Market Overview - On September 15, the city commercial bank sector declined by 0.85% compared to the previous trading day, with Xi'an Bank leading the decline [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Bank Performance - Zhengzhou Bank closed at 2.07, up 0.98% with a trading volume of 1.38 million shares and a transaction value of 286 million yuan [1] - Xi'an Bank closed at 4.19, down 1.87% with a trading volume of 438,000 shares and a transaction value of 184 million yuan [2] - The highest decline was observed in Chengdu Bank, which closed at 18.07, down 0.93% [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 797 million yuan from institutional investors, while retail investors saw a net inflow of 348 million yuan [2] - The main capital inflow and outflow for individual banks varied, with Hangzhou Bank seeing a net inflow of 61.64 million yuan from institutional investors [3] - Conversely, Suzhou Bank experienced a net outflow of 11.76 million yuan from institutional investors [3]

Core Viewpoint - Suzhou Bank's stock has experienced a decline in recent trading sessions, with a current price of 8.06 CNY per share and a market capitalization of 36.034 billion CNY, indicating a challenging market environment for the bank [1]. Group 1: Stock Performance - As of September 15, Suzhou Bank's stock price decreased by 2.07% during the trading session [1]. - Year-to-date, the stock has increased by 1.90%, but it has seen declines of 0.98% over the last five trading days, 4.39% over the last twenty days, and 7.04% over the last sixty days [1]. Group 2: Financial Metrics - For the first half of 2025, Suzhou Bank reported a net profit of 3.134 billion CNY, reflecting a year-on-year growth of 6.15% [1]. - The bank has distributed a total of 6.687 billion CNY in dividends since its A-share listing, with 4.287 billion CNY distributed over the past three years [2]. Group 3: Shareholder Information - As of July 31, the number of shareholders for Suzhou Bank reached 60,300, an increase of 3.64% from the previous period [1]. - The average number of circulating shares per shareholder is 72,836, which has decreased by 3.51% compared to the previous period [1]. - As of June 30, 2025, Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 119 million shares, a decrease of 17.3596 million shares from the previous period [2].

银行股掀起密集增持热潮，9月14日，据北京商报记者统计，9月以来，包括光大银行、南京银行、华夏 银行、苏州银行在内的多家上市银行披露增持进展，增持主体覆盖大股东、核心管理层及业务骨干。此 番增持潮背后，是银行业基本面的稳健支撑，2025年上半年，A股42家上市银行合计实现营业收入2.92 万亿元，归母净利润约1.1万亿元，超六成银行实现"双增"；中期分红机制的创新升级，叠加长线资金 的配置加持，进一步强化了银行股的投资价值。在分析人士看来，在经营模式向精细化转型、净息差逐 步企稳的背景下，银行股长期配置价值正随着行业转型深化而持续筑牢。 "真金白银"增持 管"真金白银"的投入既是对银行内在价值的肯定，也向市场释放了积极信号，有助于稳定投资者预期， 进一步增强市场对银行业发展的信心。 筑牢长期配置基础 增持潮的背后，是银行股估值与业绩的双重改善。事实上，此前较长一段时间内，受宏观经济调整、利 率市场化推进等因素影响，银行股整体估值曾持续处于历史低位，市净率、市盈率等核心指标常年低于 市场平均水平，形成明显的"估值洼地"。 而进入2025年，这一情况正在发生改变，估值修复与业绩增长形成共振，共同推动银行股走出行情 ...

Investment Rating - The report maintains a positive outlook on the banking sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [3][4]. Core Insights - The banking sector is transitioning from a "scale-first" approach to a focus on "efficiency-oriented" strategies, emphasizing balance between volume and pricing [4]. - In August, new loans increased by 590 billion RMB, but this represents a year-on-year decrease of 310 billion RMB, indicating a trend of stable but declining credit growth [4][5]. - The report highlights a shift in banks' assessment criteria from growth metrics to revenue and profit optimization, reflecting a more cautious lending environment [4]. - The report notes that the overall credit growth is expected to stabilize, with banks prioritizing loan structure optimization over market share [4]. Summary by Sections Credit Market Overview - In August, the total social financing (社融) was 2.57 trillion RMB, a year-on-year decrease of 463 billion RMB, with a stock growth rate of 8.8%, showing a slight decline [3][4]. - The new corporate loans in August totaled 540 billion RMB, a year-on-year increase of 240 billion RMB, while short-term loans saw a significant increase due to low base effects [4]. Retail Credit Analysis - Retail credit showed minimal growth, with a slight increase of 303 billion RMB in August, but still down 1,597 billion RMB year-on-year [4]. - The report mentions new policies aimed at stimulating consumer loans, which may provide short-term support for retail credit demand [4]. Government Debt and Financing - Government debt issuance in August was approximately 1.4 trillion RMB, down 2.52 trillion RMB year-on-year, indicating a potential decline in government support for social financing in the coming quarters [4]. - The report anticipates that the contribution of government debt to social financing will decrease as the year progresses [4]. Investment Recommendations - The report recommends focusing on banks with strong fundamentals and potential for valuation recovery, particularly emphasizing the value of mid-sized banks and quality city commercial banks [4]. - Specific stock recommendations include Industrial Bank, CITIC Bank, and China Merchants Bank for large banks, and Chongqing Bank, Suzhou Bank, and Hangzhou Bank for city commercial banks [4].

Core Viewpoint - Suzhou Bank has demonstrated effective risk management by maintaining a low non-performing loan ratio and a stable write-off budget, signaling a successful transformation in risk control for city commercial banks [1][2][3] Group 1: Key Performance Indicators - As of June 2025, Suzhou Bank's non-performing loan ratio stands at 0.83%, with a provision coverage ratio of 437.91%, placing it among the top tier of listed banks [2] - The bank's overdue loan ratio decreased by 0.05 percentage points compared to the end of the previous year, indicating improved risk classification accuracy [2] - The proportion of attention-class loans, a precursor to non-performing loans, decreased by 0.13% year-on-year, reducing future asset quality deterioration pressure [2] Group 2: Risk Management Mechanisms - Suzhou Bank employs a "full-process control system" that integrates prevention and resolution, ensuring a closed-loop risk management approach [4] - The bank enhances its risk prevention through standardized approvals and regular reviews of problematic cases, minimizing human error and improving efficiency [4][5] - The collaboration between the business front, risk middle, and audit back ensures comprehensive risk management across all operations [5] Group 3: Efficiency and Responsiveness - The bank emphasizes both stringent controls and rapid responses, achieving a balance through regulatory collaboration, process optimization, and technological enhancements [6][7] - Suzhou Bank actively addresses risks by promptly identifying and managing potential issues, thereby preventing the escalation of asset deterioration [7] Group 4: Research and Technological Empowerment - The bank's risk management relies on a "smart brain" approach, combining research-driven risk prediction with technology to enhance efficiency [8][9] - The implementation of a new comprehensive credit system integrates various loan types, improving risk identification and processing speed [8] - The use of knowledge graph technology enhances risk monitoring and the identification of hidden correlations among risks [9] Group 5: Overall Implications - Suzhou Bank's robust risk management framework not only supports its own stable growth but also serves as a practical model for risk control transformation in the city commercial banking sector [9]

Core Viewpoint - Several major shareholders and executives of listed banks have taken the opportunity to increase their holdings during the recent stock price fluctuations, reflecting confidence in the banks' fundamentals and future prospects, as well as highlighting the long-term investment value of bank stocks at current valuations, particularly their high dividend yields [2][5]. Group 1: Shareholder Actions - Since August, multiple listed banks, including Huaxia Bank, Chengdu Bank, Suzhou Bank, Nanjing Bank, Qingdao Bank, and Shanghai Bank, have announced plans or progress regarding share buybacks by major shareholders or executives [2][5]. - For instance, Nanjing Bank's major shareholder, Zijin Group's subsidiary, increased its holdings by 56.78 million shares, accounting for 0.46% of the total share capital, between July 18 and September 10 [2]. - Huaxia Bank completed its buyback plan by acquiring 4.23 million shares for a total of 31.9 million yuan, after initially announcing a plan to buy back at least 30 million yuan worth of shares [3][4]. Group 2: Market Context - The banking sector index has experienced a significant decline since reaching a peak around July 10, with smaller banks facing even larger drops [3][4]. - The stock price of Huaxia Bank fell from a high of 8.72 yuan per share on July 10 to 7.28 yuan per share by September 9 [4]. - Chengdu Bank's buyback plan was delayed due to its stock price exceeding the set upper limit, but it resumed with a total investment of 170 million yuan over a short period [4]. Group 3: Investment Sentiment - Analysts suggest that the recent buybacks by major shareholders and executives signal their recognition of the banks' long-term investment value and confidence in future operations, which can help stabilize stock price expectations [5][6]. - The banking sector is viewed as a defensive investment during market downturns due to its low valuations and high dividend characteristics, providing relatively stable returns [6]. - The banking sector index has seen a 64% increase from December 2023 to July 2025, with a maximum drawdown of over 10% in 2023 [7]. Group 4: Institutional Investment Trends - Insurance funds have increasingly targeted undervalued, large-cap, low-volatility banks, with several banks experiencing multiple stake increases from these funds [7]. - Public funds have also shown a rising interest in bank stocks, with the proportion of active public funds in bank stocks reaching 4.9% by the end of Q2, the highest since Q2 2021 [8]. - Despite the inflow of funds, there are concerns regarding net interest margin pressures and potential asset quality issues due to the real estate downturn, leading to some portfolio adjustments [8].

Group 1 - Major shareholders and executives of several banks, including Suzhou Bank, Qingdao Bank, and Nanjing Bank, have announced plans to increase their holdings in their respective banks, reflecting confidence in the future development prospects of the banks and the Chinese capital market [1][2] - Suzhou Bank's chairman and other executives plan to collectively purchase at least 4.2 million yuan worth of shares from September 8 to December 31, using their own funds [2] - Qingdao Bank's major shareholder plans to acquire between 233 million and 291 million shares, increasing their stake to between 19.00% and 19.99% within six months of the announcement [2] Group 2 - The overall performance of the banking sector has shown improvement, with a year-on-year increase in operating income and net profit of 1.0% and 0.8% respectively, indicating a recovery in the banking industry [3] - Non-interest income growth has played a significant role in supporting the improvement of bank performance [3] - Insurance capital has shown a preference for bank stocks, with over 700 stocks in the top ten circulating shareholders list, and six of the top ten heavyweights being bank stocks [4] Group 3 - The investment logic for bank stocks has shifted from a macroeconomic growth cycle to a focus on asset scarcity and stable, sustainable returns [4] - State-owned banks are viewed as core dividend assets due to their high dividends, low valuations, and defensive characteristics, while quality small and medium-sized banks can provide growth and dividend opportunities at certain stages [4]

Group 1 - Recent announcements from banks such as Suzhou Bank, Qingdao Bank, and Nanjing Bank indicate that major shareholders and executives plan to increase their holdings in their respective banks, reflecting confidence in the long-term prospects of the Chinese capital market and the banks' investment value [1][2] - Suzhou Bank's chairman and other executives intend to collectively purchase at least 4.2 million yuan worth of A-shares between September 8 and December 31, funded by their own resources [1] - Qingdao Bank's major shareholder plans to acquire between 233 million and 291 million shares, increasing their stake to between 19.00% and 19.99% within six months from the announcement [1] Group 2 - Nanjing Bank's shareholder, Nanjing Gaoke, increased its stake from 8.94% to 9.00% by purchasing 7.5077 million shares between July 24 and August 4, demonstrating confidence in the bank's future development [2] - More than ten listed banks have reported similar plans for share buybacks this year, indicating a broader trend of confidence among bank executives and major shareholders regarding future growth and profitability [2] - The overall performance of the banking sector has improved, with a year-on-year increase in operating income and net profit of 1.0% and 0.8%, respectively, supported by growth in non-interest income [2] Group 3 - Insurance capital has shown a preference for bank stocks, with over 700 stocks appearing in the top ten circulating shareholders of A-share listed companies, and six of the top ten heavyweights being bank stocks [3] - The stability and quality of bank assets have attracted long-term funds, as banks provide high and stable dividend yields, making them appealing in the current "asset scarcity" environment [3] - The investment logic for bank stocks has shifted from a "growth cycle" based on macroeconomic factors to a focus on "low volatility dividends" driven by asset scarcity, with state-owned banks being core dividend assets due to their high yields and low valuations [3]

苏州银行股份有限公司投资者关系活动记录表 1 | | 3、如何展望全年拨备覆盖率水平？ | | --- | --- | | | 答：截至 年 月末，集团拨备覆盖率 2025 6 437.91%， | | | 持续保持较厚的风险抵补能力。本行将继续按照审慎性原 | | | 则，计提好充足的拨备，预计全年拨备覆盖率将保持相对 | | | 稳定水平。 | | 关于本次活动是否 | 接待过程中，公司接待人员与投资者进行了充分的交流与 | | 涉及应披露重大信 | 沟通，严格按照有关制度规定，没有出现未公开重大信息 | | 息的说明 | 泄露等情况。 | | 活动过程中所使用 | | | 的演示文稿、提供的 | | | 文档等附件（如有， | | | 可作为附件） | | 2 | | 编号：2025-15 | | --- | --- | | | □分析师会议 特定对象调研 | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） 调研人员：申万宏源郑庆明、林颖颖、冯思远，长信基金 | | | 吴廷华 | | ...

9月7日，苏州银行发布公告称，近日该行收到部分董事、监事及高级管理人员的通知，基于对公司未来 发展前景的信心和对公司长期投资价值的认可，该行董事长崔庆军，执行董事、行长王强，监事会主席 沈琪，执行董事、副行长李伟，副行长贝灏明，副行长薛辉，执行董事、副行长赵刚，董事会秘书朱敏 军，风险总监后斌，业务总监郑卫，业务总监陈洁、行长助理马天舒拟通过深圳证券交易所交易系统集 中竞价交易方式，合计增持不少于420万元人民币苏州银行A股股份。 增持计划实施期限为自2025年9月8日起至2025年12月31日（含当日）止。 （苏州银行） ...