Group 1 - Jiangsu Bank, as a nationally significant bank, has launched promotional measures for the "Double Twelve" shopping festival, focusing on innovative approaches, strong investments, and the integration of scenarios, resources, and policies to boost consumption [1][9] - The "Su New Consumption·Warm Winter Shopping Season" and "Double Twelve Shopping Carnival" were officially launched on December 5 at the Suzhou International Expo Center [3] - The event featured a booth by Jiangsu Bank that creatively combined financial characteristics with local culture, generating strong interest among attendees [4] Group 2 - Jiangsu Bank provided 5,000 consumption discount vouchers for use at participating merchants, along with 2,000 digital RMB red envelopes available through a knowledge quiz [6][4] - Exclusive products such as wallet-shaped IP items were introduced, symbolizing prosperity and financial well-being for customers [7] - A promotional activity allowed customers to enjoy coffee from a smart coffee machine for just 0.01 yuan, highlighting the bank's commitment to enhancing consumer experiences [9] Group 3 - Jiangsu Bank's Suzhou branch emphasized the need to meet the upgrading demands of consumer spending by integrating finance with local culture and tourism, creating a comprehensive financial service system [11] - The bank aims to empower consumer spending through tailored credit, payment discounts, and other diverse measures, contributing to local high-quality development [11]

银行 2025 年 12 月 10 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 2025-12 银行 沪深300 相关研究报告 《大行 ΔEVE 指标测算及承接债券 能力评估—行业深度报告》-2025.12.8 《存款偏离与指标问题对当前司库策 略的影响—行业深度报告》-2025.12.4 《理财投资权益的当下与未来—理财 持仓全景扫描系列（七）》-2025.11.27 测算：BCBS 调整利率冲击幅度对ΔEVE 的影响 ——行业点评报告 投资建议 （1）底仓配置：大型国有银行。受益标的农业银行、工商银行；（2）核心配置： 头部综合龙头。受益标的招商银行、兴业银行，推荐标的中信银行；（3）弹性配 置：受益标的江苏银行、重庆银行、渝农商行。 风险提示：宏观经济增速下行；债市利率大幅调整。 | 刘呈祥（分析师） | 朱晓云（分析师） | | --- | --- | | liuchengxiang@kysec.cn | zhuxiaoyun@kysec.cn | | 证书编号：S0790523060002 ...

Core Insights - The awards for financial bond underwriting and market-making have been announced, recognizing various banks and securities firms for their outstanding performance in the industry [1][2][3][4][5][6][7] Group 1: Outstanding Underwriters - The title of "Outstanding Underwriter" was awarded to several banks, including CITIC Bank, Shanghai Pudong Development Bank, and Industrial and Commercial Bank of China [1][2] - A total of 10 banks were recognized as "Excellent Underwriters," highlighting their contributions to the financial bond market [1] Group 2: Excellent Market Makers - The "Excellent Market Maker" category included firms such as Huatai Securities and CITIC Securities, showcasing their role in enhancing market liquidity [2][4] - A diverse range of banks, including Ping An Bank and Industrial Bank, were acknowledged for their market-making capabilities [2][4] Group 3: Special Awards - Special awards were given for various categories, including "Debt Sea Rising Award" and "Green Low Carbon Award," recognizing banks like Agricultural Bank of China and Postal Savings Bank of China for their innovative approaches [3] - The "Technology Innovation Award" was awarded to banks that demonstrated significant advancements in financial technology [3] Group 4: Individual Recognitions - Individual awards were presented to key personnel from various banks, such as CITIC Bank's Sun Wei and China Everbright Bank's Liu Yan, acknowledging their leadership in driving financial bond initiatives [4][5] - The "Outstanding Underwriting Supervisor" category highlighted individuals from major banks, emphasizing the importance of leadership in underwriting processes [5]

应对气候变化、推动绿色与可持续发展是社会重点关注的议题之一。中央经济工作会议强调"深入推进 生态文明建设和绿色低碳发展"，中央金融工作会议明确提出"做好科技金融、绿色金融、普惠金融、养 老金融、数字金融五篇大文章"，为金融赋能绿色转型提供明确方向。作为全球百强银行、全国系统重 要性银行，江苏银行从战略高度将绿色金融列为全行转型发展的核心抓手，致力于打造具有影响力的绿 色金融品牌。传承总行绿色发展基因，江苏银行北京分行深耕首都市场，在绿色金融领域持续发力，聚 焦能源低碳转型、环境保护修复、城乡绿色发展等重点领域，通过产品创新、服务升级与生态协同，不 断推动绿色金融业务跨越式发展，以金融力量守护绿水青山，践行金融机构的责任与担当。 "绿色供应链"助力绿色产业整体升级 "不仅要自身实现绿色发展，还要带动产业链上下游共同可持续发展。"这是众多绿色企业的共同目标， 也是江苏银行北京分行绿色金融服务的重要方向。针对产业链核心企业的绿色发展需求，江苏银行北京 分行创新推出"绿色＋供应链"融资模式，通过API对接核心企业供应链管理系统、自建ESG评级模型， 将ESG表现与供应商融资成本挂钩，让ESG理念贯穿产业链，推动物流、 ...

这场全国首创的跑团专属赛事，汇聚全省优秀跑团组成的2000余人竞技方阵，在长江沿岸的环绕型双圈 赛道上展开10公里团体角逐，最终所有参赛队伍均顺利完赛，展现了团队协作的体育精神，为年度奔跑 之旅画上圆满句号。 此次江苏省跑团年终总决赛不仅是对全省跑团年度训练成果的集体检阅，更搭建了体育文化交流的重要 平台，让全民健身从个人习惯升级为社群热潮。江苏银行将一如既往深耕"体育+金融"生态，以更多元 的支持、更优质的服务，助力江苏体育事业高质量发展，让运动激情点亮城市生活，让协作精神赋能美 好生活。 江苏银行作为赛事的总冠名商，始终践行社会责任，将助力体育事业发展作为践行"全民健身"国家战略 的重要举措。今年是国家体重管理年的第一年，在体育健康成为居民最关心话题的当下，跑团作为全民 健身的重要组成部分，其中所传递的积极向上、奋力拼搏、团结互进的精神与江苏银行企业文化深度共 鸣。江苏银行本次与江苏省田径运动协会的携手，不仅是一次赛事合作，更是一场回归生活本源的"深 度连接"。本次冠名支持江苏省跑团年终总决赛，也是江苏银行继支持"苏超"（江苏省城市足球联 赛）、环太湖自行车赛等品牌赛事后的又一重要实践。江苏银行通过持续支 ...

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。 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨江苏银行（600919.SH） [Table_Title] 低估值+稳增长的红利价值典范 报告要点 [Table_Summary] 江苏银行 2014 年确立"智慧化、特色化、国际化、综合化"四化战略以来，近十余年发展历 程中始终保持战略稳定。2024 年以来强调"不求最快、但求最稳"的经营导向，符合当前市场 环境下长线资金的配置偏好。我们认为未来江苏银行将继续保持战略稳定性和机制优越性，同 时区位优势依然是经营最佳保障。目前江苏省投融资增速继续领先全国，经济内生增长的优势 稳固。我们预计江苏银行基本面业绩增速稳定，资本维持紧平衡，作为市值和资产规模最大的 城商行，吸引配置力量持续加仓，推动红利价值重估。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 风险提示 1 [Table_scodeMsg2] 江苏银行（600919.SH） c ...

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]