为提振消费市场活力，该行通过信用卡多维让利，精准激发用户消费热情。一是紧扣高频消费场景，完 善权益体系，联合瑞幸、饿了么、肯德基等头部商超、餐饮品牌开展"5折风暴"活动，覆盖全国超10万 家门店；二是强化线上生态联动，针对家电换新、文体旅游等消费热点，联合京东、同程等平台，开展 消费满减和"笔笔抽"活动，多重让利有效降低消费门槛，拉动交易规模；三是大力支持汽车消费，在新 能源汽车原有置换补贴基础上，最高补贴15000元，且推行直客式分期模式，直接让利给客户。 何萍 探索创意服务，挖掘消费生态 一方面，聚焦细分客群需求，构建场景化权益体系。针对车主客群，推出"车主卡"，整合加油、洗车、 充电等权益，搭建覆盖"购车—用车—养车"的全周期生态，提供一站式服务；针对宠物经济，推出"飞 燕萌宠卡"，涵盖购物满减、医疗免息分期等场景，精准触达养宠人群；紧跟家电补贴政策，叠加信用 卡满减优惠。截至5月末，本年累计发卡2.5万张。 另一方面，搭建银企协同链路，深化场景金融渗透。深入企业集团，制定员工专属消费授信政策，进行 团签活动，提高消费信贷宣传覆盖面。 优惠活动让利，激发消费热情 当下居民消费成为经济增长的关键动能之一， ...

Investment Rating - The report assigns a "Buy" rating for Changshu Bank with a target price of 9.59 CNY, corresponding to a 0.91x PB for 2025 [5]. Core Views - Changshu Bank focuses on serving small businesses and individual entrepreneurs, emphasizing a "small and scattered" approach to deepen its presence in the inclusive finance sector [1][2]. - The bank benefits from a strong net interest income, with significant potential for improvement in non-interest income [2]. - The bank's asset quality is robust, supported by prudent risk control and sufficient provisioning, which enhances its ability to maintain stable dividends and internal capital replenishment [2][4]. - The macroeconomic policies promoting consumption and rural development are expected to favorably impact the bank's future growth [3]. Summary by Sections 1. Regional Advantages - Jiangsu Province, where Changshu Bank is located, shows strong economic growth, with a GDP of 13.7 trillion CNY in 2024, ranking second nationally with a growth rate of 6.85% [12][15]. - Changshu City is strategically positioned in the Yangtze River Delta, contributing significantly to regional industrial chains and financial activities [2][31]. 2. Financial Performance - The bank's revenue is primarily derived from net interest income, with projections indicating a net profit growth rate of 12.67%, 12.60%, and 12.17% for 2025-2027 [4]. - The bank's financial metrics for 2025 include an expected operating income of 117 billion CNY and a net profit of 43 billion CNY [4]. 3. Business Strategy - Changshu Bank has established a broad network of branches, with 170 branches as of 2024, focusing on local markets while expanding into other regions through village and town banks [49][50]. - The bank's strategy includes leveraging its "investment management bank" qualifications to acquire smaller banks, facilitating future credit business expansion [2][4]. 4. Future Outlook - The bank's digital transformation strategy aims to enhance its operational efficiency and service delivery, with a focus on small and micro-loans [44][45]. - The bank's commitment to supporting rural and small business financing aligns with national policies aimed at promoting economic development in these sectors [51].