丨证券研究报告丨 公司研究丨点评报告丨江苏银行（600919.SH） [Table_Title] 营收增速上行，资产规模大幅扩张 ——2025 年中报点评 报告要点 [Table_Summary] 上半年营收增速 7.8%，归母净利润增速 8.0%，Q2 营收增速上行。利息净收入大幅增长 19.1%， 延续 Q1 高增长趋势，主要由资产规模高速扩张拉动；非利息净收入增速回升，其他非息降幅 明显收窄，受益于 Q2 债市企稳。上半年末总资产较期初大幅增长 21%，其中贷款较期初高增 长 16.0%，一般对公贷款较期初大幅增长 23.3%，基建政府类和制造业是核心增长领域。上半 年末不良率环比-2BP 至 0.84%，拨备覆盖率 331%，环比-12pct，上半年不良净生成率 1.10%， 较 2024 全年下降 31BP，预计风控收紧+加大核销处置后零售风险波动率改善。 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.c ...

公司点评报告 · 银行业 规模加速扩张，零售资产质量边际改善 —— 江苏银行 2025 年半年报业绩点评 2025 年 8 月 24 日 核心观点 江苏银行（股票代码：600919） 推荐 维持 ：yuanshilin_yj@chinastock.com.cn | 市场数据 | 2025-08-22 | | --- | --- | | 股票代码 | 600919 | | A 股收盘价(元) | 11.15 | | 上证指数 | 3825.76 | | 总股本（万股） | 1835132.45 | | 实际流通 A 股(万股) | 1835132.45 | | 流通 A 股市值(亿元) | 2046.17 | 相对沪深 300 表现图 2025-08-22** 资料来源：ifind，中国银河证券研究院 -10% 10% 30% 50% 70% 江苏银行 沪深300 相关研究 分析师 张一纬 ：010-8092-7617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 www.chinastock.com.cn 证券研究报告 请务必 ...

7月10日，江苏银行发布公告称，截至2025年7月9日，江苏银行高级管理人员、部分董事、监事及全行 中层以上干部通过上海证券交易所交易系统以集中竞价的方式累计增持公司股份216.48万股，累计增持 金额2427.82万元。 增持完成后，江苏银行高管总计持股595.15万股，占总股本的0.03%。具体来看，本次增持中江苏银行 董事长葛任余增持1.18万股，累计持股达到5.29万股；行长袁军增持2.17万股，累计持股2.17万股；监事 长季金松增持1万股，累计持股2.69万股。 | 姓名 | 职务 | 增持前股份 数量(股) | 增持股份数 | 增持金额 | 增持后股份 | 増持后 持股比 | | --- | --- | --- | --- | --- | --- | --- | | | | | 量(股) | (元) | 数量(股) | 例 | | 葛仁余 | 童事长 | 41, 080 | 11, 800 | 139. 799 | 52,880 | 0. 00% | | 袁 军 | 执行董事、行长 | 0 | 21, 700 | 239, 066 | 21, 700 | 0. 00% | | 季金松 | 监事长 ...

Investment Rating - The report assigns a "Buy" rating for Chengdu Bank, indicating a positive outlook for the stock over the next six months [15]. Core Insights - Chengdu Bank reported a total operating income of 22.98 billion yuan in 2024, reflecting a year-on-year growth of 5.89%. The net profit attributable to shareholders reached 12.86 billion yuan, up 10.17% year-on-year [2][3]. - The bank's net interest income grew by 4.57% to 18.46 billion yuan, accounting for 80.33% of total revenue, although this represents a slight decrease in proportion compared to the previous year [3][17]. - The loan portfolio expanded significantly, with total loans amounting to 741.32 billion yuan, a year-on-year increase of 18.72%. Corporate loans grew by 20.25% to 602.62 billion yuan, while personal loans increased by 12.46% to 138.70 billion yuan [3][4]. - Deposits also saw growth, reaching 865.71 billion yuan, up 13.20% year-on-year. Personal deposits grew by 23.79%, now making up 50.64% of total deposits [4]. - The bank's net interest margin was reported at 1.66%, a decrease of 0.15 percentage points year-on-year, but the decline in margin has narrowed compared to previous periods [4][18]. - Asset quality improved, with a non-performing loan ratio of 0.66%, down 0.02 percentage points year-on-year. Corporate loans showed a non-performing rate of 0.63%, while personal loans increased to 0.78% [5][20]. - Capital adequacy ratios improved, with the core Tier 1 capital ratio at 9.06%, up 0.84 percentage points year-on-year [5][22]. Financial Summary - The bank's total assets reached 1.25 trillion yuan, a year-on-year increase of 14.56% [16]. - Forecasted net profits for 2025, 2026, and 2027 are expected to be 14.13 billion yuan, 15.46 billion yuan, and 16.71 billion yuan, respectively, indicating continued growth [5][26].

Core Insights - Jiangsu Bank reported strong growth in core revenue, with both interest income and non-interest income showing significant increases in Q1 2025 [3][4] - The bank's asset quality has improved, with a decrease in non-performing loans and other risk indicators [8] Revenue and Profit Growth - In Q1 2025, Jiangsu Bank's revenue grew by 6.2% year-on-year, while net profit attributable to shareholders increased by 8.2%, both showing a slowdown compared to 2024 [2] - Core revenue growth was driven by a 21.9% increase in net interest income and a 21.8% rise in non-interest income, both significantly higher than the previous year's growth rates [3] Loan and Deposit Performance - The bank experienced robust growth in loans and deposits, with Q1 2025 net increases accounting for 83% and 125% of the total net increases for the entire year of 2024, respectively [5] - This strong performance reflects Jiangsu Bank's effective asset management capabilities [5] Interest Margin Improvement - The interest margin for Q1 2025 improved by 12 basis points to 1.80%, primarily due to a reduction in funding costs [6] - The asset yield decreased by 7 basis points to 3.75%, influenced by both market interest rate declines and a lower proportion of higher-yield loans [6] Asset Quality Enhancement - By the end of Q1 2025, the non-performing loan ratio was 0.86%, down 3 basis points from the beginning of the year, indicating improved asset quality [2][8] - The bank's proactive measures in managing high-risk retail assets contributed to this improvement [8] Future Outlook - For 2025, Jiangsu Bank is expected to maintain mid-to-high single-digit growth in revenue and profit, supported by strong loan growth and increased bond investments [4][9] - The bank's net profit is projected to grow by 8.49%, 8.19%, and 7.91% for the years 2025 to 2027, with a target price of 14.16 CNY per share [9]