Core Viewpoint - Jiangyin Bank has achieved a high-quality development in 2024 through a steady operational strategy, demonstrating growth in scale, efficiency, and quality despite a complex market environment [1][2][3]. Financial Performance - Total assets of Jiangyin Bank reached 200.23 billion yuan, a year-on-year increase of 7.63% - Total deposits amounted to 151.83 billion yuan, growing by 9.06% compared to the previous year - Total loans reached 124.13 billion yuan, with a growth of 7.61% year-on-year - Operating income for the period was 3.96 billion yuan, up 2.51% year-on-year - Net profit attributable to shareholders was 2.04 billion yuan, reflecting a year-on-year increase of 7.88% [1]. Asset Quality - By the end of 2024, the non-performing loan (NPL) balance and ratio both decreased, with the NPL ratio at 0.86%, down by 0.12 percentage points from the previous year - The NPL balance was 1.07 billion yuan, a decrease of 5.18% year-on-year - The provision coverage ratio stood at 369.32%, and the capital adequacy ratio was 15.22%, indicating strong risk-bearing capacity [1]. Shareholder Returns - Jiangyin Bank maintained a steady dividend policy, distributing a cash dividend of 2.0 yuan per 10 shares (including tax), an increase of 0.1 yuan from the previous year [2]. Support for Real Economy - The bank enhanced its financial services for small and micro enterprises, significantly increasing its supply chain loan balance by 110.35% year-to-date - The number of supply chain loan accounts grew by 88.2%, demonstrating improved financial service capabilities for the real economy [3]. Retail Banking Transformation - Jiangyin Bank leveraged digitalization to enhance retail operations, focusing on personalized and intelligent financial services - The bank established three wealth management centers and improved customer experience, achieving a 16% increase in clients with assets under management (AUM) over 300,000 yuan [4]. Rural Revitalization and Green Finance - The bank actively supported rural revitalization, with agricultural loans reaching 73.18 billion yuan, including 23.56 billion yuan in inclusive agricultural loans - Jiangyin Bank also established a green finance committee, with green loan balances reaching 3.415 billion yuan, supporting the dual carbon goals [5][6]. Market Recognition - Following the annual report release, multiple institutions recognized Jiangyin Bank's performance, with Huatai Securities maintaining an "overweight" rating and招商证券 highlighting the bank's regional advantages and solid asset quality [7].

Core Viewpoint - Investment income has become a significant driver of revenue growth for many listed banks in the first quarter of 2025, particularly among city commercial banks and rural commercial banks [1][2]. Group 1: Investment Income Growth - In the first quarter of 2025, 15 out of 17 listed banks reported a year-on-year increase in investment income, with 4 banks showing growth exceeding 100% [2][3]. - Everbright Bank reported the highest increase in investment income at 302.96%, with an investment income of 7.213 billion yuan compared to 1.790 billion yuan in the same period last year [2]. - Shanghai Bank's investment income reached 6.546 billion yuan, a year-on-year increase of 118.74%, contributing nearly 50% to its total revenue [2][3]. - Jiangyin Bank's investment income surged by 143.55% to 415 million yuan, supporting a revenue growth of 6% despite declines in net interest income and fee income [2]. Group 2: Factors Contributing to Investment Income - The increase in investment income is primarily attributed to favorable conditions in the bond market, which has provided a beneficial investment environment for banks [3][4]. - Many banks have intensified financial asset trading to compensate for traditional income shortfalls due to narrowing net interest margins and sluggish growth in intermediary business income [3][4]. - Some banks have optimized their asset allocation and enhanced their investment management capabilities, leading to significant improvements in investment returns [3][4]. Group 3: Strategic Adjustments and Future Outlook - Despite market fluctuations, many banks have successfully realized substantial investment income by adjusting their holding strategies and cashing in on previous gains [4][5]. - Chongqing Bank emphasized a steady development strategy in its financial market operations, focusing on bond trading capabilities and research to enhance revenue contributions [5]. - The sustainability of the growth trend in investment income will depend on the evolving market environment and the banks' strategic adaptability [5].

Group 1: Financial Performance - In 2024, the bank maintained steady operational performance with revenue and net profit growth, and asset scale exceeded 200 billion yuan [1] - The non-performing loan ratio and amount both decreased, enhancing risk resistance capabilities [1] - By the end of 2024, the balance of green loans reached 3.415 billion yuan, with a growth rate higher than the average loan growth of the bank [2] Group 2: ESG and Sustainable Development - The bank has been improving its ESG information disclosure system, focusing on governance, high-quality financial services, and green low-carbon development [2] - Future plans include enhancing ESG governance transparency and communication with investors to boost market recognition and trust [2] Group 3: Key Strategic Initiatives - The bank has made breakthroughs in five key areas: technology finance, green finance, inclusive finance, elderly finance, and digital transformation [3] - Over 1,000 technology enterprises received loans exceeding 10 billion yuan, covering over 80% of high-tech enterprises [3] - The bank's supply chain loans increased by 110.35% year-to-date, with the number of clients growing by 88.2% [4] Group 4: Digital Transformation and User Experience - The bank is enhancing digital transformation by building a technology information center and optimizing online product processes [4] - An intelligent risk control system has been launched to improve user experience and risk management for online products [5] Group 5: Rural Revitalization and Financial Support - The bank is innovating financial services for rural revitalization, including tailored credit products and digital service platforms [5] - Future efforts will focus on increasing credit resources and enhancing the financial service system for rural industries [5]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [6] Core Viewpoints - The banking sector is expected to benefit from policy catalysts aimed at stabilizing the economy, with a focus on real estate, consumer spending, and social welfare [3] - The report highlights that personal non-performing loans (NPLs) are a significant concern, with a notable increase in the disposal of personal loans, particularly consumer loans [2][3] Summary by Sections 1. NPL Transfer Statistics for Q1 2025 - The total NPL transfer listing scale reached 74.27 billion yuan, a year-on-year increase of 190.5%, with actual transaction volume at 48.3 billion yuan, up 138.8% year-on-year [1] - Joint-stock banks were the primary sellers of NPLs, with a transaction volume of 20.36 billion yuan, accounting for 42.2% of total NPLs [1] - Personal loans accounted for 76.7% of the NPLs, with a transaction volume of 37.04 billion yuan, reflecting a significant year-on-year increase of 761% [2] 2. Sector Insights - Short-term impacts from tariff policies may affect exports, but long-term expansionary policies are expected to support economic growth [3] - The report identifies specific banks to watch under the pro-cyclical strategy, including Ningbo Bank, Postal Savings Bank, and China Merchants Bank [3] 3. Key Data Tracking - The average daily trading volume in the stock market was 1,146.755 billion yuan, an increase of 37.99 billion yuan week-on-week [4] - The balance of margin financing and securities lending was 1.80 trillion yuan, a decrease of 0.11% from the previous week [4] - The issuance of non-monetary fund shares reached 24.579 billion, an increase of 4.103 billion week-on-week [4]

Group 1 - Since April, 9 bank stocks have reached historical highs, indicating a sustained increase in industry interest [1][2] - In Q4 2024, bank performance has significantly improved, with many banks reporting positive results in Q1 of this year [1][5] - The total cash dividends for the banking sector are expected to reach a new high, with 12 bank stocks each exceeding 10 billion yuan in annual dividends [1][7] Group 2 - On April 24, the banking index closed up 1.16%, with major banks like Bank of China, Agricultural Bank of China, and Industrial and Commercial Bank of China hitting record highs [2] - The stock prices of major banks have steadily increased this year, with Shanghai Bank showing a year-to-date increase of 15.52% [2] - The banking sector is favored as a low-valuation, high-dividend defensive asset amid ongoing market fluctuations [3] Group 3 - Over 90% of the 36 bank stocks that have released their 2024 annual reports or performance forecasts reported year-on-year profit growth [5] - Shanghai Pudong Development Bank reported the highest year-on-year profit growth at 23.31%, driven by rapid credit growth and improved asset quality [5] - The total net profit of the disclosed bank stocks in Q4 2024 exceeded 480 billion yuan, marking a 5.66% increase from the previous year [5] Group 4 - Five bank stocks have released Q1 2025 performance reports, with several banks reporting year-on-year profit growth [6] - Major banks have indicated ongoing improvements in their asset-liability structures and operational efficiency [6] Group 5 - As of April 24, 29 bank stocks have announced dividend plans, with a total cash dividend amounting to 357.84 billion yuan [7] - The cumulative cash dividends for the banking sector in 2024 have reached 616.13 billion yuan, surpassing the previous year's total [8] - Industrial and Commercial Bank of China announced a cash dividend of 1.646 yuan per 10 shares, totaling 58.66 billion yuan, marking a continuous growth for nine years [8]

Group 1 - The banking sector has seen 9 stocks reach historical highs this month, including major state-owned banks like ICBC, ABC, and CCB, with significant year-to-date gains [2][4] - The banking sector index rose by 1.16% on April 24, outperforming the market, with notable increases in stock prices for major banks [2][3] - The overall performance of the banking sector improved significantly in Q4 of the previous year, with 33 out of 36 banks reporting year-on-year profit growth [4][5] Group 2 - The total cash dividends announced by banks for 2024 have reached a record high of 6,161.26 billion yuan, surpassing the previous year's total [6][7] - Major banks like ICBC, CCB, and ABC have declared dividends exceeding 500 billion yuan, contributing to the sector's reputation for high dividends [6][7] - Ningbo Bank reported the highest year-on-year increase in dividends at 50%, indicating a strong commitment to shareholder returns [7]

Investment Rating - The investment rating for Jiangyin Bank is "Buy" with a current price of 4.31 CNY and a reasonable value of 5.29 CNY [4]. Core Views - Jiangyin Bank reported a year-on-year revenue growth of 6.0% and a net profit growth of 2.2% in Q1 2025, indicating stable profitability [8]. - The bank's asset quality has improved, with a non-performing loan ratio of 0.86% remaining stable compared to the end of the previous year, while the attention loan ratio decreased to 1.03% [8]. - The bank's deposit interest rate has significantly decreased to 1.61%, down 24 basis points from the end of the previous year, reflecting effective cost control [8]. - Investment income has shown a notable increase, reaching 415 million CNY in Q1 2025, compared to 170 million CNY in the same period last year [8]. - The bank's net interest income has faced pressure, declining by 1.43% year-on-year, with a net interest margin of 1.51%, down 25 basis points from the end of 2024 [8]. Summary by Sections Financial Performance - In Q1 2025, Jiangyin Bank's revenue, pre-provision profit, and net profit growth rates were 6.0%, 8.4%, and 2.2% respectively, with changes of +3.49 percentage points, +13.20 percentage points, and -5.65 percentage points compared to 2024 [11]. - The total deposits reached 161.8 billion CNY, an increase of 6.57% from the beginning of the year, with the deposit ratio rising to 87.5% [8]. Asset Quality - The non-performing loan ratio remained stable at 0.86%, while the attention loan ratio decreased by 19 basis points to 1.03%, indicating strengthened asset quality [8]. Capital Adequacy - The core Tier 1 capital adequacy ratio decreased to 13.73%, down 36 basis points from the end of the previous year, while the total capital adequacy ratio fell to 14.87%, down 35 basis points [8]. Earnings Forecast - The forecast for Jiangyin Bank's net profit growth is 8.50% for 2025 and 8.11% for 2026, with expected earnings per share of 1.02 CNY and 1.10 CNY respectively [8].

Group 1 - Jiangyin Bank announced a dual personnel change in its board, with the resignation of Secretary of the Board Bian Danjuan due to age and the nomination of 35-year-old Zhou Xiaotang as her successor [1][2] - Zhou Xiaotang, if approved by regulators, will become the youngest executive in Jiangyin Bank's history, holding a board secretary qualification certificate and possessing relevant professional competence and experience [1][2] - The bank's executive team is becoming younger, with current executives' ages ranging from 34 to 48 years old, indicating a trend towards a more youthful leadership [3] Group 2 - Jiangyin Bank reported a revenue of 1.127 billion yuan for Q1 2025, a year-on-year increase of 6%, and a net profit attributable to shareholders of 357 million yuan, up 2.22% year-on-year [3] - As of the end of Q1 2025, the bank's total assets reached 207.058 billion yuan, reflecting a growth of 3.41% since the beginning of the year [3] - The non-performing loan ratio remained stable at 0.86%, consistent with the beginning of the year [3]

证券代码：002807 证券简称：江阴银行 公告编号：2025-017 江苏江阴农村商业银行股份有限公司 2024 年年度权益分派实施公告 本行及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 江苏江阴农村商业银行股份有限公司（以下简称"本行"）2024 年年度权益 分派方案已获 2025 年 4 月 18 日召开的 2024 年年度股东大会审议通过，现将权 益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、2025 年 4 月 18 日，本行 2024 年年度股东大会审议通过了《关于 2024 年 度利润分配方案的议案》：以未来实施分配方案时股权登记日的总股本为基数， 向全体股东每 10 股派发现金红利 2.0 元（含税），不送红股，不转增股本。截至 未来分配方案实施时的股权登记日，若本行总股本存在变动，本行将以股权登记 日的总股本为基数，按照分配比例不变的原则进行权益分派； 2、自2024年年度权益分派方案披露至实施期间，本行股本总额未发生变化。 以本行现有总股本 2,461,392,789 股为基数测算，预计派发现金红利 492,278,557.80 ...

证券代码：002807 证券简称：江阴银行 公告编号：2025-014 江苏江阴农村商业银行股份有限公司 关于变更董事会秘书及证券事务代表的公告 本行及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 一、关于董事会秘书辞职的情况 江苏江阴农村商业银行股份有限公司（以下简称"本行"）董事会于近日收 到公司董事会秘书卞丹娟女士的书面辞职报告，卞丹娟女士因年龄原因，申请辞 去本行董事会秘书职务，辞职后，卞丹娟女士将继续在本行担任董事职务。根据 《公司法》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范 运作》和本行《章程》等相关规定，卞丹娟女士的辞职申请自送达董事会时生效。 卞丹娟女士原定任期至本行第八届董事会届满之日止。截至本公告披露日， 卞丹娟女士持有本行股份 490038 股，不存在应当履行而未履行的承诺事项。卞 丹娟女士辞去董事会秘书职务后，将继续依照相关法律法规和本行《章程》的规 定，对其所持本行股份进行合规管理。 卞丹娟女士任职期间恪尽职守、勤勉尽责，在本行规范治理、信息披露、投 资者关系管理等方面发挥了积极作用，本行董事会对卞丹娟女士在任职期间为 ...