Core Viewpoint - Suzhou Bank successfully held the 2025 Wealth Festival and celebrated its 15th anniversary, emphasizing its mission of "serving the people" and the brand image of "heartfelt wealth management" [1][3] Group 1: Event Highlights - The event was attended by leaders from various financial institutions and over 300 representatives from business associations and VIP clients [1] - The bank's president and vice president participated in the event, showcasing the institution's commitment to local economic development [1][3] Group 2: Strategic Goals and Vision - The Suzhou Municipal Financial Office emphasized the importance of strengthening wealth management institutions and fostering collaboration among financial entities to enhance the competitiveness of China's financial system [3] - Suzhou Bank aims to continue its mission of safeguarding residents' wealth and providing high-quality wealth management services, aligning with its core values of stability, professionalism, and innovation [4][6] Group 3: Financial Performance and Growth - As of the end of Q1 2025, Suzhou Bank's total assets exceeded 720 billion yuan, a 15-fold increase since its establishment, with personal financial assets surpassing 383.6 billion yuan and personal wealth management scale nearing 120 billion yuan [5] - The Su Xin Fund, established one year ago, has a management scale of nearly 16 billion yuan and aims to be a protector of client interests and a pioneer in industry reforms [5] Group 4: Future Outlook - The bank plans to enhance its "Su Xin Wealth" brand and continue developing a comprehensive service system that caters to clients throughout their financial lifecycle [4][6] - The event featured a macroeconomic outlook presentation and discussions on future plans for the Su Xin Fund, reinforcing the bank's commitment to long-term client relationships and responsible financial management [5]

Market Overview - A-shares opened higher but quickly entered a downward trend, with the Shanghai Composite Index up 0.17% and the Shenzhen Component down 0.13% by the afternoon close [1] - Total trading volume in the A-share market was 13,260 billion yuan, a decrease of 149 billion yuan from the previous day [1] Banking Sector Performance - The banking sector saw a collective rise, with Shanghai Bank, Pudong Development Bank, and Jiangsu Bank reaching historical highs [2] - The banking sector overall rose by 1.64%, ranking third among industry sectors for the day, with a weekly increase of 1.59% [2] - All 42 constituent stocks in the banking sector experienced gains, with Chongqing Bank rising over 4% and several others, including Shanghai Bank and Pudong Development Bank, increasing over 3% [2] Financial Indicators - In Q1, 42 banks reported a total net profit of 5,639.79 billion yuan, with the four major state-owned banks accounting for over 52% of this profit [3] - Analysts expect the banking sector to stabilize by 2025, with reduced net interest margin pressure and improved asset-liability management [3] Shipping and Port Sector - The shipping sector experienced significant gains, with the shipping index (European line) futures rising over 10% at the open and closing up 5.79% [4] - The shipping concept sector overall rose by 2.51%, ranking second among industry concepts for the day, with notable gains in stocks like Guohang Ocean and Huaguang Source Sea [4] Economic and Trade Relations - Recent U.S.-China trade talks showed signs of easing tensions, positively impacting financial and shipping trade sentiments [5] - The reduction of tariffs and supportive financial policies are expected to enhance corporate profitability and market sentiment in the short term, while promoting high-quality economic development in the long term [5]

Market Overview - On May 13, the A-share market experienced fluctuations, with the Shanghai Composite Index slightly up by 0.08% and the Shenzhen Component Index down by 0.24% [2] - The total market turnover reached 907.21 billion yuan, an increase of 43.4 billion yuan from the previous day, with 1,714 stocks rising and 3,475 falling [3] Sector Performance - The beauty care, banking, coal, and home furnishing sectors showed positive performance, while the military industry sector experienced a notable pullback [4] - The banking sector saw a rise of 1.15%, with significant gains in individual bank stocks [5] Banking Sector Highlights - Major banks such as Chongqing Bank and Shanghai Bank saw their stock prices increase by over 3%, with several banks reaching historical highs [7] - The A-share banking sector's dividend yield reached 6.69% over the past 12 months, making it attractive to institutional investors seeking high dividends and stability [8] Consumer Sector Activity - The consumer sector was active, particularly in the beauty care segment, with stocks like Qingdao Kingking and Lafang Home reaching their daily limit [9] - In the textile and apparel sector, stocks such as Kute Intelligent and Shengtai Group also hit their daily limit [11] Military Industry Sector - Following a previous surge, the military industry sector collectively retreated, with significant declines in stocks like Aopu Optoelectronics and Guobang Electronics [13] New Listing: Tiangong Co., Ltd. - Tiangong Co., Ltd. (N Tiangong) debuted on the Beijing Stock Exchange, with its stock price peaking at 23.6 yuan, reflecting a rise of 498.98% at one point [15] - The company specializes in the production and sales of titanium and titanium alloy materials, with a total market capitalization of 13.236 billion yuan at midday [15]

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"）已于 2025 年 4 月 29 日披露了 本行 2024 年年度报告，相关内容详见巨潮资讯网（http://www.cninfo.com.cn）。 为使广大投资者能够进一步了解本行 2024 年度的经营情况，本行定于 2025 年 5 月 19 日（星期一）15:00-16:30 在全景网举办 2024 年度业绩网上说明会（以下简 称"说明会"）。本次说明会将采用视频和网络互动方式，投资者可登陆"全景路 演"（http://rs.p5w.net/）参与。出席本次说明会的人员有：董事长崔庆军先生、行 长王强先生、副行长李伟先生、副行长贝灏明先生、副行长薛辉先生、董事会秘 书朱敏军先生、财务部门负责人徐峰先生、独立董事刘晓春先生。为充分尊重投 资者，提升交流的针对性，现就本次说明会提前向投资者公开征集问题，广泛听 取投资者的意见和建议。投资者可于 2025 年 5 月 16 日（星期五）12:00 前访问 https://ir.p5w.net/zj/，进入问题征集专题页面留言。 ...

Core Viewpoint - Suzhou Bank, despite its growth since establishment, faces challenges in maintaining competitive performance compared to other regional banks, with recent financial results showing modest growth rates and declining net interest margins [2][7][19]. Financial Performance - As of the end of 2024, Suzhou Bank reported revenue of 12.224 billion yuan, a year-on-year increase of 3.01%, and a net profit of 5.068 billion yuan, up 10.16% [2]. - In Q1 2025, the bank's revenue was 3.250 billion yuan, growing by 0.76%, while net profit reached 1.554 billion yuan, increasing by 6.80% [2]. - Over the past decade, Suzhou Bank's revenue grew by 76.7% and net profit by 179%, although these figures lag behind peers like Jiangsu Bank and Hangzhou Bank [6][10]. Asset Growth and Quality - By the end of 2024, Suzhou Bank's total assets reached 693.714 billion yuan, reflecting a year-on-year growth of 15.27% [11]. - The bank's non-performing loan (NPL) ratio remained low, decreasing from 0.84% in 2023 to 0.83% in 2024, with a high provision coverage ratio of 483.5% [11][18]. - However, the bank's net interest margin has declined significantly, dropping from 1.68% to 1.38% in 2024, impacting interest income negatively [11][12]. Strategic Changes and Management - Following the retirement of long-serving chairman Wang Lanfeng, a new management team led by Chairman Cui Qingjun has been established, focusing on enhancing market share and operational efficiency [2][20]. - The bank's strategy has shifted from focusing on small and medium enterprises to a broader approach that includes manufacturing, technology innovation, and green finance [20][21]. Competitive Landscape - Suzhou Bank's market position is challenged by larger state-owned banks and other regional banks, with a market share of only 3.3% in Suzhou [14][17]. - The bank's first major shareholder, Suzhou International Development Group, has been increasing its stake, indicating strong backing for future growth [3][19]. Future Outlook - With Suzhou's robust economic foundation, a GDP of 2.67 trillion yuan, and support from its major shareholder, Suzhou Bank is expected to continue its growth trajectory, albeit with challenges in enhancing its competitive edge [19][21].

02 构筑"舒心"生态，民生金融践行金融为民 2024年是苏州银行新三年战略规划的开局之年，该行锚定战略目标，深融区域经济，聚焦服务实 体，强化改革创新，坚持"以客户为中心"的一体化经营战略，以高质量金融实践生动诠释"以民唯 美、向实而行"的企业使命。 01 回归金融本源，精准滴灌助力实体发展 当产业变革的齿轮咬合"科创攻坚"与"双碳转型"两大时代命题，商业银行如何重塑服务实体经济的 价值坐标？苏州银行以 "6+1+O" 科创金融服务范式及绿色品牌序列，开辟了独具特色的实践路 径。 该行积极贯彻落实中央经济工作会议精神，持续加大科创金融产品创新力度，为科创企业提供全周期 金融服务。 打造"伴飞"品牌系列， 围绕科创企业营运研发、智改数转网联、厂房建设、并购融资等 全方位需求，推出"伴飞贷""伴飞e贷""伴飞主动贷""伴飞精英贷""伴飞并购贷""伴飞项目贷"六大 自营重点产品 。 融合科技赋能金融， 开发"苏心科创力"专属评价模型，建立专属科创企业评价体 系，精准刻画衡量科创能力的企业画像，构建差异化科创客群服务体系。 聚焦企业全生命周期， 打 造"伴飞计划""展翅计划""领航计划"三大金融支持计划，形成全客户 ...

【央行推出新结构性货币政策工具以稳定经济和金融市场】 中国人民银行副行长邹澜4月28日宣布，央行将创设新的结构性货币政策工具，以应对国内外经济形势 和金融市场变化。这一举措旨在保持流动性充裕，围绕稳就业稳增长重点领域精准发力，做好金融支 持。同时，央行正在研究丰富政策工具箱，适时推出增量政策，助力稳就业、稳企业、稳市场、稳预 期。为支持民企债券融资，央行首度提及推广"两新"债务融资工具，该工具已发行255亿元，聚焦设备 更新和消费品以旧换新领域，发挥了债券市场支持重点领域发展的积极作用。 【国家金融监督管理总局海南监管局关于印发《海南银行业保险业突发事件信息报告实施细则》的通 知】 海南金融监督管理部门发布了新版《海南银行业保险业突发事件信息报告实施细则》，旨在加强和规范 突发事件的信息报告工作，确保银行业和保险业的风险防范与处置。该细则明确了突发事件的定义、报 告范围、报告时限以及处理流程等关键内容，要求相关机构及时、准确地报告突发事件信息，以维护金 融稳定和社会经济秩序。 【央行4月买断式逆回购缩量，降准预期升温？】 4月30，央行发布公告称，4月开展了12000亿元买断式逆回购操作，为政策工具创立以来首 ...

Investment Rating - The report maintains a positive outlook on the banking sector, highlighting it as a low-volatility dividend play in a counter-cyclical environment and a strong performer in absolute returns during a pro-cyclical phase [6]. Core Insights - The first quarter of 2025 saw a decline in both revenue and net profit for listed banks, with revenue and net profit down 1.7% and 1.2% year-on-year, respectively. The main reasons for this decline were the expected decrease in interest margins and pressure from non-interest income [3][12]. - Loan growth has remained stable, with a year-on-year increase of 7.9% in the first quarter. Notably, banks in Jiangsu and Zhejiang, as well as Chengdu, continue to show strong economic performance, while Chongqing has emerged as a new growth area with loan growth exceeding 16% [3][4]. - The average net interest margin for listed banks was 1.54% in the first quarter, reflecting a slight quarter-on-quarter increase of 2 basis points, supported by a decrease in the cost of interest-bearing liabilities [4][12]. - The non-performing loan (NPL) ratio for listed banks decreased to 1.23%, with an estimated annualized NPL generation rate of approximately 0.63% [5][19]. - The report emphasizes the importance of focusing on high-dividend yield banks, particularly those with solid provisions and growth opportunities in favorable policy environments [6][19]. Summary by Sections Performance Overview - The first quarter of 2025 saw a significant impact from the decline in interest margins and non-interest income, leading to a negative growth in both revenue and profit for listed banks [10][12]. - The report indicates that the performance of state-owned banks was below expectations, while city and rural commercial banks generally met expectations [3][19]. Loan and Credit Analysis - Loan growth has been stable, with a year-on-year increase of 7.9% in the first quarter. The report highlights that the demand for loans from small and medium-sized enterprises has weakened, affecting the growth rates of rural commercial banks [3][4]. Interest Margin and Cost Analysis - The report notes that the average net interest margin for listed banks improved slightly, with a quarter-on-quarter increase attributed to a reduction in the cost of interest-bearing liabilities [4][12]. Asset Quality and Risk Management - The NPL ratio for listed banks decreased to 1.23%, with proactive measures taken to manage and dispose of non-performing assets [5][19]. - The report indicates that the retail sector is experiencing some risk exposure, but overall asset quality remains stable [5][19]. Investment Recommendations - The report recommends focusing on banks with high dividend yields and solid fundamentals, particularly those that are well-positioned to benefit from favorable policy changes [6][19].

近日，苏州银行披露2024年年报及2025年一季报。截至2024年末，该行资产总额6937.14亿元，较上年 末增长15.27%；各项存款4169.65亿元，较上年末增长14.61%；各项贷款3333.59亿元，较上年末增长 13.62%。进入2025年，该行依然保持良好发展态势。截至2025年3月末，该行资产总额突破7000亿元大 关，达到7271.54亿元，较年初增长4.82%；各项存款4630.14亿元，较年初增长11.04%；各项贷款 3628.90亿元，较年初增长8.86%。苏州银行坚定"以客户为中心"的一体化经营战略，聚力打造"科创+跨 境""民生+财富"双引擎，构筑起规模增长有质量、结构优化有韧性、创新突破有锐度的立体发展格局， 于新金融时代的浪潮中锚定高质量发展航向。 科创金融伴飞企业发展，打造新形势发展"助推器" 在当下经济发展格局中，科技创新与金融的深度融合，已成为推动区域经济高质量发展的关键力量，而 对于如何赋能"科创金融"，成为科创企业成长的坚实"伴飞者"？苏州银行给出了自己的发展答卷。苏州 银行秉持"稳健、精进、匠心、创新"的企业核心价值观，深度融入区域经济发展，在科创金融领域不断 ...

Investment Rating - The investment rating for Suzhou Bank is "Buy" and is maintained [9]. Core Views - Suzhou Bank's revenue growth for 2024 is projected at 3.0%, with a net profit growth of 10.2%. The fourth quarter saw a significant increase in investment income, contributing to revenue growth [2][6]. - For Q1 2025, revenue growth is expected to slow to 0.8%, with net profit growth at 6.8%. A 31% decline in investment income and fair value changes impacted revenue, while net interest income slightly decreased [2][6]. - The bank's asset quality remains strong, with a non-performing loan ratio stable at 0.83% at the end of 2024 and Q1 2025. The provision coverage ratio was 484% at the end of 2024 and 447% at the end of Q1 2025 [2][6]. - The dividend payout ratio for 2024 increased by 1.4 percentage points to 32.5%, positioning the bank among the top listed banks. A shareholder return plan was announced, committing to a cash dividend ratio of no less than 30% of distributable profits from 2025 to 2027 [2][6]. Summary by Sections Financial Performance - In 2024, the bank's total revenue growth was 3.0%, with a net profit growth of 10.2%. The fourth quarter saw a revenue growth of 9.6% [6]. - For Q1 2025, revenue growth was 0.8%, and net profit growth was 6.8%. The decline in investment income and fair value changes negatively affected revenue [6]. Asset Quality - The non-performing loan ratio remained stable at 0.83% at the end of 2024 and Q1 2025. The provision coverage ratio was 484% at the end of 2024 and decreased to 447% by Q1 2025 [2][6]. Dividend Policy - The dividend payout ratio for 2024 increased to 32.5%, and a commitment was made for a minimum cash dividend ratio of 30% from 2025 to 2027 [2][6]. Loan and Deposit Growth - In 2024, loan growth was 13.6%, with corporate loans increasing by 23.2%. Retail loans saw a contraction of 5.7% due to a reduction in personal operating loans [12]. - Deposit growth for 2024 was 14.6%, with personal deposits growing significantly by 20.4% [12].