Core Viewpoint - Jiangsu Changshu Rural Commercial Bank Co., Ltd. announced an adjustment to the conversion price of its convertible bonds due to the implementation of the 2025 interim profit distribution plan, which includes a cash dividend distribution to shareholders [1][3][5]. Summary by Sections Convertible Bond Issuance - The bank issued 6 billion RMB of convertible bonds on September 15, 2022, with an initial conversion price of 8.08 RMB per share [2]. Adjustment Basis for Conversion Price - The adjustment to the conversion price is based on the bank's decision to distribute cash dividends of 1.50 RMB per 10 shares to shareholders, approved during the second extraordinary general meeting on June 30, 2025 [3][4]. Conversion Price Adjustment Formula and Results - The conversion price adjustment formula is defined as P1 = P0 - D, where P0 is the pre-adjustment price, D is the cash dividend per share, and P1 is the post-adjustment price [4]. - The conversion price will be adjusted from 6.04 RMB per share to 5.89 RMB per share, effective from September 8, 2025 [5][6]. Dividend Distribution Details - The total cash dividend distribution amounts to approximately 497.48 million RMB, based on a total share capital of 3,316,514,387 shares, with each share receiving a cash dividend of 0.15 RMB [10].

Core Viewpoint - The listed banks in China have shown strong performance in the first half of the year and are preparing to reward investors with significant mid-term dividends, reflecting their profitability and commitment to shareholder returns [2][4]. Group 1: Dividend Distribution - Among the 42 listed banks in A-shares, nearly half will implement mid-term dividends for 2025, with 17 banks already disclosing their plans, totaling 237.54 billion yuan [2]. - The six major state-owned banks lead in dividend distribution, with Industrial and Commercial Bank of China (ICBC) at the forefront, distributing 50.396 billion yuan, followed by China Construction Bank and Agricultural Bank of China with 48.605 billion yuan and 41.823 billion yuan respectively [2]. - The total dividends from the six major state-owned banks account for 86% of the total dividends announced by the 17 banks [2]. Group 2: Specific Bank Plans - Among joint-stock banks, CITIC Bank, Minsheng Bank, Ping An Bank, and Huaxia Bank have announced their mid-term dividend plans, with CITIC Bank proposing a total of 10.461 billion yuan [3]. - In the city and rural commercial banks, seven banks have announced mid-term dividends, including Ningbo Bank and Shanghai Bank, with Shanghai Bank proposing a cash dividend of 3 yuan per 10 shares [3]. - Four banks have a dividend payout ratio exceeding 30%, including Shanghai Bank and Postal Savings Bank, indicating a strong commitment to returning value to shareholders [3]. Group 3: Market Implications - The expansion of banks implementing mid-term dividends and their willingness to distribute reflects the resilience of the banking sector's profitability and a positive response to shareholder return demands [4]. - This trend indicates improved cash flow and capital management capabilities among certain banks, which may help boost market confidence and attract long-term value investors [4].

Group 1 - The core point of the announcement is the adjustment of the conversion price for the "Changyin Convertible Bonds" due to the implementation of the 2025 interim profit distribution plan [1][2] - The previous conversion price was set at RMB 6.04 per share, which will be adjusted to RMB 5.89 per share effective from September 8, 2025 [1][6] - The adjustment is based on the cash dividend distribution of RMB 0.15 per share, which is part of the profit distribution plan approved by the board on August 7, 2025 [2][6] Group 2 - The cash dividend distribution date is set for September 8, 2025, with the record date for shareholders being September 5, 2025 [2][4] - The convertible bonds were initially issued on September 15, 2022, with a total amount of RMB 6 billion and a maturity period of 6 years [1][2] - The conversion period for the bonds is from March 21, 2023, to September 14, 2028, with an initial conversion price of RMB 8.08 per share [1][2]

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 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： ? 每股分配比例 A 股每股现金红利0.15元 ? 相关日期 | 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 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。 本次利润分配以方案实施前的本行总股本3,316,514,387股为基数，每股派发 现金红利0.15元（含税），共计派发现金红利497,477,158.05元。 三、相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | ...

Group 1 - The core viewpoint is that the performance of listed banks has significantly improved in the first half of 2025, with total operating income exceeding 2.9 trillion yuan and net profit exceeding 1.1 trillion yuan [1][2] - Non-interest income has played a crucial role in supporting the improvement of bank performance, with notable growth in banks like Jiangyin Bank and Changshu Bank, which achieved double-digit year-on-year growth in both operating income and net profit [1][2][3] - The net interest margin (NIM) remains a concern for the banking sector, with management from various banks indicating that while there is still downward pressure on NIM, the rate of decline is expected to gradually stabilize [1][4] Group 2 - Major banks such as Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Postal Savings Bank of China reported the highest operating incomes in the first half of the year, with figures of 427.09 billion yuan, 394.27 billion yuan, 369.94 billion yuan, 329.00 billion yuan, and 179.45 billion yuan respectively [2] - In terms of net profit, the top five banks were also led by Industrial and Commercial Bank of China, with a net profit of 168.10 billion yuan, followed by China Construction Bank at 162.08 billion yuan, Agricultural Bank of China at 139.51 billion yuan, Bank of China at 117.59 billion yuan, and China Merchants Bank at 74.93 billion yuan [2] - Jiangyin Bank and Changshu Bank reported impressive growth rates in their financial performance, with Jiangyin Bank's operating income growing by 10.45% and net profit by 16.63%, while Changshu Bank's operating income increased by 10.10% and net profit by 13.51% [2][3] Group 3 - The "anti-involution" policy is seen as an opportunity for banks, with expectations that it will help stabilize the decline in net interest margins [4] - The policy is expected to alleviate the downward pressure on asset yields in the banking sector, although it may also present challenges due to varying implementation across different regions and banks [4] - Long-term, the "anti-involution" policy is anticipated to improve supply-demand relationships, benefiting corporate profitability and driving financial resources towards high-end manufacturing and green economy sectors, which could help banks optimize their asset and client structures [4]

（编辑 楚丽君） 证券日报网讯 9月1日晚间，常熟银行发布公告称，2025年半年度利润分配方案为A股每股现金红利0.15 元（含税），股权登记日为2025年9月5日，除权（息）日及现金红利发放日均为2025年9月8日。 ...

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]