■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 ...

Core Viewpoint - Jiangsu Bank reported a steady performance in H1 2025, with revenue and net profit growth driven by strong net interest income and effective cost management [1][2][6]. Financial Performance - H1 2025 revenue reached 44.864 billion yuan, a year-on-year increase of 7.78%, while net profit attributable to shareholders was 20.238 billion yuan, up 8.05% year-on-year [1][2]. - Net interest income for H1 2025 was 32.939 billion yuan, showing a significant increase of 19.10% year-on-year, attributed to effective liability cost management [2][4]. - Non-interest income faced pressure, with net fees and commissions growing by 5.15%, but fair value changes recorded a net loss of 226 million yuan compared to a net gain of 2.046 billion yuan in the same period last year [2][3]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio decreased to 0.84%, down 5 basis points from the beginning of the year, indicating improved asset quality [1][5]. - The provision coverage ratio stood at 331.02%, although it decreased from the beginning of the year, it remains significantly above regulatory requirements [5][6]. Credit Growth and Business Segmentation - Total new loans in H1 2025 amounted to 334.8 billion yuan, a year-on-year increase of 174.4 billion yuan, with corporate loans driving this growth [3]. - Corporate loans (excluding discounts) grew by 23.30% year-on-year, while retail loan growth showed divergence, with personal loans increasing by 3.07% [3][6]. Interest Margin and Cost Management - The net interest margin for H1 2025 was 1.78%, a decrease of 12 basis points year-on-year, but still reflects strong performance due to effective liability management [4][6]. - The average interest rate on interest-bearing liabilities was 1.89%, with the average deposit interest rate at 1.78%, down 40 basis points year-on-year, highlighting the bank's cost advantage [4]. Investment Outlook - Jiangsu Bank is positioned as a leading city commercial bank with a stable governance structure and clear strategic planning, benefiting from the developed regional economy of Jiangsu [6][7]. - The bank's long-term investment value is supported by its robust fundamentals, clear growth trajectory, and attractive valuation, with a target price of 13.03 yuan based on a target PB of 0.95X for 2025 [6][7].

证 券 研 究 报 告 江苏银行（600919）2025 年中报点评 推荐（维持） 对公引领信贷高增，负债成本改善明显 目标价：13.03 元 事项： 8 月 22 日，江苏银行披露 2025 年中报，2025 上半年实现营业收入 448.64 亿 元，同比增长 7.78%；实现归母净利润 202.38 亿元，同比增长 8.05%。2Q25 末不良贷款率 0.84%，较年初下降 5bp，拨备覆盖率较年初下降 19.08pct 至 331.02%。 评论： 公司研究 城商行 2025 年 08 月 24 日 当前价：11.15 元 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 公司基本数据 | 总股本(万股) | 1,835,132.45 | | --- | --- | | 已上市流通股(万股) | 1,835,132.45 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company demonstrated strong credit growth and maintained high asset quality, with a revenue of 44.86 billion yuan and a net profit of 20.24 billion yuan for the first half of 2025, reflecting year-on-year growth of 7.8% and 8.0% respectively [1] - The net interest income increased by 19.1% year-on-year, while non-interest income saw a decline of 20% due to market fluctuations [1][2] - The company’s asset quality indicators improved, with a non-performing loan ratio of 0.84%, marking a historical low [3] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 448.6 billion yuan and a net profit of 202.4 billion yuan, with a year-on-year growth of 7.8% and 8.0% respectively [1] - The annualized ROE was 15.64%, placing the company among the industry leaders [1] - The total assets reached 4.79 trillion yuan, with a loan balance of 2.43 trillion yuan and a deposit balance of 2.54 trillion yuan, reflecting growth rates of 21.2%, 16.0%, and 20.2% respectively compared to the beginning of the year [2] Asset Quality and Risk Management - The company reported a non-performing loan ratio of 0.84%, down 5 basis points from the beginning of the year, indicating improved asset quality [3] - The provision coverage ratio stood at 331%, demonstrating strong risk mitigation capabilities [3] - The company’s credit impairment losses increased by 48.2% year-on-year, with a specific increase of 22.56% in loan credit impairment losses [3] Earnings Forecast and Valuation - The forecasted net profit for 2025-2027 is 35.4 billion yuan, 40.2 billion yuan, and 45.5 billion yuan respectively, with corresponding year-on-year growth rates of 11.2%, 13.5%, and 13.2% [3] - The current stock price corresponds to a PB ratio of 0.79x for 2025, 0.71x for 2026, and 0.63x for 2027 [3]

Core Viewpoint - Jiangsu Bank's performance is stable with an increase in revenue growth, achieving operating income of 44.864 billion yuan, up 7.78% year-on-year, and net profit attributable to shareholders of 20.238 billion yuan, up 8.05% year-on-year in H1 2025 [2][3] Financial Performance - The annualized weighted average ROE is 15.64%, down 0.78 percentage points year-on-year. In Q2 2025, revenue and net profit attributable to shareholders increased by 9.38% and 7.95% year-on-year, respectively [2] - Net interest income for H1 2025 reached 32.939 billion yuan, up 19.1% year-on-year, benefiting from strong asset scale growth. The net interest margin is 1.78%, down 8 basis points from the beginning of the year [3] - As of June 30, 2025, total loans increased by 15.98% year-on-year, with corporate loans up 23.3% and retail loans up 3.07% [3] Non-Interest Income - Non-interest income for H1 2025 was 11.925 billion yuan, down 14.63% year-on-year, but the decline has narrowed. The company’s intermediary business income grew by 5.15% year-on-year [4] - The fair value changes and investment income were down 1.54% and 111.07% year-on-year, respectively, but the fair value changes saw a significant increase of 577.39% in Q2 due to a recovery in the bond market [4] Asset Quality - As of June 30, 2025, the non-performing loan ratio is 0.84%, down 2 basis points, reaching a historical low. The coverage ratio is 331.02%, indicating a strong risk mitigation level [4] - The personal loan non-performing ratio is 0.87%, down 1 basis point from the beginning of the year, with the business loan non-performing ratio down 37 basis points to 1.67% [4] Investment Recommendation - The company is well-positioned in the economically developed Jiangsu region, with strong financial resources and growth prospects. It has a robust growth momentum in on-balance sheet loans and is focusing on key sectors [5] - The company plans to maintain a dividend payout ratio of 30% in 2024 and continue mid-term dividends in 2025. The projected book value per share for 2025-2027 is 14.16 yuan, 15.67 yuan, and 17.29 yuan, respectively [5]

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank [1][4]. Core Views - Jiangsu Bank has shown steady performance with an increase in revenue growth, achieving operating income of 44.864 billion yuan in H1 2025, a year-on-year increase of 7.78%, and a net profit attributable to shareholders of 20.238 billion yuan, up 8.05% year-on-year [4]. - The bank's asset quality is improving, with a non-performing loan ratio of 0.84% as of June 2025, a decrease of 2 basis points from the previous quarter, marking a historical low [4]. - The bank's net interest income reached 32.939 billion yuan in H1 2025, reflecting a robust growth of 19.1% year-on-year, driven by strong asset scale growth [4]. - The bank is focusing on expanding its retail business and wealth management, with retail assets under management (AUM) increasing by 14.39% year-to-date [4]. Summary by Sections Financial Performance - Jiangsu Bank's H1 2025 operating income was 44.864 billion yuan, with a year-on-year growth of 7.78%. The net profit attributable to shareholders was 20.238 billion yuan, up 8.05% year-on-year. The annualized weighted average ROE was 15.64%, down 0.78 percentage points year-on-year [4]. - In Q2 2025, revenue and net profit attributable to shareholders grew by 9.38% and 7.95% year-on-year, respectively [4]. Asset Quality - The non-performing loan ratio was 0.84% as of June 2025, down 2 basis points from the previous quarter. The ratio of loans under scrutiny was 1.24%, down 9 basis points [4]. - The bank's provision coverage ratio stood at 331.02%, indicating a strong risk mitigation level [4]. Business Expansion - The bank's total loans increased by 15.98% year-to-date, with corporate loans growing by 23.3% and retail loans by 3.07% [4]. - The bank's deposits increased by 19.86% year-to-date, with corporate and personal deposits growing by 22.2% and 15.25%, respectively [4]. Investment Outlook - The report forecasts a steady growth trajectory for Jiangsu Bank, with projected BVPS of 14.16 yuan, 15.67 yuan, and 17.29 yuan for 2025, 2026, and 2027, respectively, indicating a favorable price-to-book ratio [4][42].

Core Viewpoint - Jiangsu Bank's H1 2025 performance shows steady growth in operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders, with year-on-year growth rates of 7.78%, 7.89%, and 8.05% respectively, indicating stable performance despite slight fluctuations compared to Q1 2025 [1] Group 1: Performance Highlights - The bank's interest-earning assets grew by 30.51% year-on-year by the end of H1 2025, further increasing by 2.69 percentage points from Q1 2025 [1] - Non-loan assets are the main driver of balance sheet expansion, with investment assets and interbank assets growing by 35.79% and 67.40% respectively, showing significant quarter-on-quarter increases [2] - The loan portfolio increased by 18.33% year-on-year, maintaining a high growth rate despite a slight quarter-on-quarter decline of 0.49% [2] - Interest-bearing liabilities grew by 27.87% year-on-year, with deposits increasing by 21.63%, reflecting strong growth on the liability side [2] Group 2: Income and Asset Quality - Non-interest income showed signs of recovery, with a year-on-year decline of 20.1% in other non-interest income, although the rate of decline narrowed in Q2 2025 due to a recovery in the bond market [2] - The bank's asset quality remains robust, with a non-performing loan ratio of 0.84% at the end of H1 2025, a decrease of 2 basis points from the previous quarter [2] - The provision coverage ratio stood at 331.02%, indicating sufficient provisions despite a quarter-on-quarter decline of 12.49 percentage points [2] Group 3: Risks and Opportunities - The net interest margin decreased by 19 basis points to 1.61% in Q2 2025, primarily due to a decline in the yield on interest-earning assets [3] - The growth rate of risk-weighted assets was 18.73%, which may impact the sustainability of internal capital growth, as the annualized ROE growth rate was only 10.71% [3] - The bank's strong fundamentals, high dividend yield, and resilience in performance position it as an attractive investment opportunity, especially in a favorable policy environment [3]

该基金股票持仓前十分别为：中国太保、上海银行、农业银行、杭州银行、江苏银行、南京银行、江苏 金租、福建高速、东吴证券、中金黄金。前十持仓占比合计40.19%。 来源：金融界 金融界2025年8月24日消息，华安国企改革主题灵活配置混合A(001445) 最新净值2.7230元，该基金近一 周收益率0.78%，近3个月收益率5.18%，今年来收益率-0.95%。 华安国企改革主题灵活配置混合A基金成立于2015年6月29日，基金经理关鹏，截至2025年6月30日，华 安国企改革主题灵活配置混合A规模3.55亿元。 ...

公司研究 2025 年 8 月 23 日 规模扩张再提速，业绩增长韧性高 ——江苏银行（600919.SH）2025 年半年报点评 买入（维持） 当前价：11.15 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 183.51 | | 总市值(亿元)： | 2,046.17 | | 一年最低/最高(元)： | 7.02/12.42 | | 近 3 月换手率： | 66.22% | 股价相对走势 收益表现 % 1M 3M 1Y | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | -9.06 | -9.46 | 12.09 | | 绝对 | -2.79 | 3.31 | 44.23 | | 资料来源：Wind | | | | 要点 事件： 8 月 22 日，江苏银行发布 2025 年半年报，上半年公司实现营收 ...

截至2025年上半年末，集团资产总额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%。不良贷款率0.84%，拨备覆盖率 331.02%。 （江苏银行） 8月22日，江苏银行发布2025年半年度报告。报告显示，2025年上半年，该行实现营业收入448.64亿 元，同比增长7.78%，归属于上市公司股东的净利润202.38亿元，同比增长8.05%。ROA（年化）为 0.96%，ROE（年化）为15.64%，基本每股收益1.03元/股。 ...