证券代码：601916 证券简称：浙商银行 公告编号：2025-019 浙商银行股份有限公司 估值提升计划暨"提质增效重回报"行动方案 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经浙商银行股份有限公司（以下简称"浙商银行"或"公司"）第七届董 事会第四次会议审议通过，公司制定发布了《浙商银行股份有限公司估值提升 计划》。公司积极响应上海证券交易所"提质增效重回报"行动倡议，持续提 升公司投资价值和股东回报能力，相关估值提升计划亦为公司"提质增效重回 报"行动方案。公司估值提升计划暨"提质增效重回报"行动方案（以下简称 "估值提升计划"）具体内容如下： 公司积极响应上海证券交易所"提质增效重回报"行动倡议，持续提升本 公司投资价值和股东回报能力，推动公司投资价值合理反映公司质量，增强投 资者信心、维护全体股东利益，促进公司高质量发展，公司制定估值提升计划 暨"提质增效重回报"行动方案。具体内容如下： （一）经营提升 一、触发情形及审议程序 （一）触发情形 2024 年 1 月 1 日至 2024 年 12 月 31 日，公 ...

为答谢广大客户长期以来给予的信任与支持，东吴基金管理有限公司（以下简称"本公司"）经与浙商银 行股份有限公司（以下简称"浙商银行"）协商一致，本公司决定旗下部分基金参加浙商银行的申购补差 费率优惠活动（若有）。现将具体情况公告如下： 一、费率优惠内容 自2025年4月7日起，投资者通过浙商银行办理适用基金转换业务，转出与转入基金的原申购费补差费率 我司后台不设折扣限制，以浙商银行上报为准。具体参与费率优惠的基金名称、折扣费率、费率优惠期 限以浙商银行官方网站所示公告为准。 基金原费率请详见各基金《基金合同》《招募说明书》《基金产品资料概要》等法律文件，以及本公司 发布的最新业务公告。 二、重要提示 1、费率优惠期限内，本公司所管理的尚未开通转换业务的开放式基金及今后新增通过浙商银行销售的 开放式基金，自该基金开通转换业务当日起，将同时参与上述费率优惠活动。 2、本优惠活动的规则以浙商银行的规定为准。投资者欲了解基金产品的详细情况，请仔细阅读各基金 的基金合同、更新的招募说明书等法律文件。本优惠活动仅适用于基金转换业务中转出与转入基金的原 申购费补差费率，不包括基金赎回等其他业务的手续费。 3、基金转换是指基金 ...

Summary of the Conference Call Company Overview - The conference call involved Zhejiang Commercial Bank, with key attendees including the Chairman, Vice Chairman, and various directors and executives of the bank [1][2]. Core Industry Insights - The banking sector is undergoing significant changes, with a focus on digital transformation and high-quality development [7][19]. - The bank has maintained a leading position among joint-stock banks, achieving a cumulative revenue of 192.4 billion with a year-on-year increase of 4.39 billion, reflecting a growth rate of 7.5% over three years, which is approximately 10 percentage points higher than the average for similar banks [4][19]. Financial Performance - The bank's core Tier 1 capital adequacy ratio stood at 8.38%, an increase of 0.16 percentage points from the previous year [18]. - Total loans issued reached 1.86 trillion, with an increase of 8.2%, while deposits amounted to 1.92 trillion, up by 2.9% [19]. - The non-performing loan (NPL) ratio was reported at 1.38%, a decrease of 0.06 percentage points from the previous year, with a provision coverage ratio of 178.67% [19][51]. Strategic Initiatives - The bank has implemented a "Smart Management" strategy to enhance operational efficiency and customer service, focusing on digital transformation and comprehensive system reforms [17][47]. - The bank has prioritized risk management, successfully reducing historical non-performing assets and improving asset quality [37][52]. - A significant emphasis has been placed on inclusive finance, with a 21.78% increase in green loans and an 11.03% increase in loans to small and micro enterprises [19][25]. Key Challenges and Responses - The bank faces challenges from low interest rates and high competition, prompting a shift from asset-driven to liability-driven management [47][48]. - The bank has adopted a long-term perspective, focusing on sustainable growth rather than short-term profits [46][47]. Noteworthy Achievements - The bank has been recognized as the most satisfactory bank for private enterprises in Zhejiang for five consecutive years [20]. - It has successfully implemented a comprehensive financial ecosystem, serving over 10,000 enterprises and facilitating financing exceeding 1 trillion [9][21]. Additional Insights - The bank's leadership emphasized the importance of political and cultural construction within the organization to navigate challenges effectively [35][36]. - The concept of "Good Financial Practices" has been introduced, focusing on social responsibility and ethical banking [8][42]. Conclusion - Zhejiang Commercial Bank is positioned for continued growth through strategic reforms, digital transformation, and a commitment to high-quality service, while effectively managing risks and enhancing asset quality [16][19][49].

Core Insights - Zhejiang Commercial Bank has achieved a continuous decline in non-performing loan (NPL) ratio for three consecutive years, with an improvement in core Tier 1 capital adequacy ratio and other indicators [1][2] - The bank's risk management strategy has become more robust, with a 30% increase in the disposal of non-performing assets compared to the previous year, and a proactive reduction in real estate loans [1][2] Group 1: Asset Quality and Risk Management - In 2024, Zhejiang Commercial Bank reported stable asset quality and enhanced risk management capabilities, attributing this to significant efforts in risk disposal, a more prudent risk control strategy, and improved industry research capabilities [2] - The bank's management highlighted a notable reduction in the real estate NPL ratio to 1.55%, down 0.93 percentage points from the beginning of the year [2] Group 2: Strategic Initiatives - The bank is focusing on four key areas for improvement: industry research, risk disposal, professional review, and digital risk control, aiming to maintain a stable and improving asset quality [2] - The "Smart Management" approach is being implemented to enhance competitive advantages and promote high-quality development, shifting from traditional collateral-based financing to scenario-based financing [5] Group 3: Financial Performance - In 2024, the bank's deposit balance grew by 2.87% year-on-year, reaching 1.9 trillion yuan, while the interest rate on deposits has decreased for four consecutive years to 2.10% [5]

Core Viewpoint - Zhejiang Commercial Bank reported steady growth in key financial metrics for 2024, emphasizing a strategic shift towards low-risk, sustainable revenue generation amidst ongoing external challenges [2][4][12]. Financial Performance - In 2024, Zhejiang Commercial Bank achieved operating income of 67.65 billion yuan, a year-on-year increase of 6.19%, marking three consecutive years of growth [2][4]. - The bank's net profit attributable to shareholders reached 15.19 billion yuan, up 0.92% from the previous year [2]. - Total assets exceeded 3.33 trillion yuan, growing by 5.78%, while total liabilities reached 3.12 trillion yuan, increasing by 5.70% [2]. Income Composition - Interest income was 45.16 billion yuan, down 4.99%, while non-interest income surged to 22.49 billion yuan, a 39.05% increase, now accounting for 33.25% of total revenue [4][5]. - Investment income rose to 11.34 billion yuan, up 28.21%, driven by enhanced research capabilities [4][5]. Risk Management - The non-performing loan (NPL) ratio decreased to 1.38%, continuing a three-year downward trend [2][8]. - The bank's proactive risk management strategies included reducing high-risk loans and increasing low-risk mortgage loans [6][11]. Strategic Focus - Management emphasized a shift towards "smart management," prioritizing long-term sustainability over short-term gains, and focusing on a diversified revenue model [12][14]. - The bank aims to enhance its research capabilities and digital transformation to support sustainable growth [4][12]. Future Outlook - For 2025, the bank anticipates a continued decline in net interest margin, but at a reduced rate compared to 2024 [7]. - The focus will remain on stabilizing the real estate sector and managing risks associated with small and micro enterprises [11].

Core Viewpoint - Zhejiang Zheshang Bank is undergoing a strategic transformation under the new leadership of Chen Haiqiang, focusing on "smart management" to enhance long-term value and optimize its asset-liability structure while improving asset quality [1][2][3]. Financial Performance - As of the end of 2024, Zhejiang Zheshang Bank achieved a revenue growth rate of 6.19%, leading among joint-stock banks, with total assets reaching 3.3 trillion yuan [1]. - The bank's non-performing loan (NPL) ratio improved to 1.38%, a decrease of 0.06 percentage points year-on-year, marking three consecutive years of decline [1][6]. - The provision coverage ratio stood at 178.67%, down 3.93 percentage points from the previous year, while the loan provision ratio was 2.46%, a decrease of 0.17 percentage points [1]. Strategic Adjustments - The bank shifted its operational strategy from focusing on the asset side to the liability side, aiming to reduce the deposit interest rate [3]. - It transitioned from a "high-risk, high-return" asset allocation strategy to a "low-risk, moderate-return" approach, focusing on project loans and other stable assets [3]. - The bank is pursuing comprehensive revenue through scenario-based offerings rather than just single-item returns, enhancing customer loyalty and broadening income sources [3]. Customer Growth - The number of personal customers reached 11.67 million, a year-on-year increase of 20.75%, while corporate clients exceeded 260,000, growing by 14.92% [4]. - The bank has provided financing exceeding 360 billion yuan to over 30,000 technology enterprises, fostering a supportive ecosystem for innovation [4]. Risk Management - The bank has prioritized risk resolution, successfully reducing historical burdens and improving overall asset quality [5][6]. - The NPL ratios for corporate and personal loans were 1.36% and 1.78%, respectively, both showing improvements [6]. - The bank's risk management strategy has become more prudent, focusing on comprehensive credit management and reducing concentration risks [7]. Non-Interest Income - In 2024, non-interest income reached 22.493 billion yuan, accounting for 33.25% of total revenue, reflecting a significant increase in non-interest revenue streams [9]. - The retail banking segment is prioritized, with a focus on wealth management and digital research capabilities to enhance revenue sustainability [9][10]. Future Outlook - The bank anticipates continued challenges from narrowing net interest margins but aims to maintain strong revenue performance through optimized asset-liability structures and enhanced research capabilities [10].

Core Viewpoint - Zhejiang Commercial Bank has demonstrated strategic consistency and achieved high-quality development, with a focus on improving asset quality and managing risks effectively [1][5]. Financial Performance - In 2024, Zhejiang Commercial Bank reported total operating income of 67.65 billion yuan, an increase of 6.19% year-on-year [1]. - The bank's cash dividend ratio exceeded 30%, ranking among the top in listed joint-stock banks [1]. - The growth rate of inclusive finance loans was 11%, accounting for over 20% of total loans, maintaining the top position among national banks for several consecutive years [1]. Asset Quality - The non-performing loan (NPL) ratio decreased to 1.38% by the end of 2024, down 0.06 percentage points from the previous year, indicating significant improvement in asset quality [5]. - The bank's capital adequacy ratio stood at 12.61%, up 0.42 percentage points year-on-year, while the Tier 1 capital adequacy ratio was 9.61%, up 0.09 percentage points [5]. Management Changes - Chen Haiqiang has been appointed as the Deputy Secretary of the Party Committee and nominated as the President of Zhejiang Commercial Bank [2][3]. - The new executive team will consist of one president and three vice presidents, all of whom are from the "post-70s" generation [4]. Risk Management - The bank has focused on risk disposal and has established a new industry research institute to enhance policy foresight and maintain a "small, diversified" credit principle [5][6]. - The real estate NPL ratio was reported at 1.55%, a decrease of 0.93 percentage points since the beginning of the year [5]. Non-Interest Income - Non-interest net income reached 22.49 billion yuan in 2024, an increase of 39.05% year-on-year, accounting for 33.25% of total revenue [8]. - The significant increase in other non-interest net income was attributed to improved market analysis and professional capabilities, capitalizing on opportunities in the bond market [9]. Digital Transformation - Digital transformation is a core focus for the bank, enhancing its research capabilities and supporting non-interest income growth [10]. - The bank has implemented an ITBP model, requiring each department head to work with a technology assistant to drive digital transformation [9][10]. Future Outlook - The bank anticipates continued challenges in net interest margin due to industry trends but aims to optimize its asset-liability structure and strengthen research capabilities to maintain strong revenue performance [10].

Core Viewpoint - Zhejiang Commercial Bank emphasizes a long-term value approach, focusing on sustainable growth rather than short-term gains or scale expansion [1][9]. Financial Performance - In 2024, Zhejiang Commercial Bank achieved operating income of 67.65 billion yuan and net profit attributable to shareholders of 15.19 billion yuan, representing year-on-year growth of 6.19% and 0.92% respectively [1]. - The bank's net interest margin for 2024 was 1.71%, a decrease of 30 basis points from the previous year, but better than the industry average [2][3]. Interest Margin Management - The bank's management highlighted the importance of competitive strength to navigate the challenges of narrowing interest margins, supported by enhanced research capabilities [3]. - The bank optimized its asset structure, resulting in a 39 basis point decline in the yield on interest-earning assets, while also managing liabilities to reduce the cost of interest-bearing liabilities by 10 basis points [3][4]. Non-Interest Income Growth - Non-interest income reached 22.49 billion yuan in 2024, a year-on-year increase of 39.05%, accounting for 33.25% of total operating income, up 7.86 percentage points from the previous year [4]. - Investment income, a significant component of non-interest income, grew by 61.69% to 18.01 billion yuan, attributed to improved market analysis and seizing opportunities in the bond market [4]. Retail Banking Strategy - The bank's retail banking segment aims for sustainable growth rather than short-term spikes, with a focus on strategic foresight and management transformation [5]. - Personal loan balances remained stable at 285.54 billion yuan, while personal deposits grew by 13.03% to 304.63 billion yuan [6]. Customer Base Expansion - The bank reported a 25% year-on-year increase in personal customer numbers, reaching a historical high, with over 60% of new customers acquired through ecosystem scenarios or partnerships [7]. - The establishment of a dedicated wealth management research institute has contributed to significant returns for clients, generating nearly 10 billion yuan in profits in 2024 [7]. Asset Quality and Risk Management - Total assets reached 3.33 trillion yuan, a growth of 5.78% year-on-year, with loans and advances totaling 18.57 trillion yuan, up 8.21% [8]. - The bank's non-performing loan ratio has decreased for three consecutive years, with improvements noted in key sectors such as real estate and local government financing [8]. Strategic Focus on "Smart Management" - "Smart management" is a key strategic directive for the bank, emphasizing the efficient allocation of resources and digital transformation [9][10]. - The bank aims to shift its operational strategy from focusing on asset growth to enhancing liability management and pursuing low-risk, stable returns [9].

Core Viewpoint - The new president of Zhejiang Commercial Bank, Chen Haiqiang, emphasizes the importance of long-termism in navigating economic cycles and aims to shift the bank's focus from short-term gains to sustainable value creation [1][2]. Group 1: Leadership Transition - Chen Haiqiang has been appointed as the new president of Zhejiang Commercial Bank, succeeding the previous interim leadership by Chairman Lu Jianqiang [2]. - Chen has extensive experience within the bank, having served in various key positions, including as the head of two major branches and as the Chief Risk Officer [2][16]. Group 2: Strategic Focus - The bank is shifting its operational strategy from asset-driven to liability-driven, aiming to optimize its funding structure and reduce costs [4]. - A focus on reducing high-risk, high-return assets in favor of low-risk, stable-return investments is being implemented, with a notable decrease in the non-performing loan ratio from 1.53% in 2021 to 1.38% in 2024 [5][18]. - The bank aims to enhance customer-centric services and improve asset allocation through comprehensive reforms [6][7]. Group 3: Performance Metrics - In 2024, the bank reported a total asset increase to 3.33 trillion yuan, reflecting a 5.78% growth year-over-year [18]. - Revenue and net profit also showed positive growth, increasing by 6.19% and 0.92% respectively compared to the previous year [19]. - The number of personal customers grew by 20.75%, while corporate customers increased by 14.92%, indicating a dual growth in customer base and scale [8]. Group 4: Digital Transformation - The bank is committed to digital transformation, integrating technology to enhance service delivery and operational efficiency [11]. - Chen highlights the importance of combining technology with practical applications to better serve the community [11]. Group 5: Market Position - Zhejiang Commercial Bank has maintained a stable growth trajectory, distinguishing itself as one of the 12 national joint-stock banks in China [17]. - The bank's wealth management segment has also seen double-digit growth in both scale and revenue, supporting its new strategic direction [9].

Group 1 - The core viewpoint of the article highlights the strategic shift of Zhejiang Commercial Bank towards long-term value creation, moving away from a focus on scale and quick profits [1] - In 2024, Zhejiang Commercial Bank reported a net profit of 15.19 billion yuan, a slight increase of 0.92%, while revenue grew by 6.19%, the highest among listed joint-stock banks [1] - Non-interest income for the bank increased by over 39%, contributing nearly one-third of total revenue, with investment income exceeding 11.3 billion yuan, a year-on-year growth of over 28% [1] Group 2 - The bank experienced a decline in interest income, with a net interest margin decrease of 30 basis points and a 5% drop in net interest income [2] - Fee and commission income fell by 11%, primarily due to decreased revenue from guarantee and bond underwriting services [2] - The asset quality improved, with the non-performing loan ratio dropping to 1.38%, while overdue loans increased by 21% [2] Group 3 - Recently, Zhejiang Commercial Bank faced significant shareholder reductions, with Shandong International Trust reducing its stake to 2.09% after selling 195 million shares [3] - This marks the second major shareholder reduction in six months, following a previous announcement of Hengdian Group's plan to sell approximately 275 million shares [3] - Additionally, several former executives of the bank collectively reduced their holdings by about 28,900 shares [4]