证券代码：002966 证券简称：苏州银行 公告编号：2025-090 苏州银行股份有限公司 关于 2025 年无固定期限资本债券（第一期） 经国家金融监督管理总局江苏监管局和中国人民银行批准，苏州银行股份 有限公司（以下简称"本行"）近日在全国银行间债券市场发行"苏州银行股份 有限公司 2025 年无固定期限资本债券（第一期）"（以下简称"本期债券"）。 本期债券簿记建档日为 2025 年 11 月 14 日，缴款日为 2025 年 11 月 18 日， 发行规模为人民币 20 亿元，前 5 年票面利率为 2.36%，每 5 年调整一次，在第 5 年及之后的每个付息日附发行人有条件赎回权。 本期债券的募集资金将依据适用法律和监管部门的批准，用于补充本行其 他一级资本。 特此公告。 苏州银行股份有限公司董事会 2025 年 11 月 19 日 发行完毕的公告 本行及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 ...

Group 1 - The A-share market showed a positive trend on November 19, with the banking index rising by 0.93% [1] - The Tianhong Bank ETF (515290) recorded a trading volume exceeding 35 million yuan, indicating strong investor interest [1] - Major banks such as Bank of China, Everbright Bank, and Postal Savings Bank saw their stock prices increase by over 2% [1] Group 2 - As of November 18, the Tianhong Bank ETF had a total scale of nearly 6.2 billion yuan, covering 42 listed banks across various categories [2] - There has been significant insider buying in regional banks this year, with several banks announcing plans for share buybacks in November [2] - Securities firms noted that the profit growth rate for listed banks improved in Q3, driven by reduced provisioning, stabilized net interest margins, and improved wealth management income [2]

Core Viewpoint - The announcement from Hu Nong Commercial Bank indicates significant insider buying by top executives, reflecting confidence in the bank's future performance and aligning with a broader trend of regional banks experiencing similar increases in executive and institutional shareholdings [1]. Group 1: Executive Purchases - Five senior executives of Hu Nong Commercial Bank, including the president and several vice presidents, purchased a total of 259,100 shares from November 13 to November 17, 2025, at prices ranging from 9.02 to 9.08 yuan [1]. - This trend of executive share purchases is not isolated, as other regional banks such as Nanjing Bank, Wuxi Bank, and Suzhou Bank have also seen similar actions from their management teams [1]. Group 2: Institutional Purchases - Qingdao Bank reported that its major shareholder, Qingdao Guoxin Financial Holdings Group Co., Ltd., increased its holdings through the Hong Kong Stock Connect, raising its total stake to 15.42%, making it the largest shareholder of the bank [1]. - In addition, Su Nong Bank's executives plan to purchase at least 1.8 million yuan worth of A-shares within six months starting from November 11, 2025 [1]. - Qilu Bank disclosed that its management has already purchased approximately 3.15 million yuan worth of shares, achieving 90% of its planned increase since announcing its buyback plan in mid-September [1].

Core Viewpoint - The report from Shenwan Hongyuan indicates a significant trend of long-term capital, represented by insurance funds, increasingly allocating to the banking sector, with a potential inflow space of approximately 600 billion yuan if 40% of new funds are allocated to bank stocks [1][2]. Group 1: Capital Inflow and Allocation - The unprecedented low interest rate environment is driving incremental capital towards dividend sectors, with the banking sector offering superior value. The current banking index dividend yield is about 4.3%, significantly higher than the ten-year government bond yield, making it an attractive investment option [1]. - Assuming that 40% of the new capital is allocated to OCI and 40% to bank stocks, this could lead to a potential inflow of around 600 billion yuan. Additionally, public fund reforms are expected to increase capital allocation to underrepresented sectors, with bank stock holdings in public funds dropping to a near ten-year low of 1.74% in Q3 2025, suggesting an additional potential inflow of over 370 billion yuan if allocations align with the CSI 300 [2]. Group 2: Expected Changes in Banking Fundamentals - The central bank has explicitly stated its support for stabilizing net interest margins, linking this to the expansion of monetary policy's counter-cyclical adjustment space. It is anticipated that by 2026, bank interest margins may reverse their downward trend and show a slight year-on-year increase, with banks that can improve deposit costs expected to perform better than their peers [3]. - The importance of "high provisioning" is becoming more pronounced as banks' provisioning capacity is gradually consumed. While systemic risks from real estate and platforms may ease, risks in retail sectors still require provisioning. Focus should be on banks with low non-performing loans and high loan-to-deposit ratios, as well as those with clear asset quality improvements [3]. - Some small and medium-sized banks may face revenue growth challenges due to high base pressures in their capital market operations, with reduced non-interest income growth and declining financial investment yields [3]. Group 3: Capital Focus and Investment Recommendations - Bank capital is becoming a focal point, with banks that have strong internal capital generation or substantial reserves being better positioned for stable lending and dividends. External financing remains challenging, making convertible bonds a scarce resource [4]. - The banking sector is entering a new cycle of stable profitability, with long-term capital inflows ongoing. If the macro environment sees a gradual recovery in PPI and marginal increases in long-term interest rates, this will create favorable operating conditions for banks. Even under economic pressure, banks with clear risk thresholds and stable dividend expectations remain attractive dividend assets [5]. - The report recommends focusing on a dual strategy of "leading banks (state-owned and China Merchants Bank) as the foundation" and "bottom-tier joint-stock banks and quality city commercial banks as the performers." Leading banks are expected to see valuation recovery, while quality small and medium-sized banks with improving fundamentals are likely to exhibit stock price elasticity in response to economic recovery [5].

Core Viewpoints - The banking sector is at the beginning of a long-term recovery cycle, with current valuations around 0.7 times PB, significantly improved from the low of 0.49 times PB in 2018 [3][9] - The low interest rate environment is a key driver for capital inflow into dividend-paying stocks, with the banking sector offering a dividend yield of approximately 4.3%, which is over 250 basis points higher than the 10-year government bond yield [12][14] - The expectation for 2026 includes a stabilization and potential slight increase in net interest margins, driven by central bank policies aimed at supporting banks [3][4] Investment Highlights - The banking sector is expected to benefit from a new cycle of stable profitability, with long-term capital inflows continuing to support the sector [3][30] - The focus should be on leading banks and quality regional banks, as they are likely to outperform in terms of valuation recovery and profitability [3][30] - The report emphasizes the importance of high provisioning and capital adequacy for banks to navigate through economic challenges [4][30] Market Dynamics - The banking sector has seen a shift in risk perception, with systemic risks significantly alleviated, allowing for a more favorable outlook on bank valuations [27][28] - The report highlights that banks have actively managed their asset quality, with significant write-offs contributing to improved financial stability [27] - The structural changes in credit allocation are expected to resolve existing issues, with a focus on sectors that contribute positively to economic growth [25][27] Future Expectations - The banking sector is anticipated to enter a new phase of stable return on equity (ROE), with steady profit growth already being validated [30] - The report suggests that the valuation of banks is likely to trend towards 1 times PB, reflecting a return to more normalized risk assessments [23][28] - The potential for increased capital inflows from institutional investors, particularly insurance funds, is expected to further support the banking sector's recovery [3][12]

Core Viewpoint - A number of listed banks in China are set to distribute substantial cash dividends to shareholders, with a total of approximately 2,637 billion yuan in cash dividends announced for the 2025 interim period, reflecting a trend of increasing shareholder returns in the banking sector [1][4]. Group 1: Dividend Announcements - Several banks, including Suzhou Bank, Hangzhou Bank, Nanjing Bank, and CITIC Bank, have announced their interim dividend distributions for 2025, with total cash dividends amounting to about 179.4 billion yuan for the week of November 17-21 [1][2]. - Suzhou Bank plans to distribute 9.39 billion yuan, Hangzhou Bank 27.55 billion yuan (up 24.10% year-on-year), Nanjing Bank 37.86 billion yuan, and CITIC Bank 104.61 billion yuan [2][3]. Group 2: Overall Dividend Trends - A total of 24 A-share listed banks have disclosed their 2025 interim dividend plans, with cumulative cash dividends reaching 2,637.90 billion yuan [4]. - Among the nine joint-stock banks, seven have either implemented or will implement interim cash distributions, with three banks, including CITIC Bank, distributing over 100 billion yuan each [3][4]. Group 3: Future Dividend Prospects - More banks are expected to announce or advance their interim dividend plans, with Jiangyin Bank and Zhejiang Commercial Bank already indicating their intentions [5]. - The trend of stable and continuous dividends is seen as a reflection of banks' operational strength and a signal to attract long-term stable capital [6]. Group 4: Market Implications - The high dividend payouts are expected to boost market confidence and enhance the defensive value of bank stocks in a low-interest-rate environment, making them attractive for medium to long-term investments [1][6]. - The stability of bank dividends and the relatively low valuations in the sector suggest a continued trend of long-term capital allocation towards bank stocks [6].

本行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、误导性陈述或重大遗 漏。 特别提示： 一、会议召开情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002966 证券简称：苏州银行 公告编号：2025-089 苏州银行股份有限公司2025年第二次临时股东会决议公告 （一）召开时间 1、现场会议召开时间：2025年11月17日（星期一）下午15:30。 （三）召开方式：采取现场投票和网络投票相结合的方式。 （四）召集人：苏州银行股份有限公司（以下简称"本行"）董事会。 二、会议出席情况 出席本次股东会的股东及股东授权委托代表共370人，代表有表决权股份1,758,018,055股，占本行有表 决权股份总数4,375,455,372股的40.1791%。 其中，出席现场会议的股东及股东授权委托代表26人，代表有表决权股份1,387,099,960股，占本行有表 决权股份总数的31.7018%；通过网络投票出席会议的股东344人，代表有表决权股份370,918,095股，占 本行有表决权股份总数的8.4772%。 本行部分董事、监事、高级管理人员出席和列席会议。江苏新天伦律师事 ...

北京商报讯（记者 孟凡霞 周义力）11月17日，苏州银行发布2025年第二次临时股东会决议公告，会议 审议通过了《关于不再设立监事会的议案》。 该行拟修改的《公司章程》需提交股东会审议并在通过后报国家金融监督管理总局江苏监管局审核，待 核准生效之日起监事会正式撤销。届时，现任监事会成员不再担任监事及监事会相关职务；监事会、监 事会专门委员会、监事等有关公司治理制度同步废止；该行各项规章制度中涉及监事会、监事的规定不 再适用；董事会审计委员会行使《公司法》和监管制度规定的监事会职权。监事会正式撤销前，该行第 五届监事会及监事应当遵守法律法规及该行《公司章程》和各项规章制度继续履职。 据股东大会会议资料，根据《中华人民共和国公司法》（以下简称《公司法》）、国家金融监督管理总 局《关于公司治理监管规定与公司法律有关事项的通知》、中国证券监督管理委员会《关于新〈公司 法〉配套制度规则实施相关过渡期安排》等相关法律法规、监管制度的规定及国有企业监事会改革工作 的有关要求，结合苏州银行实际情况，该行拟不再设立监事会，并修改《公司章程》，删除监事会、监 事相关内容。 ...

江苏新天伦律师事务所 Jiangsu New Talent Law Firm 江苏省苏州市工业园区苏桐路 37 号 4 号楼 3-4 层，邮编 215021 苏州银行股份有限公司 2025 年第二次临时股东会 之 法律意见书 苏 州 工 业 园 区 苏 桐 路 37 号 4 号 楼 电 话 ( T e l ) : 0 5 1 2 - 6 5 1 5 2 0 5 6 传 真 ( F a x ) : 0 5 1 2 - 6 5 1 5 2 0 5 5 江苏新天伦律师事务所 Jiangsu New Talent Law Firm 江苏省苏州市工业园区苏桐路 37 号 4 号楼 3-4 层，邮编 215021 正文 致：苏州银行股份有限公司 江苏新天伦律师事务所（以下简称"本所"）接受苏州银行股份有限公司（以 下简称"苏州银行"或"公司"）委托，指派林晓莉律师、黄璐律师（以下简称 "本所律师"）出席苏州银行股份有限公司 2025 年第二次临时股东会（以下简 称"本次股东会"），对本次股东会的合法性进行见证，并出具法律意见书。 江苏新天伦律师事务所 关于 本法律意见书根据《中华人民共和国证券法》、《中华人民共和国公司法 ...

2025 年第二次临时股东会决议公告 本行及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： （一）本次股东会无否决议案的情况； （二）本次股东会不存在变更前次股东会决议的情况。 一、会议召开情况 （一）召开时间 证券代码：002966 证券简称：苏州银行 公告编号：2025-089 苏州银行股份有限公司 1、现场会议召开时间：2025 年 11 月 17 日（星期一）下午 15:30。 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 11 月 17 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深圳证券 交易所互联网投票系统投票的时间为 2025 年 11 月 17 日 9:15-15:00。 （二）会议地点：苏州工业园区钟园路 728 号苏州银行大厦 4 楼会议室。 （三）召开方式：采取现场投票和网络投票相结合的方式。 （四）召集人：苏州银行股份有限公司（以下简称"本行"）董事会。 （五）主持人：本行董事长崔庆军先生。 （六）本次股东会的召开符合相关法律法规和本行章程的规定。 二、会议 ...