Investment Rating - The industry rating is maintained at "Overweight" [10][37] Core Insights - The central bank's 2026 work meeting emphasized a stable interest margin expectation, indicating a shift in focus from reducing financing costs to maintaining them at low levels [7][34] - The meeting highlighted the importance of enhancing financial services for high-quality economic development, directing funds towards key areas such as technological innovation and small and medium enterprises [7][34] - The credit market is showing signs of stabilization, with a shift from quantity to quality in credit issuance, and a reduction in the pace of loan rate declines [8][34] Summary by Sections Market Review - The banking index fell by 1.90%, underperforming the CSI 300 index by 4.69 percentage points [12] - The performance of various banking sectors showed declines, with large banks down by 2.94% and regional banks performing relatively better [12] Monetary Policy - The central bank's monetary policy will remain moderately accommodative, focusing on both counter-cyclical and cross-cyclical adjustments [7][34] - The emphasis will be on stabilizing corporate financing cost expectations and preventing significant interest rate fluctuations [7][34] Investment Recommendations - The report suggests focusing on state-owned banks with stable asset deployment and regional banks with growth potential, recommending specific banks such as ICBC, Bank of China, and others [10][37]

Core Viewpoint - Suzhou Bank is committed to strengthening the real economy and optimizing the financial ecosystem to support the development of local enterprises [1] Group 1: Event Overview - The "Suzhou Heart Partner" financial brand was officially launched during the event held on January 8 [1] - The event was attended by Gu Haidong, a member of the municipal standing committee and vice mayor, who emphasized the importance of collaboration between financial institutions and local businesses [1] Group 2: Strategic Initiatives - Suzhou Bank signed financial service cooperation agreements with various county-level cities and districts to enhance support for the real economy [1] - The bank initiated private equity custody business cooperation with seven municipal financial state-owned enterprises [1] Group 3: Government Support - The local government aims to continuously optimize the financial ecosystem and improve the collaboration mechanism between government, banks, and enterprises [1] - Policies will be provided to support the innovative development of financial institutions and the growth of businesses [1]

Market Overview - The city commercial bank sector experienced a decline of 0.89% on January 8, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Individual Stock Performance - Zhengzhou Bank closed at 1.94 with no change, while Lanzhou Bank also remained unchanged at 2.33 [1] - Shanghai Bank closed at 9.95, down 0.10%, and Chengdu Bank closed at 16.23, down 0.18% [1] - Chongqing Bank saw a significant decline of 2.70%, closing at 10.45, with a trading volume of 99,000 shares [2] Trading Volume and Turnover - The trading volume for Zhengzhou Bank was 769,900 shares with a turnover of 149 million yuan, while Lanzhou Bank had a trading volume of 363,100 shares and a turnover of 84.51 million yuan [1] - The highest turnover was recorded for Nanjing Bank at 1.342 billion yuan with a trading volume of 1,217,000 shares [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 6.7397 million yuan from institutional investors, while retail investors experienced a net outflow of 70.5351 million yuan [2] - Chengdu Bank had a net inflow of 87.0825 million yuan from institutional investors, but a net outflow of 46.0321 million yuan from retail investors [3] Summary of Capital Flows - Institutional investors showed a positive net flow for several banks, including Hangzhou Bank with 77.8301 million yuan and Qingdao Bank with 8.4480 million yuan [3] - Conversely, Chongqing Bank had a negative net flow of 535,600 yuan from institutional investors, indicating a lack of confidence [3]

Market Performance - The city commercial bank sector experienced a slight increase of 0.0% on January 7, with Hangzhou Bank leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Individual Stock Performance - Hangzhou Bank (600926) closed at 15.80, with a rise of 1.61% and a trading volume of 817,400 shares [1] - Ningbo Bank (002142) closed at 29.12, up 0.83%, with a trading volume of 411,100 shares [1] - Other notable performances include Jiangsu Bank (601963) at 10.64 (+0.38%) and Shanghai Bank (601229) at 9.96 (+0.30%) [1] Capital Flow Analysis - The city commercial bank sector saw a net outflow of 170 million yuan from institutional investors, while retail investors contributed a net inflow of 188 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow by Bank - Jiangsu Bank had a net inflow of 123 million yuan from institutional investors, while retail investors saw a net outflow of 27 million yuan [3] - Hangzhou Bank experienced a net inflow of 84 million yuan from institutional investors, but retail investors had a significant outflow of 132 million yuan [3] - Chengdu Bank recorded a net inflow of 55 million yuan from institutional investors, with retail investors also experiencing a net outflow [3]

Core Viewpoint - Suzhou Bank has announced plans to hold a mobilization meeting for the peak season in late October 2025, introducing incentive schemes to accelerate project reserves and ensure efficient approval processes for the peak season [1] Group 1: Company Initiatives - The bank is implementing an incentive plan related to the "opening red" strategy to encourage faster project reserve work [1] - The current credit issuance for the peak season is progressing in an orderly manner, aiming to support stable growth in annual credit scale [1] Group 2: Industry Context - The initiatives are part of a broader strategy to ensure effective support for credit growth during the peak season [1]

证券日报网1月6日讯，苏州银行（002966）在接受调研者提问时表示，截至2025年9月末，集团核心一 级资本充足率9.79%，一级资本充足率11.55%，资本充足率13.57%，各项资本充足率指标均符合监管要 求和集团资本规划管理目标。本行将着眼未来提前规划，一方面密切跟踪再融资相关政策要求，另一方 面持续优化业务结构，提升资本使用效率，有效支撑业务可持续高质量发展。 ...

证券日报网1月6日讯，苏州银行（002966）在接受调研者提问时表示，本行积极把握市场动态，持续优 化负债结构，通过灵活调整存款定价策略以适应利率市场变化。在存款重定价过程中，本行始终坚持以 客户需求为导向，深化存款产品创新，强化财富业务布局，在保持合理付息成本的同时不断提升客户服 务质效，争取保持存款规模的较好增长。 ...

Group 1 - The core point of the article is that Suzhou Bank has disclosed its shareholder count, which is projected to reach 59,065 by December 31, 2025 [2]

南财智讯1月6日电，苏州银行在投资者关系活动中表示，本行积极把握市场动态，持续优化负债结构， 通过灵活调整存款定价策略以适应利率市场变化。在存款重定价过程中，坚持以客户需求为导向，深化 存款产品创新，强化财富业务布局，在保持合理付息成本的同时不断提升客户服务质量，争取保持存款 规模的较好增长。 ...

Group 1: Credit and Deposit Strategies - The bank has implemented incentive plans to accelerate project preparation for the "opening red" credit reserve, aiming for steady growth in annual credit scale [1] - The bank actively optimizes its liability structure and adjusts deposit pricing strategies to adapt to market interest rate changes, focusing on customer needs and enhancing service quality [1] Group 2: Capital Adequacy and Refinancing Plans - As of September 2025, the bank's core Tier 1 capital adequacy ratio is 9.79%, Tier 1 capital adequacy ratio is 11.55%, and total capital adequacy ratio is 13.57%, all meeting regulatory requirements [2] - The bank plans to closely monitor refinancing policies and continuously optimize its business structure to enhance capital efficiency for sustainable high-quality development [2] Group 3: Investor Communication - During the investor relations activity, the bank's representatives engaged in thorough communication with investors, ensuring compliance with disclosure regulations and preventing the leakage of undisclosed significant information [2]