证券代码：601128 证券简称：常熟银行 公告编号：2025-033 江苏常熟农村商业银行股份有限公司 关于修订《公司章程》的公告 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7月24日召开的第八届董事会第十三次会议审议通过了关于 《修订<公司章程>》的议案，并同意将该议案提交公司股东大会审议。《公司章 程》具体修改情况如下： | 序号 | 修订前条款 | 修订后条款 | 修订依据 | | --- | --- | --- | --- | | | 第一条 为维护江苏常熟农村商业银行股 | 第一条 为维护江苏常熟农村商业银行股份 | | | | 份有限公司（以下简称"本行"）、股东 | 有限公司（以下简称"本行"）、股东、职 | | | | 和债权人的合法权益，规范本行的组织和 | 工和债权人的合法权益，规范本行的组织和 | | | | 行为，根据《中国共产党章程》《中华人 | 行为，根据《中国共产党章程》《中华人民 | | | | 民共和国公司法》（以下 ...

证券代码：601128 证券简称：常熟银行 公告编号：2025-035 江苏常熟农村商业银行股份有限公司 关于召开2025年第三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年第三次临时股东大会 (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 8 月 11 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8月11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络投票 系统 (五)网络投票的系统、起止日期和投票时间。 (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 ...

2025 年第三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 年第三次临时股东大会 会议资料 2025 年 8 月 11 日 2025 年第三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 | | 吸收合并盐城滨海兴福村镇银行有限责任公司并设立分支机构 | 4 | | 吸收合并镇江润州长江村镇银行股份有限公司并设立分支机构 | 6 | | 吸收合并常州钟楼长江村镇银行股份有限公司并设立分支机构 | 8 | | 不再设立监事会 | 10 | | 修订《公司章程》 | 11 | | 修订《股东大会议事规则》 | 41 | | 修订《董事会议事规则》 | 49 | 1 2025 年第三次临时股东大会会议资料 股东大会议程 会议时间：2025 年 8 月 11 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、审议各项议案 1.吸收合并盐城滨海兴福村镇银行有限责任公司并设立分支机构 2.吸收合并镇江润州长江村镇银行股份有限公司并设 ...

证券代码：601128 证券简称：常熟银行 公告编号：2025-034 江苏常熟农村商业银行股份有限公司 第八届监事会第九次会议决议公告 （二）修订《公司章程》 同意 6 票，反对 0 票，弃权 0 票。 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。 特此公告。 本行第八届监事会第九次会议于 2025 年 7 月 24 日以现场与视频相结合的方 式召开，会议通知及会议文件已于 2025 年 7 月 18 日以电子邮件方式发出。会议 由宋毅监事长主持，会议应到监事 6 人，实到监事 6 人。会议符合《公司法》等 法律法规及本行《章程》的有关规定。 二、监事会会议审议情况 （一）不再设立监事会 同意 6 票，反对 0 票，弃权 0 票。 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《公司章程》后同步生效。 江苏常熟农村商业银行股份有限公司（以下简称"本行"）监事会及全体监 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、监事会会议召开情况 江苏常熟农村商业银行股份有限公司监事会 2025 年 ...

证券代码：601128 证券简称：常熟银行 公告编号：2025-032 同意 13 票，反对 0 票，弃权 0 票。 江苏常熟农村商业银行股份有限公司 第八届董事会第十三次会议决议公告 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。 重要内容提示： 袁翔董事、周梅独董因个人原因未能亲自出席本次董事会，分别委托陈兴董 事、周月书独董代为出席并表决。 一、董事会会议召开情况 本行第八届董事会第十三次会议于 2025 年 7 月 24 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 7 月 18 日发出。会议由薛文董事长 主持，会议应到董事 13 人，实到董事 11 人。袁翔董事、周梅独董因个人原因未 能亲自出席会议，分别委托陈兴董事、周月书独董代为出席并表决。全体监事列 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。 二、董事会会议审议情况 （一）调整本行部门设置 将原"人力资源部"更名为"党委组织部(人力资源部)"，负责干部和人力 资 ...

Core Viewpoint - The banking industry is showing signs of stabilization and recovery in the first half of 2025, with improvements in revenue and profit growth expected as net interest margins stabilize and non-interest income pressures ease [1][2][3]. Group 1: Performance Overview - Hangzhou Bank reported a 3.89% year-on-year increase in revenue and a 16.67% increase in net profit attributable to shareholders for the first half of 2025 [2]. - Changshu Bank achieved a revenue of 6.062 billion yuan, a 10.10% year-on-year growth, and a net profit of 1.969 billion yuan, reflecting a 13.55% increase [2]. - Analysts predict that the overall performance of A-share listed banks will show stabilization and recovery, with a projected revenue decline of only 1.6% year-on-year for the first half of 2025, a significant improvement compared to the previous year [2][3]. Group 2: Revenue and Profit Trends - Analysts expect that the revenue and profit growth rates for listed banks will improve in the second quarter compared to the first quarter, with a forecast of a 0.6% year-on-year revenue growth in Q2 [2][3]. - The net profit for listed banks is anticipated to show a slight decline of 0.3% year-on-year for the first half, with a positive growth of 0.8% expected in Q2 [2][3]. Group 3: Net Interest Margin and Income - The net interest margin is expected to stabilize, with a projected decrease of 3-4 basis points in Q2 due to the impact of LPR adjustments [5]. - Non-interest income is anticipated to recover, with fee income expected to improve as the previous year's low base effects diminish [5][6]. Group 4: Asset Quality - Both Hangzhou Bank and Changshu Bank reported a non-performing loan (NPL) ratio of 0.76%, indicating strong asset quality [6]. - The overall asset quality of banks is expected to show a trend of improvement, with public sector loans performing better than retail loans [6][7]. Group 5: Credit Growth Dynamics - The credit growth remains skewed towards corporate loans, which accounted for over 75% of new loans in Q2, while retail loans contributed only about 4% [7]. - The overall credit issuance by listed banks is expected to outperform the national average, maintaining a stable year-on-year growth [7].

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank, expecting the stock to outperform the market by over 20% within the next six months [11]. Core Views - Changshu Bank's revenue and profit growth remain robust, with a 10.1% year-on-year increase in revenue and a 13.55% increase in net profit attributable to shareholders for the first half of 2025 [4][7]. - The bank's total assets reached 401.3 billion yuan as of June 2025, reflecting a 9.46% growth since the beginning of the year, while total loans and deposits grew by 4.40% and 8.46%, respectively [4][7]. - The bank's asset quality remains excellent, with a non-performing loan (NPL) ratio stable at 0.76% and a high provision coverage ratio of 490% as of June 2025 [7][9]. Summary by Sections Financial Performance - For the first half of 2025, Changshu Bank reported a revenue of 5,000 million yuan and a net profit of 1,800 million yuan, with respective year-on-year growth rates of 10.1% and 13.6% [4][7]. - The bank's projected earnings per share (EPS) for 2025 is 1.33 yuan, with expected growth rates of 15.3% for 2025, 15.0% for 2026, and 13.7% for 2027 [6][7]. Asset Quality - The NPL ratio is projected to decrease slightly from 0.77% in 2024 to 0.72% by 2027, indicating a stable asset quality outlook [9]. - The provision coverage ratio is expected to decline from 501% in 2024 to 437% by 2027, but remains at a high level [9]. Growth Projections - The bank's total assets are expected to grow from 400.1 billion yuan in 2025 to 486.5 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.9% [9]. - Customer deposits are projected to increase from 330.4 billion yuan in 2025 to 414.4 billion yuan by 2027, reflecting a strong growth trajectory [9]. Market Position - Changshu Bank continues to focus on retail and small micro-businesses, leveraging its strong pricing power and expanding its market presence through differentiated strategies [7][9].

Core Insights - The private banking sector is experiencing intense competition among major banks, with a focus on high-net-worth clients and asset management growth [2][19] - Recent developments, including the "internship monetization" controversy involving Industrial Bank, have sparked discussions about the boundaries of value-added services in private banking [1][7] Group 1: Private Banking Market Overview - The total Assets Under Management (AUM) in the private banking sector has reached 24.6 trillion yuan, with many banks reporting double-digit growth in client numbers and AUM [2][6] - Major banks like Industrial Bank, Agricultural Bank, and Bank of China have surpassed 3 trillion yuan in AUM, with significant year-on-year growth rates of 18.87% and 16.73% respectively [6][12] Group 2: Client Growth and Performance - As of the end of 2024, Industrial Bank had 289,000 private banking clients, an increase of 9.9% from the previous year, while Agricultural Bank and Bank of China also reported substantial client growth [4][6] - The average AUM per private banking client varies, with Industrial Bank at 11.52 million yuan and Agricultural Bank at 11.51 million yuan [3][6] Group 3: Competitive Strategies - Banks are adopting differentiated strategies to attract high-net-worth clients, with a focus on comprehensive services that include financial and non-financial resources [9][12] - The competition is not only about asset size but also about the quality of services offered, with banks like Industrial Bank and Construction Bank emphasizing tailored solutions for entrepreneurs [14][18] Group 4: Challenges and Future Directions - The private banking sector faces challenges such as product homogenization and intense competition, which may impact the effectiveness of non-interest income growth [4][19] - Moving forward, the industry is expected to shift from a scale-oriented approach to one focused on the health of client assets, aiming for a transformation from "scale competition" to "value management" [20]

凤凰网财经讯 7月23日，A股三大指数开盘涨跌不一，沪指涨0.2%，深成指涨0.01%，创业板指跌 0.12%。超级水电、煤炭、有色金属等板块指数涨幅居前，创新药、CPO、军工等板块指数跌幅居前。 华泰证券表示，国内反内卷不断加码，叠加近期海外财政货币双宽松的氛围等，金属板块整体表现较 佳：多晶硅价格成功持续修复，给予市场较大的信心，目前已外溢至碳酸锂和氧化铝。锂、钴、稀土从 成本角度均已寻到价格底部，近期还有独立因素推波助澜触发价格上涨：锂基于矿权审核趋严、钴基于 刚果金出口禁令、稀土是战略性提升与短缺预期共振。基本金属上涨行情中，铝的关注点是红利、铜的 关注点是成长性；此外建议关注加工板块。钢铁交易逻辑或从炉料让利为主转向供给收缩与炉料下跌共 同改善行业景气度。 中信建投：可控核聚变产业进入发展快车道 预计将对产业链产生积极影响 华泰证券：反内卷搭台，金属机遇不断 中信建投表示，上交所举办可控核聚变产业沙龙，国内首台商业直线型聚变装置成功点亮等离子体，我 国可控核聚变产业多条技术路线齐头并进，随着技术的持续突破、项目融资的持续开展、政策层面重视 程度的持续提升，我国可控核聚变产业进入发展快车道。目前相关项 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1][27]. Core Viewpoints - Despite a recent pullback in bank stock prices, the long-term positive outlook for the banking sector remains intact due to several factors, including expected marginal improvements in fundamentals and ongoing valuation recovery driven by increased capital inflows [2][21]. Summary by Relevant Sections Recent Market Performance - Since July 11, bank stock prices have experienced a notable decline, with the banking index down 3.41% as of July 18. This pullback is attributed to strong prior gains, profit-taking by investors, and short-term selling pressure from dividend-related strategies [2][12]. Fundamental Improvements - The first half of 2025 is expected to reflect some marginal improvements in bank performance, driven by stabilized net interest margins, improved non-interest income, and a favorable asset quality outlook [2][13][14]. - Net interest margins are projected to stabilize due to easing credit supply-demand imbalances and the expiration of high-interest deposits [17]. - Non-interest income is anticipated to improve as the decline in management fees narrows and the bond market recovers [17]. Valuation Recovery - The banking sector's valuation recovery is expected to continue, supported by low interest rates and a scarcity of attractive assets, making bank stocks appealing due to their high dividend yields [18][20]. - As of July 18, the banking sector's dividend yield stands at 4.47%, with a price-to-book (PB) ratio of 0.73, indicating a low valuation compared to other sectors [20]. - The influx of incremental capital, including long-term funds and public fund reforms, is likely to sustain the valuation recovery trend in the banking sector [20][21]. Investment Recommendations - The report recommends focusing on quality regional small banks such as Chengdu Bank and Changshu Bank, as well as major state-owned banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and Postal Savings Bank of China [21].