Investment Rating - The industry investment rating is "Increase" (maintained) [2][21] Core Insights - The external environment and major power competition remain important starting points for policy, with increased confidence in addressing internal and external issues [4][11] - Fiscal policy will maintain a stable and more proactive stance, with a focus on domestic demand and innovation [4][12] - Monetary policy will continue to be moderately loose, emphasizing flexible decision-making and policy efficiency [4][12] - The regulatory approach for small and medium financial institutions has shifted from "risk resolution" to "quality improvement" [4][18] Summary by Sections Overall Thoughts - The report emphasizes that the external environment and major power competition are crucial for economic policy, with a more confident outlook on both internal and external challenges [4][11] Fiscal Policy - The fiscal policy will continue to be more proactive, focusing on maintaining stability. The emphasis will be on domestic demand and innovation, with a potential tightening of tax incentives and subsidies [4][12][18] Monetary Policy - The monetary policy will remain moderately loose, with a focus on flexible and efficient decision-making. The use of various policy tools, including adjustments to reserve requirements and interest rates, will be prioritized [4][12][18] Financial Regulation - The regulatory focus for small and medium financial institutions has transitioned to enhancing quality rather than merely resolving risks, indicating a shift towards reform and consolidation in the sector [4][18] Investment Recommendations - Investment strategies for bank stocks have shifted from "pro-cyclical" to "weak-cyclical," with a focus on high-dividend stability during economic downturns. Recommendations include regional banks with strong certainty and large banks with high dividends [4][20]

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： 股东大会召开日期：2025年12月31日 本次股东大会采用的网络投票系统：上海证券交易所股东 大会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 证券代码：600926 证券简称：杭州银行 公告编号：2025-090 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年第一次临时股东大会的通知 2025年第一次临时股东大会 (二) 股东大会召集人：董事会 公司于 2025 年 12 月 15 日以书面传签方式召开第八届董事 会第二十二次会议，以 11 票同意、0 票反对、0 票弃权审议通过 了《关于拟召开杭州银行股份有限公司 2025 年第一次临时股东 大会的议案》。 (三) 投票方式：本次股东大会所采用的表决方式是现场投 票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 31 日9 点 30 分 召开地点：浙江省杭州市上城区解放东路 168 号杭银 ...

作为深耕区域经济的金融主力军，杭州银行（600926）持续响应政策导向，以金融"活水"精准滴灌地方 消费市场，切实践行中央扩大内需、提振消费的战略部署。依托对区域消费场景的深刻洞察，杭州银行 正围绕居民消费升级需求与重点消费领域"因城施策"，持续优化金融产品与服务，在助力稳定地方消费 大盘中展现出鲜明的责任担当与专业优势。 杭州银行坚定锚定"巩固消费信贷"战略导向，将个人住房按揭贷款与消费贷业务作为发力重点，形成支 撑消费增长的双引擎。在住房按揭贷款领域，杭州银行积极跟进2025年国家新出台的楼市需求刺激及金 融支持政策，既巩固杭州本土市场的核心投放优势，又着力提升重点一线城市的业务贡献度，推动房贷 投放规模与余额实现稳步增长，精准契合居民刚性及改善性住房需求。 个人消费贷业务则以"拓新户、增规模"为核心目标，通过数智化手段深化精细化经营。针对不同客群特 点，杭州银行一方面以"专属产品、专职队伍、专业管理"的"三专模式"赋能普通客群服务，另一方面深 挖优质客群潜力，实现分层分类精准触达。同时，通过焕新消费贷产品体系、推出金融促消费专项行 动，全方位激发消费活力。 12月14日，商务部、中国人民银行、金融监管总 ...

中小企业联系千家万户，是推动创新、促进就业、改善民生的重要力量。杭州银行（600926）紧扣国家 普惠金融发展战略，严格落实金融监管要求，深化客群经营与数智化转型，确保"政策落地有力度、精 准服务有精度、民生保障有温度"，让金融活水精准滴灌至千门万户。 截至2025年三季度，该行小微金融条线贷款余额为1576.8亿元，普惠型小微企业贷款余额增长显著，达 到1722.7亿元，增幅为10.73%；普惠型小微信用贷款余额达230.64亿元，同比增长17.70%，以实实在在 的举措为实体经济注入金融活水。 精准滴灌优企客群，聚焦专精特新、科技型中小企业等，联合经信、科技部门获取优质客群名单，累计 投放贷款2196笔，授信金额62.62亿元，用信余额24.42亿元，综合用信率达59%。 场景服务园区客群，持续开展"耕园行动"，上半年杭州银行在产业园区组织产品宣讲会、主题交流会等 活动超40场；推出"厂抵贷"，依托云抵贷平台实现"抵押+信用"一键双贷，为园区企业从初创到成长的 全周期发展保驾护航。 政策资源打出"组合拳" 好政策，关键在落实。杭州银行将政策落地作为普惠金融工作的"第一抓手"，通过机制创新与资源倾 斜，确保 ...

Core Insights - The report focuses on mixed-asset products issued by wealth management companies, highlighting superior-performing products available for investors through distribution channels [1] - A ranking of products is provided based on their annualized performance over the last month, three months, and six months, reflecting their multidimensional performance amid recent market fluctuations [1] Group 1: Product Performance - The ranking showcases annualized returns for products over different time frames, with a specific emphasis on the three-month annualized yield for sorting [1] - The report includes a list of 28 distribution institutions, such as major banks like Industrial and Commercial Bank of China, Bank of China, and Agricultural Bank of China, among others [1] Group 2: Product Availability - The assessment of the "on-sale" status of wealth management products is based on their investment cycle projections, but actual availability may vary due to factors like sold-out quotas or differences in product listings for different clients [1] - Investors are advised to refer to the actual displays on the distribution bank's app for the most accurate product availability [1]

Investment Rating - The report indicates a positive outlook for the insurance sector, recommending specific companies such as China Pacific Insurance, China Ping An, China Life (H), and China Taiping, while also recommending New China Life Insurance [4][17]. Core Insights - The financial industry experienced a mixed performance, with the non-bank financial index rising by 0.81%, outperforming the CSI 300 index by 0.89 percentage points. The insurance sector showed a notable increase of 2.36%, while the banking sector declined by 1.77% [2][11]. - The central economic work conference emphasized a proactive fiscal policy, which is expected to benefit the insurance sector by increasing infrastructure asset supply and improving credit risk perceptions [14][15]. - The report highlights the potential for valuation recovery in the brokerage sector, driven by regulatory changes that align public fund interests with long-term investor returns [18][19]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index rose by 0.81%, with the insurance sector outperforming the CSI 300 index by 2.44 percentage points [2][11]. - The banking sector underperformed, with a decline of 1.77%, attributed to macroeconomic policy expectations [3][21]. 2. Insurance Sector Data Tracking - The insurance sector's premium income showed steady growth, with life insurance and property insurance premiums increasing by 9.6% and 4.0% year-on-year, respectively [17][26]. - The report notes that the 10-year government bond yield decreased to 1.84%, which is favorable for the insurance sector's investment strategies [31]. 3. Brokerage Sector Data Tracking - The brokerage sector's PB valuation stands at 1.37x, indicating potential for valuation recovery as earnings improve [19][42]. - Regulatory changes in public fund sales are expected to enhance the industry's focus on long-term investor interests [18][19]. 4. Banking Sector Data Tracking - The banking sector's PB valuation is at 0.54x, suggesting it remains undervalued [21][25]. - The central economic work conference's focus on domestic demand and flexible monetary policy is expected to support the banking sector's growth [22][23].

Investment Rating - The report maintains a "Positive" outlook for the banking sector in 2026, indicating a return to fundamental narratives supported by policy financial tools and asset expansion resilience [6][23]. Core Viewpoints - The banking sector is expected to stabilize net interest margins due to a concentrated repricing cycle of deposits, with structural risks anticipated to receive policy support [3][23]. - The report highlights two main investment themes: focusing on quality small and medium-sized banks and state-owned banks with defensive value [24]. Summary by Sections Financial Data Analysis - In November 2025, social financing (社融) grew by 8.5% year-on-year, with a monthly increment of 2.49 trillion yuan, exceeding market expectations [10][9]. - The structure of social financing showed a decrease in RMB loans by 116.3 billion yuan year-on-year, indicating weak demand for credit [10][9]. - Government bonds decreased by 104.8 billion yuan year-on-year, while corporate direct financing increased by 170.2 billion yuan, with bond financing up by 178.8 billion yuan [10][9]. Loan Trends - Total RMB loans grew by 6.4% year-on-year in November, with a total of 390 billion yuan in new loans, reflecting a decline in both household and corporate loans [13][14]. - Household loans saw a significant drop, with short-term loans down by 178.8 billion yuan and medium to long-term loans down by 290 billion yuan [13][14]. - Corporate loans increased by 281.9 billion yuan, primarily driven by bill discounting [14][13]. Monetary Supply - M1 growth fell to 4.9% year-on-year, while M2 grew by 8.0%, with the gap between M2 and M1 increasing to 3.1% [20][21]. - New RMB deposits totaled 1.41 trillion yuan in November, a decrease of 760 billion yuan year-on-year, with declines across all categories including household and non-bank deposits [20][22]. Investment Recommendations - The report suggests focusing on quality small and medium-sized banks such as Nanjing Bank, Hangzhou Bank, and Ningbo Bank, while also considering state-owned banks like Bank of Communications and Industrial and Commercial Bank of China for their defensive value [24][23].

Core Insights - The banking sector is intensifying its deposit marketing activities as the year-end approaches, with a focus on refined strategies to attract deposits amid declining interest rates and changes in the market [1][4] - Smaller banks are adopting differentiated deposit products with varying minimum deposit thresholds and interest rates, reflecting a more nuanced approach to customer segmentation [1][4] Group 1: Deposit Strategies - Banks are utilizing traditional methods such as raising interest rates, issuing large-denomination certificates of deposit, and offering points for deposits, while also implementing more detailed minimum deposit requirements and conditions for interest rate increases [1][4] - For example, Hangzhou Bank has introduced a tiered deposit product with minimum purchase amounts of 50,000, 200,000, and 500,000 yuan, corresponding to interest rates of 1.65%, 1.75%, and 1.8% respectively [2] - Inner Mongolia Rural Commercial Bank has launched a deposit product with minimum thresholds of 100 yuan and 200,000 yuan, offering varying interest rates based on the type of account [2][3] Group 2: Interest Rate Trends - The overall increase in deposit interest rates is more restrained compared to previous years, with most banks raising rates by only 5 to 15 basis points, contrasting with the 30 to 50 basis points seen in prior years [5][6] - The net interest margin pressure is prompting banks to manage deposit costs more effectively, focusing on optimizing the structure of deposits and expanding low-cost core deposits [6][8] - The net interest margin for commercial banks was reported at 1.42% in Q3, with large banks at 1.31% and rural commercial banks at 1.58%, indicating a stable but low margin environment [6][7] Group 3: Future Outlook - Analysts predict that 2026 may see a stabilization and potential recovery of net interest margins, driven by improved costs of interest-bearing liabilities and a more balanced reduction in both asset and liability rates [7][8] - The banking sector is expected to continue refining its marketing strategies to attract deposits, particularly targeting high-net-worth individuals and optimizing customer segmentation to enhance profitability [4][8]

12月12日金融一线消息，杭州银行今日发布公告称，经相关监管机构批准，该行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年绿色金融债券"（以下简称"本期债券"）。 本期债券于2025年12月10日簿记建档，并于2025年12月12日发行完毕，发行规模为人民币50亿元，其中 品种一为3年期固定利率债券，发行规模为40亿元，票面利率为1.78%；品种二为3年期浮动利率债券， 发行规模为10亿元，首个利率重置期票面利率为1.83%，固定利差0.35%。本期债券的募集资金将依据 适用法律和监管部门的批准，用于《绿色金融支持项目目录（2025年版）》规定的绿色产业项目。 责任编辑：曹睿潼 责任编辑：曹睿潼 12月12日金融一线消息，杭州银行今日发布公告称，经相关监管机构批准，该行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年绿色金融债券"（以下简称"本期债券"）。 本期债券于2025年12月10日簿记建档，并于2025年12月12日发行完毕，发行规模为人民币50亿元，其中 品种一为3年期固定利率债券，发行规模为40亿元，票面利率为1.78%；品种二为3年期浮动利率债券， 发行规 ...

证券代码：600926 证券简称：杭州银行 公告编号：2025-089 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2025年绿色金融债券发行完毕的公告 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。 1 本期债券于2025年12月10日簿记建档，并于2025年12月12日 发行完毕，发行规模为人民币50亿元，其中品种一为3年期固定 利率债券，发行规模为40亿元，票面利率为1.78%；品种二为3年 期浮动利率债券，发行规模为10亿元，首个利率重置期票面利率 为1.83%，固定利差0.35%。 本期债券的募集资金将依据适用法律和监管部门的批准，用 于《绿色金融支持项目目录（2025年版）》规定的绿色产业项目。 特此公告。 杭州银行股份有限公司董事会 2025年12月13日 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年绿色金融债券"（以下简称"本期债券"）。 ...