2025.05. 26 本文字数：2751，阅读时长大约4.5分钟 作者 | 第一财经 陈君君 今年以来，国内存款利率持续走低，多家银行1年期定期存款利率日前跌破1%，传统储蓄吸引力减 弱。与此同时，银行股的"类固收"属性凸显，截至5月23日，42家A股上市银行中，超七成近12个月 股息率超4%，部分银行股息率突破8%，远超存款及国债收益。 板块行情分化，区域银行占上风 这种收益差距引发"替代效应"，推动银行股表现强劲，年初以来涨幅达7.66%。险资和公募基金纷纷 加仓银行股，持仓比例显著提升。进一步来看，银行板块内部走势分化，区域银行表现更为突出。业 内人士认为，短期内高股息策略将继续推动银行股上涨，而中长期来看，息差水平和资产质量是关 键。 银行股的存款"替代效应"凸显 自2025年起，国内存款利率持续走低，各大商业银行纷纷开启"降息潮"。目前，1年期定期存款利率 最低已跌破1%，达到历史最新低点。在传统储蓄收益吸引力不断减弱的形势下，"存银行不如买银行 股"的讨论再度升温。 根据Wind数据，截至5月23日收盘，在42家A股上市银行中，有31家银行的近12个月股息率超过了 4%。其中，平安银行、民生银行 ...

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may have alpha potential due to policy catalysts and a cyclical recovery [4]. Core Insights - Multiple banks have lowered their deposit rates, with the one-year and five-year Loan Prime Rate (LPR) reduced by 10 basis points on May 20, 2025. This trend reflects a broader market-driven decline in deposit costs [1][2]. - The average deposit cost rate for China Merchants Bank decreased significantly by 25 basis points to 1.29% in Q1 2025, indicating a trend of improving deposit costs across the sector [1]. - The report highlights that banks like Chongqing Bank, Minsheng Bank, and CITIC Bank have substantial room for further deposit cost reductions, suggesting a favorable environment for banks to optimize their funding costs [2]. Summary by Sections Section 1: Focus of the Week - Several banks have adjusted their deposit rates downward, with over half of listed banks participating in this trend by May 24, 2025 [1]. - The report notes that the average deposit cost rate for China Merchants Bank has shown improvement since Q2 2024, aligning with previous forecasts of enhanced cost reduction in liabilities [1]. Section 2: Sector Perspective - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [4]. - The report emphasizes that the cyclical recovery may take time, but the ongoing interest rate cuts could sustain the dividend strategy for banks like Shanghai Bank and Jiangsu Bank [4]. Section 3: Key Data Tracking - The report tracks various financial metrics, including the issuance of interbank certificates and the average rates for different types of bank notes, indicating a dynamic market environment [9][8]. - It also notes the increase in the proportion of deposits with a remaining maturity of less than one year, which rose by 3 percentage points to 37.4% by the end of 2024, suggesting a trend towards concentrated deposit maturities [2][16].

5月24日，江苏银行公告，近日，该行收到《宁波金融监管局关于江苏银行股份有限公司宁波分行开业的批 复》，同意该行宁波分行开业。 天眼查信息显示，宁波江北富民村镇银行成立于2011年，注册资本1亿元。今年2月，宁波江北富民村镇银行 100%股权现身沈阳联合产权交易所，转让方为盛京银行，转让底价为1.2亿元。 根据彼时的挂牌公告，截至2024年11月30日，宁波江北富民村镇银行当年实现营业收入423.87亿元，净利润亏 损68.8万元，该行总资产达20361.71万元。 "村镇银行改建为分行的案例是较为少见的。"招联首席研究员、上海金融与发展实验室副主任董希淼向券商中 国记者表示，此前城商行收购村镇银行并改建为省内支行较为常见，且此举系在当地设有分行的前提下完成。 据记者梳理，城商行异地展业虽未被明令禁止，但监管已设置较高门槛，实质上仍是审慎推进的态度，诸如 《地方金融监督管理条例（草案征求意见稿）》、互联网新规等条例，均对城商行的跨省经营作出过限制，意 在推动地方银行回归服务实体经济本源。 公告显示，江苏银行这一新分行来源于对村镇银行的收购。业内人士指出，收购村镇银行改建为异地分行的案 例较为罕见，此前，监管对 ...

Company Announcements - Weir Shares plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate international strategy and enhance overseas financing capabilities [1] - Zhongjin Gold's controlling shareholder plans to inject four companies, including Inner Mongolia Jintao, into the company to resolve competition issues [2] - Hanchuan Intelligent has filed a lawsuit against CATL and its subsidiaries for approximately 60.88 million yuan due to payment defaults [2] - Yunnan Copper intends to acquire a 40% stake in Liangshan Mining, with stock resuming trading on May 26 [3] - China Shenhua plans to acquire a 7.43% stake in China Energy Group Financial Company for 2.929 billion yuan [3] - Dike Co. intends to acquire 60% of Zhejiang Suote for 696 million yuan to control the Solamet photovoltaic silver paste business [4] - Jin Hua Co.'s chairman is under investigation for information disclosure violations, but it will not affect the company's operations [4] Financing and Investments - Heng Rui Pharmaceutical's H-shares will be listed on May 23, 2025, with a total issuance of 225 million shares at a price of 44.05 HKD per share [23] - Ningde Times' investment fund has increased to 10.128 billion yuan, with the company's stake reduced to 6.91% [8] - Intercontinental Oil and Gas expects to invest approximately 848 million USD in the Iraq South Basra project [9] - Keli Yuan plans to invest an additional 500 million yuan in a storage industry fund, increasing its total investment to 700 million yuan [10] Project Bids and Contracts - China Communications has won important rail transit projects totaling approximately 3.789 billion yuan [22] - Anhui Construction has received multiple project bids totaling over 2 billion yuan [22] Operational Updates - Zijin Mining's Kamoa-Kakula copper mine has suspended some underground mining operations due to seismic activity, potentially impacting future production [21] - Shaanxi Natural Gas will reduce pipeline transportation prices by 0.0386 yuan per cubic meter, expected to decrease net profit by approximately 222 million yuan in 2025 [20]

江苏银行股份有限公司（以下简称"本行"）近日收到《宁波金 融监管局关于江苏银行股份有限公司宁波分行开业的批复》（甬金复 〔2025〕117 号），同意本行宁波分行开业，营业场所为浙江省宁波 市鄞州区东部新城福明街道江澄北路 338 号、昌乐路 390 号、昌乐路 396 号织造大厦 1-5 层、17-20 层。 上述事项已于 2024 年 11 月 27 日经本行第六届董事会第十三次 会议审议通过，董事会同意《关于江苏银行股份有限公司收购宁波江 北富民村镇银行股份有限公司设立分行的议案》，议案表决情况：同 意 15 票，反对 0 票，弃权 0 票。由于上述事项在董事会审议后处于 筹备过程中，属于具有商业保密性质的行为，且须监管核准后方可实 施，能否实施完成存在不确定性。根据《上海证券交易所上市公司自 律监管指引第 2 号——信息披露事务管理》及《江苏银行股份有限公 司信息披露暂缓与豁免管理办法》的相关规定，本行前期暂缓披露了 上述事项。 本行将按照有关规定办理宁波分行开业相关手续。 特此公告。 证券代码：600919 证券简称：江苏银行 公告编号：2025-027 优先股代码：360026 优先股简称：苏银优 ...

证券代码：600919 证券简称：江苏银行 公告编号：2025-026 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 2024年年度股东大会决议公告 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 担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 5 月 23 日 (二) 股东大会召开的地点：南京市玄武区紫金山路 5 号南京东 郊国宾馆紫熙楼二楼朝阳厅 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：关于江苏银行股份有限公司 2024 年度董事会工 作报告的议案 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1、出席会议的股东和代理人人数 | 1,894 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 9,504,125,574 | | 3、出席会议的股东所持有表决权股份数占公司有 | | | 表决权股份总数的比例（%） | 51.7898 | (四) 表 ...

江苏银行股份有限公司 2024年年度 股东大会的法律意见书 江苏世纪同仁律师事务所关于 致:江苏银行股份有限公司 根据《公司法》等法律、行政法规和规范性文件以及公司《章程》的规定, 本所受公司董事会的委托,指派本所律师出席公司 2024年年度股东大会,并就本 次股东大会的召集、召开程序、出席会议人员资格、表决程序以及表决结果的合 法有效性等事项出具法律意见。 为出具本法律意见书,本所律师对本次股东大会所涉及的有关事项进行了审 查,查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 本所律师根据相关法律、行政法规和规范性文件的要求,按照律师行业公认 的业务标准、道德规范和勤勉尽责精神,出具法律意见如下: 一、关于本次股东大会的召集、召开程序 1. 本次股东大会由公司董事会召集。 公司已于 2025 年 4 月 29 目在上海证券交易所网站(http://www.sse.com.cn) 和《中国证券报》《上海证券报》《证券目报》《证券时报》上刊登了《江苏银 行股份有限公司关于召开 2024年年度股东大会的通知》。 上述会议通知中除载明本次股东大会的召开时间、地点、会议审议事项、会 议出席对象和会议登记方法等 ...

Group 1: Market Overview - A-share market showed increased structural differentiation on May 22, with high-position thematic stocks retreating and the North China 50 Index dropping over 6% [2] - The Shanghai Composite Index closed down 0.22% at 3380.19 points, while the Shenzhen Component Index fell 0.72% to 10219.62 points, and the ChiNext Index decreased by 0.96% to 2045.57 points [2] Group 2: Bank Sector Performance - Bank stocks rose against the market trend, with several banks like Pudong Development Bank, Jiangsu Bank, and Chengdu Bank reaching historical highs, while others like Qingdao Bank and CITIC Bank increased by over 2% [3] - Major state-owned banks and several others lowered RMB deposit rates on May 20, which is expected to positively impact net interest margins and allow banks to increase government bond allocations to support the real economy [3][4] - The valuation recovery logic driven by bank stock dividends is expected to continue, with limited downward pressure on net interest margins and stable performance anticipated [3] Group 3: High-Position Stock Dynamics - High-position stocks have become a market focus amid fluctuations, with stocks like Nanjing Port experiencing significant volatility, including a 7.21% increase after a drop [4] - Over 80 stocks have doubled in price this year, primarily in sectors like restructuring, price increases, robotics, AI, and new consumption, although many of these are small-cap stocks with poor performance [4][5] Group 4: Valuation Concerns - Some doubling stocks, such as Zhongyida, have been flagged for high valuations despite significant price increases, with a cumulative rise of 252.61% while the company remains in a loss position [5] - The market is expected to continue a volatile trend with low trading volumes, and structural opportunities may arise in sectors like export industry chains, domestic demand expansion, high dividend yields, and mergers and acquisitions [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 須予披露交易 進一步認購金融產品 進一步認購金融產品 團 的 財 務 狀 況 造 成 任 何 不 利 影 響。 上市規則的涵義 在 認 購 第 四 項 江 蘇 銀 行 人 民 幣 結 構 性 存 款 產 品 之 前，由 於 根 據 上 市 規 則 第 構 性 存 款 產 品 及 第 三 項 江 蘇 銀 行 人 民 幣 結 構 性 存 款 產 品 計 算（無 論 是 單 獨 計 董 事 會 謹 此 公 佈，於 2025 年 5 月 22 日（交 易 時 間 後），本 集 團 成 員 公 司 剛 認 購 且 於本公告日期仍未到期的該等江蘇 ...

Core Viewpoint - The A-share market experienced a decline, with major indices showing negative performance, while certain sectors like banking performed well amidst overall market weakness [3][4][6]. Market Performance - On May 22, the Shanghai Composite Index fell by 0.22% to 3380.19 points, the Shenzhen Component Index decreased by 0.72% to 10219.62 points, and the ChiNext Index dropped by 0.96% to 2045.57 points. The North Star 50 Index saw a significant decline of over 6% [3][4]. - Over 4400 stocks in the market experienced declines, with sectors such as beauty care, pet economy, chemical fiber, and aquaculture showing the largest drops [7]. Sector Analysis - Banking stocks, including Shanghai Pudong Development Bank, Jiangsu Bank, and Chengdu Bank, reached historical highs, indicating strength in this sector [6]. - Solid-state battery concept stocks faced significant declines, with companies like Ningxin New Materials, Lingge Technology, and Honggong Technology dropping over 10% [6]. Capital Flow - Main capital flows showed net inflows into aerospace, gaming, and insurance sectors, while there were net outflows from power, photovoltaic equipment, and food and beverage sectors. Notable net inflows included Kunlun Wanwei (1.274 billion), Qingdao Jinwang (455 million), and Hongbo Shares (393 million) [9]. - Conversely, Tianqimo, Hongbaoli, and Guoxuan High-Tech faced significant sell-offs, with outflows of 985 million, 616 million, and 599 million respectively [9]. Institutional Perspectives - Galaxy Securities noted that the fundamentals are being revised upwards for Q2, with global funds showing a preference for Hong Kong stocks over A-shares [11]. - CITIC Securities highlighted that the index has repeatedly tested the 3400-point mark without significant volume increase, suggesting potential for a breakthrough. They recommend investors focus on sector rotations and domestic technological innovations [11]. - Shanghai Securities emphasized that market liquidity remains ample, and even with adjustments, the downside is limited. They foresee continued foreign capital inflows and support for technology sectors as a long-term investment theme [11].