Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (600926.SH) with a current price of 14.69 CNY [1]. Core Views - Hangzhou Bank's Q1 2025 report shows a revenue of 9.98 billion CNY, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 6.02 billion CNY, up 17.3% year-on-year. The annualized weighted average return on equity (ROE) is 20.6%, an increase of 0.64 percentage points year-on-year [3][4]. Summary by Sections Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Q1 2025 are 2.2%, 3%, and 17.3% respectively, showing a decline from 2024 by 7.4, 6.5, and 0.8 percentage points [4]. - Net interest income and non-interest income growth rates are 6.8% and -5.4% respectively, with changes from 2024 of +2.4 and -25.6 percentage points [4]. Credit and Deposit Growth - As of Q1 2025, the growth rates for interest-earning assets and loans are 15.9% and 14.3% year-on-year, with loan growth slightly decreasing from the previous year [5]. - The bank's Q1 2025 deposit growth rate is 21.1%, maintaining a high growth level, with a significant increase in demand deposits [6]. Interest Margin and Non-Interest Income - The net interest margin for Q1 2025 is 1.32%, a decrease of 6 basis points from 2024 [7]. - Non-interest income decreased by 5.4% year-on-year to 3.48 billion CNY, primarily due to a decline in net other non-interest income [8]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remains low at 0.76%, with a provision coverage ratio of 530.1% [9]. - As of Q1 2025, the core tier 1 capital adequacy ratio is 9.01%, showing a stable increase [9]. Profit Forecast and Valuation - The report maintains net profit forecasts for 2025-2027, with slight adjustments to EPS estimates due to potential dilution from convertible bonds [10]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.75 for 2025 [10].

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (600926.SH) with a current price of 14.69 CNY [1]. Core Views - Hangzhou Bank's Q1 2025 report shows strong revenue growth and profitability, with operating income of 9.98 billion CNY, a year-on-year increase of 2.2%, and net profit attributable to shareholders of 6.02 billion CNY, up 17.3% year-on-year [3][4]. - The bank's annualized weighted average return on equity (ROE) stands at 20.6%, an increase of 0.64 percentage points year-on-year [3]. Summary by Sections Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Q1 2025 are 2.2%, 3%, and 17.3% respectively, showing a decline from 2024 by 7.4, 6.5, and 0.8 percentage points [4]. - Net interest income and non-interest income growth rates are 6.8% and -5.4% respectively, with changes from 2024 of +2.4 and -25.6 percentage points [4]. Credit and Deposit Growth - As of Q1 2025, the growth rates for interest-earning assets and loans are 15.9% and 14.3% respectively, with loan growth slightly decreasing compared to the end of the previous year [5]. - The bank's total deposits increased by 98 billion CNY in Q1, with a year-on-year growth rate of 21.1% [6]. Interest Margin and Non-Interest Income - The net interest margin for Q1 2025 is 1.32%, a decrease of 6 basis points from 2024 [7]. - Non-interest income decreased by 5.4% year-on-year to 3.48 billion CNY, primarily due to a decline in net other non-interest income [8]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remains low at 0.76%, with a provision coverage ratio of 530.1% [9]. - Capital adequacy ratios as of Q1 2025 are 9.01% for core tier 1, 11.34% for tier 1, and 14.05% for total capital, showing a stable increase [9]. Profit Forecast and Valuation - The report maintains net profit forecasts for 2025-2027, with slight adjustments to earnings per share (EPS) estimates due to potential dilution from convertible bonds [10]. - The current stock price corresponds to price-to-book (PB) ratios of 0.75, 0.65, and 0.56 for 2025-2027 [10].

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (600926.SH) with a current price of 14.69 CNY [1]. Core Views - Hangzhou Bank's Q1 2025 report shows a revenue of 9.98 billion CNY, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 6.02 billion CNY, up 17.3% year-on-year. The annualized weighted average return on equity is 20.6%, an increase of 0.64 percentage points year-on-year [3][4]. Summary by Sections Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Q1 2025 are 2.2%, 3%, and 17.3% respectively, showing a decline from 2024 by 7.4, 6.5, and 0.8 percentage points [4]. - Net interest income and non-interest income growth rates are 6.8% and -5.4% respectively, with changes from 2024 of +2.4 and -25.6 percentage points [4]. Credit and Loan Growth - As of Q1 2025, the growth rates for interest-earning assets and loans are 15.9% and 14.3% respectively, with changes from the end of the previous year of +1.1 and -1.9 percentage points [5]. - The bank's loan increment for Q1 2025 is 57.7 billion CNY, with a focus on corporate loans, which increased by 61.6 billion CNY, while retail loans decreased by 3.9 billion CNY [5]. Deposit Growth - In Q1 2025, the increase in interest-bearing liabilities is 98 billion CNY, with a year-on-year growth rate of 15.1%, up 1.1 percentage points from the end of the previous year [6]. - The proportion of demand deposits increased to 40.8% by the end of Q1 2025, reflecting a slight improvement in the trend towards term deposits [6]. Interest Margin and Non-Interest Income - The net interest margin for Q1 2025 is 1.32%, down 6 basis points from 2024, primarily due to a decrease in the yield on interest-earning assets [7]. - Non-interest income decreased by 5.4% year-on-year to 3.48 billion CNY, with a significant drop in net other non-interest income [8]. Asset Quality and Capital Adequacy - The non-performing loan ratio remains low at 0.76%, with a provision coverage ratio of 530.1% as of Q1 2025 [9]. - Capital adequacy ratios show a stable increase, with the core tier 1 capital ratio at 9.01% as of Q1 2025 [9]. Profit Forecast and Valuation - The report maintains net profit forecasts for 2025-2027, with slight adjustments to EPS estimates due to potential dilution from convertible bonds [10]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.75 for 2025 [10].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 17.66 [8][10]. Core Views - The company demonstrates strong profitability with a year-on-year increase in net profit and operating income of 17.3% and 2.2% respectively for Q1 2025, maintaining a high annualized ROE of 20.60% [1]. - Credit growth remains robust, with total assets, loans, and deposits increasing by 15.9%, 14.3%, and 21.1% respectively as of March 2025 [2]. - Non-interest income continues to grow, with a 22.2% increase in fee-based income, contributing to 14.1% of total revenue [3]. - Asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 530% as of March 2025 [4]. - The company is projected to achieve a net profit of RMB 19.55 billion in 2025, reflecting a growth rate of 15.1% [5]. Summary by Sections Profitability and Growth - The company reported a net profit of RMB 19.55 billion for 2025, with a projected growth of 15.1% [5]. - The annualized ROE and ROA for Q1 2025 are 20.60% and 1.11% respectively, indicating strong profitability [1]. Credit and Asset Quality - As of March 2025, total assets, loans, and deposits grew by 15.9%, 14.3%, and 21.1% respectively compared to the end of 2024 [2]. - The non-performing loan ratio stands at 0.76%, with a provision coverage ratio of 530%, indicating solid asset quality [4]. Non-Interest Income and Cost Management - Non-interest income decreased by 5.4% year-on-year, while fee-based income increased by 22.2%, contributing to a higher proportion of total revenue [3]. - The cost-to-income ratio improved to 23.7%, reflecting operational efficiency [3]. Capital and Valuation - The capital adequacy ratio and core tier 1 capital ratio are 14.05% and 9.01% respectively, showing a healthy capital position [4]. - The target price of RMB 17.66 corresponds to a price-to-book ratio of 0.91 for 2025, indicating a premium valuation compared to peers [5].

Investment Rating - The investment rating for Hangzhou Bank is "Buy" [7] Core Views - In Q1 2025, the core revenue of Hangzhou Bank showed a year-on-year growth rate of 9.3%, benefiting from high growth in scale and a recovery in middle-income [2][6] - The bank's revenue increased by 2.2% year-on-year, while profit rose by 17.3%, although both growth rates slowed compared to 2024 [2][6] - The bank's net interest income, middle-income, and other non-interest income changed by +6.8%, +22.2%, and -18.0% respectively, compared to 2024 [2][6] Revenue and Profit Overview - Q1 2025 revenue was 9,761 million, with a year-on-year increase of 2.2% and a slowdown of 7.4 percentage points compared to 2024 [12] - The net profit attributable to the parent company was 5,133 million, reflecting a year-on-year growth of 17.3% [12] - The bank's non-performing loan ratio remained stable at 0.76% [4] Interest Margin and Asset Quality - The interest margin for Q1 2025 decreased by 3 basis points to 1.32%, primarily due to a larger decline in asset yield compared to the improvement in liability costs [3] - The asset yield fell by 25 basis points to 3.17%, while the cost of liabilities decreased by 16 basis points to 1.85% [3] - The non-performing loan ratio, attention loan ratio, and overdue loan ratio remained stable at 0.76%, 0.54%, and 0.69% respectively [4] Capital Adequacy - The core Tier 1 capital adequacy ratio increased by 16 basis points to 9.01% as of Q1 2025, supported by strong internal capital generation [5] - The total amount of convertible bonds converted reached 4.36 billion, accounting for 29.1% of all convertible bonds [5] Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is expected to grow by 15.02%, 11.35%, and 10.73% respectively [6] - The target price is set at 20.16 yuan per share, corresponding to a price-to-book ratio of 1.00, indicating a potential upside of 37% from the current price [6]

杭州银行 视觉中国 资料图 杭州银行（600926.SH）一季度净赚超60亿元，营收、净利同比增速较去年同期微降。 4月28日，杭州银行披露的2025年第一季度报告显示，2025年一季度，杭州银行实现营业收入99.78亿元，同比增长2.22%；实现归母净利润60.21 亿元，同比增长17.3%。 截至2025年3月末，杭州银行资产总额22222.16亿元，较上年末增长5.2%，其中贷款总额9951.96亿元，较上年末增长6.15%；负债总额20762.94亿 元，较上年末增长5.06%；存款总额13487.79亿元，较上年末增长5.99%。 截至2025年一季度末，杭州银行不良贷款率0.76%，与上年末持平；拨备覆盖率530.07%，较上年末下降11.38个百分点；拨贷比4.04%，较上年末 下降0.07个百分点。 截至一季度末，杭州银行资本充足率、一级资本充足率、核心一级资本充足率分别为14.05%、11.34%、9.01%，较上年末分别上升0.25个百分点、 0.29个百分点、0.16个百分点。 杭州银行2024年年度报告显示，2024年，杭州银行实现营业收入383.81亿元，同比增长9.61%；实现归母 ...

证券代码：600926 证券简称：杭州银行 公告编号：2025-023 优先股代码：360027 优先股简称：杭银优 1 可转债代码：110079 可转债简称：杭银转债 杭州银行股份有限公司 具体详见公司同日在上海证券交易所披露的《杭州银行股份 有限公司 2025 年第一季度报告》。 1 二、审议通过《杭州银行股份有限公司 2025 年第一季度第 三支柱信息披露报告》 第八届董事会第十七次会议决议公告 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。 杭州银行股份有限公司（以下简称"公司"）第八届董事会 第十七次会议于 2025 年 4 月 18 日以电子邮件及书面方式发出会 议通知，并于 2025 年 4 月 28 日以书面传签方式召开。本次会议 应出席董事 11 名，实际出席董事 11 名。本次会议的召开符合《中 华人民共和国公司法》等法律法规及《杭州银行股份有限公司章 程》的有关规定，会议所形成的决议合法、有效。 会议审议并通过决议如下： 一、审议通过《杭州银行股份有限公司 2025 年第一季度报 告》 批准公司 202 ...

Financial Performance - In Q1 2025, the company's operating income reached RMB 9,977,642, an increase of 2.22% compared to RMB 9,760,688 in Q1 2024[5] - Net profit attributable to shareholders was RMB 6,021,119, reflecting a 17.30% increase from RMB 5,133,233 in the same period last year[6] - Basic earnings per share rose to RMB 0.94, up 14.63% from RMB 0.82 in Q1 2024[6] - The company reported a total of 49,269 shareholders as of the end of the reporting period[10] - The company reported a comprehensive diluted return on equity of 4.95%, up from 4.86%[17] - Net profit for Q1 2025 was RMB 6,021,119 thousand, up from RMB 5,133,233 thousand in Q1 2024, reflecting an increase of about 17.3%[49] - Net profit for Q1 2025 was RMB 5,755,853 thousand, representing a 18.3% increase compared to RMB 4,866,796 thousand in Q1 2024[53] Cash Flow - The net cash flow from operating activities surged to RMB 47,295,319, a significant increase of 513.87% compared to -RMB 11,427,621 in Q1 2024[6] - The net cash flow from operating activities improved significantly to RMB 47,295,319 thousand, compared to a negative cash flow of RMB (11,427,621) thousand in the same period last year[57] - Net cash flow from operating activities for Q1 2025 was RMB 42,945,969 thousand, a significant improvement compared to a net outflow of RMB (9,882,311) thousand in Q1 2024[61] - Cash inflow from investment activities totaled RMB 217,619,383 thousand in Q1 2025, up from RMB 182,752,944 thousand in Q1 2024[61] - Net cash flow from financing activities reached RMB 24,601,868 thousand in Q1 2025, compared to RMB 8,048,401 thousand in Q1 2024[63] Assets and Liabilities - Total assets as of March 31, 2025, were RMB 2,222,216,225, representing a 5.20% increase from RMB 2,112,355,860 at the end of 2024[6] - Total liabilities increased to RMB 2,076,293,816 thousand from RMB 1,976,307,861 thousand[17] - Total assets at the end of Q1 2025 amounted to 222.2216 billion yuan, reflecting a growth of 5.20% from the end of the previous year[29] - Total liabilities as of March 31, 2025, amounted to RMB 2,076,293,816 thousand, an increase from RMB 1,976,307,861 thousand as of December 31, 2024, marking a growth of about 5.1%[41] Deposits and Loans - Total deposits rose to RMB 1,348,779,344 thousand, up from RMB 1,272,551,288 thousand[17] - The bank's total deposits as of March 31, 2025, were RMB 1,366,203,000 thousand, an increase from RMB 1,289,515,182 thousand as of December 31, 2024, reflecting a growth of approximately 6.0%[41] - The balance of loans in the corporate finance segment reached 631.637 billion yuan, an increase of 11.73% year-on-year[31] - Total loans amounted to RMB 995,196,394 thousand, compared to RMB 937,498,709 thousand previously[17] Investment and Income - The bank's investment income for Q1 2025 was RMB 4,137,373 thousand, significantly higher than RMB 1,913,624 thousand in Q1 2024, showing an increase of about 116.0%[49] - The bank's investment income surged to RMB 4,136,386 thousand, compared to RMB 1,913,192 thousand in Q1 2024, indicating strong performance in investment activities[53] Ratios and Returns - The weighted average return on equity increased to 5.15%, up 0.16 percentage points from 4.99% in Q1 2024[6] - Core Tier 1 capital adequacy ratio improved to 9.01% from 8.85%[20] - Liquidity coverage ratio increased to 301.42% from 244.42%[24] - Cost-to-income ratio improved to 23.70% from 24.10%[17] - The non-performing loan ratio remained stable at 0.76%[26] - The non-performing loan ratio remained stable at 0.76%, consistent with the end of the previous year[30] Shareholder Information - The top ten shareholders held a total of 3,000,000,000 shares, accounting for 47.09% of the total shareholding[10] - The number of ordinary shares outstanding increased by 4.35% to 6,312,359 thousand shares compared to 6,049,255 thousand shares at the end of 2024[6]

在数字经济与实体经济深度融合的浪潮中，杭州银行（600926）持续跟踪金融科技发展趋势，捕捉科技 机遇，深入打造"数智杭银"，以数字技术为引擎，持续推动金融服务向智能化方向升级，为可持续发展 注入强劲动能。2024年，该行聚焦"促业务、聚数据、重运营、提效能、强输出"五大重点，深化落实数 字化转型，有力支撑全行高质量发展。 数智赋能业务发展 杭州银行科技建设紧紧围绕业务发展，实现科技业务价值。强化人工智能应用。2024年打造自主可控的 统一建模与模型管理平台，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。打造智慧服务体系。数字赋能业务安全，推进电子渠道标准化建设，运 用安全码、设备指纹等技术构建主动防御体系，实现实时交易监测预警，交易安全拦截准确率提升 40%；精准挖掘金融需求，建立新媒体矩阵，发展流量经营，运用智能外呼+数据看板形成客户触达闭 环；线上线下（300959）协同发展，全渠道数据打通后风险模型精准度提升30%；服务覆盖最后一公 里，将生活商城嵌入手机银行覆盖"衣食住行"场景，延伸普惠金融服务触角，实现安全与体验的双向平 衡。构建"杭e互联"开放 ...

转自：新华财经 块状特色产业，是改革开放以来浙江经济的一个鲜明特色。而民营经济是块状经济的主力军。 杭州银行紧扣政策导向，立足区域特色，创新金融产品，为县域经济赋能，因地制宜助力浙江各地民营 经济。 走进遂昌某日用品有限公司，车间内机器隆隆，企业正加足马力生产新接的订单。作为一家专注于棉 签、化妆棉、棉球等卫生用品和医疗用品生产的企业，公司生产的产品70%以上用于出口，销售渠道稳 定，销售量逐年稳步上升。 随着业务的扩展，公司需要加大资金投入用于研发和市场推广，但厂房已办理抵押，新增融资遇到困 难。杭州银行丽水分行客户经理上门走访了解到，该公司拥有棉签加工等10余项实用新型专利，特地为 其量身定制了专利权质押贷款方案，以信用方式成功发放贷款300万元。根据高新技术企业融资政策， 该行积极为企业申请优惠利率政策，还引导企业申请知识产权质押贷款贴息，有效缓解企业的资金压力 的同时，帮助降低了融资成本。 数据显示，截至2024年末，杭州银行制造业贷款、绿色贷款、科技贷款、普惠型小微信用贷款余额分别 同比增长26.27%、21.52%、29.52%、29.91%。 一块电池的"催化"过程 面对新能源产业技术迭代快、研 ...