Core Viewpoint - Suzhou Bank announced a cash dividend distribution plan for its shareholders, reflecting its commitment to returning value to investors through a structured profit distribution strategy [1] Group 1: Dividend Distribution Details - The bank will distribute a cash dividend of 2.10 yuan (including tax) for every 10 shares held by ordinary shareholders [1] - The total estimated cash dividend payout is 939 million yuan (including tax), based on the bank's total share capital of 4.471 billion shares [1] - The record date for the dividend distribution is set for November 14, 2025, with the ex-dividend date on November 17, 2025 [1] Group 2: Adjustments and Conditions - If there are changes in the bank's share capital between the board's approval of the profit distribution plan and the record date, the total distribution amount will be adjusted based on the total share capital on the record date, while maintaining the distribution ratio [1]

证券代码：002966 证券简称：苏州银行 公告编号：2025-088 苏州银行股份有限公司 一、股东会授权及董事会审议通过权益分派方案情况 1. 根据本行2024年度股东会授权，2025年10月29日，本行第五届董事会第 二十九次会议审议通过了关于《苏州银行股份有限公司2025年中期利润分配方案》 的议案：向权益分派股权登记日登记在册的普通股股东每10股派发现金股利2.10 元（含税），不送红股，不以资本公积转增股本。以本行总股本4,470,662,011股 为基数测算，预计派发现金红利938,839,022.31元（含税）。若本行董事会审议 通过利润分配方案日至实施权益分派股权登记日期间股本发生变动的，则以未来 实施分配方案的股权登记日的总股本为基数，按照分配比例不变的原则对分配总 额进行调整。 2. 自分配方案披露至实施期间本行股本总额未发生变化。 3. 本次实施的分配方案与董事会审议通过的分配方案一致。 4. 本次实施分配方案距离董事会审议通过的时间未超过两个月。 2025 年半年度权益分派实施公告 本行及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州银 ...

Core Points - Suzhou Bank's board of directors has approved the cash dividend distribution plan for the first half of 2025, which will distribute 2.10 yuan per 10 shares to all shareholders [1] - The total cash dividend payout is expected to be 939 million yuan, based on a total share capital of 4.471 billion shares [1] - The record date for the dividend is set for November 14, 2025, and the ex-dividend date is November 17, 2025 [1] - Cash dividends for A-share shareholders will be credited on November 17, 2025, with some dividends distributed directly by the bank [1]

Core Points - The banking sector experienced a slight decline today, with a drop of 0.16% overall [1] - Qilu Bank's stock closed at 6.08 yuan, reflecting a decrease of 1.46% [1] - Chongqing Rural Commercial Bank's stock closed at 7.01 yuan, down by 1.13% [1] - Suzhou Bank's stock closed at 8.33 yuan, with a decline of 1.07% [1] - Qilu Bank, Chongqing Rural Commercial Bank, and Suzhou Bank were the largest decliners in the banking sector today [1]

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank [9]. Core Insights - Suzhou Bank's revenue for the first three quarters of 2025 increased by 2.0% year-on-year, with a net profit growth of 7.1%. The interest income in Q3 showed significant growth, driving the revenue increase [2][6]. - The bank's loan growth compared to the beginning of the year was 10.6%, contributing to the overall asset growth. By the end of Q3, the net interest margin improved by 1 basis point to 1.34%, although it decreased by 4 basis points compared to the beginning of the year [2][6]. - The non-performing loan ratio remained stable at 0.83% at the end of Q3, with a net non-performing loan generation rate decreasing to 0.66% [2][6]. - The bank's total assets are approaching 1 trillion yuan, with a stable recovery in interest margins and a continued decline in non-performing loan generation [2][6]. Summary by Sections Financial Performance - Revenue for the first three quarters of 2025 grew by 2.0% year-on-year, with Q3 showing a 2.5% increase. Net profit increased by 7.1%, with Q3 net profit growth at 9.4% [2][6]. - Q3 interest income rose by 8.9% year-on-year, with a quarterly increase of 23% driven by corporate lending [2][6]. - Non-interest income fell by 10.4% year-on-year, primarily due to declines in settlement, card, and wealth management income [2][6]. Asset Quality - The non-performing loan ratio was stable at 0.83% at the end of Q3, with a provision coverage ratio of 421%, down 17 percentage points from the previous quarter [6]. - The bank's proactive risk management has led to a decrease in the non-performing loan generation rate, which fell to 0.66% [2][6]. Growth and Strategy - The bank's total assets grew by 11.9% compared to the beginning of the year, with loans increasing by 10.6% [2][6]. - Corporate loans saw a significant increase of 16.7%, particularly in government-related sectors, while retail loans decreased by 5.6% [2][6]. - The bank's conservative risk appetite has led to a tightening of retail lending standards, contributing to improved asset quality [2][6]. Valuation and Dividends - The expected dividend payout ratio for mid-2025 is 32.4%, an increase of 5 percentage points from the previous year, with an expected dividend yield of 4.7% [2][6]. - The current price-to-book (PB) ratio is 0.74x, indicating potential value for investors [2][6].

Core Viewpoint - The city commercial bank sector experienced a slight decline of 0.11% on November 6, with Xiamen Bank leading the drop, while the overall market indices showed positive movements with the Shanghai Composite Index up by 0.97% and the Shenzhen Component Index up by 1.73% [1][2]. Group 1: Market Performance - The closing price of Xiamen Bank was 7.16, reflecting a decrease of 2.59% with a trading volume of 539,700 shares and a transaction value of 387 million yuan [2]. - Other notable banks included Changsha Bank, which closed at 9.98 with a rise of 0.91%, and Qilu Bank, which closed at 6.17 with an increase of 0.82% [1]. - The city commercial bank sector saw a net outflow of 608 million yuan from major funds, while retail investors contributed a net inflow of 473 million yuan [2][3]. Group 2: Individual Bank Performance - Beijing Bank had a net inflow from major funds of 20.80 million yuan, while it experienced a net outflow from retail investors of 30.79 million yuan [3]. - Chongqing Bank recorded a net inflow of 11.91 million yuan from major funds but faced a net outflow of 12.20 million yuan from retail investors [3]. - Jiangsu Bank had a net inflow of 202.55 million yuan from major funds, while retail investors contributed a net inflow of 3.33 million yuan [3].

Investment Rating - The report maintains a "stronger than the market" rating for the banking sector [1][4]. Core Views - As of the end of October, 42 listed banks reported a 1.5% year-on-year increase in net profit for the first three quarters of 2025, an improvement of 0.7 percentage points compared to the first half of 2025 [4][9]. - The report highlights a continued recovery in profitability, driven by a rebound in interest income and non-interest income [4][10]. - The report anticipates that the positive signals from interest margin and non-interest income will persist into the fourth quarter of 2025, with a focus on the impact of policies aimed at reducing competition and the quality of retail assets [15][4]. Summary by Sections Profitability Analysis - The net interest income for the first three quarters of 2025 decreased by 0.6% year-on-year, while non-interest income from fees and commissions grew by 4.6% [10][6]. - The report notes that the profitability of individual banks varies, with some banks like Shanghai Pudong Development Bank and Agricultural Bank of China showing significant growth rates of 10.2% and 3.0% respectively [4][9]. Operational Breakdown - Total asset growth for the 42 listed banks was 9.3% year-on-year, with loan growth at 7.7% and deposit growth at 7.9% [22][4]. - The annualized net interest margin for the third quarter was stable at 1.36%, with a decrease in the cost of interest-bearing liabilities [4][6]. Investment Recommendations - The report suggests a shift towards reallocation rather than trading, emphasizing the importance of structural changes in funding flows that support valuation recovery in the banking sector [6][4]. - Specific banks such as Chengdu Bank, Jiangsu Bank, and Suzhou Bank are highlighted for their regional advantages and potential for continued profit growth [6][4].

Market Performance - The city commercial bank sector increased by 0.12% on November 5, with Ningbo Bank leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Individual Stock Performance - Ningbo Bank (002142) closed at 29.09, up 0.83% with a trading volume of 306,800 shares and a transaction value of 894 million [1] - Nanjing Bank (6000000) closed at 11.65, up 0.60%, with a trading volume of 555,100 shares and a transaction value of 648 million [1] - Shanghai Bank (601229) closed at 10.04, up 0.50%, with a trading volume of 842,000 shares [1] - Other notable performances include Chengdu Bank (601838) at 17.06, up 0.35%, and Hangzhou Bank (600926) at 16.02, up 0.12% [1] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 52.36 million from institutional investors, while retail investors contributed a net inflow of 89.18 million [2] - The sector experienced a net outflow of 142 million from speculative funds [2] Detailed Capital Flow for Selected Banks - Jiangsu Bank (600919) had a net inflow of 63.74 million from institutional investors, while it faced a net outflow of 46.26 million from speculative funds [3] - Chengdu Bank (601838) reported a net inflow of 63.42 million from institutional investors, with a net outflow of 57.05 million from speculative funds [3] - Ningbo Bank (002142) had a net inflow of 5.72 million from institutional investors but a significant net outflow of 43.57 million from retail investors [3]

Investment Rating - The report maintains a positive outlook on the banking sector, indicating a potential return to a valuation of 1 times net asset value [4][7]. Core Insights - The banking sector has demonstrated steady performance, with a year-to-date revenue growth of 0.8% and a net profit growth of 1.5% for the first nine months of 2025, reflecting a stable regulatory environment supporting bank profitability [10][14]. - The report highlights a shift in focus from scale to balance in credit growth, with banks increasingly pursuing a "quantity-price balance" strategy [4][7]. - The cost of liabilities has improved more significantly than the decline in asset pricing, leading to a stabilization of net interest margins, which is expected to continue into the next year [4][7]. - Asset quality remains stable but shows signs of divergence, particularly with rising risks in small and micro businesses [4][7]. - The report suggests that the current dividend yield of the banking sector has returned to an attractive range, indicating a significant disconnect between stable earnings and stock holdings, which could lead to a value recovery [4][7]. Summary by Sections Performance Overview - The banking sector's performance has been characterized by a steady increase in revenue and profit, with state-owned banks showing better-than-expected stability and regional banks leading in performance [11][12][15]. - The report notes that the revenue growth of state-owned banks has turned positive, with non-interest income contributing significantly to this growth [12][15]. Credit Growth and Strategy - The report indicates a gradual abandonment of scale-driven growth, with banks focusing on achieving a balance between volume and pricing in their lending practices [4][7]. - The credit growth rate for listed banks decreased by 0.3 percentage points to 7.7% in Q3 2025, with state-owned banks maintaining a growth rate of approximately 8.5% [4][7]. Profitability and Asset Quality - The net interest margin for listed banks remained stable at 1.5%, with a slight quarter-on-quarter increase of 3 basis points in Q3 2025 [4][7]. - The overall non-performing loan ratio remained stable at 1.22%, indicating manageable risk levels across the sector [4][7]. Investment Recommendations - The report recommends focusing on leading banks and undervalued regional banks as key investment opportunities, suggesting that the recovery in valuations is supported by stable earnings and attractive dividend yields [4][7].

Core Insights - The banking sector in the Yangtze River Delta is experiencing a different trend compared to the overall slowdown in loan growth, with several city commercial banks showing double-digit asset growth [1][3] Group 1: Loan Growth - As of the end of Q3, several city commercial banks in the Yangtze River Delta reported significant asset growth: Jiangsu Bank at 4.93 trillion yuan (up 24.68%), Ningbo Bank at 3.58 trillion yuan (up 14.50%), and Nanjing Bank at 2.96 trillion yuan (up 14.31%) [1] - The overall loan growth for all A-share listed banks was 7.70% year-on-year, with city commercial banks leading at 12.86% [1][2] - Specific banks like Jiangsu Bank and Ningbo Bank reported loan growth rates exceeding 17% in Q3, driven primarily by corporate loans [3][5] Group 2: Corporate Loans - Corporate loans have significantly increased, with Ningbo Bank's corporate loan growth reaching 32.10% in Q3, the highest among peers [5] - The proportion of corporate loans in total loans has risen for many banks, with Jiangsu Bank's corporate loans making up 67.38% and Nanjing Bank's at 76.03% [4][5] - The focus on corporate loans, particularly in technology sectors, has been emphasized by several banks, with notable increases in technology-related loan disbursements [6][8] Group 3: Revenue and Profitability - The total revenue for six city commercial banks in the Yangtze River Delta reached 243.6 billion yuan in Q3, a year-on-year increase of 6.41%, while net profit grew by 8.36% to 111.2 billion yuan [7] - Jiangsu Bank reported a revenue of 67.18 billion yuan and a net profit of 30.58 billion yuan, both showing positive growth [7] - Wealth management and retail banking segments are showing signs of recovery, contributing to the overall revenue growth [8] Group 4: Investment Income - Investment income has been under pressure due to rising interest rates and market volatility, with the fair value changes of financial assets showing negative results [9][10] - Shanghai Bank reported the highest investment income at 16.77 billion yuan, but also faced significant losses in fair value changes [11]