Core Viewpoint - Suzhou Bank is facing significant challenges related to its rapid expansion, risk management, and compliance, highlighted by recent controversies involving loan disputes and high complaint rates against its internet loan partners [2][15]. Financial Performance - In the first three quarters of 2025, Suzhou Bank reported revenue of 9.477 billion yuan and a net profit of 4.477 billion yuan, reflecting year-on-year growth of 2.02% and 7.12% respectively, indicating a facade of growth [2][15]. - The bank's net interest margin has narrowed to 1.34%, with retail loans declining and non-interest income dropping by 14.6%, revealing structural imbalances [2][15]. Salary Reduction and Profitability - In the first half of 2025, the bank's revenue was 6.504 billion yuan, with a net profit of 3.134 billion yuan, marking the lowest growth rate in five years [3][16]. - The reported profit growth was achieved through a salary reduction of 211 million yuan, despite an increase in employee count, suggesting a negative growth in actual profitability when excluding salary cuts [3][16]. Business Structure Imbalance - As of September 2025, corporate loans accounted for 76.47% of total loans, while personal loans dropped to 23.53%, indicating a rare "heavy corporate, light retail" structure among regional banks [4][16]. - The average yield on corporate loans decreased to 3.57%, reflecting the risks associated with high customer concentration and economic fluctuations [4][16]. Internet Loan Partnerships - Despite a general decline in retail loans, Suzhou Bank has expanded its personal consumption loans, which grew by 8.32% in the first half of 2025, primarily through partnerships with various internet platforms [5][18]. - The bank's collaboration with these platforms has raised concerns due to high complaint rates related to aggressive collection practices and hidden fees [6][19]. Regulatory Environment - New regulations implemented in October 2025 require banks to manage internet loan partnerships under a "white list" system, raising questions about Suzhou Bank's compliance and risk management practices [7][20]. - The bank's partnership model, which involves shared risk with loan platforms, has potential implications for asset quality, as evidenced by rising non-performing loans [7][20]. Risk Transmission and Loan Quality - A lawsuit involving Snow Wave Environment, a company with significant financial distress, highlights the risks in Suzhou Bank's corporate lending practices [8][21]. - As of September 2025, the bank's non-performing loans totaled 3.056 billion yuan, with a notable increase in loans under watch, indicating future risks [8][21]. Strategic Challenges - Suzhou Bank's goal to increase its asset size to 1 trillion yuan by 2026 poses significant challenges, requiring an increase of approximately 200 billion yuan within a year [9][22]. - The bank's reliance on corporate loans and the declining profitability of these loans raise concerns about its long-term sustainability [10][23]. Recommendations for Improvement - The bank should focus on reshaping its retail strategy to enhance customer acquisition and risk management, moving away from excessive reliance on third-party platforms [11][24]. - Optimizing the corporate loan structure by targeting regional industries and improving risk management practices is essential for sustainable growth [11][24]. - Strengthening compliance and internal controls is critical to address the issues exposed by internet loan partnerships and ensure adherence to regulatory standards [12][25].

行 业 及 产 业 银行 2026 年 01 月 28 日 行 业 研 究 / 行 业 深 度 相关研究 证 券 研 究 报 告 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 李禹昊 A0230525070004 liyh2@swsresearch.com 联系人 冯思远 A0230522090005 fengsy@swsresearch.com 2026 年银行业选股为先，α优于β 看好 ——上市银行春季调研反馈暨板块思考 前言：年初至今银行板块累计下跌近 7% ，在各板块表现最为靠后，这与我们判断 2026 年基本面稳 步改善存在背离。开年以来我们密集走访各银行，就信贷投放、存款搬家、息差趋势、金市业务、 资产质量等市场关注重点详细交流，结合对现阶段银行板块的思考，本篇报告作以下总结。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 总体看 ...

Group 1 - The core viewpoint of the news is that Suzhou Bank is focusing on diversifying its income sources through wealth management and emerging business initiatives while improving its liability costs and capital planning [3][4][5]. Group 2 - The investor relations activity was conducted via a conference call on January 28, 2026, at the headquarters of Suzhou Bank [1]. - A total of 24 institutions participated in the research, including major securities and asset management firms [2]. - The company emphasized its strategy of enhancing wealth management services and exploring new middle-income business growth points [3]. - Suzhou Bank is actively managing its liability costs by monitoring industry policies and market deposit rates, aiming for balanced growth in deposit scale and quality [4]. - As of September 2025, the bank's core Tier 1 capital adequacy ratio was 9.79%, Tier 1 capital adequacy ratio was 11.55%, and total capital adequacy ratio was 13.57%, all meeting regulatory requirements [5].

Group 1: Revenue Growth Strategies - The bank is focusing on expanding its middle-income sources by enhancing wealth management services and diversifying asset allocation for clients [1] - New business initiatives include the underwriting of corporate bonds and custodial services to create additional revenue streams [2] Group 2: Cost Management and Liability Improvement - The bank is actively monitoring industry policies and market deposit rates to improve liability costs while balancing deposit scale and quality [2] - Strategies include optimizing interbank liabilities and strategically issuing bonds and certificates of deposit to strengthen proactive liability management [2] Group 3: Capital Adequacy and Future Planning - 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 enhance capital efficiency and support sustainable high-quality growth by closely monitoring refinancing policies and optimizing business structure [2] Group 4: Compliance and Communication - During the investor meeting, there was thorough communication with investors, adhering to regulations without disclosing any undisclosed significant information [2]

Group 1 - The core point of the report indicates that the total number of newly issued open-ended wealth management products decreased to 115, a reduction of 27 products compared to the previous week, with a market share of 20.28% and an average performance benchmark of 1.91%, which increased by 0.21 percentage points [1] - Wealth management companies issued the most products, totaling 103, accounting for 89.57% of the new offerings, while city commercial banks also held a significant share. The average performance benchmark for city commercial bank products was 2.27%, up by 0.06 percentage points, while that for wealth management companies was lower at 1.85%, increasing by 0.18 percentage points [1] - Fixed income products were the most prevalent, with 112 products issued, a decrease of 26 from the previous week. Mixed products followed with 3 offerings, down by 1, while commodity and financial derivatives, as well as equity products, were negligible, totaling 0. The average performance benchmark for fixed income products was 1.91%, which increased by 0.23 percentage points [1] Group 2 - In terms of risk levels, R2 products were the most numerous with 95 offerings, down by 24, followed by R3 products with 14, which increased by 7. R1 products were limited to 6, while R4 and R5 products were absent. The average performance benchmark for R3 products was 2.40%, down by 0.3 percentage points, while R1 products had a lower average benchmark of 1.39%, which increased by 0.04 percentage points [2]

[Table_Page] 深度分析|银行 证券研究报告 [Table_Title] 银行行业 一文纵览全国分省份财政社融特征 [Table_Summary] 核心观点： （5）地方债务：2024 年所有省份狭义赤字率平均为 16.4%，广义赤 字率平均为 20.0%，处于 2010 年来偏低水平；债务率平均为 357.0%， 2016 年来持续上行。 [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-01-28 [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 01/25 04/25 06/25 09/25 11/25 01/26 银行 沪深300 | [分析师： Table_Author]倪军 | | | --- | --- | | | SAC 执证号：S0260518020004 | | | 021-38003646 | | | nijun@gf.com.cn | | 分析师： | 林虎 | | | SAC 执证号：S0260525040004 | | | SFC CE No. BWK411 | | | 021-38003643 ...

Market Performance - The city commercial bank sector increased by 0.13% compared to the previous trading day, with Qingdao Bank leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Qingdao Bank (002948) closed at 4.61, up 2.22% with a trading volume of 820,200 shares and a transaction value of 376 million [1] - Ningbo Bank (002142) closed at 30.55, up 0.86% with a trading volume of 507,200 shares and a transaction value of 1545 million [1] - Hangzhou Bank (600926) closed at 15.69, up 0.71% with a trading volume of 837,900 shares and a transaction value of 1323 million [1] - Qilu Bank (601665) closed at 5.59, up 0.54% with a trading volume of 649,200 shares and a transaction value of 363 million [1] - Chongqing Bank (601963) closed at 10.36, up 0.39% with a trading volume of 91,200 shares and a transaction value of 94.52 million [1] - Shanghai Bank (601229) closed at 9.27, up 0.11% with a trading volume of 635,000 shares and a transaction value of 593 million [1] - Other banks such as Changsha Bank, Xiamen Bank, and Suzhou Bank showed minimal changes in their stock prices [1] Capital Flow - The city commercial bank sector saw a net inflow of 404 million from main funds, while retail investors experienced a net outflow of 4.15 billion [2] - The main funds' net inflow and outflow for individual banks varied, with Ningbo Bank and Jiangsu Bank showing significant inflows [3] - Retail investors showed notable outflows in several banks, indicating a shift in investment sentiment [3]

截图来自 苏州银行公告 黑猫投诉平台显示，相关合作平台累计投诉量超10万条。财务数据一定程度也揭示了苏州银行的风险情 况，该行拨备覆盖率从2022年末的530.81%降至2023年末的522.77%，再降至2025年三季度末的 420.59%，两年间缩水超110个百分点；个人不良贷款占比突破55%（2024年末数据），其中与网贷合作 紧密的个人经营贷不良余额达11.11亿元（2024年末）；截至2025年三季度末，不良贷款余额为30.56亿 元。 【文/羽扇观金工作室】 2026年开年，苏州银行一份互联网贷款合作机构名单引发舆论风暴。借呗、放心借等消费者投诉 【下 载黑猫投诉客户端】集中的平台赫然在列，配套公示的还有8家催收机构。 | 序 | 合作机构名称(工商注册名称) | 合作类型 | 运营平台名称 | 运营产品名 | 联系方式/地址 | | --- | --- | --- | --- | --- | --- | | 목 | | | | 核 | | | - | 蚂蚁智信(杭州)信息技术有限公司 | 营销获答。 | 支付宝APP | 借项 | 浙江省杭州市西湖区学院路77号黄龙国际中 | | | | 催收服 ...

股票研究 /[Table_Date] 2026.01.23 票 研 究 主动基金环比持平，被动基金增持 [Table_Industry] 商业银行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 25Q4 主动基金对银行持仓比例环比持平于 1.9%，被动基金持仓比例环比+1.6pct 至 7.0%，其中宁波银行、兴业银行、中国银行、建设银行等获主动基金增配。 25Q4 基金对银行持仓点评 投资要点： [Table_Summary] 2025 年四季度基金重仓持股情况披露（主动基金包括普通股票型、 偏股混合型、灵活配置型，被动基金包括被动指数型、指数增强型）： [Table_Report] 相关报告 商业银行《国有大行投放力度较大，不良压力或 企稳》20 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 127 regional banks in Jiangsu Province, highlighting their asset and liability structures, profitability, and asset quality [6][18] - Jiangsu's regional banks have shown a significant increase in asset growth, with major city commercial banks growing at 19.4%, surpassing the growth of listed city commercial banks at 14.2% [24][26] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 48.4% in 2024, reflecting a gradual increase in lending activities [30] - Jiangsu's regional banks exhibit better return on assets (ROA) compared to listed banks, with city commercial banks outperforming by 16 basis points and rural commercial banks by 9 basis points [6][42] - The asset quality of Jiangsu's regional banks is superior to that of listed banks, with lower non-performing loan ratios and higher provision coverage ratios [6][42] Summary by Sections 1. Economic Structure of Jiangsu Province - Jiangsu Province is focusing on new industrialization and strategic emerging industries, with significant contributions from cities like Nanjing and Suzhou [13][14] 2. Overview of 127 Regional Banks in Jiangsu - The report categorizes the banks into city commercial banks, rural commercial banks, and others, with a total of 127 banks established between 2006 and 2015 [18][20] 3. Asset/Liability Structure - The asset growth of major city commercial banks is accelerating, while rural commercial banks are experiencing a decline in growth rates [24][26] - The loan-to-asset ratio for city commercial banks is expected to increase to 48.4% by 2024, indicating a shift towards more lending [30] 4. Profitability - Jiangsu's regional banks have a higher ROA compared to listed banks, with city commercial banks showing a 16 basis point advantage [6][42] 5. Asset Quality/Capital Levels - Jiangsu's regional banks maintain a lower non-performing loan ratio compared to listed banks, with city commercial banks having a 30 basis point lower ratio [6][42]