Investment Rating - The report provides a "Buy" rating for all major banks analyzed, indicating a positive outlook for the banking sector [7]. Core Insights - The digital renminbi has entered its 2.0 era, transitioning from a central bank liability (M0) to a commercial bank liability (M1), allowing it to earn interest and be included in deposit insurance and reserve requirements [6][14]. - This transformation positions China as the first economy to offer interest on its central bank digital currency (CBDC), fundamentally altering its monetary attributes and creating a new financial paradigm in the digital economy [27]. - The digital renminbi's interest-bearing feature enhances user motivation to hold it, shifting its perception from a mere payment tool to a viable store of value, thus promoting its integration into everyday financial activities [27][28]. Summary by Sections 1. Digital Renminbi 2.0 Era - The digital renminbi (e-CNY) is now classified as a digital deposit currency, which can earn interest and is managed under a new regulatory framework [14]. - Major state-owned banks have begun offering interest on digital renminbi wallet balances, marking a significant shift in its utility and appeal [14][27]. 2. Development Progress and Application Status - The development of the digital renminbi began in 2014, with significant milestones including pilot tests in various cities and the establishment of a comprehensive operational framework by 2025 [32][33]. - As of November 2025, the digital renminbi has processed 34.8 billion transactions amounting to 16.7 trillion yuan, with extensive coverage across multiple provinces and cities [37]. 3. Global CBDC Development Trends - The report identifies three main trends in global CBDC development: active retail CBDC initiatives, innovation in payment systems, and cautious approaches in some countries like the U.S. [6]. - China's proactive stance in developing its CBDC positions it favorably in the global digital economy landscape, particularly in cross-border trade applications [30].

苏州银行公告称，2025年度初步核算集团口径营收41.91亿元，同比增长0.41%；归属于上市公司股东的 净利润20.43亿元，同比增长5.04%。截至2025年末，总资产2311.03亿元，较年初增长8.00%；总贷款 1394.32亿元，较年初增长7.81%；总存款1829.59亿元，较年初增长7.47%。不良贷款率0.88%，较年初 下降0.02个百分点。公告数据未经审计，可能与年报有差异，预计差异不超10%。 ...

Market Overview - The city commercial bank sector experienced a decline of 0.55% on January 21, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Ningbo Bank closed at 28.88, with an increase of 1.16% and a trading volume of 432,300 shares, amounting to a transaction value of 1.246 billion [1] - Chongqing Bank closed at 10.25, down 1.82%, with a trading volume of 106,800 shares and a transaction value of 110 million [2] - Other notable performers include Xiamen Bank, which closed at 7.13, down 1.66%, and Chengdu Bank, which closed at 15.72, down 1.38% [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 508 million from institutional investors, while retail investors experienced a net outflow of 566 million [2] - The capital flow for individual stocks indicates that Hangzhou Bank had a net inflow of 158 million from institutional investors, while it faced a net outflow of 86.5 million from retail investors [3] - Shanghai Bank also saw a net inflow of 107 million from institutional investors, with a net outflow of 121 million from retail investors [3]

信贷投放：旺季"开门红"开局良好，全年增长有支撑 针对2026年"开门红"信贷投放情况，公司表示，截至目前旺季信贷投放实现较好开局。为保障投放效 率，公司较早启动旺季准备工作，推动项目储备高效审批落地。后续将继续全力推进信贷投放，积极拓 展市场份额，为全年信贷规模稳健增长提供有效支撑。 登录新浪财经APP 搜索【信披】查看更多考评等级 调研基本情况 苏州银行（以下简称"公司"）于2026年1月20日开展特定对象调研活动，中泰证券、景顺长城等机构参 与。本次调研在苏州银行总行10楼会议室以现场会议形式举行，公司董事会办公室副主任杨礼英、计划 财务部总经理助理沈若弢及风险管理部和董事会办公室相关人员接待了调研团队，双方就公司信贷投 放、存款成本控制及资产质量等核心经营议题展开深入交流。 核心经营议题交流要点 在资产质量趋势方面，公司表示将持续完善"全口径、全覆盖、全流程、全周期"风险管理体系，强化风 险前瞻研判与处置，力争全年资产质量继续保持平稳态势。 信息披露合规性说明 公司强调，本次接待过程中严格按照相关制度规定，与投资者充分交流沟通，未出现未公开重大信息泄 露等情况，符合信息披露监管要求。 声明：市场有风险 ...

南财智讯1月20日电，苏州银行在投资者关系活动中表示，截至2026年初，本行旺季信贷投放情况良 好，实现"开门红"较好开局。本行较早启动旺季相关准备工作，全力保障项目储备高效审批落地，将继 续全力推进信贷投放，积极拓展市场份额，为全年信贷规模的稳健增长提供有效支撑。 ...

南财智讯1月20日电，苏州银行在投资者关系活动中表示，本行持续完善"全口径、全覆盖、全流程、全 周期"的全面风险管理体系，不断优化授信政策和审批策略，加强各项业务的跟踪监测和检查频率，及 时预防化解相关风险，力争全年资产质量继续保持平稳态势。 ...

Group 1: Credit and Deposit Management - The bank has achieved a good start in credit issuance for 2026, with early preparations ensuring efficient project approvals [1] - The bank aims to continue expanding its credit market share to support stable growth in annual credit scale [1] - In 2025, the bank improved deposit interest costs by optimizing deposit structure and will continue to innovate deposit products in 2026 [1] Group 2: Asset Quality and Risk Management - The bank is enhancing its comprehensive risk management system to maintain stable asset quality throughout the year [2] - Continuous monitoring and adjustment of credit policies and approval strategies are in place to prevent and mitigate risks [2] - The bank strives to keep asset quality steady by improving tracking and inspection frequency across various business lines [2] Group 3: Investor Relations and Compliance - The meeting involved thorough communication between the bank's representatives and investors, adhering to disclosure regulations [2] - No significant undisclosed information was leaked during the reception process [2]

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The report indicates that there is still room for further cuts in reserve requirement ratios and interest rates, with a focus on structural monetary policy support for high-quality economic development [15][19] - The central bank has implemented a reduction of 0.25 percentage points in various structural monetary policy tool rates, signaling a supportive monetary policy stance [15][19] - The report emphasizes the importance of timing for future policy implementations, particularly in relation to government bond issuance peaks and the maturity schedule of high-interest bank deposits [15] Summary by Sections 1. Monetary Policy Adjustments - The report notes a reduction of 0.25 percentage points in structural monetary policy tool rates, with a focus on supporting key areas through increased re-lending [15] - Future attention is directed towards December economic data and January LPR [22] 2. Central Bank Dynamics and Market Rates - The central bank conducted a total of 9,515 billion yuan in 7-day reverse repos at an interest rate of 1.40%, with a net injection of 9,741 billion yuan [16] - The report highlights that the funding rates remained stable, with expectations of slight increases due to tax payments and government bond net repayments [16] 3. Bank Financing Tracking - The report indicates that the total outstanding amount of interbank certificates of deposit (CDs) is 19.09 trillion yuan, with an average issuance rate of 1.65% [20] - The report also notes that there were no commercial bank bond issuances during the period, with a total outstanding commercial bank bond size of 3.38 trillion yuan [20]

Group 1: Loan and Deposit Growth - The bank has maintained a good trend in loan issuance in other regions of Jiangsu Province, leveraging its comprehensive institutional layout to enhance market share [1] - As of September 2025, the total deposit balance reached CNY 471.515 billion, an increase of CNY 54.55 billion, representing a growth rate of 13.08% [1][2] Group 2: Asset Quality - As of September 2025, the non-performing loan ratio stood at 0.83%, with a provision coverage ratio of 420.59%, indicating stable asset quality [2] - The bank will continue to optimize credit policies and approval strategies, enhancing monitoring and inspection frequency to prevent and mitigate risks [2] Group 3: Investor Relations and Communication - The investor relations activity involved thorough communication between the company's representatives and investors, adhering to regulations without disclosing any undisclosed significant information [2]

Core Viewpoint - The city commercial bank sector experienced a decline of 1.27% on January 16, with Jiangsu Bank leading the drop. The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1]. Group 1: Stock Performance - Ningbo Bank closed at 29.30, up 1.70% with a trading volume of 589,500 shares and a transaction value of 1.723 billion [1]. - Xiamen Bank closed at 7.20, up 0.70% with a trading volume of 128,700 shares and a transaction value of 92.3661 million [1]. - Jiangsu Bank closed at 9.76, down 2.69% with a trading volume of 2,061,300 shares and a transaction value of 2.033 billion [2]. - Shanghai Bank closed at 9.64, down 2.43% with a trading volume of 961,200 shares and a transaction value of 933.3 million [2]. Group 2: Capital Flow - The city commercial bank sector saw a net outflow of 229 million from main funds, while speculative funds had a net inflow of 716 million, and retail investors experienced a net outflow of 487 million [2]. - Hangzhou Bank had a main fund net inflow of 153 million, while retail investors saw a net outflow of 113 million [3]. - Nanjing Bank recorded a main fund net inflow of 70.5 million and a retail net outflow of 131 million [3].