Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The report emphasizes that the dividends are stable and sustainable, driven by steady growth and cyclical trends [6] - The banking sector is expected to show stable performance in Q1 2025, continuing the revenue and net profit growth momentum from Q4 2024 [6] - The report highlights the importance of government bond issuance and its impact on social financing, predicting an increase in social financing in March 2025 [4] Summary by Sections Credit Forecast - In March, new RMB loans are expected to increase by approximately 3.1 trillion yuan, with a year-on-year growth rate of 7.2% [3] - Corporate loans are projected to contribute about 2.3 trillion yuan, supported by sufficient project reserves and government bond issuance [3] - Retail loans are expected to add around 900 billion yuan, primarily driven by mortgage demand [3] Social Financing Prediction - Social financing is anticipated to increase by about 5 trillion yuan in March, with a stock growth rate of 8.2% [4] - The acceleration of government bond issuance is expected to significantly support social financing [4] Monetary Supply Prediction - M2 is projected to grow by 7.1% year-on-year in March, with a slight increase in the month-on-month growth rate [5] - The report attributes the expected rise in monetary growth to increased fiscal spending and improved corporate liquidity [5] Investment Recommendations - The report recommends maintaining a focus on dividend strategies, particularly in state-owned banks, which are expected to benefit from stable dividends and valuation recovery [6] - Specific stock recommendations include CITIC Bank, Agricultural Bank of China, and China Merchants Bank, with a cyclical logic favoring Suzhou Bank and its peers [6]

Summary of Conference Call Records Industry Overview - The conference call discusses the performance of the banking industry, specifically focusing on the 23 listed banks in the United States and their financial metrics for the year 2024 [1][2]. Key Points and Arguments 1. **Revenue and Profit Growth**: The listed banks achieved an average revenue growth of 1.8% year-on-year for 2024, which is an improvement of 0.9 percentage points compared to the first three quarters of 2023. However, the net interest income for the year decreased by 2.3% [1][2]. 2. **Commission Income Recovery**: The banks experienced a 9.3% year-on-year recovery in commission net income, although retail financial demand remains weak, impacting overall income [2][3]. 3. **Debt Market Contribution**: The trading segment of banks contributed significantly to revenue, with a 28% increase in related income for the year, partially offsetting revenue pressures [2][3]. 4. **Asset Growth and Loan Performance**: By the end of 2024, the asset growth rate for listed banks decreased by 0.8 percentage points to 7.2%, while loan growth fell by 0.3 percentage points to 7.7% [4][5]. 5. **Interest Margin Pressure**: The pricing of assets is expected to continue influencing the interest margin levels, with ongoing negative impacts likely to keep margins under pressure [5][6]. 6. **Asset Quality Stability**: The overall asset quality of the banking sector remains stable, with a non-performing loan ratio of 1.25% and a coverage ratio of 236%, although specific sectors like retail and real estate are under scrutiny for potential risks [5][6][8]. 7. **Real Estate Loan Performance**: Among the 16 banks, 11 reported a decrease in the non-performing loan ratio for real estate loans, with notable exceptions like Zhengzhou Bank, which saw an increase to 9.55% [8][9]. 8. **Dividend Policies**: Citic Bank reported the largest increase in dividend payout ratio, rising by 30.5% in 2024. The overall stability of dividend rates is expected to be maintained, providing a focus on shareholder value [10][11]. 9. **Investment Opportunities**: Recommendations include focusing on regional banks benefiting from policy effectiveness and economic recovery, as well as high-dividend stocks like Industrial and Commercial Bank of China and Bank of China [11]. Other Important Insights - The call highlighted the importance of monitoring macroeconomic conditions and consumer financial demand, which are critical for future growth and risk assessment in the banking sector [7][9]. - The potential for policy changes affecting the real estate market and overall economic recovery was emphasized as a key factor for future performance [9][11].

Meeting Details - The shareholder meeting was held on March 28, 2025, at 15:30 [3] - The location of the meeting was Suzhou Bank Building, 4th Floor, 728 Zhongyuan Road, Suzhou Industrial Park [4] - The meeting was conducted through a combination of on-site and online voting [5] - The meeting was convened by the board of directors of Suzhou Bank [6] - The chairman of the meeting was Mr. Cui Qingjun, the chairman of the bank [7] - The meeting complied with relevant laws, regulations, and the bank's articles of association [8] Attendance - A total of 652 shareholders and authorized representatives attended the meeting, representing 1,487,357,557 voting shares, which is 34.0173% of the total voting shares [9] - Among them, 26 attended the on-site meeting, representing 1,051,429,845 shares (24.0472%), while 626 participated via online voting, representing 435,927,712 shares (9.9701%) [9] - Some directors, supervisors, and senior management were present at the meeting, and legal representatives from Jiangsu Xintianlun Law Firm provided legal opinions [9] Resolutions - The meeting approved the election of Ms. Chen Wenying as a shareholder director of the fifth board of directors of Suzhou Bank by ordinary resolution [10] - The meeting also approved the 2025 financial bond issuance plan by special resolution, which received more than two-thirds of the votes from attending shareholders [10] Voting Results - The meeting conducted separate counting of votes for minority investors on specific resolutions, in accordance with regulatory requirements [11] Legal Opinions - Jiangsu Xintianlun Law Firm confirmed that the meeting's convening, procedures, attendance qualifications, and voting processes complied with the Company Law, Securities Law, and other relevant regulations, deeming the voting results as legal and valid [11]

证券代码：002966 证券简称：苏州银行 公告编号：2025-045 苏州银行股份有限公司 2025 年第一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 1、现场会议召开时间：2025 年 3 月 28 日（星期五）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 3 月 28 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 3 月 28 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。 出席本次股东会的股东及股东授权委托代表共 652 人，代表有表决权股份 1,487,357,557 股，占本行有表决权股份总数 4,372,354,572 股的 34.0173%。 其中，出席现场会议的股东及股东授权委托代表 2 ...

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 江苏新天伦律师事务所 关于 苏州银行股份有限公司 2025 年第一次临时股东会 之 法律意见书 苏 州 工 业 园 区 苏 桐 路 3 7 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 在本法律意见书中，本所仅对本次股东会的召集、召开程序、出席会议人员 资格、召集人资格及会议表决程序、表决结果是否符合有关法律、行政法规、《股 东大会规则》和《公司章程》的规定发表意见，不对本次股东会审议的议案内容 以及这些议案所表述的事实或数据的真实性及准确性发表意见。 本所律师同意将本法律意见书作为公司本次股东会的公告材料，随同其他会 议文件一并报送有关机构并公告。除此以外，未经本所同意，本法律意见书不得 为任何其他人用于任何其他目的。 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 ...

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。 苏州银行股份有限公司（以下简称"本行"）近日收到中国人民银行《准予 行政许可决定书》（银许准予决字〔2025〕第 23 号），同意本行在全国银行间市 场及境外市场发行金融债券，2025 年金融债券新增余额不超过 100 亿元，年末 金融债券余额不超过 418 亿元。行政许可有效期截止至 2025 年 12 月 31 日，在 有效期内本行可自主选择分期发行时间。 本行将按照《全国银行间债券市场金融债券发行管理办法》和《全国银行 间债券市场金融债券发行管理操作规程》等金融债券管理规定，做好发行前备案 及信息披露工作。 证券代码：002966 证券简称：苏州银行 公告编号：2025-044 苏州银行股份有限公司 关于发行金融债券获得中国人民银行核准的公告 特此公告。 苏州银行股份有限公司董事会 2025 年 3 月 24 日 ...

苏州银行股份有限公司 关于"苏行转债"赎回结果的公告 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。 | 证券代码：002966 证券简称：苏州银行 | 公告编号：2025-042 | | --- | --- | | 转债代码：127032 转债简称：苏行转债 | | 一、"苏行转债"基本情况 （一）发行情况 经中国证券监督管理委员会《关于核准苏州银行股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2021〕788 号）核准，苏州银行股份有限公司 （以下简称"本行"）于 2021 年 4 月 12 日通过深圳证券交易所（以下简称"深 交所"）向社会公开发行了 5,000 万张可转换公司债券，每张面值 100 元，发行 总额 50 亿元。 （二）上市情况 经深交所《关于苏州银行股份有限公司可转换公司债券上市交易的通知》（深 证上〔2021〕470 号）同意，本行可转债于 2021 年 5 月 12 日起在深交所挂牌交 易，债券简称"苏行转债"，债券代码"127032"。 （三）转股期限 根据相关法律、法规和《苏州银行股份有限公司公开发行 A 股可转换公司 ...

2."苏行转债"摘牌日：2025 年 3 月 17 日 3."苏行转债"摘牌原因：存续期内可转债全部赎回 一、"苏行转债"基本情况 （一）发行情况 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： 1."苏行转债"赎回日：2025 年 3 月 7 日 | 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2025-043 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司 关于"苏行转债"摘牌的公告 经中国证券监督管理委员会《关于核准苏州银行股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2021〕788 号）核准，苏州银行股份有限公司 （以下简称"本行"）于 2021 年 4 月 12 日通过深圳证券交易所（以下简称"深 交所"）向社会公开发行了 5,000 万张可转换公司债券，每张面值 100 元，发行 总额 50 亿元。 （二）上市情况 经深交所《关于苏州银行股份有限公司可转换公司债券上市交易的通知》（深 证上〔2021〕470 号）同意，本行可转债于 ...

2 月社融增量 2.23 万亿元(Wind 一致预期 2.65 万亿元)，同比多增 7374 亿 元，存量同比增速 8.2%，较上月末+0.2pct。随隐债置换加速推进，2 月政 府债供给多增是支撑社融增长的主要力量。信贷需求仍有待提振，票据融资 冲量。政策预期向好，夯实经济回稳基础，推荐个股：1）质优个股，如招 行，兴业，成都，苏州，上海，渝农 AH、宁波；2）港股大行股息优势突出、 估值性价比高，如建行 H，工行 H、交行 H。 信贷同比少增，票据融资冲量 2 月贷款新增 1.01 万亿元(Wind 一致预期 1.24 万亿元)，同比少增 4400 亿 元。2 月贷款存量同比增速+7.3%，较 1 月末-0.2pct。居民贷款减少 3891 亿元，同比少减 2016 亿元，其中短贷、中长贷分别同比少减 2127 亿元、 多减 112 亿元。《政府工作报告》中将"全方位扩大国内需求"放在 2025 年工作任务首位，后续居民消费需求或有改善。企业贷款新增 1.04 万亿元， 同比少增 5300 亿元，其中短贷、中长贷、票据融资分别同比少增 2000 亿 元、少增 7500 亿元、多增 4460 亿元。2 月底 ...

| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2025-040 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司关于董事辞任的公告 2025 年 3 月 12 日 特此公告。 苏州银行股份有限公司董事会 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。 苏州银行股份有限公司（以下简称"本行"）董事会近日收到李建其先生提 交的辞任函。李建其先生因工作原因，向本行董事会提请辞去董事会股东董事及 董事会相关专门委员会委员职务，自 2025 年 3 月 12 日生效。李建其先生辞任后 将不再担任本行及控股子公司任何职务。截至公告披露日，李建其先生未持有本 行股份。 李建其先生确认与本行董事会无不同意见，也无任何与辞任有关而需通知 本行股东及债权人的事项。 ...