经中国人民银行批准，本行近日在全国银行间债券市场成功发行 2025 年科 技创新债券（以下简称"本期债券"）。本期债券于 2025 年 12 月 4 日簿记建档， 并于 2025 年 12 月 8 日发行完毕，发行规模为人民币 5 亿元，品种为 5 年期固定 利率债券，票面利率为 1.90%。本期债券的募集资金将依据适用法律和监管机构 的批准，专项支持科技创新领域业务。 本次科技创新债券的成功发行，有效拓宽了本行支持科创企业发展的融资渠 道，有助于降低科创企业融资成本，进一步助力本行加大科技创新业务发展。 特此公告。 江苏常熟农村商业银行股份有限公司董事会 2025 年 12 月 9 日 证券代码：601128 证券简称：常熟银行 公告编号：2025-059 江苏常熟农村商业银行股份有限公司 关于 2025 年科技创新债券发行完毕的公告 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。 ...

Core Viewpoint - Changshu Bank has successfully issued a 5-year fixed-rate technology innovation bond with a total scale of RMB 500 million, aimed at supporting technology innovation businesses [1] Group 1: Bond Issuance Details - The bond was approved by the People's Bank of China and was recorded on December 4, 2025, with issuance completed on December 8, 2025 [1] - The coupon rate for the bond is set at 1.90% [1] Group 2: Purpose and Impact - The funds raised from this bond issuance will be used to specifically support businesses in the technology innovation sector, subject to applicable laws and regulatory approvals [1] - The successful issuance of the technology innovation bond expands the financing channels for supporting technology innovation enterprises and helps reduce their financing costs [1] - This initiative is expected to further enhance the bank's development in technology innovation business [1]

Core Viewpoint - Changshu Bank has successfully issued a 5 billion RMB technology innovation bond, approved by the People's Bank of China, aimed at supporting technology innovation businesses [1] Group 1: Bond Issuance Details - The bond was recorded on December 4, 2025, and completed issuance on December 8, 2025 [1] - It is a 5-year fixed-rate bond with a coupon rate of 1.90% [1] Group 2: Purpose and Impact - The funds raised from this bond will be used to specifically support businesses in the technology innovation sector, subject to applicable laws and regulatory approvals [1] - The successful issuance of this bond expands the financing channels for supporting technology innovation enterprises and helps reduce their financing costs [1] - This initiative further aids the bank in enhancing its development in technology innovation business [1]

Core Insights - The agricultural commercial bank sector experienced a slight increase of 0.21% on December 8, with Shanghai Agricultural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up by 0.54%, while the Shenzhen Component Index closed at 13329.99, up by 1.39% [1] Stock Performance - Shanghai Agricultural Commercial Bank (601825) closed at 9.52, with a rise of 1.17% and a trading volume of 214,500 shares, amounting to a transaction value of 204 million yuan [1] - Changshu Bank (601128) closed at 7.13, up by 0.28%, with a trading volume of 369,800 shares [1] - Other banks such as Jiangyin Bank (002807) and Zijin Bank (601860) saw declines of 0.63% and 0.71% respectively [1] Capital Flow - The agricultural commercial bank sector saw a net outflow of 5.0441 million yuan from main funds, while retail funds experienced a net outflow of 7.61304 million yuan [1] - Speculative funds, however, recorded a net inflow of 81.1746 million yuan [1] Individual Stock Capital Flow - Wuxi Bank (600908) had a main fund net inflow of 19.0391 million yuan, while retail funds saw a net outflow of 21.8041 million yuan [2] - Qingnong Bank (002958) experienced a main fund net inflow of 15.7202 million yuan, but retail funds had a net outflow of 1.13021 million yuan [2] - Zhangjiagang Bank (002839) had a main fund net inflow of 7.6575 million yuan, with retail funds seeing a net outflow of 1.24512 million yuan [2]

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, indicating a positive outlook for the industry in the near term [1]. Core Insights - The positioning of the digital RMB is expected to advance, with significant potential in the payment sector. The People's Bank of China (PBOC) is working on optimizing the management system for digital RMB, which may evolve from a cash-like payment instrument (M0) to broader monetary categories (M1, M2) [2][8]. - Infrastructure development for digital RMB is progressing, with the establishment of international and operational centers in Shanghai and Beijing, respectively. As of September 2025, the cumulative transaction amount in pilot areas reached 14.2 trillion yuan, with 2.25 billion personal wallets opened [3][8]. - The banking sector is expected to see a systematic recovery in valuations in 2026, transitioning from a defensive to a growth-oriented investment logic. Key investment themes include high dividend yields and low valuations, particularly as risk-free interest rates decline [9]. Summary by Sections Industry Overview - The banking sector comprises 42 listed companies with a total market capitalization of approximately 1.15 trillion yuan, representing 13.04% of the market [4]. - The average daily trading volume for A-shares was 10,583.60 billion yuan, reflecting a 0.65% increase from the previous week [8]. Performance Metrics - The absolute performance of the banking sector over the past month is 5.0%, with a relative performance of 2.8% compared to the benchmark [5]. - The report highlights that the banking index underperformed the CSI 300 index by 2.46 percentage points during the week [8]. Investment Recommendations - The report suggests focusing on three main investment lines: 1. State-owned banks and major commercial banks like China Merchants Bank. 2. Quality joint-stock banks and city commercial banks with improving net interest margins and credit costs. 3. City commercial banks benefiting from regional policies and showing significant performance potential [9]. - Specific banks recommended for investment include China Merchants Bank, CITIC Bank, and several city commercial banks such as Chengdu Bank and Chongqing Bank [9][10].

Group 1: Core Insights - The current bottom line for the net interest margin (NIM) of major banks is approximately 1.2% to 1.3%, indicating limited room for further significant declines [1][6][84] - Maintaining a reasonable level of NIM is essential for economic growth and financial stability, as it relates to capital balance, breakeven points, and risk pricing mechanisms [6][20][21] Group 2: NIM Bottom Line Calculation - The projected nominal GDP growth during the "14th Five-Year Plan" period is estimated to be between 6.0% and 6.9%, which necessitates an M2 growth rate of about 7.0% to 8.0% [1][23][28] - The bottom line for NIM is calculated based on a required return on equity (ROE) of 7% to 8%, leading to a NIM bottom line of approximately 1.2% to 1.3% [36][84] Group 3: 2026 NIM Projections - If the Loan Prime Rate (LPR) decreases by 10 basis points (bps) and deposit rates remain unchanged, the NIM is expected to decline by approximately 5 to 8 bps in 2026 [2][85] - Without considering further interest rate cuts, the model predicts a decrease in loan rates by about 24 bps and deposit rates by 14 to 17 bps, resulting in a net interest margin contraction of about 2 to 5 bps [2][39][59] Group 4: Monetary Policy Outlook for 2026 - The monetary policy for 2026 is expected to be characterized by a "reasonable and ample" approach, with a likely LPR decrease of 10 bps and a reserve requirement ratio (RRR) cut of 50 bps [3][86] - The central bank's strategy will focus on balancing short-term and long-term goals, supporting economic growth while maintaining the health of the banking system [60][61] Group 5: Economic Recovery and Regulatory Impact - Economic recovery may not meet expectations, and regulatory changes could temporarily impact the banking sector's fundamentals [4][80] - The banking sector is under strong regulatory oversight, and any adverse policies could affect short-term valuations [80]

Investment Rating - The report maintains an "Outperform" rating for the banking industry [5][6]. Core Insights - The banking industry's net interest margin (NIM) is expected to reach its bottom level around 1.2% to 1.3%, indicating a potential end to the current downtrend in NIM [1][42]. - The report predicts a decline in the Loan Prime Rate (LPR) by approximately 10 basis points (bps) in 2026, which will likely lead to a year-on-year decrease in NIM of about 5 to 8 bps [2][3]. - The monetary policy for 2026 is characterized as "reasonable and ample" with a focus on precise adjustments, aiming to balance economic growth and financial stability [3][67]. Summary by Sections Investment Recommendations - Focus on high-quality stocks that are expected to see an inflection point in NIM, such as Ningbo Bank and Changshu Bank, while also considering stocks with attractive dividend yields like China Merchants Bank and Industrial and Commercial Bank of China [4][5]. NIM Analysis - The report estimates that the NIM for 2026 will narrow by approximately 2 to 5 bps, marking the likely end of the current downtrend cycle [66]. - The projected decline in loan rates is about 24 bps, which will negatively impact NIM by approximately 15 bps, while deposit rates are expected to decrease by 14 to 17 bps, providing a positive impact on NIM of about 10 to 13 bps [66][60]. Monetary Policy Outlook - The monetary policy framework for 2026 emphasizes a balanced approach, with the LPR expected to decrease by 10 bps, contingent on economic conditions [3][68]. - The report highlights that maintaining stability in NIM and deposit rates will be a key objective for the People's Bank of China in 2026 [71][72].

Core Viewpoint - The rural commercial bank sector experienced a 0.75% increase on December 2, with Yunnan Rural Commercial Bank leading the gains, while the Shanghai Composite Index and Shenzhen Component Index saw declines of 0.42% and 0.68%, respectively [1] Group 1: Market Performance - The closing price of Yunnan Rural Commercial Bank was 6.72, up by 1.20%, with a trading volume of 538,400 shares and a transaction value of 361 million [1] - Other banks in the sector, such as Shanghai Rural Commercial Bank and Wuxi Bank, also reported gains of 1.06% and 0.65%, respectively [1] - The overall trading volume and transaction values for various banks indicate active market participation, with Zhangjiagang Bank and Suzhou Rural Bank also showing positive performance [1] Group 2: Fund Flow Analysis - The rural commercial bank sector saw a net outflow of 83.05 million from institutional investors and 32.37 million from speculative funds, while retail investors contributed a net inflow of 115 million [1] - Yunnan Rural Commercial Bank had a net inflow of 13.21 million from institutional investors, despite a net outflow of 21.98 million from speculative funds [2] - The fund flow data indicates varying levels of investor confidence, with some banks like Zhangjiagang Bank experiencing significant net outflows from institutional and speculative investors, while retail investors showed strong interest [2]

国浩律师（苏州）事务所 关于 江苏常熟农村商业银行股份有限公司 2025 年第四次临时股东会 之 见证法律意见书 苏州工业园区旺墩路 269 号圆融星座商务广场 1 幢 28 楼（215000） 电话：（+86）（512）62720177 传真：（+86）（512）62720199 www.grandall.com.cn 网址/Website：http：//www.grandall.com.cn 2025 年 12 月 国浩律师（苏州）事务所 关于江苏常熟农村商业银行股份有限公司 2025 年第四次临时股东会之见证法律意见书 致：江苏常熟农村商业银行股份有限公司 江苏常熟农村商业银行股份有限公司（以下简称"公司"）2025年第四次临时股东会 于2025年12月1日上午10:00在江苏省常熟市新世纪大道58号该行三楼多功能厅召开，国浩 律师（苏州）事务所（以下简称"本所"）接受公司的委托，指派孙珩晋律师、黄亦依律 师（以下简称"本所律师"）出席会议，并依据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员 会《上市公司股东会规则》、《江苏常熟农 ...

| 1、出席会议的股东和代理人人数 | 760 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,371,979,762 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 41.3680 | | 份总数的比例（%） | | 证券代码：601128 证券简称：常熟银行 公告编号：2025-058 江苏常熟农村商业银行股份有限公司 2025年第四次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025 年 12 月 1 日 (二)股东会召开的地点：江苏省常熟市新世纪大道 58 号本行三楼多功能厅 (三)出席会议的普通股股东及其持有股份情况： (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由本行董事会召集，采取现场和网络投票相结合的方式召开，由 薛文董事长主持。本次股东会的 ...