Group 1 - The event "Follow Su Chao to Carnival" launched on September 1, showcasing Jiangsu Bank's commitment to invigorating the consumer sector [1] - The event features new gifts including tickets to the Taihu Bay Music Festival and VIP membership cards for Youku and Tencent, enhancing leisure experiences for consumers [1] - The Taihu Bay Music Festival is highlighted as a major music event in China, featuring a strong lineup of popular artists and promising an unparalleled music experience [1] Group 2 - Jiangsu Bank invites audiences to enjoy the classic suspense play "Murder on the Orient Express," which has sold over 100 million copies globally since its release in 1934 [1] - The play is noted for its intricate plot and deep insights into human nature, aiming to provide a thrilling visual and auditory feast for the audience [1] - Tickets for the Suzhou Shishan Grand Theatre's autumn musical chat session are also available, further promoting cultural engagement [1] Group 3 - Consumers can participate in the event by logging into the Jiangsu Bank App and accessing the "Follow Su Chao to Carnival" section to unlock various benefits and draw for millions in consumer vouchers [1] - The initiative aims to enhance consumer vitality and enrich daily life experiences through engaging activities and rewards [1]

Market Overview - The Shanghai Composite Index closed at 3844.84 points, above the six-month moving average, with a decline of 0.79% [1] - The total trading volume of A-shares reached 19,304.44 billion yuan [1] Stocks Performance - A total of 35 A-shares have surpassed the six-month moving average, with notable stocks including: - Gongsiao Daji (供销大集) with a deviation rate of 6.45% - Jidian Co. (吉电股份) with a deviation rate of 6.05% - *ST Sansheng (ST三圣) with a deviation rate of 4.29% [1] - Stocks with smaller deviation rates that just crossed the six-month line include: - Fuling Co. (富岭股份) - Hubei Energy (湖北能源) - Yunnan Tourism (云南旅游) [1] Top Stocks by Deviation Rate - The following stocks had the highest deviation rates on September 2: - Gongsiao Daji (供销大集): 9.84% increase, 4.84% turnover rate, latest price 2.68 yuan - Jidian Co. (吉电股份): 7.34% increase, 6.58% turnover rate, latest price 5.56 yuan - *ST Sansheng (ST三圣): 5.10% increase, 2.62% turnover rate, latest price 4.74 yuan [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Huayuan Co. (华原股份): 3.93% increase, 2.74% turnover rate, latest price 17.71 yuan - Meiyan Jixiang (梅雁吉祥): 4.59% increase, 7.21% turnover rate, latest price 2.96 yuan - Qingdao Port (青岛港): 2.31% increase, 0.57% turnover rate, latest price 8.87 yuan [1]

Core Viewpoint - The competitive landscape among Chinese city commercial banks has undergone a significant change, with Jiangsu Bank emerging as the leader in both asset scale and profitability, surpassing Beijing Bank due to its strategic positioning and regional economic advantages [1][4]. Group 1: Financial Performance - Jiangsu Bank's total assets reached 4.79 trillion yuan, a year-on-year increase of 21.16%, significantly outpacing Beijing Bank's growth of 12.53% [2]. - In the first half of 2025, Jiangsu Bank reported operating income of 44.864 billion yuan, up 7.78%, and a net profit attributable to shareholders of 20.238 billion yuan, up 8.05% [2]. - Jiangsu Bank's net profit exceeded Beijing Bank's by 5.185 billion yuan, highlighting a clear advantage in profitability [2]. Group 2: Asset Quality - Jiangsu Bank's non-performing loan (NPL) ratio improved to 0.84%, with a provision coverage ratio of 331.02%, while Beijing Bank's NPL ratio stood at 1.30% with a coverage ratio below 200% [2][3]. Group 3: Strategic Positioning - Jiangsu Bank's growth is attributed to its deep integration with regional economic development, focusing on high-end manufacturing sectors such as equipment manufacturing and information technology [3]. - The bank's corporate loan balance reached approximately 1.63 trillion yuan, growing by 23.30% year-on-year, with manufacturing loans accounting for 22.20% of its corporate loan portfolio [3]. - Retail banking has also been a significant growth driver, with assets under management (AUM) surpassing 1.59 trillion yuan and retail deposits increasing by 15.25% [3]. Group 4: Challenges Faced by Competitors - Beijing Bank has faced challenges including executive turnover, declining profitability, and regulatory scrutiny, with a net profit growth of only 0.81% in 2024 [3][4]. - The bank was fined 48.3 million yuan for multiple regulatory violations, indicating weaknesses in its internal controls and risk management [3]. Group 5: Industry Trends - The competitive landscape among the 17 A-share listed city commercial banks has formed a clear "three-tier" structure, with Jiangsu Bank leading the first tier alongside Beijing Bank, Ningbo Bank, and Shanghai Bank [5]. - Future development in the city commercial banking sector is expected to shift from a "large and comprehensive" approach to a "small and specialized" strategy, emphasizing differentiated competition [5].

业内人士认为，这一变动不仅是两家银行发展历程的新阶段，更折射出中国城商行在区域经济分化与转 型浪潮中的竞争新格局。 具体来看，在资产规模方面，截至2025年6月末，江苏银行资产总额4.79万亿元，较上年年末增长 21.16%；北京银行资产总额为4.75万亿元，较今年年初增长12.53%。 在盈利方面，2025年上半年，江苏银行实现营业收入448.64 亿元，同比增长7.78%；实现归属于母公司 股东的净利润202.38亿元，同比增长8.05%。同期，北京银行营业收入362.18亿元，同比增长1.02%，实 现归母净利润150.53亿元，同比增长1.12%。 中经记者 张漫游 北京报道 图文无关 随着日前2025年上市银行半年报发布结束，江苏银行资产总额（集团口径下，下同）达到4.79万亿元， 超过北京银行的资产总额4.75万亿元。江苏银行不仅在资产规模上跃居城商行之首，更在盈利能力和资 产质量方面展现出全面领先态势，成为城商行新的"一哥"。 在资产质量方面，2025年上半年，江苏银行不良贷款率较上年年末的0.89%进一步降至0.84%；同期， 北京银行不良贷款率1.30%，较今年年初下降0.01个百分点。 " ...

Core Insights - The "Su Super" event in Jiangsu Province has significantly boosted the local consumption market, with service revenue reaching nearly 38 billion yuan during the first six rounds of matches, marking a year-on-year growth of over 40% [1] Group 1: Economic Impact - The Jiangsu provincial government emphasizes expanding service consumption as a long-term strategy, integrating various sectors such as dining, accommodation, travel, shopping, and entertainment to enhance the impact of events like the "Su Super" [1] - Jiangsu Bank, as a key player and title sponsor of the "Su Super," is actively implementing government policies to promote consumption through six major initiatives that leverage financial services to enhance consumer experiences [1] Group 2: Consumer Engagement - Jiangsu Bank is involved in creating exclusive consumer markets to activate consumption scenes, participating in seasonal themed activities and showcasing financial support for local economic development [2] - The bank has organized over 540 events related to the "Su Super," including more than 300 promotional activities in key commercial areas, providing various incentives to enhance consumer experiences [3] Group 3: Product and Service Innovation - The "Su Super" initiative has led to the creation of a "Super Shopping Cart" to promote local brands, with Jiangsu Bank collaborating with local businesses to enhance product visibility and sales [4] - Jiangsu Bank is introducing innovative financial products aimed at driving consumption upgrades, including zero down payment and deferred payment options for automotive financing [5] Group 4: Night Economy - The night economy is a focal point for Jiangsu's consumption promotion efforts, with Jiangsu Bank launching initiatives to stimulate nighttime consumer activities through various events and promotional campaigns [6] Group 5: Conversion of Event Traffic - Jiangsu Bank is leveraging event ticket sales to create a dedicated "Su Super" section in its app, facilitating engagement with over 7.5 million participants and offering exclusive discounts and vouchers to convert event attendees into consumers [8]

Core Insights - The report highlights the performance of 42 listed banks in A-shares as of September 1, with no significant changes in the rankings of state-owned and joint-stock banks in terms of total market value, asset scale, revenue, and net profit compared to the end of last year or the same period last year [1] - Jiangsu Bank has emerged as the leading city commercial bank in total assets, surpassing Beijing Bank, while Nanjing Bank has climbed to the third position among city commercial banks [6][7] Market Value and Revenue - The overall market value of listed banks has generally recovered, with the price-to-book ratio rising from 0.57 at the end of last year to 0.64 by the end of August [3] - Agricultural Bank of China has shown significant stock price growth, with its market value nearing that of Industrial and Commercial Bank of China, with a market value of 2.46 trillion yuan, only 715 billion yuan higher than Agricultural Bank [4] - Minsheng Bank's revenue increased by nearly 8% year-on-year, ranking first among state-owned and joint-stock banks, with a revenue of 724 billion yuan [10] Asset Scale - Agricultural Bank's total assets have grown rapidly, surpassing China Construction Bank, with a total asset scale of 52.3 trillion yuan as of June 30, accounting for approximately 11% of the total assets of China's banking industry [6][9] - Jiangsu Bank's total assets reached 4.8 trillion yuan, exceeding Beijing Bank by over 1 billion yuan, marking it as the top city commercial bank in terms of asset scale [7][8] Profitability - The net profit rankings for large banks, joint-stock banks, and rural commercial banks remained unchanged, while city commercial banks experienced significant shifts [11] - Guizhou Bank's revenue decreased by 12% year-on-year to 6.5 billion yuan, primarily due to a decline in net interest margin [10][11]

Core Insights - The rapid expansion of city commercial banks has led to concerns about capital adequacy ratios and the "broad planting, thin harvesting" phenomenon [2][5] - Jiangsu Bank has overtaken Beijing Bank to become the largest city commercial bank by total assets, reaching 4.79 trillion yuan, a 26.99% year-on-year increase [4][8] - The banking industry is increasingly showing a clear differentiation, with 17 city commercial banks forming three tiers, where leading banks continue to expand steadily while some lagging banks face negative growth [2][9] Asset Scale Rankings - Jiangsu Bank's total assets reached 4.79 trillion yuan, surpassing Beijing Bank's 4.75 trillion yuan, marking a significant shift in the rankings [4][5] - Beijing Bank had maintained its leading position since its listing in 2007, but Jiangsu Bank has accelerated its growth in recent years, closing the gap significantly [4][9] - The asset scale of Jiangsu Bank has increased significantly due to high growth in non-loan assets, with derivatives and financial investments growing by 23.1% and cash and deposits with the central bank increasing by 37.8% [9][12] Profitability Comparison - Jiangsu Bank has consistently outperformed Beijing Bank in terms of revenue and net profit since 2022, with the latest figures showing Jiangsu Bank's revenue at 448.64 billion yuan and net profit at 202.38 billion yuan for the first half of the year [5][8] - The profitability of banks in the third tier shows significant variation, with some banks experiencing negative growth in revenue and net profit [11][12] Capital Adequacy Ratios - As of June, Jiangsu Bank's capital adequacy ratio was 12.36%, which is below the industry average, indicating potential risks associated with its rapid expansion [5][6] - Comparatively, Beijing Bank's capital adequacy ratio stood at 13.06%, while other banks like Ningbo Bank and Shanghai Bank reported higher ratios of 15.21% and 14.62% respectively [6][12] Market Trends - The shrinking of fair value changes in earnings has become a common issue among city commercial banks, largely due to fluctuations in the bond market [12] - The differentiation among city commercial banks is becoming more pronounced, with the top tier consisting of Jiangsu Bank and Beijing Bank, while the second tier includes banks like Nanjing Bank and Hangzhou Bank [10][11]

Group 1 - The "Jiangsu Bank Cup" real estate agent finals were successfully held in Changzhou, showcasing the new landscape of Jiangsu's real estate service industry with 65 agents from 13 cities competing [1] - The competition aimed to enhance professional skills through a multi-dimensional format including theoretical assessments, case analyses, and live presentations, setting a new benchmark for talent cultivation in the industry [2] - The event attracted nearly 1,000 participants since July, with 65 top performers selected for the finals, highlighting the industry's commitment to improving service quality [2] Group 2 - Jiangsu Bank utilized digital tools to enhance event efficiency, implementing an online platform that facilitated the entire process from registration to voting, resulting in over 160,000 online votes during the event [3] - The bank has provided housing financial services to over 480,000 families, with a mortgage balance of 255.5 billion yuan, and has developed two key service systems to streamline the loan process [4] - The successful hosting of the competition reflects the efforts of Jiangsu's housing authority to regulate the real estate agency industry and improve service standards, while also demonstrating Jiangsu Bank's commitment to supporting the sector's sustainable development [4]

Core Viewpoint - The Hongli Low Volatility ETF (512890) experienced a slight decline of 0.25% on September 1, closing at 1.191 yuan, with a trading volume of 4.81 billion yuan, leading among similar ETFs [1][2]. Trading Performance - The ETF's trading performance included a turnover rate of 2.33% and a five-day decline of 2.30%, while it showed a 60-day increase of 1.88% [2][3]. - Recent trading data indicates a narrowing trend in fund outflows, with a net outflow of 66.43 million yuan over the last five trading days and a total net outflow of 1.04 billion yuan over the past 20 days, but a net inflow of 2.51 billion yuan over the last 60 days [2][3]. Fund Composition - The ETF's top holdings showed mixed performance, with notable declines in stocks such as Chengdu Bank (-1.46%) and Industrial Bank (-2.68%), while Sichuan Road and Bridge saw an increase of 2.89% [3][4]. - The ETF's total market value as of August 29, 2025, was 206.33 billion yuan, with a cumulative return rate of 138.34% since its inception in December 2018, ranking 54th among 502 similar products [5]. Investment Recommendations - Analysts suggest focusing on banks with high dividend yields and strong asset quality, particularly smaller regional banks like Chengdu Bank and Jiangsu Bank, as well as banks with potential for ROE improvement such as China Merchants Bank and Ningbo Bank [4].

"在分析和评价商业银行时，应摒弃规模情结和速度情结，不应单纯以规模指标论英雄。但应该看到江 苏银行主要经营业绩指标全面超越了北京银行。"上海金融与发展实验室副主任董希淼告诉《中国经营 报》记者，江苏银行完美"碾压"主要得益于近年来该行坚持科学的发展战略，不断加快和深化数字化转 型，培养高素质人才队伍，并抓住区域经济优势，巩固核心业务竞争力，严格防范风险、提高资产质 量，实现规模、质量、结构多维度提升。 北京财富管理行业协会特约研究员杨海平向记者分析称："江苏银行、北京银行在公司治理、战略引 领、地域优势、数字化进程、业务创新以及科创金融方面势均力敌。江苏银行之所以超越北京银行成为 新的城商行'一哥'，个人认为江苏银行突出的优势在于三个方面：其一，江苏银行确定了对公发力的策 略，与长三角地区制造业的升级形成了更为良好的互动；其二，江苏银行的激励约束机制更有效；其 三，江苏乃至长三角地区给了江苏银行更多的业务机遇。" 董希淼建议，未来江苏银行应正视规模扩张带来的资本补充等压力，继续优化资产负债管理，保持稳健 发展态势；北京银行作为老牌城商行，其基本盘依然存在，但短期内面临着业绩增长乏力和资产质量压 力较大等挑战， ...