Investment Rating - The report maintains a "Recommend" rating for the banking industry in Zhejiang Province, highlighting its strong potential due to the active private economy and favorable financial environment [2]. Core Insights - The banking sector in Zhejiang, particularly Hangzhou Bank, is positioned as a high-potential financial partner, benefiting from the region's economic vitality and robust growth in various financial services [3][8]. - The report emphasizes the resilience of Zhejiang's economy, with a GDP growth rate consistently above the national average, despite challenges such as trade friction [9][20]. - The analysis identifies several unlisted banks in Zhejiang as potential investment opportunities, focusing on their profitability, growth potential, and asset quality [8][9]. Summary by Sections 1. Overview of Zhejiang's Private Economy - Zhejiang's private economy reached 6.1 trillion yuan in 2024, accounting for 67.4% of the province's GDP, contributing over 70% of tax revenue and 80% of imports and exports [13][20]. - The province has a strong entrepreneurial culture, with a historical reliance on private economic forces due to limited state support [19][20]. 2. Economic Structure - The primary industries in Zhejiang are wholesale and retail, and manufacturing, with the service sector contributing approximately 60% to the GDP [26][30]. - The province's export dependency is significant, with over 40% of GDP derived from exports, and a notable reliance on the U.S. market [35][39]. 3. Banking Sector Characteristics - Zhejiang has a diverse banking landscape with 168 legal entities, including 13 city commercial banks and 82 rural commercial banks, primarily serving small and medium-sized enterprises [56][57]. - The report highlights the strong profitability and asset quality of listed city commercial banks like Hangzhou Bank and Ningbo Bank, which focus on different customer segments [57][59]. 4. Hidden Gems in Banking - The report identifies six unlisted city commercial banks and 25 rural commercial banks in Zhejiang with strong ROE and low non-performing loan ratios as potential investment targets [8][9][56]. 5. Investment Recommendations - Investors are encouraged to focus on the high-growth potential of banks in Zhejiang, particularly listed banks that may be undervalued, as well as exploring opportunities in unlisted banks [8][9].

Core Viewpoint - Hangzhou Bank reported a total asset of 2,295.424 billion yuan as of September 30, 2025, representing an 8.67% increase from the end of the previous year, ranking seventh among city commercial banks [1] - The bank achieved a revenue of 28.88 billion yuan and a net profit of 15.885 billion yuan for the first three quarters, with year-on-year growth of 1.35% and 14.53% respectively [1] Financial Performance - Total assets reached 2,295.424 billion yuan, up 8.67% year-on-year [1] - Revenue for the first three quarters was 28.88 billion yuan, a 1.35% increase [1] - Net profit was 15.885 billion yuan, reflecting a 14.53% growth [1] - Retail customer total assets (AUM) increased to 674.357 billion yuan, up 11.98% from the previous year [15] - Personal savings deposits rose to 347.353 billion yuan, an increase of 15.84% [15] - The balance of various wealth management products reached 557.458 billion yuan, growing by 27.10% [15] Organizational Changes - The bank's board approved the restructuring of several departments, including the dissolution of the Electronic Banking Department, Asset Management Department, and Institutional Management Department [1] - A new Wealth Management Department was established, with its head already appointed [11] - Recent personnel changes included the retirement of several senior executives, including the General Manager of the Audit Department [3][7] Wealth Management Strategy - The bank is focusing on wealth management as a second growth curve, targeting key customer segments such as corporate owners and families [15] - The "Happiness Golden Osmanthus" wealth brand was enhanced to improve customer asset management [15] - Retail financial loans reached 148.314 billion yuan, with a non-performing loan ratio of 0.48% [15][16] Innovation in Financial Services - The establishment of the Science and Technology Financial Business Headquarters aims to enhance the management of science and technology finance [9] - As of June 30, 2025, the balance of technology loans was 115.180 billion yuan, with a private equity fund custody scale of 188.931 billion yuan [9]

Core Viewpoint - The city commercial bank sector experienced a decline of 0.62% on November 28, with Shanghai Bank leading the drop, while the overall stock market showed slight gains [1][2]. Market Performance - The Shanghai Composite Index closed at 3888.6, up 0.34% - The Shenzhen Component Index closed at 12984.08, up 0.85% [1]. Individual Stock Performance - Chongqing Bank: Closed at 11.20, up 0.72%, with a trading volume of 84,100 shares and a turnover of 94.08 million yuan - Xiamen Bank: Closed at 7.15, up 0.56%, with a trading volume of 156,600 shares and a turnover of 112 million yuan - Hangzhou Bank: Closed at 15.59, up 0.13%, with a trading volume of 295,600 shares and a turnover of 461 million yuan - Zhengzhou Bank: Closed at 2.00, unchanged, with a trading volume of 667,700 shares and a turnover of 13.3 million yuan - Nanjing Bank: Closed at 11.57, down 0.09%, with a trading volume of 333,200 shares and a turnover of 38.6 million yuan - Qingdao Bank: Closed at 4.84, down 0.41%, with a trading volume of 332,000 shares and a turnover of 16 million yuan - Changsha Bank: Closed at 9.64, down 0.41%, with a trading volume of 124,200 shares and a turnover of 12 million yuan - Lanzhou Bank: Closed at 2.36, down 0.42%, with a trading volume of 408,600 shares and a turnover of 96.46 million yuan - Xi'an Bank: Closed at 3.83, down 0.52%, with a trading volume of 182,100 shares and a turnover of 6.97 million yuan - Ningbo Bank: Closed at 28.37, down 0.56%, with a trading volume of 195,600 shares and a turnover of 557 million yuan [1][2]. Capital Flow Analysis - The city commercial bank sector saw a net outflow of 379 million yuan from institutional investors, while retail investors contributed a net inflow of 86.74 million yuan [2][3]. - The following stocks had notable capital flows: - Hangzhou Bank: Net inflow of 9.48 million yuan from institutional investors - Qilu Bank: Net inflow of 6.55 million yuan from institutional investors - Suzhou Bank: Net inflow of 6.07 million yuan from institutional investors - Qingdao Bank: Net inflow of 3.22 million yuan from institutional investors - Lanzhou Bank: Net inflow of 2.34 million yuan from institutional investors - Zhengzhou Bank: Net outflow of 0.96 million yuan from institutional investors - Guizhou Bank: Net outflow of 1.41 million yuan from institutional investors - Xi'an Bank: Net outflow of 2.69 million yuan from institutional investors - Nanjing Bank: Net outflow of 9.30 million yuan from institutional investors - Chongqing Bank: Net outflow of 9.87 million yuan from institutional investors [3].

南财智讯11月28日电，华正新材公告，公司为支持全资子公司杭州华正新材料有限公司的经营发展，于 2025年11月27日与杭州银行股份有限公司余杭支行签订《最高额保证合同》，为其办理的最高债权额为 12,870.00万元人民币的授信业务提供连带责任保证，担保期限为主合同项下每一笔具体融资业务的保证 期限单独计算，自具体融资合同约定的债务人履行期限届满之日起三年。本次担保无反担保，且在公司 已审批的2025年度预计担保额度范围内，无需再次履行审议程序。截至公告日，公司及控股子公司对外 担保总额为380,600.00万元，占公司最近一期经审计净资产的261.53%。 ...

Core Viewpoint - The company successfully issued the "Hangzhou Bank Co., Ltd. 2025 Perpetual Capital Bonds (Second Phase)" in the national interbank bond market, with a total issuance size of RMB 10 billion [1] Group 1: Bond Issuance Details - The bond was recorded on November 25, 2025, and fully issued on November 27, 2025 [1] - The initial coupon rate for the first five years is set at 2.32%, with adjustments every five years thereafter [1] - The company has the right to redeem the bonds in whole or in part on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used to supplement the company's other Tier 1 capital, subject to applicable laws and regulatory approvals [1]

Core Viewpoint - Hangzhou Bank's Shenzhen branch has developed a comprehensive financial education initiative aimed at enhancing public financial literacy and consumer rights protection through innovative and interactive methods [4][5][11]. Group 1: Financial Education Initiatives - The Shenzhen branch has transitioned from a one-way financial knowledge dissemination model to a two-way interactive approach, significantly improving public financial literacy and creating a model known as "Hangyin Experience" [5]. - The branch has established a "Financial Promotion Community" by collaborating with local government, police, and media to enhance financial knowledge dissemination through various community activities [6][7]. Group 2: Innovative Educational Methods - The branch has implemented immersive educational environments, such as transforming subway stations into financial safety classrooms, reaching over 310,000 commuters daily [6]. - Interactive and gamified experiences, like "knocking down financial traps" bowling and "anti-fraud knowledge challenges," have been introduced to engage citizens and enhance retention of financial knowledge [7]. Group 3: Targeted Educational Programs - Customized solutions are provided for different demographic groups, including elderly care programs and youth financial literacy initiatives, addressing specific needs and knowledge gaps [8]. - Services for expatriates include bilingual financial guides and convenient currency exchange options, showcasing the branch's commitment to inclusivity and international service standards [8]. Group 4: Comprehensive Communication Strategy - A dual-channel communication network has been established, integrating online and offline platforms to ensure widespread access to financial education [9][10]. - The branch has created engaging online content, such as short videos explaining consumer rights, and established physical touchpoints in communities to facilitate easy access to financial information [10]. Group 5: Future Outlook - The Shenzhen branch aims to continue enhancing its financial consumer rights protection efforts, focusing on innovative and community-oriented educational methods to foster a harmonious financial ecosystem [11].

Group 1 - The banking sector is currently seen as a defensive investment, with several banks showing positive performance, such as Agricultural Bank rising over 2% [1] - The largest bank ETF (512800) has shown resilience, recovering from early losses and closing up 0.36%, indicating strong market interest [1][3] - The banking sector's price-to-book (PB) ratio is at 0.73, significantly lower than international peers, suggesting potential for valuation recovery [3] Group 2 - Institutional investors are increasingly favoring the banking sector, with insurance funds continuing to increase their holdings, indicating ongoing investment value [3] - The recent performance of the bank ETF (512800) reflects a growing interest, with a fund size increase to 206.15 billion, up 131.27 billion since the beginning of the year [5] - The bank ETF has seen a net inflow of 2.7 billion over the past two days, highlighting strong demand for banking sector investments [3]

Core Viewpoint - Hangzhou Bank has successfully issued the "2025 Perpetual Capital Bonds (Second Phase)" in the national interbank bond market, with a total issuance size of RMB 10 billion [1] Group 1: Bond Issuance Details - The bond was recorded on November 25, 2025, and completed issuance on November 27, 2025 [1] - The initial coupon rate for the first five years is set at 2.32%, with adjustments every five years thereafter [1] - The company has the right to redeem the bonds in whole or in part on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used to supplement Hangzhou Bank's other Tier 1 capital, subject to applicable laws and regulatory approvals [1]

Core Points - Hangzhou Bank has successfully issued the "Hangzhou Bank Co., Ltd. 2025 Perpetual Capital Bonds (Phase II)" in the national interbank bond market, with regulatory approval [1] - The bond issuance was completed on November 27, 2025, with a total scale of RMB 10 billion and an initial coupon rate of 2.32% for the first five years, which will be adjusted every five years [1] - The funds raised from this bond issuance will be used to supplement the bank's other Tier 1 capital, subject to applicable laws and regulatory approvals [1]

特此公告。 经相关监管机构批准，杭州银行股份有限公司（以下简称"公 司"）于近日在全国银行间债券市场成功发行"杭州银行股份有 限公司2025年无固定期限资本债券（第二期）"（以下简称"本 期债券"）。 本期债券于2025年11月25日簿记建档，并于2025年11月27日 发行完毕，发行规模为人民币100亿元，前5年票面利率为2.32%， 每5年调整一次，公司有权在第5年及之后的每个付息日全部或部 分赎回本期债券。 本期债券募集资金将依据适用法律和主管部门的批准用于 补充公司其他一级资本。 证券代码：600926 证券简称：杭州银行 公告编号：2025-084 优先股代码：360027 优先股简称：杭银优1 杭州银行股份有限公司 关于2025年无固定期限资本债券（第二期） 发行完毕的公告 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。 杭州银行股份有限公司董事会 2025年11月28日 1 ...