Core Viewpoints - The banking sector is expected to return to a fundamental narrative in 2026, supported by policy financial tools and resilient asset expansion, with net interest margins likely stabilizing and improving due to the ongoing deposit repricing cycle [3][9] - The report highlights two main investment lines: high-quality small and medium-sized banks with solid fundamentals and state-owned large banks with good defensive value [3][9] Group 1: Fiscal Policy and Social Financing - In 2026, fiscal policy will remain key to stabilizing demand, with a stable growth rate of social financing expected between 8.3% and 9.0% [9][41] - The fiscal deficit rate is projected to remain at least at the 2025 level, with a focus on stimulating total demand and influencing the growth rate of bank asset expansion [26][41] - The government has introduced a new policy financial tool of 500 billion yuan, which is expected to leverage a total investment scale of approximately 7 trillion yuan, with a significant portion of related loans anticipated to materialize in 2026 [26][41] Group 2: Net Interest Margin Outlook - The net interest margin for banks is expected to stabilize and improve in 2026, primarily driven by a significant reduction in liability costs, with a projected improvement of approximately 30 basis points [9][49] - The scale of deposits entering the repricing cycle in 2026 is estimated at around 112 trillion yuan, contributing approximately 17.5 basis points to the improvement in the cost of interest-bearing liabilities [47][49] - The report anticipates that the overall improvement in the cost of interest-bearing liabilities will be around 30 basis points, with a corresponding effect on net interest margins of approximately 27 basis points [49] Group 3: Non-Interest Income and Asset Quality - Growth in non-interest income is expected to return to normal levels, with a marginal decline in contributions from other non-interest income sources [9][45] - The overall asset quality is projected to remain stable, with a focus on the risks associated with individual loans and real estate loans, which are expected to be manageable [9][45] - The report indicates that corporate asset quality continues to improve, while risks in the real estate sector are expected to be controllable [9][45] Group 4: Capital and Refinancing Outlook - The capital adequacy ratios of commercial banks are expected to remain stable, with a slight decline due to fluctuations in bond market interest rates [9][45] - The successful capital injection into four major state-owned banks is anticipated to enhance their ability to manage risks and support credit issuance [9][45] - The report notes that the path for capital replenishment through external channels remains relatively blocked, particularly for small and medium-sized banks [9][45]

（原标题：宁波能源(600982.SH)：公司没有投资宁波银行和杭州银行） 格隆汇12月4日丨宁波能源(600982.SH)在投资者互动平台表示，公司没有投资宁波银行和杭州银行。 ...

证券代码：600926 证券简称：杭州银行 公告编号：2025-085 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 关于赎回优先股的第三次提示性公告 二、赎回价格 本次优先股的赎回价格为本次优先股的票面金额加当期已 宣告且尚未支付的优先股股息。 三、赎回时间 2025 年本次优先股派息日，即 2025 年 12 月 15 日。 四、付款时间及方法 公司于 2025 年 12 月 15 日向本次优先股股东支付其所持有 的优先股票面金额和 2024 年 12 月 15 日至 2025 年 12 月 14 日持 有期间的股息。 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"）于 2017 年 12 月 15 日非公开发行 1 亿股优先股（以下简称"本次优先股"）， 发行规模为人民币 100 亿元，优先股简称杭银优 1，优先股代码 为 360027。经公司董事会审议通过，并报国家金融监督管理总 局浙江监管局审核无异议，公司拟于 2025 年 12 月 15 日全额赎 ...

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]