21世纪经济报道记者 余纪昕 上海报道 就在债市"科技板"新政密集出台的次日，首批银行间科创债发行主体名单随即亮相。 5月7日，中国人民银行、中国证监会联合发布《关于支持发行科技创新债券有关事宜的公告》，从丰富 科技创新债券产品体系和完善科技创新债券配套支持机制等方面，对支持科技创新债券发行提出13条具 体举措。 科创债发行主体进一步多元化 银行方面，政策性银行中，国家开发银行率先作出跟进。 国开行于5月8日发布公告，拟在上海清算所发行2025年首期科技创新债券，总规模不超过200亿元，募 集资金将重点支持科技型企业。本期债券分为三个品种：品种一为"国家开发银行2025年第一期科技创 新债券"，规模不超过60亿元，期限2年，采用挂钩DR007的浮动利率；品种二为"国家开发银行2025年 在上海清算所第一期科技创新债券"，规模不超过100亿元，期限3年，采用固定利率；品种三为"国家开 发银行2025年第一期贴现科技创新债券"，规模不超过40亿元，期限182天，采用贴现方式发行。 同天，银行间市场、三大证券交易所相继跟进。其中，沪深北三大交易所同时发布关于进一步支持发行 科技创新债券服务新质生产力的通知。全国银行 ...

5月8日，中国货币网披露，杭州银行（600926）股份有限公司将于2025年5月9日发行人民币50亿元的科 技创新债券，债券期限为3年，单位票面金额100元，按票面金额平价发行，采用固定利率形式，最终将 通过簿记建档、集中配售确定票面利率，存续期内固定不变。计息方式为按年计息，不计复利，逾期不 另计利息，采用实名制记账式。起息日为2025年5月12日，付息日为存续期内每年5月12日，遇节假日顺 延，兑付日为2028年5月12日，同样遵循顺延规则，按年付息、到期一次还本。 ...

杭州银行 600926.SH 公司研究 | 季报点评 | | 买入（维持） | | --- | --- | | 股价（2025年04月29日） | 14.81 元 | | 目标价格 | 16.38 元 | | 52 周最高价/最低价 | 15.06/11.41 元 | | 总股本/流通 A 股（万股） | 635,446/635,446 | | A 股市值（百万元） | 94,110 | | 国家/地区 | 中国 | | 行业 | 银行 | | 报告发布日期 | 2025 年 05 月 05 日 | 王霄鸿 wangxiaohong@orientsec.com.cn | 业绩高增，扩表提速：——杭州银行 2024 | 2025-04-13 | | --- | --- | | 年年报点评 | | | 澳联邦银行出于自身战略考虑退出，新华 | 2025-01-27 | | 举牌彰显对公司长期发展信心：——杭州 | | | 银行 5.45%股权转让点评 | | | 净利息收入增速继续向上，资产质量优 | 2024-10-22 | | 异：——杭州银行 24Q3 季报点评 | | 存贷两旺，利润保持高增 ——杭州银行 ...

杭州银行 600926.SH 公司研究 | 季报点评 | | 买入（维持） | | --- | --- | | 股价（2025年04月29日） | 14.81 元 | | 目标价格 | 16.38 元 | | 52 周最高价/最低价 | 15.06/11.41 元 | | 总股本/流通 A 股（万股） | 635,446/635,446 | | A 股市值（百万元） | 94,110 | | 国家/地区 | 中国 | | 行业 | 银行 | | 报告发布日期 | 2025 年 05 月 05 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 2.07 | 1.44 | 0.34 | 23.93 | | 相对表现% | 2.3 | 5.02 | 1.44 | 19.76 | | 沪深 300% | -0.23 | -3.58 | -1.1 | 4.17 | | 屈俊 | qujun@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860523060001 | | 于博文 ...

杭州银行近年来在资金、人才与技术方面持续加码，构建了坚实的数字基础设施。数据显示，该行2024 年数字化转型投入占营收比重达4.25%，这一数字逐年提升，彰显了管理层对数字化转型的坚定决心。 同时，该行不断强化科技人员队伍建设，建立人才"蓄水池"，打好人才培育"组合拳"。近年来，引进了 多名架构师、大模型、人工智能领域专家，金融科技人才占比超7.5%，科技研发工时同比大幅提升。 此外，该行高度重人工智能在金融领域应用，深度改造基于开源的机器学习建模平台、大模型基座与智 能体框架，打造自主可控的统一建模与模型管理平台，并加快拓展 RPA、智能 OCR 等人工智能场景落 地，金融垂直大模型已在行内办公、研发、取数、营销等多领域上线 AI 助手，覆盖 6 大板块、11个独 立产品。 近日，杭州银行正式发布2025年一季度报告。数据显示，该行资产总额突破2.22万亿元大关，较年初增 幅达5.2%；实现营收99.78亿元，净利润60.21亿元，同比增长2.22%和17.30%，核心经营指标持续向 好。亮眼成绩单的背后，离不开该行全面推进数字化转型的生动实践。 战略引领，绘就数字化发展蓝图 "数智赋能"作为2024年各家 ...

Investment Rating - The investment rating for Hangzhou Bank is "Buy" and is maintained [9]. Core Views - Hangzhou Bank's Q1 2025 revenue growth is 2.2%, with a net profit growth of 17.3% and net interest income growth of 6.8%. The bank's loan and deposit growth is strong, with loans increasing by 6.2% and deposits by 6.0% compared to the beginning of the year. It is expected that the credit growth will continue to maintain double-digit growth throughout the year. The non-performing loan ratio remains stable at 0.76%, and the coverage ratio is at 530%, indicating strong asset quality [2][6]. Summary by Sections Financial Performance - In Q1 2025, Hangzhou Bank's net interest income increased by 6.8%, driven by stable net interest margins and strong balance sheet expansion. Non-interest income decreased by 5.4% year-on-year, primarily due to a high base from the previous year and fluctuations in the bond market, which led to an 18.0% decline in investment income. However, fee income grew by 22.2% [12][20]. Scale and Growth - Total assets grew by 5.2% compared to the beginning of the year, with loans increasing by 6.2%. Corporate loans grew by 9.7%, supported by strong infrastructure demand in developed regions. Retail loans saw a slight decline of 1.3%, but mortgage lending is expected to continue its recovery throughout the year. Deposits increased by 6.0%, with corporate deposits growing by 6.6% and retail deposits by 6.5% [12][20]. Interest Margin - The cost of liabilities continues to improve, alleviating downward pressure on interest margins. The net interest margin for the full year 2024 is expected to be 1.41%, with a stable trend observed since Q4. The cost of deposits is projected to decline by 15 basis points year-on-year, contributing to the expected growth in net interest income [12][20]. Asset Quality - The bank maintains excellent asset quality, with a non-performing loan ratio stable at 0.76% and a coverage ratio of 530%. The net generation rate of non-performing loans for 2024 is expected to be 0.80%, reflecting retail risk fluctuations, but remains at a good level compared to peers. The bank's low exposure to internet loans and partnerships with leading institutions suggest manageable risk levels [12][20]. Investment Recommendation - The bank's performance is expected to maintain high-quality growth, with current valuations significantly undervalued. The projected dividend per share (DPS) is expected to grow by 25% year-on-year, and the compound dividend yield over the next three years is anticipated to lead the industry. The stock price is close to the convertible bond redemption price, indicating potential upward valuation after the bond is absorbed [12][20].

Core Viewpoint - Hangzhou Bank demonstrated strong growth in Q1 2025, with total assets increasing by 5.20% to 2.22 trillion yuan, and both loan and deposit scales showing significant growth [1] Group 1: Financial Performance - The bank achieved revenue of 9.98 billion yuan and net profit of 6.02 billion yuan, reflecting year-on-year growth of 2.2% and 17.3% respectively, continuing a trend of dual growth in revenue and profit [1] - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 530.07%, indicating stable asset quality [1] Group 2: Customer Base and Product Development - The bank focused on enhancing its customer base through the "Customer Expansion Project," improving the competitiveness of various financial products [1] - Retail banking saw total assets under management (AUM) surpassing 630 billion yuan, driven by the "Happiness Golden Osmanthus" wealth brand and a 12% increase in mortgage loans [2] - The small and micro enterprise segment reported a loan balance of 29.78 billion yuan, growing by 10.7% year-on-year, while credit loans reached 12.063 billion yuan, up by 4.9% [2] Group 3: Strategic Initiatives - The bank plans to continue its customer-centric approach, focusing on reform, innovation, and enhancing professional capabilities to achieve high-quality transformation [3] - The asset management segment surpassed 1.87 trillion yuan in scale, with successful issuance of 10 billion yuan in perpetual bonds, optimizing overall funding costs [2]

2025年第一季度，杭州银行（600926）(600926.SH)坚持"稳中求进，以稳促进"的总基调，立足长期主 义，聚焦主责主业，持续推进高质量发展战略。在复杂多变的市场环境下，该行经营效益继续提升，资 产负债规模稳健增长，资产质量保持优良水平，为实现全年发展目标奠定了坚实基础。经营效益稳步提 升。 大资管板块，同业业务强化货币市场研判，根据市场变化灵活调整负债策略，成功发行100亿元无固定 期限资本债券，推动综合负债成本同比下行；外汇业务成功入围2025年度银行间外汇市场做市商名 单，；期末该行资产托管规模超1.87万亿元。杭银理财稳健经营，期末理财产品余额超4,500亿元，较上 年末增长4.72%。 在复杂多变的外部环境下，杭州银行凭借稳健的经营管理和卓越的风险控制能力，展现出强劲的发展韧 性和广阔的前景。2025年，该行将持续聚焦"轻资本、流量化、国际化、数字化"四大方向，通过深化客 户分层经营、强化风险管理、优化资本结构，推动高质量发展，为股东和客户创造更大价值。 经营业绩稳步提升，盈利能力凸显韧性 2025年1-3月，该行实现营业收入99.78亿元，较上年同期增长2.22%；实现归属于公司股东净利 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has demonstrated robust growth in net interest income, with a year-on-year increase of 6.8% in Q1 2025, despite a slowdown in overall revenue growth due to a decline in other non-interest income [1][2] - The asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 530%, indicating a solid risk mitigation capacity [1][3] - The company is expected to maintain high growth in net profit, with projections of 20.3%, 19.6%, and 17.0% for the years 2025, 2026, and 2027 respectively [3][4] Financial Performance Summary - In Q1 2025, the company achieved revenue of 9.978 billion yuan, a year-on-year growth of 2.22%, and a net profit of 6.021 billion yuan, reflecting a 17.3% increase [1] - The total assets at the end of the period reached 2.22 trillion yuan, with total loans of 1 trillion yuan and total deposits of 1.35 trillion yuan, marking growth rates of 5.2%, 6.2%, and 6.0% respectively [2] - The core Tier 1 capital adequacy ratio stood at 9.01%, highlighting the need for attention to future capital replenishment [2] Earnings Forecast and Financial Indicators - The projected earnings for the company are as follows: - Revenue (in million yuan): 41,446 in 2025, 45,559 in 2026, and 51,414 in 2027 [4] - Net profit (in million yuan): 20,425 in 2025, 24,437 in 2026, and 28,595 in 2027 [4] - The price-to-book (PB) ratio is expected to decrease from 0.75x in 2025 to 0.56x in 2027 [3][4]

Core Viewpoint - The company maintains strong profit growth and stable asset quality, with a recommendation to increase holdings based on positive financial performance and operational efficiency [1][4][5]. Financial Performance - In Q1 2025, the company's net profit attributable to shareholders and operating income increased by 17.3% and 2.2% year-on-year, respectively, consistent with preliminary performance reports [1]. - The annualized ROE and ROA improved by 0.64 percentage points and 0.02 percentage points to 20.60% and 1.11%, indicating robust profitability [1]. Credit and Asset Quality - As of the end of March, total assets, loans, and deposits grew by 15.9%, 14.3%, and 21.1% year-on-year, respectively, showing a strong lending environment [2]. - The non-performing loan ratio and provision coverage ratio remained stable at 0.76% and 530%, respectively, reflecting sound asset quality [4]. Non-Interest Income and Cost Management - Non-interest income decreased by 5.4% year-on-year, primarily due to a slowdown in other non-interest income, while fee-based income rose by 22.2%, accounting for 14.1% of total revenue [3]. - The cost-to-income ratio improved by 0.4 percentage points to 23.7%, indicating effective cost management [3]. Capital Adequacy and Valuation - As of March, the capital adequacy ratio and core tier 1 capital ratio were 14.05% and 9.01%, respectively, showing a slight increase from the end of 2024 [4]. - The company is projected to achieve net profits of 195 million, 227 million, and 264 million yuan for 2025-2027, with a target price of 17.66 yuan, reflecting a price-to-book ratio of 0.91 for 2025 [5].