Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, expecting the sector index to outperform the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The report highlights the recent revisions to the CIPS (Cross-border Interbank Payment System) rules, which aim to enhance the management of participants and adapt to the growing cross-border e-commerce trade, projected to reach approximately 2.71 trillion yuan in 2024, a 14% year-on-year increase [3][4]. - The CIPS system processed 8.2169 million transactions amounting to 175.49 trillion yuan in 2024, reflecting a significant year-on-year growth of 42.60% [3]. - The report emphasizes the flexibility introduced in the new CIPS rules, allowing financial market infrastructure participants to open CIPS accounts based on business needs rather than strict management requirements [4]. Summary by Sections CIPS Overview - CIPS is a clearing system for cross-border payments in RMB, distinct from SWIFT's messaging system, and has seen a substantial increase in participation, with 174 direct participants and 1,509 indirect participants across 120 countries [2][3]. Recent Developments - The new rules include relaxed entry conditions for system participants, allowing for a more flexible approach to participant management [4]. - The rules specify that foreign direct participants must select domestic direct participants as fund custodians, as foreign banks lack CNAPS accounts [4]. Risk Management Enhancements - The updated regulations detail business processing and risk management requirements, mandating that participants establish robust risk management frameworks and adhere to international anti-money laundering standards [4]. Market Performance - The banking sector index rose by 3.77% during the reporting period, outperforming the CSI 300 index by 2.23 percentage points [8]. - The report suggests a focus on banks with high dividend yields and strong asset quality, recommending major state-owned banks and select regional banks for investment [9]. Company Forecasts - Key banks such as Ningbo Bank, Jiangsu Bank, and China Merchants Bank are highlighted with positive earnings forecasts and investment ratings, indicating strong potential for returns [10].

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may benefit from policy catalysts and cyclical recovery [3]. Core Viewpoints - The report highlights that while tariff policies may cause short-term impacts on exports, long-term domestic policies aimed at stabilizing the real estate market, promoting consumption, and enhancing social welfare are expected to support economic growth [3]. - The banking sector is anticipated to benefit from these policies, with specific banks such as Ningbo Bank, Postal Savings Bank, China Merchants Bank, and Changshu Bank being recommended for investment [3]. - The report also emphasizes the potential for continued dividends from banks like Shanghai Bank, China Merchants Bank, Jiangsu Bank, and Chongqing Bank, which are showing positive fundamental changes [3]. Summary by Sections Credit Growth - As of the end of May 2025, the overall loan growth rate in China was 6.6%, with household and corporate loans growing at 3.0% and 8.5% respectively [1]. - Provinces such as Sichuan, Jiangsu, and Anhui led in credit growth, with growth rates exceeding 9% [1][2]. - Corporate loans in Sichuan, Jiangsu, and Shandong showed impressive growth rates of 13.8%, 13.6%, and 13.4% respectively [2]. Key Data Tracking - The average daily trading volume in the stock market was 14,415.38 billion yuan, a decrease of 453.04 billion yuan from the previous week [4]. - The balance of margin financing and securities lending increased by 1.12% to 1.85 trillion yuan [5]. - The issuance of non-monetary funds decreased significantly, with a total of 53.28 billion yuan issued this week, down 273.46 billion yuan from the previous week [5]. Interest Rate Market Tracking - The issuance scale of interbank certificates of deposit was 2,435.10 billion yuan, a decrease of 4,828.40 billion yuan from the previous week [6]. - The average interest rate for interbank certificates of deposit was 1.62%, down 2 basis points from the previous week [10]. - The average yield on 10-year government bonds remained stable at 1.64% [10]. Sector Performance - The banking sector's performance is closely monitored, with specific stocks showing varying degrees of growth and decline [30]. - The report includes detailed charts tracking the performance of various financial stocks and their respective movements [30][36].

Core Viewpoint - The opening of three new branches by Changshu Rural Commercial Bank marks a significant step in enhancing its presence in Jiangsu province and improving its financial service network [1][2] Group 1: Branch Openings - Changshu Rural Commercial Bank has opened three branches in Nanjing Jiangning, Yangzhou Baoying, and Suqian Sucheng, which were previously village banks acquired or initiated by the bank [1] - The establishment of these branches fills business gaps in key areas such as provincial capitals and enhances the bank's physical service network [1] Group 2: Strategic Importance - Entering the Nanjing market allows the bank to directly access provincial resources, optimize resource allocation, and improve efficiency in sensing market trends and regulatory dynamics [1] - The new branches will help the bank deepen its market presence and reduce operational costs associated with independent legal entities, promoting efficient management [1] Group 3: Advantages of the "Village to Branch" Model - The "village to branch" model offers significant advantages over new branch establishments, leveraging existing customer bases and operational experience of the acquired village banks [2] - Changshu Rural Commercial Bank's mature management system and strong risk control capabilities will effectively mitigate risks associated with initial expansion into new areas [2] - The bank's expertise in microfinance and inclusive services will enhance the operational stability and profitability of the new branches, ensuring sustainable development in these regions [2]

Core Viewpoint - The article discusses the divergent investment opportunities within the A-share banking sector, highlighting the choice between stable, high-dividend state-owned banks and high-growth regional banks [2][11]. Group 1: Overview of the Banking Sector - The banking industry is experiencing a slowdown in growth, with structural pressures leading to reduced profit margins and slower overall growth rates [3][4]. - Major banks like Industrial and Commercial Bank of China (ICBC) and Shanghai Pudong Development Bank have shown negative revenue growth over the past five years, indicating a challenging environment for traditional banking [3][4]. Group 2: Investment Strategies - For conservative investors, the recommendation is to focus on large state-owned banks, which offer stable dividends and lower risk, providing a reliable cash flow [12]. - For aggressive investors seeking total returns, the focus should be on smaller, high-growth regional banks, which present higher risks but also the potential for significant returns through earnings growth and valuation recovery [13]. - A balanced approach can be taken by combining investments in both large state-owned banks and high-growth regional banks to achieve stability and growth [14]. Group 3: Performance Metrics - Key performance metrics for major banks include: - ICBC: PB of 0.68, TTM dividend yield of 5.87%, and a 5-year profit compound growth of 3.22% [19]. - Chengdu Bank: PB of 0.98, TTM dividend yield of 3.94%, and a 5-year profit compound growth of 18.29% [19]. - Hangzhou Bank: PB of 0.85, TTM dividend yield of 4.27%, and a 5-year profit compound growth of 20.80% [19]. - The article emphasizes the importance of understanding the different growth trajectories and risk profiles of these banks when making investment decisions [18].

Group 1 - The core viewpoint of the article highlights the rapid expansion and restructuring of rural banks in Jiangsu, with Changshu Rural Commercial Bank successfully opening three new branches as part of its "village to branch" transformation strategy [1][3] - In June alone, nearly 20 rural banks were approved for absorption and merger, indicating a clear trend towards industry consolidation and quality improvement [1][8] - Changshu Rural Commercial Bank's acquisition of three rural banks marks a significant step in its regional expansion, particularly in the Nanjing market, and reflects a broader trend of urban commercial banks absorbing rural banks to enhance their operational footprint [4][5] Group 2 - The restructuring process involves the complete takeover of various rural banks, with Changshu Rural Commercial Bank gaining 100% control over Jiangning Shangyin Rural Bank and other institutions, effectively consolidating its operations [3][4] - The integration of rural banks is seen as a means to optimize resource allocation and expand the network of branches, thereby enhancing competitiveness in the rural financial market [5][6] - The involvement of state-owned banks, such as the Industrial and Commercial Bank of China, in the absorption of rural banks signifies a new phase in the reform of small and medium-sized financial institutions [5][6] Group 3 - The historical context of rural banks shows a shift from rapid expansion to a focus on quality, with regulatory bodies initiating reforms to address governance issues and risk accumulation within these institutions [7][8] - The recent mergers and acquisitions are part of a broader strategy to enhance the operational efficiency and service capabilities of rural banks, despite some resistance from shareholders concerned about short-term impacts [9][10] - The long-term outlook remains positive, as the consolidation is expected to lead to increased customer bases and improved service capabilities, ultimately driving revenue growth [9]

Group 1 - Jiangsu Changshu Rural Commercial Bank has opened new branches in Nanjing, Suqian, and Yangzhou, expanding its development footprint in Jiangsu province [1][2] - The opening of the Jiangning branch marks a strategic breakthrough for Changshu Bank, being its first establishment in the provincial capital of Nanjing, enhancing its regional layout [1] - The bank aims to provide inclusive financial services and support local economic development through specialized financial offerings, including inclusive finance, technology finance, digital finance, pension finance, and green finance [1] Group 2 - The Baoying branch in Yangzhou and the Sucheng branch in Suqian opened on June 30, 2023, reinforcing the bank's commitment to serving local economies and filling service gaps in these regions [2] - The Sucheng branch's rebranding focuses on understanding local customer needs and enhancing brand influence in the regional market [2] - Changshu Bank plans to strengthen its mission to support agriculture and small enterprises, optimizing its network in Nanjing, Yangzhou, and Suqian to drive sustainable development and contribute to Jiangsu's high-quality growth [2]

Core Viewpoint - Changshu Rural Commercial Bank is expanding its presence in Jiangsu province through the acquisition and restructuring of three village banks into branches, enhancing its service network and regional penetration [2][3]. Group 1: Expansion Strategy - The bank plans to hold its first extraordinary shareholders' meeting on February 26, 2025, to approve the absorption of Jiangsu Jiangning Shangyin Village Bank, Suqian Sucheng Xingfu Village Bank, and Jiangsu Baoying Jincheng Village Bank, with regulatory approval received on June 26, 2025 [2]. - The newly established branches in Nanjing Jiangning, Yangzhou Baoying, and Suqian Sucheng were officially opened on June 28 and June 30, 2025, respectively [2]. Group 2: Regional Penetration and Resource Synergy - The establishment of these branches allows Changshu Rural Commercial Bank to extend its service network into previously uncovered areas, filling gaps in provincial capital cities and surrounding core regions [3]. - The bank aims to leverage the rich financial, policy, information, and talent resources available in Nanjing to enhance resource allocation efficiency and market responsiveness [3]. Group 3: Operational Efficiency and Risk Management - The "village-to-branch" model offers significant advantages over new branch establishment, as the acquired village banks already possess a customer base, business network, and operational experience [4]. - Changshu Rural Commercial Bank intends to integrate these village banks using its mature management systems and strong risk control technologies, effectively managing initial expansion risks [4].

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： 累计转股情况：截至 2025 年 6 月 30 日，累计已有人民币 402,000 元常 银转债转为本行 A 股普通股，累计转股股数为 54,280 股，占常银转债转股前本 行已发行普通股股份总额的 0.002%。 江苏常熟农村商业银行股份有限公司 可转债转股结果暨股份变动的公告 证券代码：601128 证券简称：常熟银行 公告编号：2025-030 转债代码：113062 转债简称：常银转债 2025 年第二季度转股情况：2025 年 4 月 1 日至 2025 年 6 月 30 日，累计 有人民币 81,000 元常银转债转为本行 A 股普通股，累计转股股数为 13,323 股。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的常银转债金额 为人民币 5,999,598,000 元，占常银转债发行总量的比例为 99.9933%。 一、可转债发行上市概况 经中国证券监督管理委员会"证监许可〔 ...

律师：朱正形、吴奕炜 本次股东大会的召集、召开程序符合《公司法》等相关法律、法规、规范性 文件及《公司章程》的规定；出席本次股东大会人员的资格和召集人资格均合法 有效；表决程序、表决结果符合《公司法》等相关法律、法规、规范性文件及《公 司章程》的规定，合法有效。 特此公告。 江苏常熟农村商业银行股份有限公司董事会 | 证券代码：601128 证券简称：常熟银行 公告编号：2025-029 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 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"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 | | | | | | | ...

Core Points - Jiangsu Changshu Rural Commercial Bank has opened three new branches in Nanjing, Suqian, and Yangzhou following the absorption of three village banks [1][2] - The opening of these branches expands the bank's development footprint in Jiangsu province [1] - The bank aims to enhance its agricultural and small business support missions through differentiated financial services [2] Summary by Sections - **Branch Openings** - The bank has officially opened new branches in Nanjing Jiangning, Suqian Sucheng, and Yangzhou Baoying after receiving regulatory approval for the absorption of three village banks [1] - **Strategic Goals** - The new branches are part of the bank's strategy to deepen its market presence in Nanjing and optimize its network layout in Yangzhou and Suqian [2] - The bank is committed to providing more business momentum for sustainable development and contributing to the high-quality development of Jiangsu [2]