A股连阳行情中，以社保基金为代表的"国家队"成员如何调仓布局？上市公司半年报显现迹象。 Wind数据显示，截至8月12日，社保基金已经现身在41只A股的前十大流通股行列，合计持股市值达到126.22亿元。 其中，被社保基金增持的个股有9只，同时还新进了15只个股；另外还有11只个股被减持，6只个股的持股数不变。从 持有的组合数量来看，已有3只个股被超过2个组合持有，最多的1只被4个组合持有。 调仓方向来看，农商行、饲料、小家电等行业被增持力度较大，常熟银行是截至目前被社保基金持有市值最大的一 只，也是二季度增持股数最多的；而电力、化学原料、医疗器械等则遭到减持，九州药业、杰瑞股份等持股数均出现 明显的缩量。 银行、饲料股被增持 作为首份披露半年报的上市银行股，常熟银行在今年二季度末继续被4家社保基金组合持有，持有家数与一季度末保 持了一致，但合计持有股数环比增加2379.72万股，也是截至目前社保基金增持力度最大的一只。 事实上，常熟银行(601128.SH)从2022年底以来就持续有4只社保基金组合持有，今年一季度，该股曾被社保减持逾 1400万股，但二季度重新加仓。 | 宮号 | 股东名称 | 持股数量( ...

证券之星消息，8月13日农商行板块较上一交易日下跌0.55%，常熟银行领跌。当日上证指数报收于 3683.46，上涨0.48%。深证成指报收于11551.36，上涨1.76%。农商行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002807 | 江阴银行 | - 4.70 | 0.21% | 24.01万 | | 1.13亿 | | 603323 | 示农银行 | 5.40 | 0.00% | 26.62万 | | 1.44亿 | | 002958 | 青农商行 | 3.51 | -0.28% | 40.36万 | | 1.42亿 | | 600908 | 无锡银行 | 6.12 | -0.33% | 12.88万 | 7895.14万 | | | 601825 | 沪农商行 | 9.01 | -0.44% | 18.96万 | | 1.71亿 | | 601077 | 渝农商行 | 6.73 | -0.44% | 62.53万 | | 4.20亿 | | ...

Core Viewpoint - The competition among banks in fund distribution is intensifying, leading to a significant reduction in fee rates, with some banks offering discounts as low as 0.1% to attract customers [1][3][5]. Group 1: Fee Discounts and Promotions - Shenzhen Rural Commercial Bank announced a 0.1% discount on certain open-end funds, a move mirrored by Changshu Bank, which also offers similar discounts on over 120 funds until the end of the year [1][3]. - The fee structure for the funds includes a significant reduction; for example, a fund with a standard 1.5% fee would drop to 0.15% for a 100,000 yuan investment, resulting in a fee of only 15 yuan [3]. - Other banks, such as Minsheng Bank and China Merchants Bank, have also implemented fee reductions, with many large banks maintaining a minimum discount of 1% [4][5]. Group 2: Competitive Landscape - Smaller banks are struggling to compete with larger banks in terms of channels and services, leading them to lower fees to maintain stability in their scale [1][5]. - The market is experiencing a "Matthew Effect," where larger banks gain more recognition and customer flow, while smaller banks face challenges due to weak customer bases and outdated systems [5][6]. Group 3: Revenue Pressure and Strategic Shifts - The reduction in fees is putting pressure on the intermediary income of banks, with major banks like China Merchants Bank and China Construction Bank reporting significant declines in their fund distribution income [6][7]. - Banks are urged to rethink their strategies in wealth management to offset the loss in income from fund distribution, with some already moving towards more customized and tailored wealth management solutions [8].

Core Viewpoint - Ping An Securities report indicates that Changshu Bank achieved a net profit attributable to shareholders of 1.97 billion yuan in the first half of 2025, representing a year-on-year growth of 13.5% [1] Financial Performance - As of June 30, 2025, Changshu Bank's total assets reached 401.2 billion yuan, an increase of 9.45% compared to the beginning of the year [1] - Loans increased by 4.40% year-to-date, while deposits grew by 8.46% [1] - The mid-term dividend payout ratio is set at 25.27%, an increase from previous years [1] Business Strategy - The company maintains a focus on the "three rural issues and two small businesses" market positioning, emphasizing inclusive finance and expanding into underserved customer segments [1] - Retail and small micro-businesses are steadily developing, with expectations of continued benefits from the recovery in demand from small enterprises and retail customers [1] Capital Structure - As of August 12, the company's convertible bond balance reached 6 billion yuan, with the closing price on that date (7.88 yuan) exceeding the redemption price (7.85 yuan) [1] - Successful conversion of these bonds could further enhance the company's capital strength [1] Investment Outlook - The company maintains its profit forecast and is optimistic about the growth potential of its small micro-business segment, sustaining a "strongly recommend" rating [1]

Core Viewpoint - Changshu Bank achieved a net profit attributable to shareholders of 1.97 billion yuan in the first half of 2025, representing a year-on-year growth of 13.5% [1] Financial Performance - As of June 30, 2025, Changshu Bank's total assets reached 401.2 billion yuan, an increase of 9.45% compared to the beginning of the year [1] - Loans increased by 4.40% and deposits grew by 8.46% year-to-date [1] - The mid-term dividend payout ratio is set at 25.27%, showing a significant increase compared to previous years [1] Business Strategy - The company focuses on the "three rural issues and two small businesses" market positioning, emphasizing inclusive finance and expanding into underserved areas [1] - Retail and small micro-business segments are steadily developing, with expectations of benefiting from the recovery in demand from small enterprises and retail customers [1] Capital Structure - As of August 12, the company's convertible bond balance reached 6 billion yuan, with the closing price on that date (7.88 yuan) exceeding the redemption price (7.85 yuan) [1] - Successful conversion of these bonds could further enhance the company's capital strength [1] Investment Outlook - The bank maintains its profit forecast and is optimistic about the growth potential of its small micro-business segment, sustaining a "strong buy" rating [1]

其中，被社保基金增持的个股有9只，同时还新进了15只个股；另外还有11只个股被减持，6只个股的持股数不变。从 持有的组合数量来看，已有3只个股被超过2个组合持有，最多的1只被4个组合持有。 调仓方向来看，农商行、饲料、小家电等行业被增持力度较大，常熟银行是截至目前被社保基金持有市值最大的一 只，也是二季度增持股数最多的；而电力、化学原料、医疗器械等则遭到减持，九州药业、杰瑞股份等持股数均出现 明显的缩量。 A股连阳行情中，以社保基金为代表的"国家队"成员如何调仓布局？上市公司半年报显现迹象。 Wind数据显示，截至8月12日，社保基金已经现身在41只A股的前十大流通股行列，合计持股市值达到126.22亿元。 银行、饲料股被增持 海大集团则是社保基金109组合新进为前十大流通股东；同时，从2022年三季度末以来持续重仓该股的社保106组合， 也在时隔3个季度后重新加仓。 作为首份披露半年报的上市银行股，常熟银行在今年二季度末继续被4家社保基金组合持有，持有家数与一季度末保 持了一致，但合计持有股数环比增加2379.72万股，也是截至目前社保基金增持力度最大的一只。 事实上，常熟银行从2022年底以来就持续有4只 ...

Investment Rating - The investment rating for the company is "Strongly Recommended" [14] Core Views - The company reported a 10.1% year-on-year increase in operating income for the first half of 2025, reaching 6.06 billion yuan, and a 13.5% increase in net profit attributable to shareholders, totaling 1.97 billion yuan [3][4] - The total asset scale of the company reached 401.2 billion yuan by the end of June 2025, with a year-to-date growth of 9.45% [3] - The mid-term dividend payout ratio is set at 25.27%, indicating a significant increase compared to previous years [9] Summary by Sections Financial Performance - The company's net interest income increased by 0.8% year-on-year, while non-interest income saw a substantial growth of 44.6% [4][5] - The net interest margin at the end of the first half of 2025 was 2.58%, maintaining a competitive position within the industry [4][6] - The company’s loan growth was 4.4% year-to-date, while deposits grew by 8.46% [3][9] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, indicating strong asset quality [9][11] - The company’s provision coverage ratio was reported at 489%, reflecting robust risk mitigation capabilities [9][11] Future Outlook - The company is expected to maintain a steady growth trajectory, with projected earnings per share (EPS) of 1.33 yuan, 1.52 yuan, and 1.73 yuan for 2025, 2026, and 2027 respectively [9][12] - The focus on retail and small micro-businesses is anticipated to drive future growth, supported by a recovering demand in these segments [9][10]

Core Viewpoint - Changshu Bank has announced its first interim cash dividend for 2025, becoming the first A-share listed bank to do so, with a proposed cash dividend of 0.15 yuan per share, totaling 497 million yuan, which accounts for 25.27% of its net profit attributable to shareholders for the first half of 2025 [1][3]. Financial Performance - For the first half of 2025, Changshu Bank reported operating income of 6.062 billion yuan, a year-on-year increase of 10.10%, and a net profit attributable to shareholders of 1.969 billion yuan, up 13.51% year-on-year [2]. - As of June 30, 2025, the total assets of Changshu Bank reached 401.227 billion yuan, a growth of 9.45% from the end of the previous year, while total liabilities increased by 9.93% to 369.268 billion yuan [2]. - The total loans amounted to 251.471 billion yuan, reflecting a growth of 4.40%, and total deposits reached 310.777 billion yuan, up 8.46% from the previous year [2]. Asset Quality and Capital Adequacy - The non-performing loan ratio stood at 0.76%, a slight decrease of 0.01 percentage points from the end of the previous year, while the provision coverage ratio was 489.53%, down by 10.98 percentage points [2]. - The capital adequacy ratios were reported as follows: total capital adequacy ratio at 13.6%, tier 1 capital adequacy ratio at 10.78%, and core tier 1 capital adequacy ratio at 10.73%, all showing a decline compared to the previous year [2]. Dividend Policy and Market Response - The proposed interim dividend represents a significant increase from the previous years' payout ratios of 20.88% and 19.77% for 2023 and 2024, respectively [3]. - Analysts predict that the total annual dividend for 2025 could increase to between 0.28 yuan and 0.30 yuan per share, resulting in dividend yields of 3.8% to 4.0% [3]. - The move to introduce interim dividends aligns with regulatory encouragement for listed companies to enhance cash dividend levels and frequency, which is expected to boost investor confidence [3]. Future Outlook - Changshu Bank is expected to leverage its unique model advantages and continuous business innovation to support high-quality development in the real economy, showcasing resilience and potential for future growth [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 9.10 CNY, indicating a potential upside from the current price of 7.88 CNY [2][7]. Core Insights - The company has demonstrated stable double-digit growth in revenue and net profit attributable to shareholders, with a proposed interim dividend for the first time, increasing the dividend payout ratio by 5.47 percentage points to 25.24% compared to 2024 [2][3]. - The net profit growth forecast for 2025-2027 has been adjusted to 13.6%, 13.4%, and 13.3%, respectively, with the book value per share (BVPS) projected to be 9.57 CNY, 10.90 CNY, and 12.28 CNY [3][4]. Financial Summary - Revenue for 2023A is 9,870 million CNY, with a projected growth of 12.1% for 2024A and 10.5% for 2025E, reaching 12,032 million CNY [5]. - Net profit attributable to shareholders for 2023A is 3,282 million CNY, with expected growth rates of 19.6% for 2024A and 16.2% for 2025E, reaching 4,331 million CNY [5]. - The company’s total assets are projected to grow from 366,582 million CNY in 2024A to 408,249 million CNY in 2025E [14]. Growth Potential - The company is positioned as a rare asset with both stability and growth potential, focusing on small and micro enterprises, with a customer base expected to reach 570,000 by mid-2025 [4]. - The company is actively merging village banks to enhance its market presence, with plans to add 2 and 4 new branches through village reform in 2024 and the first half of 2025, respectively [4][3]. Asset Quality - The overall asset quality remains stable, with a non-performing loan (NPL) ratio of 1.02% as of the end of Q2 2025, reflecting a slight increase from the beginning of the year [13][15]. - The company maintains a high provision coverage ratio of 490%, indicating strong risk mitigation capabilities [13][15].

财报季，社保基金持股动向曝光！二季度末社保基金共现身43只个股前十大流通股东榜，新进15只，增 持10只。 证券时报 数据宝统计显示，社保基金最新出现在43只个股前十大流通股东名单中，合计持股量7.91亿 股，期末持股市值合计140.86亿元。持股变动显示，不变7只，减持11只，新进15只，增持10只。 社保基金重仓股排行榜 | 代码 | 简称 | 社保基金家数 | 社保基金持股量（万股） | 环比（%） | 占流通股比例（%） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 601128 | 常熟银行 | 4 | 27779.13 | -0.57 | 8.38 | 银行 | | 002938 | 鹏鼎控股 | 1 | 4301.00 | 17.84 | 1.87 | 电子 | | 002064 | 华峰化学 | 2 | 4289.85 | -14.70 | 0.87 | 基础化工 | | 000729 | 燕京啤酒 | 1 | 3802.53 | 不变 | 1.52 | 食品饮料 | | 002271 | 东方雨虹 | 2 | 3793.41 | - ...