues to innovate its app to meet customer needs and leverage AI technology [31] - Beijing Bank is focusing on a digital transformation strategy that combines technology, scenarios, and services [35]

Group 1 - The fund name is Guotai Haitong CSI All Share Index Enhanced Securities Investment Fund, with A-class fund share code 025308 and C-class fund share code 025309 [11] - The fund is a contract-based open-end stock investment fund with an indefinite duration and an initial share value of 1.00 RMB [12] - The fund aims to effectively track the CSI All Share Index while seeking to achieve investment returns that exceed the target index through quantitative methods [13] Group 2 - The fund will be publicly offered from November 17, 2025, to November 28, 2025, and the management company may adjust the fundraising period based on subscription conditions [15] - The minimum subscription amount for individual investors is 10 RMB, and there is no limit on the total subscription amount during the fundraising period [3][8] - The fund is open to individual investors, institutional investors, and qualified foreign investors who meet legal requirements [14] Group 3 - The fund has two classes of shares: A-class shares, which charge subscription fees, and C-class shares, which do not charge subscription fees [19] - The subscription fee for A-class shares is tiered based on the subscription amount, while C-class shares do not incur any subscription fees [19][21] - Investors can subscribe multiple times during the subscription period, and once accepted, the subscription application cannot be withdrawn [9][10] Group 4 - The fund management company is Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and the custodian bank is Jiangsu Bank Co., Ltd. [54] - The fund's registration and offering details will be published on the management company's website and the China Securities Regulatory Commission's fund electronic disclosure website [5][13] - The fund management company will handle the subscription funds in a dedicated account, and any interest generated during the fundraising period will be allocated to fund shares [16][25]

Group 1 - The company is holding its second extraordinary general meeting of shareholders in 2025 on November 17, 2025 [2][4] - The announcement includes a supplementary notice regarding the registration date for preferred shares [2][3] - The meeting will take place at the headquarters of Jiangsu Bank in Nanjing [4] Group 2 - The network voting system will be provided by the Shanghai Stock Exchange, with voting available on the day of the meeting [5] - Voting times for the trading system are set for specific periods on November 17, 2025 [5] - The announcement includes details for proxy voting, allowing shareholders to delegate their voting rights [8][9]

证券代码：600919 证券简称：江苏银行 公告编号：2025-038 优先股代码：360026 优先股简称：苏银优 1 江苏银行股份有限公司 关于2025年第二次临时股东大会补充公告 本公司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。 一、 股东大会有关情况 1. 原股东大会的类型和届次： 2025年第二次临时股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | 最后交易日 | | --- | --- | --- | --- | --- | | Ａ股 | 600919 | 江苏银行 | 2025/11/10 | － | 网络投票系统：上海证券交易所股东大会网络投票系统 二、 补充事项涉及的具体内容和原因 补充优先股的股权登记日相关信息。 | 股份类型 | 股票代码 | 股票简称 | 股权登记日 | 最后交易日 | | --- | --- | --- | --- | --- | | 优先股 | 360026 | 苏银优 1 | 2025/11/11 | 2025/11/10 | 三、 除了上述补充事项外，于 20 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In recent years, the mismatch between the duration of banks' assets and liabilities has intensified, with the duration of the asset side lengthening and that of the liability side shortening. This has put pressure on some liquidity indicators and constrained banks' asset allocation behavior. The increase in long - term bond holdings has also increased the pressure on interest rate risk indicators. The report analyzes the current indicator constraints on banks' bond allocation and the prospects of these indicator pressures [1]. 3. Summary by Related Catalogs 3.1 Liability - side Duration Reduction and Asset - side Duration Extension - **Net Interest Margin Pressure**: Since 2022, the net interest margin of commercial banks has continued to decline, from 2.08% at the end of December 2021 to 1.42% at the end of June 2025, compressing banks' profit margins [9]. - **Liability - side Duration Reduction**: - **Deposit**: Since 2023, the duration of new deposits has significantly shortened. High - cost, long - term deposits have been significantly reduced due to the expiration of high - interest fixed deposits in 2025 - 2026 and the suspension of "manual interest compensation" in 2024. Banks tend to guide customers to transfer to short - term deposits, and customers are less attracted to long - term deposits. New deposits are concentrated within 1 year [10]. - **Inter - bank Liabilities**: In 2025, banks mostly reduced the issuance of 9M and 1Y certificates of deposit (CDs) and increased the issuance of 3M and 6M CDs [15]. - **Asset - side Duration Extension**: Since 2019, the loan growth rate of listed banks has continued to decline, and financial investment has become an important alternative asset on the asset side. Bond investment is a major part of financial investment, with government bonds accounting for a relatively high proportion. From 2023 - 2025, the average duration of local government bonds has lengthened from 12.39 years to 15.62 years, and it is expected that the duration of the asset side of national and joint - stock banks will lengthen [17]. 3.2 What Indicator Constraints Do Banks Face in Bond Allocation? 3.2.1 Liquidity Risk: Low NSFR Index for Joint - stock Banks - **Liquidity Regulatory Indicators**: Chinese banks need to meet five liquidity regulatory indicators, including LMR, LR, NSFR, LCR, and HQLAAR. The report mainly analyzes LR, NSFR, and LCR. In mid - 2025, the LR and LCR of listed banks generally had sufficient safety margins, while the NSFR safety cushions of joint - stock banks (except China Merchants Bank) and some city commercial banks were relatively thin [3][22]. - **Reasons for Low NSFR in Joint - stock Banks**: The core reason lies in the liability side. Retail deposits are not advantageous, the proportion of inter - bank liabilities is high, and deposits tend to be short - term. This leads to a low Available Stable Funds (ASF) [41]. - **Measures to Deal with NSFR Pressure**: - **Increase the Numerator**: In October, joint - stock banks significantly increased the issuance of 1Y CDs. The net financing of joint - stock bank CDs in October reached 62.44 billion yuan, and the issuance scale of 1Y CDs was significantly increased [45]. - **Reduce the Denominator**: From January to September this year, joint - stock banks basically maintained a monthly net reduction of CDs and increased the allocation of interest - rate bonds, which is conducive to reducing the Required Stable Funds (RSF) and improving the NSFR [48]. 3.2.2 Interest Rate Risk: The ΔEVE/First - tier Capital of Some State - owned Banks Approaches the Upper Limit - **Regulatory Requirements**: According to the "Administrative Measures for the Interest Rate Risk of Commercial Banks' Banking Books (Revised)", when the economic value change of state - owned large commercial banks exceeds 15% of their first - tier capital, the banking regulatory authority should pay attention and conduct follow - up evaluations [53]. - **Interest Rate Risk of Banking Books**: In 2024, under six standardized interest rate shock scenarios, the maximum economic value change losses of Agricultural Bank of China (- 14.31%), Industrial and Commercial Bank of China (- 14.71%), and China Construction Bank (- 14.73%) as a percentage of their first - tier capital were close to - 15%. This has objectively constrained bond - allocation behavior and will affect the volume and duration of state - owned banks' bond investments [55].

Core Viewpoint - Beijing Bank has reported a mixed performance in the first three quarters, with operating income and net profit showing slight declines, indicating challenges in maintaining growth amidst competitive pressures from peers like Jiangsu Bank [1][4][16]. Financial Performance - For the first three quarters, Beijing Bank's operating income was 51.588 billion yuan, and net profit attributable to shareholders was 21.064 billion yuan, with year-on-year growth rates of -1.08% and 0.26%, ranking 31st and 33rd among 42 listed banks in A-shares [1]. - In Q3, both operating income and net profit declined by 5.71% and 1.85% year-on-year, respectively, marking a significant downturn in performance [4]. - The bank's asset scale grew by 15.89% year-to-date, ranking third among A-share listed banks, but this growth was primarily driven by financial investments rather than traditional lending [6]. Asset Quality and Risk Management - The non-performing loan ratio decreased by 0.02 percentage points to 1.29%, indicating improvements in asset quality [1][14]. - The bank's capital adequacy ratio stood at 12.83%, which, while above the regulatory requirement of 8%, is still below the average of listed banks [9]. Strategic Initiatives - Since the appointment of the new chairman in 2022, Beijing Bank has initiated a series of strategic transformations, focusing on digitalization and regional collaboration, particularly in the Yangtze River Delta [2][20]. - The bank aims to enhance its competitive edge by developing specialized financial services for "specialized, refined, and innovative" enterprises, particularly in technology finance [18][23]. Regional Expansion Efforts - Beijing Bank has been actively pursuing growth in the Yangtze River Delta, with plans to establish a regional approval center and strengthen partnerships with local banks [21][24]. - Despite these efforts, the bank's loan growth in the Yangtze River Delta remains below that of local competitors, indicating challenges in gaining market share [24]. Conclusion - Overall, while Beijing Bank has made strides in asset quality and strategic initiatives, it faces significant challenges in revenue growth and competitive positioning, particularly against stronger peers in the Yangtze River Delta region [25].

Core Insights - The overall performance of A-share listed banks in the first three quarters of 2025 reflects a stable total, improved structure, and significant differentiation amid a gradually recovering macroeconomic environment [1][10] - Revenue growth remains robust, with over 60% of listed banks reporting year-on-year increases, driven by optimized asset structures and a focus on non-interest income [2][10] - The net interest margin (NIM), a key profitability driver, is under pressure, posing challenges to the banking industry's profit model [1][7] Revenue Growth Resilience - More than 60% of A-share listed banks achieved positive year-on-year revenue growth in the first three quarters of 2025, indicating effective support for the real economy [2][4] - There is a clear structural differentiation in growth dynamics among banks of different sizes, with larger banks showing stable revenue while some smaller banks exhibit stronger growth [4][10] Bank Performance Data - Key performance metrics for selected banks in the first three quarters of 2025 include: - Industrial and Commercial Bank of China: Revenue of 6400.28 billion, 2.17% growth; Net profit of 2718.82 billion, 0.52% growth - Agricultural Bank of China: Revenue of 5508.76 billion, 1.97% growth; Net profit of 2223.23 billion, 3.28% growth - Minsheng Bank: Revenue of 1085.09 billion, 6.74% decline; Net profit of 285.39 billion, 7.09% decline - Jiangsu Bank: Revenue of 671.83 billion, 7.83% growth; Net profit of 318.95 billion, 8.87% growth [3][4] Performance of State-Owned Banks - State-owned banks maintain a leading position in revenue due to their large asset scale and extensive customer base, with revenue growth rates above 1.5% for major banks [4][6] - Despite a stable net profit growth, the overall growth rates are moderate, reflecting the challenges of achieving high growth from a large base [4][6] Performance of Smaller Banks - Some smaller banks and regional banks demonstrate significant growth potential, with Minsheng Bank and Jiangsu Bank showing revenue growth rates of 6.74% and 7.83%, respectively [4][6] - The ability of these banks to achieve rapid profit growth is attributed to precise customer targeting, effective cost management, and supplementary income from non-interest sources [6][10] Net Interest Margin Challenges - The net interest margin for listed banks is generally declining, primarily due to factors such as the decrease in loan market quotation rates and adjustments in existing mortgage rates [7][8] - State-owned banks and some joint-stock banks experience a decline in NIM by approximately 15 basis points, while Postal Savings Bank sees a more significant drop of 21 basis points [8][9] Resilience in NIM - Some banks, like Minsheng Bank, show resilience with a slight increase in NIM, indicating effective business structure management in response to interest rate fluctuations [9][10] - Regional banks like Ningbo Bank exhibit smaller declines in NIM compared to the industry average, showcasing the effectiveness of their localized service models [9][10] Future Outlook - The banking sector's operating environment is expected to gradually improve with the continued effectiveness of macroeconomic policies, although differentiation among institutions is likely to persist [10] - Large banks need to leverage technology to enhance their comprehensive service advantages, while smaller banks must focus on deepening their niche markets to establish competitive strengths [10]