Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company announced its first mid-term dividend plan, reflecting its commitment to shareholder returns and ability to enhance dividend amounts by increasing capital stock by 10% annually in 2024 and 2025 [2][11]. - The bank is accelerating its branch expansion, including the absorption of Jiangsu Rudong Rongxing Village Bank and the establishment of a technology branch in Suzhou High-tech Zone, indicating a clear path for growth [2][11]. - The bank's performance remains strong, with a focus on improving asset quality and maintaining a leading position in industry growth rates [11]. Summary by Sections Company Investment Rating - The current stock price is 7.39 yuan, with a total share capital of 331,649 million shares and a net asset per share of 9.57 yuan [9]. Dividend Policy - The company plans to implement mid-term dividends for the first time, with expectations to increase the dividend per share (DPS) to 0.28 yuan or 0.30 yuan in 2025, resulting in dividend yields of 3.8% and 4.0% respectively [11]. Branch Expansion - The bank has accelerated its branch expansion since Q4 2024, with a clear growth trajectory through various acquisition and establishment strategies, including the absorption of village banks and the establishment of new branches [11][12]. Financial Performance - The bank's net interest margin remains significantly above industry averages, and it is expected to maintain a steady credit growth rate of around 8% in 2025 [11]. - The bank's non-performing loan ratio is projected to improve, with a focus on risk management and asset quality [11]. Market Position - The bank is currently valued at 0.77 times its 2025 price-to-book ratio, indicating it is undervalued compared to historical levels, and is recommended for investment due to its competitive advantages and growth potential [11].

截至2025年6月13日收盘，常熟银行（601128）报收于7.39元，较上周的7.24元上涨2.07%。本周，常熟 银行6月13日盘中最高价报7.49元。6月9日盘中最低价报7.1元。常熟银行当前最新总市值245.09亿元， 在农商行板块市值排名3/10，在两市A股市值排名613/5150。 本周关注点 交易信息汇总 常熟银行本周出现两笔折价明显的大宗交易：- 6月11日，1笔折价11.04%的大宗交易，合计成交226.2万 元。- 6月10日，1笔折价10.21%的大宗交易，合计成交199.86万元。 公司公告汇总第八届董事会第十二次会议决议公告 江苏常熟农村商业银行股份有限公司第八届董事会第十二次会议于2025年6月13日召开，审议通过以下 议案：- 提请股东大会授权董事会决定2025年中期利润分配方案。- 变更注册资本并相应修改《公司章 程》有关条款，注册资本由人民币3,014,978,914元变更为人民币3,316,485,099元，该议案还需提交股东 大会审议并经国家金融监督管理总局苏州监管分局核准。- 吸收合并江苏如东融兴村镇银行有限责任公 司并设立分支机构，该议案也需提交股东大会审议。- 设立 ...

Group 1 - The company will hold its second extraordinary general meeting of shareholders on June 30, 2025 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The online voting system will be provided by the Shanghai Stock Exchange, with voting available from 9:15 AM to 3:00 PM on the day of the meeting [1][2] Group 2 - The company plans to change its registered capital from RMB 3,014,978,914 to RMB 3,316,485,099 due to the conversion of convertible bonds and profit distribution [20] - The company will modify relevant clauses in its Articles of Association to reflect the change in registered capital [21] - The proposed changes will require approval from the general meeting of shareholders and the regulatory authority [21][28] Group 3 - The board of directors approved several proposals, including the mid-year profit distribution plan and the merger with Jiangsu Rudong Rongxing Village Bank [25][30] - The establishment of a new branch in Suzhou focused on technology finance was also authorized [31] - The board meeting was conducted in compliance with legal regulations, with all directors present [24]

Group 1 - The company has approved a change in registered capital and corresponding amendments to its Articles of Association due to the implementation of the 2024 profit distribution plan and the conversion of convertible bonds into shares [1][2] - The registered capital will be increased from RMB 3,014,978,914 to RMB 3,316,485,099 as a result of the conversion of 52,000 yuan of convertible bonds into 7,540 shares [1][2] - The company plans to modify the relevant clauses in its Articles of Association to reflect the new registered capital amount, while other provisions will remain unchanged [2]

二、董事会会议审议情况 证券代码：601128 证券简称：常熟银行 公告编号：2025-024 江苏常熟农村商业银行股份有限公司 第八届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 本行第八届董事会第十二次会议于 2025 年 6 月 13 日以现场和视频相结合的 方式召开，会议通知及会议文件已于 2025 年 6 月 5 日发出。会议由薛文董事长 主持，会议应到董事 12 人，实到董事 12 人。部分监事和高管列席了会议，会议 符合《公司法》等法律法规及本行《章程》的有关规定。 本议案尚需提交股东大会审议。 （四）设立苏州科技支行 （一）提请股东大会授权董事会决定 2025 年中期利润分配方案 同意 12 票，反对 0 票，弃权 0 票。 本议案尚需提交股东大会审议。 （二）变更注册资本并相应修改《公司章程》有关条款 同意 12 票，反对 0 票，弃权 0 票。 具体内容详见本行同日披露在上海证券交易所网站的《常熟银行 ...

证券代码：601128 证券简称：常熟银行 公告编号：2025-025 江苏常熟农村商业银行股份有限公司 关于变更注册资本并相应修改《公司章程》的公告 | 1 | 第六条 | 本行注册资本金为人民 | 第六条 | 本行注册资本金为人民币 | | --- | --- | --- | --- | --- | | | 币 | 3,014,978,914 元。 | 3,316,485,099 | 元。 | 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。 一、变更注册资本情况 本行于 2022 年 9 月 15 日发行的可转换公司债券（以下简称"常银转债"） 自 2023 年 3 月 21 日起可转换为本行 A 股普通股。自 2024 年 5 月 29 日至 2025 年 6 月 4 日，累计 52,000 元常银转债转为本行 A 股普通股，累计转股数为 7,540 股，转股后本行股本总数由 3,014,978,914 股增加至 3,014,986,454 股。 本行于 2025 年 ...

证券代码：601128 证券简称：常熟银行 公告编号：2025-026 江苏常熟农村商业银行股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、召开会议的基本情况 (一)股东大会类型和届次 2025年第二次临时股东大会 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》等有关 规定执行。 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 30 日 9 点 30 分 召开地点：江苏省常熟市新世纪大道 58 号本行三楼多功能厅 股东大会召开日期：2025年6月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网 ...

2025 年第二次临时股东大会会议资料 江苏常熟农村商业银行股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 6 月 30 日 2025 年第二次临时股东大会会议资料 目 录 | 股东大会议程 | 2 | | --- | --- | | 股东大会会议须知 | 3 | | 提请股东大会授权董事会决定 2025 年中期利润分配方案 | 4 | | 变更注册资本并相应修改《公司章程》有关条款 | 5 | | 吸收合并江苏如东融兴村镇银行有限责任公司并设立分支机构 | 6 | 1、提请股东大会授权董事会决定 2025 年中期利润分配方案 2、变更注册资本并相应修改《公司章程》有关条款 3、吸收合并江苏如东融兴村镇银行有限责任公司并设立分支机构 四、投票表决、计票 五、宣布表决结果 六、律师宣读法律意见书 七、大会结束 2025 年第二次临时股东大会会议资料 1 2025 年第二次临时股东大会会议资料 股东大会议程 会议时间：2025 年 6 月 30 日（星期一）上午 9:30 会议地点：江苏省常熟市新世纪大道 58 号本行三楼多功能厅 主 持 人：董事长 薛文先生 一、主持人宣布会议开始 二、审 ...

本行第八届董事会第十二次会议于 2025 年 6 月 13 日以现场和视频相结合的 方式召开，会议通知及会议文件已于 2025 年 6 月 5 日发出。会议由薛文董事长 主持，会议应到董事 12 人，实到董事 12 人。部分监事和高管列席了会议，会议 符合《公司法》等法律法规及本行《章程》的有关规定。 江苏常熟农村商业银行股份有限公司 第八届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 证券代码：601128 证券简称：常熟银行 公告编号：2025-024 同意 12 票，反对 0 票，弃权 0 票。 具体内容详见本行同日披露在上海证券交易所网站的《常熟银行关于变更注 册资本并相应修改<公司章程>的公告》（2025-025）。 本议案尚需提交股东大会审议并经国家金融监督管理总局苏州监管分局核 准。 （三）吸收合并江苏如东融兴村镇银行有限责任公司并设立分支机构 同意 12 票，反对 0 票，弃权 0 票。 同意 12 票， ...

Investment Rating - The report maintains a positive outlook on bank stocks, suggesting a "Buy" rating for the sector, with expectations that bank stocks will outperform the Shanghai Composite Index by 15% or more within the next six months [86]. Core Viewpoints - The current rally in bank stocks is primarily driven by state-owned capital, with significant investments from central financial institutions and a shift in foreign capital's stance towards net inflows [30][12]. - The report emphasizes the importance of state-owned capital in stabilizing the banking sector and preventing systemic risks, as well as the potential for bank stocks to provide stable returns for investors seeking income [34][39]. - The anticipated recovery in bank stock valuations is supported by improved asset quality due to policies aimed at stabilizing the housing market and addressing local government debt [60][62]. Summary by Sections 1. State-Owned Capital as the Engine of Bank Stock Rally - The rally began with state-owned banks leading the market, followed by a broader participation from various types of banks in 2024 and 2025 [10][31]. - In 2023, net inflows from ETFs, state-owned capital, and financing funds were significant, while foreign and insurance funds experienced net outflows [12][30]. 2. Restructuring Logic of Equity Finance - The report highlights that state-owned capital's investment in bank stocks serves to stabilize financial markets and provide a reliable income source amid declining land transfer revenues [42][44]. - Bank stocks are viewed as a safe investment due to their high dividend yields and stable performance, with many banks offering yields above 4% compared to lower yields on government bonds [42][44]. 3. Funding Landscape - Long-term Capital as a Stabilizing Force - The report anticipates that insurance and public funds will continue to support bank stocks, with a focus on long-term liquidity [47][51]. - Insurance funds are expected to increase their allocation to bank stocks due to regulatory changes and the need for higher returns in a low-interest-rate environment [51][54]. 4. Fundamental Improvements - Policies aimed at stabilizing the housing market and addressing local government debt are expected to enhance the asset quality of banks, leading to a revaluation of bank stocks [60][62]. - The introduction of new credit tools and technological advancements are seen as catalysts for further growth in the banking sector [60][66]. 5. Policy Environment - Interest Margins Expected to Rebound - The report notes that recent asymmetric interest rate cuts signal a turning point in the excessive benefits provided to the real economy, suggesting a potential rebound in interest margins [70][73]. - Regulatory oversight is focused on maintaining the health of the banking sector while balancing support for economic growth [73]. 6. Investment Recommendations - The report recommends focusing on bank stocks with high dividend yields and strong growth potential, particularly those with robust operational efficiency [80]. - Specific banks highlighted as beneficiaries include China Merchants Bank, Changshu Bank, Chengdu Bank, and Hangzhou Bank [80].