证券代码：601128 证券简称：常熟银行 公告编号：2025-042 江苏常熟农村商业银行股份有限公司 2025年半年度权益分派实施公告 江苏常熟农村商业银行股份有限公司（以下简称"本行"）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。 1.发放年度：2025年半年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本行全体股东。 每股分配比例 A 股每股现金红利0.15元 相关日期 3.分配方案： 重要内容提示： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/5 | － | 2025/9/8 | 2025/9/8 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本行2025 年 6 月 30 日召开的2025年第二次临时股东大会审议通过了《提请股 东大会授权董事会决定 2025 年 ...

| 证券代码：601128 | 证券简称：常熟银行 | 公告编号：2025-043 | | --- | --- | --- | | 转债代码：113062 | 转债简称：常银转债 | | 江苏常熟农村商业银行股份有限公司 关于根据 2025 年中期利润分配方案 江苏常熟农村商业银行股份有限公司（以下简称"本行"）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。 重要内容提示： 因实施 2025 年中期权益分派,本行的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113062 | 常银转债 | 可转债转股复牌 | | | 2025/9/5 | 2025/9/8 | 经中国证券监督管理委员会核准，本行于 2022 年 9 月 15 日公开发行了 60 亿 元可转换公司债券，转债简称"常银转债"，转债代码"113062"。"常银转债" 存续期 6 年，转股的 ...

Core Viewpoint - Nearly half of the 42 listed banks in A-shares will implement mid-term dividends for 2025, with 17 banks already disclosing their dividend plans, marking a significant trend in the banking sector [1][4]. Group 1: Dividend Announcements - China Merchants Bank plans to distribute a cash dividend amounting to 35% of its net profit attributable to ordinary shareholders for the first half of 2025, with distribution scheduled between January and February 2026 [1]. - Changsha Bank's board approved a mid-term dividend plan, proposing a cash dividend of 2.00 yuan (including tax) per 10 shares, totaling 804 million yuan [1]. - Ningbo Bank announced a cash dividend of 3 yuan (including tax) per 10 shares, amounting to 1.981 billion yuan, which represents 13.41% of its net profit attributable to the parent company [1]. - Su Nong Bank plans to distribute a cash dividend of 0.09 yuan (including tax) per share, totaling 182 million yuan, which is 15.42% of its net profit for the first half of 2025 [2]. - Zhangjiagang Bank intends to distribute a cash dividend of 1.0 yuan (including tax) per 10 shares, with the total amount dependent on the total share capital at the time of distribution [4]. - Jiangyin Bank's mid-term dividend proposal was approved by its board, with details disclosed alongside its half-year report [4]. - Changshu Bank's mid-term dividend plan includes a cash dividend of 0.15 yuan (including tax) per share, totaling 497 million yuan, which is 25.27% of its net profit for the first half of 2025 [4]. Group 2: Market Analysis - Analysts believe that high dividends, low valuations, and stable Return on Equity (ROE) are key factors attracting long-term capital to bank stocks [4]. - Increasing dividend ratios or frequencies can effectively enhance investor confidence and promote valuation recovery for banks [4]. - Banks' dividend policies must balance regulatory capital adequacy requirements with their own business expansion needs [4].

Core Viewpoint - The latest holdings of the social security fund have been revealed, showing significant changes in stock positions as of June 30, 2025, following the completion of the semi-annual reports of listed companies [2]. Group 1: Top Holdings - The top ten stocks held by the social security fund, along with their holding ratios and changes, include: - Andar Intelligent: 11.90% (-1.53%) in specialized equipment manufacturing [3] - Changshu Bank: 8.38% (-0.05%) in monetary financial services [3] - Biyinlefen: 7.37% (-0.98%) in textile, clothing, and accessories [3] - Bai'ao Intelligent: 7.23% (new entry) in specialized equipment manufacturing [4] - Weixing Co.: 7.08% (+0.45%) in textile, clothing, and accessories [4] - Hehe Information: 7.00% (-0.27%) in software and information technology services [4] - Shantui Co.: 6.87% (+0.90%) in specialized equipment manufacturing [4] - Yongxing Co.: 6.53% (+4.30%) in ecological protection and environmental governance [4] - Xice Testing: 6.36% (-1.53%) in professional technical services [4] - Keri International: 6.30% (+0.60%) in business services [4] Group 2: New Holdings - New stock positions taken by the social security fund include: - Bai'ao Intelligent: 456.86 million shares (7.23%) in specialized equipment manufacturing [5] - Nossger: 217.08 million shares (3.80%) in research and experimental development [5] - Zhongchumei: 320.00 million shares (3.45%) in chemical raw materials and chemical products manufacturing [5] - Beiding Co.: 1,000.00 million shares (3.16%) in electrical machinery and equipment manufacturing [5] - Ugreen Technology: 100.00 million shares (3.01%) in computer, communication, and other electronic equipment manufacturing [5] - Sutest: 1,486.20 million shares (2.94%) in professional technical services [5] Group 3: Increased Holdings - The stocks with increased holdings by the social security fund include: - Yongxing Co.: 6.53% (+4.30%) in ecological protection and environmental governance [8] - Jiangshan Co.: 5.53% (+3.44%) in chemical raw materials and chemical products manufacturing [8] - Three squirrels: 3.78% (+2.79%) in retail [8] - Juhe Materials: 5.87% (+2.42%) in computer, communication, and other electronic equipment manufacturing [8] - Sanwei Chemical: 4.77% (+2.38%) in chemical raw materials and chemical products manufacturing [8] - Rujing Technology: 5.27% (+2.32%) in electrical machinery and equipment manufacturing [8] - Ziyou Intelligent-U: 4.12% (+2.12%) in pharmaceutical manufacturing [8] - Guoyao Co.: 4.03% (+1.95%) in wholesale [10] - Jinchengxin: 5.06% (+1.54%) in mining auxiliary activities [10] - Dingdian Software: 2.54% (+1.54%) in software and information technology services [10]

Core Insights - The social security fund has invested in 525 stocks by the end of Q2, with 46 stocks held for over 20 consecutive quarters, indicating a long-term investment strategy [1][2] Group 1: Investment Holdings - The longest-held stock by the social security fund is Hualu Hengsheng, held for 51 quarters since Q4 2012, with a total holding of 133 million shares, accounting for 6.26% of the circulating shares [1][3] - Among the 46 stocks held for over 5 years, the top holdings by quantity are Changshu Bank (206 million shares), Nanshan Aluminum (160 million shares), and Sun Paper (151 million shares) [2][3] - The stocks with the highest holding ratios include Keri International (6.30%), Hualu Hengsheng (6.26%), and Changshu Bank (6.23%) [2] Group 2: Changes in Holdings - In Q2, 15 of the 46 stocks saw an increase in holdings, with significant increases for Three Squirrels (283.29%), Hongfa Co. (76.77%), and Hangyang Co. (42.03%) [2][3] - Conversely, 17 stocks experienced a decrease in holdings, with the largest reductions for Zhongqi Co. (-50.14%), Lingxiao Pump Industry (-46.47%), and Zhongyuan Media (-44.50%) [2][3] Group 3: Industry Performance - Among the 46 stocks, 29 reported a year-on-year increase in net profit, with notable growth from Zhongsheng Pharmaceutical (114.96%), China Jushi (75.51%), and Jieput (73.84%) [3][4] - 16 stocks reported a decline in net profit, with the largest decreases from Zhongqi Co. (-240.99%), Sanyou Chemical (-77.64%), and Three Squirrels (-52.22%) [3][4] Group 4: Sector Distribution - The 46 stocks are concentrated in the basic chemical, electronics, and automotive sectors, with 8, 4, and 4 stocks respectively [2][3] - The majority of these stocks are listed on the main board (30 stocks), followed by the ChiNext board (14 stocks) and the Sci-Tech Innovation board (2 stocks) [2]

Summary of Key Points Core Viewpoint - The Social Security Fund has significantly increased its presence in the stock market, appearing in the top ten shareholders of 525 companies by the end of the second quarter, with notable increases in both new and additional holdings [1][2]. Group 1: Shareholding Changes - The Social Security Fund holds a total of 8.884 billion shares across 525 companies, with a total market value of 149.651 billion yuan [1]. - There were 134 new entries and 134 increased holdings, while 153 stocks saw a reduction in holdings [1]. - The top three companies by shareholding volume are Sun Paper Industry (15.111 million shares), Hualu Hengsheng (13.268 million shares), and Shantui Construction Machinery (9.034 million shares) [1]. Group 2: Shareholding Proportions - The highest shareholding ratio is in Andar Intelligent, with 11.90% of its circulating shares held by the Social Security Fund, followed by Biyin Lefen at 7.37% [1]. - A total of 14 companies have over 100 million shares held by the Social Security Fund, with the largest being Focus Media at 334 million shares [1]. Group 3: Performance of Held Stocks - Among the stocks held by the Social Security Fund, 321 companies reported a year-on-year increase in net profit, with the highest increase being 15,646.55% for *ST Songfa [2]. - The average increase in the stock prices of the Social Security Fund's holdings since July is 15.91%, outperforming the Shanghai Composite Index [2]. - The best-performing stock is Yingweike, with a cumulative increase of 169.27%, followed by Dayuan Pump Industry and Dingtong Technology with increases of 139.51% and 116.48%, respectively [2].

Core Viewpoint - The article highlights the significant increase in mid-term dividends announced by various A-share listed banks, reflecting their commitment to returning value to investors amid a strong performance in the banking sector in the first half of the year [1][2]. Summary by Sections Mid-term Dividends Announcement - As of August 30, at least 21 A-share listed banks have announced plans for mid-term dividends for 2025, with 17 banks disclosing specific dividend proposals [2]. - Notably, seven banks, including China Merchants Bank and Changshu Bank, are implementing mid-term dividends for the first time since their listings [2][4]. Dividend Details - The total cash dividend amount from the major state-owned banks (ICBC, ABC, CCB, BOC, CMB, and PSBC) is 204.657 billion yuan [2]. - ICBC leads with a dividend of 1.414 yuan per 10 shares, totaling 50.396 billion yuan [2]. - China Merchants Bank, known as the "King of Retail," has a dividend payout ratio of 35%, amounting to 26.226 billion yuan [2][5]. - Other banks like CITIC Bank and Ping An Bank have also confirmed their mid-term dividends, with CITIC Bank's total reaching 10.46 billion yuan and a payout ratio of 30.7% [2]. Implications of Mid-term Dividends - The implementation of mid-term dividends is seen as a response to the new "National Nine Articles" and related requirements from the China Securities Regulatory Commission, aimed at enhancing investor confidence and stabilizing stock prices [5]. - Experts emphasize that while increasing the frequency of dividends is beneficial, the focus should be on maintaining a balance between short-term payouts and long-term growth [5]. Market Outlook - Analysts from CITIC Securities note that the banking sector is experiencing a gradual improvement in performance, with expectations for continued positive trends in subsequent quarters [6]. - The sector is undergoing a net asset revaluation process, and while there is potential for recovery, the market may experience volatility without sustained inflows of investment funds [6].

Group 1 - Insurance capital has been actively investing in A-share companies, with 368 companies appearing in the top ten circulating shareholders list by the end of Q2 [1][3] - China Life Insurance increased its holdings in CITIC Bank and China Telecom by 259 million shares and 205 million shares respectively, and also added over 150 million shares in China State Construction [1][3] - The insurance sector's investment strategy focuses on long-term value, emphasizing factors such as long-term competitiveness, sustainable profitability, and shareholder return capabilities [3][4] Group 2 - The total stock balance of life and property insurance companies reached 3.07 trillion yuan by the end of Q2, with a net increase of 640.6 billion yuan in the first half of the year [4] - The net increase in Q2 alone was 251.3 billion yuan, marking a record high with an 8.8% increase [4] - The acceleration of insurance capital entering the market is driven by favorable policies and the internal demand for long-term investments amid low interest rates and an "asset shortage" environment [4]

中经记者 杨井鑫 北京报道 2025年上半年银行信用卡业务仍在持续"瘦身"中。随着上市银行上半年"成绩单"陆续公布，这一趋势得 到进一步印证。多家银行中报数据显示，尽管个人贷款业务规模有所增长，但是信用卡贷款规模的下滑 成为行业共性。 此外，今年多家银行陆续关停信用卡分中心，这些结构性调整明确释放出从规模扩张到价值重构的转型 信号。信用卡行业正在经历深层次变革，逐渐告别粗放增长模式，转向精细化、高价值的发展新阶段。 规模普降 8月27日，中信银行（601998.SH）公布2025年上半年业绩报告显示，截至6月末，该行信用卡累计发卡 1.26亿张，较上年年末增长2.12%；信用卡贷款余额4584.55亿元。报告期内，信用卡交易量10854.12亿 元，同比下降12.54%；实现信用卡业务收入244.86亿元，同比下降了14.61%。 对比中信银行2024年年报数据，中信银行信用卡在今年上半年的累计发卡量增加了300万张，但是信用 卡贷款余额却减少了294.27亿元。同时，信用卡的交易量和收入也处在下降通道中。 同日，浦发银行（600000.SH）2025年半年报显示，截至6月末，该行信用卡及透支余额3778.8 ...

Core Viewpoint - The mid-term dividend plans for listed banks in A-shares for 2025 have been announced, indicating a positive trend in the banking sector's profitability and dividend distribution capacity [1][3][8] Summary by Category Dividend Announcements - As of August 29, 2023, eight A-share listed banks have disclosed their mid-term dividend amounts and ratios, with a total dividend amount exceeding 20 billion yuan [1][3] - China CITIC Bank announced the largest mid-term dividend of 10.461 billion yuan, distributing 1.88 yuan per 10 shares, which accounts for 30.70% of its net profit attributable to ordinary shareholders [3][4] - Shanghai Bank and Huaxia Bank have also increased their dividend ratios compared to last year, with Shanghai Bank at 32.22% and a total dividend of approximately 4.263 billion yuan, while Huaxia Bank plans to distribute 1.591 billion yuan at a ratio of 15.18% [3][4] First-Time Dividends - Four banks, including Changshu Bank, Ningbo Bank, Su Nong Bank, and Zhangjiagang Bank, are implementing their first mid-term dividends [1][3] - Changshu Bank will distribute 0.15 yuan per share, totaling 0.497 billion yuan, which is 25.27% of its net profit [4] - Ningbo Bank plans to distribute 3 yuan per 10 shares, amounting to 1.981 billion yuan, representing 13.41% of its net profit [4] Future Dividend Trends - Experts suggest that the ongoing economic recovery will enhance the overall operating environment for banks, potentially leading to increased profitability and higher dividends in the future [1][7] - Regulatory emphasis on improving dividend levels is expected to support this trend, particularly for state-owned banks, which can bolster market confidence through substantial dividends [7][8] - Long-term dividend sustainability appears strong, as banks are improving their profitability and asset quality, reducing reliance on external financing for capital [8]