Core Viewpoint - The article highlights a significant shift in the ranking of city commercial banks in A-shares, with Jiangsu Bank surpassing Beijing Bank to become the largest by total assets, marking a new phase of competition focused on quality and stability after the scale competition [3][4]. Asset Scale Ranking Update - Jiangsu Bank's total assets reached 4.79 trillion yuan, a year-on-year increase of 26.99%, surpassing Beijing Bank's 4.75 trillion yuan [6]. - Beijing Bank had maintained its leading position since its listing in 2007, but Jiangsu Bank has rapidly closed the gap over the past three years, ultimately achieving a lead in 2025 [6][12]. Profitability Comparison - Jiangsu Bank has consistently outperformed Beijing Bank in profitability metrics since 2022, with a net profit of 202.38 billion yuan in the first half of 2025 compared to Beijing Bank's 150.53 billion yuan [7][9]. - Despite the growth in revenue, Jiangsu Bank faces challenges with its capital adequacy ratios, which are at 12.36% for total capital, 11.17% for tier 1 capital, and 8.49% for core tier 1 capital, placing it in the middle to lower range among listed banks [7][8]. Industry Segmentation - The 17 city commercial banks have formed a clear three-tier structure, with Jiangsu and Beijing Banks in the first tier, followed by Ningbo and Shanghai Banks in the second tier, and a mix of performance in the third tier [12][13]. - The third tier shows significant internal differentiation, with some banks like Chongqing Bank and Xi'an Bank performing well, while others like Guiyang Bank and Xiamen Bank are experiencing negative growth in revenue [12][13]. Challenges in Non-Interest Income - Many banks reported a significant decline in fair value changes, attributed to fluctuations in the bond market, which directly impact their non-interest income [14]. - Jiangsu Bank's investment income decreased by approximately 1.25 billion yuan, and its fair value change net income dropped by 22.72% in the first half of 2025 [11][14].

Group 1 - The Shanghai Composite Index closed at 3858.13 points, above the six-month moving average, with a decline of 0.45% [1] - The total trading volume of A-shares reached 29,124.23 billion yuan [1] - A total of 53 A-shares have surpassed the six-month moving average today, with notable stocks including Tailong Co., Supply and Marketing Group, and Huayuan Co., showing significant deviation rates of 8.86%, 6.45%, and 5.75% respectively [1] Group 2 - The stocks with the highest deviation rates from the six-month moving average include: - Tailong Co. (9.99% increase, 17.21% turnover rate, 7.28 yuan six-month line, 7.93 yuan latest price, 8.86% deviation) - Supply and Marketing Group (9.84% increase, 5.36% turnover rate, 2.52 yuan six-month line, 2.68 yuan latest price, 6.45% deviation) - Huayuan Co. (6.40% increase, 5.89% turnover rate, 17.14 yuan six-month line, 18.13 yuan latest price, 5.75% deviation) [1] - Other notable stocks with smaller deviation rates include: - Taide Co. (6.18% increase, 7.79% turnover rate, 5.24 yuan six-month line, 5.50 yuan latest price, 4.91% deviation) - ST Sansheng (5.10% increase, 2.70% turnover rate, 4.55 yuan six-month line, 4.74 yuan latest price, 4.29% deviation) [1]

Core Viewpoint - The banking sector is showing signs of recovery with improved financial metrics and a favorable investment environment, particularly for bank ETFs that track the performance of listed banks in China [4][5][6]. Group 1: Bank ETFs Performance - The Bank ETFs are designed to passively track the CSI Bank Index, which includes 42 listed banks in A-shares, with nearly 30% of the portfolio allocated to major state-owned banks like ICBC, ABC, and CCB, capturing high dividend opportunities [4]. - Approximately 70% of the portfolio focuses on high-growth joint-stock banks and city commercial banks, making it an efficient investment tool for tracking the overall banking sector [4]. - The Bank AH Preferred ETF tracks the Bank AH Index, which consists of securities listed in both A-shares and Hong Kong, employing a monthly security category conversion strategy [4]. Group 2: Financial Performance of Banks - In the first half of the year, 42 A-share listed banks achieved total operating income exceeding 2.9 trillion yuan, a year-on-year increase of over 1%, and a net profit attributable to shareholders of 1.1 trillion yuan, up 0.8% year-on-year [4]. - Major state-owned banks reported net profits exceeding 100 billion yuan each in the first half of the year, with non-performing loan ratios remaining low across the six major commercial banks [4]. Group 3: Sector Analysis and Outlook - The performance of state-owned banks has improved beyond expectations, with significant recovery in fee and other non-interest income growth compared to Q1, driving overall performance [5]. - Joint-stock banks are experiencing a rebound in revenue and profit growth due to stable asset quality and improved non-interest income [5]. - The banking sector is expected to see a rotation and rebound, with the overall performance of banks in the mid-year report indicating a recovery in ROE [5]. - The ranking of bank sub-sectors is as follows: joint-stock banks > city commercial banks = state-owned banks > rural commercial banks, with a strong outlook for joint-stock banks due to financial clearing and valuation recovery [5]. Group 4: Long-term Valuation Recovery - The long-term logic for systemic valuation recovery of bank stocks remains unchanged, with marginal improvements in the banking sector helping to boost market confidence [6]. - The easing of loan rate declines and continuous improvement in deposit costs are expected to support the stabilization of the banking sector's fundamentals [6]. - The attractiveness of bank stocks to medium- and long-term funds remains strong, with low interest rates and an "asset shortage" environment enhancing dividend yield and valuation advantages [6].

Core Points - Jiangsu Bank continues to upgrade its "Follow Su Chao to Celebrate" theme activity, leveraging millions in consumer vouchers to provide users with various benefits across dining, entertainment, and shopping, thereby boosting consumption potential and empowering regional economic growth [1] - The announcement of the Taihu Bay Music Festival features a star-studded lineup including popular artists such as Xue Zhi Qian, Wu Qing Feng, and Ella Chen, promising an unparalleled music experience [1] - New promotional offers include 999 mobile phone vouchers and discounts from four popular dining brands, enhancing customer engagement and satisfaction [1] - Jiangsu Bank collaborates with Didi Chuxing to offer ride vouchers for event attendees, further incentivizing participation in local events [1] - Users can participate in the promotional activities through the Jiangsu Bank App, with multiple opportunities to win prizes across various categories [1]

Group 1 - The event "Follow Su Chao to Carnival" launched on September 1, showcasing Jiangsu Bank's commitment to invigorating the consumer sector [1] - The event features new gifts including tickets to the Taihu Bay Music Festival and VIP membership cards for Youku and Tencent, enhancing leisure experiences for consumers [1] - The Taihu Bay Music Festival is highlighted as a major music event in China, featuring a strong lineup of popular artists and promising an unparalleled music experience [1] Group 2 - Jiangsu Bank invites audiences to enjoy the classic suspense play "Murder on the Orient Express," which has sold over 100 million copies globally since its release in 1934 [1] - The play is noted for its intricate plot and deep insights into human nature, aiming to provide a thrilling visual and auditory feast for the audience [1] - Tickets for the Suzhou Shishan Grand Theatre's autumn musical chat session are also available, further promoting cultural engagement [1] Group 3 - Consumers can participate in the event by logging into the Jiangsu Bank App and accessing the "Follow Su Chao to Carnival" section to unlock various benefits and draw for millions in consumer vouchers [1] - The initiative aims to enhance consumer vitality and enrich daily life experiences through engaging activities and rewards [1]

Market Overview - The Shanghai Composite Index closed at 3844.84 points, above the six-month moving average, with a decline of 0.79% [1] - The total trading volume of A-shares reached 19,304.44 billion yuan [1] Stocks Performance - A total of 35 A-shares have surpassed the six-month moving average, with notable stocks including: - Gongsiao Daji (供销大集) with a deviation rate of 6.45% - Jidian Co. (吉电股份) with a deviation rate of 6.05% - *ST Sansheng (ST三圣) with a deviation rate of 4.29% [1] - Stocks with smaller deviation rates that just crossed the six-month line include: - Fuling Co. (富岭股份) - Hubei Energy (湖北能源) - Yunnan Tourism (云南旅游) [1] Top Stocks by Deviation Rate - The following stocks had the highest deviation rates on September 2: - Gongsiao Daji (供销大集): 9.84% increase, 4.84% turnover rate, latest price 2.68 yuan - Jidian Co. (吉电股份): 7.34% increase, 6.58% turnover rate, latest price 5.56 yuan - *ST Sansheng (ST三圣): 5.10% increase, 2.62% turnover rate, latest price 4.74 yuan [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Huayuan Co. (华原股份): 3.93% increase, 2.74% turnover rate, latest price 17.71 yuan - Meiyan Jixiang (梅雁吉祥): 4.59% increase, 7.21% turnover rate, latest price 2.96 yuan - Qingdao Port (青岛港): 2.31% increase, 0.57% turnover rate, latest price 8.87 yuan [1]

Core Viewpoint - The competitive landscape among Chinese city commercial banks has undergone a significant change, with Jiangsu Bank emerging as the leader in both asset scale and profitability, surpassing Beijing Bank due to its strategic positioning and regional economic advantages [1][4]. Group 1: Financial Performance - Jiangsu Bank's total assets reached 4.79 trillion yuan, a year-on-year increase of 21.16%, significantly outpacing Beijing Bank's growth of 12.53% [2]. - In the first half of 2025, Jiangsu Bank reported operating income of 44.864 billion yuan, up 7.78%, and a net profit attributable to shareholders of 20.238 billion yuan, up 8.05% [2]. - Jiangsu Bank's net profit exceeded Beijing Bank's by 5.185 billion yuan, highlighting a clear advantage in profitability [2]. Group 2: Asset Quality - Jiangsu Bank's non-performing loan (NPL) ratio improved to 0.84%, with a provision coverage ratio of 331.02%, while Beijing Bank's NPL ratio stood at 1.30% with a coverage ratio below 200% [2][3]. Group 3: Strategic Positioning - Jiangsu Bank's growth is attributed to its deep integration with regional economic development, focusing on high-end manufacturing sectors such as equipment manufacturing and information technology [3]. - The bank's corporate loan balance reached approximately 1.63 trillion yuan, growing by 23.30% year-on-year, with manufacturing loans accounting for 22.20% of its corporate loan portfolio [3]. - Retail banking has also been a significant growth driver, with assets under management (AUM) surpassing 1.59 trillion yuan and retail deposits increasing by 15.25% [3]. Group 4: Challenges Faced by Competitors - Beijing Bank has faced challenges including executive turnover, declining profitability, and regulatory scrutiny, with a net profit growth of only 0.81% in 2024 [3][4]. - The bank was fined 48.3 million yuan for multiple regulatory violations, indicating weaknesses in its internal controls and risk management [3]. Group 5: Industry Trends - The competitive landscape among the 17 A-share listed city commercial banks has formed a clear "three-tier" structure, with Jiangsu Bank leading the first tier alongside Beijing Bank, Ningbo Bank, and Shanghai Bank [5]. - Future development in the city commercial banking sector is expected to shift from a "large and comprehensive" approach to a "small and specialized" strategy, emphasizing differentiated competition [5].

业内人士认为，这一变动不仅是两家银行发展历程的新阶段，更折射出中国城商行在区域经济分化与转 型浪潮中的竞争新格局。 具体来看，在资产规模方面，截至2025年6月末，江苏银行资产总额4.79万亿元，较上年年末增长 21.16%；北京银行资产总额为4.75万亿元，较今年年初增长12.53%。 在盈利方面，2025年上半年，江苏银行实现营业收入448.64 亿元，同比增长7.78%；实现归属于母公司 股东的净利润202.38亿元，同比增长8.05%。同期，北京银行营业收入362.18亿元，同比增长1.02%，实 现归母净利润150.53亿元，同比增长1.12%。 中经记者 张漫游 北京报道 图文无关 随着日前2025年上市银行半年报发布结束，江苏银行资产总额（集团口径下，下同）达到4.79万亿元， 超过北京银行的资产总额4.75万亿元。江苏银行不仅在资产规模上跃居城商行之首，更在盈利能力和资 产质量方面展现出全面领先态势，成为城商行新的"一哥"。 在资产质量方面，2025年上半年，江苏银行不良贷款率较上年年末的0.89%进一步降至0.84%；同期， 北京银行不良贷款率1.30%，较今年年初下降0.01个百分点。 " ...

Core Insights - The "Su Super" event in Jiangsu Province has significantly boosted the local consumption market, with service revenue reaching nearly 38 billion yuan during the first six rounds of matches, marking a year-on-year growth of over 40% [1] Group 1: Economic Impact - The Jiangsu provincial government emphasizes expanding service consumption as a long-term strategy, integrating various sectors such as dining, accommodation, travel, shopping, and entertainment to enhance the impact of events like the "Su Super" [1] - Jiangsu Bank, as a key player and title sponsor of the "Su Super," is actively implementing government policies to promote consumption through six major initiatives that leverage financial services to enhance consumer experiences [1] Group 2: Consumer Engagement - Jiangsu Bank is involved in creating exclusive consumer markets to activate consumption scenes, participating in seasonal themed activities and showcasing financial support for local economic development [2] - The bank has organized over 540 events related to the "Su Super," including more than 300 promotional activities in key commercial areas, providing various incentives to enhance consumer experiences [3] Group 3: Product and Service Innovation - The "Su Super" initiative has led to the creation of a "Super Shopping Cart" to promote local brands, with Jiangsu Bank collaborating with local businesses to enhance product visibility and sales [4] - Jiangsu Bank is introducing innovative financial products aimed at driving consumption upgrades, including zero down payment and deferred payment options for automotive financing [5] Group 4: Night Economy - The night economy is a focal point for Jiangsu's consumption promotion efforts, with Jiangsu Bank launching initiatives to stimulate nighttime consumer activities through various events and promotional campaigns [6] Group 5: Conversion of Event Traffic - Jiangsu Bank is leveraging event ticket sales to create a dedicated "Su Super" section in its app, facilitating engagement with over 7.5 million participants and offering exclusive discounts and vouchers to convert event attendees into consumers [8]

Core Insights - The report highlights the performance of 42 listed banks in A-shares as of September 1, with no significant changes in the rankings of state-owned and joint-stock banks in terms of total market value, asset scale, revenue, and net profit compared to the end of last year or the same period last year [1] - Jiangsu Bank has emerged as the leading city commercial bank in total assets, surpassing Beijing Bank, while Nanjing Bank has climbed to the third position among city commercial banks [6][7] Market Value and Revenue - The overall market value of listed banks has generally recovered, with the price-to-book ratio rising from 0.57 at the end of last year to 0.64 by the end of August [3] - Agricultural Bank of China has shown significant stock price growth, with its market value nearing that of Industrial and Commercial Bank of China, with a market value of 2.46 trillion yuan, only 715 billion yuan higher than Agricultural Bank [4] - Minsheng Bank's revenue increased by nearly 8% year-on-year, ranking first among state-owned and joint-stock banks, with a revenue of 724 billion yuan [10] Asset Scale - Agricultural Bank's total assets have grown rapidly, surpassing China Construction Bank, with a total asset scale of 52.3 trillion yuan as of June 30, accounting for approximately 11% of the total assets of China's banking industry [6][9] - Jiangsu Bank's total assets reached 4.8 trillion yuan, exceeding Beijing Bank by over 1 billion yuan, marking it as the top city commercial bank in terms of asset scale [7][8] Profitability - The net profit rankings for large banks, joint-stock banks, and rural commercial banks remained unchanged, while city commercial banks experienced significant shifts [11] - Guizhou Bank's revenue decreased by 12% year-on-year to 6.5 billion yuan, primarily due to a decline in net interest margin [10][11]