Investment Rating - The report maintains a "Buy" rating for Suzhou Bank (002966.SZ) with a current price of 8.12 CNY [1]. Core Views - Suzhou Bank's performance shows resilience with a narrowing decline in interest margins. The bank achieved an operating income of 6.5 billion CNY in the first half of 2025, a year-on-year increase of 1.8%, and a net profit attributable to shareholders of 3.13 billion CNY, up 6.2% year-on-year [4][5]. - The bank's annualized ROAE for the first half of 2025 was 12.34%, reflecting a year-on-year decline of 1 percentage point [4]. Summary by Sections Revenue Performance - In the first half of 2025, Suzhou Bank's revenue, pre-provision profit, and net profit attributable to shareholders grew by 1.8%, 7.4%, and 6.2% year-on-year, respectively. The growth rates changed by +1, +1.4, and -0.6 percentage points compared to Q1 [5]. - Net interest income and non-interest income growth rates were 2.7% and 0.1%, respectively, with changes of +3.3 and -3.2 percentage points from Q1 [5]. Asset and Loan Growth - As of the end of Q2 2025, the bank's interest-earning assets and loans grew by 14.6% and 11.8% year-on-year, respectively, with a steady expansion of asset size and double-digit loan growth [6]. - The bank added 30.1 billion CNY in loans in the first half of 2025, with a focus on key sectors such as government financing, technology innovation, and green loans [6]. Non-Interest Income - Non-interest income for the first half of 2025 was 2.24 billion CNY, showing a year-on-year increase of 0.1%, with a stable revenue share of around 35% [10]. - The net fee and commission income was 740 million CNY, up 9% year-on-year, supported by strong growth in agency and investment businesses [10]. Asset Quality and Risk Management - As of the end of Q2 2025, the bank's non-performing loan ratio was 0.83%, with a coverage ratio of 438%, indicating strong risk compensation ability [11][12]. - The bank's credit impairment losses for the first half of 2025 were 570 million CNY, reflecting a year-on-year increase of 70 million CNY [11]. Capital Adequacy - The bank's core Tier 1, Tier 1, and total capital adequacy ratios were 9.87%, 11.67%, and 14.57%, respectively, showing a slight increase from Q1 [12][33]. Earnings Forecast and Valuation - The report forecasts EPS for Suzhou Bank to be 1.19, 1.25, and 1.29 CNY for 2025, 2026, and 2027, respectively, with corresponding PB valuations of 0.75, 0.69, and 0.64 times [13][34].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 37.16 billion, a year-on-year increase of 7.9%, and a net profit attributable to shareholders of 14.77 billion, up 8.2% year-on-year [3][4] - The weighted average return on equity (ROE) stands at 13.8%, a decrease of 0.94 percentage points year-on-year [3] Revenue and Profit Growth - The company's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 7.9%, 11.8%, and 8.2% respectively, showing a quarter-on-quarter improvement [4] - The growth rates for net interest income and non-interest income were 11.1% and 1.3%, with non-interest income showing significant quarter-on-quarter improvement [5] Loan and Deposit Dynamics - As of the end of Q2, the company's interest-earning assets and loans grew by 16.7% and 18.7% year-on-year, maintaining high absolute growth rates [5] - The loan structure indicates that corporate loans contributed significantly, with a notable focus on small and micro enterprises, manufacturing, and import-export businesses [6] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remains stable at 0.76%, with a slight increase in retail loan NPLs [9] - The capital adequacy ratios have improved, with the core Tier 1 capital ratio at 9.65% as of Q2 [10] Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2025-2027 at 4.44, 4.82, and 5.27 respectively, with the current stock price corresponding to price-to-book (PB) ratios of 0.81, 0.73, and 0.65 [11][12]

Investment Rating - The report maintains an "Accumulate" rating for Zhangjiagang Bank (002839.SZ) with a current price of 4.46 CNY [1] Core Views - Zhangjiagang Bank's revenue growth has slightly slowed, but profit growth is steadily increasing. In the first half of 2025, the bank achieved a revenue of 2.6 billion CNY, a year-on-year increase of 1.7%, and a net profit attributable to the parent company of 1 billion CNY, up 5.1% year-on-year [4][5] - The bank's strategy focuses on expanding its loan portfolio, particularly targeting small and micro enterprises, with a loan growth rate of 7.6% year-on-year as of the end of Q2 2025 [5][6] - The bank has announced a mid-term dividend plan, proposing a cash dividend of 1 CNY per 10 shares, with a payout ratio of 24.6% [10] Summary by Sections Financial Performance - In H1 2025, Zhangjiagang Bank's revenue and net profit growth rates were 1.7% and 5.1%, respectively, with a weighted average return on equity (ROAE) of 9.96%, down 1 percentage point year-on-year [4][5] - The bank's net interest income and non-interest income growth rates were -10.5% and 27.4%, respectively, indicating a mixed performance in income sources [5] Loan and Deposit Growth - As of the end of Q2 2025, the bank's interest-earning assets and loan growth rates were 5.6% and 7.6% year-on-year, respectively, with a focus on small and micro enterprises [5][6] - The bank's deposit growth accelerated slightly, with a year-on-year increase of 5.5% in deposits as of Q2 2025 [7] Asset Quality and Capital Adequacy - The bank's non-performing loan (NPL) ratio was 0.94% at the end of Q2 2025, indicating stable asset quality [9] - The capital adequacy ratios as of Q2 2025 were 10.63% for core tier 1, 11.89% for tier 1, and 13.05% for total capital, reflecting a solid capital position [10][29] Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2025-2027 to be 0.79, 0.81, and 0.82 CNY, with corresponding price-to-book (PB) ratios of 0.56, 0.52, and 0.48 [11][12]

Core Viewpoint - Chengdu Bank reported a revenue of 12.27 billion and a net profit of 6.62 billion for the first half of 2025, showing year-on-year growth of 5.9% and 7.3% respectively, indicating a positive trend in financial performance despite a slight decline in return on average equity [7][8]. Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Chengdu Bank in the first half of 2025 were 5.9%, 6.8%, and 7.3% respectively, with improvements compared to Q1 [8]. - The net interest income and non-interest income growth rates were 7.6% and -0.2%, showing a positive shift in net interest income while non-interest income faced a decline [8]. - The cost-to-income ratio and credit impairment losses as a percentage of revenue were 23.2% and 11.5%, both showing a slight decrease year-on-year, indicating stable cost management [8]. Asset and Loan Growth - As of the end of Q2 2025, Chengdu Bank's interest-earning assets and loans grew by 12.2% and 18% year-on-year, reflecting an acceleration in scale expansion [9]. - New corporate loans and retail loans for Q2 were 24.4 billion and 2.8 billion respectively, with corporate loans showing a strong growth trend [9]. Deposit Trends - By the end of Q2 2025, the growth rates for interest-bearing liabilities and deposits were 13.7% and 14.7%, indicating steady deposit growth [10]. - The new deposit amount for Q2 was 18.8 billion, which was lower than the previous year, and the ratio of deposits to interest-bearing liabilities decreased slightly [10]. Interest Margin - The net interest margin (NIM) for the first half of 2025 was 1.62%, a slight decrease from the previous year, but the decline in margin has narrowed compared to earlier periods [11]. - The yield on interest-earning assets and loans decreased, influenced by factors such as LPR adjustments and weakened demand [11]. Non-Interest Income - Non-interest income for Chengdu Bank was 2.5 billion, reflecting a year-on-year decline of 0.2%, primarily due to reduced fees from wealth management services [12]. - Other non-interest income increased by 9.7%, supported by active trading and bond investment strategies [12]. Asset Quality - As of the end of Q2 2025, the non-performing loan (NPL) ratio was 0.66%, remaining stable, while the attention ratio slightly increased [13]. - The provision coverage ratio was 452.7%, indicating strong risk mitigation capabilities despite a slight decline [13].

Investment Rating - The report maintains an "Accumulate" rating for Chengdu Bank (601838.SH) with a current price of 17.86 CNY [1]. Core Views - Chengdu Bank's revenue and profit growth have accelerated, with a 5.9% year-on-year increase in revenue to 12.27 billion CNY and a 7.3% increase in net profit to 6.62 billion CNY in the first half of 2025 [3][4]. - The bank's return on average equity (ROAE) stands at 15.9%, a decrease of 2.2 percentage points year-on-year [3]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.66% and a provision coverage ratio of 452.7% as of the end of Q2 2025 [11][12]. Summary by Sections Revenue Performance - Chengdu Bank's revenue, pre-provision profit, and net profit growth rates for the first half of 2025 were 5.9%, 6.8%, and 7.3%, respectively, showing an acceleration compared to Q1 [4]. - Net interest income and non-interest income growth rates were 7.6% and -0.2%, respectively, indicating a slight recovery in net interest income [4]. Asset and Loan Growth - As of the end of Q2 2025, Chengdu Bank's interest-earning assets and loan growth rates were 12.2% and 18%, respectively, reflecting an increase in the pace of expansion [5]. - The bank's corporate loans grew by 19.1% year-on-year, while retail loans grew at a slower rate of 12.9% [6]. Deposit Growth - The bank's interest-bearing liabilities and deposit growth rates were 13.7% and 14.7%, respectively, with a continued trend towards more fixed-term deposits [7]. - The proportion of fixed-term deposits increased to 70% by the end of Q2 2025 [7]. Net Interest Margin - The net interest margin (NIM) for the first half of 2025 was 1.62%, a decrease of 4 basis points compared to 2024 [8][9]. - The bank's interest-earning asset yield and interest-bearing liability cost rates were 3.57% and 1.98%, respectively [9]. Non-Interest Income - Non-interest income for the first half of 2025 was 2.5 billion CNY, a decrease of 45% year-on-year, primarily due to reduced fees from wealth management [10]. - Other non-interest income increased by 9.7% year-on-year, supported by trading gains from bond investments [10]. Risk and Capital Adequacy - The bank's NPL ratio remained stable at 0.66%, with a slight increase in the attention ratio to 0.44% [11]. - As of the end of Q2 2025, the bank's capital adequacy ratios were 8.61% for core tier 1, 9.24% for tier 1, and 13.13% for total capital [12]. Earnings Forecast and Valuation - Chengdu Bank's earnings per share (EPS) forecasts for 2025-2027 are 3.16, 3.27, and 3.35 CNY, respectively [12]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.85 for 2025 and a price-to-earnings (PE) ratio of 5.65 [12].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company reported a revenue of 2.26 billion and a net profit of 890 million for the first half of 2025, with year-on-year growth rates of 3.91% and 5.59% respectively [1][2] - The net interest margin remained stable quarter-on-quarter at 1.46%, with a narrowing year-on-year decline, primarily due to improved funding costs [2][3] - The bank is optimizing its loan structure, with total loans increasing by 10.3% year-on-year, while non-performing loan ratios improved slightly [4][5] Financial Performance - Revenue and net profit growth rates for H1 2025 were 3.91% and 5.59%, respectively, showing a decline in growth rates compared to Q1 2025 [2] - Net interest income grew by 3.44% year-on-year, with a net interest margin of 1.46%, down 4 basis points from 2024 [2] - Non-interest income decreased by 1.1% year-on-year, with investment income increasing by 14.9% [3] Asset and Liability Management - As of Q2 2025, total assets reached 230.1 billion, with total loans at 134.2 billion, reflecting a year-on-year growth of 9.4% and 10.3% respectively [4] - Total deposits increased by 6.6% year-on-year, with a significant contribution from personal time deposits [4] Asset Quality - The non-performing loan ratio stood at 0.98% as of Q2 2025, with a slight improvement in the coverage ratio to 340.3% [5][10] - The bank's credit impairment losses decreased by 6.51% year-on-year, indicating a stable asset quality [3][10] Future Outlook - The bank is expected to maintain stable loan growth in its operating region, with projected revenue and profit growth rates of 9.98% and 8.24% for 2025 [10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.19 and RMB 7.46 [7][5]. Core Insights - The company has shown a steady increase in total assets, loans, and deposits, with year-on-year growth rates of 8.0%, 8.3%, and 8.9% respectively [2]. - Credit growth has accelerated, primarily supported by infrastructure projects, with new loans in Q2 reaching RMB 20.8 billion, significantly higher than the RMB 9.9 billion in the same period last year [2]. - The net interest margin has narrowed slightly to 1.60%, benefiting from improved funding costs, while non-interest income has seen a decline [3]. - The overall asset quality remains stable, with a non-performing loan (NPL) ratio of 1.17% and a provision coverage ratio of 356% [4]. Summary by Sections Financial Performance - For H1 2025, the company reported a net profit of RMB 12.2 billion, a 4.6% increase year-on-year, and a revenue growth of 0.5% [1]. - The annualized ROA and ROE for H1 2025 were 1.01% and 11.94%, reflecting slight declines from the previous year [1]. Credit and Asset Quality - The company has maintained a stable NPL ratio of 1.17% with a slight decrease in the provision coverage ratio [4]. - The retail loan segment has shown some volatility, with an increase in the NPL ratio to 2.04% [4]. Valuation and Forecast - The forecast for net profit from 2025 to 2027 is RMB 12.2 billion, RMB 13.0 billion, and RMB 14.0 billion, with expected growth rates of 6.2%, 6.6%, and 7.5% respectively [5]. - The report suggests a price-to-book (PB) ratio of 0.63 for A shares and 0.56 for H shares in 2025 [5].

Core Viewpoint - Jiangsu Bank reported a revenue growth of 7.8% in the first half of 2025, with a net profit growth of 8.0, indicating stable financial performance amidst expanding asset scale and improving capital adequacy [1][2]. Revenue Growth - The bank's net interest income increased significantly by 19.1%, driven by rapid asset scale expansion, while non-interest income saw a decline of 14.6%, although the drop was less severe due to stabilization in the bond market in Q2 [2]. - The bank's total assets grew by 21% compared to the beginning of the year, positioning it as the largest city commercial bank in terms of asset size [2]. Loan and Deposit Performance - Loans increased by 16.0% compared to the beginning of the year, with a notable 23.3% growth in corporate loans, particularly in infrastructure and manufacturing sectors [2]. - Deposits surged by 20.2%, with a rise in the proportion of demand deposits to 29.3%, primarily driven by corporate settlement deposits [2]. Cost and Profitability - The net interest margin was reported at 1.78%, a decrease of 8 basis points from the previous year, influenced by declining asset yields [3]. - The bank's credit impairment charges rose significantly, but a substantial reduction in the effective tax rate by 10.5 percentage points supported stable net profit growth [2][3]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio improved to 0.84%, down 5 basis points from the beginning of the year, with a provision coverage ratio of 331% [4]. - The net NPL generation rate decreased to 1.10%, reflecting improved risk management and a reduction in retail loan delinquency rates [4]. Investment Outlook - The bank is characterized as a dividend growth bank, with a projected dividend yield of 5.0% for 2025, making it an attractive investment option following a price correction [4]. - Current valuations stand at a price-to-book (PB) ratio of 0.80x and a price-to-earnings (PE) ratio of 6.4x, maintaining a "buy" rating [4].

Investment Rating - The investment rating for Ping An Bank is "Accumulate" [8] Core Views - The revenue growth rate shows an upward improvement trend, with a revenue of approximately 69.4 billion yuan in the first half of 2025, a year-on-year decrease of 10.04%, but a quarter-on-quarter increase of 3.01 percentage points [2][12] - Retail loan quality has significantly improved, with a non-performing loan ratio of 1.05% as of the end of the first half of 2025, down 1 basis point from the previous quarter [4][27] - The bank's net interest margin remains stable at 1.80%, with a slight decline of 3 basis points from the first quarter of 2025 [2][15] Financial Performance Summary - For the first half of 2025, net interest income was 44.5 billion yuan, accounting for 64.1% of total revenue, while non-interest income was 24.9 billion yuan, showing a year-on-year decline of 11.30% [2][12] - The bank's total interest-earning assets reached 57.1 trillion yuan, a year-on-year increase of 2.4% [22] - The provision coverage ratio stands at 238.5%, reflecting a strong buffer against potential loan losses [4][27] Asset and Liability Analysis - As of the first half of 2025, the bank's interest-bearing liabilities amounted to 36.9 trillion yuan, a year-on-year growth of 3.2% [22][26] - The structure of deposits shows a 5.4% year-on-year increase in demand deposits, while time deposits grew by 2.5% [25][26] - The bank's retail loans decreased by 5.2% year-on-year, with credit card loans under pressure, while personal housing loans increased by 12.9% [22][23] Non-Performing Loan Analysis - The non-performing loan ratio for retail loans improved to 1.27%, contributing significantly to the overall improvement in the bank's asset quality [4][28] - The non-performing loan ratio for corporate loans increased to 0.83%, with notable increases in the real estate and construction sectors [4][27]

Investment Rating - The report maintains a "Buy" rating for Jiangsu Jinzu (600901) [1] Core Views - Jiangsu Jinzu's business investment is rapidly growing, with a significant year-on-year increase in net interest margin [7] - The company achieved a total operating revenue of 30.1 billion yuan in the first half of 2025, representing a year-on-year growth of 14.9% [7] - The net profit attributable to shareholders reached 15.6 billion yuan, up 9.0% year-on-year, with an EPS of 0.27 yuan [7] - The company’s leasing asset scale increased to 1,491 billion yuan, a growth of 15.7% compared to the beginning of the year [7] - The net interest margin for the leasing business was 3.71%, an increase of 3 basis points year-on-year, driven by a reduction in funding costs [7] - The non-performing loan ratio remained stable at 0.91%, indicating good asset quality [7] Financial Forecasts - Total operating revenue is projected to reach 61.35 billion yuan in 2025, with a year-on-year growth of 16.2% [1] - The net profit attributable to shareholders is expected to be 32.4 billion yuan in 2025, with a growth rate of 10.1% [7] - The book value per share (BVPS) is forecasted to be 4.41 yuan in 2025, with a P/B ratio of 1.32 [1][7] Business Segment Performance - The clean energy and transportation sectors showed strong growth, with year-on-year increases of 36.5% and 31.1% respectively [7] - The industrial equipment sector experienced a decline of 5.4%, while the medical health and livelihood security sectors saw significant contractions, both exceeding 40% [7] Market Data - The closing price of Jiangsu Jinzu is 5.84 yuan, with a market capitalization of approximately 33.83 billion yuan [5] - The company has a price-to-book (P/B) ratio of 1.36 [5]