Core Viewpoint - Jiangsu Bank, as a systemically important bank in China, is undergoing significant strategic evolution to adapt to the changing banking landscape, focusing on high-quality development while maintaining its scale advantage [2][4][49]. Group 1: Background and Purpose - Jiangsu Bank is the largest legal person bank in Jiangsu Province and plays a crucial role in the development of urban commercial banks and the Chinese banking industry [2]. - The research aims to analyze Jiangsu Bank's strategic evolution since its establishment in 2007, focusing on its current strategic layout and future development direction [2]. Group 2: Strategic Evolution Process - **Foundation and Scale Breakthrough Period (2007-2015)**: Jiangsu Bank was established through the merger of ten urban commercial banks, focusing on resource integration and local market penetration, achieving total assets of over 1 trillion yuan by 2014 [3]. - **Structural Optimization and Innovation Breakthrough Period (2016-2020)**: The bank went public in 2016, shifting its focus from scale expansion to quality and efficiency, establishing a "four modernization" development vision [4][5]. - **High-Quality Development and Strategic Deepening Period (2021-Present)**: Jiangsu Bank has set five strategic goals for high-quality development, emphasizing value creation, customer service, and political integrity [6][7]. Group 3: Current Strategic Statements - **Top-Level Strategic Positioning**: Jiangsu Bank's mission is to enhance people's quality of life through innovative financial services, with a vision of becoming a leading bank characterized by intelligence, specialization, internationalization, and comprehensiveness [8]. - **Five Strategic Goals**: The bank aims to be the most valuable bank, a service leader, an intelligent innovator, an employee-satisfied bank, and a politically robust bank, with each goal supporting the others [9][10]. Group 4: Business Development Strategies - **Corporate Business**: Jiangsu Bank focuses on strengthening corporate business, particularly in manufacturing and infrastructure, achieving a corporate deposit balance of 14,197 billion yuan, a 22.20% increase year-on-year [11]. - **Retail Business**: The bank aims to expand its retail business, with retail AUM exceeding 1.59 trillion yuan, marking a historic high [12]. - **Financial Market Business**: Jiangsu Bank is enhancing its financial market capabilities, with financial investment assets reaching 18,833 billion yuan, a 23.38% increase [13]. - **Digital Financial Development**: The bank is accelerating its digital transformation, with significant advancements in AI applications and digital financial services [14]. - **Regional Layout**: Jiangsu Bank maintains a strong presence in Jiangsu and extends its services to major economic regions [15][16]. - **ESG Strategy**: The bank integrates ESG principles into its operations, actively participating in sustainable finance initiatives [17]. Group 5: Comparative Analysis - **Comparison with Similar Banks**: Jiangsu Bank's asset scale is 3.95 trillion yuan, ranking it among the top urban commercial banks, with a focus on balanced development across various financial sectors [29][30]. - **Strengths and Weaknesses**: Jiangsu Bank has notable advantages in asset quality and regional presence but faces challenges in retail business proportion and internationalization [37][41][42]. Group 6: Future Strategic Directions - **"15th Five-Year" Planning**: Jiangsu Bank is preparing for its next strategic phase, focusing on clearer positioning and practical development goals, with expected revenue growth rates of 6.9% to 7.6% from 2025 to 2027 [44][45]. - **Key Development Areas**: The bank aims to enhance its technology finance services, green finance initiatives, and wealth management capabilities, with projected growth in these areas [46].

金融作为现代经济的血脉，正通过创新模式深度嵌入体育赛事发展进程，将赛场内外的澎湃激情，转化 为实实在在的消费动能与经济增量。 从传统的冠名赞助到多元的场景共建，从支付方式的迭代创新到产业生态的协同联动，金融机构的角色 已实现转变，从单纯的资金提供者，升级为体育消费生态的构建者和价值放大者。 业内人士指出，金融与体育消费的深度融合，不仅需要政策引导和金融机构的积极布局，更需要找准二 者的结合点。 金融护航赛事IP 撬动区域消费升级 随着居民消费升级和全民健身理念深入人心，体育赛事已从单纯的竞技活动，转变为带动文旅、商贸、 餐饮等多领域消费的"超级IP"。 转自：中国经营报 中经记者 张漫游 北京报道 日前，国务院办公厅印发《加快培育服务消费新增长点工作方案》并对外发布，提出12条政策举措。其 中提到"培育潜力领域发展动能，要做好体育赛事服务"。 如在2025年召开的第十五届全国运动会期间，多家银行提供了支付便利，为促消费打好基础。工商银行 （601398.SH）广东省分行在官方指定接待酒店、特许零售商店、比赛场馆周边及旅游消费旺区，密集 布放支持外卡取现的ATM、外币兑换机、商户POS机等，为参赛人员、观众、市 ...

平安银行 公告称，"26国耀融汇MTN003"在申购结束前一小时内出现投资人撤标情况， 江苏银行 撤标 规模2000万元，申购价位2.33%，撤标时间17:55:18。 ...

在今年省政府工作报告中，有两组数据放在一起，备受关注。"地区生产总值连续迈上4个万亿元台阶、 达14.2万亿元、年均增长5.7%。""新增本外币贷款连续4年保持全国首位，科创板、北交所上市公司数 量居全国第一。" □ 本报记者 赵伟莉 陈娴 崔昊 服务实体经济，是金融的天职和宗旨。江苏紧扣"支撑服务能力强、改革创新活力强、产业发展实力 强、金融生态环境优"目标加快建设金融强省，把更多金融"活水"精准引向实体经济，实现金融与产业 发展同频共振，为高质量发展持续注入强劲金融动能。 强服务，量足质优促发展 优生态，夯实营商环境根基 壮产业，构筑金融集聚高地 建设现代化产业体系，需要现代金融体系做支撑。近年来，江苏加快建设省域现代金融体系。2025年， 设立省国金集团，优化国有金融资本管理体制；组建江苏农商联合银行，高效完成农信社改革；设立华 东地区首家省级信用增进公司，构造支持民企、科创企业发债政策重要拼图…… 目前，省属金融企业均跻身国内同类机构"第一方阵"，全省地方法人金融企业总资产超过15万亿元、较 2018年末翻一番。其中，作为全国系统重要性银行、省属法人银行，江苏银行（600919）总资产规模近 4.8万 ...

Core Viewpoint - Jiangsu Bank plays a crucial role in supporting the economic development of Jiangsu province, aiming to enhance financial services and support the real economy during the "14th Five-Year Plan" period and beyond [1][2]. Group 1: Financial Performance and Goals - As of September 2025, Jiangsu Bank's total assets are projected to reach 4.93 trillion yuan, doubling from five years ago, with corporate loan balances exceeding 1.6 trillion yuan [1]. - The bank emphasizes a dual approach of "steady operation and building defenses" alongside "reform and innovation" to strengthen its position while serving the provincial development agenda [1]. Group 2: Strategic Focus Areas - Jiangsu Bank plans to enhance support for key areas such as technology innovation, green development, and the "two new" and "two heavy" sectors, aligning with national strategies and provincial directives [2]. - The bank aims to improve its financial supply in critical sectors and weak links, focusing on five major financial initiatives to empower the real economy [2]. Group 3: Financial Services Development - In the technology finance sector, Jiangsu Bank intends to develop a comprehensive "Sci-Tech Financing" matrix to support businesses from inception to growth [2]. - The bank aims to establish a leading green finance brand in China, contributing to the green transformation of the economy and society [2]. - Jiangsu Bank is committed to expanding its micro and small enterprise services and enhancing the accessibility of financing in the inclusive finance sector [2]. - In the pension finance area, the bank plans to enrich product offerings related to pensions, the pension industry, and services for the elderly [2]. - The bank will leverage digital finance to enhance the precision, efficiency, and reliability of its services [2]. Group 4: Commitment to Regional Development - Jiangsu Bank expresses a strong commitment to serving Jiangsu province and contributing to the construction of a modernized and prosperous society [3].

Group 1 - The fund being launched is called "招商裕田混合型发起式证券投资基金" (Zhaoshang Yutian Mixed Initiated Securities Investment Fund) [25] - The fund is a contract-based open-end mixed securities investment fund [26] - The fund will be publicly offered from February 9, 2026, to February 9, 2026, with the possibility of adjusting the fundraising period based on subscription conditions [31][32] Group 2 - The fund has two classes of shares: Class A and Class C, with different fee structures [27] - The minimum subscription amount for Class A shares through non-direct sales institutions is 1 yuan, while for direct sales, it is 500,000 yuan [41] - The fund aims to raise at least 1 billion yuan in total subscriptions, with the initiators required to contribute at least 10 million yuan [30] Group 3 - Investors must open a fund account provided by the registration institution to purchase the fund [3] - The fund's initial share price is set at 1 yuan per share [29] - Investors can subscribe multiple times during the fundraising period, but the subscription application cannot be withdrawn once accepted [41] Group 4 - The fund's management company is 招商基金管理有限公司 (Zhaoshang Fund Management Co., Ltd.), and the custodian is 江苏银行股份有限公司 (Jiangsu Bank Co., Ltd.) [2] - The fund's sales institutions include both direct and non-direct sales channels [2][32] - Investors are advised to read the fund's prospectus and related legal documents for detailed information [5]

Core Insights - Investors are experiencing losses upon maturity of their dollar deposits due to declining interest rates and currency fluctuations [1][2][4] - The current one-year dollar deposit interest rate is around 3%, down from approximately 4% at the beginning of last year, reducing the attractiveness of dollar deposits [1][3] - The depreciation of the dollar against the yuan and increased exchange costs are significant factors contributing to these losses [2][4] Interest Rate Trends - The dollar deposit interest rates have decreased significantly, with one-year rates stabilizing around 3%, a drop of about 1 percentage point from last year's rates [3][4] - Different banks offer varying rates based on deposit amounts, with some banks providing rates as low as 2.5% for shorter terms [3] Currency Exchange Risks - The fluctuation of the exchange rate poses a critical risk, as a stronger yuan can lead to substantial losses when converting dollar deposits back to yuan [2][4] - Investors are advised to be cautious of exchange rate movements and associated costs, which can erode actual returns [5] Market Outlook - The dollar deposit market faces dual uncertainties from both interest rates and exchange rates, influenced by the Federal Reserve's monetary policy and the performance of yuan-denominated assets [4][5] - Future trends in dollar deposit rates are expected to continue downward, largely dependent on the Federal Reserve's actions [4]

2026.02.05 本文字数：1126，阅读时长大约2分钟 作者 |第一财经 黄思瑜 春节前最后几个交易日里，近20家沪市公司将合计发放258亿元春节红包。从2025年12月起至春节前， 沪市合计发放的分红金额合计将突破3476亿元。 在业内看来，银行股在分红节奏和分红频次上的变化，成为"春节前分红"政策落地的一个直观体现，让 投资者更早、更清晰地看到现金回报，无疑是一种对于投资者持股感受的提升与优化。 除了银行业外，还有较多传统行业公司在春节前向投资者发放现金红包，包括长江电力 （600900.SH）、达仁堂（600329.SH）等在内的多家公司将在春节前最后一周内发放现金红包。 其中，长江电力将于2月12日发放2025年中期分红，合计派发超过51亿元。该公司自2016年在国内率先 做出10年期高比例现金分红承诺。根据承诺，2016年至2020年每年每股现金分红不低于0.65元；2021年 至2025年每年现金分红比例不低于当年净利润的70%。近五年，长江电力现金分红金额总计达976.90亿 元。 2月4日晚间，达仁堂也发布了2025年季度权益分派实施公告，将每股派发现金红利2.45元（含税），共 计派发 ...

Core Viewpoint - The article highlights the significant cash dividends being distributed by companies in the Shanghai stock market, particularly focusing on the banking sector, which is leading the trend of pre-Spring Festival cash distributions to investors [3][4]. Group 1: Cash Dividends Distribution - Nearly 20 companies in the Shanghai market are set to distribute a total of 25.8 billion yuan in cash dividends before the Spring Festival [3]. - From December 2025 to the pre-Spring Festival period, the total cash dividends distributed by the Shanghai market will exceed 347.6 billion yuan, with 321.8 billion yuan already distributed by February 5 [3]. - Industrial Bank is set to distribute over 11.9 billion yuan in cash dividends to A-share investors, with a per-share cash dividend of 0.565 yuan (tax included) [3]. Group 2: Banking Sector Performance - The banking sector is the main contributor to cash distributions, with nine banks, including Industrial Bank, Jiangsu Bank, and China Merchants Bank, announcing a total of nearly 70 billion yuan in cash dividends for the first half of 2025 [3][4]. - China Merchants Bank announced a cash dividend of approximately 25.5 billion yuan (tax included) for A+H shares, with a distribution ratio of 35% [3]. Group 3: Other Industries - Other traditional industries are also participating in cash distributions, with companies like Yangtze Power and Da Ren Tang planning to issue cash dividends before the Spring Festival [4]. - Yangtze Power will distribute over 5.1 billion yuan in cash dividends on February 12, having committed to a high cash dividend ratio since 2016 [4]. - Da Ren Tang announced a cash dividend of 2.45 yuan per share (tax included), totaling 1.887 billion yuan, with a cumulative cash dividend of 5.117 billion yuan since its listing [5]. Group 4: Regulatory Environment and Investor Sentiment - Industry insiders note that the continuous strengthening of cash dividend regulations and disclosure requirements by regulatory authorities is enhancing shareholder return awareness among listed companies [6]. - Investors are increasingly inclined to choose companies that can withstand economic cycles and are willing to consistently return value to shareholders, marking a significant trend in value investing [6].

Investment Rating - The report maintains a positive outlook on the banking industry, indicating that high-quality city commercial banks may exceed expectations [1]. Core Insights - The report forecasts that listed banks will exhibit "stable revenue and gradually improving profit growth" characteristics in 2025, with a projected revenue growth of 0.9% year-on-year and a recovery in net profit growth to 1.9% [3]. - Performance differentiation among various types of banks is expected, with city commercial banks showing superior results, while state-owned banks and leading joint-stock banks maintain stable positive growth [3]. - Key drivers for stable profit growth include narrowing interest margin declines, improved market sentiment, and stable asset quality ensuring credit costs do not significantly erode profits [3]. Summary by Sections Revenue and Profit Forecast - Listed banks are expected to see a revenue growth of 0.9% in 2025, with net profit growth recovering to 1.9% [3]. - State-owned banks are projected to have a revenue growth of 1.5%, while joint-stock banks are expected to see a revenue decline of 1.8% [3]. - City commercial banks in regions like Jiangsu and Zhejiang are anticipated to maintain high single-digit profit growth, with some banks achieving double-digit growth [3]. Non-Interest Income and Market Conditions - Non-interest income is influenced by market conditions and the timing of revenue recognition by banks, with a projected recovery in 2025 due to a low base from 2024 [3]. - The report notes that banks are likely to see a 3% year-on-year growth in non-interest income in the first half of 2025 and 4.6% by the end of the third quarter [3]. Interest Income and Credit Growth - Interest income is expected to stabilize as banks manage their asset pricing and liability costs effectively, with a projected decline in interest margin narrowing to about 10 basis points [4]. - Credit growth is anticipated to remain stable, with a focus on corporate lending, while retail lending shows weaker performance [3]. Asset Quality and Provisioning - The report indicates that the non-performing loan (NPL) ratio for listed banks is expected to remain stable at around 1.22% [4]. - The provisioning coverage ratio is projected to decrease slightly to 236%, with banks advised to focus on those with low NPL generation and high provisioning ratios [4]. Investment Recommendations - The report suggests focusing on high-quality banks that are likely to recover towards a price-to-book (PB) ratio of 1, particularly city commercial banks with strong credit growth [4]. - It highlights the potential for dividend yields to attract investors, with a current dynamic dividend yield of approximately 4.8% [4].