2025年末，信用卡市场再掀调整波澜。 近日，浙江农商联合银行宣布，因业务合作调整，旗下多家农商行将集体停止发行丰收京东 联名信用卡。 这一调整并非孤例。今年以来，从全国性大行到区域性农商行，"停止发行"已成为信用卡公 告中的高频词汇。而曾经作为银行跨界获客、场景引流"利器"的联名信用卡，成为了此 轮"停发潮"中首当其冲的对象。 在"精耕细作" 取代 "跑马圈地"的存量竞争时代，银行的应对已不仅限于停发产品，也在推 动信用卡中心关停、App整合等更深层的组织与渠道变革。未来行业竞争将不再是发卡量的 比拼，而是聚焦于通过科技赋能、客群深耕与生态构建来实现可持续的价值创造。 "停发潮"蔓延至中小银行， 联名卡面临"成本与风险"双重考验 浙江农商联合银行的公告明确了后续安排：存量京东卡在卡片有效期内可继续正常使用，包 括消费、取现、还款等基本功能不受影响，可正常享受该行开展的信用卡活动，年费标准、 积分等优惠政策保持不变，但自2026年1月13日起，将不再享受由京东提供的新客好礼一分 购、券包月月领、首刷返现金与消费领京豆等相关活动。挂失补卡、卡损换卡、到期续卡等 场景则统一换发丰收浙富卡。 这一举措，意味着信用卡 ...

12月11日金融一线消息，江阴银行今日发布第八届董事会2025年第二次临时会议决议公告。会议审议通 过了《关于向江苏靖江农村商业银行股份有限公司追加投资的议案》，江阴银行拟向江苏靖江农村商业 银行股份有限公司追加投资不超过 3000 万元，保持江阴银行在该行股份总额中 9.9%的持股比例，此次 追加投资行为不影响公司合并报表范围。具体投资额根据江苏靖江农村商业银行股份有限公司本次资产 评估报告确认。 此外，会议还审议通过《关于聘任首席合规官的议案》《关于聘任计划财务部总经理的议案》，董事会 聘任执行董事倪庆华兼任首席合规官，任期与第八届董事会一致。 12月11日金融一线消息，江阴银行今日发布第八届董事会2025年第二次临时会议决议公告。会议审议通 过了《关于向江苏靖江农村商业银行股份有限公司追加投资的议案》，江阴银行拟向江苏靖江农村商业 银行股份有限公司追加投资不超过 3000 万元，保持江阴银行在该行股份总额中 9.9%的持股比例，此次 追加投资行为不影响公司合并报表范围。具体投资额根据江苏靖江农村商业银行股份有限公司本次资产 评估报告确认。 此外，会议还审议通过《关于聘任首席合规官的议案》《关于聘任计划财 ...

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].

证券代码：002807 证券简称：江阴银行 公告编号：2025-040 江苏江阴农村商业银行股份有限公司 第八届董事会 2025 年第二次临时会议决议公告 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"）于 2025 年 12 月 5 日以电子邮件及书面方式向全体董事发出关于召开第八届董事会 2025 年第二次临 时会议的通知，会议于 2025 年 12 月 11 日在银信大厦召开，会议以现场结合视频 方式进行表决。本行应参会董事 11 名，实际参会董事 11 名，符合《公司法》、《深 圳证券交易所股票上市规则》和本行《章程》的规定。本行高级管理人员列席会议， 会议由宋萍董事长主持。本次会议合法有效。会议审议通过了以下议案： 一、关于向江苏靖江农村商业银行股份有限公司追加投资的议案 本行拟向江苏靖江农村商业银行股份有限公司追加投资不超过 3000 万元， 保持本行在该行股份总额中 9.9%的持股比例，此次追加投资行为不影响公司合 并报表范围。具体投资额根据江苏靖江农村商业银行股份有限公司本次资产评估 报告确认。 ...

格隆汇12月11日丨江阴银行(002807.SZ)公布，本行拟向江苏靖江农村商业银行股份有限公司追加投资 不超过3000万元，保持本行在该行股份总额中9.9%的持股比例，此次追加投资行为不影响公司合并报 表范围。具体投资额根据江苏靖江农村商业银行股份有限公司本次资产评估报告确认。 ...

格隆汇12月11日丨江阴银行(002807.SZ)公布，本行拟向江苏靖江农村商业银行股份有限公司追加投资 不超过3000万元，保持本行在该行股份总额中9.9%的持股比例，此次追加投资行为不影响公司合并报 表范围。具体投资额根据江苏靖江农村商业银行股份有限公司本次资产评估报告确认。 ...

截至发稿，江阴银行市值为115亿元。 每经AI快讯，江阴银行（SZ 002807，收盘价：4.66元）12月11日晚间发布公告称，公司第八届2025年 第二次董事会临时会议于2025年12月11日在银信大厦召开。会议审议了《关于向江苏靖江农村商业银行 股份有限公司追加投资的议案》等文件。 2025年1至6月份，江阴银行的营业收入构成为：利息收入占比120.54%，非利息收入占比3.53%。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 王瀚黎） ...

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].

证券之星消息，12月8日农商行板块较上一交易日上涨0.21%，沪农商行领涨。当日上证指数报收于 3924.08，上涨0.54%。深证成指报收于13329.99，上涨1.39%。农商行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601825 | 沪农商行 | 9.52 | 1.17% | 21.45万 | | 2.04亿 | | 601128 | 常熟银行 | 7.13 | 0.28% | 36.98万 | | 2.63亿 | | 603323 | 示农银行 | 5.19 | 0.00% | 26.33万 | | 1.37亿 | | 002958 | 青农商行 | 3.20 | 0.00% | 52.36万 | | 1.68亿 | | 600908 | 元锡银行 | 6.08 | -0.33% | 17.86万 | | 1.09亿 | | 002839 | 张家港行 | 4.70 | -0.42% | 39.77万 | | 1.87亿 | | 601077 ...

Core Viewpoint - The rural commercial bank sector experienced a 0.75% increase on December 2, with Yunnan Rural Commercial Bank leading the gains, while the Shanghai Composite Index and Shenzhen Component Index saw declines of 0.42% and 0.68%, respectively [1] Group 1: Market Performance - The closing price of Yunnan Rural Commercial Bank was 6.72, up by 1.20%, with a trading volume of 538,400 shares and a transaction value of 361 million [1] - Other banks in the sector, such as Shanghai Rural Commercial Bank and Wuxi Bank, also reported gains of 1.06% and 0.65%, respectively [1] - The overall trading volume and transaction values for various banks indicate active market participation, with Zhangjiagang Bank and Suzhou Rural Bank also showing positive performance [1] Group 2: Fund Flow Analysis - The rural commercial bank sector saw a net outflow of 83.05 million from institutional investors and 32.37 million from speculative funds, while retail investors contributed a net inflow of 115 million [1] - Yunnan Rural Commercial Bank had a net inflow of 13.21 million from institutional investors, despite a net outflow of 21.98 million from speculative funds [2] - The fund flow data indicates varying levels of investor confidence, with some banks like Zhangjiagang Bank experiencing significant net outflows from institutional and speculative investors, while retail investors showed strong interest [2]