Investment Rating - The investment rating for Changshu Bank is "Buy-A" with a 6-month target price of 9.63 CNY, compared to the current stock price of 7.80 CNY [6]. Core Views - Changshu Bank maintains high growth in its performance, with a revenue growth rate of 10.10%, pre-provision profit growth of 12.10%, and net profit growth of 13.51% for the first half of 2025 [1]. - The bank's asset scale has achieved steady expansion, with a year-on-year growth of 9.24% as of the end of Q2 2025, driven mainly by financial investments and cash deposits [1][3]. - Retail loan demand remains weak, but there are signs of marginal improvement in Q2 2025, with a slight year-on-year increase of 0.12% in retail loans [2]. - The bank's net interest margin continues to be under pressure, but the decline in funding costs on the liability side provides some support [4][11]. Summary by Sections Performance Overview - In Q2 2025, Changshu Bank's net interest margin was 2.55%, narrowing by 20 basis points year-on-year and 6 basis points quarter-on-quarter, yet still remains at a relatively good level within the industry [11]. - The bank's net non-interest income saw a significant increase of 53.43% year-on-year in Q2, contributing positively to net profit growth [11]. Asset and Liability Analysis - As of the end of Q2 2025, the total loan amount grew at a rate of 5.25% year-on-year, with a notable decline in the proportion of loans to interest-earning assets, which fell to 61.85% [1][3]. - The bank's deposit balance increased by 9.91% year-on-year, outpacing loan growth, with the proportion of demand deposits slightly decreasing [3]. Credit and Risk Management - The non-performing loan (NPL) ratio stood at 0.76% as of mid-2025, remaining stable, with a retail loan NPL ratio of 1.02% and a corporate loan NPL ratio of 0.56% [12]. - The bank's provision coverage ratio was 489.53%, indicating a strong buffer against potential loan losses [12]. Future Outlook - The bank is expected to continue leveraging its strengths in retail and small micro-business sectors, with anticipated revenue growth of 9.71% and net profit growth of 13.39% for 2025 [13]. - The focus on deepening customer relationships and enhancing service offerings is expected to yield positive results in asset quality and profitability [13].

事件：8/7，常熟银行披露2025 年半年报，公司1H25 实现营收60.62 亿元，同比+10.1%，增速较1Q25 +0.1pct;实现归母净利润19.69 亿元，同比+13.51%，增速较1Q25 -0.3pct。 规模扩张和投资收益支撑下，业绩韧性较强：1）以量补价，净利息收入维持正增。1H25 公司净利息收 入同比+0.7%，其中息差受LPR 利率调降、贷款需求偏弱等因素影响，拖累业绩8.3pct，规模增长贡献 9.0pct。2）债市回暖，非息收入高增。债券交易方面公司围绕市场走势择时开展，上半年实现投资收益 12.01 亿元，同比+30.9%，此外实现其他收益（主要来自公司日常活动相关的政府补助）1.10 亿元，同 比+492.7%，整体看净其他非息收入贡献业绩7.9pct。中收方面，公司积极开展自营理财、代理黄金保 险等业务，并同步进行相关支出管理，1H25 实现净手续费及佣金收入1.42 亿元，同比+637.8%，贡献 业绩1.6pct。3）资产质量稳健，拨备计提小幅贡献业绩。公司1H25 贷款不良率0.76%，环比1Q25 持 平，拨备计提贡献业绩0.7pct，较1Q25 有所提升。 贷款投 ...