Core Viewpoint - The "Su Super" league has gained significant popularity and commercial value, attracting numerous sponsors and enhancing its market presence, which is expected to lead to further development and improvement of the league [1][4][5]. Sponsorship Growth - Major companies such as JD.com and Yili have signed sponsorship agreements with the "Su Super" league, indicating a strong interest from large enterprises in the event [1][2]. - The total number of sponsors for the "Su Super" league has increased significantly, with strategic partners rising from 1 to 7 and official sponsors from 1 to 5, reflecting a growing interest in the league [2][3]. - The price for official sponsorship seats has surged to 3 million RMB, showcasing the league's increasing commercial appeal [3]. Impact on Development - The influx of sponsors is expected to improve the league's operational conditions, enhance the quality of matches, and create a positive feedback loop for further growth [4]. - Keeping ticket prices affordable is crucial for maintaining fan engagement and participation, which is essential for the league's future development [5]. Community Engagement - The "Su Super" league has successfully connected with local culture, fostering emotional ties between the community and the sport, thus integrating football into the daily lives of ordinary people [6]. - The league emphasizes the importance of maintaining the essence of football amidst commercial growth, ensuring that the core values of the sport are preserved [5].

Core Insights - The sponsorship market for the "Su Super" league has significantly increased, indicating its growing popularity and commercial value [1][2][3] - Major companies such as JD.com and Yili have joined as official strategic partners and sponsors, enhancing the league's marketability [1][2] - The league's structure now includes a total of 7 strategic partners, 5 sponsors, and an increase in suppliers and partners, reflecting a robust sponsorship ecosystem [2][3] Sponsorship Growth - The number of official strategic partners has risen from 1 to 7, with new additions including JD.com and Li Xiang [1][2] - Official sponsors increased from 1 to 5, with new entrants like Nubia and Yili [1][2] - The total number of sponsors has expanded, including the addition of a public support unit and various regional sponsors [2] Commercial Value and Community Engagement - The increased sponsorship is expected to enhance the league's operational capabilities and improve the overall spectator experience [3][4] - Ticket prices remain affordable, promoting higher attendance and community involvement [4] - The league aims to balance commercial interests with its core values, emphasizing community engagement and the essence of football [4][5] Future Outlook - The influx of sponsors is anticipated to create a positive feedback loop, improving facilities and training conditions, which could attract even more sponsors [3] - Experts suggest that while commercial value is important, the league should maintain its grassroots appeal and community focus [4][5] - The league's connection to local culture and community is seen as a vital aspect of its growth and sustainability [5]

中经记者张漫游北京报道 新一轮江苏省城市足球联赛（以下简称"苏超"）比赛将于6月14日举行，该赛事热度持续升温，成为体 育界乃至社会瞩目的焦点。作为赛事总冠名商，江苏银行为"苏超"赛事注入动力。 尽管前景广阔，体育产业发展仍面临诸多挑战。曾圣钧举例道，体育产业商业化不足，多数体育俱乐部 营利模式单一，过度依赖门票、少量赞助与政府补贴，品牌价值开发薄弱，运营管理效率低，亏损现象 普遍；且体育消费习惯有待培养，居民消费观念滞后，服务消费场景较单一，新兴业态培育还不成熟， 产品服务质量参差不齐，导致人均体育消费低于西方发达国家。 以路跑赛事为例，哈尔滨银行在多次赞助马拉松后观察到，虽然马拉松等路跑赛事火爆，对城市有着多 种多样的作用，但仍面临着许多现实问题。比如马拉松赛事产业化不完善，马拉松赛事可以带动运动培 训、赛事服务、体育用品制造、智能穿戴制造、旅游餐饮等行业的发展，但目前马拉松赛事热度持续时 间较短，无法形成季节性、全年性效应。马拉松赛事配套文化活动较少，未来可通过开设马拉松历史文 化展览、马拉松数字博物馆等，做好赛事文化积淀，也可通过剧集、文章等形式对外讲好中国马拉松故 事。 曾圣钧亦认为，目前体育产业链 ...

本期债券发行的募集资金将依据适用法律和主管部门的批准，用 于补充公司其他一级资本，提高资本充足率，支持业务持续健康发展。 特此公告。 江苏银行股份有限公司董事会 证券代码：600919 证券简称：江苏银行 公告编号：2025-028 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 2025 年无固定期限资本债券 (第二期)(债券通)发行完毕的公告 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。 经相关监管机构批准，江苏银行股份有限公司（以下简称"公司"） 于近日在银行间债券市场成功发行了"江苏银行股份有限公司 2025 年无固定期限资本债券(第二期)(债券通)"（以下简称"本期债券"）。 本期债券于 2025 年 6 月 11 日簿记建档，于 2025 年 6 月 13 日发 行完毕。本期债券发行总额为人民币 100 亿元，前 5 年票面利率为 2.05%，每 5 年调整一次，在第 5 年及之后的每个付息日附发行人有 条件赎回权。 2025 年 6 月 14 日 - 1 - ...

Group 1 - The core viewpoint of the articles highlights the strong performance of bank stocks, with several banks experiencing significant price increases, driven by valuation recovery and policy support [1][3][4] - On June 12, 34 out of 42 listed bank stocks saw price increases, with Qingdao Bank leading at a 3.5% rise, followed by Xi'an Bank and Nanjing Bank at 3.08% and 2.63% respectively [3][4] - The net inflow of funds into the banking sector on June 12 was 988 million yuan, with Agricultural Bank receiving the highest net inflow of 178 million yuan [3] Group 2 - Since 2025, bank stocks have shown strong performance due to high dividend yields, macro policy support, and valuation recovery, despite a narrowing net interest margin [4][6] - The implementation of asymmetric interest rate cuts and effective liquidity management by the People's Bank of China has helped stabilize banks' interest margins [4][6] - The trend of strong redemption in convertible bonds is linked to rising bank stock prices, which enhances banks' capital strength and reduces interest expenses [5][6][7] Group 3 - Several banks, including Nanjing Bank and Hangzhou Bank, have triggered strong redemption clauses for their convertible bonds due to stock prices exceeding specified thresholds [5][6] - The conversion of convertible bonds into equity enhances banks' core tier one capital, providing a solid foundation for future growth and profitability [6][7] - The overall economic environment and policy encouragement are leading to increased investor interest in bank stocks, accelerating capital replenishment processes [7]

Group 1 - The A-share market showed mixed performance on June 12, with the banking sector remaining active, particularly the Tianhong Bank ETF which rose by 0.47%, aiming for a five-day winning streak [1] - Notable gains were observed in constituent stocks such as Qingdao Bank, which increased by over 4%, along with Jiangsu Bank, Xi'an Bank, Nanjing Bank, and Hangzhou Bank [1] - Nanjing Bank announced the early redemption of its convertible bonds, which has triggered similar actions from other banks, indicating a potential supply-demand imbalance in the market that could lead to price increases for related securities [1] Group 2 - CITIC Securities emphasized that the revaluation of net assets will be the core logic for bank stock investments in 2025, driven by increased equity asset allocation by insurance funds and the high-quality development of public funds [2] - Current financial data indicates stable asset quality in banks, with a decline in the non-performing loan generation rate for public loans, although retail credit asset quality remains a concern [2] - Macro policies aimed at reducing systemic risks in the banking sector are expected to facilitate a re-evaluation of bank net assets, which could drive industry valuation increases in 2025 [2]

Core Viewpoint - The central financial work conference emphasizes the development of five key areas in finance: technology finance, green finance, inclusive finance, pension finance, and digital finance, with a focus on enhancing support for key sectors such as technological innovation and green transformation [1][2] Group 1: Pension Finance Development - By the end of 2024, Postal Savings Bank and Industrial and Commercial Bank of China (ICBC) each served over 200 million elderly clients [3][4] - The personal pension system has been fully implemented, leading to a rapid increase in personal pension account openings at several listed banks, with ICBC, Bank of Communications, and CITIC Bank seeing their account numbers double [1][7] - As of the end of 2024, China Bank and China Merchants Bank each had over 10 million personal pension accounts [1][7] Group 2: Growth in Personal Pension Accounts - A total of 12 listed banks reported significant growth in personal pension accounts, with China Bank and China Merchants Bank each exceeding 10 million accounts [7][8] - CITIC Bank reported a 136.04% increase in personal pension accounts compared to the previous year, while Industrial Bank saw a 47.67% increase [10][8] - The personal pension account numbers for Beijing Bank and Shanghai Bank surpassed 170,000 and 159,530 respectively by the end of 2024 [7][8] Group 3: Diversification of Pension Financial Products - The National Financial Regulatory Administration has issued guidelines to enhance the quality of pension finance, encouraging banks to diversify their product offerings and improve service adaptability [11][12] - China Bank has launched 262 personal pension products, covering various financial instruments, positioning itself as a leader in product variety [11] - Agricultural Bank of China is focused on enhancing the coverage and quality of its pension financial services, while CITIC Bank has developed a comprehensive pension financial product and service system [12]

Investment Rating - The report maintains a "Positive" outlook for the banking industry in China as of June 11, 2025 [4] Core Insights - The banking sector is experiencing a transition from a surplus of deposits to a structural shortage, with significant differentiation between state-owned banks and smaller banks [8][27] - Recent adjustments in deposit rates are expected to stabilize the deposit base of large banks, despite ongoing deposit disintermediation [36][45] - The report highlights three main investment themes: convertible bonds with rebound potential, high-dividend stocks, and banks with long-term liabilities and capital advantages [40] Summary by Sections 1. Review of Deposit Growth: From Surplus to Shortage - Since 2009, deposit growth has lagged behind loan growth, indicating a shift in liquidity conditions from surplus to structural shortage [12][14] - The transition is attributed to changes in monetary policy and the rise of wealth management products, which have contributed to deposit disintermediation [19][22] 2. New Characteristics of Deposit Growth in 2025: From Industry-wide to Structural Shortage - The overall deposit gap in the banking sector has shown signs of improvement, but state-owned banks continue to face significant deposit shortages [27][28] - In Q1 2025, the deposit growth rate for large banks was only 71%, down from an average of 80% since 2019, indicating a potential arbitrage chain where entities take low-interest loans from large banks and deposit them in smaller banks for higher interest [32][34] 3. New Round of Deposit Rate Adjustments and Stability of Large Banks' Liabilities - The report expresses cautious optimism regarding the current round of deposit disintermediation, noting that past adjustments have had diminishing impacts over time [36][38] - Large banks are expected to maintain deposit stability due to regulatory constraints and the rapid adjustment of deposit rates by smaller banks [45] 4. Investment Recommendations - The report identifies three key investment lines: 1. Convertible bonds with rebound potential, specifically targeting Hangzhou Bank and Nanjing Bank [40] 2. High-dividend stocks, with a focus on CITIC Bank, Industrial Bank, and Jiangsu Bank [40] 3. Banks with long-term liabilities and capital advantages, such as Chongqing Rural Commercial Bank [40]

清廉是金融行业的立身之本，知识是服务民生的坚实根基，唯有以廉为盾、以知识为矛，才能破解民生痛点。"在数字经济和金融创新的浪潮之巅，有两个 问题始终叩击着金融从业者的初心——如何让金融发展的航船既行稳致远，又永葆为民底色？如何让金融服务的阳光既照亮千家万户，又穿透利益交织的迷 雾？答案就写在中央金融工作会议提出的'政治性、人民性'的要求中，就融在'清廉金融'与'知识普及'的双轮驱动里。"活动当晚，江苏银行常州分行的工作 人员丁涵玉作"清风护航金融路 知识筑基惠民心"主题演讲，从金融工作者的视角，讲述如何永葆金融服务的人民性，让清廉文化建设成为社会风气清明 的"净化器"，让金融知识普及成为经济行稳致远的"护航舰"。字字句句饱含着金融人对廉洁与责任的深刻理解，赢得阵阵掌声。 当从业人员守得住廉洁底线，消费者更需看得清风险红线；当市场环境经得起阳光审视，公众认知更要跟得上时代变迁。当天的活动还精心设计了与金融风 险相关的小品等文艺节目，并在节目间隙穿插有奖竞答环节。"防范电信诈骗的'三不原则'是什么？""消费者投诉举报专线电话是多少？""如果收到自称是百 万保险客服的来电，正确的做法是什么？"……主持人抛出一个个问题 ...

Core Viewpoint - The recent announcement by Nanjing Bank regarding the early redemption of its convertible bonds indicates a trend in the banking sector where multiple banks are triggering conditional redemption clauses due to rising stock prices [1][2][5]. Group 1: Convertible Bonds Redemption - Nanjing Bank's "Nan Yin Convertible Bonds" have triggered the conditional redemption clause, leading to the decision for early redemption [1][2]. - The stock price of Nanjing Bank has been above 130% of the conversion price for 15 out of 19 trading days, which meets the criteria for redemption [2]. - Other banks, including Suzhou Bank and Hangzhou Bank, have also seen their convertible bonds trigger similar redemption clauses this year [4]. Group 2: Market Trends and Predictions - The banking sector has experienced a significant upward trend, contributing to the triggering of early redemptions for several convertible bonds [5][6]. - As of June 10, various bank stocks, including Jiangsu Bank and Nanjing Bank, reached new highs, indicating strong market performance [6][7]. - Analysts predict that the market may face a supply-demand imbalance for convertible bonds due to the lack of new issuances, potentially leading to price increases for existing bonds [4]. Group 3: Future Outlook for Banking Stocks - Institutions remain optimistic about the absolute value of banking stocks, especially during the traditional dividend distribution period in June and July [8]. - Historical data shows that the banking sector has had positive absolute and relative returns during this period in many years [8]. - The implementation of expansionary policies aimed at stabilizing the economy is expected to benefit the banking sector in the medium to long term [8].