Group 1 - The company successfully issued "Hangzhou Bank Co., Ltd. 2025 Financial Bonds (Second Phase)" in the national interbank bond market [1] - The bond issuance was completed on September 8, 2025, with a total scale of RMB 15 billion and a maturity period of 3 years [1] - The coupon rate for the bonds is set at 1.87% [1] Group 2 - The raised funds will be used for loans and other purposes determined by national policies, market conditions, and the company's asset-liability management needs [1]

Core Viewpoint - Hangzhou Bank has successfully issued a financial bond in the interbank bond market, indicating strong market confidence and the bank's strategic financial planning [1] Group 1: Bond Issuance Details - The bond issued is titled "Hangzhou Bank Co., Ltd. 2025 Financial Bond (Second Phase)" [1] - The total issuance scale is RMB 15 billion, with a maturity period of 3 years and a coupon rate of 1.87% [1] - The bond was recorded on September 4, 2025, and completed issuance on September 8, 2025 [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used for loans and other purposes determined by national policies, market conditions, and the bank's asset-liability management needs [1]

Core Points - Hangzhou Bank has successfully issued the "Hangzhou Bank Co., Ltd. 2025 Financial Bond (Second Phase)" with a total issuance size of RMB 15 billion [1] - The bond has a maturity period of 3 years and a coupon rate of 1.87% [1] - The raised funds will be utilized for loans and other purposes determined by national policies, market conditions, and the company's asset-liability management needs [1]

证券代码：600926 证券简称：杭州银行 公告编号：2025-071 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 特此公告。 杭州银行股份有限公司董事会 2025年9月9日 1 经相关监管机构批准，杭州银行股份有限公司（以下简称"公 司"）于近日在全国银行间债券市场成功发行"杭州银行股份有 限公司2025年金融债券（第二期）"（以下简称"本期债券"）。 本期债券于2025年9月4日簿记建档，并于2025年9月8日发行 完毕，发行规模为人民币150亿元，期限为3年期，票面利率为 1.87%。 本期债券的募集资金将用于贷款及根据国家政策、市场状况、 公司资产负债配置需求等因素决定的其他用途。 关于2025年金融债券（第二期）发行完毕的公告 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。 ...

Core Points - Hangzhou Bank has successfully issued the "Hangzhou Bank Co., Ltd. 2025 Financial Bond (Second Phase)" in the national interbank bond market [1] - The bond was recorded on September 4, 2025, and completed issuance on September 8, 2025, with a total issuance scale of RMB 15 billion [1] - The bond has a maturity of 3 years and a coupon rate of 1.87% [1] - The raised funds will be used for loans and other purposes determined by national policies, market conditions, and the company's asset-liability management needs [1]

Investment Rating - The report maintains an "Increase" rating for the banking sector, indicating a positive outlook for the industry [1]. Core Insights - In the first half of 2025, the contribution of financial asset disposal gains from AC and OCI accounts to revenue reached 5.2%, an increase of 2.9 percentage points compared to 2024 [1][2]. - The investment income growth rate for 42 listed banks was 23.6%, with AC, OCI, and TPL gains showing year-on-year growth rates of 134.7%, 79.0%, and -8.4% respectively [1]. - The report highlights that the increase in disposal gains does not necessarily indicate a significant increase in asset disposal scale, as market conditions and strategies vary among banks [2]. Financial Asset Disposal Gains - The contribution of AC and OCI financial asset disposal gains to revenue was 5.2%, up 2.9 percentage points from 2024, with AC asset disposal gains contributing 2.6% [2]. - Among different types of banks, rural commercial banks had the highest contribution from AC and OCI disposal gains, reaching 11.0%, an increase of 6.2 percentage points from 2024 [2]. - Specific banks such as Jiangyin Bank, Sunong Bank, and Zijin Bank had high disposal gain ratios relative to their revenue, at 28.9%, 26.7%, and 22.7% respectively [2]. OCI Floating Profit Situation - The overall OCI floating profit decreased compared to the end of the previous year, accounting for 12.6% of the estimated profit for 2025 [3]. - Major state-owned banks like CCB and ABC reported significant OCI floating profits, with balances exceeding 30 billion [3]. - The average contribution of OCI floating profits to profits for city and rural commercial banks was notably high, with Ningbo Bank's ratio reaching 35% [3][6]. Sector Trends - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with a focus on real estate and consumer spending [7]. - The report suggests a focus on banks with improving fundamentals, such as Ningbo Bank, and those with dividend strategies like Jiangsu Bank and Chengdu Bank [7]. - Attention is also drawn to banks with potential convertible bond conversion expectations, including Shanghai Bank and Industrial Bank [7].

Core Viewpoint - Recent market adjustments have led to a rebound in the bond market and a new high in gold prices, with "fixed income +" products gaining popularity, particularly the "Happiness 99 Hongyi (JinYing)" one-year holding period financial product from Hangzhou Bank, which employs a risk parity strategy [1][2]. Group 1: Product Performance - The "Happiness 99 Hongyi (JinYing)" product has achieved an annualized return of 8.18% since its inception, with a notable annualized return of 11.98% over the past three months, although it has underperformed slightly over the last six months with a return of 5.78% [1]. - The product's net value has experienced four distinct periods of increase, particularly benefiting from a rise in A-share industry ETFs and a favorable bond market, leading to significant net value growth [2]. Group 2: Comparative Analysis - The average net value growth rate for the "Hongyi (JinYing)" series of products in the first half of the year was only 0.66%, with two products even reporting negative returns, indicating potential risks for investors in mid-risk products [3]. - The product scored 100 in yield performance, 80 in risk control, and 12 in risk-adjusted return, ranking first among 784 similar products, demonstrating strong performance relative to peers [3].

Group 1 - The city commercial bank sector experienced a decline of 0.37% on September 5, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key individual stock performances in the city commercial bank sector included Ningbo Bank rising by 1.74% and Chongqing Bank falling by 1.34% [1][2] Group 2 - The net outflow of main funds from the city commercial bank sector was 287 million yuan, while retail investors saw a net inflow of 141 million yuan [2] - The trading volume for Chongqing Bank was 107,400 shares, with a transaction amount of 103 million yuan [2] - The overall trading activity showed a mixed trend, with some banks experiencing slight declines while others saw minor gains [1][2]

Core Viewpoint - Honghua Holdings Group Co., Ltd. has fully released the pledge of 5 million shares of Hangzhou Bank, indicating a positive shift in the company's shareholder structure and potential for increased investor confidence [1] Group 1 - Honghua Holdings has completed the release of its pledged shares, with no further pledge plans announced [1] - As of September 4, 2025, Honghua Holdings holds 700,213,537 shares of Hangzhou Bank, representing 9.66% of the total share capital [1] - The company will fulfill its information disclosure obligations if there are any changes regarding share pledges in the future [1]

Group 1: Overall Asset Quality - As of August 31, 2023, the asset quality of 42 listed banks in A-shares shows a stable improvement, with some banks experiencing a slight increase in non-performing loan (NPL) ratios compared to the end of the previous year [1] - The overall NPL ratio for commercial banks was 1.49% at the end of Q2 2023, improving by 0.02 percentage points from the end of Q1 [3] - The provision coverage ratio for state-owned banks and rural commercial banks increased to 249.16% and 161.87%, respectively, while the ratios for joint-stock banks and city commercial banks decreased [4] Group 2: Non-Performing Loan Trends - The NPL ratio for corporate loans is improving, while the NPL ratio for retail loans is on the rise, indicating a structural change in asset quality [5][6] - For example, Industrial and Commercial Bank of China (ICBC) reported a decrease in corporate loan NPL ratio from 1.58% to 1.47%, while the personal loan NPL ratio increased from 1.15% to 1.35% [5] - The rise in retail loan NPLs is attributed to factors such as market conditions, increased flexible employment, and changes in industry environments affecting borrower income [6] Group 3: Real Estate Loan Performance - The real estate sector remains a significant source of NPLs, with some banks reporting an increase in real estate loan NPL ratios, while others have seen improvements [7][8] - For instance, Qingnong Commercial Bank's real estate NPL ratio rose to 21.32%, an increase of 14.15 percentage points from the end of the previous year [7] - The overall decline in real estate sales and the high leverage of real estate companies are fundamental reasons for the rising NPL ratios in this sector [8]