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]

证券日报网讯 1月23日，杭州银行发布公告称，公司2025年度实现营业收入387.99亿元，同比增长 1.09%；归属于上市公司股东的净利润190.30亿元，同比增长12.05%。 （文章来源：证券日报） ...

Group 1 - JunDa Co., Ltd. announced that the comprehensive cost-effectiveness of perovskite photovoltaic technology in extreme space environments remains to be verified [2][5] - The company has invested 30 million yuan to acquire a 16.67% stake in Starwing Chip Energy, but no formal business agreement has been signed for space photovoltaic projects [2][5] - The technology shows potential advantages in lightweight, low cost, and high radiation resistance, but long-term reliability and cost-effectiveness in space are still uncertain [2][5] Group 2 - Aotewei stated that the "space photovoltaic" sector is still in the early exploration and research phase, with significant uncertainties in the industrialization process [3] - The company emphasized that product development to commercial application requires a considerable period, and the impact of related positive expectations on actual operating performance is highly uncertain [3] Group 3 - Tongyu Communications announced its participation in the A1 round financing of Beijing Blue Arrow Hongqing Technology, investing 30 million yuan for a 1.8293% stake [3] - The company will transition from direct to indirect ownership of Hongqing Technology through a partnership agreement [3] Group 4 - Huajin Technology received approval from the China Securities Regulatory Commission for the issuance of H-shares, planning to issue up to 101,573,100 shares [4] - Trina Solar announced a change in the use of remaining raised funds, reallocating 1.7 billion yuan to a new project for distributed smart photovoltaic power station construction [4][5] Group 5 - Yunnan City Investment plans to publicly transfer a 10.5% stake in Qicai Company with a base price of 293 million yuan [6] - Zijin Mining announced the completion of the second phase of the Giant Dragon Copper Mine, increasing production capacity to 350,000 tons per day [6] Group 6 - Shuaifeng Electric expects a net profit loss of 43 million to 62 million yuan in 2025, with potential delisting risk warnings for its stock [7] - Anqi Yeast plans to invest 222 million yuan in a green manufacturing project for yeast products with an annual output of 12,000 tons [7] Group 7 - Zhengzhou Coal and Electricity announced the cessation of production at the Chaohua Coal Mine due to resource depletion and safety risks, expecting a 311 million yuan impairment loss [8] - Oujing Technology announced partial production line shutdowns at its subsidiaries to reduce losses and operating costs [8] Group 8 - North Car Blue Valley plans to invest in the construction of a high-end platform model industrialization and digital upgrade project with a total investment of 1.991 billion yuan [9] - Jingzhida signed a significant contract worth 1.311 billion yuan for semiconductor testing equipment [9] Group 9 - Yanghe Co. announced a cash dividend plan for 2025-2027, committing to distribute no less than 100% of net profit each year [10] - Yanghe Co. also projected a net profit decline of 62.18% to 68.30% for 2025 due to market adjustments and increased channel inventory [10] Group 10 - Huitong Energy expects a net profit decrease of 69.51% to 75.82% for 2025, primarily due to the absence of non-recurring income from property relocation rewards [11] - Dahua Co. reported a net profit increase of 32.65% for 2025, driven by business optimization and cost control [12] Group 11 - Hangzhou Bank reported a net profit increase of 12.05% for 2025, maintaining a stable non-performing loan ratio [12] - Aotejia expects a net profit increase of 41.85% to 79.67% for 2025, supported by sales growth and cost control measures [12] Group 12 - Shenke Co. anticipates a net profit increase of 65.75% to 98.9% for 2025, benefiting from overseas strategy and revenue growth [13] - Pioneering Technology expects a net profit increase of 50.82% to 109.21% for 2025, driven by product technology iterations and market expansion [13] Group 13 - Shanchuang Technology expects a net profit increase of 81.77% to 134.78% for 2025, fueled by demand for enterprise-level storage products [14] - Anshuo Information anticipates a net profit increase of 52.44% to 98.83% for 2025, with government subsidies contributing to the growth [14] Group 14 - Zhongwei Company expects a net profit increase of 28.74% to 34.93% for 2025, driven by increased customer recognition of its plasma etching equipment [15] - Jingfang Technology anticipates a net profit increase of 44.41% to 52.32% for 2025, benefiting from the automotive industry's growth [16] Group 15 - Fuda Alloy expects a net profit increase of 119.14% to 219.95% for 2025, driven by strong demand in emerging applications [17] - Feirongda anticipates a net profit increase of 57.23% to 83.43% for 2025, supported by stable growth in communication and cooling business [17] Group 16 - Licheng Performing Arts expects a net profit decrease of 12.75% to 32.21% for 2025, impacted by regional travel environment fluctuations [22] - Lisheng Pharmaceutical anticipates a net profit increase of 116.77% to 138.44% for 2025, driven by market expansion and product sales [23] Group 17 - JMC reported a net profit decrease of 22.71% for 2025, despite a 2.07% increase in total revenue [27] - Daoshi Technology expects a net profit increase of 206.01% to 269.76% for 2025, driven by overseas business expansion [28] Group 18 - Jin Kai New Energy plans to repurchase shares worth 500 million to 600 million yuan, with a maximum repurchase price of 7.5 yuan per share [29] - Longyun Co. announced a stock suspension due to plans to acquire a 58% stake in Yuheng Film Industry [30]

| 项目 | 2025 年度 (未经审计) | 2024 年度 (经审计) | 增减变动幅度(%) | | --- | --- | --- | --- | | 营业收入 | 387.99 | 383.81 | 1.09 | | 营业利润 | 212.10 | 192.59 | 10.13 | | 利润总额 | 211.89 | 192.26 | 10.21 | | 归属于上市公司股东的净利润 | 190.30 | 169.83 | 12.05 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 188.33 | 167.62 | 12.36 | | 基本每股收益(元/股) | 2.66 | 2.74 | -2.92 | | 加权平均净资产收益率(%) | 14.65 | 16.00 | 下降 1.35 个百分点 | 营收、净利润增长分化，归母净利润超190亿元 1月23日，杭州银行发布2025年度业绩快报。财务数据显示，2025年，该行实现营业收入387.99亿元， 同比增长1.09%；其中，利息净收入275.94亿元，同比增长12.83%，手续费及佣金净收入42.07亿元，同 比增长13.10%；实 ...

股票研究 /[Table_Date] 2026.01.23 票 研 究 主动基金环比持平，被动基金增持 [Table_Industry] 商业银行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 25Q4 主动基金对银行持仓比例环比持平于 1.9%，被动基金持仓比例环比+1.6pct 至 7.0%，其中宁波银行、兴业银行、中国银行、建设银行等获主动基金增配。 25Q4 基金对银行持仓点评 投资要点： [Table_Summary] 2025 年四季度基金重仓持股情况披露（主动基金包括普通股票型、 偏股混合型、灵活配置型，被动基金包括被动指数型、指数增强型）： [Table_Report] 相关报告 商业银行《国有大行投放力度较大，不良压力或 企稳》20 ...