12月11日，在常熟沙家浜这片浸润着红色记忆的土地上，一座面向未来的金融新地标——苏州金融会客 厅正式启用。 今年，既是常熟农商银行改制成立24周年，也是苏州地区5家法人农商行总资产突破万亿的重要节点。 就在这样的时间坐标上，苏州金融会客厅启幕，以"会客厅"的形式集成金融党建、科技金融、人才培养 和产融协同等功能，由常熟市政府与常熟农商银行共同打造，承载着金融服务体系的重构愿景。当金融 的"活水"开始更加精准地流向产业"高地"，苏州这座制造业强市的增长逻辑，正以要素驱动和金融赋能 双重支撑。 苏州金融会客厅共建发展大会 历史性交汇：万亿资产与24年坚守汇聚一日 24年前，常熟农村信用社联合社作为全国首批三家农村金融机构之一完成股份制改革，常熟农商银行由 此诞生，拉开了苏州农村金融改革序幕。此后，在江苏农商联合银行的统一领导下，常熟、苏州、昆 山、张家港、太仓五家法人农商银行相继成长，在田间地头和产业车间里探索普惠金融的"苏州路径"。 24年后，时间给出了回响：苏州地区5家法人农商银行总资产规模首次突破1万亿元，成为全市资产规模 最大的银行共同体。其中，常熟农商银行资产规模最高，截至2025年9月末，总资产40 ...

Investment Rating - The report assigns an "Overweight" rating for the banking sector [7]. Core Insights - The report emphasizes the significant improvement in the cost of liabilities for banks in 2025, with a notable decrease of 28 basis points (bp) in the first half of the year, compared to only 4 bp in the same period last year. This improvement is primarily driven by reductions in deposit and interbank liabilities costs, contributing 19 bp and 7 bp respectively [3][11]. - The net interest margin (NIM) is expected to decline by approximately 5 bp in 2026, with the downward pressure on margins continuing to ease marginally, suggesting that some banks may stabilize their NIMs [2][10]. Summary by Sections 1. Liability Cost Improvement in 2025 - The first half of 2025 saw a significant reduction in the cost of interest-bearing liabilities, with the cost rate dropping to 1.70%, a decrease of 28 bp from 2024. This was supported by improvements in both deposit and interbank liability costs [11]. 2. Liability Side: Deposit Maturity and Repricing Benefits 1) **Term Structure**: The proportion of long-term deposits entering the repricing cycle has increased, with the share of deposits with a remaining maturity of 1-5 years declining by 1.5 percentage points (pct) to 22.6% by the end of Q2 2025. Some banks, such as those in Ningbo and Chongqing, experienced declines exceeding 10 pct [4]. 2) **Price Factors**: Regulatory focus on maintaining reasonable NIM levels has increased, with expectations of further interest rate cuts. The maximum reduction for three-year deposits could exceed 100 bp, indicating substantial room for cost improvement [5]. 3. Asset Side: Yield Pressure Expected to be Better than 2025 1) **Loans**: The repricing pressure on loans is expected to ease, with the five-year Loan Prime Rate (LPR) declining by only 10 bp in 2025, significantly less than the 50 bp drop the previous year [6]. 2) **Debt Replacement**: The shift from high-interest to low-interest debt is anticipated to have a limited impact on net interest margins, estimated to drag down margins by about 4 bp [6]. 3) **Bond Maturity**: The widening gap between new bond issuance rates and existing bond yields is expected to exert downward pressure on investment yields, with an estimated drag of 6 bp on margins from the reallocation of bonds maturing within one year [6]. 4. NIM Projections - The report forecasts a 5 bp decline in NIM for 2026, with the downward trend continuing to converge. The asset yield is expected to decrease by 17 bp, while the cost of liabilities is projected to improve by 13 bp, with deposit costs improving by 17 bp [7][10].

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].

Group 1 - The A-share market experienced a widespread decline in bank stocks, with China Merchants Bank falling by 3% [1] - Agricultural Bank of China, Qilu Bank, and Hangzhou Bank saw declines of over 2% [1] - Zhangjiagang Bank, Industrial Bank, Changshu Bank, and Bank of Communications each dropped nearly 2% [1]

Core Viewpoint - Changshu Bank has successfully issued a 5 billion RMB technology innovation bond, approved by the People's Bank of China, aimed at supporting technology innovation businesses [1][3]. Group 1: Bond Issuance Details - The bond issuance was completed on December 4, 2025, with formal issuance on December 8, 2025 [3]. - The bond has a total scale of 5 billion RMB and a maturity period of 5 years, with a fixed interest rate of 1.90% [3]. Group 2: Purpose and Impact - The funds raised from this bond will be specifically used to support businesses in the technology innovation sector, in compliance with legal and regulatory requirements [3]. - The successful issuance of the technology innovation bond will broaden the financing channels for the bank to serve technology innovation enterprises and help reduce their financing costs [3]. - This initiative will enhance the bank's capability in the technology innovation sector, providing stronger financial support for the development of technology innovation enterprises [3].

Group 1 - The core viewpoint of the article is that Changshu Rural Commercial Bank has successfully issued a 5-year fixed-rate technology innovation bond with a total issuance size of 500 million RMB, approved by the People's Bank of China [1] - The bond was recorded on December 4, 2025, and completed issuance on December 8, 2025, with a coupon rate of 1.90% [1] - The funds raised from this bond will be used to specifically support businesses in the technology innovation sector, thereby expanding the bank's financing channels for supporting tech enterprises [1] Group 2 - The successful issuance of the technology innovation bond is expected to lower financing costs for tech enterprises and enhance the bank's development in technology innovation business [1]

Core Viewpoint - Changshu Bank has successfully issued 2025 technology innovation bonds, approved by the People's Bank of China, to support the financing of technology innovation enterprises [1][2]. Summary by Relevant Sections Bond Issuance Details - The bond was recorded on December 4, 2025, and fully issued on December 8, 2025, with a total issuance size of RMB 500 million [1][2]. - It is a 5-year fixed-rate bond with a coupon rate of 1.90% [1][2]. Purpose and Impact - The funds raised from this bond will be used to specifically support businesses in the technology innovation sector, in accordance with applicable laws and regulatory approvals [1][2]. - The successful issuance of these bonds will effectively broaden the financing channels for Changshu Bank to support technology innovation enterprises, helping to reduce their financing costs and further enhance the bank's development in technology innovation business [1][2].

经中国人民银行批准，本行近日在全国银行间债券市场成功发行 2025 年科 技创新债券（以下简称"本期债券"）。本期债券于 2025 年 12 月 4 日簿记建档， 并于 2025 年 12 月 8 日发行完毕，发行规模为人民币 5 亿元，品种为 5 年期固定 利率债券，票面利率为 1.90%。本期债券的募集资金将依据适用法律和监管机构 的批准，专项支持科技创新领域业务。 本次科技创新债券的成功发行，有效拓宽了本行支持科创企业发展的融资渠 道，有助于降低科创企业融资成本，进一步助力本行加大科技创新业务发展。 特此公告。 江苏常熟农村商业银行股份有限公司董事会 2025 年 12 月 9 日 证券代码：601128 证券简称：常熟银行 公告编号：2025-059 江苏常熟农村商业银行股份有限公司 关于 2025 年科技创新债券发行完毕的公告 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。 ...

Core Viewpoint - Changshu Bank has successfully issued a 5-year fixed-rate technology innovation bond with a total scale of RMB 500 million, aimed at supporting technology innovation businesses [1] Group 1: Bond Issuance Details - The bond was approved by the People's Bank of China and was recorded on December 4, 2025, with issuance completed on December 8, 2025 [1] - The coupon rate for the bond is set at 1.90% [1] Group 2: Purpose and Impact - The funds raised from this bond issuance will be used to specifically support businesses in the technology innovation sector, subject to applicable laws and regulatory approvals [1] - The successful issuance of the technology innovation bond expands the financing channels for supporting technology innovation enterprises and helps reduce their financing costs [1] - This initiative is expected to further enhance the bank's development in technology innovation business [1]

Core Viewpoint - Changshu Bank has successfully issued a 5 billion RMB technology innovation bond, approved by the People's Bank of China, aimed at supporting technology innovation businesses [1] Group 1: Bond Issuance Details - The bond was recorded on December 4, 2025, and completed issuance on December 8, 2025 [1] - It is a 5-year fixed-rate bond with a coupon rate of 1.90% [1] Group 2: Purpose and Impact - The funds raised from this bond will be used to specifically support businesses in the technology innovation sector, subject to applicable laws and regulatory approvals [1] - The successful issuance of this bond expands the financing channels for supporting technology innovation enterprises and helps reduce their financing costs [1] - This initiative further aids the bank in enhancing its development in technology innovation business [1]