【导读】杭州银行聘任张精科为行长 中国基金报记者 忆山 1月12日，杭州银行发布公告称，董事会已审议通过《关于聘任杭州银行股份有限公司行长的 议案》，同意聘任张精科为行长，任期至第八届董事会届满之日止。 董事会还审议通过《关于提名张精科先生为杭州银行股份有限公司第八届董事会董事候选人 的议案》，同意提名张精科为该行第八届董事会董事候选人。 杭州银行成立于1996年9月，总部位于杭州。目前，全行拥有近300家分支机构，网点覆盖长 三角、珠三角、环渤海湾等发达经济圈。此外，该行还成立了杭银理财有限责任公司，发起 设立了杭银消费金融股份有限公司。 去年前三季度，该行实现营业收入288.8亿元，同比增长1.35%，归母净利润为158.85亿 元，同比增长14.53%。三季度末资产总额达22954.24亿元，较上年末增长8.67%。 去年4月，杭州银行原行长虞利明因个人原因离任，此后该行董事长宋剑斌便代为履行行长职 责。 简历信息显示，张精科，1978年8月出生，研究生学历，项目管理硕士，高级经济师，现任 杭州银行党委副书记、副行长；曾任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 ...

证券代码：600926 证券简称：杭州银行 公告编号：2026-001 杭州银行股份有限公司 第八届董事会第二十四次会议决议公告 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""杭州银行"） 第八届董事会第二十四次会议于 2026 年 1 月 7 日以电子邮件及 书面方式发出会议通知，并于 2026 年 1 月 12 日以现场结合视频 方式召开，宋剑斌董事长主持会议。本次会议应出席董事 11 名， 亲自出席董事 11 名，公司部分高级管理层成员列席了本次会议。 本次会议的召开符合《中华人民共和国公司法》等法律法规及《杭 州银行股份有限公司章程》的有关规定，会议所形成的决议合法、 有效。会议审议并通过决议如下： 一、审议通过《关于聘任杭州银行股份有限公司行长的议案》 同意聘任张精科先生为公司行长，任期至第八届董事会届满 之日止。张精科先生任公司行长的任职资格尚待国家金融监管总 局浙江监管局核准，其行长任职自取得国家金融监管总局浙江监 管局任职资格核准之日起生效，其现任副行长职务履职至其行 ...

Investment Rating - The investment rating for the banking sector is "Positive" and is maintained [12]. Core Insights - In the first week of 2026, the banking sector continued to adjust, with a cumulative decline of 1.9% in the banking index, significantly underperforming the CSI 300 and ChiNext indices by -4.7% and -5.8% respectively. Despite this, the fundamental expectations for the sector remain unchanged, and the market's risk appetite has notably increased [2][6][19]. - The main banks are expected to maintain stable growth in performance throughout 2026. Following recent adjustments, the PB-ROE valuation attractiveness of bank stocks has further increased, suggesting a favorable timing for allocation [2][6][19]. Summary by Sections Market Performance - The banking sector's performance in the first week of 2026 showed a cumulative decline of 1.9%, with significant negative excess returns compared to the CSI 300 and ChiNext indices [6][19]. - Individual stocks such as Chongqing Rural Commercial Bank saw price recovery after management uncertainties were resolved, while stable performers like Hangzhou Bank led the city commercial bank sector [2][6][19]. Fundamental Analysis - The banking sector's performance has been influenced by structural concerns, particularly regarding real estate and retail asset quality. Despite these concerns, overall performance remains stable with steady growth [8][37]. - The LTV (Loan-to-Value) ratios for major banks are stable at 40%-50%, providing a safety margin despite rising asset quality pressures in mortgage loans [8][37]. Trading Dynamics - The increase in market risk appetite has continued to suppress bank stock valuations. Historically, January has seen excess returns for bank stocks, but this year, the rapid recovery in market sentiment has led to underperformance [9][38]. - The report recommends focusing on high-quality city commercial banks such as Hangzhou Bank, Nanjing Bank, and Jiangsu Bank, as well as dividend-oriented assets like Bank of Communications and China Merchants Bank [9][38]. Convertible Bonds - The prices of convertible bonds linked to bank stocks have generally followed the sector's adjustment, with the distance to mandatory conversion prices widening. The report highlights potential trading opportunities in convertible bonds for banks like Changshu Bank and Shanghai Bank, which have stable fundamental performance expectations [7][32].

本期，课题组重点关注理财公司发行的"固收+"产品，从代销渠道为投资者筛选出表现较优的在售产品。 为提供有效的选品参考，榜单展示了产品近一月、近三月及近六月的年化业绩，并按照近三月年化收益率进行排序，以此反映 其在近期市场波动中的多维度收益表现。 统计代销机构（28家）：工商银行、中国银行、农业银行、邮储银行（601658）、建设银行、交通银行、招商银行、中信银 行、光大银行、民生银行、兴业银行、浦发银行、广发银行、浙商银行（601916）、华夏银行、平安银行、恒丰银行、渤海银 行、北京银行、宁波银行、江苏银行（600919）、上海银行（601229）、南京银行、杭州银行（600926）、徽商银行、微众银 行、网商银行、百信银行。 需要特别提醒的是：本榜单对理财产品"在售"状态的判断基于其投资周期推算。但实际情况中，部分产品可能因额度售罄，或 银行针对不同客户展示的产品清单存在差异而无法购买。因此，建议投资者以代销银行APP的实际展示为准。 | ਲਿ 름 | 代销机构 | 产品名称 | 发行机构 | Harris 周期 | | 年化收益率 | | | --- | --- | --- | --- | --- | ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and financing conditions [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies saw a 9.1% increase in premium income, while property insurance companies grew by 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices changed by -0.87%, +0.91%, and +1.95% respectively, while the CSI 300 index increased by +2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st in performance [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector is 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank have the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate is 2.0%, with LPR rates at 3.0% for one year and 3.50% for five years. The average interbank borrowing rates for one day, seven days, and fourteen days are 1.33%, 1.50%, and 1.60% respectively [29][30]. Industry News - The China Banking and Insurance Regulatory Commission has released guidelines for data classification and grading in the insurance asset management industry, effective January 1, 2026, aimed at enhancing data security management standards [39][40].

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and a favorable financing environment [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies contributed 41,472 billion yuan, up 9.1%, while property insurance companies reported 16,157 billion yuan, up 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices had respective changes of -0.87%, +0.91%, and +1.95%, while the CSI 300 index increased by 2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st respectively [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector was 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank had the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate was 2.0%, with the one-year and five-year LPR at 3.0% and 3.50% respectively. The weighted average interbank borrowing rates for one day, seven days, and fourteen days were 1.33%, 1.50%, and 1.60% respectively [29][32]. Industry News - The China Banking and Insurance Regulatory Commission reported that insurance companies issued bonds totaling 104.2 billion yuan in 2025, driven by high capital replenishment needs and favorable regulatory support [39][40].

Core Insights - The article emphasizes the importance of financial support for "hard technology" companies to thrive, highlighting innovative financial models that facilitate precise credit allocation to tech innovation sectors [1][7]. Group 1: Financial Models and Innovations - The "joint credit" model and "common growth plan" are examples of innovative financial strategies that guide resources towards technology innovation, enabling financial institutions to share in the growth of tech companies [1][2]. - The "Zhejiang Science Leading Joint Loan" was introduced by multiple banks to address the diverse financing needs of tech companies, allowing for risk-sharing and resource complementarity among banks [2][3]. - The "Common Growth Plan" allows banks to share the growth benefits of tech companies while managing early-stage risks through strategic cooperation agreements [5][6]. Group 2: Regional Success Stories - In Hangzhou, Yundongchu Technology Co., Ltd. successfully raised over 500 million yuan in C-round financing, aided by a 5 million yuan credit loan from Hangzhou Bank [1][2]. - In Hefei, Zhongke Haoyin Intelligent Technology Co., Ltd. received an 8 million yuan credit loan under the "Common Growth Plan," enabling its growth into a specialized small giant enterprise [5][6]. - In Suzhou, a new digital credit platform has facilitated the collection of over 1.6 billion enterprise operation data points, helping nearly 6,000 companies secure 265.8 billion yuan in credit [6][7]. Group 3: Industry Growth and Trends - The high-tech manufacturing sector has shown significant growth, with a 9.6% increase in value added in the first three quarters of 2025, outpacing overall economic growth [3][7]. - As of September 2025, technology loans in China grew by 11.8%, with loans to small and medium-sized tech enterprises reaching 3.6 trillion yuan, reflecting a 22.3% year-on-year increase [7][8]. - The establishment of a multi-layered financial service system has led to the issuance of 669.1 billion yuan in technology innovation bonds, indicating a robust support framework for tech enterprises [8][9]. Group 4: Future Directions - The "14th Five-Year Plan" emphasizes the need to develop a technology finance system that supports innovation and industry development, aiming for a market-oriented and policy-supported financial ecosystem [8][9]. - Industry experts suggest enhancing financial services for tech innovation through lifecycle support, tailored financial tools, and digital transformation to foster a virtuous cycle between technology, industry, and finance [9].

Market Overview - The city commercial bank sector experienced a decline of 0.89% on January 8, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Individual Stock Performance - Zhengzhou Bank closed at 1.94 with no change, while Lanzhou Bank also remained unchanged at 2.33 [1] - Shanghai Bank closed at 9.95, down 0.10%, and Chengdu Bank closed at 16.23, down 0.18% [1] - Chongqing Bank saw a significant decline of 2.70%, closing at 10.45, with a trading volume of 99,000 shares [2] Trading Volume and Turnover - The trading volume for Zhengzhou Bank was 769,900 shares with a turnover of 149 million yuan, while Lanzhou Bank had a trading volume of 363,100 shares and a turnover of 84.51 million yuan [1] - The highest turnover was recorded for Nanjing Bank at 1.342 billion yuan with a trading volume of 1,217,000 shares [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 6.7397 million yuan from institutional investors, while retail investors experienced a net outflow of 70.5351 million yuan [2] - Chengdu Bank had a net inflow of 87.0825 million yuan from institutional investors, but a net outflow of 46.0321 million yuan from retail investors [3] Summary of Capital Flows - Institutional investors showed a positive net flow for several banks, including Hangzhou Bank with 77.8301 million yuan and Qingdao Bank with 8.4480 million yuan [3] - Conversely, Chongqing Bank had a negative net flow of 535,600 yuan from institutional investors, indicating a lack of confidence [3]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [2] Core Insights - The four categories of retail loans (mortgages, credit cards, consumer loans, and business loans) collectively constitute household liabilities, each with distinct collateral types, duration structures, and policy influences. The report aims to establish a risk framework for these retail assets and assess their impact on banking operations in the future [2][4] - Under stress testing, the non-performing loan (NPL) ratios for mortgages, credit cards, and consumer loans are projected to increase by 11, 12, and 20 basis points respectively in 2026, while the growth in non-performing amounts remains manageable. The overall quality of corporate assets is expected to continue improving, indicating a stable banking sector [2][4] - Retail asset risks are deemed controllable, with policies expected to maintain stability in the near term [2] Summary by Sections Retail Asset Analysis Framework: Collateral Types + Duration Structure + Policy Impact - The overall NPL ratio for retail loans of listed banks is estimated at 1.27% in the first half of 2025, slightly above the corporate NPL ratio of 1.26%, but the increase in NPL ratios is stabilizing. The composition of existing NPLs is 63% corporate and 37% retail, with business loans and mortgages showing higher proportions of both existing and newly added NPLs [2][12] - The report establishes a risk analysis framework for retail assets, highlighting the differences in collateral types, duration structures, and policy impacts among the four categories of retail loans [2][4] Consumer Loans: "High-Risk" Assets - The relationship between consumer loans and consumption trends is closely aligned, with notable deviations occurring during strict property purchase restrictions and regulatory cycles for online loans. The market structure for consumer credit (excluding credit cards and mortgages) shows that listed banks hold over 51.5% of the market, while non-listed banks account for 17% and other players for 31% [2][4] - The risk logic for consumer credit indicates that risk pricing is primarily determined by interest rates, which can be categorized into four tiers based on risk levels. The report estimates that 4.4% of consumer loans fall into the "high-risk" category, with commercial banks' high-risk consumer loans representing only 0.6% of their total consumer loans [2][4] Mortgage Loans: Risk Sources and International Comparisons - The primary sources of mortgage risk include negative cash flow and high loan-to-value (LTV) ratios, with 1.2% of respondents reporting monthly incomes below their mortgage payments. The report anticipates that the current high LTV portion, which constitutes 2.9% of total mortgage balances, will not necessarily lead to increased NPLs [2][4] - International comparisons indicate that mortgage NPL ratios in most countries remain below 2%, suggesting that the risks in the domestic market are manageable [2][4] Business Loans: High-Risk Assets - The report estimates that approximately 2 trillion yuan of high-risk business loans were outstanding at the end of 2021, with nearly one-third of these high-risk assets already exposed. The peak of risk exposure is expected in 2024 and the first half of 2025, with NPL ratios projected to rise by 18 basis points to 1.96% under stress testing conditions [2][4] Credit Cards: Early NPL Exposure - Credit cards have historically shown early exposure to NPLs, with the NPL ratio at 2.44% in the first half of 2025. The report notes that the net increase in credit card NPLs has significantly decreased, indicating that credit cards are not currently a major pressure point for banks [2][4] Investment Recommendations - The report suggests two main investment lines for bank stocks: focusing on regional banks with strong certainty and advantages, particularly in areas like Jiangsu, Shanghai, Chengdu, Shandong, and Fujian, and recommending large banks with high dividend yields such as Agricultural Bank, Construction Bank, and Industrial and Commercial Bank [2][4]

Market Performance - The city commercial bank sector experienced a slight increase of 0.0% on January 7, with Hangzhou Bank leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Individual Stock Performance - Hangzhou Bank (600926) closed at 15.80, with a rise of 1.61% and a trading volume of 817,400 shares [1] - Ningbo Bank (002142) closed at 29.12, up 0.83%, with a trading volume of 411,100 shares [1] - Other notable performances include Jiangsu Bank (601963) at 10.64 (+0.38%) and Shanghai Bank (601229) at 9.96 (+0.30%) [1] Capital Flow Analysis - The city commercial bank sector saw a net outflow of 170 million yuan from institutional investors, while retail investors contributed a net inflow of 188 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow by Bank - Jiangsu Bank had a net inflow of 123 million yuan from institutional investors, while retail investors saw a net outflow of 27 million yuan [3] - Hangzhou Bank experienced a net inflow of 84 million yuan from institutional investors, but retail investors had a significant outflow of 132 million yuan [3] - Chengdu Bank recorded a net inflow of 55 million yuan from institutional investors, with retail investors also experiencing a net outflow [3]