Core Viewpoint - The peak period for cash dividend distribution among listed banks has arrived, with a significant increase in total cash dividends for 2024 compared to the previous year [1][2][3]. Summary by Sections Cash Dividend Distribution - As of June 27, 2024, 26 banks have implemented their cash dividend distribution plans, totaling 427.38 billion yuan [2][4]. - The total cash dividends for A-share listed banks are projected to reach 631.96 billion yuan in 2024, an increase of nearly 20 billion yuan from the previous year, representing a growth rate of 3.03% [3]. Dividend Increase - Nearly half of the A-share listed banks have advanced their dividend actions, with 14 banks completing both mid-term and year-end dividends by June 27 [4]. - A total of 39 out of 42 listed banks are expected to increase their cash dividends in 2024, with an overall increase of 18.6 billion yuan [5]. Major Contributors - The six major state-owned banks are the primary contributors to the dividend payouts, with total dividends exceeding 420 billion yuan [5]. - Industrial and Commercial Bank of China and China Construction Bank each have cash dividends exceeding 100 billion yuan, at 109.77 billion yuan and 100.75 billion yuan respectively [5][6]. Dividend Ratios - 14 banks have a cash dividend ratio exceeding 30% for 2024, with a slight decrease in the number of banks compared to 2023 [10]. - Notably, Ningbo Bank's cash dividend ratio increased by 6.3 percentage points to 21.91%, while Hu'nong Commercial Bank's ratio rose from 30.10% to 33.91% [10]. Mid-term Dividends - 23 A-share listed banks have implemented mid-term dividend plans, distributing a total of 257.71 billion yuan [8]. - Some banks, like Hu'nong Commercial Bank, have already proposed mid-term dividend plans for 2025 [9]. Challenges - Despite the increase in dividend frequency and ratios, the banking industry faces challenges such as narrowing interest margins and slowing revenue growth [12].

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating a positive outlook for bank stocks despite recent short-term corrections [4]. Core Insights - The banking sector is expected to maintain its performance due to the relative advantage of dividend yields, stable earnings, and predictable dividends. The average dividend yield for major state-owned banks is 4.07%, with a significant spread of 2.42% over the 10-year government bond yield, placing it in the 49.10th percentile over the past decade [1][17]. - The report highlights that the insurance sector is likely to increase its allocation to high-dividend bank stocks, especially with anticipated reductions in preset interest rates for insurance products [1]. - The report anticipates a stable profit growth for banks, with a projected profit growth rate of 2.35% for listed banks in 2024, supported by substantial unrealized gains from self-owned bonds and a robust provisioning coverage ratio of 238% as of Q1 2025 [3][7]. Summary by Sections Section 1: Market Performance - The banking index experienced a nearly 3% decline on June 27, 2025, but the overall market sentiment remains positive due to the sector's dividend yield advantages and stable earnings [1]. Section 2: Fund Flows - Since the beginning of 2025, southbound funds have significantly increased their allocation to Hong Kong bank stocks, with a net inflow of approximately 680 billion yuan, of which 146.2 billion yuan is directed towards bank stocks [2]. Section 3: Earnings Stability - Historical data indicates that the banking sector has low earnings volatility, with profits showing stable positive growth. The report emphasizes the importance of unrealized gains from bond investments and strong provisioning as key factors supporting profit stability [3][7][8]. Section 4: Sector Outlook - The report suggests that while short-term export impacts may arise from tariff policies, long-term domestic policies aimed at stabilizing the real estate market and boosting consumption will benefit the banking sector. Specific banks such as Ningbo Bank, Postal Savings Bank, and China Merchants Bank are highlighted as potential investment opportunities [9]. Section 5: Key Data Tracking - The report includes various financial metrics, such as the average daily trading volume of stocks at 14,868.42 billion yuan and a margin balance of 1.83 trillion yuan, indicating active market engagement [10].

Regulatory Developments - Six departments, including the People's Bank of China, encourage financial institutions to increase loan support for eligible consumer industry entities [1] - The National Financial Supervision Administration issued the "Market Risk Management Measures for Commercial Banks," requiring banks to establish comprehensive stress testing procedures [1] - The "Implementation Plan for High-Quality Development of Inclusive Finance in Banking and Insurance" was released, focusing on enhancing inclusive credit systems and support for small and micro enterprises [1] Industry Insights - The four major state-owned banks have successfully completed a total of 520 billion yuan in capital increase through private placements, signaling stability in the banking sector [2] - Listed banks are experiencing a wave of capital increases, with significant shareholders increasing their stakes, indicating a potential revaluation of the banking sector [3] Mergers and Acquisitions - The Industrial and Commercial Bank of China has received approval to acquire Chongqing Bishan Rural Bank, marking the first instance of a state-owned bank participating in the "village-to-branch" reform [4] Corporate Actions - Ping An Life has increased its stake in China Merchants Bank to 15%, marking the third time it has done so this year, reflecting confidence in the bank's long-term investment value [5][6] - Luzhou Bank has paused its planned capital increase due to shareholder objections, with no new timeline for resuming the plan [6] - Suzhou Bank's major shareholder has completed an 856 million yuan stake increase [6] - China Great Wall Asset Management is transferring a 40.92% stake in Changjiang Huaxi Bank for a base price of 4.332 billion yuan, marking its exit after 11 years [6] Personnel Changes - Yang Jun has been appointed as a member of the Party Committee of the Bank of China [7] - Wang Dajun has been appointed as the Vice President of Agricultural Bank of China [8] - Qian Xi has been approved as the Chairman of Huaren Bank, which has total assets exceeding 430 billion yuan [9] - Zeng Xiaosong has been appointed as the President of Fudian Bank [10]

证券代码：002966 证券简称：苏州银行 公告编号：2025-062 苏州银行股份有限公司 关于监事辞职的公告 本行及监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。 孟卫元先生在本行任职期间恪尽职守、勤勉尽责，本行谨向孟卫元先生为 本行所做的贡献表示衷心感谢。 特此公告。 苏州银行股份有限公司监事会 2025 年 6 月 27 日 苏州银行股份有限公司（以下简称"本行"）近日收到本行股东监事孟卫元 先生的书面辞呈。因工作调整，孟卫元先生辞去本行股东监事职务，辞任后不再 担任本行及控股子公司任何职务，自 2025 年 6 月 27 日起生效。截至公告披露日， 孟卫元先生未持有本行股份。 孟卫元先生确认其与本行监事会无不同意见，也无任何与辞任有关而需通 知本行股东及债权人的事项。 ...

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank, with an adjusted target valuation set at 1 times PB for 2025 [8]. Core Views - The report emphasizes the strong regional presence, substantial provisions, and excellent performance characteristics of Suzhou Bank, highlighting the significant shareholding increase by the major shareholder, Guofa Group, as a key catalyst for investment [8]. - The report notes that Guofa Group has increased its stake to approximately 14.6% and has completed a share buyback plan exceeding the lower limit, indicating confidence in the bank's long-term growth potential [6][8]. - The expected improvement in mid-year revenue performance and the bank's ability to maintain a leading position in profit growth within the industry are also highlighted [8]. Financial Data and Profit Forecast - Total operating income is projected to grow from 11,866.12 million in 2023 to 14,377.10 million by 2027, with a compound annual growth rate (CAGR) of approximately 7.17% [7]. - The net profit attributable to shareholders is expected to increase from 4,600.65 million in 2023 to 6,353.92 million in 2027, reflecting a growth rate of 8.29% by 2027 [7]. - The report anticipates a decrease in asset impairment losses from 1,647.96 million in 2023 to 2,223.63 million by 2027, indicating improved asset quality [7]. - The non-performing loan (NPL) ratio is projected to remain stable at around 0.82% from 2025 to 2027, with a high provision coverage ratio of over 420% expected to be maintained [7][8]. Shareholder Activity - Guofa Group has increased its holdings in Suzhou Bank four times since September 2024, accumulating a total of 2.2 billion shares for nearly 17 billion, demonstrating strong confidence in the bank's future [9]. - Following the approval of shareholder qualifications, Guofa Group's maximum holding limit has increased to 20%, allowing for further potential share purchases [8][9]. Valuation Comparison - As of June 26, 2025, Suzhou Bank's closing price is 9.13 yuan, with a market capitalization of 40,071 million yuan and a price-to-book (P/B) ratio of 0.79, indicating an approximate 11% discount compared to comparable peers [8][13]. - The report suggests that the current stock price corresponds to a 2025 P/B of 0.79, with an expected dividend yield of around 4.0%, providing a potential upside of 27% [8].

证券代码：002966 证券简称：苏州银行 公告编号：2025-061 苏州银行股份有限公司 关于收到国家金融监督管理总局江苏监管局 对有关股东资格批复的公告 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。 苏州国际发展集团有限公司（以下简称"国发集团"）是苏州银行股份有限 公司（以下简称"本行"）第一大股东，截至本公告日直接持有本行股份比例为 14.6453%，与关联方合计持有本行股份比例为 14.7292%。根据《商业银行股权 管理暂行办法》第四条"投资人及其关联方、一致行动人单独或合计拟首次持有 或累计增持商业银行资本总额或股份总额百分之五以上的，应当事先报银监会或 其派出机构核准"的要求，国发集团作为持股比例 10%以上的股东，持股比例超 过 15%需要事先获得国家金融监督管理总局江苏监管局核准。 近日，本行收到《江苏金融监管局关于苏州银行变更股权的批复》（苏金复 〔2025〕201 号），同意国发集团股东资格。后续，本行将严格按照监管要求履 行相关信息披露义务。 特此公告。 苏州银行股份有限公司董事会 2025 年 6 月 26 日 ...

苏州银行（002966）公告，公司大股东苏州国际发展集团有限公司计划自2025年1月14日起6个月内，通 过深圳证券交易所交易系统以集中竞价交易或购买可转债转股的方式，合计增持不少于3亿元人民币。 2025年1月14日至2025年6月26日，国发集团以自有资金累计增持公司股份1.18亿股，占公司最新总股本 的2.6333%，增持资金合计8.56亿元。本次增持计划实施完毕后，国发集团直接持有公司股份6.55亿 股，占公司最新总股本的14.6453%。 ...

证券代码：002966 证券简称：苏州银行 公告编号：2025-060 苏州银行股份有限公司 关于大股东增持公司股份计划实施完毕的公告 苏州国际发展集团有限公司保证向本行提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本行及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 1. 苏州银行股份有限公司（以下简称"本行"）大股东苏州国际发展集团有 限公司（以下简称"国发集团"）计划自 2025 年 1 月 14 日起 6 个月内，通过深 圳证券交易所交易系统以集中竞价交易或购买可转债转股的方式，合计增持不 少于 3 亿元人民币，具体内容详见本行 2025 年 1 月 9 日披露于巨潮资讯网 （www.cninfo.com.cn）的《关于大股东增持公司股份计划的公告》（公告编号： 2025-003）。 2. 2025 年 1 月 14 日至 2025 年 6 月 26 日，国发集团以自有资金通过深圳证 券交易所交易系统以集中竞价交易和可转债转股的方式累计增持本行股份 11,772.4636 万股，占本行最新总股本的 2.6333%，增持资金合计 85,628.510 ...

Group 1 - Suzhou Bank plans to acquire the equity of other shareholders in Dongwu Village Bank, further strengthening its provincial layout [1][2] - The acquisition was approved unanimously during the fifth board meeting held on June 20, which also included a proposal for restructuring the financial market sector [2] - As of the end of 2024, Suzhou Bank had four Dongwu-affiliated village banks in Jiangsu province, indicating a strategic expansion in the region [2] Group 2 - Suzhou Bank, established in September 2010 with a registered capital of 3.667 billion, is the only listed city commercial bank headquartered in Suzhou [2] - By the end of Q1 2025, Suzhou Bank's total assets reached 727.154 billion, a 4.8% increase year-on-year, with a net profit of 1.554 billion, up 6.8% [2] - The ongoing reform and risk mitigation efforts in village banks have led to several banks, including Beijing Bank and Jiangsu Bank, acquiring stakes in village banks [3]

Core Viewpoint - Suzhou Bank plans to acquire the equity of other shareholders in Dongwu Village Bank, further strengthening its domestic layout in Jiangsu province [1][3]. Group 1: Acquisition Details - On June 20, Suzhou Bank's board of directors approved the acquisition of Dongwu Village Bank's equity, marking a significant step in enhancing its provincial presence [3]. - This acquisition follows the establishment of the Xuzhou branch last year, which achieved full coverage of institutions within Jiangsu [3]. Group 2: Company Overview - Suzhou Bank, established in September 2010, has a registered capital of 3.667 billion yuan and is the only listed urban commercial bank headquartered in Suzhou [3]. - As of the end of Q1 2025, Suzhou Bank's total assets reached 727.154 billion yuan, a 4.8% increase from the previous year [3]. - The bank reported an operating revenue of 3.25 billion yuan, a year-on-year growth of 0.76%, and a net profit attributable to shareholders of 1.554 billion yuan, up 6.80% [3]. Group 3: Industry Context - The reform and risk resolution of village banks have been ongoing, with several banks, including Beijing Bank and Jiangsu Bank, acquiring shares in village banks [5]. - The China Banking and Insurance Regulatory Commission has supported the capital supplementation and restructuring of village banks to mitigate risks [5].