Market Overview - The agricultural commercial bank sector experienced a slight decline of 0.05% on December 24, with Changshu Bank leading the drop [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Individual Stock Performance - Jiangyin Bank closed at 4.70, with a gain of 0.64% and a trading volume of 252,600 shares, amounting to 118 million yuan [1] - Zhangjiagang Bank closed at 4.59, up 0.44%, with a trading volume of 232,800 shares, totaling 106 million yuan [1] - Zijin Bank closed at 2.76, gaining 0.36%, with a trading volume of 232,500 shares, amounting to 63.89 million yuan [1] - Qingnong Commercial Bank closed at 3.14, up 0.32%, with a trading volume of 241,600 shares, totaling 7.56 million yuan [1] - Shinan Bank closed at 5.15, gaining 0.19%, with a trading volume of 151,100 shares, amounting to 7.75 million yuan [1] - Wuxi Bank closed at 5.96, up 0.17%, with a trading volume of 93,900 shares, totaling 5.59 million yuan [1] - Yunnan Agricultural Commercial Bank closed at 6.43, gaining 0.16%, with a trading volume of 424,500 shares, amounting to 272 million yuan [1] - Shanghai Agricultural Commercial Bank closed at 9.16, down 0.22%, with a trading volume of 192,800 shares, totaling 177 million yuan [1] - Ruifeng Bank closed at 5.54, down 0.72%, with a trading volume of 121,600 shares, amounting to 6.74 million yuan [1] - Changshu Bank closed at 7.07, down 0.84%, with a trading volume of 363,200 shares, totaling 257 million yuan [1] Fund Flow Analysis - The agricultural commercial bank sector saw a net outflow of 10.80 million yuan from main funds, while speculative funds had a net inflow of 53.25 million yuan, and retail investors experienced a net outflow of 42.45 million yuan [1] - Yunnan Agricultural Commercial Bank had a main fund net inflow of 18.22 million yuan, accounting for 6.69% of its total [2] - Wuxi Bank experienced a main fund net inflow of 1.33 million yuan, representing 2.37% of its total [2] - Zijin Bank had a main fund net inflow of 130,700 yuan, which is 0.20% of its total [2] - Changshu Bank faced a main fund net outflow of 2.10 million yuan, accounting for -0.82% of its total [2] - Jiangyin Bank had a main fund net outflow of 5.73 million yuan, representing -4.84% of its total [2] - Zhangjiagang Bank experienced a main fund net outflow of 6.66 million yuan, accounting for -6.26% of its total [2] - Qingnong Commercial Bank had a significant main fund net outflow of 9.53 million yuan, representing -12.61% of its total [2]

（文章来源：证券日报） 证券日报网讯 12月22日，张家港行在互动平台回答投资者提问时表示，截至12月20日，公司股东户数 为47356户。 ...

Core Viewpoint - The rural commercial bank sector experienced a decline of 1.18% on December 22, with Yunnan Rural Commercial Bank leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3917.36, up by 0.69% [1] - The Shenzhen Component Index closed at 13332.73, up by 1.47% [1] - The rural commercial bank sector saw mixed individual stock performances, with notable declines in several banks [1] Group 2: Individual Stock Performance - Wuxi Bank (600908) had a closing price of 5.96, down by 1.32%, with a trading volume of 141,500 shares and a transaction amount of 84.89 million [1] - Changshu Bank (601128) closed at 7.16, down by 1.10%, with a trading volume of 259,900 shares and a transaction amount of 187 million [1] - Yunnan Rural Commercial Bank (601077) closed at 6.36, down by 2.15%, with a trading volume of 418,000 shares and a transaction amount of 267 million [1] Group 3: Capital Flow - The rural commercial bank sector had a net inflow of 19.98 million from main funds, while retail investors saw a net outflow of 44.62 million [1] - Individual stocks within the sector showed varied capital flows, with some banks experiencing significant net outflows from retail investors [2]

Group 1 - The agricultural commercial bank sector increased by 2.0% on December 18, with Chongqing Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3876.37, up 0.16%, while the Shenzhen Component Index closed at 13053.98, down 1.29% [1] - Key stocks in the agricultural commercial bank sector showed various performance metrics, with Chongqing Rural Commercial Bank closing at 6.45, up 3.20% [1] Group 2 - The net capital flow for the agricultural commercial bank sector showed a net outflow of 12.09 million yuan from institutional investors and 10.73 million yuan from speculative investors, while retail investors had a net inflow of 22.82 million yuan [1] - Detailed capital flow data indicates that Chongqing Rural Commercial Bank had a net inflow of 17.10 million yuan from institutional investors, but a net outflow of 17.70 million yuan from retail investors [2] - Jiangyin Bank experienced a net inflow of 9.28 million yuan from institutional investors, while retail investors contributed a net inflow of 1.45 million yuan [2]

Core Viewpoint - The A-share market has seen a broad increase in bank stocks, indicating positive market sentiment towards the banking sector [1] Group 1: Stock Performance - Suzhou Bank, Xiamen Bank, Shanghai Bank, Hangzhou Bank, Jiangyin Bank, China Construction Bank, and Chongqing Rural Commercial Bank all experienced gains exceeding 2% [1] - Zhangjiagang Bank, Nanjing Bank, Jiangsu Bank, Qilu Bank, Changsha Bank, Qingdao Bank, and Chongqing Bank saw increases close to 2% [1]

12月15日，张家港行（002839）发布公告，公司2025年第一期科技创新债券完成发行，本期债券发行总 规模为5亿元，债券品种为5年期固定利率债券，票面利率为1.90%。 12月15日，张家港行（002839）发布公告，公司2025年第一期科技创新债券完成发行，本期债券发行总 规模为5亿元，债券品种为5年期固定利率债券，票面利率为1.90%。 ...

北京商报讯（记者 孟凡霞 周义力）12月15日，张家港农商行发布公告，经中国人民银行核准，该行近 期在全国银行间债券市场成功发行了"江苏张家港农村商业银行股份有限公司2025年第一期科技创新债 券"（以下简称"本期债券"）。本期债券发行总规模为人民币5亿元，债券品种为5年期固定利率债券， 票面利率为1.90%。本期债券的募集资金将划入该行账户，并依据适用法律和监管部门要求，用于科创 企业贷款，为科创企业提供金融服务。 ...

证券代码：002839 证券简称：张家港行 公告编号：2025-035 江苏张家港农村商业银行股份有限公司 关于成功发行 2025 年科技创新债券的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 经中国人民银行核准，江苏张家港农村商业银行股份有限公司（以下简称"公 司"）近期在全国银行间债券市场成功发行了"江苏张家港农村商业银行股份有 限公司 2025 年第一期科技创新债券"（以下简称"本期债券"）。 本期债券发行总规模为人民币 5 亿元，债券品种为 5 年期固定利率债券，票 面利率为 1.90%。 本期债券的募集资金将划入本公司账户，并依据适用法律和监管部门要求， 用于科创企业贷款，为科创企业提供金融服务。 特此公告。 江苏张家港农村商业银行股份有限公司董事会 二〇二五年十二月十五日 ...

本期债券发行总规模为人民币 5 亿元，债券品种为 5 年期固定利率债券，票面利率为 1.90%。本期债券 的募集资金将划入改行账户，并依据适用法律和监管部门要求，用于科创企业贷款，为科创企业提供金 融服务。 12月15日金融一线消息，张家港行今日发布公告称，经中国人民银行核准，该行近期在全国银行间债券 市场成功发行了"江苏张家港农村商业银行股份有限公司 2025 年第一期科技创新债券"（以下简称"本期 债券"）。 责任编辑：曹睿潼 责任编辑：曹睿潼 12月15日金融一线消息，张家港行今日发布公告称，经中国人民银行核准，该行近期在全国银行间债券 市场成功发行了"江苏张家港农村商业银行股份有限公司 2025 年第一期科技创新债券"（以下简称"本期 债券"）。 本期债券发行总规模为人民币 5 亿元，债券品种为 5 年期固定利率债券，票面利率为 1.90%。本期债券 的募集资金将划入改行账户，并依据适用法律和监管部门要求，用于科创企业贷款，为科创企业提供金 融服务。 ...

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].