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].

Group 1 - The A-share market showed mixed performance on June 10, with defensive sectors like banking leading the gains, as evidenced by the Tianhong Bank ETF (515290) rising by 1.29% and reaching a new high since its listing [1] - Multiple banks have announced dividend distributions, with 11 banks having completed their year-end dividend distributions by June 6, 2024, indicating an earlier payout schedule compared to previous years [1] - The Tianhong Bank ETF closely tracks the CSI Bank Index, which consists of up to 50 banking stocks, reflecting the overall performance of the banking sector [1] Group 2 - According to Shenwan Hongyuan's latest report, the banking sector has experienced a recovery since the end of 2023, with a cumulative increase of 55%, driven primarily by valuation recovery and supported by high dividend yields [2] - Guotou Securities emphasizes that valuation changes have a more significant and lasting impact on banks compared to minor performance changes, with ongoing trends since 2021 expected to continue driving returns in the banking sector [2]

Investment Rating - The report assigns a "Buy" rating for Changshu Bank with a target price of 9.59 CNY, corresponding to a 0.91x PB for 2025 [5]. Core Views - Changshu Bank focuses on serving small businesses and individual entrepreneurs, emphasizing a "small and scattered" approach to deepen its presence in the inclusive finance sector [1][2]. - The bank benefits from a strong net interest income, with significant potential for improvement in non-interest income [2]. - The bank's asset quality is robust, supported by prudent risk control and sufficient provisioning, which enhances its ability to maintain stable dividends and internal capital replenishment [2][4]. - The macroeconomic policies promoting consumption and rural development are expected to favorably impact the bank's future growth [3]. Summary by Sections 1. Regional Advantages - Jiangsu Province, where Changshu Bank is located, shows strong economic growth, with a GDP of 13.7 trillion CNY in 2024, ranking second nationally with a growth rate of 6.85% [12][15]. - Changshu City is strategically positioned in the Yangtze River Delta, contributing significantly to regional industrial chains and financial activities [2][31]. 2. Financial Performance - The bank's revenue is primarily derived from net interest income, with projections indicating a net profit growth rate of 12.67%, 12.60%, and 12.17% for 2025-2027 [4]. - The bank's financial metrics for 2025 include an expected operating income of 117 billion CNY and a net profit of 43 billion CNY [4]. 3. Business Strategy - Changshu Bank has established a broad network of branches, with 170 branches as of 2024, focusing on local markets while expanding into other regions through village and town banks [49][50]. - The bank's strategy includes leveraging its "investment management bank" qualifications to acquire smaller banks, facilitating future credit business expansion [2][4]. 4. Future Outlook - The bank's digital transformation strategy aims to enhance its operational efficiency and service delivery, with a focus on small and micro-loans [44][45]. - The bank's commitment to supporting rural and small business financing aligns with national policies aimed at promoting economic development in these sectors [51].