Core Insights - As of the end of Q2 2025, China's green loan balance reached approximately 42.4 trillion yuan, and the green bond balance exceeded 2.2 trillion yuan, positioning China among the top globally [1] - The carbon reduction support tool has guided financial institutions to issue carbon reduction loans exceeding 1.38 trillion yuan [1] - A total of 37 listed banks reported a combined green loan balance of 29.22 trillion yuan, with an average balance exceeding 800 billion yuan, reflecting a year-on-year growth of 41.79% [1][5] Green Loan Growth - The green loan balance of the banking system in China is leading globally, with state-owned banks playing a significant role [4] - Among the six major state-owned banks, the Industrial and Commercial Bank of China (ICBC) leads with a green loan balance of 6 trillion yuan, followed by China Construction Bank and Agricultural Bank of China, each with 5.72 trillion yuan [5] - Postal Savings Bank of China showed a remarkable year-on-year growth rate of 38.31%, nearing the 1 trillion yuan mark [5] Innovation in Green Financial Products - Banks are actively expanding and innovating specialized green financial products and service models, covering areas such as clean energy and environmental remediation [2] - The green financial product system is becoming increasingly diverse, showcasing various practical paths and innovative outcomes [2] Carbon Reduction Support Tool - The carbon reduction support tool is becoming a key indicator of banks' green financial capabilities, effectively directing financial resources towards green and low-carbon sectors [9] - In Q2 2025, 16 banks reported carbon reduction loans that facilitated a carbon reduction equivalent of over 7 million tons, with a total loan amount of nearly 24 billion yuan [9] - Major banks like ICBC and China Construction Bank have over 100 projects funded through carbon reduction loans, leading in both project numbers and loan amounts [9] Performance of Smaller Banks - Smaller banks, including city commercial banks and rural commercial banks, are showing significant growth in green loan balances, with some achieving substantial year-on-year increases [8] - Zhangjiagang Rural Commercial Bank led the rural commercial banks with a growth rate of 30.25% in green loan balances [7] - Smaller banks are encouraged to leverage local advantages and develop differentiated paths to support local green projects [8]

Core Viewpoint - The People's Bank of China (PBOC) has established a new evaluation mechanism for primary dealers in the open market, which will be implemented in 2025, aiming to enhance the transmission of monetary policy and adapt to the evolving financial market [1]. Group 1: Evaluation Mechanism - The PBOC's evaluation mechanism for primary dealers was first established in 2004 and adjusted in 2018 to support smooth open market operations [1]. - The new evaluation method will focus on optimizing and simplifying assessment indicators, categorizing institutions for evaluation, and strengthening the linkage with bond market makers [1]. - The list of primary dealers for the year 2025 will remain unchanged, and any dealer exhibiting inappropriate behavior during the evaluation period may be suspended from participating in open market operations [1]. Group 2: Institutions Involved - A comprehensive list of institutions that will be evaluated includes major banks such as Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Bank of China, among others [3][4]. - The evaluation will consider factors such as stable lending, reasonable pricing, market performance during tight funding periods, and compliance with operational standards [3].

Core Viewpoint - Jiangsu Bank's stock price has experienced fluctuations, with a recent decline despite an overall increase in the year-to-date performance. The bank's financial metrics indicate a stable growth in net profit and a significant history of dividend payouts. Group 1: Stock Performance - As of September 12, Jiangsu Bank's stock price decreased by 2.04%, trading at 10.54 CNY per share, with a total market capitalization of 193.42 billion CNY [1] - Year-to-date, the stock price has increased by 13.35%, but it has seen a decline of 1.13% over the last five trading days, 4.01% over the last 20 days, and 9.65% over the last 60 days [2] Group 2: Financial Overview - For the first half of 2025, Jiangsu Bank reported a net profit of 20.24 billion CNY, reflecting an 8.05% year-on-year growth [2] - The bank's main business segments include financial services (46.93%), personal financial services (30.84%), and funding services (21.44%) [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Jiangsu Bank has distributed a total of 47.64 billion CNY in dividends, with 25.79 billion CNY paid out in the last three years [3] - As of June 30, 2025, the number of shareholders increased by 5.29% to 138,800, while the average number of circulating shares per person decreased by 5.02% [2][3]

Group 1 - A-shares of bank stocks weakened, with notable declines in several banks including Shanghai Pudong Development Bank, which fell over 3% [1] - Qilu Bank experienced a decline of 2%, while other banks such as Chongqing Rural Commercial Bank, Chengdu Bank, and others saw drops exceeding 1% [1] - The overall market performance for these banks indicates a bearish trend in the banking sector [1] Group 2 - Shanghai Pudong Development Bank reported a decline of 3.68%, with a total market capitalization of 414.8 billion [2] - Qilu Bank's stock decreased by 2.07%, with a market value of 35 billion [2] - Other banks like Chongqing Rural Commercial Bank and Chengdu Bank also reported declines of 1.81% and 1.67% respectively, with market capitalizations of 73.8 billion and 77.6 billion [2]

Core Viewpoint - Beijing Bank has been surpassed by Jiangsu Bank as the new leader among city commercial banks, marking a significant shift in the competitive landscape [4][5][12]. Financial Performance Comparison - As of mid-2025, Beijing Bank's total assets reached 4.75 trillion yuan, growing by 12.53% year-to-date, while Jiangsu Bank's total assets were 4.79 trillion yuan, with a year-on-year growth rate of 26.99% [6]. - Beijing Bank reported operating income of 36.218 billion yuan, a year-on-year increase of 1.02%, and a net profit attributable to shareholders of 15.053 billion yuan, up 1.12% [6]. - Jiangsu Bank achieved operating income of 44.864 billion yuan, a 7.78% increase, and a net profit of 20.238 billion yuan, growing by 8.05% [6]. Loan and Asset Quality - As of June 2025, Beijing Bank's total loans and advances amounted to 2.39 trillion yuan, with a growth of 8.18% year-to-date, while Jiangsu Bank's total loans reached 2.43 trillion yuan, reflecting a year-on-year growth of 15.98% [6]. - Jiangsu Bank's non-performing loan (NPL) ratio was 0.84%, a historical low, with a provision coverage ratio of 331.02%, indicating stronger asset quality compared to Beijing Bank's NPL ratio of 1.30% and provision coverage ratio of 195.74% [7][16]. Profitability and Efficiency - Jiangsu Bank's net interest margin (NIM) stood at 1.78%, compared to Beijing Bank's 1.31%, although both are on a downward trend [7]. - Despite a lower average deposit cost of 1.59% for Beijing Bank, Jiangsu Bank's average loan interest rate was significantly higher at 4.45%, indicating better asset pricing and revenue generation capabilities [7][15]. Strategic Focus and Future Outlook - Under the leadership of Chairman Huo Xuewen, Beijing Bank is focusing on technology finance and digital transformation, aiming to enhance operational efficiency and asset quality [8][10]. - Jiangsu Bank's growth strategy is deeply tied to regional economic development, particularly in the Yangtze River Delta, although this has led to a concentration risk in its loan portfolio [12][13].

Core Viewpoint - Jiangsu Bank has achieved significant financial growth in the first half of 2025, with a focus on regional economic collaboration and high-quality development, evidenced by a 7.78% increase in operating income and an 8.05% rise in net profit [1][2]. Financial Performance - Jiangsu Bank reported operating income of 44.864 billion yuan, a year-on-year increase of 7.78% - Net profit attributable to shareholders reached 20.238 billion yuan, up 8.05% year-on-year - Total assets amounted to 4.79 trillion yuan, reflecting a growth of 21.16% compared to the end of the previous year [1][3]. Asset Quality and Growth - As of June 2025, total assets reached 4.79 trillion yuan, with a loan balance of 2.43 trillion yuan, marking a 15.98% increase year-on-year - Corporate loan balance was 1.63 trillion yuan, growing by 23.30%, outperforming peers [1][3][10]. - The bank's manufacturing loans increased by 18.90% to 360.6 billion yuan, while infrastructure loans surged by 31% to 691.2 billion yuan [3]. External Economic Environment - Jiangsu Bank benefits from the robust economic environment of Jiangsu province, which recorded a GDP of 6.7 trillion yuan, growing by 5.7% year-on-year, surpassing the national average [2]. - The high-tech industry in Jiangsu saw a 9.2% increase in added value, indicating a shift towards high-tech sectors [2]. Strategic Focus and Diversification - The bank emphasizes serving small and medium enterprises and has developed a diversified business model, focusing on small microfinance, technology finance, green finance, and cross-border finance [3][5]. - Retail deposits reached 948.4 billion yuan, a 15.25% increase, with retail assets under management exceeding 1.59 trillion yuan [6]. Risk Management - Jiangsu Bank has implemented a comprehensive risk management system, achieving a non-performing loan ratio of 0.84%, the lowest in its history, and a provision coverage ratio of 331.02% [10]. - The bank aims to maintain asset quality while enhancing shareholder returns, with a return on average equity of 15.64% [10].

Core Insights - The operating conditions of small and medium-sized banks in China have shown significant differentiation and competition, with new changes emerging in their performance during the first half of the year [2][5]. Group 1: Performance of Listed Banks - As of mid-2023, the total asset scale of 42 A-share listed banks reached approximately 321 trillion yuan, with 27 city commercial banks and rural commercial banks accounting for about 36 trillion yuan, an increase of over 3 trillion yuan compared to the end of last year [3]. - City and rural commercial banks have seen their share of total assets among listed banks rise from less than 11% at the end of last year to approximately 11.21% [4]. - Jiangsu Bank has overtaken Beijing Bank to become the new leader among city commercial banks, with an asset scale of 4.79 trillion yuan, growing at a rate of 21.16%, the highest among all listed banks [5][6]. Group 2: Financial Metrics - Jiangsu Bank reported revenue of 448.64 billion yuan and a net profit of 202.38 billion yuan for the first half of the year, with growth rates of 7.08% and 8.05% respectively, while Beijing Bank's revenue and net profit growth were only 1.02% and 1.12% [5][6]. - The net interest margin (NIM) among listed banks shows significant variation, with the highest being 2.58% for Changshu Bank and the lowest at 1.08% for Xiamen Bank [9][10]. - The overall NIM for commercial banks was reported at 1.42%, with city commercial banks at 1.37% and rural commercial banks at 1.58% [9]. Group 3: Asset Quality and Risks - The non-performing loan (NPL) ratio for city and rural commercial banks remains a critical risk factor, with the highest NPL ratio reported at 1.81% for Lanzhou Bank, and several banks exceeding 1.7% [10][12]. - Qingnong Bank's NPL ratio for real estate loans surged from 7.17% to 21.32%, indicating significant risk exposure in this sector [12][13]. - The report highlights that personal loans and loans to the real estate sector are primary areas of risk exposure for banks [12]. Group 4: Non-Listed Banks - Non-listed small and medium-sized banks have also experienced changes, with some rural commercial banks seeing significant declines in asset scale, such as Ningbo Yinzhou Rural Commercial Bank, which dropped by 15.45% [14]. - The reliance on financial investments has increased among banks, particularly rural commercial banks, with some reporting financial investments constituting over 45% of their total assets [14][15].

Core Viewpoint - The article discusses the operational performance of small and medium-sized banks in the first half of the year, highlighting the ongoing differentiation and competitive landscape among these banks, as well as some new developments in the sector [3]. Group 1: Performance of Listed Banks - As of mid-2023, the total asset scale of 42 A-share listed banks reached approximately 321 trillion yuan, with 27 city commercial banks and rural commercial banks accounting for about 36 trillion yuan, an increase of over 3 trillion yuan compared to the end of last year [4]. - City and rural commercial banks have seen their share of total assets among listed banks rise from less than 11% at the end of last year to around 11.21% [5]. - Jiangsu Bank has overtaken Beijing Bank to become the new "leader" among city commercial banks, with an asset scale of 4.79 trillion yuan, while Beijing Bank has 4.75 trillion yuan [6][7]. - Jiangsu Bank's revenue and net profit for the first half of the year were 448.64 billion yuan and 202.38 billion yuan, respectively, with growth rates of 7.08% and 8.05%, while Beijing Bank's figures were 362.18 billion yuan and 150.53 billion yuan, with growth rates of 1.02% and 1.12% [6][8]. Group 2: Profitability and Asset Quality - The net interest margin (NIM) among listed city and rural commercial banks varies significantly, with the highest NIM at 2.58% for Changshu Bank and the lowest at 1.08% for Xiamen Bank [12]. - The overall NIM for commercial banks was reported at 1.42%, with city commercial banks at 1.37% and rural commercial banks at 1.58% [12]. - The article notes that the asset quality remains a critical factor affecting the risks of small and medium-sized banks, with several banks reporting high non-performing loan (NPL) ratios, particularly in the real estate sector [14][15]. - Qingnong Bank's real estate loan NPL ratio surged from 7.17% at the end of last year to 21.32%, indicating significant risk exposure in this area [15]. Group 3: Changes in Non-Listed Banks - Non-listed small and medium-sized banks have also experienced notable changes, with some rural commercial banks seeing significant declines in asset scale, such as Ningbo Yinzhou Rural Commercial Bank, which saw a decrease of 15.45% [16]. - The reliance on financial investments has increased among banks, particularly rural commercial banks, with some banks reporting financial investments accounting for over 45% of their total assets [16].

责任编辑：小浪快报 第1笔成交价格为10.88元，成交272.27万股，成交金额2,962.30万元，溢价率为0.55%，买方营业部为机 构专用，卖方营业部为机构专用。 进一步统计，近3个月内该股累计发生5笔大宗交易，合计成交金额为9672.13万元。该股近5个交易日累 计上涨0.65%，主力资金合计净流出3.74亿元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月10日，江苏银行收跌0.55%，收盘价为10.82元，发生1笔大宗交易，合计成交量272.27万股，成交金 额2962.3万元。 ...

Core Insights - The operational performance of most small and medium-sized banks in the first half of the year shows a continued trend of differentiation and competition among them [1] - The overall asset scale of listed city and rural commercial banks has expanded rapidly, with three new members joining the "500 billion club" [2][5] - The net interest margin (NIM) among listed city and rural commercial banks varies significantly, with some banks experiencing a sharp increase in non-performing loans (NPLs) in the real estate sector [1][7] Group 1: Asset Growth and Rankings - As of mid-2023, the total asset scale of 42 A-share listed banks is approximately 321 trillion yuan, with 27 city and rural commercial banks accounting for about 36 trillion yuan, an increase of over 3 trillion yuan from the end of last year [2] - Jiangsu Bank has overtaken Beijing Bank to become the new leader among city commercial banks, with an asset scale of 4.79 trillion yuan, reflecting a growth rate of 21.16%, the highest among all listed banks [3][4] - The number of city and rural commercial banks with assets exceeding 500 billion yuan has increased by three, including Xi'an Bank, Lanzhou Bank, and Qingnong Bank [5] Group 2: Profitability and Performance Metrics - Jiangsu Bank reported revenue of 44.864 billion yuan and a net profit of 20.238 billion yuan in the first half of the year, while Beijing Bank's figures were 36.218 billion yuan and 15.053 billion yuan, respectively [3] - Six city and rural commercial banks achieved over 10 billion yuan in net profit, with Jiangsu Bank leading at 20.238 billion yuan [5] - The net interest margin for city commercial banks averages 1.37%, while for rural commercial banks it is 1.58%, with significant disparities among individual banks [7] Group 3: Asset Quality and Non-Performing Loans - The highest non-performing loan rate among listed banks is 1.81% for Lanzhou Bank, with several other banks exceeding 1.7% [8][10] - Qingnong Bank's non-performing loan rate in the real estate sector surged from 7.17% to 21.32%, indicating a significant risk exposure [11] - Overall, the asset quality remains a critical factor affecting the risk profile of small and medium-sized banks, with some banks experiencing a rise in overdue loans [12][14]