本行及董事会全体成员保证信息披露的内容真实、准确、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"）2026年第一次临时股东会定于 2026年3月2日下午召开，会议有关事项通知如下： 证券代码：002966 证券简称：苏州银行 公告编号：2026-002 苏州银行股份有限公司 关于召开 2026 年第一次临时股东会的通知 1.股东会届次：2026年第一次临时股东会。 2.股东会召集人：本行董事会。本行第五届董事会第三十一次会议审议通过 了《关于召开苏州银行股份有限公司2026年第一次临时股东会的议案》。 3.会议召开的合法、合规性：本次股东会的召开符合相关法律法规和本行章 程的规定。 4.会议召开的日期、时间： 一、召开会议基本情况 （1）现场会议召开时间：2026年3月2日下午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 2026年3月2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2026年3月2日上午9:15至2026年3月2日下午 15:00期间任意时间。 ...

证券代码：002966 证券简称：苏州银行 公告编号：2026-001 苏州银行股份有限公司 第五届董事会第三十一次会议决议公告 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。 苏州银行股份有限公司（以下简称"本行"）于2026年1月30日以电子邮件 和书面方式向全体董事发出关于召开第五届董事会第三十一次会议的通知，会议 于2026年2月9日在苏州工业园区钟园路728号苏州银行大厦现场召开。本行应出 席董事13人，亲自出席董事13人，张统董事、钱晓红董事、张姝董事通过视频的 方式接入。会议由崔庆军董事长主持，部分高级管理人员及相关部门的负责人等 列席会议。本次会议符合《公司法》、《深圳证券交易所股票上市规则》和本行 章程的规定，合法有效。审议通过了以下议案： 一、审议通过了关于提名苏州银行股份有限公司第六届董事会非独立董事 候选人的议案 同意提名崔庆军、王强、李伟、赵刚、张统、陈文颖、钱晓红、张伟、毛 竹春为本行第六届董事会非独立董事候选人，任期三年。其中，崔庆军、王强、 李伟、赵刚为执行董事候选人，张统、陈文颖、钱晓红、张伟、毛竹春为股东董 事候选人。职工董事 ...

Core Viewpoint - Since 2026, listed banks have experienced intensive institutional research, particularly focusing on small and medium-sized banks in economically developed coastal regions [1] Group 1: Institutional Research and Credit Performance - As of February 9, 2026, 13 listed banks have undergone 54 institutional research sessions, with 386 participating institutions [2] - Key topics of interest include the performance of credit in the "opening red" period, the "14th Five-Year Plan," asset-liability management, and wealth management [2] - Many banks reported a good start to the "opening red" period, with credit performance exceeding expectations compared to the previous year [4] Group 2: Focus on Credit Allocation - Credit allocation is primarily directed towards the technology and innovation sectors, with banks aligning their strategies with regional characteristics [3][4] - For instance, Shanghai Bank focuses on major strategic projects in Shanghai, while Qingdao Bank emphasizes technology finance and advanced manufacturing [5] - Analysts noted that the credit "opening red" performance is strong, with state-owned banks and high-quality city commercial banks showing positive feedback [5] Group 3: Middle Business Income Recovery - Banks are focusing on expanding middle business income as a core strategy to address margin pressure, with wealth management being a key area [6][7] - Many banks are enhancing their wealth management capabilities through diversified product offerings and improved customer service [7] - Analysts expect that wealth management will continue to drive fee income growth, supported by a favorable capital market environment [8] Group 4: Preliminary Annual Performance Reports - As of February 9, 2026, 11 listed banks have released preliminary performance reports, showing positive growth in operating income and net profit [9] - Notably, Qingdao Bank and Qilu Bank reported net profit growth of 21.66% and 14.58%, respectively [10] - The overall asset scale of these banks has expanded steadily, with many small and medium-sized banks achieving growth rates exceeding 10% [11] Group 5: Profit Growth Stability - Analysts believe that the stable profit growth of listed banks is due to a narrowing decline in interest margins and improved middle business income [12] - The recent implementation of structural monetary policy tools by the central bank is expected to stabilize net interest margin expectations and enhance credit issuance willingness [12]

Summary of Conference Call on Banking Sector Outlook Industry Overview - The conference focused on the banking sector, specifically discussing the performance and outlook of 11 listed banks in China for the year 2025 and beyond [1][6]. Key Points and Arguments 1. Overall Performance of Banks - The performance of the 11 banks exceeded expectations, indicating a robust resilience in the banking sector [1][6]. - The net interest margin (NIM) showed signs of stabilization, with a narrowing year-on-year decline contributing significantly to interest income and revenue growth [1][2]. 2. Sensitivity of Interest Income - Interest income is highly sensitive to changes in NIM; a decrease of 10 basis points (BP) in NIM could reduce net interest income growth by 7 percentage points, while a 5 BP decrease would result in a 3.5 percentage point reduction [2]. 3. Fee Income Recovery - There has been a recovery in fee income due to improved capital market conditions and asset allocation by residents, leading to a continuous improvement in bank fees [2][4]. 4. Potential for Old Bond Gains - The banks hold significant unrealized gains on old bonds, which presents a substantial opportunity for realization [3]. 5. Positive Outlook for 2026 - The overall judgment is that the situation in 2026 will be better than in 2025, driven by stable basis points, improving fees, and gains from old bonds [3]. 6. Investment Perspective - The investment strategy focuses on absolute returns, targeting a return on equity (ROE) of around 13% and a price-to-book (PB) ratio of 0.67 times, indicating a reasonable pricing range [3][4]. - The recommendation is to select stocks based on high growth and high dividend yield, particularly in regions like Jiangsu, Nanjing, and Qilu [4][5]. 7. Performance of Specific Banks - Notable banks such as China Merchants Bank and Industrial Bank showed positive revenue growth, with some banks transitioning from negative to positive growth [6][7]. - City commercial banks like Nanjing Bank and Qingdao Bank reported double-digit revenue growth, indicating strong performance [7][10]. 8. Asset Quality and Non-Performing Loans (NPLs) - The asset quality remains stable, with many banks reporting a decrease in NPL ratios. For instance, Qingdao Bank's NPL ratio dropped significantly [10][11]. - The overall trend suggests a gradual improvement in asset quality, with expectations for continued stability in 2026 [11][12]. 9. Credit Growth and Demand - Credit growth is expected to remain strong, particularly in major provinces like Sichuan and Jiangsu, which reported credit growth rates above 8% [12][13]. - The demand for corporate loans remains robust, while retail loan demand is weaker [12]. 10. Future Risks and Projections - There are concerns regarding the potential exposure of retail loans, particularly in mortgage and consumer credit segments, but the overall increase in NPLs is expected to be limited [16][17]. - Projections for 2025 indicate a slight increase in NPL ratios for retail loans, but overall asset quality is expected to remain stable [17][18]. 11. Revenue Growth Expectations - The banking sector is projected to achieve a revenue growth rate of approximately 1.2% year-on-year, with city commercial banks leading in net profit growth [19][20]. 12. Stock Selection Strategy - The stock selection strategy emphasizes high ROE and high dividend yield, with recommendations for both Hong Kong and A-share listed banks [20][21]. Additional Important Insights - The conference highlighted the importance of wealth management in driving fee income, with expectations for continued positive contributions to revenue [19]. - The overall sentiment is optimistic regarding the banking sector's ability to navigate challenges and capitalize on growth opportunities in the coming years [22].

Investment Rating - The industry rating is "Buy" [4] Core Views - The trade return ratio has turned positive again, and the service trade deficit has significantly narrowed [16][18] - The cross-border capital flow is expected to gradually return, positively impacting domestic liquidity [5][19] - The service trade deficit for December 2025 was 966 billion CNY, a year-on-year decrease of 466 billion CNY, with a full-year deficit of 13,760 billion CNY, down 2,544 billion CNY, approximately 16% [18] Summary by Sections 1. Current Observation - The State Administration of Foreign Exchange (SAFE) released data on China's international balance of payments for December 2025, indicating a potential impact on the central bank's willingness to settle foreign exchange [16] - The trade return ratio is at a historical high, with a monthly unconverted trade net outflow of 447 billion CNY, a year-on-year increase of 1,392 billion CNY [17] 2. Arbitrage Trading Returns - The arbitrage trading return rate for 10Y US Treasury bonds in CNY has dropped significantly to -1.77%, indicating a shift in cross-border capital dynamics [17] 3. Service Trade Deficit - The service trade deficit has narrowed significantly, with major contributions from improved policies for foreign visitors, reduced international shipping costs, and enhanced competitiveness in high-tech services [18] 4. Cross-Border Liquidity Outlook - Despite the recent appointment of Kevin Warsh as the next Federal Reserve Chair, the trend of cross-border capital return is expected to continue, influenced by the Fed's monetary policy stance [19][21] - The short-term liquidity in the US remains tight, with limited space for balance sheet reduction, while long-term prospects depend on economic performance [20][21]

Investment Rating - The industry rating is maintained at "Overweight" [7][36] Core Insights - The central bank's 2026 credit market work meeting emphasized the need for enhanced financial support in the consumer sector, with a focus on expanding domestic demand during the 14th Five-Year Plan period [6][32] - Structural monetary policy tools will be implemented to support key areas, including small and micro enterprises, technological innovation, and green upgrades [7][33] - Financial support for consumption is expected to increase, particularly in sectors such as health care, cultural tourism, and new consumption areas like digital and green initiatives [7][34] Summary by Sections Industry Performance - The banking sector index rose by 1.70% during the period from February 2 to February 8, 2026, outperforming the CSI 300 index by 3.04 percentage points [11] - The performance of various banking segments showed that city commercial banks led the market [11] Financial Market Conditions - The central bank's net withdrawal from the open market was 656 billion yuan, indicating a relatively loose funding environment [19] - The average issuance rates for interbank certificates of deposit increased, with net financing amounting to 236.19 billion yuan in February [22][23] Investment Recommendations - With the collaboration of financial and fiscal policies, the "opening red" phase of credit issuance is expected to remain stable, which may enhance core revenue growth for banks [9][36] - High dividend yields in bank stocks present significant investment value, with recommendations for state-owned banks and flexible regional banks [9][36]

Core Viewpoint - The recent focus on the "opening red" credit issuance by listed banks indicates a proactive approach to secure market share and optimize credit resource allocation in 2026, the first year of the 14th Five-Year Plan [1][2][3] Group 1: Credit Issuance Trends - Nearly one-third of the listed banks responding to institutional surveys reported a strong start to credit issuance in 2026, with expectations for January's credit issuance to exceed 5 trillion yuan [1][2] - The overall credit issuance in January 2026 is projected to be around 5.2 trillion yuan, accounting for 32% of the annual loan total, reflecting a slight increase compared to 2025 [2] - Analysts predict that the total social financing in January 2026 will be approximately 5.5 to 5.6 trillion yuan, with a year-on-year increase of about 300 billion yuan [3] Group 2: Structural Optimization of Credit Resources - The structure of credit resource allocation is expected to show significant optimization, with a focus on public loans supporting the "opening red" initiative, particularly in technology innovation and green finance [5][6] - Banks are increasingly directing credit resources towards key areas such as technology innovation, green development, and inclusive finance, with public loans being the mainstay of credit growth [5][6] - The People's Bank of China is guiding funds towards supporting agriculture, small and micro enterprises, and private sectors through structural tools like lower re-lending and rediscount rates [5][6] Group 3: Business Model and Strategy Changes - The 2026 "opening red" period is characterized by new business model trends, including enhanced cooperation between banks and local governments, cross-regional collaboration, and innovative financial products tailored for small and micro enterprises [7][8] - Banks are focusing on the "Five Major Articles" of finance, with an emphasis on public finance, digital finance, and green finance, while also introducing new indicators for digital finance in their assessments [8] - The competitive landscape is intensifying, with banks adopting a more cautious approach to project selection and risk management, emphasizing quality over sheer volume in credit issuance [8][9]

Group 1 - The core viewpoint of the articles highlights the increasing focus of banks on year-end bonus wealth management products, reflecting a shift towards providing comprehensive asset allocation services to meet the evolving needs of investors [1][2][3] - Major banks, including Industrial and Commercial Bank of China and Bank of Communications, are launching specialized products for year-end bonuses, emphasizing low investment thresholds and diverse strategies to cater to different investor needs [1][2] - The year-end bonus wealth management market is experiencing growth, driven by banks' proactive strategies and a rising awareness among residents regarding rational financial management [2][3] Group 2 - The annual report from the China Banking Association indicates that by the end of 2025, the total scale of the wealth management market in China is expected to reach 33.29 trillion yuan, reflecting an 11.15% increase from the beginning of the year [3][4] - The number of individual investors holding wealth management products has reached 143 million, marking a year-on-year growth of 14.37%, indicating a growing trend in wealth management participation among residents [3][4] - The wealth management market is transitioning towards a phase of structural deepening and quality growth, with a focus on optimizing internal structures rather than just expanding absolute scale [4][5]

Core Insights - Insurance capital management is increasingly focused on deep research of individual stocks and industries, with significant interest in A-share listed companies as indicated by over 300 companies being researched since the beginning of 2026 [1][2] Group 1: Research Trends - A total of 96 insurance companies and 32 insurance asset management companies have participated in the research of A-share listed companies since the beginning of 2026 [2] - Key players such as Taiping Pension, Changjiang Pension, and China Life Pension have conducted over 30 research sessions each within a month [2] - Regional banks and sectors like electronic components, semiconductor materials, and devices are receiving heightened attention from insurance capital [2] Group 2: Investment Strategies - Insurance capital views company research as a crucial part of investment strategy, often focusing on high-quality stocks with long-term growth potential [3] - The demand for high dividend stocks is driven by the need for stable cash flow in a low-interest-rate environment, with banks being a primary focus for insurance capital [4] - Insurance capital is increasingly adopting a dividend strategy, favoring high dividend stocks to stabilize returns amid pressure on fixed-income yields [4] Group 3: Focus on New Productive Forces - Insurance capital is aligning with long-term investments in new productive forces, particularly in technology innovation and emerging strategic industries [5] - There is a focus on investing in sectors with real technological barriers and clear business models that can deliver performance [5] Group 4: Investment Paths - For mature technology leaders, insurance capital is likely to invest directly for excess returns, while for emerging tech sectors, indirect investments through ETFs or industry funds are preferred to manage risks [6] - The insurance capital sector is particularly interested in AI-driven technology and high-end manufacturing, with a strategy to invest in companies with clear business models and strong competitive advantages [6]

Core Viewpoint - The enthusiasm for institutional research on listed banks has increased since the beginning of the year, with a focus on credit allocation and interest margin management for 2026 [1][3]. Group 1: Institutional Research Activity - As of February 5, 2026, 12 regional banks have received 155 institutional research visits, totaling 327 interactions [1][3]. - Zhangjiagang Rural Commercial Bank has been actively engaging with multiple institutions, receiving five visits in less than a week [2]. - Shanghai Bank has been the most scrutinized, with 75 institutions participating in nine rounds of research since January 12, 2026 [3]. Group 2: Credit Allocation Focus - The "opening red" credit allocation for 2026 is a key focus, with banks reporting a positive start and increased public loan allocations compared to previous years [5]. - Banks like Hangzhou Bank and Zhangjiagang Bank are targeting key industries and projects, including infrastructure and technological upgrades [5][6]. - Analysts expect that new RMB loans in January 2026 will be around 5 trillion yuan, with a growth rate of approximately 6.2% [6]. Group 3: Deposit Structure Adjustments - The net interest margin for banks has been narrowing, with a historical low of 1.42% as of Q3 2025 [7]. - Banks are planning to optimize their liability structures and control deposit costs to stabilize interest margins [7][8]. - Institutions like Zijin Bank and Shanghai Bank are focusing on adjusting deposit sources and terms to manage costs effectively [7][8]. Group 4: Future Outlook on Interest Margins - Shanghai Bank anticipates a continued decline in the Loan Prime Rate (LPR) in 2026, which may lead to a further decrease in interest margins [8]. - Regional banks are expected to maintain stable earnings, although there may be a divergence in performance based on regional economic vitality [8].