江苏联合银行获批筹建，省联社改革提速

Investment Rating - The report maintains an "Overweight" rating for the banking sector [7]. Core Insights - The establishment of Jiangsu Rural Commercial Bank is expected to enhance management efficiency and financial service advantages while maintaining the original legal status of rural commercial banks [1][2]. - The reform of the provincial credit union in Jiangsu is a significant step, with the establishment of a joint bank model that allows for better resource integration and risk management among small and medium-sized banks [3][4]. - The joint bank model is seen as a cost-effective approach to reform, allowing for the expansion of business scope and the acquisition of more financial licenses [4][5]. Summary by Sections Investment Rating - The banking sector is rated as "Overweight" [7]. Establishment of Jiangsu Rural Commercial Bank - The approval for the establishment of Jiangsu Rural Commercial Bank was granted by the National Financial Regulatory Administration, requiring completion of the setup within six months [1][2]. - This reform aims to improve management efficiency and leverage financial service advantages while maintaining the legal status of existing rural commercial banks [1]. Reform of Provincial Credit Union - Jiangsu is a pioneer in the reform of rural credit cooperatives, with the provincial credit union being the first of its kind in the country [2]. - The reform addresses issues such as unclear functional positioning and insufficient capabilities of the provincial credit union [2]. Joint Bank Model - The joint bank model allows for the retention of the two-tier legal entity structure while enhancing service capabilities through new business and licensing [3][4]. - This model is considered to have lower reform costs and is easier for a smooth transition compared to a unified legal entity model [3][4]. Financial Performance and Recommendations - Jiangsu's rural financial institutions are robust, with total assets exceeding 4 trillion yuan, and the establishment of the joint bank is expected to create scale effects and improve resource integration [4][5]. - The report recommends investing in quality rural commercial banks in Jiangsu, such as Changshu Bank, and highlights the potential of other banks like China Merchants Bank and Shanghai Bank [5][9].