Core Insights - The social security fund has disclosed its stock holdings, appearing in the top ten shareholders of 551 companies by the end of Q4 last year, with new investments in 159 companies and increased holdings in 151 companies [1][2] Group 1: Stock Holdings - The total number of shares held by the social security fund is 10.407 billion, with a total market value of 166.236 billion yuan [1] - The most significant holdings include Changshu Bank (601128) with 268.4005 million shares, Sun Paper (002078) with 159.4633 million shares, and Hisense Visual (600060) with 75.2357 million shares [1][2] - The highest holding percentage is in Changshu Bank at 8.90%, followed by Biyin Lefen (002832) at 8.33% [2] Group 2: Performance Metrics - Among the stocks held, 302 companies reported a year-on-year increase in net profit, with Guangxi Energy (600310) showing the highest growth of 3704.04% [2] - The average performance of the social security fund's heavy stocks has seen a slight decline of 0.04% this year, outperforming the Shanghai Composite Index [3] Group 3: Sector Distribution - The social security fund's holdings are primarily concentrated in the pharmaceutical and biological, basic chemicals, and machinery equipment sectors, with 62, 46, and 44 companies respectively [2]

银行 2025 年 4 月 28 日 常熟银行(601128.SH) 非息支撑营收稳健，资产质量保持优异 强烈推荐（维持） 股价：7.26 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.csrcbank.com | | 大股东/持股 | 交通银行股份有限公司/9.01% | | 实际控制人 | | | 总股本(百万股) | 3,015 | | 流通 A 股(百万股) | 3,015 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 219 | | 流通 A 股市值(亿元) | 219 | | 每股净资产(元) | 9.57 | | 资产负债率(%) | 91.9 | 行情走势图 相关研究报告 【平安证券】常熟银行（601128.SH）*年报点评*息差 显韧性，资产质量保持优异*强烈推荐20250328 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S10605250 ...

A股银行板块震荡走强，重庆银行涨近3%，常熟银行、沪农商行、上海银行、农业银行、建设银行跟 涨。 ...

Summary of Key Points Core Viewpoint - The Social Security Fund has significantly adjusted its stock holdings, with a total of 483 stocks appearing in the top ten circulating shareholders list, indicating active investment strategies and potential market trends [1][2]. Group 1: Stock Holdings and Changes - The Social Security Fund holds a total of 8.961 billion shares across 483 stocks, with a total market value of 142.383 billion yuan [1]. - There were 141 new stock positions and 130 increased holdings, while 124 stocks were reduced [1]. - The top three stocks by holding volume are Changshu Bank (26.840 million shares), Sun Paper (15.946 million shares), and Hisense Visual (7.524 million shares) [1][2]. Group 2: Stock Performance and Profit Growth - Among the stocks held, 278 companies reported year-on-year net profit growth, with Guangxi Energy showing the highest increase of 3,704.04%, followed by Andisoo and Hand Information with increases of 2,208.66% and 842.28% respectively [2]. - The average increase of the Social Security Fund's heavy stocks this year is 1.30%, outperforming the Shanghai Composite Index [2]. - The best-performing stock is Shuanglin Shares with a cumulative increase of 184.12%, while the largest decline is seen in Dekeli with a drop of 42.00% [2]. Group 3: Sector Distribution - The stocks held by the Social Security Fund are primarily concentrated in the pharmaceutical and biological, basic chemical, and machinery equipment sectors, with 55, 43, and 41 stocks respectively [2]. - The distribution of stocks includes 345 on the main board, 81 on the ChiNext board, and 57 on the Sci-Tech Innovation board [2].

Group 1: Key Insights on Gujinggong Liquor (古井贡酒) - The company reported 2024 revenue of 23.58 billion, a year-on-year increase of 16.4%, and a net profit of 5.52 billion, up 20.2% year-on-year [12][16] - For Q1 2025, revenue reached 9.15 billion, growing 10.4% year-on-year, with net profit at 2.33 billion, a 12.8% increase [12][16] - The company maintains a buy rating with projected net profits for 2025-2027 at 5.92 billion, 6.29 billion, and 6.63 billion respectively, reflecting growth rates of 7.3%, 6.3%, and 5.3% [16] Group 2: Key Insights on Chongqing Bank (重庆银行) - In Q1 2025, Chongqing Bank achieved revenue of 3.6 billion, a 5.3% year-on-year increase, and a net profit of 1.6 billion, also up 5.3% [15][20] - The bank's non-performing loan ratio decreased to 1.21%, with a provision coverage ratio rising to 248% [15][20] - The bank's loan growth accelerated, with a 16.4% year-on-year increase, driven by a more than 30% growth in corporate loans [20] Group 3: Industry Insights on Real Estate - The recent political bureau meeting emphasized the importance of stabilizing the real estate market, highlighting the need for high-quality housing supply [22][26] - The meeting also called for optimizing the policies for acquiring existing housing stock, indicating a proactive approach to address market challenges [26] - The real estate sector is viewed as crucial for economic stability, with ongoing support expected to enhance market conditions [22][26]

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [1] Core Views - Changshu Bank's Q1 2025 revenue reached 3 billion yuan, a year-on-year increase of 10.0%, while net profit attributable to shareholders was 1.1 billion yuan, up 13.8% year-on-year [4][6] - The bank's non-performing loan (NPL) ratio decreased by 1 basis point to 0.76% quarter-on-quarter, and the provision coverage ratio fell by 11 percentage points to 490% [4][9] - The bank's performance remains strong, with revenue and profit growth placing it in the leading tier of the industry despite a slight slowdown in growth rates [6][9] Financial Data and Profit Forecast - Total operating revenue (in million yuan) is projected to grow from 9,870.29 in 2023 to 11,601.01 in 2025E, with a year-on-year growth rate of 12.05% in 2023, 10.53% in 2024, and 6.34% in 2025E [5] - Net profit attributable to shareholders is expected to increase from 3,281.50 million yuan in 2023 to 4,199.74 million yuan in 2025E, with year-on-year growth rates of 19.60% in 2023, 16.20% in 2024, and 10.14% in 2025E [5] - The bank's return on equity (ROE) is projected to be 13.69% in 2023, 14.12% in 2024, and 13.83% in 2025E [5] Key Operational Insights - The bank's non-interest income saw a significant increase of 62% year-on-year in Q1 2025, contributing 9.3 percentage points to revenue growth [6][9] - Interest income grew by 0.9% year-on-year in Q1 2025, supported by asset expansion despite a narrowing interest margin [6][9] - Loan growth was 6.1% year-on-year in Q1 2025, with a focus on optimizing the loan structure and reducing risk exposure [6][11]

Core Insights - The performance of A-share listed rural commercial banks in 2024 shows significant growth, with notable leaders being Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank, whose revenue and net profit gaps are narrowing [1][2] - Changshu Bank stands out with the highest net interest margin among all rural commercial banks and A-share listed banks, achieving a net interest margin of 2.71% [3][5] - Many rural commercial banks have seen substantial increases in investment income due to favorable market conditions, with some banks reporting over 100% growth in this area [9][12] Group 1: Performance Comparison - Chongqing Rural Commercial Bank achieved approximately 28.3 billion in revenue, while Shanghai Rural Commercial Bank reached about 26.6 billion, with both banks significantly outperforming others [2] - The net profit for Shanghai Rural Commercial Bank and Chongqing Rural Commercial Bank was 12.6 billion and 11.8 billion respectively, indicating a close competition [2] - The revenue gap between the two banks is around 1.5 billion, and the net profit gap is less than 1 billion [2] Group 2: Changshu Bank's Leadership - Changshu Bank's net interest margin of 2.71% is significantly higher than the average of other rural commercial banks, which are generally below 2.0% [3][5] - The bank's loan structure, with 56% of total loans being personal loans, contributes to its leading position in net interest margin [5] - The average interest rate on personal loans for Changshu Bank reached 6.8%, the highest among A-share listed rural commercial banks [6] Group 3: Investment Income Growth - Several rural commercial banks, including Zhangjiagang Bank, Zijin Bank, and Ruifeng Bank, reported investment income growth rates exceeding 100% [9] - Zhangjiagang Bank attributed its investment income increase to a significant expansion in its bond trading account [12] - Chongqing Rural Commercial Bank's investment income growth was driven by improved market analysis and diversified investment strategies [13]

Investment Rating - The investment rating for Changshu Bank is "Buy-A" with a 6-month target price of 9.63 CNY, compared to the current stock price of 7.26 CNY [6]. Core Views - Changshu Bank's performance in Q1 2025 shows resilience, with revenue growth of 10.04%, pre-provision profit growth of 12.58%, and net profit growth of 13.81%. Although the growth rates have slightly declined, they remain at a high level [1]. - The bank's performance is primarily driven by the expansion of interest-earning assets and an increase in net non-interest income, despite a significant drag from declining interest margins [1]. Summary by Sections Asset Growth - As of the end of Q1 2025, Changshu Bank's total assets grew by 6.67% year-on-year, with an increase of 22.4 billion CNY in total assets during the quarter. Financial investments contributed 11.7 billion CNY, accounting for 52.00% of the increase, while loans increased by 8.8 billion CNY [2]. - The loan portfolio saw a year-on-year growth of 6.12%, supported by corporate loans, while financial investments increased by 3.36%. The proportion of loans in interest-earning assets decreased by 1.49 percentage points to 63.36% [2]. Retail and Corporate Lending - Retail loan demand remains weak, with a year-on-year growth of only 0.1% in retail loans. The bank has proactively slowed down retail loan disbursements due to ongoing retail risks [3]. - Corporate loans grew by 13.04% year-on-year, with a stable growth rate. The bank focused on supporting technology innovation enterprises and small businesses, with loans of 10 million CNY or less making up 71.33% of total loans [3]. Liability Management - As of the end of Q1 2025, deposits grew by 9.00% year-on-year, outpacing loan growth, with a continuous optimization of the deposit structure. The proportion of demand deposits increased by 1.06 percentage points to 19.17% [4]. Interest Margin and Non-Interest Income - The net interest margin for Q1 2025 was 2.61%, showing a year-on-year decline of 22 basis points but a quarter-on-quarter improvement of 2 basis points. The bank's loan yield was 5.42%, down 21 basis points from the beginning of the year [5]. - Non-interest income saw a significant increase of 62.01% year-on-year, driven by a 495.23% increase in net fee income, primarily due to a low base last year and increased fees from services like precious metals and insurance [9]. Cost Efficiency and Asset Quality - The cost-to-income ratio improved to 34.74%, down 0.52 percentage points year-on-year, indicating initial success in cost reduction and efficiency enhancement [9]. - The non-performing loan ratio improved to 0.76%, with a provision coverage ratio of 489.56%. The bank is expected to continue efforts in managing non-performing loans [9]. Future Outlook - The bank is expected to maintain resilience in performance, with projected revenue growth of 9.71% and profit growth of 13.39% for 2025. The focus will be on optimizing customer service and enhancing small business lending [10].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][10]. Core Views - The company achieved a revenue of 2.971 billion yuan in Q1 2025, representing a year-on-year growth of 10.0%, and a net profit of 1.083 billion yuan, up 13.8% year-on-year. Non-interest income saw a significant increase of 62.0%, contributing to the overall revenue growth [1][4]. - The net interest margin (NIM) decreased by 22 basis points year-on-year to 2.61%, reflecting industry-wide pressure. The company managed to control deposit costs effectively, with the deposit cost rate declining by 19 basis points to 2.01% [2][4]. - Retail loan demand remains weak, with total loans at 249.6 billion yuan, a growth of 3.6% year-on-year. The company is focusing on quality customer selection, leading to a slowdown in loan growth [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 2.971 billion yuan, a 10.0% increase year-on-year, and a net profit of 1.083 billion yuan, up 13.8% year-on-year. Non-interest income accounted for 22.0% of total revenue, with a significant increase in fees and other non-interest income [1][4]. - The company forecasts net profits of 4.410 billion yuan, 5.209 billion yuan, and 6.168 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 15.7%, 18.1%, and 18.4% [4][5]. Asset Quality - The non-performing loan (NPL) ratio stood at 0.76%, a slight decrease from the beginning of the year. The provision coverage ratio is at 490%, indicating a strong position compared to peers [3][4]. - The company has a total asset of 389 billion yuan, with loans totaling 249.6 billion yuan and deposits at 309 billion yuan, reflecting a year-on-year growth of 6.6%, 3.6%, and 7.9%, respectively [3][4]. Market Position and Outlook - The company maintains a strong competitive position in the small and micro-enterprise lending market, with a comprehensive network in Jiangsu province and plans for further expansion into other regions [4][6]. - Despite the current economic recovery being slow and micro-loan pressures, the long-term investment value of the company is viewed positively, with a projected price-to-book (PB) ratio of 0.68x for 2025 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 8.86 [8][11]. Core Views - The company demonstrated strong resilience in performance, with a year-on-year increase in net profit and operating income of 13.8% and 10.0% respectively for Q1 2025 [1]. - Non-interest income has significantly supported growth, with a year-on-year increase of 62% in non-interest income for Q1 2025, contributing to a high revenue growth [3]. - The asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 490% as of March 2025 [4]. Summary by Sections Financial Performance - For Q1 2025, the annualized ROE and ROA increased by 0.15 percentage points and 0.06 percentage points to 14.89% and 1.23% respectively [1]. - Interest income growth faced pressure, but non-interest income, particularly from investment gains and foreign exchange, showed rapid growth [1][3]. Credit and Interest Margin - As of March 2025, total assets, loans, and deposits grew by 6.7%, 6.1%, and 6.8% respectively, indicating a cautious approach to credit growth [2]. - The net interest margin decreased by 10 basis points to 2.61%, primarily due to pricing pressure on the asset side [2]. Non-Interest Income and Cost Management - Non-interest income accounted for 22.0% of total revenue, up 7.1 percentage points year-on-year, with significant contributions from investment income and foreign exchange [3]. - The cost-to-income ratio improved, decreasing by 5.4 percentage points to 34.7% [3]. Asset Quality and Capital Adequacy - The company maintains a strong asset quality with a non-performing loan generation rate of 1.09% for Q1 2025, indicating potential short-term pressure on small and micro enterprises [4]. - Capital adequacy ratios as of March 2025 were 13.67% for total capital and 10.78% for core Tier 1 capital, reflecting a slight decrease from the end of 2024 [4]. Valuation and Earnings Forecast - The report forecasts net profits for 2025-2027 to be RMB 42 billion, RMB 47 billion, and RMB 53 billion, with year-on-year growth rates of 10.9%, 11.4%, and 11.6% respectively [5]. - The target price corresponds to a price-to-book ratio of 0.85 for 2025, indicating a valuation premium due to the company's resilient business model [5].