本议案已经 2025 年 7 月 21 日召开的第五届董事会提名与薪酬委员会 2025 年第三次会议审议通过。 王凤根简历： 王凤根：男，1970 年 3 月出生，本科学历，中级会计师，现任本行运营管 理部总经理。历任工商银行苏州分行国际业务部出纳、办事员，华夏银行苏州支 行国际业务部贸易与非贸易结算科副科长、科长、会计处处长助理、会计部总经 理助理、副总经理、副总经理（主持工作）、苏州分行会计部总经理，本行财务 会计部副总经理、运营结算部副总经理、运营管理部副总经理、零售银行总部运 营管理部总经理。 王凤根先生未持有本行股份，符合《公司法》等相关法律、法规的任职条件， 未受过中国证监会及其他有关部门的处罚和证券交易所纪律处分，未因涉嫌犯罪 被司法机关立案侦查或者涉嫌违法违规被中国证监会立案稽查，未曾被中国证监 会在证券期货市场违法失信信息公开查询平台公示或者被人民法院纳入失信被 执行人名单，与持有本行百分之五以上股份的股东、本行其他董事、监事、高级 管理人员不存在关联关系。 证券代码：002966 证券简称：苏州银行 公告编号：2025-066 苏州银行股份有限公司 本行及董事会全体成员保证信息披露内容的真 ...

证券代码：002966 证券简称：苏州银行 公告编号：2025-066 苏州银行股份有限公司（以下简称"本行"）于 2025 年 7 月 17 日以电子邮 件和书面方式向全体董事发出关于召开第五届董事会第二十六次会议的通知，会 议于 2025 年 7 月 21 日在苏州工业园区钟园路 728 号苏州银行大厦召开。本行应 出席董事 12 人，实际出席董事 12 人，其中赵刚董事、张统董事、钱晓红董事、 张姝董事、刘晓春董事、范从来董事、兰奇董事、陈汉文董事、李志青董事以视 频方式参加会议。会议由崔庆军董事长主持，部分监事、高级管理人员及相关部 门的负责人等列席会议。本次会议符合《公司法》《深圳证券交易所股票上市规 则》和本行章程的规定，合法有效。会议审议通过了以下议案： 同意聘任王凤根先生为本行内审部门负责人。 王凤根简历： 王凤根：男，1970 年 3 月出生，本科学历，中级会计师，现任本行运营管 理部总经理。历任工商银行苏州分行国际业务部出纳、办事员，华夏银行苏州支 行国际业务部贸易与非贸易结算科副科长、科长、会计处处长助理、会计部总经 理助理、副总经理、副总经理（主持工作）、苏州分行会计部总经理，本行财务 ...

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its investment value and potential for performance improvement [36]. Core Insights - The banking sector is experiencing a marginal recovery in credit growth, with government bonds continuing to be a major contributor to social financing growth. The central bank's recent operations are expected to maintain a moderately loose monetary policy, improving banks' funding costs. Urban renewal initiatives present opportunities for credit expansion and asset quality improvement for banks [36]. Summary by Sections Latest Research Insights - In June, social financing (社融) increased by 4.2 trillion yuan, exceeding expectations, with a year-on-year increase of 900.8 billion yuan. The total social financing stock grew by 8.9% year-on-year, with a month-on-month increase of approximately 0.2 percentage points [6][7]. - The People's Bank of China (PBOC) announced a record 14 trillion yuan in reverse repos on July 15, 2025, aimed at releasing liquidity and improving banks' funding costs [8][9]. Market Performance - The banking sector underperformed the market, with a decline of 1.03% compared to a 1.09% increase in the CSI 300 index. The price-to-book (PB) ratio for the banking sector is currently 0.75, with a dividend yield of 4.06% [4][27]. Investment Recommendations - The report suggests that the banking sector's fundamentals are accumulating positive factors, indicating a potential turning point in performance. It recommends specific banks, including Industrial and Commercial Bank of China (601398), Agricultural Bank of China (601288), and others, as attractive investment opportunities [36][37].

Group 1 - The company has signed a fund sales agency agreement with Suzhou Bank, effective from July 22, 2025, allowing Suzhou Bank to sell certain funds managed by the company and participate in fee discount activities [1] - Investors can perform various transactions such as account opening, subscription, redemption, and regular investment through Suzhou Bank starting from the effective date [1] - The fee discount for subscriptions through Suzhou Bank will not have a discount limit, and the specific discount rates will be determined by Suzhou Bank, ensuring that the sales price does not fall below the cost [1][2] Group 2 - The fee discount activity applies only to the front-end charge model for subscription fees of the company's funds during the normal subscription period and does not include redemption fees [3] - The interpretation rights of the fee discount activity belong to Suzhou Bank, and any changes to the specific regulations will be announced by Suzhou Bank [3] Group 3 - Investors can consult details through Suzhou Bank's official website and customer service [4]

Core Viewpoint - The AI Fund Yin Hua Mixed Reform Dividend Flexible Allocation Mixed Initiation A (005519) reported a profit of 1.5649 million yuan in Q2 2025, with a net value growth rate of 5.01% for the period [3]. Fund Performance - As of the end of Q2 2025, the fund's scale was 32.6497 million yuan [14]. - The fund's unit net value as of July 17 was 1.197 yuan [3]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 6.99%, ranking 582 out of 880 comparable funds [3]. - 6-month net value growth rate: 8.91%, ranking 380 out of 880 comparable funds [3]. - 1-year net value growth rate: 2.26%, ranking 790 out of 880 comparable funds [3]. - 3-year net value growth rate: -26.93%, ranking 726 out of 870 comparable funds [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.5078, ranking 824 out of 874 comparable funds [7]. - The maximum drawdown over the past three years was 38.97%, ranking 360 out of 864 comparable funds [10]. - The highest quarterly maximum drawdown occurred in Q1 2024, at 17.45% [10]. Investment Strategy - The fund adheres to a low-volatility dividend stock selection strategy, which has outperformed its benchmark in the first half of the year [3]. - The average stock position over the past three years was 83.36%, compared to the industry average of 80.33% [13]. - The fund reached its highest stock position of 93.73% at the end of H1 2023, while the lowest was 24.17% at the end of H1 2019 [13]. Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included major banks and financial institutions such as Industrial and Commercial Bank of China, China Merchants Bank, and Ping An Insurance [17].

Investment Rating - The report maintains a "Recommended" rating for the banking sector, indicating a positive outlook for the industry based on expected policy catalysts and improvements in asset quality [4]. Core Insights - The central urban work conference emphasizes urban renewal as a key strategy, which is expected to drive incremental credit and improve asset quality for banks. The focus is on optimizing urban structure, transforming economic dynamics, and enhancing quality [4]. - The report anticipates that the implementation of urban renewal policies will lead to increased financing needs, particularly through special bonds and loans, with an estimated potential for banks to generate an additional 100 to 200 billion yuan in credit from urban village renovations [4]. - The expected improvements in asset quality are linked to the restriction of high-rise buildings and the promotion of dilapidated housing renovations, which may alleviate cash flow pressures on real estate companies and reduce the depreciation of real estate collateral [4]. Summary by Sections Urban Renewal and Financing - The report highlights the importance of diverse financing methods for urban renewal, including central budget funds, long-term special bonds, local fiscal funds, and various types of loans [4]. - It notes that the current proportion of special bonds used as capital is around 10%, indicating significant room for growth [4]. Impact on Banking Sector - The report suggests that banks will benefit from increased participation in urban renewal projects, with both corporate and retail banking segments expected to see positive impacts [4]. - It mentions that the sample banks have shown signs of improvement in corporate real estate loans, with a year-on-year decrease in non-performing loan balances by 2.87% and a slight decline in the non-performing loan ratio [4]. Investment Recommendations - The report recommends specific banks, including Industrial and Commercial Bank of China, China Construction Bank, and Postal Savings Bank of China, among others, as potential investment opportunities due to their favorable positioning in the current market environment [4].

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its value for long-term investment [5][29]. Core Insights - The recent adjustments in insurance fund management are expected to enhance the dividend value of bank stocks, promoting long-term and stable investments [5][8]. - The banking sector's performance has been relatively weak compared to the broader market, with a decline of 1% in the banking sector against a 0.82% increase in the CSI 300 index [5][9]. - As of July 11, 2025, the banking sector's price-to-book (PB) ratio stands at 0.70, with a dividend yield of 5.54%, indicating attractive valuation levels [5][20]. Summary by Sections Latest Research Insights - The Ministry of Finance issued a notice on July 11, 2025, to guide insurance funds towards long-term stable investments, adjusting performance evaluation metrics for state-owned commercial insurance companies [7][8]. - The new evaluation method emphasizes a combination of annual and multi-year performance indicators, aiming to enhance the stability and growth of insurance capital [7][8]. Weekly Market Performance - The banking sector saw a 1% decline, while the CSI 300 index rose by 0.82%. Notably, state-owned banks increased by 1.31%, while city commercial banks and joint-stock banks experienced declines of 2.69% and 1.53%, respectively [5][9]. - Individual bank performances varied, with Xiamen Bank leading with an 8.73% increase, while several banks like Shanghai Bank and Jiangsu Bank faced notable declines [9][16]. Valuation and Company Analysis - As of July 11, 2025, the banking sector's PB ratio is 0.75, reflecting a 45.73% discount compared to the overall A-share market [20][25]. - The report lists key banks with their respective valuations, indicating a general decline in revenue and net profit for Q1 2025 compared to the previous year [25][28]. Investment Recommendations - The report suggests that the enhanced evaluation of insurance funds will lead to increased allocation towards equity assets, benefiting the banking sector [5][29]. - Specific banks recommended for investment include Industrial and Commercial Bank of China, Agricultural Bank of China, Postal Savings Bank of China, and others, indicating a positive outlook for their performance [5][29].

Core Viewpoint - The article highlights the increasing interest of institutional investors in listed banks, particularly focusing on loan allocation, interest margin trends, and capital replenishment strategies. Group 1: Investor Engagement - Multiple listed banks, including Jiangsu Bank, Suzhou Bank, and Ningbo Bank, have engaged in investor relations activities, discussing key issues with investors [1] - As of July 12, 2023, 26 listed banks have been surveyed by institutions, totaling 230 instances of engagement, primarily among small and medium-sized banks [1][3] - Changshu Bank received the highest number of surveys at 33, while Ningbo Bank attracted the most institutions, with 195 participating [3][4] Group 2: Interest Margin Trends - The interest margin remains a hot topic among institutions, with the net interest margin for banks reported at 1.43% in Q1 2025, a year-on-year decrease of 0.11 percentage points [4] - Jiangsu Bank aims to maintain a net interest margin that outperforms peers by enhancing asset research capabilities and managing loan interest rates [5] - Changshu Bank plans to consolidate its interest margin advantage by optimizing both asset and liability sides, focusing on high-yield assets and controlling high-cost deposits [6] Group 3: Capital Replenishment - Capital replenishment is another key focus for investors, with regulatory updates from the Financial Regulatory Bureau regarding advanced capital measurement methods [8] - Ningbo Bank is actively researching regulatory requirements and plans to issue up to 45 billion yuan in capital bonds [8] - Suzhou Bank reported a successful conversion of nearly 5 billion yuan in convertible bonds, enhancing its capital strength [9] - Su Nong Bank intends to issue up to 1 billion yuan in secondary capital bonds to support its operations [9]

Core Viewpoint - The article discusses the supply-side reform of small and medium-sized banks, highlighting the coexistence of risks and opportunities, and emphasizes the importance of regional banks that leverage local advantages to compete with national banks in the evolving financial landscape [1][5]. Summary by Relevant Sections Supply-Side Reform of Small and Medium-Sized Banks - The operational characteristics of small and medium-sized banks are a result of the resonance between regional environments and business strategies. Identifying the survivors and outstanding performers among these banks requires a focus on regional clientele and the strategic arrangement of their assets and liabilities [1][5]. Investment Strategy for the Banking Sector - The banking sector is expected to undergo a long-term revaluation driven by several factors: 1) Continuous allocation of long-term funds by insurance and state-owned entities 2) Dissipation of systemic risk concerns 3) Underestimation of the stability of Return on Equity (ROE) [6][7]. - Current A-share listed banks maintain a dividend yield of over 4%, with a premium of more than 2 percentage points over the ten-year government bond yield, indicating a historical high. As the valuation of the banking sector recovers, although dividend yields may decline, the stability of profit growth ensures predictable and sustainable dividends, making bank stocks a scarce high-dividend asset in a low-interest-rate environment [7][11]. Valuation Metrics - The banking sector's ROE has remained stable at around 10%, significantly higher than the 6.7% of non-financial enterprises in the A-share market. Regulatory perspectives emphasize the necessity of reasonable profit growth to maintain financial system stability, suggesting that ROE is likely to remain in the 9%-10% range [11][12]. Investment Focus - Investment should concentrate on: 1) High-quality regional banks with no burdens and high provisions, which are expected to demonstrate growth and should not trade below book value [13]. 2) Banks with stable profit expectations, strong potential funding drivers, and relatively high index weightings, which are mispriced in terms of valuation and ROE expectations [13]. Historical Performance and Recommendations - The company has been a pioneer in researching and tracking regional banks since 2021, successfully recommending stocks like Suzhou Bank and Chongqing Bank, which have shown significant appreciation in value [14].

Core Viewpoint - The banking sector in China is experiencing a notable increase in internal capital increases, reflecting growing confidence in the long-term value of banks as both executives and major shareholders actively participate in stock buybacks [1][2][3]. Group 1: Executive and Shareholder Actions - Several banks, including Huaxia Bank and Jiangsu Bank, have initiated or completed stock buyback plans, indicating a trend where bank executives and major shareholders are taking proactive steps to invest in their own companies [1][2]. - Huaxia Bank announced a voluntary buyback plan of at least 30 million yuan, although its implementation has been delayed due to market conditions [1][2]. - Jiangsu Bank's executives completed their buyback plan ahead of schedule, investing 24.28 million yuan, which is 121.39% of the planned minimum amount [1][2]. Group 2: Broader Industry Trends - Over ten banks, including Suzhou Bank and Chengdu Bank, have disclosed similar buyback plans in 2023, suggesting a widespread trend within the banking industry [1][2]. - The actions of bank executives and shareholders are interpreted as a signal of confidence in the banks' future performance and stock prices, as they are willing to invest their own funds and bear market risks [2][3]. Group 3: Market Reactions and Valuation - The stock buyback announcements have provided short-term support for stock prices, with Jiangsu Bank's stock rising by 0.74% following its announcement [5]. - The average price-to-book (PB) ratio for A-share banks is currently at 0.6, with some city commercial banks below 0.5, indicating that the banking sector is undervalued [5]. - The average dividend yield for the banking sector is 3.86%, making it attractive for long-term investors, especially in light of regulatory measures encouraging long-term capital inflows [4]. Group 4: Long-term Challenges - Despite the positive signals from buybacks, the banking sector faces deeper challenges, including narrowing net interest margins and asset quality issues that have not been fundamentally resolved [5][6]. - The effectiveness of buybacks in stabilizing stock prices may be limited if they do not coincide with improvements in operational efficiency and fundamental performance [5][6].