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].

Group 1 - The A-share market experienced a widespread decline in bank stocks, with China Merchants Bank falling by 3% [1] - Agricultural Bank of China, Qilu Bank, and Hangzhou Bank saw declines of over 2% [1] - Zhangjiagang Bank, Industrial Bank, Changshu Bank, and Bank of Communications each dropped nearly 2% [1]

在财富分享环节，吴江支行理财客户经理结合24周年行庆，针对性推介私行客户专属产品，详解"利率 上浮""定制化理财配置"等专属权益，结合当前市场趋势提供资产配置建议，实现文化体验与财富服务 的高效融合。 王欢 活动现场以宋锦纹样装饰，氛围雅致而温馨。支行行长与私行客户围坐交流，回顾该行24年来稳健经 营、深耕地方的发展历程，特别提及对私行客户的专属服务理念，并将宋锦"选丝精良、织造精细"的匠 心，类比为支行对私行客户财富管理"精研需求、精准配置"的服务标准，引发客户深度认同。 非遗体验环节中，宋锦织造技艺传承人携简化织机而来，为私行客户现场演示宋锦织造工艺，手把手指 导客户体验"穿经引线"，详解纹样中的文化寓意。客户们专注投入，在动手体验非遗技艺的过程中，感 受传统文化与金融服务碰撞的独特魅力。活动同步设置的宋锦DIY环节，为每位客户准备了定制材料 包，客户可亲手制作宋锦胸针，成品作为行庆专属纪念礼赠予，让私享体验更具心意。 江南时报讯 近日，张家港农商银行吴江支行以"锦韵贺华诞·匠心启新程"为主题，特邀6名高净值私行客 户开启一场非遗宋锦私享会，在该行24周年行庆的同时，深化高端客户服务，打造"文化体验+财富 ...

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]

江南时报讯 在张家港农商银行成立24周年、无锡分行成立9周年之际，为深化银社联动、回馈社区厚爱，近日，张家港 农商银行无锡分行组织员工走进望溪社区，开展"巧手蕙心 好柿花生"主题手作暨反诈宣传活动。 活动现场，分行员工与社区工作者紧密协作，引导居民亲手制作象征"事事如意"与"好事发生"的柿子挂件。居民们巧手 翻飞，交流心得，欢声笑语中传递着温馨情谊，有效拉近了银社距离。随后，分行员工精心开展反诈知识讲座，结合近 期高发的养老诈骗、非法集资等典型案例，以通俗易懂的语言剖析风险陷阱，帮助居民筑牢资金安全防线。活动尾声， 居民们自发录制祝福视频，一声声"生日快乐"饱含真情，为分行发展注入温暖力量。 卓越的品牌不仅镌刻于业绩丰碑，更扎根于深厚的情感认同。这份来自居民的真诚祝福，是张家港农商银行无锡分行前 行路上的宝贵礼物。未来，无锡分行将继续秉承服务初心，与广大客户和社区居民同心同行，共绘美好生活新图景。 (李文颖) ...

Core Viewpoint - The recent increase in institutional research on local listed banks, particularly city and rural commercial banks, is driven by improving fundamental indicators, investment value, and market performance, with a generally optimistic outlook on net interest margins and dividend prospects [1][3]. Group 1: Institutional Research Activity - As of December 3, 12 listed banks have received 195 research visits from 81 institutions since November, a significant increase from October's 58 visits [1][2]. - The banks involved in this round of research are all regional institutions, including Ningbo Bank, Hangzhou Bank, and others [2]. - Year-to-date, 25 banks have been researched, with Ningbo Bank and Hangzhou Bank leading in the number of visits, receiving 323 and 285 visits respectively [3]. Group 2: Outlook on Net Interest Margins - Institutions are focusing on dividend plans, net interest margin outlooks, and response measures during their research [4]. - Despite a historical low net interest margin of 1.42% as of Q3, many banks express optimism about future trends, citing potential stabilization [4][5]. - Banks are adjusting their asset-liability structures and reducing deposit rates to manage the pressure on net interest margins [5]. Group 3: Dividend Stability and Plans - The upcoming mid-term dividends for A-share listed banks in 2025 have become a focal point for institutions, with banks like Ningbo Bank and Zhangjiagang Bank implementing mid-term dividends for the first time [6]. - Several banks, including Suzhou Bank, maintain a stable cash dividend ratio of over 30%, indicating a commitment to providing consistent returns to shareholders [6]. - Banks are advised to balance their operational performance with dividend frequency, ensuring that dividend policies are aligned with profitability and capital adequacy [7].

Group 1 - The core viewpoint of the article highlights the rise in bank stocks, with the Southern Bank ETF (512700) increasing over 8% since October, driven by a general uptrend in the banking sector [1] - Zhangjiagang Bank's stock rose by over 1%, contributing to the overall positive performance of bank stocks [1] - The current market shows that large-denomination certificates of deposit (CDs) typically have a minimum threshold of 200,000 yuan, with the Industrial and Commercial Bank of China offering a three-year personal CD starting at 1 million yuan with an interest rate of only 1.55% [1] Group 2 - Huachuang Securities predicts a systematic recovery in bank sector valuations by 2026, shifting the investment logic from a focus on dividends to a dual drive of "dividends + growth" [1] - The attractiveness of bank stocks is expected to increase as risk-free interest rates decline, appealing to conservative investors [1] - Some high-quality banks are anticipated to show strong earnings elasticity, with valuations potentially transitioning from price-to-book (PB) to price-to-earnings (PE) logic [1] Group 3 - The Southern Bank ETF (512700) closely tracks the CSI Bank Index, covering various banks with low valuations and high dividend yields, showcasing strong defensive attributes [1] - The article mentions that there are off-market funds linked to the ETF, specifically the connection funds A (004597) and C (004598) [1]

Core Viewpoint - The banking sector is experiencing a positive trend, with bank stocks rising, particularly Zhangjiagang Bank, which increased by over 1%. The Southern Bank ETF (512700) has risen over 8% since October, indicating a favorable market environment for bank investments [1]. Group 1: Market Trends - The current market for large-denomination certificates of deposit (CDs) from banks has a starting threshold of approximately 200,000 yuan. For example, the Industrial and Commercial Bank of China (ICBC) is offering a three-year personal large-denomination CD with a minimum deposit of 1 million yuan and an annual interest rate of only 1.55% [1]. - The latest three-year fixed deposit products from ICBC have a maximum annual interest rate of 1.55%, with a minimum deposit requirement of only 50 yuan [1]. Group 2: Future Outlook - Huachuang Securities predicts that 2026 will be a year of systematic recovery in the valuation of the banking sector, transitioning from a defensive strategy to a balanced approach that combines fundamentals and capital drivers. The investment logic for bank stocks will shift from purely dividend defense to a dual-driven model of "dividend + growth" [1]. - The characteristics of high dividends and low valuations will continue to define bank stocks, especially in a declining risk-free interest rate environment, which will attract stable capital. As interest margins stabilize, regional credit demand rebounds, and non-interest income grows, some quality banks are expected to show strong earnings elasticity, with valuations likely shifting from price-to-book (PB) logic to price-to-earnings (PE) logic [1]. Group 3: ETF Characteristics - The Southern Bank ETF (512700) closely tracks the CSI Bank Index, covering major state-owned banks, joint-stock banks, and quality regional banks. The constituent stocks generally exhibit low valuations (low PB) and high dividend yields, highlighting their defensive attributes in a volatile market environment [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]