从发行场所来看，2025年11月，上交所共发行102单产品，发行金额为1152.13亿元，金额占比为 81.32%；深交所发行产品共计34单，发行金额为264.70亿元，金额占比为18.68%。 中诚信国际结构融资部调查分析，从基础资产类别看，2025年11月发行的企业资产支持证券基础资产细 分类型涉及类REITs、应收账款、企业融资租赁、小微贷款和特定非金债权等。其中类REITs共发行9单 产品，规模占比为14.66%；应收账款共发行19单产品，规模占比为13.60%；企业融资租赁共发行20单 产品，规模占比为11.11%。 （文章来源：中国经营报） 根据中国资产证券化分析网（CNABS）、万得（WIND）及上海证券交易所和深圳证券交易所网站数 据，2025年11月，市场共发行企业资产支持证券136单，发行规模1416.83亿元。与2025年10月相比，发 行数量增加31单，发行规模上升49%。 ...

在业绩表现上，截至2025年三季度，江南农商行实现营业收入99.52亿元，同比下滑2.39%；归母净利润为37.26亿元，同比下滑4.12%。 稳健的业绩表现是进入资本市场的必要前提，然而该行却陷入盈利增速放缓的尴尬局面。 业绩承压之下，江南农商行2024年的人均薪酬高达50.78万元，超越了多家上市农商行，"低增速、高薪酬"的反差是否折射公司治理问题？合规挑战之 下，该行还需几年才能上市？ 12月26日，有着"江苏省最大农商行"之称的江南农商行召开股东会，审议通过了吸收合并江苏启东珠江村镇银行、江苏溧水民丰村镇银行并设立分支机构 的议案，叠加其近期的人事变动，迅速引发业内关注。 江苏江南农村商业银行股份有限公司（以下简称"江南农商行"）成立于2009年12月底，依托常州制造业升级的区位优势，形成了"做小做散"的小微金融业 态。 截至2025年三季度，该行总资产规模为6165.1亿元，成为江苏省最大的农商行（除省联社外）。 意外的是，江南农商行的上市之路并不顺利。早在2018年7月，中信建投就对其开启了IPO辅导备案，至今七年多的时间过去，该行依旧上市进展缓慢。 尤其是今年9月，江苏省纪委监委官网公告称，江南 ...

我省各市县各部门各单位传达学习省委八届八次全会精神 把全会部署切实转化为实际行动和工作成效 海南日报全媒体记者 连日来，我省各市县各部门各单位纷纷召开会议传达学习省委八届八次全会精神，表示将切实增强 学习宣传贯彻省委全会精神的政治自觉、思想自觉、行动自觉，在已有工作基础上乘势推进，紧密结合 自身具体实际制定好、实施好贯彻落实省委全会精神的具体举措，为高标准建设海南自由贸易港持续贡 献力量。 东方市强调，各级各部门要及时传达好落实好省委全会精神，聚焦自贸港封关运作、高质量发展、 一流营商环境打造、社会文明国际化四大重点任务，找准东方市的发力点，以实际行动推动全会精神在 东方落地见效。全市上下需以"5+3"大突破行动为发展路径，以"五大工程"建设为重点抓手，加快建设 海南西南部中心城市，打造全省高质量发展重要增长点，为高标准建设海南自贸港扛起东方担当、作出 东方贡献。要结合城市能级提升，高标准抓实文明城市创建，科学谋划未来发展，奋力建设现代化人民 城市。 省交通投资集团有限公司要求，集团各级党组织要立足"三区一中心"战略定位，将省委全会部署与 企业使命深度融合，以实干实绩赋能高标准自贸港建设。要通过党委领学、专题 ...

Core Viewpoint - Jiangnan Rural Commercial Bank is facing cyclical challenges in the banking industry but is strategically optimizing its structure and operations to ensure sustainable growth despite external pressures [1][2]. Financial Performance - As of September 2025, Jiangnan Rural Commercial Bank reported total assets of 616.51 billion yuan, total liabilities of 565.82 billion yuan, and total equity of 50.69 billion yuan, with a profit of 4.92 billion yuan [1]. - The bank anticipates a revenue reduction of approximately 300 million yuan due to tightening VAT policies and a further 500 million yuan from the proactive reduction of non-standard asset scale [1]. Interest Rate Dynamics - The bank is experiencing a significant "scissors difference" where the loan interest rate has decreased by 0.61 percentage points year-on-year, while the deposit interest rate has only decreased by 0.35 percentage points, leading to a narrowing interest margin [1]. - Loan interest income has decreased by 11.38% year-on-year, while deposit interest expenses have decreased by 7.96%, resulting in a revenue reduction of approximately 700 million yuan from loans [1]. Strategic Initiatives - Jiangnan Rural Commercial Bank is focusing on small and micro finance and optimizing its deposit structure as part of a dual strategy for growth [2]. - The bank has established a dedicated small micro-loan division, with over 2.5 billion yuan in loans issued and interest income exceeding 60 million yuan [2]. Deposit Management - The bank is implementing a "limited + pricing" strategy to manage deposit costs, controlling the issuance of long-term deposits and reducing interest rates for various deposit products [3]. - As of the third quarter, the conversion rate of savings deposits has reached 42%, with a significant decrease in the proportion of long-term deposits [3]. Non-Interest Income Growth - Jiangnan Rural Commercial Bank is expanding its non-interest income through bond asset allocation and derivative products, achieving a 35% year-on-year increase in trading gains [3]. - The bank's derivative business has seen a remarkable growth of 78% year-on-year, particularly in interest rate and foreign exchange derivatives [3]. Financial Leasing Business - The bank's subsidiary, Jiangnan Financial Leasing Co., has a leasing asset scale of 35.9 billion yuan, with a year-to-date increase of 2.1 billion yuan, and has achieved over 18% growth in both revenue and net profit [4]. - This leasing business is becoming a stable anchor and growth engine for the group's overall performance [4]. Future Outlook - The bank is gradually building a diversified income system through small micro finance, liability management, innovative funding operations, and subsidiary collaboration, positioning itself for a robust future [4].

Core Insights - The article emphasizes the importance of integrating financial, business, and organizational data to enhance operational analysis in banks, transforming it from passive reporting to proactive insights [1][4][32] Financial Performance - The bank's operating income reached 1.753 billion, reflecting a year-on-year growth of 16.79%, indicating stable profitability quality [4] - The total liabilities amount to 30.22 billion, showcasing the bank's liability stability [7] Asset and Liability Analysis - The analysis dashboard provides insights into loan structures, including corporate and personal loans, with an average corporate loan balance of 21.956 million [7][10] - The bank's deposit scale is 30.22 billion, with a focus on the stability of liabilities and market financing dependencies [7] Customer Insights - The analysis identifies high-contribution customers and optimizes resource allocation, enhancing the bank's overall operational efficiency [13] - The economic value added (EVA) of customers is assessed, revealing potential for profit contribution and areas for optimization [11] Risk Management - The article discusses the importance of tracking overdue loans and identifying periods of increased risk, which aids in dynamic risk provisioning [16][17] - Customer demographic analysis helps in recognizing core value segments and potential high-risk groups, facilitating targeted risk management strategies [21] Operational Efficiency - The bank's internal operations are analyzed to optimize branch resource allocation and improve service quality [22][27] - Time-based analysis reveals seasonal trends and peak business hours, allowing for better staffing and resource management [28] Strategic Decision-Making - The integration of customer structure and operational data enables precise service delivery and marketing strategies tailored to different demographic groups [31] - A data-driven operational analysis system is essential for strategic decision-making and refined management practices in the banking sector [32]

Core Viewpoint - Changshu Bank reported a revenue of 9M25 at 9.05 billion yuan, a year-on-year increase of 8.2%, with net profit attributable to shareholders at 3.36 billion yuan, up 12.8% year-on-year, indicating stable growth despite challenges in non-interest income [1][2]. Financial Performance - Revenue for 9M25 reached 9.05 billion yuan, reflecting an 8.2% increase year-on-year, with a deceleration in growth compared to 1H25 by 1.9 percentage points [1]. - Net profit attributable to shareholders was 3.36 billion yuan, marking a 12.8% year-on-year increase, with a slight deceleration of 0.7 percentage points compared to 1H25 [1]. - Net interest income for 9M25 was 7.07 billion yuan, up 2.4% year-on-year, with growth accelerating compared to 1H25 by 1.6 percentage points [1]. - Non-interest income for 9M25 was 1.68 billion yuan, a 20.0% increase year-on-year, but growth slowed by 24.7 percentage points compared to 1H25 due to bond market adjustments [1]. Loan Growth and Quality - As of the end of 9M25, the loan balance was 256.8 billion yuan, a year-on-year increase of 7.1%, with growth accelerating by 1.9 percentage points compared to 1H25 [2]. - Small and micro loans saw a net increase of 0.9 billion yuan in Q3 25, nearing the net increase of 1 billion yuan in the first half of the year [2]. - The non-performing loan ratio remained stable at 0.76% as of the end of 9M25, indicating strong asset quality [3]. Profitability and Cost Management - The net interest margin for 9M25 was 2.57%, down 18 basis points year-on-year, but the decline was less severe than the 21 basis points drop in 1H25 [2]. - The company’s interest-earning asset yield was 4.29%, showing a slight recovery from 4.26% in 1H25, while the cost of interest-bearing liabilities improved to 1.92% from 1.94% in 1H25 [2]. Investment Outlook - Changshu Bank is focused on serving small and micro enterprises, maintaining a robust and controllable risk profile, which positions it well for continued performance in a challenging industry environment [3]. - The bank is expected to maintain a leading position in the industry, with projected net profits for 2025-2027 at 4.29 billion, 4.78 billion, and 5.26 billion yuan, representing year-on-year growth rates of 12.6%, 11.3%, and 10.1% respectively [3].

Investment Rating - The report maintains an "Outperform" rating for the banking industry, expecting improvements in the fundamental outlook for the next year [2][105]. Core Insights - The stability of asset quality in the banking sector is attributed to the gradual exposure and clearing of non-performing loans over the past 15 years, with different sectors experiencing issues at different times [1][12]. - Banks have actively adjusted their loan structures to mitigate risks, reducing exposure to sectors with rising non-performing loans [1][66]. - The impact of non-performing loans on profit statements has been minimized due to proactive provisioning strategies, including excess provisioning in previous years [1][69][70]. - Non-credit asset risks have also been largely cleared or are at minimal levels, contributing to overall stability in the banking sector [1][90]. Summary by Sections Asset Quality and Non-Performing Loans - The report highlights that the overall non-performing loan generation rate for listed banks has stabilized around 0.7%, which is still considered high compared to historical peaks [2][12]. - Different banks exhibit varying levels of asset quality pressure and provisioning capabilities, with larger banks and some city commercial banks performing better [2][93]. Investment Recommendations - The report suggests focusing on banks with strong asset quality and low provisioning pressure, such as Chengdu Bank, Changsha Bank, Zhangjiagang Bank, and Ruifeng Bank [2][105]. - It also recommends high-quality cyclical stocks like Ningbo Bank and Changshu Bank, which are expected to show early signs of recovery [2][105]. Loan Sector Analysis - The manufacturing and retail sectors have seen a clearing of non-performing loans, with their rates returning to levels seen in 2010 [26][30]. - The real estate sector's non-performing loan rate peaked in 2023 but has since shown signs of recovery, although it remains elevated [35][37]. - Retail loan risks are currently rising, with various types of personal loans experiencing increased non-performing rates [50][53]. Provisioning and Profit Stability - Banks have historically maintained excess provisions, which can be utilized to smooth profits during periods of rising non-performing loans [69][75]. - The current provisioning levels are deemed adequate to support stable profits for the next few years, with estimates suggesting that existing provisions could release at least 800 billion yuan in net profit [81][90].

Investment Rating - The industry is rated as "Outperform the Market" [2][3] Core Viewpoints - The stability of asset quality in the banking sector is attributed to the gradual clearing of non-performing loans across various sectors over the past 15 years, which has mitigated the impact on bank financial statements [1][2] - Banks have proactively adjusted their loan structures to reduce risk exposure, particularly by decreasing the proportion of loans to sectors experiencing rising non-performing loans [1][2] - The impact of non-performing loans on profit statements has been minimized due to banks' preemptive provisioning strategies, which have allowed for smoother profit reporting [1][2] - Non-credit areas of non-performing assets have also been cleared or are at a minimal level, contributing to the overall stability of bank risk profiles [1][2] Summary by Sections Non-Performing Loan Exposure and Clearing - The banking sector has experienced a 15-year process of risk resolution, with non-performing loans being gradually exposed and cleared [12] - The manufacturing and retail sectors have seen significant reductions in non-performing loans, achieving a return to levels similar to those seen in 2010 [26][30] Real Estate Sector - The real estate sector's non-performing loan ratio peaked in 2023 but has since shown signs of recovery, although it remains elevated [35][37] - The overall impact of real estate risks on bank loan portfolios is limited due to the relatively small proportion of real estate loans compared to total loans [37][38] City Investment Loans - The non-performing loan ratio for city investment loans has been declining since 2023, aided by debt reduction efforts [41][44] Retail Loans - Retail loan categories, including personal housing loans and credit card loans, are currently experiencing rising non-performing rates, indicating ongoing risk exposure [50][53] Other Loan Categories - Other loan categories, such as utilities and miscellaneous public loans, have minimal impact on overall bank risk due to their low non-performing rates [60][63] Loan Structure Adjustments - Banks have actively adjusted their loan structures in response to risk exposures, shifting focus towards lower-risk personal loans [66][68] Provisioning Strategies - Banks have utilized provisioning to smooth profit impacts from non-performing loans, with historical data indicating a capacity to release significant net profits from existing provisions [81][82] Investment Recommendations - The report suggests focusing on banks with strong asset quality and low provisioning pressure, such as Chengdu Bank and Changsha Bank, while also recommending cyclical stocks like Ningbo Bank and Changshu Bank for potential recovery [105]

Core Insights - The article highlights the proactive measures taken by Minsheng Bank's Lhasa branch to address the financing challenges faced by small and micro enterprises, particularly in the agricultural sector [1][2] - It emphasizes the importance of tailored financial solutions and the bank's commitment to supporting local businesses through innovative service models [2] Group 1: Financing Mechanism - Minsheng Bank's Lhasa branch is implementing a small and micro enterprise financing coordination mechanism to alleviate financing difficulties for local businesses [1] - The bank has initiated a "thousand enterprises, ten thousand households" outreach program to better understand the operational conditions and financing needs of enterprises [1] Group 2: Case Study - A leading agricultural machinery company in Tibet, holding a 60% market share and employing over 100 people, has expressed a financing need of over 10 million yuan due to business expansion and working capital turnover [1][2] - The bank formed a joint agile team to conduct on-site research and develop a customized "micro-loan + comprehensive financial" solution for the company, ensuring priority processing for agricultural loans [2] Group 3: Commitment to Local Economy - The actions taken by Minsheng Bank's Lhasa branch reflect its mission to serve the public and enhance the livelihood of the community [2] - The bank aims to deepen financing models through the small and micro enterprise financing coordination mechanism, contributing to the high-quality development of the regional economy [2]

Core Viewpoint - Ant Group and Zhejiang Zheshang Bank have signed a strategic cooperation agreement to deepen collaboration in various financial sectors, leveraging AI to explore new growth opportunities in the financial industry [1] Group 1: Areas of Cooperation - The partnership will focus on financial technology, basic technology, corporate finance, retail finance, financial markets, and inclusive finance [1] - Both companies aim to enhance cooperation in AI agent construction and application, large model defense, distributed microservice systems, and databases [1] Group 2: Business Collaboration - The collaboration will also extend to wealth management, small and micro loans, and supply chain finance [1] - The goal is to jointly build a digital financial ecosystem that creates more value for society [1]