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].

Core Insights - The agricultural commercial bank sector experienced a slight increase of 0.21% on December 8, with Shanghai Agricultural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up by 0.54%, while the Shenzhen Component Index closed at 13329.99, up by 1.39% [1] Stock Performance - Shanghai Agricultural Commercial Bank (601825) closed at 9.52, with a rise of 1.17% and a trading volume of 214,500 shares, amounting to a transaction value of 204 million yuan [1] - Changshu Bank (601128) closed at 7.13, up by 0.28%, with a trading volume of 369,800 shares [1] - Other banks such as Jiangyin Bank (002807) and Zijin Bank (601860) saw declines of 0.63% and 0.71% respectively [1] Capital Flow - The agricultural commercial bank sector saw a net outflow of 5.0441 million yuan from main funds, while retail funds experienced a net outflow of 7.61304 million yuan [1] - Speculative funds, however, recorded a net inflow of 81.1746 million yuan [1] Individual Stock Capital Flow - Wuxi Bank (600908) had a main fund net inflow of 19.0391 million yuan, while retail funds saw a net outflow of 21.8041 million yuan [2] - Qingnong Bank (002958) experienced a main fund net inflow of 15.7202 million yuan, but retail funds had a net outflow of 1.13021 million yuan [2] - Zhangjiagang Bank (002839) had a main fund net inflow of 7.6575 million yuan, with retail funds seeing a net outflow of 1.24512 million yuan [2]

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]

Core Viewpoint - The A-share market is experiencing fluctuations, with most bank stocks rising, particularly the Bank ETF Southern (512700), which has increased by 0.12% and 3.84% since November [1] Group 1: Market Performance - The recent rise in the banking sector is attributed to year-end investment style changes and mid-term dividends, with the overall mid-term dividend timing being advanced this year, concentrated in December and January [1] - As of November 30, 2025, 13 banks, including Minsheng Bank, Ping An Bank, and Shanghai Bank, have implemented mid-term dividend payouts, with two banks set to implement next week [1] Group 2: Investment Opportunities - The concentration of dividends from the four major banks in December indicates a sustained investment window for the banking sector, which historically performs well from year-end to early next year [1] - The Bank ETF Southern (512700) closely tracks the CSI Bank Index, covering major state-owned banks, joint-stock banks, and quality regional banks, characterized by low valuations (low PB) and high dividend yields, making it suitable for investors seeking stable long-term dividend income [1]