Core Viewpoint - Songdu Service (09608) aims to optimize the use of idle funds to achieve better returns through a structured deposit agreement with Hangzhou Bank [1] Group 1 - The company has entered into a structured deposit product agreement with Hangzhou Bank [1] - Songdu Property, a subsidiary of the company, will invest RMB 12 million in the structured deposit [1]

格隆汇1月13日丨宋都服务(09608.HK)公告，为充分利用集团的闲置资金以获取更佳回报，于2026年1月 13日，公司附属公司宋都物业与杭州银行订立结构性存款产品协议，据此，宋都物业同意利用集团内部 资金向杭州银行认购人民币1200万元的结构性存款产品。 ...

智通财经APP讯，宋都服务(09608)发布公告，为充分利用集团的闲置资金以获取更佳回报，于2026年1 月13日，公司附属公司宋都物业与杭州银行订立结构性存款产品协议，据此，宋都物业同意利用集团内 部资金向杭州银行认购人民币1200万元的结构性存款产品。 ...

Core Viewpoint - The banking sector shows resilience with significant stock price increases, driven by executive buybacks and insurance capital inflows, indicating strong confidence in the sector's fundamentals and long-term value [3][12]. Group 1: Market Performance - On January 13, the market experienced a pullback, but the banking sector remained active, with notable gains: Ningbo Bank up over 4%, Hangzhou Bank up over 3%, and several others including CITIC Bank and Chongqing Rural Commercial Bank up over 2% [1][9]. - The top-tier banking ETF (512800) saw an intraday price increase of over 1%, closing up 0.37% and surpassing the 5-day moving average [1][10]. Group 2: Executive Buybacks - The first executive buyback announcement of 2026 was made by Chongqing Rural Commercial Bank, where some directors and executives purchased 192,000 shares from the secondary market, with a maximum investment of 1.23 million yuan [3][12]. - Nanjing Bank reported that its major shareholder, Zijin Group, increased its stake by 123,472,060 shares, representing 1.00% of the total share capital, continuing from previous increases since September 2025 [3][12]. Group 3: Insurance Capital Inflows - Insurance capital has been actively purchasing bank stocks, with Ping An Life announcing it reached a 20% stake in China Merchants Bank H-shares, triggering a mandatory bid [3][12]. - In 2025, insurance capital made 41 stake increases, the highest in nearly a decade, with bank stocks accounting for about 40% of these actions, highlighting their dominance in this area [3][12]. Group 4: Seasonal Trends - Historically, the banking sector has performed well before the Spring Festival, with the Shenwan Banking Index showing over 80% win rate in the past decade, except for 2020 [4][16]. - The average absolute return of the Shenwan Banking Index before the Spring Festival is 4.4%, with an average excess return of 4.9% compared to the Shanghai Composite Index, making it the highest among 31 industry indices [4][16]. Group 5: Future Outlook - Factors expected to drive the banking sector's performance leading up to the Spring Festival in 2026 include continued growth policies, ongoing insurance asset scarcity, and increased market volatility [7][16]. - The banking ETF (512800) is noted for its efficiency in tracking the banking sector, with a current scale of 11.95 billion yuan and an average daily trading volume exceeding 800 million yuan since 2025, making it the largest and most liquid banking ETF in A-shares [7][16].

1月12日晚间，杭州银行（600926,SH）发布公告表示，董事会同意聘任张精科为公司行长，任期至第八届董事会届满之日止。其任职资格尚待国家金融 监管总局浙江监管局核准，其现任副行长职务履职至其行长任职资格获得监管核准之日止。 张精科出生于1978年8月，毕业于复旦大学、浙江工商大学，研究生学历，项目管理硕士，高级经济师。其职业生涯扎根杭州银行体系，从基层岗位起步 逐步成长为核心高管，积淀了扎实的一线业务经验与丰富的综合管理经验。 图片来源：杭州银行公众号 公开简历显示，张精科曾先后担任过杭州银行科技支行副行长，杭州银行文创支行行长，杭州银行资产管理部总经理，杭州银行科技文创金融事业部党委 书记、总经理。2023年7月，杭州银行公告聘任其为副行长，同年9月，国家金融监督管理总局浙江监管局正式核准其副行长任职资格。 股权关系上，截至公告披露日，张精科持有杭州银行股份11.76万股，与公司其他董事、监事、高级管理人员及持股5% 以上股东无关联关系。 值得注意的是，作为地方国有银行，杭州银行此次行长人选采用内部选拔方式，与上一任行长虞利明的任命逻辑截然不同。虞利明此前为杭州工商信托董 事长，"空降"出任杭州银行行长 ...

目前，张精科在杭州银行担任党委副书记、副行长一职。公告表示，其现任副行长职务履职至其行长任 职资格获得浙江金融监管局核准之日止。 "杭州银行发布公告称，董事会已审议通过聘任议案，现任副行长张精科将出任该行新任行长。此番人 事调整，标志着杭州银行高管团队正式迈入全员'70后'时代。" 空缺八个多月后，杭州银行行长一职人选确定。 1月13日，杭州银行公告称，同意聘任张精科为行长，任期至第八届董事会届满之日止，任职资格尚待 浙江金融监管局核准，其行长任职自取得任职资格核准之日起生效。 去年4月，杭州银行发布公告称，时任行长虞利明书因个人原因辞任，由公司董事长宋剑斌代为履行行 长职责。 从任职路径来看，前任行长虞利明是由外界"空降"而来。 虞利明1986年12月参加工作，曾任交通银行杭州分行副行长，杭州市投资控股有限公司副董事长、总经 理，杭州市投资控股有限公司党委书记、董事长、总经理，杭州市金融投资集团有限公司党委副书记、 副董事长、总经理，杭州工商信托股份有限公司党委书记、董事长。 2022年12月，虞利明任杭州银行副董事长、行长，直至去年离任。 而与虞利明不同，张精科属于内部晋升。 张精科出生于1978年8月， ...

Core Insights - The city commercial bank sector experienced a rise of 1.55% on January 13, with Ningbo Bank leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Ningbo Bank (002142) closed at 29.26, up 4.24%, with a trading volume of 655,400 shares and a transaction value of 1.904 billion [1] - Hangzhou Bank (600926) closed at 15.96, up 3.70%, with a trading volume of 1,208,400 shares and a transaction value of 1.912 billion [1] - Suzhou Bank (002966) closed at 8.26, up 1.35%, with a trading volume of 485,800 shares [1] - Chengdu Bank (601838) closed at 16.29, up 1.24%, with a trading volume of 426,400 shares and a transaction value of 693 million [1] - Nanjing Bank (600109) closed at 10.88, up 1.21%, with a trading volume of 1,192,800 shares and a transaction value of 1.303 billion [1] - Qilu Bank (601665) closed at 5.69, up 1.07%, with a trading volume of 649,900 shares and a transaction value of 368 million [1] - Chongqing Bank (601963) closed at 10.55, up 0.96%, with a trading volume of 99,300 shares and a transaction value of 10.5 million [1] - Jiangsu Bank (616009) closed at 10.60, up 0.95%, with a trading volume of 1,504,800 shares and a transaction value of 1.593 billion [1] - Xi'an Bank (600928) closed at 3.77, up 0.53%, with a trading volume of 363,100 shares and a transaction value of 13.8 million [1] - Changsha Bank (601577) closed at 9.50, up 0.53%, with a trading volume of 183,100 shares and a transaction value of 174 million [1] Capital Flow - The city commercial bank sector saw a net inflow of 238 million from institutional investors, while retail investors contributed a net inflow of 199 million [2] - The sector experienced a net outflow of 437 million from speculative funds [2] Individual Stock Capital Flow - Hangzhou Bank (600926) had a net inflow of 70.42 million from institutional investors, while it faced a net outflow of 12.4 million from speculative funds [3] - Shanghai Bank (601229) saw a net inflow of 66.71 million from institutional investors, with a net outflow of 33.15 million from speculative funds [3] - Ningbo Bank (002142) had a net inflow of 37.18 million from institutional investors, with a net outflow of 1.4 million from speculative funds [3] - Suzhou Bank (002966) experienced a net inflow of 34.87 million from institutional investors, while facing a net outflow of 24.25 million from speculative funds [3] - Jiangsu Bank (601577) had a net inflow of 20.83 million from institutional investors, with a net outflow of 15.24 million from speculative funds [3]

Group 1 - The core point of the article is the appointment of Zhang Jingke as the new president of Hangzhou Bank, following a nearly nine-month vacancy after the resignation of the previous president, Yu Liming [1] - Zhang Jingke is an internal candidate with extensive experience at Hangzhou Bank, having joined in 2001 and held various key positions, including leading the establishment of specialized branches in technology and cultural finance [1][2] - The bank has maintained a stable operational performance, with a non-performing loan ratio consistently at 0.76% for three consecutive years and a robust provision coverage ratio, indicating strong risk management capabilities [2] Group 2 - Financially, Hangzhou Bank has shown growth over the past three years, with total assets increasing from 1,616.54 billion yuan in 2022 to 2,112.36 billion yuan in 2024, and operating income rising from 32.93 billion yuan to 38.38 billion yuan during the same period [3] - As of the first three quarters of 2025, the bank's total assets reached 2,295.42 billion yuan, an 8.67% increase from the end of 2024, while revenue grew by 1.35% to 28.88 billion yuan [3]

Core Viewpoint - The financing accessibility for technology-based enterprises has significantly improved, with a loan approval rate of 50.3% for small and medium-sized tech enterprises as of September 2025, and interest rates continuing to decline [2]. Group 1: Industry Changes - The banking sector has optimized its technology financial services by enhancing approval efficiency and offering preferential policies on access and pricing [2]. - There is a high concentration of credit and value-added services in established tech companies, while early-stage and smaller enterprises still face challenges in accessing these services [2]. - The concept of "early investment" is emphasized, with Hangzhou Bank being a pioneer in this approach, exemplified by its role as the first lender to the private aerospace company Diwei II [2][3]. Group 2: Diwei II's Business Model - Diwei II focuses on providing satellite services and ground systems to countries lacking satellite infrastructure, with a business model that includes full-chain services such as satellite construction and technical training [4]. - The AI satellites developed by Diwei II can perform 400 trillion calculations per second, enabling rapid data processing that traditional satellites cannot achieve [4]. - Diwei II has secured contracts with Oman for satellite services aimed at land surveying and urban planning, indicating a strong international market potential [5]. Group 3: Collaboration with Hangzhou Bank - Hangzhou Bank has provided Diwei II with a low-interest loan of 20 million for payroll and R&D, showcasing its commitment to supporting early-stage tech companies [8]. - The bank employs a dynamic evaluation model for assessing the growth potential of startups, focusing on policy, capital, technology, team, and industry [8]. - Hangzhou Bank's technology loan balance reached 115.2 billion as of June 2025, with increasing support for emerging sectors like AI and commercial aerospace [10]. Group 4: Strategic Focus and Future Plans - Hangzhou Bank plans to target key areas in the AI industry, such as computing hardware and industrial applications, over the next 3-5 years [11]. - The bank's strategy includes a specialized organizational structure to support early investments and a risk management framework that allows for higher risk tolerance in tech financing [10]. - The bank aims to enhance its "early investment" approach by collaborating with research institutions and focusing on companies with stable teams and promising technology [9].

Group 1 - The A-share market saw a general rise in bank stocks, with notable increases in Ningbo Bank and Hangzhou Bank, both rising over 3% [1] - Other banks such as Chongqing Bank, Agricultural Bank, and Xian Bank also experienced gains of over 1% [1] Group 2 - Ningbo Bank's stock increased by 3.92%, with a total market capitalization of 192.6 billion [2] - Hangzhou Bank's stock rose by 3.25%, with a market cap of 115.2 billion [2] - Chongqing Bank and Agricultural Bank saw increases of 1.34% and 1.33% respectively, with market caps of 36.8 billion and 26,669 billion [2] - The year-to-date performance shows that Ningbo Bank and Hangzhou Bank have increased by 3.84% and 3.99% respectively, while Nanjing Bank has decreased by 3.94% [2]