证券之星消息，1月5日城商行板块较上一交易日上涨0.26%，杭州银行领涨。当日上证指数报收于 4023.42，上涨1.38%。深证成指报收于13828.63，上涨2.24%。城商行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600926 | 杭州银行 | 15.45 | 1.11% | 58.04万 | 8.93亿 | | 601838 | 成都银行 | 16.24 | 0.74% | 27.82万 | 4.50亿 | | 601169 | 北京银行 | 5.52 | 0.73% | 142.88万 | 7.87亿 | | 601997 | 贵阳银行 | 5.91 | 0.68% | 25.57万 | 1.51亿 | | 002948 | 青岛银行 | 4.51 | 0.67% | 41.96万 | 1.88 亿 | | 616009 | 江苏银行 | 10.46 | 0.58% | 127.18万 | 13.31亿 | | 600928 | 西安银行 | 3.72 | ...

格隆汇1月4日丨江苏银行(600919.SH)公布，经董事会审议，公司2025年中期利润分配方案如下：拟以 实施分红派息股权登记日登记的总股本为基数，向股权登记日登记在册的全体普通股股东派发2025年度 中期现金股利，每10股派送人民币3.309元（含税）。以公司2025年6月30日普通股总股本18,351,324,463 股计算，合计分配现金股利人民币60.72亿元（含税），占2025年半年度合并报表口径下归属于母公司 股东净利润的30%。 ...

1月4日金融一线消息，江苏银行今日发布2025年度中期利润分配方案公告。公告指出，经董事会审议， 公司 2025 年中期利润分配方案如下：拟以实施分红派息股权登记日登记的总股本为基数，向股权登记 日登记在册的全体普通股股东派发 2025 年度中期现金股利，每 10 股派送人民币 3.309 元（含税）。以 公司 2025 年 6 月 30日普通股总股本 18，351，324，463 股计算，合计分配现金股利人民币60.72 亿元 （含税），占 2025 年半年度合并报表口径下归属于母公司股东净利润的 30%。 责任编辑：曹睿潼 1月4日金融一线消息，江苏银行今日发布2025年度中期利润分配方案公告。公告指出，经董事会审议， 公司 2025 年中期利润分配方案如下：拟以实施分红派息股权登记日登记的总股本为基数，向股权登记 日登记在册的全体普通股股东派发 2025 年度中期现金股利，每 10 股派送人民币 3.309 元（含税）。以 公司 2025 年 6 月 30日普通股总股本 18，351，324，463 股计算，合计分配现金股利人民币60.72 亿元 （含税），占 2025 年半年度合并报表口径下归属于母公 ...

Market Overview - The market is expected to experience style differentiation as it approaches the Spring Festival, maintaining a structural trend under narrow fluctuations[4] - Key focus areas include the release of December and annual economic data in late January and a concentrated period of earnings forecasts[4] Investment Strategy - The strategy emphasizes three main lines: 1. High-growth and high-elasticity sectors, including AI hardware (e.g., optical modules), energy storage, lithium batteries, and non-ferrous metals[4] 2. Market hot tracks such as commercial aerospace, robotics, and cultural tourism[4] 3. Low-position large financial sectors, focusing on high-certainty performance in brokerage, insurance, and banks with dividend expectations[4] Recommended Stocks - **Metals**: Yun Aluminum Co., Ltd. (000807.SZ) with a projected EPS of 1.87 in 2025 and a PE of 17.6[28] - **Chemicals**: Yara International (000893.SZ) with a projected EPS of 2.06 in 2025 and a PE of 23.3[28] - **New Energy**: Slin Smart Drive (301550.SZ) with a projected EPS of 1.32 in 2025 and a PE of 105.0[28] - **Machinery**: Hengli Hydraulic (601100.SH) with a projected EPS of 2.19 in 2025 and a PE of 50.2[28] - **Aerospace**: AVIC Xi'an Aircraft Industry Group (000768.SZ) with a projected EPS of 0.42 in 2025 and a PE of 60.3[28] - **Banking**: Jiangsu Bank (600919.SH) with a projected EPS of 1.76 in 2025 and a PE of 5.9[28] - **Non-Banking**: New China Life Insurance (601336.SH) with a projected EPS of 11.82 in 2025 and a PE of 5.9[28] - **Social Services**: Jin Jiang International (600754.SH) with a projected EPS of 0.89 in 2025 and a PE of 28.3[28] - **Electronics**: Dongshan Precision (002384.SZ) with a projected EPS of 0.77 in 2025 and a PE of 109.8[28] - **Telecommunications**: Zhongji Xuchuang (300308.SZ) with a projected EPS of 9.47 in 2025 and a PE of 64.4[28] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation[34] - Significant changes in individual stock fundamentals could adversely affect performance[34]

证券代码：600919 证券简称：江苏银行 公告编号：2026-001 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。 表决结果：同意 15 票，反对 0 票，弃权 0 票。 详 情 请 查 阅 公 司 同 日 刊 登 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的江苏银行股份有限公司 2025 年度中期利润分 配方案公告。 特此公告。 江苏银行股份有限公司（以下简称"公司"）第六届董事会第二 十五次会议通知于 2025 年 12 月 24 日以电子邮件方式发出，会议于 2026 年 1 月 4 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，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： 关于江苏银行股份有限公司 2025 年度中期利润分配方案的议案 ...

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：2026-002 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 2025 年度中期利润分配方案公告 1、2025 年 5 月 23 日，公司 2024 年年度股东大会审议通过《关 于提请江苏银行股份有限公司股东大会授权董事会决定 2025 年中期 利润分配的议案》。 ●分配比例：每 10 股派人民币 3.309 元（含税） ●本次利润分配以实施分红派息股权登记日登记的总股本为基 数，具体日期将在分红派息实施公告中明确。 ●公司 2024 年年度股东大会已审议通过中期利润分配相关事宜， 本次利润分配方案经董事会审议通过后实施。 一、利润分配方案内容 经德勤华永会计师事务所（特殊普通合伙）审阅，江苏银行股份 有限公司（以下简称"公司"）2025 年半年度归属于母公司股东的 净利润为人民币 202.38 亿元。经董事会审议，公司 2025 年中期利润 分配方案如下：拟以实施分红派息股权 ...

2025年12月31日下午，市委常委、副市长周凯率相关部门负责人，走访慰问我市金融管理部门及银 行业金融机构坚守在年终决算岗位的一线员工，代表市委、市政府向大家致以诚挚的问候和新年的祝 福。 在国家税务总局镇江市税务局，慰问人员调研办税服务厅转型工作开展情况；在国家金融监管总局 镇江监管分局，详细了解我市金融消费者权益保护相关工作情况。在人民银行镇江市分行，周凯听取了 镇江市国库业务运行情况的汇报，并实地察看分行数据中心的运行管理情况。（王伟 靳莎 记者 俞佳 融） 慰问人员一行先后前往农发银行镇江市分行、中国银行镇江分行、江苏银行镇江分行、华夏银行镇 江分行及镇江农商银行等机构，深入网点前台与办公区域，认真听取负责人关于全年经营情况的汇报， 详细询问年终决算工作进展，与一线员工亲切交流，感谢他们为镇江经济社会发展作出的积极贡献。 ...

银行 2026 年展望：稳中求进 SAC 执证编号：S0080516060001 SFC CE Ref：BHQ055 shuaishuai.zhang@cicc.com.cn 证券研究报告 2025.12.15 银行 张帅帅 分析员 林英奇 分析员 许鸿明 分析员 SAC 执证编号：S0080521090006 SFC CE Ref：BGP853 yingqi.lin@cicc.com.cn SAC 执证编号：S0080523080007 SFC CE Ref：BUX153 hongming.xu@cicc.com.cn 纵轴：相对值（%） 观点聚焦 投资建议 作为金融基础设施，银行已进入高质量发展阶段，过去一两年少 数上市银行利润同比增速录得二位数增长，高股息投资成为主要 范式。银行端，关注股息率的高低以及确定性，高低取决于估值 与利润增速，确定性则聚焦资产质量与营收可持续性。基准情形 下，我们继续看好银行股的绝对收益与相对收益表现，资金主要 源自配置需求，银行股的高股息标签愈发得到市场认可，与其他 行业的最大特征在于"量"。 理由 稳中有进，是 2026 年上市银行的业绩表达特征。我们预计覆盖 上市银行 ...

Investment Rating - The report indicates a positive outlook for the banking industry, suggesting a return to a price-to-book (PB) ratio of 1x during the "15th Five-Year Plan" period, focusing on stable profitability and high-quality development [3][4]. Core Insights - The banking sector is transitioning from a focus on scale to quality, with an emphasis on risk management and structural optimization. The "15th Five-Year Plan" includes the goal of building a strong financial nation, highlighting the importance of high-quality development [3][16]. - The report identifies key changes in the banking industry during the "14th Five-Year Plan," including a shift in credit structure, a focus on profitability, and the need for banks to balance risk and efficiency [2][4]. - Regulatory support is expected to stabilize net interest margins, which have reached record lows, with a projected recovery in the coming years [5][19]. Summary by Sections 1. From Quantity to Quality - The banking industry has evolved through three five-year plans, with a shift from rapid expansion to a focus on quality and risk management. The current phase emphasizes high-quality development and financial support for key sectors [2][10]. 2. Developments During the "14th Five-Year Plan" 2.1 ROE: Resilience of State-Owned Banks and Advantages of City Commercial Banks - The return on equity (ROE) for listed banks has remained around 10%, with city commercial banks showing a slight advantage due to higher leverage and better provisioning [19][20]. 2.2 Credit: Moving Away from Scale to Balance Capital and Efficiency - Banks are prioritizing structural transformation over sheer volume, focusing on supporting key sectors and optimizing credit distribution [4][12]. 2.3 Interest Margin: Recovery from Continuous Decline - The report anticipates a stabilization of net interest margins, which have been under pressure, with regulatory measures aimed at supporting banks [5][19]. 2.4 Risk: Provisioning to Support Stability - The banking sector is expected to manage risks more effectively, with a focus on maintaining adequate provisions to support profitability during challenging economic conditions [4][19]. 2.5 Financial Markets: An Alternative Revenue Stream - The report highlights the increasing importance of financial market activities as a means to smooth revenue amid declining interest income, with banks diversifying their investment strategies [4][19]. 3. Investment Analysis Opinion - The report suggests a dual strategy of focusing on leading banks and undervalued city commercial banks, anticipating a recovery in valuations for state-owned banks that have been lagging [3][4].

Investment Rating - The report maintains a positive outlook on the banking industry, indicating a "buy" rating for the sector during the "15th Five-Year Plan" period [1]. Core Insights - The banking sector is transitioning from a focus on quantity to quality, emphasizing risk management and efficiency in capital utilization. This shift is driven by the need to support the real economy while managing risks effectively [2][3]. - The report highlights that the return on equity (ROE) for listed banks has remained resilient, averaging around 10%, with city commercial banks leading at 11%-12% ROE, while state-owned banks maintain about 10% [2][3]. - Key changes observed during the "14th Five-Year Plan" include a shift away from scale-driven growth towards a balanced approach between capital and efficiency, a stabilization of net interest margins, and an increased focus on capital markets as a revenue source [2][3]. Summary by Sections 1. From Quantity to Quality - The banking industry has evolved through three five-year plans, with a core transformation focusing on risk and efficiency rather than mere volume [2][3]. 2. High-Quality Development During the "14th Five-Year Plan" 2.1 ROE: Resilience of State-Owned and City Commercial Banks - Listed banks' ROE has slightly declined but remains around 10%, reflecting operational pressures while showcasing resilience [23]. 2.2 Credit: Balancing Capital and Efficiency - The focus has shifted from merely increasing credit volume to optimizing the structure of credit distribution, with significant changes in loan allocation towards technology and green sectors [16][19]. 2.3 Net Interest Margin: Stabilization Efforts - Regulatory support is expected to stabilize net interest margins, which have reached record lows, with proactive measures to prevent further declines [2][3]. 2.4 Risk Management: Provisioning for Stability - The banking sector has moved past peak risk levels, with provisions supporting ROE stability, while new economic challenges require ongoing risk management [2][3]. 2.5 Capital Markets: A New Revenue Stream - Capital market activities have become increasingly important, with banks leveraging these for revenue amidst pressure on interest income [2][3]. 3. Investment Analysis Opinion - The report suggests a focus on stable, high-quality development, with an expectation for bank valuations to return to 1x price-to-book (PB) ratios. It emphasizes a dual strategy of investing in leading banks and quality city commercial banks [3][4].