广发证券指出，今年以来中证红利全收益指数已排在宽基指数表现末尾，银行指数（中信）已跑输万得 全 A指数 5％左右。背后核心逻辑是股息分子端（债券投资）和股息风格的分母端（市场机会成本）都 与利率周期的反转直接相关，在这样的背景下我们应该更注重周期企稳或权益复苏逻辑，更应该关注传 统顺周期银行的回归，以及负债和资产逐渐向大行集中的特征。虽然相对收益机会下降，但银行板块的 绝对收益机会总体而言虽然较弱但时点性机会可能依然存在，特别是一些考核时点比如季度末或年末， 配置资金可能仍然有配置需求。 银行ETF指数紧密跟踪中证银行指数，为反映中证全指指数样本中不同行业公司证券的整体表现，为投 资者提供分析工具，将中证全指指数样本按中证行业分类分为11个一级行业、35个二级行业、90余个三 级行业及200余个四级行业，再以进入各一、二、三、四级行业的全部证券作为样本编制指数，形成中 证全指行业指数。 截至2025年8月25日 13:36，中证银行指数(399986)上涨0.28%，成分股平安银行(000001)上涨3.07%，宁 波银行(002142)上涨2.04%，瑞丰银行(601528)上涨1.57%，贵阳银行(601 ...

战队集结大奖，600万苏银豆等你瓜分！参赛选手也可以组成战队(不超过10人)，排名靠前的战队可瓜 分获得奖励！得分前30的战队可共同瓜分600万苏银豆奖池。 8月25日起，登录江苏银行App，点击进入模拟投资大赛页面报名参赛即可，快来和江苏银行一起进 阶"投"等高手吧！ 零门槛参与"投资"，高段位赢得大奖！江苏银行于8月25日重磅推出"来PK！招募'投'等高手"模拟投资 大赛，为你搭建财富实战舞台。本次模拟投资大赛依托真实的市场数据和沉浸式的交易环境，让投资者 可以在江苏银行的平台上尝试各类理财和公募基金产品，无需担心亏损。无论是理财新手，还是投资大 咖，都能在这场大赛中实现能力进阶，收获"精神+物质"的满满干货。 50万虚拟金、"苏超"门票抽奖机会，报名就能拿！8月25日至9月7日(含)，凡开通江苏银行App且持有我 行Ⅰ类户或Ⅱ类户的客户，均可报名参与。报名成功后不仅可获得50万虚拟金进行理财+基金模拟投 资，还能解锁苏银豆抽奖资格。 作为"苏超"总冠名商，江苏银行还加码活动福利，针对报名后完成信 息授权的客户，将于10月统一进行抽签，奖品包含"苏超"半决赛门票4张和决赛门票2张。 多重心动大奖，实力与好 ...

Core Insights - The "Su Chao" football league in Jiangsu has significantly increased public interest in football, with over 90% of residents aware of the league and nearly 80% of its followers being non-traditional fans [1][2] - The economic impact of the league is substantial, generating nearly 38 billion yuan in service revenue across five major sectors during the first six rounds of matches [1] - The number of official sponsors for the league has surged from 6 to 32, indicating a growing commercial value [1] Economic Impact - The league has become a key driver of consumption, boosting local economies in cities hosting matches through increased spending in dining, accommodation, transportation, tourism, entertainment, and shopping [1] - Jiangsu Bank has launched a promotional campaign titled "Follow Su Chao to Celebrate," offering rewards to customers and linking financial services with sports and consumer activities [2] Consumer Engagement - The "Follow Su Chao to Celebrate" campaign includes various prizes such as travel discounts, beverage benefits, fuel subsidies, and sports equipment, aimed at enhancing customer engagement [2][3] - The campaign is designed to convert the league's popularity into sustained consumer spending, thereby supporting local businesses and the economy [3] Policy Alignment - The promotion of consumption and economic stability is a key focus of national policy, with initiatives aimed at expanding consumer demand and enhancing purchasing power [4] - Jiangsu Bank is actively responding to these policies by developing a comprehensive consumer service system that targets high-frequency daily spending scenarios [4][5] Broader Initiatives - Beyond the "Su Chao" league, Jiangsu Bank has sponsored various sports events and cultural activities, including marathons and cycling races, to further stimulate consumer engagement [5] - The bank's initiatives also include a "Beautiful Life Festival" that offers discounts across various daily life aspects, benefiting over 20 million app users [5] Conclusion - Jiangsu Bank is committed to enhancing consumer experiences and supporting economic growth through innovative financial services and community engagement, aligning with national economic recovery efforts [6]

作为一艘集养殖、加工、运输等多功能于一体的"海上智慧牧场"，"苏海1号"配备水质监测、自动投 饲、智能管控等系统，设有自动化加工单元和冷链对接设施，预计年产三文鱼8000吨，可实现"即捕即 加工、即产即销"，最快可在24小时内将产品投放国内主要市场，将显著提升国产三文鱼的新鲜度、供 应稳定性与市场竞争力。 今年6月，雄浑有力的引擎轰鸣声响彻广州南沙港的上空，由江苏银行支持的全球首艘三文鱼养殖工 船"苏海1号"正式交付，标志着江苏在深远海渔业发展和工业化养殖领域取得重大突破，深远海三文鱼 养殖正式进入工程化、智能化、规模化发展新阶段，进一步彰显了江苏省在服务国家"海洋强国"战略中 的使命担当和先行示范。 作为全球百强银行、全国系统重要性银行，江苏银行深入践行可持续发展理念，2021年采纳联合国负责 任银行原则(PRB)，2023年1月成功当选联合国环境署金融倡议组织(UNEP FI)银行理事会中东亚地区唯 一理事单位，成为入选理事会的唯一一家中国银行机构。近年来，江苏银行积极探索蓝色金融新赛道， 着力构建蓝色金融体系，以专业化、特色化服务优势助力全省海洋经济高质量发展。 在了解到"连云港工船养殖三文鱼"项目融资 ...

江苏银行（600919）(600919.SH)于8月22日发布了2025年半年度报告。报告显示，截至2025年6月30 日，该行实现营业收入448.64亿元，同比增长7.78%；其中利息净收入329.39亿元，同比增长19.10%， 占营业收入比重达73.4%，成为业绩增长的核心驱动力。归属于母公司股东的净利润达202.38亿元，同 比增长8.05%。平均总资产收益率(年化)为0.96%，较去年同期下降0.12个百分点。 零售业务同样表现亮眼。报告期末，零售存款余额9484亿元，较上年末增长15.25%；零售贷款余额 6955亿元，较上年末增长3.07%。财富管理业务快速发展，零售AUM规模超1.59万亿元，半年新增突破 1600亿元，创历史新高。个人养老金账户累计开立突破120万户；自营消费贷新增客户数是去年同期的 1.88倍，绿色消费贷款余额较去年同期增加36%。显示出在零售业务领域的深度布局。 小微企业金融服务成效显著。报告期末，全行小微贷款余额超7500亿元，普惠型小微贷款余额2358亿 元，较上年末新增253亿元。科技贷款、涉农贷款分别达2740亿元、2900亿元。江苏银行通过打造产业 服务体系，结 ...

Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]

19 August 2025 Equity Research Report China Banks Equities Race among regional banks China High-quality city commercial banks to stand out in new round of sector re-rating. The China banking index rose 3.9% in the past 60 trading days (CSI 300 index up 7.4% over the same period) amid ample liquidity and in-line or above-consensus 1H25 economic releases. The sector's underperformance was mainly attributable to investors' belief that bank NIM would be harmed by the interest discount policy. In our view, the m ...

Group 1: North Exchange Specialized and Innovative Index - The North Exchange Specialized and Innovative Index focuses on innovative small and medium-sized enterprises, emphasizing "specialized, refined, unique, and innovative" small giants, providing differentiated value as a rare high-quality small-cap growth index in the market [11][12] - The index consists of high-quality underlying assets, with a market capitalization median of 3.74 billion yuan, lower than other indices, indicating a focus on smaller companies [11] - The index has shown high growth potential, with a revenue compound annual growth rate (CAGR) of 40.4% over the past three years, and a high research and development investment ratio of 6.2% [11] Group 2: Saint Bella (2508HK) - Saint Bella is a well-known company in the high-end confinement service sector, aiming to provide comprehensive family care services from pregnancy to elderly care, with a projected adjusted net profit of 117 million, 191 million, and 287 million yuan for 2025-2027 [3][14] - The company has established four core advantages: strong brand recognition in high-end confinement services, a light asset model with standardized training, vertical and horizontal expansion in family services, and international market penetration targeting overseas Chinese [17] - The family care industry in China is expected to grow from 392.8 billion yuan in 2019 to 711.3 billion yuan in 2024, with a CAGR of 12.6%, indicating a favorable market environment for Saint Bella [17]

城商行中的"优等生"江苏银行（600919.SH）再次交出亮眼成绩单。 日前，江苏银行发布半年报。2025年上半年，该行实现营业收入448.64亿元，同比增长7.78%；归属于该行股东的 净利润（净利润，下同）202.38亿元，同比增长8.05%。其中，第二季度该行净利润达到104.58亿元，单季度净利 润首次突破百亿。 长江商报记者注意到，在市场利率下行的背景下，江苏银行通过资产规模高速扩张以及较强的成本管控能力，实 现核心业务快速增长。2025年上半年，江苏银行实现利息净收入329.39亿元，同比增长19.10%。 截至2025年6月末，江苏银行资产总额4.79万亿元，较上年末增长21.16%；各项存款余额2.54万亿元，较上年末增 长20.22%；各项贷款余额2.43万亿元，较上年末增长15.98%。 在对公业务方面，截至2025年6月末，江苏银行对公存款余额1.42万亿元，较上年末增长22.20%；对公贷款余额 1.63万亿元（不含贴现），较上年末增长23.30%，增速均超20%。 长江商报消息 ●长江商报记者 徐佳 报告期内，江苏银行净息差1.78%、净利差1.78%；生息资产收益率3.67%，其中 ...

■本报记者 郝飞 江苏银行"绿色工厂贷"的核心创新之处，在于其实现了贷款利率与绿色工厂赋码、企业ESG（环境、社 会和公司治理）评价的有效联动。江苏银行可依托企业的绿色工厂等级以及ESG评价结果，为其量身打 造融资方案。在贷款期限内，企业若能持续提升绿色工厂建设水平、优化ESG表现，则可以享受到更为 优惠的利率，将绿色绩效切实转化为看得见的融资成本优势。这种创新机制不仅激励企业在节能降碳改 造、资源高效利用、废物综合利用等方面加大投入，更推动其积极朝着"零碳工厂""超级能效工厂"的目 标迈进，加速其绿色转型的步伐。 近年来，江苏银行积极践行绿色发展理念，从战略高度将绿色金融作为全行转型发展的重要抓手，致力 于打造"国内领先、国际有影响力"的绿色金融品牌。该行相关负责人表示，将在绿色金融发展的"快车 道"上加速前行。 近日，江苏银行积极响应国家绿色低碳发展战略，成功向某世界500强企业发放2亿元"绿色工厂贷"，以 精准金融服务赋能企业绿色转型升级，为绿色金融实践增添了鲜活注脚。 此次获得贷款的北京某汽车有限公司是主营重卡汽车制造与销售的中外合资企业。该公司一直致力于推 进绿色生产，先后实施了多项环保、节能技改项 ...