Investment Rating - The report assigns an "Overweight" rating to the banking sector [6] Core Insights - The growth rate of social financing is stabilizing, with a year-on-year increase of 8.5% in November 2025, remaining unchanged from the previous month. Excluding government bonds, the growth rate is 6.0%, which is an increase of 0.1 percentage points from the previous month [6] - New social financing in November amounted to 2.49 trillion yuan, a year-on-year increase of 159.7 billion yuan, primarily supported by corporate bond issuance, while credit and government bonds showed negative growth [6] - The report highlights a trend of short-term borrowing among enterprises, with corporate loans increasing by 610 billion yuan, a year-on-year increase of 360 billion yuan [6][4] Summary by Sections 1. Social Financing Data - In November, the total social financing growth rate was 8.5%, with a new social financing addition of 2.49 trillion yuan, up 159.7 billion yuan year-on-year. The growth rate excluding government bonds was 6.0% [6][2] - Corporate bond financing net increased by 416.9 billion yuan, a year-on-year increase of 178.8 billion yuan, primarily driven by state-owned enterprises [6][4] 2. Credit and Loan Trends - The report indicates a weak increase in credit, with November's RMB loan growth rate at 6.4%, down 0.1 percentage points from the previous month. New loans for the month totaled 390 billion yuan, a year-on-year decrease of 190 billion yuan [6] - Personal loans decreased by 206.3 billion yuan, with short-term loans down by 215.8 billion yuan year-on-year, indicating pressure on both short-term and medium-to-long-term loans [4][6] 3. Deposit Trends - RMB deposit growth rate in November was 7.7%, down 0.3 percentage points from the previous month, with new deposits amounting to 1.41 trillion yuan, a year-on-year decrease of 760 billion yuan [6] - The report notes a slowdown in deposit migration, with corporate deposits increasing by 645.3 billion yuan, a year-on-year decrease of 94.7 billion yuan [6][4] 4. Investment Recommendations - The report suggests focusing on three investment themes: identifying banks with potential for performance growth, emphasizing banks with convertible bond expectations, and continuing dividend strategies [6]

Core Insights - The banking sector is intensifying its deposit marketing activities as the year-end approaches, with a focus on refined strategies to attract deposits amid declining interest rates and changes in the market [1][4] - Smaller banks are adopting differentiated deposit products with varying minimum deposit thresholds and interest rates, reflecting a more nuanced approach to customer segmentation [1][4] Group 1: Deposit Strategies - Banks are utilizing traditional methods such as raising interest rates, issuing large-denomination certificates of deposit, and offering points for deposits, while also implementing more detailed minimum deposit requirements and conditions for interest rate increases [1][4] - For example, Hangzhou Bank has introduced a tiered deposit product with minimum purchase amounts of 50,000, 200,000, and 500,000 yuan, corresponding to interest rates of 1.65%, 1.75%, and 1.8% respectively [2] - Inner Mongolia Rural Commercial Bank has launched a deposit product with minimum thresholds of 100 yuan and 200,000 yuan, offering varying interest rates based on the type of account [2][3] Group 2: Interest Rate Trends - The overall increase in deposit interest rates is more restrained compared to previous years, with most banks raising rates by only 5 to 15 basis points, contrasting with the 30 to 50 basis points seen in prior years [5][6] - The net interest margin pressure is prompting banks to manage deposit costs more effectively, focusing on optimizing the structure of deposits and expanding low-cost core deposits [6][8] - The net interest margin for commercial banks was reported at 1.42% in Q3, with large banks at 1.31% and rural commercial banks at 1.58%, indicating a stable but low margin environment [6][7] Group 3: Future Outlook - Analysts predict that 2026 may see a stabilization and potential recovery of net interest margins, driven by improved costs of interest-bearing liabilities and a more balanced reduction in both asset and liability rates [7][8] - The banking sector is expected to continue refining its marketing strategies to attract deposits, particularly targeting high-net-worth individuals and optimizing customer segmentation to enhance profitability [4][8]

12月12日江苏银行大宗交易一览 两融数据显示，该股最新融资余额为51.26亿元，近5日增加1.76亿元，增幅为3.56%。 据天眼查APP显示，江苏银行股份有限公司成立于2007年01月22日，注册资本1835132.4463万人民币。 （数据宝） （原标题：江苏银行大宗交易成交543.92万元） 江苏银行12月12日大宗交易平台出现一笔成交，成交量52.35万股，成交金额543.92万元，大宗交易成交 价为10.39元。该笔交易的买方营业部为国泰海通证券股份有限公司总部，卖方营业部为机构专用。 证券时报•数据宝统计显示，江苏银行今日收盘价为10.39元，下跌0.19%，日换手率为1.08%，成交额为 20.66亿元，全天主力资金净流出2.70亿元，近5日该股累计下跌1.14%，近5日资金合计净流出3.01亿 元。 | 成交量 （万股） | 成交金额 （万元） | 成交价格 （元） | 相对当日 收盘折溢价 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | | | （%） | | | | 52.35 | 543.92 | 10.39 | ...

| | | | | | | 机构专用 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 2025-12-12 | 江苏银行 | 证券代码 --------- 600919 | 成交价(元) 成交盒额(万元) 成交量(*) 买入营业部 10.39 543.92 | 52.35 | 国泰海通运营股份 | | 卖出营业部 | 是否为专场 180 | 12月12日，江苏银行大宗交易成交52.35万股，成交额543.92万元，占当日总成交额的0.26%，成交价 10.39元，较市场收盘价10.39元持平。 ...

Core Points - The city commercial bank sector experienced a decline of 0.23% on December 12, with Hangzhou Bank leading the drop [1] - The Shanghai Composite Index closed at 3889.35, up 0.41%, while the Shenzhen Component Index closed at 13258.33, up 0.84% [1] Summary by Category Stock Performance - Hangzhou Bank closed at 15.12, down 0.92% with a trading volume of 543,600 shares and a transaction value of 824 million yuan [2] - Qilu Bank closed at 5.63, down 0.71% with a trading volume of 1,165,000 shares and a transaction value of 657 million yuan [2] - Qingdao Bank closed at 4.58, down 0.65% with a trading volume of 370,100 shares and a transaction value of 169 million yuan [2] - Chongqing Bank closed at 10.84, down 0.64% with a trading volume of 118,200 shares and a transaction value of 129 million yuan [2] - Chengdu Bank closed at 16.35, down 0.49% with a trading volume of 390,900 shares and a transaction value of 642 million yuan [2] - Lanzhou Bank closed at 2.32, down 0.43% with a trading volume of 529,700 shares and a transaction value of 123 million yuan [2] - Xiamen Bank closed at 7.56, down 0.26% with a trading volume of 358,000 shares and a transaction value of 270 million yuan [2] - Ningbo Bank closed at 27.72, down 0.25% with a trading volume of 215,400 shares and a transaction value of 596 million yuan [2] - Changsha Bank closed at 9.48, down 0.21% with a trading volume of 321,800 shares and a transaction value of 306 million yuan [2] - Jiangsu Bank closed at 10.39, down 0.19% with a trading volume of 1,989,400 shares and a transaction value of 2.066 billion yuan [2] Capital Flow - The city commercial bank sector saw a net outflow of 9.0898 million yuan from institutional investors, while retail investors contributed a net inflow of 230 million yuan [4] - Speculative funds experienced a net outflow of 2.21 billion yuan [4]

Core Insights - Jiangsu Bank is actively promoting dining consumption in response to the provincial government's call, integrating financial services into the dining scene through various initiatives aimed at stimulating consumer spending and supporting social welfare [1][2][5] Group 1: Consumer Initiatives - Jiangsu Bank has launched the "I am Chef" series, providing a one-stop service for over 22 million customers through its app, which includes food exploration, activity live streaming, and dining discounts [2][3] - The bank is offering exclusive financial products for food enthusiasts, including a special credit card that provides over 600 yuan in dining vouchers, enhancing the value of consumer spending [2][3] - During the "919" Wealth Festival, the bank organized a "9.9 yuan" dining promotion in collaboration with well-known brands, providing tangible discounts to consumers [3][4] Group 2: Merchant Support - Jiangsu Bank supports restaurant businesses with a combination of funding, credit support, and wealth planning services, including special loans and subsidies for dining merchants [2][4] - The bank is leveraging its resources to attract customers to dining establishments, aiming to create a new wave of dining consumption [2][4] - The bank has developed a "Su Products" shopping cart on its mobile banking app to connect B-end merchants with C-end consumers, promoting local products nationwide [4][5] Group 3: Event-Driven Promotions - Jiangsu Bank has organized various themed food festivals throughout the year, such as "Lobster Festival" and "Hot Pot Festival," to continuously provide consumers with dining discounts [3][4] - The bank is also participating in major consumer events like "Double Twelve," focusing on key consumption areas such as dining and electronics, to enhance market vitality [3][4] Group 4: Financial Technology Integration - Jiangsu Bank is enhancing its subsidy application platform to facilitate consumer access to policy benefits, demonstrating a commitment to financial inclusivity [4][6] - The bank is promoting digital RMB settlements to improve payment efficiency and security for merchants, addressing potential pain points in transaction processes [4][6]

Group 1 - The core focus of Jiangsu Bank is to enhance consumer spending by providing subsidies and payment discounts in key sectors such as dining, 3C digital products, and home appliances, in anticipation of the upcoming Double Twelve shopping festival [1] - Jiangsu Bank is increasing resource investment in online platforms like Taobao and JD.com to promote "Su Products" and is also organizing exclusive offline activities to drive sales during the Double Twelve period [2] - The bank is collaborating with the provincial commerce department on the "Car Renewal" initiative, offering one-stop car purchasing solutions and exclusive financial products to support consumption upgrades [3] Group 2 - Jiangsu Bank has launched the "Fuel Jiangsu" incentive program in partnership with leading fuel companies, which includes a ticket incentive policy and consumption coupon usage guides to enhance participation and data scale [4] - The bank emphasizes the importance of "promoting consumption" as a key theme for the year, utilizing a combination of financial and non-financial strategies to stimulate domestic demand and support social welfare [4]

Core Viewpoint - Jiangsu Bank has demonstrated strong growth in assets, deposits, and loans while maintaining a focus on high-quality development and investor returns through consistent cash dividends [1][2]. Group 1: Financial Performance - As of September 30, 2025, Jiangsu Bank's total assets reached 4.93 trillion yuan, a year-on-year increase of 24.68% [1] - The bank's total deposits amounted to 2.54 trillion yuan, reflecting a growth of 20.22% compared to the end of the previous year [1] - Total loans stood at 2.47 trillion yuan, with a year-on-year growth of 17.87% [1] - For the first three quarters of 2025, Jiangsu Bank reported revenue of 67.183 billion yuan, an increase of 7.83% year-on-year, and a net profit attributable to shareholders of 30.583 billion yuan, up 8.32% year-on-year [1] Group 2: Investor Relations and Dividends - Jiangsu Bank has maintained a cash dividend payout ratio of 30% of net profit in recent years, with cumulative cash dividends of nearly 50 billion yuan since its listing [2] - The bank plans to increase the frequency of dividends by introducing mid-term dividends in response to policy calls, with specific arrangements to be determined by the board based on profitability and cash flow [2] Group 3: Strategic Focus - The bank emphasizes project reserves as the foundation for asset allocation, aiming for steady growth in reserves and orderly credit deployment [2] - Jiangsu Bank has established a normalized project reserve mechanism and is currently advancing its project reserves for 2026, aligning with policy directions in key areas [2] Group 4: Shareholder Information - As of September 30, 2025, Jiangsu Bank had 159,305 shareholders, an increase of 20,480 from the previous count, with an average holding value of 1.1992 million yuan per shareholder [3] - The participating institution in the recent research, Ruiyuan Fund, focuses on value investment and has seen a 61.37% growth in its fund value over the past year [3]

Economic News - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75%, marking the third rate cut since 2025 [1] - Vietnam's National Assembly amended the mineral law to prohibit the export of rare earth ores starting January 1, 2026, emphasizing strict control over exploration and processing [1] - The Ministry of Human Resources and Social Security held a seminar in collaboration with the International Labour Organization [1] - The Ministry of Industry and Information Technology emphasized the importance of pilot innovation in manufacturing as a key link connecting innovation, technology, and industry [1] - The Ministry of Commerce plans to enhance policy support for the retail industry's innovation and transformation during the 15th Five-Year Plan period [1] - The Ministry of Commerce will work with local governments to implement policies to stabilize foreign trade and promote market diversification [1] - The China Textile Import and Export Chamber reported that yarn and fabric exports reached $69.18 billion from January to October 2025, a 2.1% year-on-year increase [1] - The Ministry of Finance plans to issue special government bonds due in 2025, with a total face value of CNY 400 billion for the first phase and CNY 350 billion for the second phase [1] - The National Internet Information Office is conducting a special campaign to rectify online chaos in the automotive industry [1] - The Ministry of Education reported an increase in the number of students returning from studying abroad, with 495,000 expected to return in 2024, a 19.1% increase from 2023 [1] Company News - Pop Mart announced changes in its board of directors, with new appointments effective December 10, 2025 [4] - Kweichow Moutai announced a cash dividend of CNY 23.957 per share, totaling CNY 30 billion, with the ex-dividend date on December 19 [4] - Nanjing Highway plans to invest up to CNY 9.033 billion in the construction of the Nanyang Yangtze River Bridge southern connection project [4] - ZTE Corporation is in communication with the U.S. Department of Justice regarding compliance investigations related to the Foreign Corrupt Practices Act [4] - Oracle reported Q2 FY2026 revenue of $16.1 billion, a 14% year-on-year increase, with cloud revenue of $8 billion, a 34% increase, but below market expectations [4] Transportation Industry - The transportation sector has shown signs of recovery, with the strong cycle sectors benefiting from anti-involution policies [5] - The focus for 2026 will remain on sectors benefiting from anti-involution and high certainty stocks, with a long-term impact expected from these policies [6] - The express delivery industry has seen a recovery in profitability, with rising prices and a reduction in low-price competition [7] - The airline sector has improved performance due to lower oil prices and better management of ticket pricing, with a cautious approach to aircraft procurement expected to continue [8] - The highway sector has experienced significant stock price adjustments, with a focus on high dividend yield and low debt ratio companies expected to gain more attention [9]

Investment Rating - The report assigns an "Overweight" rating for the banking sector [7]. Core Insights - The report emphasizes the significant improvement in the cost of liabilities for banks in 2025, with a notable decrease of 28 basis points (bp) in the first half of the year, compared to only 4 bp in the same period last year. This improvement is primarily driven by reductions in deposit and interbank liabilities costs, contributing 19 bp and 7 bp respectively [3][11]. - The net interest margin (NIM) is expected to decline by approximately 5 bp in 2026, with the downward pressure on margins continuing to ease marginally, suggesting that some banks may stabilize their NIMs [2][10]. Summary by Sections 1. Liability Cost Improvement in 2025 - The first half of 2025 saw a significant reduction in the cost of interest-bearing liabilities, with the cost rate dropping to 1.70%, a decrease of 28 bp from 2024. This was supported by improvements in both deposit and interbank liability costs [11]. 2. Liability Side: Deposit Maturity and Repricing Benefits 1) **Term Structure**: The proportion of long-term deposits entering the repricing cycle has increased, with the share of deposits with a remaining maturity of 1-5 years declining by 1.5 percentage points (pct) to 22.6% by the end of Q2 2025. Some banks, such as those in Ningbo and Chongqing, experienced declines exceeding 10 pct [4]. 2) **Price Factors**: Regulatory focus on maintaining reasonable NIM levels has increased, with expectations of further interest rate cuts. The maximum reduction for three-year deposits could exceed 100 bp, indicating substantial room for cost improvement [5]. 3. Asset Side: Yield Pressure Expected to be Better than 2025 1) **Loans**: The repricing pressure on loans is expected to ease, with the five-year Loan Prime Rate (LPR) declining by only 10 bp in 2025, significantly less than the 50 bp drop the previous year [6]. 2) **Debt Replacement**: The shift from high-interest to low-interest debt is anticipated to have a limited impact on net interest margins, estimated to drag down margins by about 4 bp [6]. 3) **Bond Maturity**: The widening gap between new bond issuance rates and existing bond yields is expected to exert downward pressure on investment yields, with an estimated drag of 6 bp on margins from the reallocation of bonds maturing within one year [6]. 4. NIM Projections - The report forecasts a 5 bp decline in NIM for 2026, with the downward trend continuing to converge. The asset yield is expected to decrease by 17 bp, while the cost of liabilities is projected to improve by 13 bp, with deposit costs improving by 17 bp [7][10].