证券研究报告 | 2026年01月24日 杭州银行（600926.SH）2025 年业绩快报点评 优于大市 高成长延续，资产质量优质 净利润实现延续两位数高增。公司披露 2025 年业绩快报，2025 年全年实现 营收 387.99 亿元，同比增长 1.1%，较前三季度增速小幅回落 0.3 个百分点。 实现归母净利润 190.30 亿元，同比增长 12.1%，较前三季度增速回落 2.5 个 百分点。 净利息收入增速亮眼，其他非息收入下降拖累营收。2025 年净利息收入同比 增长 12.8%，较前三季度增速提升 2.9 个百分点，表现亮眼，一是公司规模 维持高增，二是净息差企稳。全年非息收入同比下降 19.5%，较前三季度降 幅扩大了 5.5 个百分点，主要受其他非息收入同比大幅下降拖累。其中，手 续费及佣金净收入同比增长 13.1%，较前三季度增速提升了 0.5 个百分点； 其他非息收入同比下降 31%，较前三季度降幅扩大了 6 个百分点。我们判断 主要是今年债市波动较大导致交易账户公允价值出现明显亏损，另外，公司 在净利息收入实现较好增长下兑付存量债券收益的动力下降，因此在 2024 年高基数下出现大幅下降 ...

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank with a target price raised to 17.90 CNY [2][6]. Core Insights - Hangzhou Bank's performance in 2025 continues to show high growth, with non-performing loan indicators improving beyond expectations, positioning the bank at the top of the industry in terms of safety and growth [2]. - The bank's net profit growth forecast for 2025-2027 is set at 12.4%, 11.2%, and 10.7% respectively, reflecting a strong growth trajectory [12]. Financial Summary - **Revenue and Profit Forecasts**: - 2023A Revenue: 35,016 million CNY, 2024A: 38,381 million CNY, 2025E: 38,830 million CNY, with a growth rate of 6.3% in 2023A and 9.6% in 2024A [4]. - 2023A Net Profit: 14,383 million CNY, 2024A: 16,983 million CNY, 2025E: 19,089 million CNY, showing a growth of 23.2% in 2023A and 18.1% in 2024A [4]. - **Asset Quality**: - As of Q4 2025, the non-performing loan ratio is 0.76%, and the provision coverage ratio is 502.24%, indicating stable asset quality [12]. - The bank's overdue loans within 90 days and over 90 days have decreased, reflecting improved asset quality management [12]. - **Capital Adequacy**: - The core Tier 1 capital adequacy ratio stands at 8.85%, indicating a strong capital position [8]. Investment Strategy - The report emphasizes the bank's focus on regional growth, leveraging its strengths in government and corporate banking, while also enhancing services for small and micro enterprises and technology innovation [12]. - The bank's strategy includes developing six new branches in different regions to create long-term growth potential [12].

规模维度上，截至2025年末，杭州银行总资产达23,649.02亿元，较2024年末增长11.96%；贷款总额 10,718.76亿元、存款总额14,405.79亿元，分别较2024年末增长14.33%、13.20%，存贷主业规模稳步扩 容；子公司杭银理财发展势头强劲，存续理财产品规模突破6,000亿元，较2024年末增长39%，财富管 理板块增长动能凸显。 杭州银行业务规模实现稳健增长，实体服务质效同步提升。公司深耕金融"五篇大文章"，各业务条线精 准发力、多点突破：公司金融聚焦九大客群，坚定服务实体经济发展，制造业、科技、绿色贷款余额较 2024年末分别增长22.25%、23.44%、22.75%，重点领域信贷投放力度持续加大；零售金融深耕客群精 细化经营，持续完善产品体系与渠道建设，零售客户总资产（AUM）较2024年末增长15.73%，客户价 值稳步提升；小微金融深化"两个延伸"战略，加大普惠金融支持力度，普惠型小微企业贷款余额较2024 年末增长17.06%，普惠服务覆盖面持续拓宽。 "十五五"时期是金融强国建设纵深推进的战略机遇期，金融服务实体经济、深化金融改革、防范化解金 融风险的核心导向更加明 ...

Investment Rating - The investment rating for Hangzhou Bank is "Outperform the Market" [5] Core Views - The company continues to demonstrate high growth, with a net profit increase of 12.1% year-on-year, reaching 19.03 billion yuan in 2025 [1][2] - Net interest income showed a strong growth of 12.8%, while non-interest income declined by 19.5%, primarily due to significant losses in trading accounts [1][2] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 502% [2] Financial Performance Summary - In 2025, the total revenue was 38.799 billion yuan, a year-on-year increase of 1.1% [1] - The total assets reached 2.36 trillion yuan, with loans and deposits growing by 14.3% and 13.2% respectively [2] - The forecast for net profit in 2026 and 2027 has been adjusted to 21.3 billion yuan and 24.1 billion yuan, reflecting a growth rate of 12.0% and 13.2% respectively [2][4] Financial Metrics - The diluted earnings per share (EPS) for 2025 is projected at 3.03 yuan, with a price-to-book (PB) ratio of 0.90 [4][9] - The bank's return on equity (ROE) is expected to be 15.6% in 2025, with a return on assets (ROA) of 0.85% [9] - The dividend payout ratio is projected to increase, with a dividend per share (DPS) of 0.77 yuan in 2025 [9]

城商行Ⅱ | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：戴志锋 | | 营业收入（百万元） | 35010 | 38375 | 39068 | 40875 | 44132 | | 执业证书编号：S0740517030004 | | 增长率 yoy% | 6.33% | 9.61% | 1.81% | 4.63% | 7.97% | | Email：daizf@zts.com.cn | | 归母净利润（百万元） | 14383 | 16983 | 19010 | 20984 | 23020 | | 分析师：邓美君 | | 增长率 yoy% | 23.15% | 18.08% | 11.93% | 10.39% | 9.70% | | | | 每股收益（元） | 2.36 | 2.74 | 2.62 | 2.89 | 3.18 | | 执业证书编号：S0740519050 ...

Core Viewpoint - The first batch of 2025 performance reports from listed banks indicates significant improvement in performance metrics, with asset quality remaining stable [1][2]. Group 1: Performance Highlights - As of January 23, 2025, eight listed banks have released performance reports, with all achieving positive growth in net profit [2]. - Notably, the net profit of China Merchants Bank reached 150.18 billion yuan, showing a slight year-on-year increase, while Hangzhou Bank's net profit grew approximately 12% [1][2]. - Among the eight banks, the majority reported a slowdown in revenue growth, with only CITIC Bank experiencing a slight revenue decline of 0.55% [2]. Group 2: Asset Quality and Loan Performance - All eight listed banks demonstrated steady asset expansion, with smaller banks leading in growth rates [1][4]. - The non-performing loan (NPL) ratio remained favorable, with five banks maintaining NPL ratios below 1% [6][8]. - The NPL ratio for several banks improved, with Shanghai Pudong Development Bank showing the largest decline of 10 basis points to 1.26% [6][8]. Group 3: Provisioning and Coverage Ratios - Many banks increased their provisioning efforts, although the provision coverage ratios generally declined, indicating a strategy to use provisions to support profits [6][9]. - Among the eight banks, seven experienced a decrease in provision coverage ratios, with declines ranging from 5.82 to 58.77 percentage points [9][10]. Group 4: Future Outlook - Analysts predict that the net interest margin (NIM) for banks in 2026 will benefit from monetary policy, with a stabilization in the decline of NIM expected [1][10]. - Revenue and net profit growth for banks in 2026 is anticipated to improve, driven by NIM recovery and reduced credit costs [10][11]. - The banking sector is expected to maintain a stable dividend profile and benefit from economic recovery dynamics in 2026 [11].

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 本公告所载2025年度主要财务数据为初步核算的合并报表数据，未经会计师事务所审计，具体数据以杭 州银行股份有限公司（以下简称"公司"）2025年年度报告中披露的数据为准，提请投资者注意投资风 险。 一、2025年度主要财务数据和指标 单位：人民币亿元 ■ 三、风险提示 注：1、基本每股收益和加权平均净资产收益率根据《公开发行证券的公司信息披露编报规则第9号一一 净资产收益率和每股收益的计算及披露》（2010年修订）计算。 2、非经常性损益根据中国证券监督管理委员会公告〔2023〕65号《公开发行证券的公司信息披露解释 性公告第1号一一非经常性损益》的定义计算。 3、2025年1月，公司按照无固定期限资本债券（以下简称"永续债"）票面利率4.10%计算，向"20杭州银 行永续债"债券持有者支付利息人民币2.87亿元（含税）；2025年6月，公司按照票面利率2.41%计算， 向"24杭州银行永续债01"债券持有者支付利息人民币2.41 ...

Investment Rating - The investment rating for Hangzhou Bank is "Buy" (maintained) [8] Core Insights - Hangzhou Bank's 2025 performance report indicates that operating revenue and net profit attributable to shareholders increased by 1.1% and 12.1% year-on-year, respectively, with growth rates slowing by 0.3 percentage points and 2.5 percentage points compared to the first three quarters of 2025 [2][3] - The bank's core revenue structure is better than expected, with both net interest income and non-interest income growth rates improving compared to the previous quarters [2] - The bank's loan growth rate reached 14.3% year-on-year by the end of Q4 2025, benefiting from an aggressive lending strategy [3] - The non-performing loan ratio remained stable at 0.76% at the end of Q4 2025, with a provision coverage ratio of 502%, indicating a high level of provisions relative to non-performing loans [4] Financial Performance Summary - For 2025, Hangzhou Bank's operating revenue is projected to be 38,799 million yuan, with a year-on-year growth of 1.09%, while net profit attributable to shareholders is expected to reach 19,028 million yuan, reflecting a growth of 12.05% [7] - The bank's net interest income is forecasted to grow by 12.82% in 2025, while non-interest income is expected to decline by 19.52% [12] - The estimated book value per share (BPS) for 2025 is 18.38 yuan, with a target price of 19.09 yuan per share, indicating a potential upside of 25% [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600926 证券简称：杭州银行 公告编号：2026-002 杭州银行股份有限公司2025年度业绩快报公告 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。 本公告所载2025年度主要财务数据为初步核算的合并报表数据，未经会计师事务所审计，具体数据以杭 州银行股份有限公司（以下简称"公司"）2025年年度报告中披露的数据为准，提请投资者注意投资风 险。 3、2025年1月，公司按照无固定期限资本债券（以下简称"永续债"）票面利率4.10%计算，向"20杭州银 行永续债"债券持有者支付利息人民币2.87亿元（含税）；2025年6月，公司按照票面利率2.41%计算， 向"24杭州银行永续债01"债券持有者支付利息人民币2.41亿元（含税）；2025年12月，公司按照杭银优 1票面股息率4.00%计算，对全体杭银优1股东合计发放现金股息人民币4.00亿元（含税）。在计算本业 绩快报披露的基本每股收益和加权平均净资产收益率时，公司考虑了相应的永续债利息和优先股股息。 4、上表" ...

Investment Rating - The investment rating for Hangzhou Bank is maintained as "Buy" [8] Core Insights - Hangzhou Bank's 2025 performance report indicates that operating revenue and net profit attributable to shareholders increased by 1.1% and 12.1% year-on-year, respectively, with growth rates slowing by 0.3 percentage points and 2.5 percentage points compared to the first three quarters of 2025 [2][3] - The bank's core revenue structure is better than expected, with both net interest income and non-interest income growth rates improving compared to the previous quarters [2] - The bank's loan growth rate as of the end of Q4 2025 was 14.3%, reflecting a 1.7 percentage point increase quarter-on-quarter, attributed to an aggressive lending strategy [3] Financial Performance Summary - For 2025, Hangzhou Bank's net interest income grew by 12.8% year-on-year, with a net interest margin of 1.23%, up by 2 basis points from the previous quarters [2] - Non-interest income saw a decline of 31% year-on-year, with the decrease attributed to market fluctuations [2] - The bank's total loans are projected to continue double-digit growth in 2026, supported by strong loan issuance capabilities [3] - The non-performing loan ratio remained stable at 0.76% as of Q4 2025, with a provision coverage ratio of 502%, indicating a solid risk management position [4] Earnings Forecast and Valuation - The forecast for net profit growth for Hangzhou Bank is 12.05% for 2025, 11.33% for 2026, and 10.40% for 2027, with corresponding book values per share (BPS) of 18.38, 20.96, and 23.40 yuan [5] - The target price is set at 19.09 yuan per share, corresponding to a target valuation of 0.91 times price-to-book (PB) for 2026, indicating a potential upside of 25% from the current price [5]