Core Viewpoint - As of November 18, a total of 89 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stocks with the longest consecutive net buying days are CITIC Bank and Galaxy Microelectronics, both having recorded net buying for 15 consecutive trading days [1] - Other notable stocks with significant net buying days include Lianrui New Materials, Suzhou Kedah, Hexin Instruments, Aidi Te, Mingxin Xuteng, Kaidi Co., Jiangsu Bank, and Tongling Co. [1]

Core Points - Bank stocks experienced a volatile rise on November 19, with notable gains among several banks [1] - China Bank's stock price reached a new high, increasing by over 2% [1] Group 1: Stock Performance - China Bank's stock rose by 2.94%, reaching a price of 5.95 [2] - Everbright Bank's stock increased by 1.98%, with a price of 3.60 [2] - Jiangsu Bank's stock saw a rise of 1.49%, priced at 10.89 [2] - Traffic Bank's stock rose by 1.75%, reaching 7.56 [2] - Chongqing Bank's stock increased by 1.07%, priced at 11.32 [2] - CITIC Bank's stock rose by 1.52%, with a price of 8.04 [2] - China Merchants Bank's stock increased by 1.21%, priced at 43.40 [2]

Core Insights - The A-share market saw a collective rise in bank stocks, with notable increases in China Bank, which rose nearly 3%, and other banks like Everbright Bank, Bank of Communications, and Agricultural Bank of China also showing gains of over 1% [1] Summary by Category Stock Performance - China Bank increased by 2.77%, reaching a total market capitalization of 191.39 billion, with a year-to-date increase of 12.62% [2] - Everbright Bank rose by 1.98%, with a market cap of 21.27 billion and a year-to-date decline of 2.61% [2] - Bank of Communications saw a 1.75% increase, with a market cap of 66.80 billion and a year-to-date increase of 2.38% [2] - Agricultural Bank of China increased by 1.10%, with a market cap of 289.79 billion and a year-to-date increase of 62.02% [2] - Other banks such as Construction Bank, Jiangsu Bank, and Industrial and Commercial Bank of China also reported gains, with year-to-date increases ranging from 15.34% to 25.13% [2] Historical Performance - China Bank reached a new historical high, following similar achievements by Agricultural Bank and Industrial and Commercial Bank [1]

Core Viewpoint - Bank stocks experienced fluctuations but ultimately rose, with notable gains in several major Chinese banks on November 19 [1]. Group 1: Stock Performance - China Bank saw an increase of nearly 2% [1]. - Other banks that performed well include Everbright Bank, Jiangsu Bank, Transportation Bank, Chongqing Bank, Citic Bank, and China Merchants Bank, which had significant gains [1].

优先股股息派发实施公告 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个别及连带责任。 重要内容提示 证券代码：600919 证券简称：江苏银行 公告编号：2025-042 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 ●优先股代码：360026 ●优先股简称：苏银优1 ●每股优先股派发现金股息人民币3.86元（含税） ●最后交易日：2025年11月26日（星期三） ●股权登记日：2025年11月27日（星期四） ●除息日：2025年11月27日（星期四） ●股息发放日：2025年11月28日（星期五） 江苏银行股份有限公司（以下简称"本行"）优先股（代码：360026，简称：苏银优1）股息派发方案已 经本行第六届董事会第二十二次会议审议通过，现将具体实施事项公告如下： 一、优先股股息发放对象、金额及扣税情况 1、发放对象：截至2025年11月27日收市后，在中国证券登记结算有限责任公司上海分公司登记在册的 公司全体苏银优1股东。 2、发放金额：根据《江苏银行股份有限公司非公开发行优先股募集说明书》，本次优先股股 ...

江苏银行股份有限公司董事会决议公告 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 担个别及连带责任。 江苏银行股份有限公司（以下简称"公司"）第六届董事会第二 十三次会议通知于 2025 年 11 月 12 日以电子邮件方式发出，会议于 2025 年 11 月 18 日在公司以现场和视频方式召开。本次会议应参与 表决董事 15 名，实际参与表决董事 15 名，监事及高级管理人员列席 会议。会议符合《公司法》等法律法规及公司章程的有关规定，表决 所形成的决议合法、有效。 会议由公司董事长葛仁余先生主持，审议通过以下议案： 一、关于修订江苏银行股份有限公司合规管理政策的议案 表决结果：同意 15 票，反对 0 票，弃权 0 票。 二、关于修订江苏银行股份有限公司市场风险管理政策的议案 表决结果：同意 15 票，反对 0 票，弃权 0 票。 三、关于修订江苏银行股份有限公司内部控制评价管理办法的议 案 证券代码：600919 证券简称：江苏银行 公告编号：2025-041 优先股代码：360026 优先股简称：苏银优 1 表决结果：同意 15 ...

截至发稿，江苏银行市值为1969亿元。 每经AI快讯，江苏银行（SH 600919，收盘价：10.73元）11月18日晚间发布公告称，公司第六届第二十 三次董事会会议于2025年11月18日在公司以现场和视频方式召开。会议审议了《关于修订江苏银行股份 有限公司合规管理政策的议案》等文件。 2025年1至6月份，江苏银行的营业收入构成为：利息收入占比84.8%，非利息收入占比4.6%。 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 （记者 曾健辉） ...

证券代码：600919 证券简称：江苏银行 公告编号：2025-042 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 优先股股息派发实施公告 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 担个别及连带责任。 重要内容提示 ●优先股代码：360026 ●优先股简称：苏银优1 ●每股优先股派发现金股息人民币3.86元（含税） ●最后交易日：2025年11月26日（星期三） 2、发放金额：根据《江苏银行股份有限公司非公开发行优先股 募集说明书》，本次优先股股息发放的计息起始日为2024年11月28 日，按照苏银优1票面股息率3.86%计算，每股优先股派发现金股息人 民币3.86元（含税），以苏银优1发行量2亿股为基数，合计派发现金 股息人民币7.72亿元（含税）。 3、扣税情况：根据国家税法相关规定，属于《中华人民共和国 企业所得税法》规定的居民企业股东（含机构投资者），其现金股息 所得税由其自行缴纳；其他股东现金股息所得税的缴纳，根据相关规 定执行。若派息前相关税法规定变动，以最新规定为准。 二、优先股股息发放时间 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates a significant trend of long-term capital, represented by insurance funds, increasingly allocating to the banking sector, with a potential inflow space of approximately 600 billion yuan if 40% of new funds are allocated to bank stocks [1][2]. Group 1: Capital Inflow and Allocation - The unprecedented low interest rate environment is driving incremental capital towards dividend sectors, with the banking sector offering superior value. The current banking index dividend yield is about 4.3%, significantly higher than the ten-year government bond yield, making it an attractive investment option [1]. - Assuming that 40% of the new capital is allocated to OCI and 40% to bank stocks, this could lead to a potential inflow of around 600 billion yuan. Additionally, public fund reforms are expected to increase capital allocation to underrepresented sectors, with bank stock holdings in public funds dropping to a near ten-year low of 1.74% in Q3 2025, suggesting an additional potential inflow of over 370 billion yuan if allocations align with the CSI 300 [2]. Group 2: Expected Changes in Banking Fundamentals - The central bank has explicitly stated its support for stabilizing net interest margins, linking this to the expansion of monetary policy's counter-cyclical adjustment space. It is anticipated that by 2026, bank interest margins may reverse their downward trend and show a slight year-on-year increase, with banks that can improve deposit costs expected to perform better than their peers [3]. - The importance of "high provisioning" is becoming more pronounced as banks' provisioning capacity is gradually consumed. While systemic risks from real estate and platforms may ease, risks in retail sectors still require provisioning. Focus should be on banks with low non-performing loans and high loan-to-deposit ratios, as well as those with clear asset quality improvements [3]. - Some small and medium-sized banks may face revenue growth challenges due to high base pressures in their capital market operations, with reduced non-interest income growth and declining financial investment yields [3]. Group 3: Capital Focus and Investment Recommendations - Bank capital is becoming a focal point, with banks that have strong internal capital generation or substantial reserves being better positioned for stable lending and dividends. External financing remains challenging, making convertible bonds a scarce resource [4]. - The banking sector is entering a new cycle of stable profitability, with long-term capital inflows ongoing. If the macro environment sees a gradual recovery in PPI and marginal increases in long-term interest rates, this will create favorable operating conditions for banks. Even under economic pressure, banks with clear risk thresholds and stable dividend expectations remain attractive dividend assets [5]. - The report recommends focusing on a dual strategy of "leading banks (state-owned and China Merchants Bank) as the foundation" and "bottom-tier joint-stock banks and quality city commercial banks as the performers." Leading banks are expected to see valuation recovery, while quality small and medium-sized banks with improving fundamentals are likely to exhibit stock price elasticity in response to economic recovery [5].

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights that listed banks have sold approximately 2 trillion yuan in bonds to realize floating profits from their available-for-sale (AC) accounts in the first three quarters of 2025 [13] - It is estimated that in Q4 2025, listed banks will need to sell about 900 billion yuan in bonds to support non-interest income [10] - The cumulative floating profit of listed banks' AC accounts is approximately 3.3 trillion yuan as of the end of H1 2025, accounting for 58.3% of the total revenue for the year 2024 [30] Summary by Sections Investment Growth - Since 2024, the investment growth rate of listed banks' AC accounts has consistently lagged behind the growth rate of financial investments, with a year-on-year growth of 11.5% in Q3 2025, which is 4.28 percentage points lower than that of financial investments [13][15] - The growth rates for different types of banks from Q2 2023 to Q2 2025 are as follows: state-owned banks 14.7%, joint-stock banks 2.8%, city commercial banks 9.7%, and rural commercial banks -3.8% [13] Bond Selling and Profit Realization - The report estimates that the floating profit realization ratio for listed banks' AC accounts in the first three quarters of 2025 is about 3.06%, with a bond selling scale of approximately 2.04 trillion yuan [36] - The selling proportions for different bank types are: state-owned banks 2.26%, joint-stock banks 5.29%, city commercial banks 5.57%, and rural commercial banks 9.65%, with rural commercial banks showing the highest selling intensity [36] Financial Performance - The floating profit from the sale of bonds in the first three quarters of 2025 is estimated to be 1,078 billion yuan, which represents 2.50% of the total revenue, an increase of 1.59 percentage points compared to 2024 [22][25] - The breakdown of floating profit realization ratios by bank type is as follows: state-owned banks 2.24%, joint-stock banks 2.44%, city commercial banks 3.79%, and rural commercial banks 5.52% [22] Investment Recommendations - The report suggests a bottom-line allocation to large state-owned banks, with beneficiaries including Agricultural Bank of China and Industrial and Commercial Bank of China [6] - Core allocations should focus on leading comprehensive banks such as China Merchants Bank, CITIC Bank, and Industrial Bank [6] - Flexible allocations can be made to banks like Jiangsu Bank, Chongqing Bank, and Chongqing Rural Commercial Bank [6]