本行 2025 年第一次临时股东大会审议通过了《关于变更注册资本的议案》 《关于修订<公司章程>的议案》，因可转换公司债券转股及资本公积转增股本使 本行普通股股本增加，注册资本相应增加。本行就变更注册资本事项向国家金融 监督管理总局苏州监管分局（以下简称"苏州金融监管分局"）提出了变更申请。 近日，本行变更注册资本事宜获得苏州金融监管分局核准，并办理完成了注 册资本工商变更登记、《公司章程》备案及《营业执照》换发的相关手续。《营业 执照》所载本行注册资本由人民币 180306.1543 万元变更为 201854.1437 万元， 《营业执照》其余登记事项不变。 特此公告。 江苏苏州农村商业银行股份有限公司董事会 证券代码：603323 证券简称：苏农银行 公告编号：2025-033 江苏苏州农村商业银行股份有限公司 关于完成工商变更登记并换领《营业执照》的公告 江苏苏州农村商业银行股份有限公司（以下简称"本行"或"公司"）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法律责任。 2025 年 9 月 17 日 ...

Market Overview - The rural commercial bank sector experienced a slight decline of 0.09% on September 16, with Changshu Bank leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Zijin Bank (601860) closed at 2.96, up 1.37% with a trading volume of 667,700 shares and a turnover of 197 million yuan [1] - Chongqing Rural Commercial Bank (601077) closed at 6.40, up 0.47% with a trading volume of 1,039,100 shares and a turnover of 664 million yuan [1] - Zhangjiagang Bank (002839) closed at 4.45, up 0.45% with a trading volume of 226,300 shares and a turnover of 101 million yuan [1] - Su Nong Bank (603323) closed at 5.22, up 0.19% with a trading volume of 209,100 shares and a turnover of 109 million yuan [1] - Changshu Bank (601128) closed at 7.39, down 1.73% with a trading volume of 450,000 shares and a turnover of 335 million yuan [1] Capital Flow Analysis - The rural commercial bank sector saw a net inflow of 5.63 million yuan from institutional investors, while retail investors experienced a net outflow of 0.70 million yuan [1] - Major capital flows for Chongqing Rural Commercial Bank showed a net inflow of 73.19 million yuan from institutional investors, but a net outflow of 32.84 million yuan from retail investors [2] - Qingnong Bank (002958) had a net inflow of 8.92 million yuan from retail investors despite a net outflow of 8.54 million yuan from institutional investors [2]

Core Viewpoint - The rural commercial bank sector experienced a decline of 1.26% on September 15, with Yunnan Rural Commercial Bank leading the drop. The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index rose by 0.63% to 13005.77 [1]. Group 1: Market Performance - The closing prices and changes for various rural commercial banks showed negative trends, with Yunnan Rural Commercial Bank down 1.70% to 6.37, and Jiangyin Bank down 1.65% to 4.77 [1]. - The trading volume for the rural commercial bank sector was significant, with total transaction amounts reaching hundreds of millions, such as Zhangjiagang Bank at 1.27 billion and Jiangyin Bank at 1.71 billion [1]. Group 2: Capital Flow - The rural commercial bank sector saw a net inflow of 75.45 million from main funds, while retail investors experienced a net outflow of 71.17 million [1]. - Specific banks like Yunnan Rural Commercial Bank had a main fund net inflow of 57.00 million, but retail investors withdrew 16.05 million [2].

Core Viewpoint - The implementation of the "loan + equity option" model by Jiangsu rural commercial banks is enhancing financial support for technology-driven enterprises, facilitating their growth and innovation [1][2][8]. Group 1: Policy and Financial Innovations - The "loan + equity option" model is a breakthrough for Jiangsu rural commercial banks, allowing them to provide comprehensive financial support throughout the lifecycle of technology enterprises [1][2]. - As of the end of August, nine rural commercial banks in Jiangsu have signed 17 "loan + equity option" agreements, with seven banks completing 13 standardized filings at the Jiangsu Equity Exchange Center, accounting for 65% of the total filings during the same period [1][2]. Group 2: Case Studies of Successful Implementation - Suzhou Rural Commercial Bank executed the first "loan + equity option" agreement in Jiangsu, providing a credit loan of 4 million yuan to a company under the Chinese Academy of Sciences, along with an equity option to purchase 2 million yuan worth of shares [3]. - Reed (Suzhou) Electronic Technology Co., Ltd. utilized the "loan + equity option" model to secure 500,000 yuan in equity rights, which facilitated their external financing and share buyback, allowing the bank to exit the investment [3][4]. - Leming Pharmaceutical (Suzhou) Co., Ltd. received 200,000 yuan in "talent loans" and secured an equity option for 500,000 yuan, which helped them bridge the funding gap during their product development phase [5][6]. Group 3: Broader Industry Impact - The "loan + equity option" model is not only aiding individual companies but also driving innovation in the financial services sector, allowing banks to transition from mere fund providers to comprehensive service providers for enterprises [9][10]. - Jiangsu rural commercial banks are actively building networks with venture capital (VC), private equity (PE), and other financial institutions to enhance their service offerings and project selection capabilities [10][11].

Core Points - The rural commercial bank sector experienced a decline of 1.2% on September 12, with Yunnan Rural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - The closing prices and changes for key rural commercial banks are as follows: - Zijin Bank: 2.96, -0.34% - Changshu Bank: 7.60, -0.39% - Shanghai Rural Commercial Bank: 8.70, -0.46% - Zhangjiagang Bank: 4.48, -0.67% - Ruifeng Bank: 5.55, -0.72% - Sunong Bank: 5.25, -0.94% - Wuxi Bank: 6.03, -1.15% - Qingnong Bank: 3.28, -1.20% - Jiangyin Bank: 4.86, -1.42% - Yunnan Rural Commercial Bank: 6.49, -1.96% [1] Capital Flow - The rural commercial bank sector saw a net outflow of 118 million yuan from main funds, while retail investors contributed a net inflow of 108 million yuan [1] - Detailed capital flow for individual banks shows: - Ruifeng Bank: Main funds -189.46 thousand, Retail funds +66.01 thousand - Shanghai Rural Commercial Bank: Main funds -543.89 thousand, Retail funds +117.60 thousand - Zijin Bank: Main funds -740.49 thousand, Retail funds +762.08 thousand - Wuxi Bank: Main funds -831.59 thousand, Retail funds +881.56 thousand - Zhangjiagang Bank: Main funds -1087.07 thousand, Retail funds +1526.36 thousand - Qingnong Bank: Main funds -1198.02 thousand, Retail funds +899.30 thousand - Sunong Bank: Main funds -1200.33 thousand, Retail funds +764.96 thousand - Jiangyin Bank: Main funds -1627.70 thousand, Retail funds +850.10 thousand - Changshu Bank: Main funds -1722.64 thousand, Retail funds +2455.71 thousand - Yunnan Rural Commercial Bank: Main funds -2678.88 thousand, Retail funds +2524.52 thousand [2]

证券代码：603323 证券简称：苏农银行 公告编号：2025-032 江苏苏州农村商业银行股份有限公司 2025年半年度权益分派实施公告 江苏苏州农村商业银行股份有限公司（以下简称"本行"或"公司"）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法律责任。 重要内容提示： 每股分配比例： A 股每股现金红利0.09元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/18 | － | 2025/9/19 | 2025/9/19 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 2025 年 5 月 22 日，公司 2024 年年度股东大会审议通过了《关于 2025 年中期 分红安排的议案》，授权董事会在满足中期分红实施条件情况下，结合实际情况制 定并实施 2025 年中期利润分配方案。2025 年 8 月 26 日，公司第七届董事会第九 次会议审议通过了《2025 年中期利润分配 ...

Core Viewpoint - The performance of A-share listed rural commercial banks in the first half of 2025 shows overall profit growth despite a declining net interest margin, with asset quality improving amidst increasing uncertainties [1][9]. Group 1: Financial Performance - All 10 A-share listed rural commercial banks reported year-on-year growth in net profit for the first half of 2025, despite a general decline in net interest margins [1]. - Jiangyin Rural Commercial Bank led the growth with a revenue of 2.401 billion yuan and a net profit of 846 million yuan, representing increases of 10.45% and 16.63% respectively [2]. - Changshu Rural Commercial Bank achieved revenue and net profit growth rates of 10.1% and 13.51%, maintaining a relatively high net interest margin of 2.58% [2]. Group 2: Net Interest Margin Trends - The net interest margin for several banks has shown a slowing decline, with some banks like Ruifeng Rural Commercial Bank experiencing a minimal drop of only 0.08 percentage points [4]. - Chongqing Rural Commercial Bank had the smallest decline in net interest margin, reducing by just 0.03 percentage points, while still achieving a 5.98% increase in interest income [4]. - However, banks like Zhangjiagang and Suzhou Rural Commercial Banks faced larger declines in net interest margins, with drops of 0.19 and 0.16 percentage points respectively [5]. Group 3: Asset Quality Improvement - The non-performing loan (NPL) ratio for rural commercial banks improved overall, with the average NPL ratio at 2.77%, a decrease of 0.03 percentage points from the end of 2024 [9]. - Qingdao Rural Commercial Bank showed the most significant improvement, with its NPL ratio decreasing by 0.04 percentage points to 1.75% [10]. - Despite improvements, challenges remain in retail loan quality, with some banks experiencing rising NPL ratios in specific sectors [11]. Group 4: Strategic Adjustments - Banks are adjusting their business structures and pricing strategies to mitigate the impact of declining net interest margins, with Chongqing Rural Commercial Bank effectively managing interest costs [6][7]. - The focus on enhancing non-interest income has been a key strategy, with banks like Changshu Rural Commercial Bank integrating financial and non-financial services to strengthen their competitive edge [7]. - Digital tools and data analytics are being utilized by banks to enhance customer targeting and service delivery, particularly in small and micro-business financing [12][13].

Core Insights - The agricultural commercial bank sector experienced a rise of 0.58% on September 10, with Yunnan Agricultural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Yunnan Agricultural Commercial Bank (601077) closed at 6.66, with an increase of 1.83% and a trading volume of 1.061 million shares, amounting to 702 million yuan [1] - Jiangyin Bank (002807) closed at 4.92, up 1.44%, with a trading volume of 435,400 shares and a turnover of 213 million yuan [1] - Zijin Bank (601860) closed at 2.96, up 1.37%, with a trading volume of 570,400 shares and a turnover of 168 million yuan [1] - Other notable performances include Zhangjiagang Bank (002839) at 4.48 (+0.90%), and Wuxi Bank (600908) at 6.08 (+0.83%) [1] Capital Flow - The agricultural commercial bank sector saw a net outflow of 34.71 million yuan from institutional investors, while retail investors contributed a net inflow of 51.18 million yuan [1] - The detailed capital flow for individual stocks indicates that Changshu Bank (601128) had a net inflow of 20.62 million yuan from institutional investors, while it faced a net outflow of 15.01 million yuan from retail investors [2] - Yunnan Agricultural Commercial Bank (601077) experienced a significant net outflow of 42.29 million yuan from institutional investors, despite a retail net inflow of 36.90 million yuan [2]

Group 1 - The event organized by Suzhou Rural Commercial Bank Taizhou Branch aimed to deepen the education of party history and strengthen the foundation of ideals and beliefs through the screening of the historical film "Nanjing Photo Studio" [1] - The film presents the suffering and resistance of the people during the Nanjing Massacre, highlighting the contrast between the brutality of history and the brilliance of human nature, which deeply moved the attendees [1] - The viewing served as a profound lesson in ideal and belief education, emphasizing that only a strong nation and awakened people can truly safeguard peace and dignity [1] Group 2 - Participants expressed a commitment to integrate the spiritual strength gained from the film into practical efforts to support the high-quality development of the local economy, demonstrating the loyalty and responsibility of modern party members [2]

Investment Rating - The report maintains an "Increase" rating for the banking sector, indicating a positive outlook for the industry [1]. Core Insights - In the first half of 2025, the contribution of financial asset disposal gains from AC and OCI accounts to revenue reached 5.2%, an increase of 2.9 percentage points compared to 2024 [1][2]. - The investment income growth rate for 42 listed banks was 23.6%, with AC, OCI, and TPL gains showing year-on-year growth rates of 134.7%, 79.0%, and -8.4% respectively [1]. - The report highlights that the increase in disposal gains does not necessarily indicate a significant increase in asset disposal scale, as market conditions and strategies vary among banks [2]. Financial Asset Disposal Gains - The contribution of AC and OCI financial asset disposal gains to revenue was 5.2%, up 2.9 percentage points from 2024, with AC asset disposal gains contributing 2.6% [2]. - Among different types of banks, rural commercial banks had the highest contribution from AC and OCI disposal gains, reaching 11.0%, an increase of 6.2 percentage points from 2024 [2]. - Specific banks such as Jiangyin Bank, Sunong Bank, and Zijin Bank had high disposal gain ratios relative to their revenue, at 28.9%, 26.7%, and 22.7% respectively [2]. OCI Floating Profit Situation - The overall OCI floating profit decreased compared to the end of the previous year, accounting for 12.6% of the estimated profit for 2025 [3]. - Major state-owned banks like CCB and ABC reported significant OCI floating profits, with balances exceeding 30 billion [3]. - The average contribution of OCI floating profits to profits for city and rural commercial banks was notably high, with Ningbo Bank's ratio reaching 35% [3][6]. Sector Trends - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with a focus on real estate and consumer spending [7]. - The report suggests a focus on banks with improving fundamentals, such as Ningbo Bank, and those with dividend strategies like Jiangsu Bank and Chengdu Bank [7]. - Attention is also drawn to banks with potential convertible bond conversion expectations, including Shanghai Bank and Industrial Bank [7].