Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company is transitioning towards a "quality first, moderate scale" strategy, moving away from a focus on rapid growth and scale [5][21]. - The bank's total assets grew by 3.1% year-on-year to 3.35 trillion yuan as of Q2 2025, indicating a slower growth rate compared to peers [5][21]. - The bank's stock is currently trading at a significant discount compared to its peers, with a price-to-book (PB) ratio of 0.45, reflecting a 12% discount [9]. Summary by Sections 1. Quality First Strategy - The bank has adopted a strategy of "quality first, moderate scale," focusing on sustainable growth rather than rapid expansion [5][21]. - The bank's shareholder structure has improved, with stable long-term capital from state-owned and insurance funds, alleviating previous concerns about problematic shareholders [6][27]. 2. Financial Performance and Projections - The bank's total revenue for 2023 is projected at 63.7 billion yuan, with a year-on-year growth rate of 4.29% [7]. - The bank's net profit attributable to shareholders is expected to be 15.0 billion yuan in 2025, reflecting a slight decline of 1.17% from the previous year [7]. - The bank's return on equity (ROE) is projected to be 7.83% in 2025, which is below the industry average [8][36]. 3. Investment Analysis - The bank's high dividend yield of 5.5% for 2025 is a significant attraction for investors, with a projected dividend payout ratio of 30.1% for 2024 [9][11]. - The report anticipates a potential upside of 15.2% based on a target PB ratio of 0.52 for 2025, indicating room for valuation recovery [9][10]. 4. Strategic Focus on Zhejiang - The bank has been focusing on deepening its presence in Zhejiang, with loans and deposits from the region accounting for 33.3% and 29.4% of the total, respectively, by the end of 2024 [21][27]. - The strategy aims to leverage the economic strengths of Zhejiang, which is characterized by a robust private sector and wealth distribution [21][11].

宣传过程中，分行员工通过设立咨询台、发放宣传折页、现场答疑等多种方式，围绕"汽车消费贷款防 骗指南""识别非法金融中介""反诈常识普及""理性借贷"等主题，结合真实案例，为群众讲解常见的金 融风险及防范措施。许多顾客在购车间隙积极参与互动，并就个人征信、贷款合规、信息安全等热点问 题进行了咨询。 转自：新华财经 近日，浙商银行合肥分行组织工作人员主动走进本地多家汽车4S店，面向车主、准车主及企业员工开 展了一场贴近民生、务实有效的金融知识宣传教育活动。本次活动是分行2025年金融知识宣传周系列活 动的重要组成部分，旨在将金融消费者权益保护工作延伸至更多生活场景，增强公众风险防范意识和能 力。 下一步，浙商银行合肥分行将继续拓展宣传渠道、创新宣传形式，推动金融知识教育常态化、场景化， 为构建健康稳定的金融环境持续贡献力量。（程曦） 编辑：穆皓 本次进店宣传活动不仅强化了银企之间的公益合作，也真正实现了金融教育"走出去""沉下去"的目标， 进一步提升了金融知识普及的精准度和实效性，展现了浙商银行践行社会责任、守护市民财富安全的坚 定承诺。 ...

( 於中華人民共和國註冊成立的股份有限公司 ) A 股股票代碼 : 601916 H 股股票代碼 : 2016 中期報告 2025 重要提示 重大風險提示 2 浙商銀行股份有限公司 公司基本情況 | 1. | 公司中文名稱： | 浙商銀行股份有限公司（簡稱：浙商銀行） | | --- | --- | --- | | | 公司英文名稱： | CHINA ZHESHANG BANK CO., LTD.（簡稱：CZBANK） | | 2. | 法定代表人： | 陳海強（代行法定代表人職責） | | 3. | 註冊地址： | 中國浙江省杭州市蕭山區鴻寧路1788號 | | | 郵政編碼： | 311200 | | | 主要辦公地址： | 中國浙江省杭州市上城區民心路1號 | | | 郵政編碼： | 310020 | | | 電子郵箱： | ir@ czbank.com | | | 國際互聯網網址： | www.czbank.com | | | 服務及投訴電話： | 95527 | | | 投資者關係管理聯繫電話： | 86-571-88268966 | | | 傳真： | 86-571-87659826 | | 4. ...

Core Viewpoint - The article highlights the proactive measures taken by Zheshang Bank to enhance financial education and consumer protection, particularly focusing on fraud prevention during the "2025 Financial Education Promotion Week" from September 15 to 21 [1][15]. Group 1: Online Initiatives - Zheshang Bank launched the "Zheshang Bank Consumer Protection and Anti-Fraud Laboratory" live stream, targeting high-fraud scenarios in campuses, counties, and communities, using engaging formats like experiments and situational performances to explain scams [2][4]. - The live stream attracted 151,000 viewers and received over 559,000 likes, indicating a strong engagement and active sharing of anti-fraud knowledge among the audience [2][4]. - The bank also produced a series of entertaining short videos to simplify complex financial concepts, reaching 69,600 viewers [4]. Group 2: Offline Activities - Zheshang Bank organized various offline activities to cater to different demographic needs, including a financial knowledge flash event at Hangzhou Xiaoshan International Airport, providing travelers with bite-sized financial information [5][7]. - Specific initiatives were designed for elderly individuals, such as DIY workshops to help them recognize common scams related to retirement investments and health products [7]. - Interactive exhibition areas were set up in Shenzhen to educate customers on identifying fraudulent messages and using the National Anti-Fraud Center APP [9]. Group 3: Community Engagement - The bank's "Hundred-Thousand-Ten Thousand" initiative has mobilized financial advisors and volunteers to conduct financial literacy activities in rural areas, collaborating with local governments and institutions [11][12]. - Events like the "Anti-Fraud Garden Party" in Zhoushan and interactive games in rural communities were organized to teach residents about fraud prevention in an engaging manner [12]. - The overall approach transformed financial education from passive listening to active learning, making it more accessible and effective for the public [15].

茲提述浙商銀行股份有限公司（「本行」）日期為2025年9月1日的公告，內容有關 訂立增資認購協議（「該公告」）。除文義另有所指外，本公告所用詞彙與該公告所 界定者具有相同涵義。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 CHINA ZHESHANG BANK CO., LTD. 浙商銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2016） 有關關連交易的補充信息 陳海強 執行董事、行長 中國，杭州 2025年9月23日 截至本公告日期，本行的執行董事為陳海強先生及馬紅女士；非執行董事為侯興 釧先生、任志祥先生、胡天高先生及應宇翔先生；獨立非執行董事為汪煒先生、 許永斌先生、傅廷美先生、施浩先生及樓偉中先生。 浙銀金租截至2024年12月31日及2025年6月30日之淨資產分別為人民幣78.37億元 及人民幣84.58億元，截至2024年12月31日及2025年6月30日之總資產分別為人民 幣783.27億元及人民幣86 ...

( 於中華人民共和國註冊成立的股份有限公司 ) A 股股票代碼 : 601916 H 股股票代碼 : 2016 中期報告 2025 重要提示 重大風險提示 本公司面臨的主要風險及擬採取的措施，請參見本報告「管理層討論與分析－風險管理」章節。 本報告中有關本公司未來計劃等前瞻性陳述不構成本公司對投資者的實質承諾，投資者及相關人士均應當對 此保持足夠的風險認識，並且應該理解計劃、預測與承諾之間的差異。 目錄 | 釋義 | 2 | | --- | --- | | 公司基本情況 | 3 | | 公司業務概要 | 5 | | 發展戰略及核心競爭力 | 6 | | 財務概要 | 10 | | 管理層討論與分析 | 12 | | 公司治理 | 65 | | 股份變動及股東情況 | 69 | | 董事、監事、高級管理人員、員工和機構情況 | 77 | | 重要事項 | 83 | | 中期財務資料的審閱報告 | 89 | 釋義 | 本公司、本行、我行、浙商銀行： | 浙商銀行股份有限公司 | | --- | --- | | 原中國銀保監會： | 原中國銀行保險監督管理委員會 | | 中國證監會： | 中國證券監督管理委員會 | ...

Core Viewpoint - The article highlights the efforts of Zheshang Bank in promoting financial education and fraud prevention during the "2025 Financial Education Promotion Week," emphasizing the importance of safeguarding financial rights and enhancing public awareness of financial risks [1][14]. Group 1: Online Initiatives - Zheshang Bank launched the "Zheshang Consumer Protection · Anti-Fraud Laboratory" themed live broadcast, focusing on high-risk fraud scenarios in campuses, counties, and communities, using innovative formats like experiments and situational performances to explain scams [2][4]. - The live broadcast attracted 151,000 viewers and received over 559,000 likes, with participants actively sharing anti-fraud tips in the comments [2]. - The bank also created a series of engaging short videos to simplify complex financial concepts, reaching 69,600 viewers [4]. Group 2: Offline Activities - Zheshang Bank organized various offline activities to cater to different demographic needs, including a financial knowledge flash event at Hangzhou Xiaoshan International Airport, providing travelers with bite-sized financial information [5]. - The bank conducted an "in-flight classroom" for new university students on a flight from Hangzhou to Guangzhou, focusing on fraud prevention [5]. - Specific initiatives were tailored for elderly clients, such as DIY workshops to help them recognize common scams related to retirement investments and health products [7]. Group 3: Community Engagement - The bank's "Hundred-Thousand-Ten Thousand" initiative involved financial advisors and volunteers engaging with rural communities to disseminate financial knowledge, collaborating with local governments and law enforcement [11]. - Events included a "Fraud Prevention Carnival" in Zhoushan, where real cases were shared in local dialects, making learning enjoyable for villagers [11]. - Interactive games and activities were used in various locations to teach practical financial knowledge, enhancing community engagement [11]. Group 4: Overall Impact - The comprehensive approach of combining online technology with offline experiences and deep community outreach transformed financial education from passive listening to active learning [14]. - Zheshang Bank aims to continue leveraging technology and collaboration to deepen financial education and contribute to a safer financial environment [14].

下一步，浙商银行合肥分行将持续践行"以客户为中心"的服务理念，贯彻落实"金融为民"理念，维护金 融市场秩序，向金融消费者做好风险提示工作。（柳杨） 编辑：赵鼎 日前，浙商银行合肥分行开展"财富投资"风险提示宣教活动，工作人员通过邀约行内客户、进企业、进 商户等方式向社会群体开展风险提示工作。 该行工作人员通过分享安徽省保险业协会最新"金融消费明白纸"，重点提示客户财富投资中需要注意的 事项要点，做到"盲目跟风不可取，独立决策防风险"，通过理性判断作出与自身风险承受能力匹配的决 策；了解"业绩基准非承诺，实际收益看表现"，产品业绩比较基准不代表产品最终收益；做好"细究赎 回规则，注意流动性管理"，消费者应根据产品类型和赎回规则，避免流动性不足影响正常生活。向金 融消费者做好"理财非存款、产品有风险、投资需谨慎"理念传导。 转自：新华财经 ...

浙商银行南昌分行各辖内网点利用厅堂电子屏、公众教育区，摆放金融教育宣传周活动主题海报及各类 金融知识宣传折页，营造浓厚宣传氛围，通过金融知识讲堂、"一对一"宣讲等形式向广大市民宣传金融 知识，揭示金融风险，提示防范技巧，发挥网点宣传阵地作用。 转自：新华财经 为切实提升社会公众金融素养及风险防范能力，维护金融消费者合法权益，响应"2025年金融教育宣传 周"活动号召，浙商银行南昌分行紧扣"保障金融权益 助力美好生活"宣传主题，聚焦公众关注的金融热 点与难点，充分拓展活动覆盖面和触达率，提升活动有效性和影响力，推动金融知识和风险提示深入基 层、直达群众。 浙商银行南昌分行通过此次金融教育宣传周活动，有利于提升公众对金融知识的认知水平和风险防范意 识。下一步，浙商银行南昌分行将持续贯彻落实常态化金融知识普及工作，积极履行金融企业社会责 任，让金融权益保护意识深入人心，为构建和谐、健康的金融生态环境贡献力量。（陈峰） 编辑：穆皓 在2025年金融教育宣传周集中宣传活动期间，浙商银行南昌分行通过互动游戏、案例讲解等形式，向群 众普及非法集资识别、个人信息保护、理性投资等知识，寓教于乐、反响热烈，提升群众参与度与获得 ...

这一双项荣誉的取得，源于浙商银行北京分行对消费者权益保护工作的高度重视和创新探索。北京分行 积极顺应数字化传播趋势，精心打造了一系列内容丰富、形式新颖的金融知识普及短视频，通过社交媒 体平台触达更广泛的受众群体，有效提升了金融教育的传播效果和社会影响力。 未来，浙商银行北京分行将继续深耕金融消费者教育领域，不断创新内容形式和传播渠道，以更优质、 更生动、更高效的金融知识普及作品，履行金融机构的社会责任，切实保护消费者合法权益，为构建健 康和谐的金融环境持续贡献专业力量。 展播盛典在国家金融监督管理总局北京监管局领导的致辞中拉开帷幕。本届盛典发布的四大类优秀短视 频评选结果中，浙商银行北京分行表现突出，一举斩获两项大奖："金融基础知识普及类"十佳短视频 和"金融便民惠民服务类"十佳短视频。 近日，在由国家金融监督管理总局北京监管局指导，北京广播电视台财经频道与北京市银行业协会等单 位联合举办的第二届"首都金融卫士"优秀短视频展播活动上，浙商银行北京分行荣获两项"十佳短视 频"大奖。 ...