Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights strong growth in non-interest income and an increase in cash dividend payout ratio [1] - The company achieved operating revenue of 6.062 billion yuan (up 10.10% YoY) and net profit attributable to shareholders of 1.969 billion yuan (up 13.51% YoY) in the first half of 2025 [2] - Total assets exceeded 400 billion yuan, reaching 401.227 billion yuan (up 9.24% YoY) by the end of June [2] - The non-performing loan (NPL) ratio remained stable at 0.76%, while the NPL coverage ratio was 489.53% [2] Summary by Sections Financial Performance - In Q2, the net interest margin was 2.55%, a decrease of 20 basis points YoY, but the decline was narrower than in Q1 [2][4] - The company reported a significant increase in investment income and commission income, with Q2 investment income at 546 million yuan (up 10.53% YoY) and commission income at 71 million yuan (up 869% YoY) [4][5] Asset Quality - The company maintained a prudent approach to asset quality management, with an increase in the proportion of non-performing loans and overdue loans compared to the end of the previous year [4] - The company increased efforts in bad debt disposal, achieving a bad debt write-off ratio of 36.33% and a recovery ratio of 171.56% [4][5] Future Outlook - The report adjusts profit forecasts for 2025-2027, expecting operating revenues of 11.966 billion yuan, 13.214 billion yuan, and 14.551 billion yuan respectively [6][8] - The net profit attributable to ordinary shareholders is projected to be 4.326 billion yuan, 4.934 billion yuan, and 5.598 billion yuan for the same period [6][8] - The company is expected to maintain a stable asset quality while actively expanding non-interest income streams [8]

证券代码：601128 证券简称：常熟银行 公告编号：2025-040 江苏常熟农村商业银行股份有限公司 投资者交流会会议纪要公告 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。 本行于 2025 年 8 月 8 日在上海证券交易所网站披露 2025 年半年度报告。为 便于广大投资者更全面深入地了解本行 2025 年半年度经营成果和财务状况，8 月 8 日下午，本行在江苏常熟龙腾希尔顿酒店琴湖厅举办 2025 年投资者交流会。 董事长薛文、行长包剑携全体领导班子成员及相关机构和部门负责人出席会议。 会议由董事会秘书唐志锋主持。现将互动交流问题纪要整理如下： 问题 1：2025 年半年度营收、利润增长的驱动因素是什么？对全年营收利 润的展望。 答：2025 年上半年，本行实现营业收入 60.62 亿元，同比增 10.10%；实现 归母净利润 19.69 亿元，同比增 13.51%；年化总资产收益率（ROA）1.10%，同 比提升 0.02 个百分点；年化加权平均净资产收益率（ ...

Core Viewpoint - The article discusses the recent adjustments in stock holdings by social security funds in the A-share market, highlighting the sectors and companies that have seen increased or decreased investments. Group 1: Increased Holdings - Social security funds have emerged as significant shareholders in 41 A-shares, with a total market value of 12.622 billion yuan as of August 12 [2] - Notable increases in holdings were observed in the banking, feed, and small home appliance sectors, with Changshu Bank being the most heavily invested stock, showing a significant increase in shares held [2][3] - Hai Da Group saw its holdings nearly double, with social security funds holding a total of 21.0344 million shares by the end of the first half of the year [7] - Other companies like Huace Navigation, Li New Energy, and Nanwei Medical also experienced increases in holdings exceeding 2 million shares [8] Group 2: Decreased Holdings - Jiuzhou Pharmaceutical was the most significantly reduced stock, with a decrease of 11.4141 million shares, representing over a 50% reduction in holdings [10] - Other companies such as Jerry Shares and Aide Biology also faced substantial reductions, with Jerry Shares seeing a decrease of over 10 million shares [11] - The chemical sector experienced notable reductions, with companies like Huafeng Chemical and Aide Biology being among those affected [12] Group 3: New Investments - Satellite Chemical was highlighted as a new investment by social security funds, with the fund becoming the ninth largest shareholder with 20.1693 million shares [13] - Other new investments included companies like Su Shi Testing and Xin Qiang Lian, which have seen significant market interest from multiple social security fund combinations [13] - Su Shi Testing, despite a 16% drop in stock price during the second quarter, rebounded by nearly 17% since July, indicating potential growth prospects [14]

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]