文 | WEMONEY研究室，作者 | 王彦强 近日，第二家上市农商行——江阴银行（002807.SZ）披露了上半年业绩报告。 据中报显示，2025年上半年，江阴银行实现营业收入24.01亿元，同比增长10.45%；实现归母净利润8.46亿元，同比增长16.63%。 从资产质量来看，2025年上半年，江阴银行的不良贷款率为0.86%，与上年末持平；而拨备覆盖率为381.22%，较上年末增加11.9个百分点。 整体来看，江阴银行业绩实现双增，但净息差依然承压，2024年上半年，该行的净息差为1.54%，同比下降0.22个百分点。 而值得注意的是，江阴银行上半年的投资净收益为8.82亿元，同比大增81.44%，占营收的36.72%。同期，该行经营活动产生的现金流净额为-58.50亿元，同 比下降621.51%。 WEMONEY研究室注意到，近年来，江阴银行的利息净收入占营收的比重在不断下降，而投资净收益占营收的比重却在持续攀升。 数据显示，2022年—2024年，江阴银行的利息净收入分别为31.93亿元、29.82亿元、28.03亿元，占营收的比重分别为84.49%、77.15%、70.75%。投资净收益 分别为 ...

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，8月22日农商行板块较上一交易日下跌1.03%，渝农商行领跌。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。农商行板块个股涨跌见下表： 从资金流向上来看，当日农商行板块主力资金净流出3298.64万元，游资资金净流出542.42万元，散户资 金净流入3841.06万元。农商行板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603323 苏农银行 | | 1802.11万 | 7.63% | -59.33万 | -0.25% | -1742.78万 | -7.38% | | 601528 瑞丰银行 | | 1522.66万 | 12.02% | -952.96万 | -7.52% | -569.70万 | ...

Group 1: Xiaomi Group - The company reported a revenue of approximately 116 billion yuan in Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [3][4] - Adjusted net profit for Q2 2025 was approximately 10.8 billion yuan, a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [3][4] - The gross margin for Q2 2025 was approximately 22.5% [3] - The revenue from IoT and lifestyle products reached approximately 38.7 billion yuan, a year-on-year increase of 44.7% [5] - The smart electric vehicle revenue was approximately 20.6 billion yuan, showing a year-on-year growth of 230.3% [6] - Internet service revenue reached 9.1 billion yuan, a year-on-year increase of 10% [6] Group 2: Gigabit Technology - The company achieved a revenue of 2.518 billion yuan in H1 2025, with a year-on-year growth of 28.49% [9][10] - In Q2 2025, the revenue was 1.382 billion yuan, representing a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [9][11] - The net profit for Q2 2025 was 361 million yuan, a year-on-year increase of 36.64% [9][11] Group 3: Highlan Co., Ltd. - The company established a wholly-owned subsidiary in Singapore to expand its global industrial layout [16] - In 2024, high-power density thermal management products accounted for 47.47% of total revenue [17] - The company signed a procurement contract for the Saudi flexible direct current project worth 361 million yuan [17] Group 4: Xinli Tai Pharmaceutical - The company reported a revenue of 2.131 billion yuan in H1 2025, with a year-on-year growth of 4.32% [23][25] - The net profit for Q2 2025 was 165 million yuan, a year-on-year increase of 14.55% [25] - The gross margin for Q2 2025 was 75.31%, an increase of 4.55 percentage points year-on-year [25] Group 5: Express Delivery Industry - In July 2025, the express delivery industry experienced a business volume growth of 15.1% year-on-year [28][29] - The average revenue per package in July 2025 was 7.36 yuan, a year-on-year decrease of 5.33% [28] - Major companies like YTO Express and SF Express saw varying growth rates in business volume, with SF Express experiencing a significant decline in revenue per package [30] Group 6: Jiangyin Bank - The bank reported a revenue growth of 10.45% year-on-year in H1 2025 [31][32] - Non-interest income increased by 30.26%, primarily driven by investment income [32] - The non-performing loan ratio was stable at 0.86% [33] Group 7: AI Demand and Semiconductor Industry - Demand for AI continues to grow, while consumer electronics orders are becoming more conservative [34] - In July 2025, Taiwan's IC design companies reported a revenue decline, with MediaTek's revenue down 23.4% month-on-month [34][35] - The semiconductor industry is experiencing mixed performance, with some companies reporting significant year-on-year growth [35] Group 8: Used Car Industry - The used car business remains highly prosperous, with significant growth in financial technology services [44] - The company reported a revenue of 5.452 billion yuan in H1 2025, a year-on-year increase of 22% [44]

Group 1 - Jiangyin Rural Commercial Bank will hold a half-year performance briefing for 2025 on August 29, 2025, from 15:00 to 16:00 via an online platform [1][2] - The bank aims to enhance communication with investors by publicly soliciting questions in advance, allowing for a more targeted discussion during the briefing [2] - Key personnel attending the briefing include the Chairwoman, the President, the Board Secretary, the Chief Financial Officer, and an Independent Director [1]

Investment Rating - The report assigns a "Buy" rating for Jiangyin Bank (002807) [2][5] Core Views - Jiangyin Bank's H1 2025 revenue increased by 10.45% year-on-year, and net profit attributable to shareholders rose by 16.63%. Non-interest income grew by over 30%, primarily driven by an 81.44% increase in investment income to 0.881 billion yuan [5] - The net interest margin (NIM) has rebounded, with a decrease in the deposit interest rate, which fell by 23 basis points to 1.62% compared to the end of 2024. The NIM for H1 2025 was 1.54%, up 3 basis points from Q1 2025 [5] - The non-performing loan (NPL) ratio remained stable at 0.86%, with overdue loans as a percentage of total loans decreasing by 29 basis points from the end of 2024. The provision coverage ratio increased to 381.22%, up 31.22 percentage points from Q1 2025 [5] Summary by Sections Financial Performance - Jiangyin Bank's H1 2025 revenue was 4.962 billion yuan, with a year-on-year growth rate of 10.45%. The net profit attributable to shareholders was 2.203 billion yuan, reflecting a 16.63% increase. In Q2 2025, revenue grew by 14.67% year-on-year, an increase of 8.65 percentage points from Q1 2025 [5][7] - Non-interest income for H1 2025 reached 1.026 billion yuan, with a year-on-year growth of 30.26%, mainly due to significant investment income [5] Profitability Metrics - The NIM for H1 2025 was reported at 1.54%, showing a slight increase from the previous quarter. The net interest spread was 1.37%, also up by 3 basis points [5] - The bank's deposit interest rate decreased significantly, contributing to improved profitability [5] Asset Quality - The NPL ratio was stable at 0.86%, with a provision coverage ratio of 381.22%, indicating strong asset quality management [5] - The overdue loan ratio decreased to 1.06%, down 29 basis points from the end of 2024 [5] Future Projections - Revenue projections for Jiangyin Bank are estimated at 4.4 billion yuan for 2025, 4.8 billion yuan for 2026, and 5.2 billion yuan for 2027, with respective growth rates of 10.72%, 10.11%, and 7.93% [5][7] - Net profit forecasts are 2.22 billion yuan for 2025, 2.36 billion yuan for 2026, and 2.59 billion yuan for 2027, with growth rates of 8.94%, 6.16%, and 9.74% [5][7]

Group 1 - The core point of the article is that Jiangyin Bank (002807) reported on August 21 that as of August 20, 2025, the number of shareholders is 45,245 [1]

Core Viewpoint - Jiangyin Bank's H1 2025 report shows strong financial performance with significant growth in revenue and net profit, alongside a stable non-performing loan ratio and improved net interest margin, leading to a "buy" rating for the company [2][3]. Financial Performance - Jiangyin Bank's H1 2025 revenue increased by 10.45% year-on-year, while net profit attributable to shareholders rose by 16.63% [2]. - In Q2 2025, the bank's revenue grew by 14.67% year-on-year, an increase of 8.65 percentage points compared to Q1 2025 [2]. - Non-interest income surged by 30.26% year-on-year, primarily driven by investment income of 881 million yuan, which saw an impressive growth of 81.44% [2]. Interest Margin and Deposit Rates - The net interest margin for H1 2025 was 1.54%, up by 3 basis points from Q1 2025, while the net interest spread also increased by 3 basis points to 1.37% [2]. - The deposit interest rate for H1 2025 was 1.62%, down by 23 basis points from the end of 2024 [3]. Asset Quality - The non-performing loan ratio remained stable at 0.86% as of H1 2025, unchanged from Q1 2025 [3]. - The overdue loan ratio decreased to 1.06%, down by 29 basis points from the end of 2024, indicating improved asset quality [3]. - As of June 30, 2025, the provision coverage ratio was 381.22%, an increase of 31.22 percentage points from Q1 2025 [3]. Profit Forecast and Investment Rating - The company forecasts revenues of 4.4 billion yuan, 4.8 billion yuan, and 5.2 billion yuan for 2025-2027, with year-on-year growth rates of 10.72%, 10.11%, and 7.93% respectively [3]. - Projected net profits for the same period are 2.2 billion yuan, 2.4 billion yuan, and 2.6 billion yuan, with growth rates of 8.94%, 6.16%, and 9.74% respectively [3]. - Earnings per share (EPS) are expected to be 0.90, 0.96, and 1.05 yuan, with price-to-earnings (P/E) ratios of 4.50, 4.24, and 3.86, and price-to-book (P/B) ratios of 0.49, 0.45, and 0.40 for the same years [3].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002958 | 青农商行 | 3.54 | 1.43% | 58.57万 | | 2.06亿 | | 601825 | 沪农商行 | 8.88 | 1.25% | 31.01万 | | 2.74亿 | | 601528 | 瑞丰银行 | 5.74 | 1.23% | 23.58万 | | 1.34亿 | | 002807 | 江阴银行 | 5.03 | 1.00% | 50.16万 | | 2.51亿 | | 600908 | 元锡银行 | 6.23 | 0.81% | 18.42万 | | 1.14亿 | | 603323 | 苏农银行 | 5.51 | 0.73% | 36.21万 | | 2666T | | 601860 | 紫金银行 | 3.00 | 0.67% | 75.88万 | | 2.27亿 | | 002839 | 张家港行 | 4.56 | 0.66% | 38.68万 | | 1.76亿 | | 601128 ...

江苏江阴农村商业银行股份有限公司 出席本次说明会的人员有：董事长宋萍女士、行长倪庆华先生、董事会秘书 周晓堂先生、财务总监常惠娟女士、独立董事董斌先生。 证券代码：002807 证券简称：江阴银行 公告编号：2025-029 关于举行 2025 年半年度报告说明会的公告 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。 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 8 月 16 日披露了《2025 年半年度报告》及其摘要，相关内容详见巨潮资讯网 （www.cninfo.com.cn）。为便于广大投资者进一步了解本行 2025 年半年度经营 情况， 本行定于 2025 年 8 月 29 日（星期五）15:00-16:00 在全景网举办 2025 年半年度报告网上业绩说明会（以下简称"本次说明会"）。本次说明会将采用网 络远程的方式举行，投资者可登录"全景路演"（https://rs.p5w.net）参与本次说 明会。 欢迎广大投资者积极参与。 特此公告。 江苏江阴农村商业银行股份有限公司董事会 2025 年 8 月 22 日 为充分尊重投资者、 ...