证券代码：600926 证券简称：杭州银行 公告编号：2025-086 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 优先股股息发放实施公告 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。 重要内容提示 ●优先股代码：360027 ●优先股简称：杭银优 1 ●每股优先股派发现金股息人民币 4.00 元（含税） ●最后交易日：2025 年 12 月 11 日（周四） ●股权登记日：2025 年 12 月 12 日（周五） ●除 息 日：2025 年 12 月 12 日（周五） ●股息发放日：2025 年 12 月 15 日（周一） 一、优先股股息发放方案的审议情况 杭州银行股份有限公司（以下简称"公司"）2017 年第一次临 时股东大会审议并通过了《关于杭州银行股份有限公司提请股东 大会授权董事会及董事会授权人士办理本次非公开发行优先股 有关事宜的议案》，同意授权公司董事会，并由公司董事会转授 权公司董事长自公司优先股发行完成之日起，在法律法规、《杭 1 州银行股份有限公司章程》及有关监管部门允许并符 ...

Core Viewpoint - The recent increase in institutional research on local listed banks, particularly city and rural commercial banks, is driven by improving fundamental indicators, investment value, and market performance, with a generally optimistic outlook on net interest margins and dividend prospects [1][3]. Group 1: Institutional Research Activity - As of December 3, 12 listed banks have received 195 research visits from 81 institutions since November, a significant increase from October's 58 visits [1][2]. - The banks involved in this round of research are all regional institutions, including Ningbo Bank, Hangzhou Bank, and others [2]. - Year-to-date, 25 banks have been researched, with Ningbo Bank and Hangzhou Bank leading in the number of visits, receiving 323 and 285 visits respectively [3]. Group 2: Outlook on Net Interest Margins - Institutions are focusing on dividend plans, net interest margin outlooks, and response measures during their research [4]. - Despite a historical low net interest margin of 1.42% as of Q3, many banks express optimism about future trends, citing potential stabilization [4][5]. - Banks are adjusting their asset-liability structures and reducing deposit rates to manage the pressure on net interest margins [5]. Group 3: Dividend Stability and Plans - The upcoming mid-term dividends for A-share listed banks in 2025 have become a focal point for institutions, with banks like Ningbo Bank and Zhangjiagang Bank implementing mid-term dividends for the first time [6]. - Several banks, including Suzhou Bank, maintain a stable cash dividend ratio of over 30%, indicating a commitment to providing consistent returns to shareholders [6]. - Banks are advised to balance their operational performance with dividend frequency, ensuring that dividend policies are aligned with profitability and capital adequacy [7].

Core Viewpoint - Hangzhou Bank Beijing Branch is actively promoting the construction of a clean culture through the "One Square" initiative, aiming to integrate integrity into daily work and create a strong atmosphere of integrity among all employees [1][10]. Group 1: Interactive Empowerment - The branch has upgraded its existing clean culture demonstration area to maximize participation with minimal investment, encouraging employees to share original integrity stories and vote for "Integrity Story Stars," transforming abstract concepts into relatable examples [2]. - The use of existing television equipment for continuous broadcasting of integrity-related content has fostered a visible and learnable standard for all employees, resulting in widespread participation and recognition [2]. Group 2: Environmental Extension - The branch has designed various display formats based on the conditions of each sub-branch, creating themed sections like "Integrity Nourishes Original Intention" and "Integrity Classroom" to embed integrity elements throughout the workspace [4]. - Employees are encouraged to express integrity themes through creative forms such as seed paintings and calligraphy, enhancing the office environment while promoting the integrity concept [4]. - The establishment of "Integrity Reading Corners" with a collection of relevant literature aims to ensure comprehensive coverage of integrity education, allowing employees to experience a culture of integrity in their daily work [4]. Group 3: Case-Based Education - The branch's discipline inspection committee organizes learning sessions on negative examples of misconduct in the banking industry, integrating integrity education into daily routines to maximize educational impact [7]. Group 4: Regulatory Compliance and Awareness - The branch aligns its initiatives with the requirements for clean culture in the Beijing banking industry, promoting understanding of self-regulatory agreements and codes of conduct to enhance compliance and awareness among employees [8]. Group 5: Future Directions - Hangzhou Bank Beijing Branch plans to continue deepening the "One Square" initiative, innovating activity formats and content to dynamically integrate integrity elements into daily operations, thereby fostering a culture of integrity for high-quality development [10].

Group 1 - The city commercial bank sector increased by 0.43% on December 2, with Jiangsu Bank leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] - Jiangsu Bank's closing price was 10.95, reflecting a 1.67% increase, with a trading volume of 1.7435 million shares and a transaction value of 1.897 billion [1] Group 2 - The city commercial bank sector experienced a net outflow of 316 million from institutional funds, while retail investors saw a net inflow of 421 million [2][3] - The trading data for various banks showed mixed performance, with Ningbo Bank declining by 0.69% and Guizhou Bank remaining unchanged [2] - Shanghai Bank had a net outflow of 46.6477 million from institutional funds, while retail investors contributed a net inflow of 2.33839 million [3]

Core Viewpoint - Hangzhou Bank is well-positioned in Zhejiang province, benefiting from a vibrant private economy and high wealth levels, which create strong financing demand and a favorable operating environment [1] Company Overview - Over 70% of Hangzhou Bank's branches and credit resources are located within Zhejiang province [1] - The bank has a low risk appetite and is driven by corporate, retail, and small micro-enterprises, with a focus on technology innovation finance [1] - Asset quality remains excellent, placing the bank in the top tier of listed banks [1] Financial Performance - Hangzhou Bank's convertible bonds were successfully redeemed, enhancing its core Tier 1 capital [1] - The bank is expected to maintain a compound annual growth rate (CAGR) of around 15% in performance over the next three years [1] - The current stock price corresponds to a projected price-to-book (PB) ratio of 0.74X for 2026 [1] Investment Recommendation - A target PB ratio of 1.05X is set for 2026, leading to a target price of 22.23 yuan [1] - The bank is given a "recommended" rating for its first coverage [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Financials, specifically focusing on manufacturing and infrastructure investments in China [1][5][7] Core Insights and Arguments - **Manufacturing FAI Growth**: There has been a notable slowdown in manufacturing Fixed Asset Investment (FAI) growth, dropping to 2.7% year-over-year (yoy) from 4.0% yoy in the previous month, indicating steady progress on capital expenditure (capex) slowdown [7] - **Liability Growth**: Total liability growth for industrial firms moderated to 5.0% yoy, while manufacturing firms saw a slight increase to 5.9% yoy. This moderation is expected to lead to more rational capacity expansion [2][7] - **Revenue Decline**: Manufacturing revenue declined by 4.3% yoy, attributed to lower production levels due to overcapacity control efforts. The Value-Added Industrial (VAI) growth also slowed to 4.9% yoy from 6.5% yoy in September [3][10] - **Profit Growth**: Manufacturing profit growth moderated to 7.7% yoy from 9.9% yoy in September, influenced by higher financing costs and lower production [10] Future Outlook - **Infrastructure Investment**: A potential increase in infrastructure investments, supported by a new RMB 500 billion fund from the China Development Bank, is expected to bolster demand in 2026 and aid in the digestion of overcapacity risks [8][3] - **Sector Performance**: 77.1% of sectors experienced a slowdown in capex in October 2025 compared to the first half of 2025, while 39.3% of sectors showed profit improvement [9][7] Additional Important Information - **PPI Trends**: The Producer Price Index (PPI) rebounded month-over-month for the first time since December 2024, with the year-over-year decline narrowing to 2.1% [7] - **Investment Sentiment**: The overall sentiment towards the China Financials sector remains attractive, with ongoing efforts in financial tightening contributing to anti-involution measures [5][4] This summary encapsulates the critical insights from the conference call, highlighting the current state and future expectations of the manufacturing and financial sectors in China.

Core Viewpoint - The meeting held by the People's Bank of China and the Ministry of Science and Technology marks a new phase in the collaborative mechanism for technology finance, aiming to enhance the integration of technology and finance, thereby supporting high-level technological self-reliance and strength [1] Group 1: Technology Finance Development - Hangzhou Bank is deepening its reform of the technology finance mechanism and service models to provide efficient financial support for technological self-reliance [1] - The digital economy in Hangzhou is growing rapidly, with the industrial added value increasingly contributing to the regional GDP, forming a robust industrial foundation for technology finance development [2] - Hangzhou Bank has established a specialized service team system covering seven key industries to match the financing needs of technology enterprises, demonstrating its competitive edge in the technology innovation sector [2] Group 2: Specialized Financial Services - Hangzhou Bank has created a "1+7+N" specialized technology finance structure, focusing on sectors like healthcare, intelligent manufacturing, and artificial intelligence, enhancing its professional service capabilities [3] - The bank has developed a comprehensive database for technology enterprises, enabling dynamic evaluation and precise marketing strategies through data analysis [3] Group 3: Product Innovation and Financial Support - The "Technology Financial Engine" service matrix has been optimized to cover the entire lifecycle of technology enterprises, with new products like "Kexi Loan - Potential Dragon Plan" launched to improve service efficiency [4] - As of mid-2025, Hangzhou Bank's technology loan balance reached 115.18 billion yuan, with a year-on-year increase of 20.60 billion yuan, indicating a strong commitment to supporting technology enterprises [4] - The bank's specialized services for listed companies have supported 327 enterprises in going public, showcasing its role in facilitating capital development for technology firms [4] Group 4: Strategic Positioning and Market Expansion - Hangzhou Bank issued 5 billion yuan in technology bonds in the first half of 2025, reinforcing its funding sources and aligning with national technology finance strategies [5] - The bank is enhancing its operational efficiency and customer experience through data integration and innovative service models, aiming to strengthen its market position in the Yangtze River Delta and major cities [5][6] - With the implementation of technology finance policies, Hangzhou Bank is expected to solidify its status as a benchmark in technology finance while improving its business scale and profitability [7]

Investment Rating - The report gives Hangzhou Bank a "Recommended" rating, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [3][29]. Core Views - Hangzhou Bank is positioned as a high-growth and low-risk city commercial bank in Zhejiang, with a target price of 22.23 yuan based on a projected 2026E PB of 1.05X [3][12]. - The bank is expected to maintain a compound annual growth rate (CAGR) of approximately 15% in earnings over the next three years, with revenue growth rates projected at 2.1%, 10.9%, and 10.9% for 2025-2027, and net profit growth rates at 13.4%, 14.2%, and 16.0% respectively [3][12]. Financial Performance - For 2024, total revenue is projected to be 38,381 million yuan, with a year-on-year growth of 9.61%. By 2026, revenue is expected to reach 43,449 million yuan, reflecting a growth of 10.86% [4][15]. - The net profit attributable to the parent company is forecasted to be 16,983 million yuan in 2024, growing to 21,997 million yuan by 2026, with respective growth rates of 18.07% and 14.22% [4][15]. Business Model and Strategy - Hangzhou Bank has a clear geographical advantage, with over 70% of its branches and credit resources located in Zhejiang, a region characterized by a vibrant private economy and high wealth levels [8][9]. - The bank's business model is driven by three main segments: corporate banking, retail banking, and small and micro enterprises, with a focus on low-risk municipal projects and a strong emphasis on wealth management and consumer credit in retail banking [8][10]. Asset Quality - The bank maintains a strong asset quality, with a non-performing loan (NPL) ratio of 0.76%, which has remained stable for 11 consecutive quarters, positioning it among the top tier of listed banks [10][11]. - The provision coverage ratio stands at 514%, indicating robust risk mitigation capabilities [10][11]. Capital Position - The successful redemption of 150 billion yuan in convertible bonds has strengthened the bank's core Tier 1 capital by 106.4 billion yuan, with the core Tier 1 capital adequacy ratio reaching 9.64% as of Q3 2025 [11][12]. - The bank's dividend payout ratio is expected to increase gradually, with projections of 23.5%, 24%, and 25% for 2025-2027 [14].

Core Viewpoint - The integration of technology and finance is driving the high-quality development of innovative enterprises in China, with banks playing a crucial role in providing tailored financial services to support the growth of these companies [1][2]. Group 1: Financial Support for Technology Enterprises - Jiangsu province has over 89,000 technology-based SMEs and 57,000 high-tech enterprises, leading the nation in these categories [2]. - By the end of Q3 2025, the balance of technology loans in Jiangsu exceeded 5 trillion yuan, a year-on-year increase of 16% [2]. - The China Bank Jiangsu branch provided systematic financial services to technology enterprises, adjusting support based on company performance over seven years [3][4]. Group 2: Comprehensive Financial Services - China Bank Jiangsu branch served over 24,000 technology finance clients, with a technology loan balance of 551.7 billion yuan, up 21.9% year-on-year [4]. - Construction Bank Suzhou branch developed a "3+4" technology financial service system, enhancing support for technology innovation [4][5]. - By the end of October 2025, Construction Bank Suzhou branch served over 12,000 technology enterprises, with a technology loan balance exceeding 160 billion yuan [5]. Group 3: Innovative Financial Products - Jiangsu Bank launched products like "Smart Transformation Loan" and "Low Carbon Loan" to meet the needs of growing technology enterprises [6][7]. - By September 2023, Jiangsu Bank's technology loan balance reached nearly 290 billion yuan, serving 24,000 technology enterprise clients [7]. - Changshu Rural Commercial Bank focused on small and micro enterprises, providing tailored financial services and achieving over 2200 technology enterprise loans with a balance exceeding 15 billion yuan [6][7]. Group 4: Collaborative Financial Models - Zhejiang province introduced the "Zheke United Loan" model to enhance cooperation among banks, addressing the limitations of single-bank services [8][10]. - Since its launch, 27 banks in Zhejiang have participated in the "Zheke United Loan," providing loans totaling 10.87 billion yuan to 197 enterprises [11]. - The model allows for risk-sharing among banks, enhancing the capacity to support technology enterprises [10][11]. Group 5: Growth-Focused Financial Initiatives - Anhui province implemented the "Common Growth Plan" to address the mismatch between risk and return in technology credit [15][19]. - By September 2023, the plan had signed over 15,000 enterprises, with a loan balance exceeding 210 billion yuan [17][18]. - The "Common Growth Plan 2.0" introduced a "Stock Option Income Swap Model" to facilitate easier access to financing for technology enterprises [19][21].

Core Conclusions - The financial industry experienced a weekly increase of +0.68% in the non-bank financial index, underperforming the CSI 300 index by 0.96 percentage points [1] - The banking sector saw a decline of -0.59%, lagging behind the CSI 300 index by 2.23 percentage points, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied performance [1][9] Insurance Sector Insights - The insurance sector's index rose by +0.20%, underperforming the CSI 300 index by 1.44 percentage points, driven by strong demand for dividend insurance products that align with residents' needs for stable returns and value appreciation [2][12] - Major insurance companies are focusing on dividend insurance as a strategic core, with product offerings expanding significantly ahead of the 2026 "opening red" period [2][12] - The growth of new single premiums is expected to be strong in 2026, supported by improved net present value margins (NBVM) and a favorable regulatory environment for dividend insurance [2][17] Brokerage Sector Insights - The brokerage sector index increased by +0.74%, underperforming the CSI 300 index by 0.90 percentage points, with recent developments in refinancing for two brokerages indicating a cautious approach to capital raising [2][18] - The current environment presents a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery [2][19] - Recommendations include strong mid-to-large brokerages with low valuations and those involved in mergers or restructuring [2][19] Banking Sector Insights - The banking sector's index decreased by -0.59%, underperforming the CSI 300 index by 2.23 percentage points, with a focus on high dividend strategies remaining viable [3][20] - The average dividend yield for banks is approximately 4.1%, which is attractive compared to other sectors, particularly in the context of a stable earnings outlook [3][21] - Recommendations include state-owned banks and resilient city commercial banks, with specific attention to banks with strong fundamentals and low volatility [3][22]