资金流向方面，金融指数（399240）成份股当日主力资金净流入合计21.77亿元，游资资金净流出合计 6.15亿元，散户资金净流出合计15.63亿元。成份股资金流向详情见下表： 证券之星消息，12月5日，金融指数（399240）报收于1590.59点，涨2.22%，成交385.56亿元，换手率 1.29%。当日该指数成份股中，上涨的有27家，瑞达期货以10.01%的涨幅领涨，下跌的有6家，青岛银行 以2.06%的跌幅领跌。 金融指数（399240）十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sz300059 | 东方财富 | 27.33% | 23.31 | 4.11% | 3683.92 | ■ 非银金融 | | sz002142 | 宁波银行 | 8.30% | 28.23 | -0.84% | 1864.19 | → 银行 | | sz000001 | 平安银行 | 8.21% | 11.53 | 0.35% | 2237.50 | 银 ...

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 9 420.59%， | | | 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：2025-18 | | | --- | --- | | 特定对象调研 | □分析师会议 | | 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：中信建投马鲲鹏、李晨，富国基金徐健荣，长 | 信基金吴廷华，H ...

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 city commercial bank sector increased by 0.43% on December 2, with Jiangsu Bank leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] - Jiangsu Bank's closing price was 10.95, reflecting a 1.67% increase, with a trading volume of 1.7435 million shares and a transaction value of 1.897 billion [1] Group 2 - The city commercial bank sector experienced a net outflow of 316 million from institutional funds, while retail investors saw a net inflow of 421 million [2][3] - The trading data for various banks showed mixed performance, with Ningbo Bank declining by 0.69% and Guizhou Bank remaining unchanged [2] - Shanghai Bank had a net outflow of 46.6477 million from institutional funds, while retail investors contributed a net inflow of 2.33839 million [3]

Market Performance - The city commercial bank sector increased by 1.5% on December 1, with Xiamen Bank leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Bank Performance - Xiamen Bank's closing price was 7.52, with a rise of 5.17% and a trading volume of 366,500 shares, amounting to 272 million yuan [1] - Qilu Bank closed at 6.12, up 3.38%, with a trading volume of 1.26 million shares, totaling 768 million yuan [1] - Nanjing Bank's closing price was 11.85, increasing by 2.42%, with a trading volume of 647,000 shares, amounting to 760 million yuan [1] - Shanghai Bank closed at 10.06, up 1.82%, with a trading volume of 591,800 shares, totaling 593 million yuan [1] - Chengdu Bank's closing price was 17.17, increasing by 1.78%, with a trading volume of 466,800 shares, amounting to 797 million yuan [1] Fund Flow Analysis - The city commercial bank sector experienced a net outflow of 278 million yuan from institutional investors, while retail investors saw a net inflow of 240 million yuan [1] - The table shows various banks' net fund flows, indicating mixed results among different institutions [2]

Core Viewpoint - The A-share market has seen a significant increase in bank stocks, with notable gains in several banks on December 1st, indicating positive market sentiment towards the banking sector [1]. Summary by Category Stock Performance - Zhangjiagang Bank increased by 5.07%, with a total market capitalization of 11.7 billion and a year-to-date increase of 16.95% [2]. - Xiamen Bank rose by 4.34%, with a market cap of 19.7 billion and a year-to-date increase of 35.40% [2]. - Qilu Bank saw a 3.38% increase, with a market cap of 37.7 billion and a year-to-date increase of 14.59% [2]. - Jiangyin Bank increased by 2.07%, with a market cap of 12.1 billion and a year-to-date increase of 18.46% [2]. - Wuxi Bank and Shanghai Bank both rose nearly 2%, with market caps of 13.5 billion and 143.1 billion respectively, and year-to-date increases of 10.04% and 15.96% [1][2]. Technical Indicators - The formation of a MACD golden cross signal suggests a positive trend for these bank stocks, contributing to their upward momentum [1].

Core Insights - The six A-share listed city commercial banks in the Yangtze River Delta are demonstrating resilient growth despite the pressure of narrowing interest margins, achieving both revenue and net profit growth in the first three quarters of the year [1][2] Revenue and Profit Growth - All six banks reported year-on-year growth in net interest income, with Nanjing Bank and Jiangsu Bank leading with growth rates of 28.52% and 19.61% respectively, ranking among the top in A-share listed banks [2][3] - Jiangsu Bank achieved a revenue of 671.83 billion yuan and a net profit of 305.83 billion yuan, leading among city commercial banks [2] Asset Expansion - As of the end of September, Jiangsu Bank held total assets of 4.93 trillion yuan, marking a 24.68% increase from the beginning of the year, making it the fastest-growing bank in terms of asset size among A-share listed banks [4][5] - Other banks like Ningbo Bank and Nanjing Bank also reported double-digit asset growth rates [4] Loan and Deposit Growth - The six banks experienced robust growth in both loans and deposits, with Jiangsu Bank's deposits reaching 2.54 trillion yuan, a 20.22% increase, the only bank in A-share with such growth [5] - Corporate loans became the main driver for credit expansion, with significant increases in sectors like technology finance, inclusive finance, and green finance [5][6] Asset Quality - The overall asset quality of the six banks remained stable, with non-performing loan ratios either holding steady or declining, indicating effective risk management strategies [7][8] - Jiangsu Bank's non-performing loan ratio decreased to 0.84%, while Nanjing Bank's ratio remained stable at 0.83% [7] Capital Adequacy - Shanghai Bank reported a high core Tier 1 capital adequacy ratio of 10.52%, reflecting improvements in capital management and risk mitigation strategies [8] - Several banks have completed convertible bond conversions to strengthen their capital positions [8] Dividend Distribution - Several banks, including Shanghai Bank and Suzhou Bank, have completed mid-term dividend distributions, with Jiangsu Bank and Ningbo Bank also progressing on their dividend plans [9][10] - The focus on increasing cash dividends reflects a commitment to enhancing shareholder returns, with some banks planning to maintain a cash dividend ratio of no less than 30% in the coming years [10]

Core Viewpoint - The city commercial bank sector experienced a decline of 0.62% on November 28, with Shanghai Bank leading the drop, while the overall stock market showed slight gains [1][2]. Market Performance - The Shanghai Composite Index closed at 3888.6, up 0.34% - The Shenzhen Component Index closed at 12984.08, up 0.85% [1]. Individual Stock Performance - Chongqing Bank: Closed at 11.20, up 0.72%, with a trading volume of 84,100 shares and a turnover of 94.08 million yuan - Xiamen Bank: Closed at 7.15, up 0.56%, with a trading volume of 156,600 shares and a turnover of 112 million yuan - Hangzhou Bank: Closed at 15.59, up 0.13%, with a trading volume of 295,600 shares and a turnover of 461 million yuan - Zhengzhou Bank: Closed at 2.00, unchanged, with a trading volume of 667,700 shares and a turnover of 13.3 million yuan - Nanjing Bank: Closed at 11.57, down 0.09%, with a trading volume of 333,200 shares and a turnover of 38.6 million yuan - Qingdao Bank: Closed at 4.84, down 0.41%, with a trading volume of 332,000 shares and a turnover of 16 million yuan - Changsha Bank: Closed at 9.64, down 0.41%, with a trading volume of 124,200 shares and a turnover of 12 million yuan - Lanzhou Bank: Closed at 2.36, down 0.42%, with a trading volume of 408,600 shares and a turnover of 96.46 million yuan - Xi'an Bank: Closed at 3.83, down 0.52%, with a trading volume of 182,100 shares and a turnover of 6.97 million yuan - Ningbo Bank: Closed at 28.37, down 0.56%, with a trading volume of 195,600 shares and a turnover of 557 million yuan [1][2]. Capital Flow Analysis - The city commercial bank sector saw a net outflow of 379 million yuan from institutional investors, while retail investors contributed a net inflow of 86.74 million yuan [2][3]. - The following stocks had notable capital flows: - Hangzhou Bank: Net inflow of 9.48 million yuan from institutional investors - Qilu Bank: Net inflow of 6.55 million yuan from institutional investors - Suzhou Bank: Net inflow of 6.07 million yuan from institutional investors - Qingdao Bank: Net inflow of 3.22 million yuan from institutional investors - Lanzhou Bank: Net inflow of 2.34 million yuan from institutional investors - Zhengzhou Bank: Net outflow of 0.96 million yuan from institutional investors - Guizhou Bank: Net outflow of 1.41 million yuan from institutional investors - Xi'an Bank: Net outflow of 2.69 million yuan from institutional investors - Nanjing Bank: Net outflow of 9.30 million yuan from institutional investors - Chongqing Bank: Net outflow of 9.87 million yuan from institutional investors [3].

Core Viewpoint - The continuous share buybacks by major shareholders in various banks indicate strong confidence in the banks' future performance, even as the broader market struggles to maintain stability around the 3000-point mark [1]. Shareholder Actions - China Citic Financial Asset Management Co., Ltd. increased its stake in Everbright Bank from 8.00% to 9.00%, acquiring approximately 275 million A-shares and 315 million H-shares, totaling 1.00% of the bank's total equity [6][7]. - In November, several banks, including Nanjing Bank and Chengdu Bank, reported significant share purchases by their major shareholders, reflecting confidence in their growth potential [7][8]. Market Performance - The banking sector has shown resilience, with the banking index rising nearly 8% in the fourth quarter, driven by shareholder and executive buybacks [10]. - The banking sector has seen a net increase in share purchases amounting to approximately 9.03 billion yuan, ranking first among 31 industries [8]. Investment Sentiment - Analysts suggest that the ongoing buybacks by bank shareholders and executives signal a strong belief in the long-term investment value of these banks, particularly those with stable operations and strong regional economic resilience [10][11]. - The increase in share buybacks is seen as a positive indicator for market valuation, providing a clear valuation anchor for investors [10].

Core Viewpoint - The mid-term dividends of listed banks have exceeded 260 billion yuan, reflecting a trend towards enhancing shareholder returns and stabilizing market confidence [1][2][5]. Group 1: Dividend Distribution - As of November 26, 2025, 42 A-share listed banks have distributed a total of 263.79 billion yuan in mid-term dividends, with 13 banks having completed their distributions [1][2]. - The six major state-owned banks contributed over 70% of the total mid-term dividends, amounting to 204.66 billion yuan, with Industrial and Commercial Bank of China leading at 50.40 billion yuan [2][3]. - Several banks, including Shanghai Bank and Nanjing Bank, have also participated in mid-term dividends, with total distributions from city commercial banks reaching 3.10 billion yuan [2][4]. Group 2: Market Impact and Investor Confidence - The implementation of mid-term dividends is seen as a signal of stable operations, enhancing market confidence and attracting long-term capital [1][5][9]. - First-time dividend issuers have experienced positive short-term stock performance, indicating that dividends can boost shareholder confidence and improve capital efficiency [5][9]. - The trend of mid-term dividends is aligned with regulatory encouragement for banks to optimize dividend policies and improve shareholder returns [1][6]. Group 3: Future Outlook and Strategic Considerations - The decision to implement mid-term dividends reflects banks' strong financial performance and stable profit models, which provide a solid foundation for such distributions [6][9]. - Analysts suggest that banks should balance short-term dividend payouts with long-term growth strategies, ensuring that capital is adequately retained for future development [9]. - The ongoing trend of mid-term dividends is viewed as a sign of the maturation of China's capital markets and a shift towards greater emphasis on investor returns [9].