丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨江苏银行（600919.SH） [Table_Title] 低估值+稳增长的红利价值典范 报告要点 [Table_Summary] 江苏银行 2014 年确立"智慧化、特色化、国际化、综合化"四化战略以来，近十余年发展历 程中始终保持战略稳定。2024 年以来强调"不求最快、但求最稳"的经营导向，符合当前市场 环境下长线资金的配置偏好。我们认为未来江苏银行将继续保持战略稳定性和机制优越性，同 时区位优势依然是经营最佳保障。目前江苏省投融资增速继续领先全国，经济内生增长的优势 稳固。我们预计江苏银行基本面业绩增速稳定，资本维持紧平衡，作为市值和资产规模最大的 城商行，吸引配置力量持续加仓，推动红利价值重估。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 风险提示 1 [Table_scodeMsg2] 江苏银行（600919.SH） c ...

Investment Rating - The report maintains a "Positive" investment rating for the banking sector [11]. Core Insights - The report highlights that Changcheng AMC has significantly increased its stake in China Construction Bank, holding 7.865 billion H shares, which represents 3.01% of the total share capital, with a corresponding market value of approximately HKD 62.1 billion [2][6][37]. - It is noted that the average price-to-book (PB) ratio for state-owned banks in Hong Kong is only 0.53x for 2025, with an expected dividend yield of 5.2%, indicating clear long-term investment value [6][37]. - The report discusses the overall increase in holdings of state-owned banks by southbound investors, with a net increase of 7.086 billion shares in China Construction Bank this year, particularly in the second quarter [2][6]. Summary by Sections AMC's Increased Holdings - Changcheng AMC's large-scale acquisition of China Construction Bank shares is part of a broader trend where AMCs are increasing their positions in undervalued large banks [6][37]. - Other AMCs, such as CITIC AMC and Xinda AMC, have also made significant investments in various banks, indicating a trend of long-term capital correcting the undervaluation of bank stocks [6][37]. Market Performance - The report notes that the Jiangsu Bank Index fell by 0.8% this week, outperforming the CSI 300 Index by 1.0% [20]. - Despite market adjustments, trading activity remains high, with an overall increase in turnover rates across the market, although bank stocks' turnover rates remain below the market average [29]. Tax Policy Impact - The report mentions that the Ministry of Finance and the State Administration of Taxation announced the resumption of VAT on interest income from newly issued government bonds and financial bonds starting August 8, 2025, but the overall impact is expected to be limited [7][38][39].