证券代码：600919 证券简称：江苏银行 公告编号：2025-006 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董事会决议公告 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。 江苏银行股份有限公司（以下简称"公司"）第六届董事会第十 六次会议通知于 2025 年 3 月 4 日以电子邮件方式发出，会议于 2025 年 3 月 14 日以书面传签方式召开。本次会议应参与表决董事 15 名， 实际参与表决董事 15 名。会议符合《公司法》等法律法规及公司章 程的有关规定，表决所形成的决议合法、有效。 会议审议通过以下议案： 一、关于江苏银行股份有限公司 2024 年度主要股东履职履约情 况报告的议案 表决结果：同意 15 票，反对 0 票，弃权 0 票。 二、关于江苏银行股份有限公司 2024 年度主要股东资本补充能 力情况报告的议案 表决结果：同意 15 票，反对 0 票，弃权 0 票。 三、关于江苏银行股份有限公司 2024 年度大股东评估情况报告 的议案 四、关于江苏银行股份有限公司 2 ...

行业周报 全国两会召开,宏观政策更加积极有为 银行业周报 (2025.03.03-2025.03.09) 2025年3月9日 核心观点 银行业 | 维持 | | --- | | 推荐 | 分析师 张一纬 ☎：010-8092-7617 z:zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 网: yuanshilin_yj@chinastock.com.cn 相对沪深 300 表现图 2025-03-07 资料来源:ifind. 中国银河证券研究院 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 银行板块表现弱于市场:本周沪深 300 指数上涨 1.39%,银行板块上涨 ● 1.13%。国有行、股份行、城商行、农商行分别-0.47%、+2.19%、+1.27%、 -0.11%。个股方面,齐鲁银行（+4.65%）、招商银行(+3.61%)、兴业银行 (+2.94%)、苏州银行(+2.54%)、杭州银行(+2.43%)涨幅居前。截至 3 月 7 日,银行板块 PB ...

Core Viewpoint - Banks are intensifying their promotion of consumer loans by lowering interest rates and increasing loan limits to attract borrowers [1] Group 1: Loan Promotion Strategies - Jiangsu Bank offers a limited-time consumer loan promotion with interest rates as low as 2.58% and online application limits up to 200,000 yuan, while in-person applications can reach up to 1 million yuan [1] - Several banks, including China Merchants Bank, Jiangsu Bank, Ningbo Bank, and Beijing Rural Commercial Bank, are enhancing their consumer loan offerings through various strategies such as lowering rates, increasing limits, issuing interest rate coupons, diversifying usage scenarios, and speeding up loan disbursement [1] Group 2: Industry Insights - Industry experts believe that banks are controlling credit risk, stabilizing retail loan non-performing rates, and optimizing retail loan structures by strictly managing the entry thresholds for low-interest loans [1] - The limited low-interest loan resources are being allocated to high-quality customers, which enhances banks' competitiveness in the battle for premium clientele [1]

银行同业存单额度提升,金融加力支持民企融资 - 银行业周报 (2025.02.24-2025.03.02) 2025年3月2日 核心观点 银行业 | | | 分析师 张一纬 ☎：010-8092-7617 z:zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 行业周报 银行板块表现优于市场:本周沪深 300 指数下跌 2.22%,银行板块下跌 ● 0.36%。国有行、股份行、城商行、农商行分别-1.27%、+0.50%、-0.67%、 -1.52%。个股方面,中信银行（+4.23%）、齐鲁银行（+2.73%）、招商银行 (+1.57%）、上海银行(+0.75%）、兴业银行（+0.39%）涨幅居前。截至 2 月 28 日，银行板块 PB 为 0.65 倍，股息率为 6.53%。 银行 2025 年同业存单备案额度整体显著提升,关注存款增长压力:截至 ● 2025 年 2 月 28 日，共有 264 家商业银行发布了 2025 年同业存单发行计划; 六家国有大行中除建行暂未公布外,其他五家大行计划发行额度均有大幅提 升,与上年相比合计增长 46.26%; ...

Group 1 - Jiangsu Provincial Organization Department announced the pre-appointment public notice for Zhou Aiguo, current Vice President and Party Committee Member of Jiangsu Bank, who is proposed to take the position of the head of the provincial management leadership team enterprise [1] - Zhou Aiguo, aged 53, has a long tenure at China Construction Bank Jiangsu Branch before serving as the Business Director and General Manager of Corporate Banking Department and General Manager of Green Finance Department at Jiangsu Bank [1] - Zhou Aiguo was appointed as Vice President of Jiangsu Bank in March 2023 [1]

Core Viewpoint - Jiangsu Bank has successfully launched the first offline "one-time handling" service for the housing provident fund combination loan in Xuzhou, enhancing customer experience and streamlining the loan process [1][3]. Group 1: Loan Product Innovation - The combination loan product, which integrates housing provident fund loans and commercial personal housing loans, has gained popularity among homebuyers [1][3]. - Jiangsu Bank's "e-mortgage" product facilitates a collaborative pilot with the Xuzhou Housing Provident Fund Management Center, significantly simplifying the loan process [1][3]. Group 2: Efficiency and Customer Experience - The entire loan application to disbursement process now takes only half a day, greatly improving customer service efficiency and reducing the need for customers to visit the bank [1][3]. - The initiative aligns with national policies aimed at enhancing service efficiency and improving public satisfaction [1][3]. Group 3: Comprehensive Financial Services - Jiangsu Bank is committed to providing a one-stop personal credit service, offering a range of products including consumer loans, business loans, and credit cards [2][4]. - The bank has launched a promotional campaign titled "Beautiful Main Stage Starts with You," providing various benefits to customers [2][4]. Group 4: Commitment to Community Needs - Jiangsu Bank aims to address the urgent needs of the public by continuously exploring innovative service models and optimizing service processes [2][4]. - The bank's leadership emphasizes enhancing the core competitiveness of personal credit products and services to improve the quality of life for the community [2][4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company reported an annual revenue growth of 8.8% for 2024, with a significant quarterly growth of 18.5% in Q4. The net profit attributable to shareholders increased by 10.8% year-on-year, with a quarterly growth of 16.5% in Q4. The high growth in Q4 is attributed to a low base in Q4 2023 and expected gains from bond market investment income, alongside an anticipated narrowing of net interest margin decline and improved deposit costs [3][4][8]. - The year-end non-performing loan ratio remained stable at 0.89%, while the provision coverage ratio decreased by 1 percentage point to 350%. The non-performing loan net generation rate is expected to remain relatively stable in Q4 [3][4][8]. Summary by Sections Performance - The company's revenue accelerated in 2024, with a notable Q4 revenue growth of 18.5%. The annual revenue growth was supported by a low base effect and increased investment income from the bond market. The net profit growth remained stable compared to the previous quarter, with a significant increase in other comprehensive income [8][22]. Scale - Total assets grew by 16.1% year-on-year, with loans increasing by 10.7% and deposits by 12.8% compared to the beginning of the year. The retail loan demand is expected to remain weak, leading to tightened risk controls on consumer and business loans [8][22]. Interest Margin - The net interest margin is expected to narrow in Q4, with a significant improvement in funding costs. The estimated net interest margin for the first three quarters decreased by 2 basis points to 1.74%, while funding costs improved due to declining deposit costs [8][22]. Asset Quality - The asset quality is expected to remain stable, with the non-performing loan generation rate anticipated to stabilize in Q4. The retail loan non-performing rate increased slightly, but the overall asset quality for corporate loans is expected to remain strong [8][22]. Investment Recommendation - The company is expected to maintain stable growth in 2025, with a clear strategic plan focusing on developed economic regions. The current valuation is at 0.69 times the 2025 price-to-book ratio, indicating undervaluation, with a projected dividend yield of 5.6%, the highest among leading city commercial banks [8][22].

Investment Rating - The investment rating for Jiangsu Bank is "Buy" and is maintained [8] Core Views - Jiangsu Bank's 2024 revenue and profit growth rates have rebounded compared to the first three quarters, outperforming expectations [2][4] - The bank's net profit attributable to shareholders is expected to grow by 10.8% year-on-year in 2024, with revenue growth projected at 8.8% [3][4] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.89% at the end of 2024, unchanged from the previous quarter [5] Summary by Sections Performance Overview - Jiangsu Bank's net profit attributable to shareholders for 2024 is projected to increase by 10.8%, an improvement of 0.7 percentage points from the previous three quarters [3] - Revenue is expected to grow by 8.8%, with an increase of 2.6 percentage points compared to the previous three quarters [3][4] Growth Drivers - The growth in net interest income and non-interest income is expected to drive the overall performance, aided by a favorable base effect and improved interest costs [4] - The bank is anticipated to maintain strong loan growth due to resilient credit demand in Jiangsu province [4][5] Asset Quality - The non-performing loan ratio is stable at 0.89%, and the provision coverage ratio is at 350%, down by 1 percentage point from the previous quarter [5] Financial Forecasts - Jiangsu Bank's net profit is forecasted to grow by 10.8% in 2024, followed by 8.1% in 2025 and 8.2% in 2026 [6] - The bank's book value per share (BPS) is projected to be 12.48, 14.05, and 15.44 for 2024, 2025, and 2026 respectively [6] Valuation - The current price corresponds to a price-to-book (PB) ratio of 0.77 for 2024, with a target price set at 14.05 per share, indicating a potential upside of 47% [6]

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank [1] Core Views - Jiangsu Bank's revenue and profit have accelerated, with a reported revenue of 80.8 billion yuan for 2024, representing an 8.8% year-on-year increase, and a net profit attributable to shareholders of 31.8 billion yuan, up 10.8% year-on-year [4][6] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio holding steady at 0.89% in Q4 2024, and a provision coverage ratio of 350% [6][7] - The report highlights a focus on optimizing loan structures and improving cost efficiency, with a projected loan growth of 10.7% for 2024 [6][7] Financial Data and Profit Forecast - Revenue and profit forecasts for Jiangsu Bank are as follows: - Total revenue for 2024 is estimated at 80.8 billion yuan, with a growth rate of 8.8% - Net profit for 2024 is projected at 31.8 billion yuan, with a growth rate of 10.8% - The bank's earnings per share (EPS) is expected to be 1.65 yuan in 2024, increasing to 1.77 yuan in 2025 and 1.91 yuan in 2026 [5][9] - The report anticipates a gradual increase in total loans, reaching approximately 2.1 trillion yuan in 2024, with a continued upward trend in deposits [9][11] Market Data - As of January 23, 2025, Jiangsu Bank's closing price is 9.59 yuan, with a market capitalization of approximately 175.99 billion yuan [1] - The bank's price-to-earnings (P/E) ratio is projected at 5.81 for 2024, and the price-to-book (P/B) ratio is expected to be 0.75 [11]

Financial Performance - Total operating income for 2024 reached RMB 808.15 billion, an increase of 8.78% compared to RMB 742.93 billion in the previous year[3] - Net profit attributable to shareholders of the listed company was RMB 318.43 billion, reflecting a year-on-year growth of 10.76% from RMB 287.50 billion[3] - Basic earnings per share were RMB 1.65, a decrease of 2.37% from RMB 1.69 in the previous year[3] - The weighted average return on equity was 13.59%, down 0.93 percentage points from 14.52% in the previous year[3] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 39,518.14 billion, representing a 16.12% increase from RMB 34,033.62 billion at the beginning of the period[3] - The balance of various deposits was RMB 21,158.51 billion, up 12.83% from the previous year[5] - The balance of various loans reached RMB 20,952.03 billion, marking a 10.67% increase year-on-year[5] Loan Quality - The non-performing loan ratio remained stable at 0.89%[5] - The provision coverage ratio decreased to 350.10%, down 39.43 percentage points from the previous year[4] Shareholder Equity - Total equity attributable to shareholders of the listed company increased by 21.15% to RMB 3,033.62 billion from RMB 2,504.10 billion[3]