FF301 致：香港交易及結算所有限公司 公司名稱: 浙商銀行股份有限公司 (「本行」) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02016 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,920,200,000 | RMB | | 1 RMB | | 5,920,200,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 5,920,200,000 | RMB | | 1 RMB | | 5,920,200,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- ...

证券研究报告 | 公司点评报告 2025 年 09 月 01 日 浙商银行（601916.SH） 控规模，提质效 总量研究/银行 浙商银行披露 2025 年半年报。25H1 营业收入、PPOP、归母利润同比增速分 别为-5.76%、-6.78%、-4.15%，增速分别较 25Q1 变动+1.32pct、-1.46pct、 -4.76pct。累计业绩驱动上，规模、拨备计提形成正贡献，息差收窄、中收、 其他非息、有效税率上升形成负贡献。 核心观点： （1）规模增速下降。25 年上半年浙商银行贷款同比增长 4.20%，增速进一步 下降。公司不盲目追求规模的快速增长，而是要主动实现规模、质量、效益相 统一的稳健发展。对公端是信贷增长的主要驱动，上半年同比增长 8.4%。零售 贷款同比减少 7.05%，预计是压降了风险较高的经营性贷款。息差方面， 25H1 公司披露净息差 1.69%，环比下降 7bp。根据我们测算，25Q2 单季度息差环比 收窄 11bp，主要是资产端价格下降较多所致，这也是公司主动调整信贷结构、 降低风险偏好的表现。详细数据见表 8-13。 （2）不良额率双降，资产质量前瞻指标有所上升。25Q2 末 ...

Core Viewpoint - The implementation of the personal consumption loan interest subsidy policy will officially start on September 1, 2025, allowing residents to benefit from interest subsidies on eligible personal consumption loans issued by various banks [1][2]. Summary by Sections Policy Details - The subsidy will apply to personal consumption loans used for specific categories such as household vehicles, education, healthcare, and more, with a maximum subsidy of 1% per year, capped at 50% of the loan contract interest rate [2]. - Each borrower can receive a total subsidy of up to 3,000 yuan, corresponding to a cumulative consumption amount of 300,000 yuan, with a specific cap of 1,000 yuan for loans under 50,000 yuan [2]. Bank Promotions - Multiple banks, including Bank of China, China Construction Bank, and others, have begun promotional activities for their consumption loan products, utilizing social media and mobile banking platforms to inform customers about the upcoming subsidy [3][4]. - Banks are actively advertising specific loan products that qualify for the subsidy, such as "E-loan" and "Quick Loan" from Bank of China, and "i Car Loan" from Shanghai Pudong Development Bank [3]. Application Process - The application process for the subsidy will be similar to that of regular loans, with banks implementing systems to automatically identify eligible transactions for subsidy calculations [8]. - Customers will need to sign a supplementary agreement to authorize banks to access their transaction information for subsidy eligibility [8]. Customer Queries - Banks have addressed common customer questions regarding the subsidy, clarifying that both new and existing customers can benefit from the policy if their loans meet the criteria [9]. - The subsidy will be applied directly to the interest owed, simplifying the process for customers [10]. Channels for Application - Banks have emphasized that customers should apply for the subsidy through official channels, such as bank branches and mobile banking apps, and will not use third-party platforms for processing [11]. - No fees will be charged for processing the personal consumption loan subsidy [13].

Core Viewpoint - The personal consumption loan interest subsidy policy will officially start on September 1, 2025, allowing residents to benefit from interest subsidies on eligible loans used for consumption [1][2]. Group 1: Policy Implementation - The subsidy period is from September 1, 2025, to August 31, 2026, covering personal consumption loans issued by various financial institutions [1]. - The subsidy applies to loans used for specific consumption categories, including household vehicles, education, cultural tourism, and health care, with a maximum subsidy of 3,000 yuan for eligible loans [2][5]. Group 2: Subsidy Standards - The annual subsidy rate is set at 1% of the actual loan principal used for consumption, with a cap of 50% of the loan contract interest rate [2]. - Each borrower can receive a total subsidy of up to 3,000 yuan, corresponding to a cumulative consumption amount of 300,000 yuan, with a specific limit of 1,000 yuan for loans under 50,000 yuan [2]. Group 3: Bank Promotions and Preparations - Multiple banks, including Bank of China, China Construction Bank, and others, have begun promotional activities for their consumption loan products, utilizing social media and mobile banking platforms [3][5][6]. - Banks are optimizing their customer service channels to provide information about the subsidy, including dedicated sections in mobile banking apps and enhanced intelligent customer service responses [7][8]. Group 4: Application Process - The application process for the subsidy will be similar to standard loan applications, with banks able to automatically identify eligible transactions for subsidy processing [10]. - Customers must sign a supplementary agreement to authorize banks to access their transaction information for subsidy eligibility [10]. Group 5: Customer Eligibility and Funding - The subsidy is available to both new and existing customers, provided their loans meet the eligibility criteria during the subsidy period [11]. - Subsidy funds will be deducted directly from the interest charged on the loans, simplifying the process for customers [12].

Core Viewpoint - The personal consumption loan interest subsidy policy will officially start on September 1, 2025, allowing residents to benefit from interest subsidies on eligible loans used for consumption [1][2]. Summary by Sections Policy Implementation - The subsidy policy will be in effect from September 1, 2025, to August 31, 2026, covering personal consumption loans issued by various banks, excluding credit card transactions [1][2]. - The subsidy applies to loans used for specific consumption categories, including household vehicles, education, healthcare, and electronics, with a maximum subsidy of 3,000 yuan for eligible loans [2][5]. Subsidy Standards - The annual subsidy rate is set at 1% of the eligible loan principal, capped at 50% of the loan contract interest rate [2]. - Each borrower can receive a total subsidy of up to 3,000 yuan, corresponding to a total consumption amount of 300,000 yuan, with a specific cap of 1,000 yuan for loans under 50,000 yuan [2]. Bank Promotions - Multiple banks, including China Bank, Construction Bank, and others, have begun promotional activities for their consumption loan products, utilizing social media and mobile banking platforms for outreach [2][5][6]. - Banks are offering various loan products that qualify for the subsidy, such as "E-loan" and "Quick Loan" from China Bank, and "iCar Loan" from Shanghai Pudong Development Bank [5][6][7]. Application Process - The application process for the subsidy is designed to be straightforward, with banks automatically identifying eligible transactions through their systems [9]. - Customers may need to sign a supplementary agreement to authorize banks to access their transaction information for subsidy eligibility [9]. Customer Eligibility - The subsidy is available to both new and existing customers, including those who applied for loans before the policy's implementation date, provided they meet the eligibility criteria [10]. - The subsidy will be applied directly to the interest payments, reducing the amount owed by the borrower [11]. Channels for Application - Customers are encouraged to apply for the subsidy through official channels such as bank branches and mobile banking apps, with no third-party intermediaries involved [12]. - No fees will be charged for processing the subsidy applications [12].

Core Viewpoint - Zhejiang Zheshang Bank's Q2 2025 revenue and profit figures showed a decline, with revenue down 4.3% year-on-year and profit down 17.6%, indicating challenges in asset impairment losses and rising operating expenses [1][2] Financial Performance - Q2 2025 revenue decreased by 4.3% year-on-year, with a 5.8% decline in H1 2025 revenue [1] - Q2 2025 profit fell by 17.6% year-on-year, with a 4.2% decline in overall profit for H1 2025 [1] - The company's net interest margin decreased by 2 basis points to 1.69% in H1 2025, with a year-on-year decline of 13 basis points [1] - Loan and deposit growth for H1 2025 was 4.2% and 6.6% respectively, with the loan-to-deposit ratio dropping to 91% [1] Non-Interest Income and Market Recovery - Non-interest income in Q2 2025 grew by 0.6% year-on-year, marking a positive turnaround, although H1 2025 non-interest income fell by 12.3% [1] - Other non-interest income in Q2 2025 increased by 8.7%, while overall non-interest income for H1 2025 decreased by 10.7% [1] Asset Quality and Risk Metrics - The non-performing loan (NPL) ratio improved, decreasing by 8 basis points to 1.36% by the end of Q2 2025 [2] - The net NPL generation rate for H1 2025 significantly decreased by 30 basis points to 1.52% [2] - The provision coverage ratio slightly decreased by 1.5 percentage points to 169.8% in Q2 2025 [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with current A-shares trading at 0.5x and 0.4x price-to-book ratios for 2025 and 2026 respectively [2] - The target price for A-shares is set at 3.55 CNY, indicating an 8.6% upside potential from the current price [2] - The target price for H-shares is set at 3.01 HKD, indicating an 8.3% upside potential from the current price [2]

Core Viewpoint - The banking industry is experiencing marginal improvement in the first half of 2025, but faces challenges such as low growth, low demand, and low interest margins, with intensified homogeneous competition [1] Financial Performance - In the first half of 2025, Zheshang Bank reported operating income of 33.248 billion yuan, a year-on-year decrease of 5.76%, and net profit attributable to shareholders of 7.667 billion yuan, down 4.15% year-on-year [2] - As of the end of June, the bank's total assets reached 3.35 trillion yuan, an increase of 0.63% from the end of the previous year, with total loans and advances amounting to 1.89 trillion yuan, up 1.69% [2] Challenges and Strategic Adjustments - The bank's management identified three main reasons for the slowdown in growth and fluctuations in performance indicators: high previous growth leading to a high base, a proactive adjustment of growth targets, and a shift in asset structure towards lower-risk, lower-yield assets [3] - The bank's non-performing loan ratio improved to 1.36% by the end of June, down from 1.38% at the beginning of the year [3] - Total deposits increased by 7.47% year-on-year to 20.658 trillion yuan, with the deposit interest rate decreasing by 31 basis points to 1.88% [3] Interest Margin and Non-Interest Income - The net interest margin for Zheshang Bank was 1.69%, narrowing by 2 basis points since the beginning of the year, while the industry average fell from 1.52% to 1.42% [4] - Non-interest income declined due to fluctuations in the bond market, with investment interest income down 5.01% year-on-year to 12.597 billion yuan [5][4] Investment Strategy - The bank plans to enhance trading frequency, optimize asset allocation, and strengthen market risk management to address challenges in investment returns [6][8] - A dynamic hedging mechanism for bond market value will be established to mitigate the impact of interest rate fluctuations on revenue and capital regulatory indicators [8] Service Differentiation and Regional Focus - The bank aims to strengthen customer service capabilities and create differentiated competitive advantages by providing tailored service solutions [9] - The corporate banking segment contributed 57% of total revenue, with a significant increase in corporate deposits and customer base [9] - The bank has initiated a three-year action plan to deepen its service in Zhejiang province, with financing services totaling 1.12 trillion yuan in the first half of 2025, surpassing last year's total [11][12] Future Initiatives - The bank will focus on government, enterprise, and resident sectors to enhance service offerings and support regional economic development [12]

Core Viewpoint - Shanghai's new housing policy has led to a reduction in mortgage rates for existing loans and a minimum rate of 3.09% for new second-home loans, aligning them with first-home rates [1][3]. Group 1: New Mortgage Rates - The new policy eliminates the distinction between first and second home mortgage rates in Shanghai, with the specific rate determined by the market rate pricing mechanism and individual bank conditions [2][10]. - The minimum mortgage rate for new second-home loans in Shanghai is set at 3.09%, which is consistent with the first-home loan rate [3][2]. Group 2: Existing Mortgage Adjustments - Existing mortgage rates can be adjusted for eligible borrowers, particularly if their current rate exceeds the national average by more than 30 basis points [4][11]. - For example, a second-home loan with a current rate of 3.45% could potentially be reduced to 3.36% [6][4]. - The adjustment process will not incur any fees and will begin on September 1, 2025 [7][14]. Group 3: Implementation and Communication - Banks in Shanghai, including major institutions like ICBC and Bank of China, have issued announcements regarding the new mortgage rate adjustments [1][9]. - Borrowers can check their eligibility for rate adjustments through their respective banks starting September 1, 2025 [12][13].

Core Viewpoint - The banking industry has reached a consensus on "anti-involution," transitioning from a slogan to actionable measures, as highlighted in recent semi-annual performance briefings [1]. Group 1: Industry Consensus and Policy - The 2024 Central Economic Work Conference and the 2025 Government Work Report have called for a "comprehensive rectification of 'involutionary' competition" [1]. - The sixth meeting of the Central Financial Committee emphasized the need to "legally and reasonably govern low-price and disorderly competition" [1]. Group 2: Impact on Banking Operations - Ping An Bank's president, Ji Guangheng, stated that competition that does not cover costs is detrimental and poses a potentially disruptive risk to the industry [1]. - Hangzhou Bank's vice president, Zhang Jianfu, noted that irrational price wars negatively affect normal banking development, leading to situations where business growth does not translate into revenue or profit [1]. - The long-term impact of such competition could weaken banks' ability to serve the real economy and accumulate risks that affect macroeconomic development [1]. Group 3: Benefits of "Anti-Involution" - Ping An Bank's vice president, Xiang Youzhi, believes that "anti-involution" will create a fairer and more vibrant market, enhance the effective allocation of financial resources, and maximize the interests of financial entities and society [1]. - The policy is expected to promote long-term, high-quality development in the financial industry and protect the legitimate rights of financial customers [1]. Group 4: Stabilization of Net Interest Margin - Citic Bank's president, Lu Wei, indicated that "anti-involution" policies and neutral monetary policies will help stabilize the banking industry's net interest margin [2]. - Zhang Jianfu echoed this sentiment, suggesting that combating irrational pricing will contribute to stabilizing bank interest margins [2]. Group 5: Addressing Malicious Competition - Industrial Bank's financial planning department general manager, Lin Shu, noted that "anti-involution" helps regulate malicious and disorderly competition in loan pricing, alleviating downward pressure on bank asset returns [2]. - However, Lin also pointed out potential inconsistencies in the implementation of "anti-involution" policies across different regions and banks [2]. Group 6: Focus on Customer Needs - As price competition diminishes, banks will need to compete based on their ability to meet customer needs, emphasizing the importance of enhancing professional service capabilities and optimizing business processes [2]. - Huaxia Bank's president, Qu Gang, stated the importance of adhering to regulatory and self-discipline requirements, shifting focus from price competition to value-based services centered around customer needs [2]. - Zhejiang Merchants Bank's president, Chen Haiqiang, mentioned the shift from price-based competition to differentiated comprehensive services, focusing on the entire customer lifecycle [2].

Core Viewpoint - Zhejiang Commercial Bank is committed to high-quality development by adhering to its established strategies and focusing on risk management, compliance, and customer-centric services [1][2] Group 1: Strategic Focus - The bank will maintain a consistent strategy and approach, emphasizing risk prevention and compliance as top priorities [1] - It aims to enhance customer service capabilities and create differentiated competitive advantages [1] - The bank plans to improve operational management efficiency and embrace digital transformation opportunities, particularly in AI [1] Group 2: Long-term Vision - In the face of a complex and changing environment, the bank recognizes the increasing challenges and uncertainties ahead [2] - The bank is committed to long-termism and aims to become a "Five Good Bank" that is beneficial for employees, customers, image, ecology, and development [2] - The goal is to solidify its path towards becoming a first-class commercial bank [2]