Core Viewpoint - Jiangsu Bank has surpassed Beijing Bank with a total asset scale of 4.79 trillion yuan, becoming the leading city commercial bank in China, supported by strong profitability and strategic regional focus [1][17]. Group 1: Financial Performance - In 2024, Jiangsu Bank achieved a net profit of 33.306 billion yuan, averaging over 91 million yuan daily, with a further increase to 20.238 billion yuan in the first half of 2025, averaging over 112 million yuan daily [1]. - The bank's net interest margin has been under pressure, yet it has managed to grow its net interest income by 21.94% year-on-year in Q1 2025 [9]. Group 2: Regional Focus and Strategy - Jiangsu Bank's growth is attributed to its deep engagement in the Yangtze River Delta and a precise service strategy for the real economy, benefiting from the region's economic advantages [2]. - The bank's loans to the manufacturing sector grew by 19.41% year-on-year, and loans to scientific research and technical services surged by 141.09%, both significantly above industry averages [2]. Group 3: Business Optimization and Digital Transformation - The bank has optimized its asset-liability management and retail business, enhancing its profitability through a dual strategy of cost reduction and revenue increase [7]. - As of Q1 2025, the retail assets under management (AUM) exceeded 1.5 trillion yuan, positioning Jiangsu Bank as a leader among city commercial banks [9]. Group 4: Risk Management and Brand Development - Jiangsu Bank's non-performing loan ratio decreased to 0.84% by June 2025, continuing a four-year downward trend, significantly lower than the industry average of 1.18% [10]. - The bank's provision coverage ratio reached 350.10% by the end of 2024, well above the industry average, indicating strong risk mitigation capabilities [13]. Group 5: Future Outlook - Jiangsu Bank aims to integrate its development with the high-quality growth of the regional economy, focusing on smart, distinctive, international, and comprehensive strategies [15]. - The bank's brand influence has been enhanced through innovative marketing strategies, such as sponsoring local sports events, leading to a significant increase in app downloads and younger customer acquisition [10][14].

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The bond market has both "long - term concerns" and "immediate worries" this week. The short - selling inertia persists, but the buying of bonds by large banks and central bank operations have played a stabilizing role, and interest rates have recovered after consecutive increases. However, more positive and definite signals are needed to reverse the short - selling inertia [1][7]. - The calendar effect of the bond market is not obvious, and holidays do not change the main trend of the market. The main factors influencing bond market trends around the National Day are the fundamentals and fiscal policies [18][20]. - In the bond market adjustment, the decline of secondary perpetual bonds, policy - financial bonds, and ultra - long - term bonds favored by public funds is particularly obvious. It is recommended to pay attention to the re - evaluation risks of the interest rate tops of ultra - long - term bonds and 5Y secondary perpetual bonds [3][33]. Summary by Directory 1. This Week's Bond Market Review - The bond market has "long - term concerns" and "immediate worries". The short - selling inertia remains, and the market is worried about the formal implementation of the fund fee solicitation draft and the introduction of unexpected fiscal stimulus policies, as well as the current cross - quarter liquidity support and fund liability - side redemption pressure. The expectation of large banks' entry and the central bank's restart of bond - buying can drive interest rates down, but the extent and sustainability are not firm [1][7]. - From Monday to Friday, the bond market showed different trends. Overall, compared with September 19, by September 26, the 1Y, 5Y, 10Y, and 30Y ChinaBond Treasury bond yields decreased by 0.7BP, increased by 0.5BP, decreased by 0.2BP, and increased by 1.7BP respectively [7][9][11]. 2. The Bond Market Calendar Effect - The equity market usually has a strong calendar effect around the National Day. Before the holiday, investors are cautious and tend to leave the market, and after the holiday, the market usually rebounds. In the past 9 years since 2015, the Wind All - A Index fell in 6 years in the five trading days before the National Day, with a decline of 0.7 - 3.2 percentage points; it only rose in 2 years, with an increase of 1.4 - 2.5 percentage points. After the holiday, the equity market usually rebounds, except in the two years when it rose before the holiday [18]. - The bond market's liquidity usually fluctuates greatly before the National Day and shows a significant seasonal decline after the holiday. However, the calendar effect of Treasury bond interest rates is not obvious. Since 2019, interest rates around the National Day have mostly risen, mainly affected by fundamentals and fiscal policies, which can be divided into three situations [20]. 3. Which Bond Types Are Under Greater Pressure Under Fund Selling Pressure? - In the recent bond market adjustment, the decline of secondary perpetual bonds, policy - financial bonds, and ultra - long - term bonds favored by public funds is particularly obvious. Compared with last Friday, the interest rates of 3 - 5Y bank secondary perpetual bonds generally increased by more than 10BP, while other credit varieties of the same term only increased by about 3 - 7BP. The term spread between 30Y and 10Y Treasury bonds continued to widen by 2BP to 34BP, and the over - decline of China Development Bank bonds compared with Treasury bonds spread from 10Y to 3 - 7Y [3][29]. - This "structural over - decline" reflects the redemption pressure on the liability side of bond funds under the double pressure of weak performance and possible adjustment of redemption fees. From the 23rd to the 25th, the net selling of funds continued to increase, reaching a peak of 68.3 billion yuan on the 25th. The selling was concentrated in 7 - 10Y policy - financial bonds, old Treasury bonds over 10Y, and 7 - 10Y other bonds, with average daily net selling of 8.4 billion yuan, 5.1 billion yuan, and 4.0 billion yuan respectively [3][31]. - Looking ahead, it is recommended to pay attention to the re - evaluation risks of the interest rate tops of ultra - long - term bonds and 5Y secondary perpetual bonds. Ultra - long - term bonds face the risk of supply - demand mismatch, and the buying power of 5Y secondary perpetual bonds is gradually weakening, and the adjustment risk may spread from long - term to short - term and from secondary perpetual bonds to general credit bonds [4][33][35].

Core Viewpoint - The Shanghai Rural Commercial Bank's board of directors held its seventh meeting in 2025, where several key resolutions were passed, including the approval of financial reports and a bond issuance plan totaling up to RMB 36 billion [1][2][3]. Group 1: Board Meeting Resolutions - The board meeting was attended by 14 directors, with 12 present in person, and all resolutions were passed unanimously with 14 votes in favor and no opposition or abstentions [1]. - The meeting included the approval of the 2025 semi-annual report and the mid-term profit distribution plan, which were disclosed on the Shanghai Stock Exchange [2]. Group 2: Bond Issuance Plan - The bank plans to issue bonds with a total scale of up to RMB 36 billion, with issuance scheduled between the second half of 2025 and 2028 [3]. - The bond types include ordinary financial bonds, small and micro financial bonds, green financial bonds, and technology innovation financial bonds, with maturities of 3 or 5 years [3]. - The funds raised will be used to support key areas such as inclusive finance for small and micro enterprises, green finance, technology finance, and manufacturing [3]. Group 3: Nomination and Committee Approvals - The board agreed to nominate Mr. Ye Bo as a non-executive director, pending approval at the shareholders' meeting [2]. - Various committee work rules and management measures were also approved, including those related to sustainable development and transaction control [4][5]. Group 4: Director Background - Mr. Ye Bo holds a master's degree in accounting and has extensive experience in the insurance industry, currently serving as an assistant general manager at China Pacific Life Insurance [6].

Core Viewpoint - The issuance of financial bonds is a crucial channel for banks to supplement medium- and long-term liquidity capital, enhancing their capital strength and ability to serve the real economy while mitigating financial risks [1] Group 1: Financial Bond Issuance Overview - In the first quarter of this year, the number of financial bonds issued by commercial banks saw a significant year-on-year increase, with 60 banks successfully issuing bonds totaling 699.05 billion yuan [1] - Specifically, 58 banks issued financial bonds amounting to 627.55 billion yuan in the first quarter, representing an 81.2% increase compared to the previous year [1] - City commercial banks accounted for the largest share of issuances, with 30 banks participating, followed by rural commercial banks with 15 issuances [1] Group 2: Types and Trends of Financial Bonds - The largest portion of financial bonds issued in the first quarter was secondary capital bonds, totaling 198.75 billion yuan [2] - Other types of bonds issued included ordinary financial bonds (170.5 billion yuan), special bonds for small and micro enterprises (116 billion yuan), perpetual bonds (88 billion yuan), green special bonds (49.4 billion yuan), and agricultural-related special bonds (4.4 billion yuan) [2] Group 3: Reasons for Preference of Secondary Capital Bonds - Secondary capital bonds are favored by banks, especially smaller ones, due to their lower issuance thresholds and higher interest rates compared to ordinary financial bonds [3] - However, banks are encouraged to enhance internal capital replenishment through strategies such as optimizing business structures and adjusting dividend policies to increase profit retention [3] Group 4: Future Outlook - There is a strong market expectation for monetary policy easing, with potential interest rate cuts and reserve requirement ratio reductions in the second quarter, which may further release long-term funds and lower financing costs [3] - Future credit resources from commercial banks are likely to be directed more towards small and micro enterprises, as well as green and agricultural sectors, indicating a potential acceleration in financial bond issuance [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The investment in secondary and perpetual bonds (referred to as "two - eternal bonds") in the current bond market has reached the fourth stage. Since 2024, two - eternal bonds have become amplifiers of interest rate fluctuations. The report focuses on analyzing the institutional behavior patterns of two - eternal bonds and attempts to discover effective signals [2][15]. - Different types of institutions have different allocation patterns for two - eternal bonds. For example, banks act as stabilizers in the bond market, while securities firms have high - frequency trading, funds are the main buyers, and other institutions have their own preferences [5][6]. - It is difficult to use the institutional behavior of two - eternal bonds to predict interest rate trends, but it can help investors understand the market's expectation of whether interest rates can continue to decline. The report constructs investment sentiment measurement indicators for the trading desks of two - eternal bonds to assist investors in observation [7][8]. 3. Summary According to the Table of Contents 3.1 Why Focus on the Institutional Behavior of Two - eternal Bonds? - The investment in two - eternal bonds has gone through four stages. Since 2024, they have become amplifiers of interest rate fluctuations. The report aims to analyze their institutional behavior patterns and find effective signals [2][15]. - The report discusses three types of bonds (secondary capital bonds, perpetual bonds, and ordinary financial bonds) and six types of investors (banks, securities firms, funds, wealth management, insurance, and others). Different investors' term preferences are mainly concentrated in 1Y, 3Y, and 5Y, and the trading volume of two - eternal bonds over 5Y declines significantly [3][15]. 3.2 Institutional Behavior Patterns of Two - eternal Bonds 3.2.1 Banks Still Act as Stabilizers in the Bond Market - Since the second half of 2024, commercial banks have increased the trading volume of 1Y/3Y secondary capital bonds and continuously net - sold 5Y secondary capital bonds. For perpetual bonds, the trading volume of 1Y/3Y is small, and 5Y is significantly net - sold. For ordinary financial bonds, the trading volume in the 3Y term is the largest, and they are mostly net - sold, except for increasing allocation during bond market corrections [5][16]. 3.2.2 Securities Firms Have High - Frequency Band - trading of Two - eternal Bonds - Securities firms show obvious trading - desk characteristics in the trading of two - eternal bonds, frequently switching between buying and selling with a relatively large scale. They have a high preference for 1Y/3Y/5Y two - eternal bonds and ordinary financial bonds [5][21]. 3.2.3 Funds Are the Main Buyers of Two - eternal Bonds - Funds tend to make trend - based allocations to two - eternal bonds. They continuously buy during bull markets and sell significantly during bear markets, driving market trends. In recent years, with the overall decline in the interest rates of two - eternal bonds, funds have shown a trend of increasing allocation [5][30]. 3.2.4 The Institutional Behavior Characteristics of Wealth Management in Two - eternal Bonds Are Diverse - In most periods, the trading characteristics of wealth management in two - eternal bonds are not obvious, showing an overall allocation trend. At some points, they take profits during bull markets, buy during bear markets, and continue to buy during volatile markets [5][37]. 3.2.5 Insurance Also Acts as a Stabilizer in the Bond Market - Insurance institutions generally net - sell two - eternal bonds but increase allocation during market corrections, acting as stabilizers [5][46]. 3.2.6 Other Types of Institutions Prefer to Continuously Allocate 5Y Two - eternal Bonds - Other types of institutions have a greater preference for continuously allocating 5Y two - eternal bonds [6][52]. 3.3 How to Use the Institutional Behavior Patterns of Two - eternal Bonds? - It is relatively difficult to use the institutional behavior of two - eternal bonds to predict interest rate trends due to factors such as the synchronicity of institutional behavior indicators, less trading data, and data delays [7][61]. - However, the institutional behavior of two - eternal bonds can help investors understand the market's expectation of whether interest rates can continue to decline. When investors expect interest rates to continue to decline, the trading desks of two - eternal bonds will continue to buy, compressing the spread. When the expectation weakens, the buying power will decrease [7][61]. - The report constructs investment sentiment measurement indicators for the trading desks of two - eternal bonds, which are the smoothed overall purchases of funds and securities firms in 5Y secondary capital bonds and 5Y perpetual bonds. When these indicators decline significantly and approach zero, it indicates that the trading desks are less optimistic about buying two - eternal bonds for capital gains. This year, there were two such time points in January 15th and late April, corresponding to subsequent bond market corrections or fluctuations [8][62].

Core Viewpoint - The bond market is experiencing a strong consolidation, with government bond futures mostly rising slightly and interbank bond yields generally declining by around 1 basis point. The central bank's net injection of 247 billion yuan indicates a clear intention to maintain a loose monetary policy, which is expected to support the funding environment despite external demand pressures [1][5]. Market Performance - Government bond futures closed mostly higher, with the 30-year main contract up 0.13% at 119.760, while the 10-year main contract remained flat at 108.855. The yields on major interbank bonds also saw slight declines, with the 10-year government bond yield down 0.25 basis points to 1.682% [2]. - The China Convertible Bond Index closed down 0.23% at 427.33 points, with a total transaction amount of 54.167 billion yuan. Notable declines were seen in several convertible bonds, while others experienced gains [2]. International Bond Market - In North America, U.S. Treasury yields fell across the board, with the 10-year yield down 2.26 basis points to 4.506%. In Asia, Japanese bond yields mostly retreated, while in the Eurozone, yields on 10-year bonds from France, Germany, Italy, and Spain also decreased [3]. Primary Market - The results of the second local bond issuance in Liaoning Province showed a bidding multiple exceeding 28 times, with the 7-year bond yield at 1.67% and the 30-year bond yield at 2.12% [4]. Funding Environment - The central bank conducted a 7-day reverse repurchase operation with a total amount of 382 billion yuan at a rate of 1.40%, resulting in a net injection of 247 billion yuan for the day. The Shibor rates showed mixed performance, with the overnight rate declining while the 7-day rate increased [5]. Institutional Insights - Institutions suggest that ordinary financial bonds exhibit sufficient curve structure and high cost-effectiveness in the 2-5 year investment horizon. The demand for fixed-income assets is expected to outstrip supply in the coming months, potentially leading to further declines in interest rates [6][7].