Investment Rating - The report maintains a "Positive" investment rating for the banking sector as of October 23, 2025 [6]. Core Insights - The external environment's uncertainty has increased, leading to a temporary decline in market risk appetite. However, the report is optimistic about the relative performance of the banking sector in Q4 2025 [3]. - The report identifies two main investment themes: the ongoing demand for financial investments and the motivation behind realizing unrealized gains in bank assets [4][9]. Summary by Sections 1. Investment Assets Driving Bank Expansion - Financial investment growth has accelerated to 15%, with significant performance differentiation across sectors. In H1 2025, financial investments were the core driver of asset expansion, with a year-on-year growth of 14.9% [14]. - The structure of financial investments shows that interest-bearing bonds continue to dominate, with their proportion increasing to 60.2% by mid-2025. The growth rates for state-owned banks and city commercial banks were 8% and 11%, respectively [16]. 2. Changes in How Banks Smooth Earnings Volatility - Banks are increasingly shifting from using the income statement to the balance sheet to smooth earnings volatility. The report highlights that the contribution of investment income, particularly from the amortized cost (AC) assets, has been rising significantly [9][10]. - The unrealized gains in the Other Comprehensive Income (OCI) account were estimated at CNY 438.4 billion, representing 7.8% of annual revenue as of H1 2025 [9]. 3. Motivation for Realizing Unrealized Gains - Smaller banks exhibit a stronger motivation to realize unrealized gains compared to larger banks, which need to balance performance and interest rate risk management (IRRBB) assessments [9]. - The report anticipates continued demand for realizing unrealized gains in Q3 2025, although the intensity may weaken compared to mid-year [9][10]. 4. Investment Recommendations - The report recommends focusing on fundamentally strong small and medium-sized banks, such as Chongqing Rural Commercial Bank (601077, Buy) and Nanjing Bank (601009, Buy) [9]. - For state-owned banks with solid fundamentals and defensive value, the report mentions Industrial and Commercial Bank of China (601398, Not Rated) and Agricultural Bank of China (601288, Not Rated) as potential investment targets [9].

证券代码：600926 证券简称：杭州银行 公告编号：2025-076 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 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 10 月 31 日（星期五）15:00-16:00 会议召开地点：全景网·投资者关系互动平台（https://ir.p5w. net/c/600926） 会议召开方式：网络文字互动 投资者可于 2025 年 10 月 30 日（星期四）16:00 前访问 https://ir.p5w.net/zj/，或扫描下方二维码进入问题征集专题页面，亦 可通过公司投资者关系邮箱 ir@hzbank.com.cn 进行提问。公司将于 2025 年第三季度业绩说明会（以下简称"业绩说明会"）上对投资 者普遍关注的问题进行回答。 一、业绩说明会类型 本次业绩说明会通过网络文字互动方式召开，公司将针对 2025 年前三季度经营成果、财务状况与投资者进行交流，在信息披 ...

Market Performance - The city commercial bank sector increased by 0.48% on October 22, with Changsha Bank leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Individual Stock Performance - Changsha Bank closed at 9.53, up 1.06% with a trading volume of 162,100 shares and a transaction value of 154 million [1] - Other notable performers include: - Xi'an Bank: closed at 4.17, up 0.97% [1] - Beijing Bank: closed at 5.75, up 0.88% [1] - Chengdu Bank: closed at 18.54, up 0.76% [1] - Jiangsu Bank: closed at 10.93, up 0.74% [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 269 million from institutional investors, while retail investors saw a net inflow of 165 million [2] - The overall capital flow indicates a mixed sentiment among different investor types [2] Detailed Capital Flow for Selected Banks - Shanghai Bank had a net outflow of 34.67 million from institutional investors, with a retail net inflow of 41.06 million [3] - Qilu Bank saw a net inflow of 22.48 million from institutional investors, while retail investors had a net inflow of 9.09 million [3] - Changsha Bank recorded a net inflow of 2.31 million from institutional investors and a net inflow of 1.55 million from retail investors [3]

Core Viewpoint - Hangzhou Bank plans to redeem its preferred shares issued in December 2017, following approval from the regulatory authority [1][2]. Group 1 - The company issued 100 million preferred shares, totaling 10 billion RMB, on December 15, 2017 [1]. - The board of directors approved the redemption proposal with unanimous support, indicating a strong consensus [1]. - The redemption will occur after obtaining approval from the Zhejiang Regulatory Bureau of the National Financial Supervision Administration [2]. Group 2 - The company received no objections from the regulatory authority regarding the redemption of preferred shares [2]. - The planned redemption date is set for December 15, 2025, with the company committed to fulfilling all legal and regulatory requirements [2].

Core Viewpoint - Hangzhou Bank announced that it received no objections from the Zhejiang Regulatory Bureau of the National Financial Supervisory Administration regarding the redemption of its preferred shares, indicating regulatory approval for the planned redemption [2] Group 1: Redemption Details - Hangzhou Bank plans to fully redeem 100 million preferred shares, which were privately issued on December 15, 2017, on December 15, 2025 [2] - The total issuance scale of these preferred shares amounts to 10 billion RMB [2]

Core Viewpoint - Hangzhou Bank plans to fully redeem its preferred shares issued in December 2017 by December 15, 2025, following approval from the regulatory authority [1] Group 1 - The company issued 100 million preferred shares on December 15, 2017, with a total issuance scale of 10 billion RMB [1] - The preferred shares are referred to as "Hangyin You 1" [1] - The company has received no objections from the Zhejiang Regulatory Bureau of the National Financial Supervision Administration regarding the redemption of the preferred shares [1]

近日，公司收到国家金融监督管理总局浙江监管局办公室关 于公司赎回优先股的意见，对公司赎回本次优先股无异议。公司 拟于 2025 年 12 月 15 日全额赎回本次优先股。 公司将依照有关法律法规及本次优先股发行文件的规定，向 相关监管机构办理其他申请手续，并及时履行信息披露义务。 特此公告。 杭州银行股份有限公司 关于拟赎回优先股的公告 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（以下简称"公司"）于 2017 年 12 月 15 日非公开发行了 1 亿股优先股（以下简称"本次优先股"）， 优先股简称：杭银优 1，发行规模为 100 亿元人民币。 2025 年 8 月 27 日，公司董事会审议通过了《关于行使优先 股赎回权的议案》。该议案有效表决票 10 票，其中：同意 10 票， 反对 0 票，弃权 0 票。公司董事会同意公司在取得国家金融监督 管理总局浙江监管局批准后，按照票面金额加当期该部分优先股 已宣告且尚未支付的股息的赎回价格全部赎回优先股并授权高 级管理层全权办理与本次优先股赎回相关的所 ...

Core Viewpoint - The company plans to fully redeem its preferred shares issued in December 2017, following approval from the regulatory authority, with a redemption date set for December 15, 2025 [1] Group 1 - The company issued 100 million preferred shares on December 15, 2017, with a total issuance scale of 10 billion RMB [1] - The board of directors approved the proposal to exercise the redemption rights for the preferred shares on August 27, 2025 [1] - The redemption price will include the face value plus any declared but unpaid dividends on the preferred shares [1] Group 2 - The company has received no objections from the Zhejiang Regulatory Bureau of the National Financial Supervision Administration regarding the redemption of the preferred shares [1] - The planned full redemption of the preferred shares is scheduled for December 15, 2025 [1]

Core Insights - The city commercial bank sector experienced a decline of 0.32% on October 20, with Jiangsu Bank leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Xi'an Bank (600928) closed at 4.14, up 2.99% with a trading volume of 592,900 shares and a transaction value of 242 million [1] - Shanghai Bank (601229) closed at 9.62, up 1.37% with a trading volume of 937,600 shares and a transaction value of 891 million [1] - Jiangsu Bank (616009) closed at 10.79, down 1.82% with a trading volume of 1,603,000 shares and a transaction value of 173.3 million [2] Capital Flow - The city commercial bank sector saw a net inflow of 23.18 million from institutional investors, while retail investors contributed a net inflow of 52.95 million [2] - The sector experienced a net outflow of 76.12 million from speculative funds [2] Individual Stock Capital Flow - Qilu Bank (601665) had a net inflow of 63.84 million from institutional investors, while it faced a net outflow of 17.01 million from speculative funds [3] - Shanghai Bank (601229) saw a net inflow of 54.98 million from institutional investors, with a net outflow of 18.63 million from speculative funds [3] - Ningbo Bank (002142) recorded a net inflow of 51.83 million from institutional investors, while speculative funds had a net outflow of 45.06 million [3]

Core Insights - The article emphasizes the abundance of bank wealth management products with similar names and vague characteristics, urging investors to carefully select and differentiate among them [1] - The research team from Nanfang Finance aims to reduce the selection cost for investors by focusing on the performance of wealth management products available through various distribution channels [1] Group 1: Product Performance - The report highlights the performance of mixed-type wealth management products issued by wealth management companies, providing a performance ranking based on annualized returns over the past month, three months, and six months [1] - The ranking is sorted by the annualized return over the past three months to reflect the products' performance amid recent market fluctuations [1] Group 2: Distribution Channels - The report includes a list of 28 distribution institutions, such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others, which are involved in selling these wealth management products [1] - It is noted that the assessment of the "on-sale" status of wealth management products is based on their investment cycles, but actual availability may vary due to factors like sold-out quotas or differences in product listings for different customers [1]