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。 本公告所载2025年半年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以本行2025年半年度报告中披露的数据为准，提请投资者注意投 资风险。 一、2025年半年度主要财务数据和指标 | | | 单位：百万元 | 币种：人民币 | | --- | --- | --- | --- | | 项目 | 2025 年 1-6 月 （未经审计） | 2024 年 1-6 月 （未经审计） | 增减变动（%） | | 营业收入 | 6,062 | 5,506 | 10.10 | | 营业利润 | 2,440 | 2,190 | 11.42 | | 利润总额 | 2,458 | 2,179 | 12.80 | | 归属于本行普通股股东的净利润 | 1,969 | 1,734 | 13.55 | | 归属于本行普通股股东的扣除非经常 性损益的净利润 | 1,952 | 1,738 | 12.31 | | 基本每股收益（元/股） ...

一方面，受益于存量高息负债集中到期和贷款定价下行趋缓，2025年净息差降幅有望显著收窄。综合考 虑存款端成本改善与5月LPR下调10bp影响后，静态测算下预计2025年A股上市国有行、股份行净息差 分别为1.34%、1.55%，分别较2024年末下行12、9bp。 另一方面，资产质量有望在保持平稳的基础上实现改善。2025Q1末商业银行不良率录得1.51%，仅较 2024年末上小幅行1bp；拨备覆盖率为208%，环比下行3.06pct，距离监管要求的150%还有相当充裕空 间。但随着各项政策持续落地稳增长、提振内需，银行地产、城投产业链、零售不良生成预期有望逐步 好转，资产质量指标有望改善。 资金面驱动下的估值修复是本轮行情的核心逻辑，而这一逻辑预计持续成立并支撑行情延续，具体而 言： 一方面，低利率和资产荒背景下，银行高股息、类固收的优势凸显。银行股自2023年12月启动普涨行情 以来，截止7月11日银行板块股息率仍有4.87%，结合其分红稳定、经营稳健的特性，投资吸引力明显 提升。 另一方面，增量资金持续涌入，带动银行板块估值明显修复。今年以来，中长期资金入市、公募基金新 规等重磅政策落地，显著增加各类资 ...

Core Viewpoint - A-share listed banks are experiencing a peak in dividend distribution for the 2024 fiscal year, with over thirty banks having completed their annual dividends and several others announcing dividend implementation plans [1][3][4]. Group 1: 2024 Annual Dividends - The Industrial and Commercial Bank of China (ICBC) leads with a total cash dividend of approximately 109.77 billion yuan for the previous year [3][4]. - The six major state-owned banks have collectively distributed over 420 billion yuan in dividends for 2024, with ICBC, China Construction Bank, Agricultural Bank of China, and Bank of China being the top contributors [4][6]. - Other banks such as China CITIC Bank and Beijing Bank have also announced significant cash dividends, with CITIC Bank distributing around 19.46 billion yuan [4][5]. Group 2: 2025 Mid-Year Dividend Plans - Several banks, including China Merchants Bank and Hangzhou Bank, have initiated plans for mid-year dividends in 2025, aiming to enhance investor returns [1][8][10]. - The focus on mid-year dividends is seen as a strategy to improve liquidity and provide more consistent cash flow to investors, which may support long-term stock price appreciation [10]. - Banks like Su Nong Bank and Changsha Bank have expressed intentions to implement mid-year dividend plans based on their financial performance and regulatory requirements [8][9]. Group 3: Stock Performance and Market Trends - The banking sector has shown strong performance in the A-share market, with several banks achieving significant stock price increases in the first half of the year [12][13]. - The overall dividend yield of the banking sector remains attractive, particularly in a low-interest-rate environment, making it appealing for long-term investors [10][13]. - Some banks have faced challenges in executing share buyback plans due to stock price fluctuations, indicating a cautious approach to capital management [11][14].

本报记者 彭妍 7月份以来，多家A股上市银行陆续发布利润分配实施公告。东方财富Choice数据显示，截至7月13日，在42家A股上市银 行中，已有35家完成2024年年度分红。 上海金融与法律研究院研究员杨海平对《证券日报》记者表示，A股上市银行分红密集落地，一是落实新"国九条"关于强 化现金分红、优化分红频次、强化分红可预期性的要求；二是回报投资者，向投资者传递出经营业绩向好的信号；三是强化市 值管理，形成经营业绩与股票价格、投资者回报之间的相互促进关系。 以派息日为统计节点，截至目前已有35家银行完成2024年年度分红。其中包括工商银行、交通银行、邮储银行、建设银 行、中国银行5家国有大行，招商银行、兴业银行等7家股份制银行，以及23家城商行和农商行。 对于高股息率的成因，明明表示，一方面，银行长期经营稳健，决定了其可以长期维持高股息率；另一方面，部分银行投 资者具有相对较低的风险偏好，也更看重分红所带来的稳健收益。 杨海平认为，A股上市银行股息率较高的原因，也与银行股估值相对较低以及上市银行积极响应监管部门关于分红的政策 有关。 依托高股息等核心优势，银行板块今年以来持续获得市场资金青睐。东方财富Cho ...

这是今年以来机构踊跃调研上市银行的一个缩影。Wind数据显示，今年以来，截至7月12日记者发稿， 共有26家上市银行获机构调研，被调研次数达到230次；这些银行主要为中小银行。常熟银行被调研总 次数最多，宁波银行获调研机构家数最多，成为机构青睐的"人气王"。 稳息差是热点话题 今年以来，从调研频次看，常熟银行、苏农银行、瑞丰银行、宁波银行、杭州银行均获得超20次以上的 调研。其中，常熟银行被调研总次数最多，达33次。获机构调研家数方面，宁波银行最多，为195家； 渝农商行、常熟银行、杭州银行、瑞丰银行紧随其后，均获得超100家机构调研。 近日，江苏银行、苏州银行、苏农银行、宁波银行等多家上市银行发布投资者关系活动记录表，就贷款 投向、息差走势、资本补充等问题与投资者展开交流。 | 开始日期: | 2025-01-01 | I 截止日期: | 2025-07-12 | | | --- | --- | --- | --- | --- | | 序号 | | | | | | | 证券代码 | 训 - | ↓ 被调研農次数 | | | 1 | 601128.SH | 常熟银行 | | 33 | | 2 | 603323 ...

Core Viewpoint - The A-share listed banks are experiencing a peak in dividend distribution, with total dividends for 2024 exceeding 630 billion yuan, marking an increase of 20 billion yuan from the previous year, and setting a new historical high [1][4]. Dividend Distribution - On July 11, both China Merchants Bank and Xi'an Bank distributed cash dividends, with China Merchants Bank paying 2.000 yuan per share, totaling approximately 50.44 billion yuan, resulting in a dividend yield of about 5.7% based on a hypothetical share price of 35 yuan [2][3]. - Xi'an Bank distributed 1 yuan for every 10 shares, amounting to 444 million yuan, which represents 17.37% of its net profit [2]. - On July 10, Beijing Bank and CITIC Bank also executed dividend distributions, with Beijing Bank distributing 0.2 yuan per share, totaling 4.23 billion yuan, and CITIC Bank distributing 0.1722 yuan per share, totaling 9.582 billion yuan [3]. Overall Dividend Performance - As of July 11, 33 A-share listed banks have completed their 2024 annual dividend distributions, with five more having announced their plans [3]. - The six major state-owned banks maintained a dividend payout ratio of over 30%, with total cash dividends reaching 420.63 billion yuan, led by Industrial and Commercial Bank of China with 109.77 billion yuan [4]. Mid-term Dividend Plans - Several banks are planning mid-term dividends for 2025, with institutions like Changsha Bank and Su Nong Bank expressing intentions to enhance shareholder returns through mid-term distributions [5][6]. - The trend of increasing mid-term dividends is seen as a strategy to improve investor satisfaction and share the benefits of high-quality growth [6]. Market Outlook - Analysts predict a narrowing decline in net profit and revenue for listed banks in the first half of the year, with expectations of a 0.9% year-on-year decrease in revenue and a 0.5% decrease in net profit [7]. - The current market environment is viewed as the beginning of a long-term upward trend for bank stocks, supported by low interest rates and the revaluation of RMB assets [7].

业内分析认为，密集调研反映了市场对银行板块关注度显著提升，机构投资者积极挖掘潜在机会。苏商 银行特约研究员薛洪言表示，伴随银行股估值修复至近年高位，机构希望通过聚焦信贷投放、分红方案 和资产质量这三大核心领域，验证银行股"高股息+低估值"投资逻辑的可持续性。 关注分红政策、信贷投放、资产质量等核心问题。 随着2025年上半年股价持续创新高，A股上市银行成为机构调研的热门领域，尤其是城商行和农商行备 受关注。 Wind数据显示，上半年共有25家银行接受了机构调研，累计接待超2000次，创下同期历史新高。其 中，宁波银行、常熟银行等城农商行更吸引了众多外资机构的密集调研。 在调研过程中，机构投资者的核心关注点集中在区域银行的信贷投放、资产质量以及分红政策等方面。 此外，城农商行在净息差方面的优势也引发了市场的高度关注，特别是在大行净息差普遍承压的背景 下，城农商行展现出的业绩韧性进一步提升了其吸引力。 城农商行是调研热点 上半年，A股上市银行机构调研延续热度。Wind数据显示，共有25家银行接受机构调研，累计接待达到 2365次，创同期历史新高。城商行与农商行成为本轮调研的绝对主力。 其中，宁波银行表现最为亮眼， ...

Core Viewpoint - The third Low Altitude (Suzhou) Industry Innovation Ecological Conference and the 2025 Digital Low Altitude Conference was held in Suzhou, focusing on the theme "Digital Innovation Leads, Intelligent Benefits for the Future" [1] Group 1: Financial Support Initiatives - Changshu Rural Commercial Bank actively engaged in the low-altitude economy sector by leveraging its financial institution advantages to communicate with industry representatives, researchers, and experts [1] - The bank has implemented various measures to support the development of the low-altitude economy, including financial service innovation, industry chain collaboration, talent cultivation, and resource integration [1][2] - Financial products offered by the bank, such as "Patent Loan," "Talent Loan," and "Hui Ke Loan," are designed to meet the needs of technology-driven companies in the low-altitude economy, characterized by light assets and high R&D investment [1] Group 2: Comprehensive Service Coverage - The bank provides full-cycle services covering all stages of enterprise development, offering construction loans for newly introduced companies and working capital support for mature enterprises [2] - A "policy supermarket" has been established, integrating over a hundred policies, including tax incentives and technological transformation subsidies, to assist companies in matching applicable projects [2] - The bank actively builds platforms for government, banks, and enterprises to connect, supporting low-altitude economic activities and promoting technological cooperation and order matching among industry chain enterprises [2] Group 3: Talent Development and Future Plans - The bank has a dedicated team for scientific and technological innovation, conducting in-depth research on low-altitude economic trends and collaborating with universities to establish postdoctoral workstations [2] - As the low-altitude economy is a rapidly growing emerging industry, the bank aims to provide comprehensive and customized financial services to enterprises in this sector through multi-dimensional initiatives [2] - The bank plans to continue its efforts in financial innovation to empower the low-altitude economy and explore new development paths in collaboration with industry stakeholders [2]

Core Viewpoint - The banking industry is facing significant pressure as net interest margins have fallen below non-performing loan ratios for the first time, indicating a critical need for banks to diversify their income sources beyond interest income [1][2][4]. Group 1: Financial Performance Indicators - In Q1, the net interest margin for Chinese commercial banks decreased to 1.43%, down 9 basis points from the previous quarter, while the non-performing loan ratio rose to 1.51%, an increase of 0.01 percentage points [2][4]. - Among the major banks, state-owned banks had the lowest non-performing loan ratios at 1.22% and 1.23%, while rural commercial banks faced the highest at 2.86% [4]. - A total of 9 out of 42 listed banks reported net interest margins lower than their non-performing loan ratios, highlighting the growing financial strain within the sector [4][5]. Group 2: Challenges and Market Dynamics - The banking sector is experiencing ongoing challenges due to declining asset quality, which is affecting profitability and the ability to cover costs associated with credit, operations, and capital [4][6]. - Analysts indicate that the pressure on net interest margins is exacerbated by weak credit demand and a shift towards lower-yielding short-term loans, leading to a decline in asset yields [6][7]. - The average net interest margin for listed banks has been on a downward trend for five consecutive years, with many banks now below the 1.8% warning line set by market pricing mechanisms [7][8]. Group 3: Strategic Responses - To address the challenges posed by low interest rates, banks are encouraged to diversify their income sources, focusing on non-interest income and other financial services [8][9]. - Recommendations include reducing deposit interest subsidies and hidden costs associated with deposits to alleviate margin pressures [8]. - Banks are advised to adopt a more resilient and balanced income structure, optimizing their liabilities and controlling costs to enhance profitability [9].

证券研究报告 2025年07月07日 行业报告： 行业深度研究 银行 银行投资跟踪：国有大行推进"村改支"的启示 作者： 分析师 刘杰 SAC执业证书编号：S1110523110002 行业评级：强于大市（首次评级） 请务必阅读正文之后的信息披露和免责申明 1 1 摘要 国有大行推进"村改支"的启示 资料来源： wind，天风证券研究所 2 • 稳妥有序推进村镇银行改革化险是今年金融工作的重点。近年来，伴随着经济结构调整和外部环境不确定性上升，部分中小银 行暴露出资产质量恶化、信用风险加剧、资本不足和公司治理不完善等问题，特别是在一些经济实力较弱的地区，地方中小银 行的风险化解更具紧迫性。 • 2024年以来，我国村镇银行改革化险驶入快车道。仅今年上半年，根据国家金融监管总局官网的批复，就有超过50家村镇银行 经由"村改支"、"村改分"等方式被兼并重组。 • 村镇银行改革路径主要为"村改支"、"村改分"、"股权转让"。 • 国有大行收购村镇银行是改革化险的重要抓手。本次工商银行的出手，打破了国有大行参与"村改支"的空白，也体现出国有 大行响应监管要求，发挥风险处置"压舱石"的重要作用。 • 目前，国有大行各项 ...