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。 江苏银行股份有限公司（以下简称"公司"）第六届董事会第二 十三次会议通知于 2025 年 11 月 12 日以电子邮件方式发出，会议于 2025 年 11 月 18 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，监事及高级管理人员列席 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： 一、关于修订江苏银行股份有限公司合规管理政策的议案 表决结果：同意 15 票，反对 0 票，弃权 0 票。 二、关于修订江苏银行股份有限公司市场风险管理政策的议案 表决结果：同意 15 票，反对 0 票，弃权 0 票。 三、关于修订江苏银行股份有限公司内部控制评价管理办法的议 案 证券代码：600919 证券简称：江苏银行 公告编号：2025-041 优先股代码：360026 优先股简称：苏银优 1 表决结果：同意 15 ...

截至发稿，江苏银行市值为1969亿元。 每经AI快讯，江苏银行（SH 600919，收盘价：10.73元）11月18日晚间发布公告称，公司第六届第二十 三次董事会会议于2025年11月18日在公司以现场和视频方式召开。会议审议了《关于修订江苏银行股份 有限公司合规管理政策的议案》等文件。 2025年1至6月份，江苏银行的营业收入构成为：利息收入占比84.8%，非利息收入占比4.6%。 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 （记者 曾健辉） ...

证券代码：600919 证券简称：江苏银行 公告编号：2025-042 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 优先股股息派发实施公告 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。 重要内容提示 ●优先股代码：360026 ●优先股简称：苏银优1 ●每股优先股派发现金股息人民币3.86元（含税） ●最后交易日：2025年11月26日（星期三） 2、发放金额：根据《江苏银行股份有限公司非公开发行优先股 募集说明书》，本次优先股股息发放的计息起始日为2024年11月28 日，按照苏银优1票面股息率3.86%计算，每股优先股派发现金股息人 民币3.86元（含税），以苏银优1发行量2亿股为基数，合计派发现金 股息人民币7.72亿元（含税）。 3、扣税情况：根据国家税法相关规定，属于《中华人民共和国 企业所得税法》规定的居民企业股东（含机构投资者），其现金股息 所得税由其自行缴纳；其他股东现金股息所得税的缴纳，根据相关规 定执行。若派息前相关税法规定变动，以最新规定为准。 二、优先股股息发放时间 ...

智通财经APP获悉，申万宏源发布研报称，以险资为代表的中长期资金密集增配银行已验证趋势，基于 险资权益配置用足上限估算，假设增量资金40%配置OCI、其中40%配置银行股，则对应潜在流入空间 约6000亿。基本面变化上，央行明确提出"支持银行稳定净息差"并将之与"拓宽货币政策逆周期调节空 间"直接勾稽，聚焦量与价的新平衡，预计2026年银行息差或扭转下行趋势转为同比微升，存款成本改 善空间更大的银行息差表现将好于同业。银行开启盈利稳定新周期，长线资金入市仍是进行时，看好银 行板块。 4)银行资本或成为焦点所在，能够有效资本内生或家底更厚的银行，在稳投放、稳分红上更能"游刃有 余"。此外，外源融资相对不畅，转债已是"稀缺"资源，重点跟踪促转股诉求的提振(如重庆，也包括兴 业、上海、常熟等)。 投资建议 申万宏源主要观点如下： 不容忽视，银行板块价值回归的资金驱动力 1)"前所未有的低利率环境"是带动增量资金流向红利板块最直接驱动，银行板块性价比更优。对标美国 和日本，低利率环境中红利高股息策略总体跑赢，也是险资更为青睐的投资方向；而当前银行指数股息 率约4.3%，较十年国债利率溢价位居过去十年超70%分位，在红 ...

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights that listed banks have sold approximately 2 trillion yuan in bonds to realize floating profits from their available-for-sale (AC) accounts in the first three quarters of 2025 [13] - It is estimated that in Q4 2025, listed banks will need to sell about 900 billion yuan in bonds to support non-interest income [10] - The cumulative floating profit of listed banks' AC accounts is approximately 3.3 trillion yuan as of the end of H1 2025, accounting for 58.3% of the total revenue for the year 2024 [30] Summary by Sections Investment Growth - Since 2024, the investment growth rate of listed banks' AC accounts has consistently lagged behind the growth rate of financial investments, with a year-on-year growth of 11.5% in Q3 2025, which is 4.28 percentage points lower than that of financial investments [13][15] - The growth rates for different types of banks from Q2 2023 to Q2 2025 are as follows: state-owned banks 14.7%, joint-stock banks 2.8%, city commercial banks 9.7%, and rural commercial banks -3.8% [13] Bond Selling and Profit Realization - The report estimates that the floating profit realization ratio for listed banks' AC accounts in the first three quarters of 2025 is about 3.06%, with a bond selling scale of approximately 2.04 trillion yuan [36] - The selling proportions for different bank types are: state-owned banks 2.26%, joint-stock banks 5.29%, city commercial banks 5.57%, and rural commercial banks 9.65%, with rural commercial banks showing the highest selling intensity [36] Financial Performance - The floating profit from the sale of bonds in the first three quarters of 2025 is estimated to be 1,078 billion yuan, which represents 2.50% of the total revenue, an increase of 1.59 percentage points compared to 2024 [22][25] - The breakdown of floating profit realization ratios by bank type is as follows: state-owned banks 2.24%, joint-stock banks 2.44%, city commercial banks 3.79%, and rural commercial banks 5.52% [22] Investment Recommendations - The report suggests a bottom-line allocation to large state-owned banks, with beneficiaries including Agricultural Bank of China and Industrial and Commercial Bank of China [6] - Core allocations should focus on leading comprehensive banks such as China Merchants Bank, CITIC Bank, and Industrial Bank [6] - Flexible allocations can be made to banks like Jiangsu Bank, Chongqing Bank, and Chongqing Rural Commercial Bank [6]

证 券 研 究 报 告 盈利新周期，估值新起点，迎银行长牛 2026年银行业投资策略 证券分析师： 郑庆明 A0230519090001 林颖颖 A0230522070004 冯思远 A0230522090005 李禹昊 A0230525070004 联系人： 郑庆明 A0230519090001 2025.11.18 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 站在当下，我们更为坚定地看好银行板块正处于长牛修复的起点：2018年以来银行板块从"破净"到估值深度承压（最低0.49倍PB）再到当前行业整体 仍仅约0.7倍PB，核心压制无外乎两点："看不清的风险趋势"、"难以扭转的盈利下行"。相对乐观的是，这两点在当下都已"拨云见日"。 ◼ 不容忽视，银行板块价值回归的资金驱动力：1）"前所未有的低利率环境"是带动增量资金流向红利板块最直接驱动，银行板块性价比更优。对标美国 和日本，低利率环境中红利高股息策略总体跑赢，也是险资更为青睐的投资方向；而当前银行指数股息率约4.3%，较十年国债利率溢价位居过去十年超 70%分位，在红利板块中性价比更为突出。2）耐心资本入市仅是开端，以险资为代 ...

Core Viewpoint - The asset scale of urban commercial banks in China has surpassed 60 trillion yuan, marking significant growth over the past 30 years, with a 134-fold increase since 1995, and now accounting for 13.53% of the total assets of banking financial institutions [2][4]. Development of Urban Commercial Banks - Urban commercial banks have evolved into a crucial part of China's multi-tiered financial system since their establishment in 1995, with a focus on serving urban residents, small and medium-sized enterprises, and local economies [4]. - Key financial indicators for urban commercial banks show stable profitability, improved asset quality, a non-performing loan rate of 1.76%, a provision coverage ratio of 188.08%, and a capital adequacy ratio of 12.97% as of the end of 2024 [4]. Market Position and Performance - As of 2024, there are 12 urban commercial banks with asset scales exceeding 1 trillion yuan, and 5 of these banks are classified as systemically important banks in China [4]. - The market share of urban commercial banks has increased by 8.24 percentage points over the years, reflecting their growing significance in the banking sector [4]. Financial Resource Allocation - Urban commercial banks have strategically focused on high-quality development areas and sectors that align with their capabilities, continuously exploring differentiated and specialized development paths [5]. Market Capitalization of Listed Banks - Among the 17 urban commercial banks listed on the A-share market, Jiangsu Bank, Ningbo Bank, and Shanghai Bank have the highest market capitalizations, with Jiangsu Bank nearing 200 billion yuan and Ningbo Bank at 190.2 billion yuan [7][8].

Core Insights - The asset scale of urban commercial banks in China has surpassed 60 trillion yuan, reaching 60.15 trillion yuan by the end of 2024, marking a 134-fold increase since 1995 and accounting for 13.53% of the total assets of banking financial institutions [1][2] Development of Urban Commercial Banks - Urban commercial banks have evolved over 30 years, becoming a crucial part of China's multi-tiered financial system, with stable profitability and improving asset quality [2] - Key financial metrics include a non-performing loan ratio of 1.76%, a provision coverage ratio of 188.08%, and a capital adequacy ratio of 12.97% [2] - There are 12 urban commercial banks with assets exceeding 1 trillion yuan, and 5 of them are classified as systemically important banks [2] Market Position and Performance - Among the 17 urban commercial banks listed on the A-share market, Jiangsu Bank, Ningbo Bank, and Shanghai Bank have the highest market capitalizations, with Jiangsu Bank nearing 200 billion yuan [4][5] - Jiangsu Bank and Beijing Bank both have asset scales of approximately 4.9 trillion yuan, while Ningbo Bank and Shanghai Bank exceed 3 trillion yuan [4][5] Strategic Focus - Urban commercial banks have focused on serving urban and rural residents, small and medium-sized enterprises, and local economies, enhancing their service channels and offering diverse financial products [2][3] - They have aligned their financial resources with high-quality development strategies and key sectors, exploring differentiated and specialized development paths [3]

股东大会会议资料显示，根据《中华人民共和国公司法》等法律法规、监管规定和相关文件要求，江苏 银行将不再设立监事会，由董事会审计委员会行使《中华人民共和国公司法》和监管制度规定的监事会 职权；监事会下设的各专门委员会同步撤销；《江苏银行股份有限公司监事会议事规则》等监事会相关 公司治理文件相应废止；现任监事不再担任该行监事及监事会、监事会专门委员会相关职务；撤销监事 会办公室。上述调整自该行修改后的《江苏银行股份有限公司章程》获监管机构核准生效之日起生效， 此前监事会和监事会办公室继续存续，以保障相关工作顺利平稳过渡。本议案已经该行第六届董事会第 二十二次会议、第六届监事会第十四次会议审议通过，现提请股东大会审议批准，同时提请股东大会授 权董事会，并由董事会转授权高级管理层，全权办理与本议案相关的一切事宜，并在修改后的《江苏银 行股份有限公司章程》生效后，相应修改或废止公司相关制度。 北京商报讯（记者 孟凡霞 周义力）11月17日，江苏银行发布2025年第二次临时股东大会决议公告，会 议审议通过了《关于江苏银行股份有限公司不再设立监事会相关事项的议案》。 ...

重要内容提示 投资者可于 2025 年 11 月 20 日 17:30 前将重点关注的问题通 过电子邮件的形式发送至指定邮箱：dshbgs@jsbchina.cn。公司将在 业绩说明会上对投资者普遍关注的问题进行回答。 证券代码：600919 证券简称：江苏银行 公告编号：2025-039 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 关于召开 2025 年三季度业绩说明会的公告 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。 一、会议类型 江苏银行股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日披露《江苏银行股份有限公司 2025 年第三季度报告》。公司决 定召开 2025 年三季度业绩说明会，就经营发展情况进行沟通交流， 广泛听取投资者的意见和建议。 （一）召开时间：2025 年 11 月 25 日（星期二）上午 10:00-11:00 （二）召开形式：上证路演中心网络互动 （三）召开网址：上证路演中心（https://roadshow.sseinfo.com/） 三、 ...