Core Insights - Jiangsu Bank reported strong growth in core revenue, with both interest income and non-interest income showing significant increases in Q1 2025 [3][4] - The bank's asset quality has improved, with a decrease in non-performing loans and other risk indicators [8] Revenue and Profit Growth - In Q1 2025, Jiangsu Bank's revenue grew by 6.2% year-on-year, while net profit attributable to shareholders increased by 8.2%, both showing a slowdown compared to 2024 [2] - Core revenue growth was driven by a 21.9% increase in net interest income and a 21.8% rise in non-interest income, both significantly higher than the previous year's growth rates [3] Loan and Deposit Performance - The bank experienced robust growth in loans and deposits, with Q1 2025 net increases accounting for 83% and 125% of the total net increases for the entire year of 2024, respectively [5] - This strong performance reflects Jiangsu Bank's effective asset management capabilities [5] Interest Margin Improvement - The interest margin for Q1 2025 improved by 12 basis points to 1.80%, primarily due to a reduction in funding costs [6] - The asset yield decreased by 7 basis points to 3.75%, influenced by both market interest rate declines and a lower proportion of higher-yield loans [6] Asset Quality Enhancement - By the end of Q1 2025, the non-performing loan ratio was 0.86%, down 3 basis points from the beginning of the year, indicating improved asset quality [2][8] - The bank's proactive measures in managing high-risk retail assets contributed to this improvement [8] Future Outlook - For 2025, Jiangsu Bank is expected to maintain mid-to-high single-digit growth in revenue and profit, supported by strong loan growth and increased bond investments [4][9] - The bank's net profit is projected to grow by 8.49%, 8.19%, and 7.91% for the years 2025 to 2027, with a target price of 14.16 CNY per share [9]

Market Overview - The A-share market experienced a collective decline on April 28, with the Shanghai Composite Index down by 0.2%, the Shenzhen Component down by 0.62%, and the ChiNext Index down by 0.65%. The total market turnover was 1,076.7 billion yuan, a decrease of 60.3 billion yuan from the previous day, with over 4,100 stocks declining [1]. Banking Sector Performance - The banking sector showed resilience, with stocks such as Industrial and Commercial Bank of China, China Construction Bank, Jiangsu Bank, and Chengdu Bank reaching historical highs. Citic Securities noted a slight decrease of 0.37 percentage points in the proportion of bank stocks among actively managed fund heavyweights compared to the previous quarter. In the short term, external disturbances are expected to impact market sentiment, but the banking sector is considered to have stable fundamentals and significant relative value, suggesting an increase in allocation [2]. PEEK Materials and Robotics Market - PEEK materials stocks performed well, with companies like Xinhan New Materials and Kent Shares rising over 10%. The global humanoid robot market is projected to grow from approximately 1 billion dollars in 2024 to 15 billion dollars by 2030, with a compound annual growth rate exceeding 56%. PEEK materials are expected to benefit from this growth due to their lightweight and strong properties, which are essential for humanoid robots [2]. Individual Stock Movements - Asia Pacific Industry experienced significant volatility, opening at the daily limit down and later surging to the limit up, achieving a turnover of 178 million yuan and a turnover rate of 19.29%. Institutional buying was noted, with one institution net purchasing 2.5742 million yuan. Conversely, Puli Pharmaceutical faced a sharp decline of over 77% due to entering the delisting period, with its stock price closing down nearly 74% at 0.65 yuan per share, resulting in a market cap reduction to 365 million yuan [3]. Market Outlook - The market is expected to maintain a volatile trend due to the upcoming "May Day" holiday, with institutions predicting a high probability of continued fluctuations unless substantial positive news emerges. Dongwu Securities suggests that without significant catalysts, the market is likely to remain in a consolidation phase. Galaxy Securities indicates that while market sentiment has shown some recovery, overall caution persists, reflected in the lack of significant volume increase. It is recommended to focus on medium to long-term strategies and be prepared for potential style shifts post-holiday [4]. Sector Focus - Short-term investment opportunities are suggested in sectors such as banking, electricity, beauty, and automotive, while mid-term focus should be on "new quality domestic growth" sectors driven by domestic demand and growth potential, including new consumption and AI [4].

Investment Rating - The report maintains a strong buy recommendation for Jiangsu Bank (600919.SH) [4] Core Views - Jiangsu Bank's net interest income saw a significant increase of 22% year-on-year in Q1 2025, reaching 16.6 billion yuan, driven by rapid asset growth and optimized liability costs [2][3] - The bank's asset quality remains robust, with a non-performing loan ratio of 0.86% and a provision coverage ratio of 343.51% as of Q1 2025 [2][3] - The bank's non-interest income experienced a decline of 32.72% year-on-year, primarily due to a significant drop in fair value changes, although investment income increased by 30.1% [3] Summary by Sections Performance - In Q1 2025, Jiangsu Bank reported a revenue growth of 6.21%, PPOP growth of 7.88%, and a net profit growth of 8.16% compared to the previous year [1][11] - The bank's total assets reached 4.46 trillion yuan, with total deposits of 2.46 trillion yuan [11] Non-Interest Income - The bank's net fee and commission income grew by 21.77% year-on-year in Q1 2025, benefiting from a recovery in the capital market and macroeconomic conditions [2][3][29] Interest Margin and Asset Quality - The bank's interest-earning assets grew by 27.82% year-on-year, with loans increasing by 18.83% [2] - The net interest margin showed a slight decline but was supported by effective cost management on liabilities [2][3] Capital and Shareholder Information - Jiangsu Bank's return on equity (ROE) was reported at 16.50% for Q1 2025, with a target price of 10.13 yuan per share [4][27] - The bank's major shareholder is Jiangsu International Trust Co., holding a 6.98% stake [4]

Core Insights - Regional banks in China have shown stable growth in asset size and revenue for 2024, with several banks surpassing significant milestones in both categories [1][2] Group 1: Asset Growth - As of the end of 2024, six regional banks have surpassed an asset scale of 2 trillion yuan, including Beijing Bank with an asset total of 4.22 trillion yuan, a 12.61% increase from 2023 [1] - Hangzhou Bank's asset total reached 2.11 trillion yuan, marking a 14.72% year-on-year growth, achieving a significant milestone [1] - Other banks like Chengdu Bank and Changsha Bank also joined the "trillion club," while several others maintained over 10% growth in asset size [1] Group 2: Revenue Growth - A-share listed regional banks maintained overall revenue growth in 2024, with Jiangsu Bank leading at 808.15 million yuan, an 8.78% increase [2] - Non-interest income has been a major contributor to revenue growth, with Shanghai Bank's non-interest net income reaching 204.99 million yuan, a 33.11% increase [2] Group 3: Investment Income - The bond market bull run in 2024 significantly boosted investment income for regional banks, with Shanghai Bank reporting a 94.42% increase in investment income to 131.66 million yuan [3] - Other banks like Hangzhou Bank and Jiangsu Bank also saw substantial growth in investment income, contributing to overall revenue recovery [3] Group 4: Profitability - Leading banks in terms of net profit include Jiangsu Bank with 318.43 million yuan, followed by Ningbo Bank and Beijing Bank [4] - The fastest-growing banks in net profit were Qingdao Bank, Hangzhou Bank, and Qilu Bank, with growth rates of 20.16%, 18.07%, and 17.77% respectively [4] Group 5: Challenges and Asset Quality - Some banks faced revenue or net profit declines, such as Zhengzhou Bank with a 5.78% drop in revenue [5] - The non-performing loan (NPL) ratio for regional banks remained stable, with most banks reporting ratios between 0.66% and 1.79% [5] - Regional banks are increasing credit support for key sectors like technology and manufacturing, while also focusing on retail and digital transformation strategies [5]

Group 1 - The resignation of Jin Yu as chairman of Shanghai Bank due to age marks a significant leadership change, with Gu Jianzhong appointed as the new party secretary [2] - Wang Liang, the chairman of China Merchants Bank, reported a slight decline in operating income for 2024, while net profit showed a modest increase, reflecting the challenges faced by the banking sector [4][6] - Gao Yingxin, chairman of Minsheng Bank, reported the worst performance in nearly a decade, with a significant drop in both operating income and net profit, despite being the highest-paid executive in the A-share listed banks [8][9] Group 2 - Lu Jianqiang, chairman of Zheshang Bank, introduced the concept of "good financial practices" as a guiding principle for the bank's operations, emphasizing a new financial paradigm [9][11] - The upcoming retirement of several bank executives, including those from major banks, is expected to lead to a wave of leadership changes that could impact strategic direction and corporate culture [22][23] - The implementation of an elastic retirement policy starting in 2025 may allow banks to retain key executives beyond the statutory retirement age, potentially stabilizing leadership during transitions [27]

4月23日，中国人民银行在新闻发布会上介绍了《上海国际金融中心进一步提升跨境金融服务便利化行 动方案》的相关情况。副行长陆磊指出，借由《行动方案》的发布，央行将不断充实和完善跨境金融服 务政策工具箱，以构建一个更加贴合外向型经济需求的金融体系。此举旨在进一步增强上海国际金融中 心的竞争力与影响力。 【金融监管总局完善银行业高管任职资格管理】 金融监管总局发布《银行业金融机构董事（理事）和高级管理人员任职资格管理办法》，将于2025年6 月1日实施。该办法详细规定了任职资格条件、核准程序、金融机构的责任、监管机构的监管职责及法 律责任等内容，并明确了取消相关责任人任职资格的具体情形。 【澳门推出《2025年中小企业银行贷款利息补贴计划》】 澳门特区政府推出了《2025年中小企业银行贷款利息补贴计划》，旨在提高中小企业的资金流动性并减 轻其资金压力。符合条件的企业可在指定期间内向澳门持牌银行申请用于企业运营的资金贷款，并享受 贷款利息补贴。该计划规定了贷款金额上限、补贴期限及年补贴率上限等具体条款。 【央行等部门：支持在沪银行通过供应链金融更好服务长三角等地区"走出去"企业】 【央行宣布将持续优化跨境金融服务政策 ...

4月28日，A股银行板块上涨0.98%，年内涨幅达到4.09%。在42家上市银行中，除了厦门银行、无锡银行、长沙银行微跌之外，其余39家银行个股均实现上 涨，其中涨幅排名前三的重庆银行涨近5%，青岛银行涨2.92%、光大银行涨2.1%。 | | 分时 | | 多日 1分 5分 15分 30分 | | 60分 日 周 月 | ir | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 时 | | 序号 名称 | | 现价 | 成交量 | 换手率 | 市智举 | 成交额 | | 冬 | l | 工商银行 | 7.29 c | 1.11% | 2.85亿 | 0.11% | 7.1 | 20.81亿 | | K | 2 | 建设银行 | 9.39 c | 1.95% | 1.10亿 | 1.14% | 7.0 | 10.25亿 | | रूनेंट | 3 | 农业银行 | 5.61 c | 1.08% | 3.15亿 | 0.10% | 7.0 | 17.65亿 | | ष्ठ | 4 | 中国银行 | 5.71 c | 0.88% | 2 ...

江苏银行（600919.SH）一季度净赚近98亿元，不良贷款率微降。 江苏银行2024年第一季度报告显示，2024年一季度，江苏银行实现营业收入209.99亿元，同比增长11.72%；实现归母净利润90.42亿元，同比增长 10.02%。截至2024年3月末，江苏银行总资产36698.3亿元；不良贷款率0.91%；拨备覆盖率371.22%；资本充足率、一级资本充足率、核心一级资本 充足率分别为12.82%、10.84%、9.18%。 江苏银行于2007年1月24日挂牌开业，是全国20家系统重要性银行之一，总部位于江苏南京，2016年8月2日在上海证券交易所上市。 江苏银行 视觉中国 资料图 4月28日，江苏银行披露的2025年第一季度报告显示，一季度，江苏银行实现营业收入223.04亿元，同比增长6.21%；实现归母净利润97.8亿元，同 比增长8.16%。 截至2025年3月末，江苏银行总资产44596.21亿元，较上年末增长12.84%；发放贷款和垫款22051.53亿元，较上年末增长8.17%。负债合计41387.37 亿元，较上年末增长13.75%；吸收存款24591.22亿元，较上年末增长13.81 ...

Core Insights - The personal financial business has become a key competitive area for banks as they pursue high-quality development in the financial industry [1] - Jiangsu Bank has reported impressive growth in retail deposits and loans, with retail deposit balance reaching 822.9 billion yuan, a 16.21% increase year-on-year, and retail loan balance at 674.8 billion yuan, a 3.40% increase year-on-year [1] Group 1: Personal Financial Services - Jiangsu Bank focuses on customer needs, utilizing strong data and intelligent analysis to create a "layered + categorized" precise service system, effectively tailoring financial solutions for clients [2] - The bank has launched the "Enterprise Investor" comprehensive service brand to cater to entrepreneurs' needs, achieving an annual growth rate of over 20% in private wealth clients and assets [2][3] - Jiangsu Bank's personal financial business has been recognized with the "Shanghai Securities Financial Management" 2024 Annual Bank Wealth Management Brand Award, highlighting its professional capabilities [3] Group 2: Consumer Activation Initiatives - Jiangsu Bank has launched a 2025 consumption stimulation initiative with 20 measures aimed at revitalizing the consumer market, including a "Home Renovation Subsidy" service [4] - The bank has implemented various regional consumer benefit actions, serving over 57,000 people across multiple cities with initiatives like electric bicycle trade-in subsidies and housing purchase subsidies [5] Group 3: Financial and Non-Financial Ecosystem - Jiangsu Bank is building an "8+1" smart scene ecosystem by integrating cutting-edge technologies like big data and AI into various life scenarios, including healthcare and cultural tourism [7] - The "Credit Medical" service allows patients to receive treatment without upfront payment at over 200 partner hospitals, enhancing the healthcare experience [7] - The bank's upgraded App 10.0 version has over 7 million monthly active users, providing personalized financial services and enhancing customer engagement [8]

图片来源 | AI制图 近日，江苏银行发布年报，2024年，营收808.15亿元，同比增长8.78%；归母净利润318.43亿元，同比增长 10.76%。增速与城商行前三甲中的其他两家北京银行和宁波银行相比，都是最高的。 从近十年数据看，江苏银行也是上市城商行乃至上市银行中，业绩成长性最强的一家之一。江苏银行的高 成长性，应该说跟两任董事长夏平和葛仁余高度相关。 这二位在三家银行里搭档了十余年。2013年3月，原南京银行行长夏平就任江苏银行董事长，同年8月，南 京银行信息技术部总经理葛仁余也加盟江苏银行，任首席信息官、信息技术部总经理。这是二人的第三次 搭档。早年夏平和葛仁余均任职于建行江苏分行，此后又都到南京银行任高管。夏平执掌江苏银行十年， 将江苏银行一路带成了国内营收与利润首屈一指的城商行。在2023年，60岁的夏平退休，葛仁余从行长位 置上升任董事长。到2025年，1965年10月出生的葛仁余也临近退休，江苏银行业绩依旧出色。 除了营收与利润增长不错，资产扩张和负债均保持了较快的增长，不良率与2023年持平，拨备覆盖率维持 在较高水平。 不过美中不足的是，江苏银行净息差下滑较多，是已披露年报的头部城商 ...