Group 1 - The event held by the Jiangsu Human Resources and Social Security Department aimed to create a platform for communication among government, enterprises, and talents, enhancing graduates' sense of belonging to Zhenjiang [1] - The event introduced Zhenjiang's talent policies, including the "Gathering Talent" plan and the "Returning Swallow" plan, which offer various support measures such as employment and entrepreneurship assistance, living subsidies, and talent training [1] - Jiangsu Bank's Zhenjiang branch presented its development prospects, talent training mechanisms, and job opportunities, providing graduates with clear employment references and financial products tailored for young talents [1] Group 2 - Students expressed their appreciation for Zhenjiang's cultural charm and supportive policies, particularly the housing subsidies that attract graduates to work and settle in the city [2] - The event successfully fostered a positive atmosphere for talent attraction, with the Human Resources Department committed to optimizing talent services and innovative recruitment methods [2] - The cultural experience included a hands-on activity with traditional crafts, enhancing the emotional connection between graduates and the city [1][2]

9月22日，金融支持盐城高质量发展对接会在南京召开，深入贯彻落实中央和省关于金融支持绿色低碳 发展决策部署，进一步深化政银企协同，推动盐城高质量发展。中国人民银行江苏省分行党委书记、行 长周诚君，盐城市委副书记、代市长严汉平出席并分别致辞。 推动金融业发展壮大，提升金融服务实体经济质效，是推动高质量发展的重要内容。来自国家开发银行 江苏省分行、工商银行江苏省分行、江苏银行（600919）、兴业银行南京分行等23家金融机构齐聚一 堂，与我市共商绿色低碳发展大计、共谋银企深度合作新篇。其间，盐城市与江苏省信用再担保集团有 限公司签订《深化全面战略合作协议》，省金融学会与大丰区签订《金融支持零碳园区建设战略合作协 议书》；14家金融机构与我市签订61个绿色低碳项目，资金投放总量超400亿元。 周诚君在致辞中表示，近年来，中国人民银行江苏省分行紧紧围绕"双碳"战略目标和江苏"走在前、做 示范"重大使命，持续完善基础设施，建立健全激励约束机制，持续优化服务供给，统筹推进绿色金 融、转型金融，助力江苏经济绿色低碳高质量发展。 盐城是全国首批碳达峰试点城市,也是江苏省委、省政府支持建设的绿色低碳发展示范区，绿色发展优 势明 ...

Group 1 - The central bank reported significant achievements in China's financial sector during the "14th Five-Year Plan" period, with total banking assets reaching nearly 470 trillion yuan, ranking first globally [1] - China's stock and bond market sizes rank second in the world, while foreign exchange reserves have maintained the top position for 20 consecutive years [1] - The country leads in green finance, inclusive finance, and digital finance, establishing a comprehensive and efficient cross-border payment network for the renminbi [1] Group 2 - As of September 23, 2025, the CSI A500 Dividend Low Volatility Index (932422) saw a slight increase of 0.01%, with notable stock performances from Ningbo Port (up 2.70%) and Industrial and Commercial Bank of China (up 2.65%) [2] - The CSI A500 Dividend Low Volatility ETF (561680) experienced a trading volume of 851.19 million yuan, with a turnover rate of 1.66% [2] - The ETF has a maximum drawdown of 3.42% since inception, with a tracking error of 0.164% this year, indicating high tracking precision among comparable funds [2] Group 3 - The CSI A500 Dividend Low Volatility Index selects 50 stocks from the CSI A500 Index based on high dividend yields and low volatility, weighted by dividend yield [3] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 31.13% of the total index weight, with Agricultural Bank of China being the highest [3]

Core Viewpoint - The banking sector is experiencing a positive trend, with the China Securities Bank Index rising by 1.69% and individual bank stocks showing significant gains, indicating a favorable market sentiment towards banks [1] Group 1: Market Performance - As of September 23, 2025, the China Securities Bank Index (399986) increased by 1.69%, with notable gains from Nanjing Bank (up 4.30%), Xiamen Bank (up 3.65%), Agricultural Bank of China (up 3.39%), and others [1] - The Bank ETF Index (512730) also rose by 1.62%, closing at 1.63 yuan [1] Group 2: Policy Changes - On September 19, the People's Bank of China announced adjustments to the 14-day reverse repurchase operations, shifting to fixed quantity, interest rate bidding, and multi-price bidding, with operation time and scale determined by liquidity management needs [1] - China Galaxy Securities noted that the adjustment of the 14-day reverse repurchase operation enhances the position of the 7-day reverse repurchase policy rate and improves liquidity management precision, with smaller banks expected to benefit less than larger banks [1] Group 3: Future Outlook - The ongoing consumer policy enhancements and the accumulation of positive factors in the banking fundamentals suggest potential mid-term performance improvements, with an inflection point anticipated [1] - Attention is drawn to the effectiveness of policy implementation, retail business demand, risk improvement, and upcoming significant events such as the 20th Central Committee's Fourth Plenary Session and the 15th Five-Year Plan reform measures [1] Group 4: Index Composition - As of August 29, 2025, the top ten weighted stocks in the China Securities Bank Index (399986) include China Merchants Bank, Industrial Bank, and others, collectively accounting for 65% of the index [2]

Group 1: Core Financial Initiatives - Jiangsu Bank actively injects financial energy into agricultural production, supporting the autumn harvest with tailored financial products and efficient services [1] - The "Agricultural Machinery e-Loan" product addresses long-standing financing difficulties in the agricultural machinery sector, offering automated credit loans of up to 10 million yuan for manufacturers and 3 million yuan for dealers [1][3] - The "Su Nong Loan" has been upgraded to support online applications and flexible financing based on daily purchasing progress, effectively assisting grain enterprises in seizing quality grain sources [4] Group 2: Support for Agricultural Enterprises - Wuxi Yuitian Agricultural Machinery Technology Co., Ltd. received a 3 million yuan credit loan through "Agricultural Machinery e-Loan" to enhance liquidity and expedite machinery production for the autumn harvest [3] - Jiangsu Bank's financial support has enabled agricultural enterprises to purchase new harvesting and drying equipment, ensuring timely installation and operation for the autumn harvest [3] - The "Common Prosperity Loan" has been instrumental in alleviating funding pressures for rural enterprises, facilitating the growth of local agricultural industries and enhancing farmers' incomes [5][7] Group 3: Impact on Rural Development - The "Common Prosperity Loan" has effectively stimulated rural economic vitality, addressing financing pain points for collective economic organizations and new agricultural operators [5] - Jiangsu Bank's support for the "Huaian Qianshi" geographical indication product has helped local enterprises establish a comprehensive service model, significantly increasing employment and income for local farmers [8] - The bank's commitment to rural revitalization is reflected in its ongoing efforts to meet the financial needs of local agricultural talents and collective organizations through various loan products [10]

Core Viewpoint - The Federal Reserve has announced a 25 basis point reduction in the federal funds rate target range, marking the first rate cut since December 2024, with expectations of further cuts in the near future [1][4]. Summary by Sections Federal Reserve Rate Cut - The Federal Reserve's recent decision to lower the federal funds rate by 25 basis points reflects concerns over employment growth and persistent inflation [4]. - Market expectations suggest an additional 50 basis points of cuts may occur within the year, with predictions of 25 basis points reductions in the upcoming meetings in October and December [4]. Bank Dollar Deposit Rates - Some banks in Beijing still maintain dollar deposit rates at 3% or higher, despite the recent Fed rate cut, indicating a potential adjustment in the near future [1][2]. - For instance, Jiangsu Bank offers a 1-year dollar deposit rate of 3%, while other banks like Guangfa Bank have varying rates based on deposit amounts and terms [2]. Structure of Dollar Deposit Rates - There is a noticeable divergence in dollar deposit rate structures among banks, with some banks offering higher rates for longer terms, while others provide better rates for shorter terms [2][3]. - The current structure reflects banks' expectations regarding the Fed's future rate adjustments, with a shift observed from a short-term higher rate structure to a long-term higher rate structure earlier this year [3].

9月22日，江苏银行跌1.36%，成交额11.67亿元。两融数据显示，当日江苏银行获融资买入额1.20亿 元，融资偿还1.01亿元，融资净买入1895.70万元。截至9月22日，江苏银行融资融券余额合计52.76亿 元。 融资方面，江苏银行当日融资买入1.20亿元。当前融资余额52.74亿元，占流通市值的2.84%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，江苏银行9月22日融券偿还2.11万股，融券卖出1000.00股，按当日收盘价计算，卖出金额 1.01万元；融券余量26.31万股，融券余额266.26万元，低于近一年10%分位水平，处于低位。 截至6月30日，江苏银行股东户数13.88万，较上期增加5.29%；人均流通股132190股，较上期减少 5.02%。2025年1月-6月，江苏银行实现营业收入0.00元；归母净利润202.38亿元，同比增长8.05%。 分红方面，江苏银行A股上市后累计派现476.36亿元。近三年，累计派现257.94亿元。 机构持仓方面，截止2025年6月30日，江苏银行十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股9.79亿股，相比上期增加87 ...

Core Viewpoint - The structure of dollar deposit interest rates among banks is diverging, reflecting expectations regarding the Federal Reserve's interest rate adjustments [1][3] Group 1: Current Interest Rates - Some banks maintain dollar deposit interest rates at 3% or higher, despite the recent 25 basis point cut by the Federal Reserve [1][2] - For example, Jiangsu Bank offers a 3-month rate of 2.5%, a 6-month rate of 2.7%, and a 1-year rate of 3% for deposits starting at $5,000 [1] - Beijing Bank also reports a 1-year dollar deposit rate of 3%, indicating potential for future adjustments [2] Group 2: Divergence in Rate Structures - There is a noticeable difference in dollar deposit interest rate structures among banks; Jiangsu Bank has a positive correlation between term length and interest rate, while Guangfa Bank shows higher rates for shorter terms [2][3] - Guangfa Bank's rates vary by deposit amount, with a 6-month rate of 3.1% for amounts under $30,000, and 3.4% for amounts over $100,000 [2] Group 3: Expectations for Future Rate Changes - The dollar deposit interest rate structure may adjust as expectations for further Federal Reserve rate cuts increase, with a potential additional 50 basis points cut anticipated this year [1][3] - Market analysts predict that the Federal Reserve may lower rates by 25 basis points in both October and December meetings, with some economists suggesting a total cut of up to 75 basis points if unemployment continues to rise [3]

Market Overview - On September 22, the city commercial bank sector declined by 1.17%, with Hangzhou Bank leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Bank Performance - Hangzhou Bank's closing price was 15.06, down 2.27% with a trading volume of 765,900 shares and a transaction value of 1.159 billion yuan [1] - Chengdu Bank closed at 17.15, down 2.17%, with a trading volume of 367,300 shares [1] - Suzhou Bank closed at 8.01, down 1.72%, with a trading volume of 389,400 shares [1] - Ningbo Bank closed at 26.35, down 1.50%, with a trading volume of 138,580 shares [1] - Jiangsu Bank closed at 10.12, down 1.36%, with a trading volume of 1,148,300 shares [1] - Xiamen Bank closed at 6.30, down 1.10%, with a trading volume of 79,000 shares [1] - Qingdao Bank closed at 4.80, down 1.03%, with a trading volume of 261,300 shares [1] - Changsha Bank closed at 9.01, down 0.99%, with a trading volume of 118,400 shares [1] - Zhengzhou Bank closed at 2.02, down 0.98%, with a trading volume of 1,188,200 shares [1] - Beijing Bank closed at 5.58, down 0.89%, with a trading volume of 1,304,400 shares [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 132 million yuan from institutional investors, while retail investors saw a net inflow of 132 million yuan [1] - The table shows the net capital flow for individual banks, indicating varying levels of institutional and retail investor activity [2] Individual Bank Capital Flow - Hangzhou Bank had a net inflow of 127 million yuan from institutional investors, but a net outflow of 15.3 million yuan from retail investors [2] - Shanghai Bank saw a net inflow of 7.31 million yuan from institutional investors, with a net outflow of 13.26 million yuan from retail investors [2] - Guiyang Bank had a net inflow of 4.12 million yuan from institutional investors, with a net outflow of 4.91 million yuan from retail investors [2] - Qilu Bank experienced a net inflow of 3.48 million yuan from institutional investors, but a significant net outflow of 30.56 million yuan from retail investors [2] - Changsha Bank had a net inflow of 1.00 million yuan from institutional investors, while retail investors saw a net outflow of 6.67 million yuan [2] - Other banks like Xiamen Bank, Qingdao Bank, and Zhengzhou Bank also showed varying trends in capital flow, with some experiencing net outflows from both institutional and retail investors [2]

Investment Rating - The report assigns an "Outperform" rating to the banking sector [1] Core Insights - The banking sector experienced a decline of 4.21% this week, marking the lowest performance across all industries [1][14] - Year-to-date, the banking sector has seen a growth of 3.30%, ranking 26th among all industries [1] - The report highlights investment opportunities in China Merchants Bank, Agricultural Bank of China, and Jiangsu Bank [1] Summary by Sections Banking Sector and Stock Performance - The A-share banking index fell by 4.09%, underperforming the Wind All A index by 3.91 percentage points [13] - Among 42 listed banks, only Qilu Bank saw an increase in stock price this week [2][17] - The average price-to-book (P/B) ratios for different types of banks are as follows: state-owned banks at 0.70X, joint-stock banks at 0.54X, city commercial banks at 0.63X, and rural commercial banks at 0.59X [2][17] Funding Price Situation - The People's Bank of China conducted a significant reverse repo operation, injecting 18,268 billion yuan into the market [3][29] - The overnight SHIBOR rate increased to 1.46%, up by 9 basis points from last week [3][32] - The average issuance rate for interbank certificates of deposit rose to 1.64%, an increase of 1 basis point [6][40] Bond Market Situation - Total bond market financing reached 23,465.1 billion yuan, with net financing of 8,512.8 billion yuan, an increase of 7,050.0 billion yuan from the previous week [4][45] - The issuance of financial bonds increased by 1,031.0 billion yuan, while the issuance of government bonds decreased [4][46] - The yield on 10-year government bonds rose to 1.88%, while the 1-year yield fell to 1.39% [5][50] Interbank Market Review - The interbank repo overnight rate (R001) increased to 1.50%, up by 10 basis points [3][32] - The trading volume for the week was 31.39 trillion yuan, a decrease of 1.74 trillion yuan from the previous week [3][32] Important News and Announcements - The report includes various charts and data visualizations that illustrate the performance of the banking sector and market conditions [12][18]