证券代码：601916 证券简称：浙商银行 公告编号：2024-020 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 6 月 12 日 14 点 00 分 浙商银行股份有限公司 关于召开 2023 年度股东大会的通知 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。 召开地点：中国浙江省杭州市上城区民心路 1 号浙商银行总行 601 会议室 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 12 日 至 2024 年 6 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2024年6月12日 （星期三） 股权登记日：2024年6月5日（星期三） 本次股东大会采用的网 ...

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" with a current price of 2.94 CNY / 2.23 HKD and a reasonable value of 3.64 CNY / 2.76 HKD [2]. Core Views - The company reported a significant increase in revenue, PPOP, and net profit attributable to shareholders for Q1 2024, with year-on-year growth rates of 16.6%, 18.1%, and 5.1% respectively, exceeding expectations [2][3]. - Key highlights include a doubling of other non-interest income, which reached 5.1 billion CNY in Q1 2024, driven by a 136% increase in investment income [2][3]. - The core Tier 1 capital adequacy ratio improved to 8.60%, up 0.38 percentage points from the end of the previous year, due to a decrease in risk-weighted assets [2][3]. - The net interest margin for Q1 2024 was reported at 1.84%, reflecting a slight decrease from the previous quarter [2][3]. Summary by Sections Financial Performance - Q1 2024 revenue growth of 16.6% compared to Q4 2023, with PPOP growth of 18.1% and net profit growth of 5.1% [2][3]. - Other non-interest income surged by 105% year-on-year, primarily due to a significant increase in investment income [2][3]. - The company’s total assets grew by 15.1% year-on-year, while loan growth slowed to 10.96% [5][7]. Capital Adequacy - The core Tier 1 capital adequacy ratio increased to 8.60%, indicating improved capital strength [2][3]. - The total capital adequacy ratio reached 12.54%, reflecting a stable capital position [5][7]. Asset Quality - The non-performing loan ratio remained stable at 1.44%, with a provision coverage ratio of 177.50% [5][7]. - The new non-performing loan generation rate increased to 1.42%, indicating some pressure on asset quality [2][3]. Profitability Forecast - The company expects net profit growth rates of 8.8% and 10.0% for 2024 and 2025, respectively, with corresponding EPS of 0.53 CNY and 0.59 CNY [2][3]. - The current price corresponds to a PE ratio of 5.54X for 2024 and 4.98X for 2025, suggesting attractive valuation levels [2][3].

会议形式：网络视频直播；受邀和报名参会的投资人、分析师 及新闻媒体现场参会。 行内参会人员：董事长陆建强，行长张荣森，独立董事傅廷美， 副行长骆峰，行长助理兼首席风险官潘华枫，行长助理（拟任） 侯波及计划财务部总经理等。 外部参会人员：投资者、分析师、新闻媒体记者、社会公众 记录人：浙商银行董事会办公室 提问一（人民日报广东分社记者）：中央提出金融机构要平衡好 功能性和非营利性关系，坚持功能性是第一位的，浙商银行如何看待这 个问题？董事长刚刚讲到了"善本金融"，浙商银行在行业里率先创新 实践"善本金融"是基于怎样的考虑？有哪些推进举措和成效？ 浙商银行董事长陆建强：非常感谢您的关注和提问，特别 是对浙商银行在业内提出"善本金融"这个理念的关注。中央 金融工作会议和省部级主要领导金融专题班上，总书记的两次 讲话，把中国金融理论推到了新的高度，尤其是"八个坚持"， 为中国特色的金融发展之路定了调，也是现在金融创新的基本 遵循。浙商银行提出"善本金融"也正是贯彻中央金融工作会 1 浙商银行2023年度业绩说明会问答实录 （根据录音整理） 会议时间：2024年4月17日15:30-17:30 议，更多地从社会价值视角 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company achieved a revenue of 18.4 billion yuan in Q1 2024, representing a year-on-year growth of 16.6%, which is an increase of 12.3 percentage points compared to the full year of 2023 [1] - The net profit attributable to shareholders for Q1 2024 was 5.9 billion yuan, a year-on-year increase of 5.1%, but a decline of 5.4 percentage points compared to the full year of 2023, primarily due to a 38.1% increase in asset impairment losses [1] - The annualized weighted average ROE was 14.39%, down 1.6 percentage points year-on-year [1] - The company’s net interest income grew by only 0.6% year-on-year, while other non-interest income saw a significant increase of 63.34% [1] - The company’s total assets reached 3.16 trillion yuan, with total loans of 1.77 trillion yuan and total deposits of 1.89 trillion yuan, reflecting growth of 0.57%, 3.10%, and 1.26% respectively since the beginning of the year [1] - The net interest margin for Q1 was 1.84%, a decrease of 26 basis points year-on-year, and a decline of 17 basis points compared to the full year of 2023 [1] - The non-performing loan ratio remained stable at 1.44% at the end of the period, unchanged from the beginning of the year [1] - The company has increased its provisions for non-credit assets to solidify asset quality [1] - The forecast for net profit attributable to shareholders for 2024-2026 is 16.4 billion, 18.2 billion, and 20.2 billion yuan respectively, with corresponding year-on-year growth rates of 9.3%, 10.7%, and 10.8% [1][2] - The current stock price corresponds to a PE ratio of 4.8, 4.3, and 3.9 for 2024-2026, and a PB ratio of 0.44, 0.41, and 0.38 for the same periods [1][2]

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 浙商银行（601916） 营收超预期增＃t长itle＃ ， 扩表放缓 ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） ——浙商银行 2024年一季报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 5月 1日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 ＃summary＃ ⚫ 营收超预期高增长，主要系投资收益贡献。2024Q1营收同比+16.6%，归 评 报 母净利润同比+5.1%，营收超预期高增长主要系投资收益驱动。收入方面， 告 ①利息净收入同比+0.6%，其中贷款增速放缓至11%，息差同比下行。② ＃分em析a师ilA：ut hor＃ 手续费收入同比-3.4%。②其他非息收入同比+67%，占比总营收由18%左 ＃陈a绍ss兴Au thor＃ 右大幅上行至28%，主要是投资收益贡献。2024Q1实现投资收益+公允价 SAC：S0190517070003 值变动损益45亿元，去年同期为18亿元。成本方面，成本收入比下行至 ...

公 银行 司 2024年 4月 30日 报 浙商银行(601916.SH) 告 营收表现亮眼，息差凸显韧性 推荐（维持） 事项： 浙商银行发布2024年一季报，一季度实现营业收入184亿元，同比增长16.6%， 股价：2.94 元 实现归母净利润59亿元，同比增长5.1%。年化加权平均ROE为14.39%。截 至2024年1季度末，公司总资产达到3.16万亿元，较年初增长0.57%，其中 公 主要数据 贷款规模较年初增长3.10%，存款规模较年初增长1.26%。 司 行业 银行 平安观点： 季 公司网址 www.czbank.com 大股东/持股 香港中央结算(代理人)有限公司  营收表现亮眼，盈利增速小幅放缓。公司1季度归母净利润同比增长5.1% 报 /21.55% （+10.5%，23A），拨备计提力度的抬升是导致增速水平下滑的重要原因， 点 实际控制人 1 季度信用减值损失同比增长 38.1%（-5.6%，23A）。值得注意的是，1 总股本(百万股) 27,465 评 流通A股(百万股) 21,544 季度营收增速较23年全年大幅抬升12.4个百分点至16.6%，其他非息收 流通B/H股(百万股) 5 ...

Financial Performance - Operating income for Q1 2024 was RMB 18,414 million, representing a year-on-year growth of 16.60% from RMB 15,792 million in Q1 2023[5] - Net profit attributable to shareholders for Q1 2024 was RMB 5,913 million, up 5.12% from RMB 5,625 million in the same period last year[5] - The total comprehensive income for Q1 2024 was RMB 6,295 million, an increase of 22.9% compared to RMB 5,123 million in Q1 2023[22] - The net profit attributable to shareholders for Q1 2024 was RMB 6,181 million, up from RMB 5,010 million in Q1 2023, reflecting a growth of 23.3%[22] - Basic and diluted earnings per share for Q1 2024 were both RMB 0.22, a decrease from RMB 0.25 in Q1 2023[22] Asset and Liability Management - Total assets as of March 31, 2024, reached RMB 3,161,691 million, an increase of 0.57% compared to the end of 2023[4] - Total liabilities amounted to RMB 2,965,819 million as of March 31, 2024, compared to RMB 2,954,302 million at the end of 2023[24] - The bank's total equity attributable to shareholders rose to RMB 192,425 million as of March 31, 2024, compared to RMB 186,245 million at the end of 2023[24] Cash Flow Analysis - The net cash flow used in operating activities for Q1 2024 was RMB (90,099) million, a significant increase of 136.97% compared to RMB (38,022) million in Q1 2023[5] - Cash flow from operating activities showed a positive trend with net cash flow reflecting improved operational efficiency[29] - Cash flow from financing activities decreased to $39,210 in 2024 from $50,099 in 2023, a decline of about 21.8%[29] Capital Adequacy and Ratios - The core tier 1 capital adequacy ratio as of March 31, 2024, was 8.60%, an increase from 8.22% at the end of 2023[6] - The capital adequacy ratio improved to 12.54%, an increase of 0.35 percentage points from the end of the previous year[15] Loan and Interest Management - The total loans and advances as of March 31, 2024, amounted to RMB 1,769,460 million, reflecting a growth of 3.10% from RMB 1,716,240 million at the end of 2023[4] - The net interest margin was 1.84%, a decrease of 0.26 percentage points year-on-year[15] - Interest income received increased to $22,488 in 2024 from $21,120 in 2023, reflecting a growth of about 6.5%[29] Non-Interest Income - The non-interest income as a percentage of operating income increased to 35.82%, up by 10.20 percentage points from 25.62% in Q1 2023[5] - Non-interest income reached RMB 6.60 billion, a significant increase of RMB 2.55 billion, or 63.03% year-on-year, accounting for 35.82% of total operating income[15] Investment and Cash Management - The bank's cash and deposits with the central bank decreased to RMB 145,735 million from RMB 164,723 million[23] - The bank's financial investments measured at fair value through other comprehensive income were RMB 287,028 million, down from RMB 304,185 million at the end of 2023[23] - Cash received from the recovery of investments rose to $750,257 in 2024 compared to $653,018 in 2023, marking an increase of approximately 14.9%[29] Non-Performing Loans - The non-performing loan balance was RMB 25.32 billion, an increase of RMB 0.73 billion, or 2.96% compared to the end of the previous year[15] - The provision for expected credit losses increased to RMB 5,379 million in Q1 2024 from RMB 3,894 million in Q1 2023[27]

Financial Performance - Operating income for Q1 2024 was RMB 18,407 million, representing a year-on-year growth of 16.65%[4] - Net profit attributable to shareholders was RMB 5,913 million, up 5.12% from the previous year[4] - The bank's diluted earnings per share for Q1 2024 was RMB 0.22, a decrease of 12.00% from RMB 0.25 in Q1 2023[4] - The total comprehensive income for the group in Q1 2024 was RMB 6,295 million, compared to RMB 5,123 million in Q1 2023, representing a growth of 22.9%[29] - The net profit attributable to shareholders of the bank for Q1 2024 was RMB 5,913 million, compared to RMB 5,625 million in Q1 2023, indicating an increase of 5.1%[26] Asset and Liability Management - Total assets reached RMB 3,161,691 million, an increase of 0.57% compared to the end of 2023[4] - The total liabilities reached RMB 2,965,819 million, an increase of 0.39% compared to the end of 2023[4] - The total amount of loans and advances issued was RMB 1,726.37 billion, an increase of RMB 53.09 billion or 3.10% compared to the end of the previous year[13] - The total loans and advances amounted to RMB 1,769,460 million, reflecting a growth of 3.10% from the previous year[4] - As of March 31, 2024, total liabilities for the group reached RMB 2,965,819 million, an increase from RMB 2,954,302 million as of December 31, 2023, representing a growth of 0.04%[20] Income Composition - Non-interest income accounted for 35.80% of total operating income, an increase of 10.24 percentage points year-on-year[4] - The non-interest income reached RMB 65.89 billion, an increase of RMB 25.55 billion or 63.34% year-on-year, accounting for 35.80% of total revenue[13] - The net interest income was RMB 118.18 billion, a slight increase of RMB 0.72 billion or 0.61% year-on-year[13] - Net interest income for the group in Q1 2024 was RMB 11,818 million, compared to RMB 11,746 million in Q1 2023, reflecting an increase of 0.61%[24] Cash Flow Analysis - The net cash flow from operating activities was RMB (90,099) million, a significant decline of 136.97% compared to RMB (38,022) million in Q1 2023[4] - The cash inflow from financing activities was RMB 140,859 million, down from RMB 272,337 million in the first quarter of 2023[38] - The net cash inflow from operating activities for the group was RMB 74,930 million, a decrease from RMB 136,877 million in the same period of 2023[31] - The cash inflow from financing activities was RMB 140,859 million, down from RMB 272,337 million in the first quarter of 2023[38] - The total cash and cash equivalents at the end of the period was RMB 174,148 million, an increase from RMB 74,351 million in the same period of 2023[38] Capital Adequacy and Ratios - The core Tier 1 capital adequacy ratio stood at 8.60%, an increase from 8.22% at the end of 2023[6] - The capital adequacy ratio increased to 12.54%, up by 0.35 percentage points from the end of the previous year[13] - The liquidity coverage ratio was 147.07%, down from 166.61% at the end of 2023[8] Non-Performing Loans - The non-performing loan balance was RMB 25.32 billion, an increase of RMB 0.73 billion or 2.96% compared to the end of the previous year[13] - The non-performing loan ratio remained stable at 1.44%, unchanged from the end of the previous year[13] Equity and Shareholder Information - The bank's total equity as of March 31, 2024, was RMB 195,872 million, an increase from RMB 189,577 million as of December 31, 2023, reflecting a growth of 3.4%[22] - The bank's provision for credit losses was RMB 5,379 million in Q1 2024, compared to RMB 5,030 million in Q1 2023, reflecting an increase of 6.9%[26]

( 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 年度報告 2023 重要提示 本公司董事會、監事會及董事、監事和高級管理人員保證年度報告內容的真實、準確、 完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 本公司第六屆董事會第十二次會議於2024年3月28日審議通過了《浙商銀行股份有限公 司2023年度報告及摘要》。本公司實有董事14名，親自出席的董事12名，張榮森先生委 託陸建強先生出席會議，高勤紅女士委託胡天高先生出席會議，出席人數符合《中華人民 共和國公司法》和本公司章程的規定。本公司6名監事列席了本次會議。 本公司審計師畢馬威華振會計師事務所（特殊普通合夥）和畢馬威會計師事務所已分別對 本公司按照中國會計準則和國際財務報告準則編製的2023年度財務報告進行了審計，並 分別出具了標準無保留意見的審計報告。 本報告除特別說明外，金額幣種為人民幣。本報告所載若干金額及百分比數字已作四捨 五入調整。任何表格中總數與金額總和間的差異均由於四捨五入所致。 本公司董事會建議派發2023年度現金股息，每10股分配現金股息人民幣1. ...

Financial Performance - The total assets of the company exceeded RMB 3 trillion, marking a significant milestone[5] - Revenue growth has been the highest among joint-stock banks for 10 consecutive quarters[5] - Net profit returned to double-digit growth, indicating strong financial performance[5] - The bank achieved a revenue growth rate that has been the highest among national joint-stock banks for 10 consecutive quarters[10] - Zhejiang Zheshang Bank reported operating income of CNY 63.764 billion, an increase of 4.27% year-on-year[19] - Net profit attributable to shareholders reached CNY 15.048 billion, growing by 10.50% compared to the previous year[19] - Total assets amounted to CNY 3.14 trillion, reflecting a year-on-year growth of 19.91%[19] - The average return on equity for 2023 was 9.42%, an increase from 9.02% in 2022[38] - The bank's total liabilities reached RMB 2,954,302 million, up from RMB 2,456,000 million in 2022[38] - The total equity attributable to shareholders was RMB 186.245 billion, an increase of 14.31% from the previous year[81] Asset Quality - The non-performing loan ratio and provision coverage ratio have shown a trend of "one decrease and one increase" for two consecutive years[5] - The non-performing loan ratio decreased to 1.44%, with a provision coverage ratio of 182.60%, indicating improved asset quality[10] - The non-performing loan ratio stood at 1.44%, with a provision coverage ratio of 182.60%[19] - The non-performing loan ratio improved slightly to 1.44% in 2023 from 1.47% in 2022[38] - The non-performing loan ratio for 2023 was reported at 1.44%, while the provision coverage ratio stood at 182.60%[37] Strategic Focus - 56% of the annual credit increment was directed towards small and diversified assets, highlighting a strategic focus on risk management[6] - The bank's new financial strategies focus on digitalization and scenario-based financial services, aiming for comprehensive development[11] - The bank plans to deepen investments in small, dispersed assets and weak-cycle industries to ensure stable long-term growth[10] - The company aims to leverage its comprehensive operational advantages to promote internationalization and high-quality development in 2024, marking its 20th anniversary[13] - The company aims to establish a customer base that provides stable and sustainable income, focusing on small, medium, and micro clients[27] Revenue Composition - Non-interest income contributed over 80% of the revenue growth, showcasing the effectiveness of the company's diversified income strategy[6] - The revenue from economically weak sensitive assets accounted for over 33%, an increase of nearly 9 percentage points[10] - The revenue from economically cycle-insensitive assets reached CNY 20.285 billion, accounting for 33.02% of the total revenue[26] - The total amount of loans and advances was CNY 17.2 trillion, up 12.54% from the end of the previous year[19] - The non-interest income reached RMB 16.236 billion, an increase of RMB 2.146 billion or 15.23% year-on-year[46] Digital Transformation - The bank aims to implement a digital transformation strategy and develop five major business segments: retail, corporate, investment banking, asset management, and cross-border services[22][24] - The company focused on enhancing customer engagement through digital channels, contributing to the growth in deposit and loan balances[57] - The company has strengthened its digital infrastructure and technology innovation, advancing digital transformation initiatives[126] - The company established a digital operation demonstration point in collaboration with Huawei to promote technological application innovation[151] - The company's digital transformation efforts have led to improved operational efficiency and enhanced security measures[148] Risk Management - The company maintains a prudent and stable risk preference, focusing on small and diversified credit principles to support the real economy[100] - The company emphasizes a comprehensive risk management framework, with the board responsible for overall risk management and the senior management executing it through various committees[101] - Credit risk management aims to control credit risk within acceptable limits, maximizing comprehensive benefits measured in local currency[102] - The company continuously adjusts credit policies based on external and internal economic conditions, focusing on "weak sensitivity assets" to enhance competitiveness in key regions[103] - The company has established a comprehensive market risk management system, utilizing methods such as duration analysis and Value at Risk (VaR) measurement to control market risk[110] Corporate Governance - The company is committed to improving its governance quality by integrating party leadership into its governance processes[170] - The board consists of 14 members, including 4 executive directors, 5 non-executive directors, and 5 independent non-executive directors, ensuring compliance with Hong Kong Listing Rules[173] - The board's diversity policy emphasizes gender, age, cultural background, professional experience, and educational qualifications, with 2 female directors and 12 holding postgraduate degrees[174] - The board is responsible for risk management and internal control systems, with annual reviews to ensure effectiveness[175] - The company has established mechanisms to ensure independent opinions are heard, including annual assessments of independent directors' independence[176] Customer Engagement - The total number of retail customers reached 26.78 million, an increase of 34.26% compared to the beginning of the year[128] - The balance of personal deposits amounted to 269.52 billion yuan, reflecting a growth of 26.24% year-to-date, with an average interest rate of 2.47%, down 7 basis points from the beginning of the year[128] - The company has focused on enhancing customer value through a tiered retail customer management system, achieving recognition in the retail banking sector[128] - The company has actively expanded its personal customer base, optimizing the structure of personal deposits to lower funding costs[128] - The number of personal online banking certificate customers increased to 1.7141 million, a growth of 4.22% compared to the beginning of the year[155] Awards and Recognition - The company received multiple awards, including ranking 87th in the "2023 Global Bank 1000" and maintaining a dual "investment grade" rating from S&P and Moody's[34] - The company received 72 honors, including awards for digital reform applications and financial technology innovation[153] - The company’s new mixed wealth management product series won multiple awards, including the "Gold Award for Outstanding Mixed Bank Wealth Management Products"[145] - The company received multiple awards, including "Core Dealer in the Domestic Currency Market" and "Best RMB Foreign Exchange Attempt Market Maker" during the reporting period[140] - The company was recognized as an excellent practice case by the China Listed Companies Association for its board governance[170]