Core Viewpoint - The banking industry is facing significant pressure as net interest margins have fallen below non-performing loan ratios for the first time, indicating a critical need for banks to diversify their income sources beyond interest income [1][2][4]. Group 1: Financial Performance Indicators - In Q1, the net interest margin for Chinese commercial banks decreased to 1.43%, down 9 basis points from the previous quarter, while the non-performing loan ratio rose to 1.51%, an increase of 0.01 percentage points [2][4]. - Among the major banks, state-owned banks had the lowest non-performing loan ratios at 1.22% and 1.23%, while rural commercial banks faced the highest at 2.86% [4]. - A total of 9 out of 42 listed banks reported net interest margins lower than their non-performing loan ratios, highlighting the growing financial strain within the sector [4][5]. Group 2: Challenges and Market Dynamics - The banking sector is experiencing ongoing challenges due to declining asset quality, which is affecting profitability and the ability to cover costs associated with credit, operations, and capital [4][6]. - Analysts indicate that the pressure on net interest margins is exacerbated by weak credit demand and a shift towards lower-yielding short-term loans, leading to a decline in asset yields [6][7]. - The average net interest margin for listed banks has been on a downward trend for five consecutive years, with many banks now below the 1.8% warning line set by market pricing mechanisms [7][8]. Group 3: Strategic Responses - To address the challenges posed by low interest rates, banks are encouraged to diversify their income sources, focusing on non-interest income and other financial services [8][9]. - Recommendations include reducing deposit interest subsidies and hidden costs associated with deposits to alleviate margin pressures [8]. - Banks are advised to adopt a more resilient and balanced income structure, optimizing their liabilities and controlling costs to enhance profitability [9].

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。 近日，本行召开了第五届职工（工会会员）代表大会第十八次会议，审议并 通过《关于监事会不再设立后职工监事不再任职的议案》。根据《中华人民共和 国公司法》、中国证券监督管理委员会《关于新<公司法>配套制度规则实施相关 过渡期安排》、国家金融监督管理总局《关于公司治理监管规定与公司法衔接有 关事项的通知》等法律法规、监管制度的相关要求，结合本行实际情况，本行拟 不再设立监事会及其下设专委会，现任职工监事孙开年、许彬、王轩赵自监事会 正式撤销之日起不再担任职工监事。 上述调整自本行《关于不再设立监事会的议案》及《关于修订<公司章程> 的议案》经本行股东大会审议通过，且本行收到国家金融监督管理机构对修订后 的《公司章程》核准批复后生效。在此之前，本行职工监事将依据相关法律法规 继续履行相关职责。 特此公告。 证券代码：603323 证券简称：苏农银行 公告编号：2025-023 江苏苏州农村商业银行股份有限公司 关于监事会不再设立后 ...

Core Viewpoint - Su Nong Bank is planning to issue subordinated capital bonds to enhance its capital adequacy ratio amid transformation pressures and has reduced cash dividends for the second consecutive year to retain profits for capital replenishment [1][2][4]. Group 1: Capital Management - Su Nong Bank intends to issue subordinated capital bonds with a total scale of no more than 1 billion yuan to strengthen its capital base [1][3]. - As of March 2025, the bank's capital adequacy ratio is 12.91%, a decrease of 0.17 percentage points from the end of the previous year [2][3]. - The bank has previously issued subordinated capital bonds in April 2021 and May 2024, with sizes of 500 million yuan and 1 billion yuan, respectively [3]. Group 2: Financial Performance - In 2024, Su Nong Bank reported operating income of 4.174 billion yuan, a year-on-year increase of 3.17%, and a net profit of 1.945 billion yuan, up 11.62% [2][5]. - The bank's cash dividend for 2024 was 330 million yuan, with a cash dividend payout ratio of only 16.98%, marking the lowest in nearly eight years [4][5]. - For Q1 2025, the bank achieved operating income of 1.132 billion yuan, a 3.29% increase year-on-year, and a net profit of 440 million yuan, up 6.19% [6]. Group 3: Strategic Focus - The bank is focusing on retail transformation, with customer assets under management (AUM) exceeding 118 billion yuan and retail deposits surpassing 100 billion yuan [5]. - The bank's management has indicated that the low dividend payout ratio is due to the need to retain profits for capital replenishment and to enhance risk resistance capabilities [5][6]. - The bank's non-performing loan ratio remains stable at 0.90%, with a provision coverage ratio of 420.03% as of March 2025 [6].

Core Viewpoint - The launch of the "E Driving Fund" service by Kunshan Rural Commercial Bank aims to address the pain points in the traditional driving training industry, such as fund supervision and student rights protection, by ensuring safe and phased payment of tuition fees through a dual-channel model of mobile banking app and WeChat mini-program [1][2]. Group 1: Service Features - The "E Driving Fund" service enhances user experience and service coverage by providing a one-stop platform for driving and financial services through the mobile banking app, while the WeChat mini-program offers a quick and convenient experience for students [2]. - Users can easily open electronic accounts, manage funds, and track their driving progress through the WeChat mini-program without needing to download the app, ensuring seamless data connectivity between the two platforms [2]. Group 2: Core Advantages - The service ensures safety by keeping tuition fees in a bank-regulated account, releasing funds to driving schools only after students complete corresponding subjects, thus eliminating prepayment risks [3]. - The dual-channel design caters to different user habits, with the app addressing deeper financial needs and the mini-program providing simplified operations, lowering the usage threshold [3]. - The integration of data between the app and mini-program allows for a consistent user experience across platforms, making operations efficient and straightforward [3]. - By introducing bank credit and standardized fund management processes, the "E Driving Fund" promotes transparency and standardization in the driving training industry, enhancing overall service quality and industry credibility [3].

Core Viewpoint - Jiangsu Suzhou Rural Commercial Bank Co., Ltd. is holding a shareholders' meeting to discuss several key resolutions, including the election of an independent director and changes to the governance structure, specifically the proposal to abolish the supervisory board and transfer its responsibilities to the audit committee of the board of directors [1][4][6]. Group 1: Shareholders' Meeting Procedures - The meeting will take place on July 8, 2025, at 14:30 in Suzhou, Jiangsu Province [1]. - Shareholders have the right to vote, speak, and inquire during the meeting, with specific guidelines for participation and time limits for speaking [2][3]. - Voting will be conducted both on-site and online, with each share carrying one vote [2][3]. Group 2: Proposed Resolutions - The first resolution proposes the abolition of the supervisory board, with its functions to be assumed by the audit committee of the board of directors [4][5]. - The second resolution involves changing the registered capital from RMB 1,803,061,543 to RMB 2,018,541,437 due to the conversion of convertible bonds and capital reserve distribution [5][6]. - The third resolution seeks to amend the company's articles of association to reflect the governance changes and other regulatory requirements [6][7]. Group 3: Governance Structure Changes - The proposed changes to the articles of association include the elimination of the supervisory board, adjustments to the powers of the shareholders' meeting and board of directors, and the introduction of employee directors [6][7]. - The new governance structure aims to enhance operational efficiency and align with regulatory standards [6][7].

2025 年第一次临时股东大会 会议材料 2025 年 7 月 8 日 1 江苏苏州农村商业银行股份有限公司 2025 年第一次临时股东大会会议材料目录 | 2025 年第一次临时股东大会会议议程 3 | | --- | | 2025 年第一次临时股东大会会议须知 4 | | 审议议案一：关于不再设立监事会的议案 6 | | 审议议案二：关于变更注册资本的议案 7 | | 审议议案三：关于修订《公司章程》的议案 8 | | 审议议案四：关于修订《股东会议事规则》的议案 65 | | 审议议案五：关于修订《董事会议事规则》的议案 78 | | 审议议案六：关于选举束兰根先生为第七届董事会独立董事的议案 90 | | 审议议案七：关于发行苏州农商银行二级资本债券的议案 91 | 2 江苏苏州农村商业银行股份有限公司 2025 年第一次临时股东大会会议议程 现场会议时间：2025 年 7 月 8 日 14：30 现场会议地点：江苏省苏州市吴江区东太湖大道 10888 号 5 楼报告厅 主持人：董事长徐晓军 一、主持人宣布会议开始 四、审议各项议案 审议议案： 五、股东发言及提问 3 二、宣布股东大会现场出席情况 三 ...

Quantitative Factor and Model Analysis Quantitative Models and Construction 1. **Model Name**: GAN_GRU Model **Model Construction Idea**: The GAN_GRU model combines Generative Adversarial Networks (GAN) for generating realistic price-volume sequential features and Gated Recurrent Units (GRU) for encoding these sequential features into predictive signals for stock selection [2][9]. **Model Construction Process**: - **GRU Component**: - Input features include 18 price-volume features such as closing price, opening price, turnover, and turnover rate [10][13]. - Training data consists of the past 400 trading days' features, sampled every 5 trading days, forming a 40x18 feature matrix to predict the cumulative return over the next 20 trading days [14]. - Data preprocessing includes outlier removal and standardization at both time-series and cross-sectional levels [14]. - The GRU network consists of two layers (GRU(128, 128)) followed by an MLP (256, 64, 64), with the final output being the predicted return (pRet) [18]. - **GAN Component**: - The generator (G) uses an LSTM model to preserve the sequential nature of the input features, while the discriminator (D) employs a CNN to process the two-dimensional price-volume feature "images" [29][32]. - The generator's loss function is: $$ L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))] $$ where \( z \) represents random noise, \( G(z) \) is the generated data, and \( D(G(z)) \) is the discriminator's output probability [20][21]. - The discriminator's loss function is: $$ L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))] $$ where \( x \) is real data, \( D(x) \) is the discriminator's output for real data, and \( D(G(z)) \) is the output for generated data [23][25]. - Training alternates between updating the discriminator and generator parameters until convergence [26]. **Model Evaluation**: The GAN_GRU model effectively captures both sequential and cross-sectional price-volume features, leveraging the strengths of GANs and GRUs for stock selection [2][9][29]. --- Quantitative Factors and Construction 1. **Factor Name**: GAN_GRU Factor **Factor Construction Idea**: The GAN_GRU factor is derived from the GAN_GRU model's output, representing the encoded price-volume sequential features as a stock selection signal [2][9]. **Factor Construction Process**: - The factor is derived from the predicted return (pRet) output of the GAN_GRU model [18]. - The factor undergoes industry and market capitalization neutralization, followed by standardization [18]. **Factor Evaluation**: The GAN_GRU factor demonstrates strong predictive power across various industries, with consistent performance in both IC and excess returns [36][40]. --- Model Backtest Results 1. **GAN_GRU Model**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37]. --- Factor Backtest Results 1. **GAN_GRU Factor**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37].

Market Overview - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index up 0.2%, the Shenzhen Component Index up 0.54%, and the ChiNext Index up 0.93% [1] - The total market turnover reached 932.6 billion yuan, a decrease of 81.1 billion yuan compared to the previous day, with over 3,500 stocks rising [1] Sector Performance - The gaming, military, brain-computer interface, and photolithography concept stocks led the gains, while the banking, securities, and dairy sectors experienced declines [3] - Notable stocks in the military sector included Hengyu Xintong (300965), Chenxi Aviation (300581), and Zhongbing Hongjian (000519), all of which hit the daily limit [3] - The gaming sector saw significant increases with Kaiying Network (002517) and Giant Network (002558) both reaching the daily limit [3] - Photolithography concept stocks were active, with Blue Eagle Equipment (300293) hitting the daily limit, along with Kaimete Gas (002549) and Zhongci Electronics (003031) [3] - The innovative drug sector rebounded, with Zhaoyan New Drug (603127) also hitting the daily limit [3] - The banking and securities sectors faced early declines, with Guosheng Jinkong (002670) dropping over 5% [3] Hot Stocks - The strongest sectors included new energy vehicles, military, and specialized innovative companies, with multiple stocks hitting daily limits [8][9][10] - In the new energy vehicle sector, 16 stocks reached the daily limit, with the highest consecutive limit being 9 days [8] - The military sector had 14 stocks hitting the daily limit, with the highest consecutive limit also being 9 days [9] - The specialized innovative sector had 13 stocks hitting the daily limit, with a maximum of 3 consecutive limits [10] Sector Insights - The military equipment sector is expected to benefit from increasing global military trade demand and domestic military modernization efforts, potentially leading to a dual boost in fundamentals and industry valuations [12] - The gaming sector is supported by a record number of game approvals, indicating regulatory support for healthy industry development [13] - The brain-computer interface sector is gaining attention due to advancements from Neuralink, with significant usage data reported from trial participants [14] - The digital currency sector is poised for growth as Hong Kong aims to enhance cross-border payment efficiency through stablecoins, with new regulations set to take effect [15]

证券代码：603323 证券简称：苏农银行 公告编号：2025-022 江苏苏州农村商业银行股份有限公司关于 持股 5%以上股东部分股份解除质押及再质押的公告 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。 重要内容提示: 公司股东亨通集团有限公司（以下简称"亨通集团"）持有公司股份 137,454,953 股，占公司总股本 6.81%，累计质押股份 105,420,000 股， 占其持股总股数的 76.69%。 近日，公司接到股东亨通集团关于股份解除质押及股份再质押的通知，具体 事项如下： 一、上市公司股份解除质押 2025 年 6 月 23 日，亨通集团将其质押给渤海银行股份有限公司苏州分行的 49,170,000 股公司非限售流通股解除质押，相关手续于 2025 年 6 月 24 日办理 完毕。具体情况如下： 单位：股 本次解除质押的股份将用于后续质押，具体情况见"二、上市公司股份质押"。 二、上市公司股份质押 2025 年 6 月 23 日，亨通集团在中国证券登 ...

银行板块短线跳水，长沙银行（601577）、苏农银行（603323）跌超2%，中信银行（601998）、西安 银行（600928）、齐鲁银行（601665）、青岛银行（002948）纷纷下挫。 ...