会议审议并通过决议如下： 证券代码：600926 证券简称：杭州银行 公告编号：2025-027 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 第八届董事会第十八次会议决议公告 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 第十八次会议于 2025 年 5 月 26 日以电子邮件及书面方式发出会 议通知，并于 2025 年 5 月 26 日以现场结合视频方式召开。由于 《上海证券交易所上市公司自律监管指引第 12 号——可转换公 司债券》规定，上市公司应当在满足可转债赎回条件的当日召开 董事会决定是否行使赎回权，根据《杭州银行股份有限公司董事 会议事规则》有关规定，本次会议豁免通知时限要求。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。 一、审议通过《杭州银行股份 ...

根据募集说明书的约定，一旦触发有条件赎回条款，杭州银行有权决定按照债券面值加当期应计利息的 价格赎回全部或部分未转股的杭银转债。 不仅杭州银行，南京银行发行的南银转债也已经步入提前赎回的倒计时阶段。5月23日，南京银行股价 收报10.80元，已高于南银转债提前赎回价。 随着一批银行可转债逼近提前赎回，蓝筹可转债的稀缺性正在凸显。在新券发行方面，今年规模仅170 亿元，远低于今年的退市规模，供需失衡状态尚未改变。市场人士表示，未来随着银行品种的加速退 出，场内蓝筹品种的稀缺性将更加凸显。同时，随着中小规模可转债供给较多，未来整个市场的波动性 将大幅增加。 今年以来，A股震荡回调，但银行板块整体表现仍相对强劲，农业银行、浦发银行等多只银行股创历史 新高。近日，银行板块总市值突破10万亿元大关，再创历史新高。 5月26日，据上海证券报报道，作为可转债市场中的最大板块，银行可转债可能将迎来新一轮提前赎回 潮。 杭州银行上周发布公告称，杭银转债距离触发提前赎回条款仅有一步之遥。过去两年银行股走势强劲， 不少银行可转债正在逼近提前赎回线。其中南银转债悄然站上130元，而齐鲁转债、重银转债、上银转 债等均超过124元。 5 ...

2025.05. 26 本文字数：2751，阅读时长大约4.5分钟 作者 | 第一财经 陈君君 今年以来，国内存款利率持续走低，多家银行1年期定期存款利率日前跌破1%，传统储蓄吸引力减 弱。与此同时，银行股的"类固收"属性凸显，截至5月23日，42家A股上市银行中，超七成近12个月 股息率超4%，部分银行股息率突破8%，远超存款及国债收益。 板块行情分化，区域银行占上风 这种收益差距引发"替代效应"，推动银行股表现强劲，年初以来涨幅达7.66%。险资和公募基金纷纷 加仓银行股，持仓比例显著提升。进一步来看，银行板块内部走势分化，区域银行表现更为突出。业 内人士认为，短期内高股息策略将继续推动银行股上涨，而中长期来看，息差水平和资产质量是关 键。 银行股的存款"替代效应"凸显 自2025年起，国内存款利率持续走低，各大商业银行纷纷开启"降息潮"。目前，1年期定期存款利率 最低已跌破1%，达到历史最新低点。在传统储蓄收益吸引力不断减弱的形势下，"存银行不如买银行 股"的讨论再度升温。 根据Wind数据，截至5月23日收盘，在42家A股上市银行中，有31家银行的近12个月股息率超过了 4%。其中，平安银行、民生银行 ...

Core Viewpoint - The banking convertible bond market is likely to experience a new wave of early redemption as several bank convertible bonds approach their redemption thresholds, highlighting the scarcity of blue-chip convertible bonds in the market [1][3]. Group 1: Early Redemption Triggers - Hangzhou Bank's convertible bond (杭银转债) is on the verge of triggering early redemption, with its stock price consistently above the required threshold [2]. - Nanjing Bank's convertible bond (南银转债) is also nearing its early redemption phase, as its stock price has surpassed the redemption price [3]. - The overall performance of bank stocks has been strong, with the China Securities Banking Index rising by 44.84% in 2024, contributing to the upward trend in bank convertible bond prices [3]. Group 2: Market Dynamics - The issuance of new convertible bonds this year is only 17 billion yuan, significantly lower than the amount being delisted, leading to a supply-demand imbalance [1]. - The scarcity of blue-chip convertible bonds is expected to increase as more bank convertible bonds are redeemed, while the supply of smaller convertible bonds remains high, potentially increasing market volatility [1][4]. - The market is anticipated to shrink due to natural expirations of convertible bonds, with a notable reduction in available supply as 50 billion yuan of Shanghai Pudong Development Bank's convertible bonds approach maturity [3]. Group 3: Investment Strategies - The strategy of investing in low-priced convertible bonds is facing challenges as the market shifts, with many bank convertible bonds now in the mid to high price range [5]. - Analysts suggest that the current market has about 10 bank convertible bonds, with total outstanding amounts potentially decreasing from 170 billion yuan to around 100 billion yuan, increasing the scarcity of large bank convertible bonds [5]. - Public funds are expected to adjust their performance evaluation mechanisms, leading to a potential increase in the allocation of high-rated, undervalued bank convertible bonds, which may present opportunities for excess returns [5].

Summary of Hangzhou Bank Conference Call Company Overview - **Company**: Hangzhou Bank - **Industry**: Banking, specifically focusing on city commercial banks in China Key Points and Arguments Industry and Economic Context - The restructuring of fund allocation logic towards bank stocks, combined with the economic development and infrastructure investment growth in Zhejiang Province, benefits Hangzhou Bank, which primarily focuses on urban construction-related businesses [2] - The recovery in real estate sales also positively impacts Hangzhou Bank's operations [2] Asset Quality and Financial Performance - Hangzhou Bank maintains excellent asset quality with a non-performing loan (NPL) ratio of approximately 0.76% and a provision coverage ratio exceeding 500%, significantly higher than peers [2][15] - The bank's corporate loan NPL ratio continues to decline, effectively offsetting retail loan risks [2] - The expected loan growth rate for 2025 is projected to be between 12% and 13%, driven by a credit growth rate in Zhejiang Province that exceeds the national average [2][7] Net Interest Margin and Revenue Growth - Although Hangzhou Bank's net interest margin (NIM) is not high, the significant reduction in deposit costs is expected to stabilize or even increase NIM in 2025, supporting nearly double-digit revenue growth [2][14] - The bank's asset-liability structure is advantageous, with a stable NIM and a focus on high-quality assets [4][10] Strategic Developments - The entry of New China Life Insurance as the fourth strategic shareholder is anticipated to enhance collaboration in bancassurance business, improving strategic cooperation efficiency [2][25] - Hangzhou Bank has a first-mover advantage in the sci-tech finance sector, although its current market share in this area is relatively low [2][11] Market Opportunities and Challenges - The ongoing economic development in Zhejiang Province, particularly in the tech sector, is expected to positively influence Hangzhou Bank's long-term growth [5] - The real estate market in Hangzhou is showing signs of recovery, with positive growth in sales area since Q4 2024, which will benefit mortgage lending and asset quality management [6] - The bank's focus on government-related loans, which constitute about 46% of its loan portfolio, positions it well against rising retail loan risks [8][9] Future Outlook - The bank's capital adequacy ratio is projected to rise to 9.8%-9.9%, providing a solid foundation for future expansion and strategic investments [22] - The expected return on equity (ROE) for 2024 is forecasted to be between 16% and 18%, with a stable outlook for the following years [20] - Hangzhou Bank's valuation is currently low, with a projected price-to-book (PB) ratio of approximately 0.82 for 2025, with potential for upward adjustment post-convertible bond pressure relief [24] Investment Recommendations - Hangzhou Bank is recommended as a core investment due to its potential to reach a PB ratio of one and its strong fundamentals, which could drive overall valuation increases in the city commercial banking sector [26] Additional Insights - The bank's conservative risk appetite and strong asset quality provide a competitive edge, with expectations for profit growth and ROE to remain industry-leading over the next three years [23] - The bank's strategy includes optimizing its loan structure and increasing the proportion of corporate and government-related loans while exploring growth in the sci-tech finance sector [12][16]

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may have alpha potential due to policy catalysts and a cyclical recovery [4]. Core Insights - Multiple banks have lowered their deposit rates, with the one-year and five-year Loan Prime Rate (LPR) reduced by 10 basis points on May 20, 2025. This trend reflects a broader market-driven decline in deposit costs [1][2]. - The average deposit cost rate for China Merchants Bank decreased significantly by 25 basis points to 1.29% in Q1 2025, indicating a trend of improving deposit costs across the sector [1]. - The report highlights that banks like Chongqing Bank, Minsheng Bank, and CITIC Bank have substantial room for further deposit cost reductions, suggesting a favorable environment for banks to optimize their funding costs [2]. Summary by Sections Section 1: Focus of the Week - Several banks have adjusted their deposit rates downward, with over half of listed banks participating in this trend by May 24, 2025 [1]. - The report notes that the average deposit cost rate for China Merchants Bank has shown improvement since Q2 2024, aligning with previous forecasts of enhanced cost reduction in liabilities [1]. Section 2: Sector Perspective - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [4]. - The report emphasizes that the cyclical recovery may take time, but the ongoing interest rate cuts could sustain the dividend strategy for banks like Shanghai Bank and Jiangsu Bank [4]. Section 3: Key Data Tracking - The report tracks various financial metrics, including the issuance of interbank certificates and the average rates for different types of bank notes, indicating a dynamic market environment [9][8]. - It also notes the increase in the proportion of deposits with a remaining maturity of less than one year, which rose by 3 percentage points to 37.4% by the end of 2024, suggesting a trend towards concentrated deposit maturities [2][16].

Investment Rating - The report maintains an "Overweight" rating for the banking sector [7] Core Views - The asymmetric interest rate cuts have alleviated pressure on interest margins, with the central bank lowering the 1-year and 5-year Loan Prime Rate (LPR) by 10 basis points [1] - The reduction in deposit rates has a more significant impact than the LPR cuts, providing a net positive effect on banks' interest margins and net profit growth [2] - The banking sector is expected to benefit from a favorable policy environment aimed at economic recovery, with structural opportunities in high-quality banks [5] Summary by Sections Interest Rate Adjustments - The central bank's recent interest rate cuts are expected to positively influence banks' interest margins, with estimated impacts of +2.3 basis points and +1.4 basis points on interest margins for 2025 and 2026, respectively [2][22] - The reduction in deposit rates has been more pronounced than the LPR cuts, with large banks reducing rates across various deposit terms [2][3] Deposit Trends - The banking sector is approaching a peak in deposit re-pricing, which is expected to improve funding costs as significant amounts of fixed-term deposits mature [3] - Despite the positive adjustments in deposit rates, there are concerns about the attractiveness of deposit products, which may lead to liquidity risks for banks [4] Policy Environment - Recent policy measures, including interest rate cuts and structural monetary tools, are expected to support economic stability and improve the banking environment [5] - The report highlights the potential for high dividend yields in large banks, making them attractive for investment [5] Stock Recommendations - The report recommends several banks for investment, including: - Hangzhou Bank (600926 CH) - Overweight - Shanghai Bank (601229 CH) - Buy - Chengdu Bank (601838 CH) - Buy - Chongqing Rural Commercial Bank (3618 HK) - Buy - China Merchants Bank (600036 CH) - Buy - Industrial Bank (601166 CH) - Buy - Agricultural Bank of China (601288 CH) - Overweight [9][24]

Core Insights - Financial sector plays a crucial role in promoting technological innovation, with Zhejiang province enhancing financial policy tools to support digital, intelligent, and green transformations [1][2] - As of the end of Q1, the loan balance for the technology service industry in Zhejiang reached 3.17 trillion yuan, marking a year-on-year growth of 19.6%, surpassing the overall loan growth rate by 10.9 percentage points [1] Group 1: Financial Support and Policy Initiatives - Zhejiang province has implemented the "Implementation Rules for Increasing Support for Technology Enterprises Financing," focusing on enhancing financial services for technology firms [1] - The province has initiated a special action to improve technology financial service capabilities, establishing a "four-special" service mechanism involving specialized teams, products, processes, and evaluations [1] Group 2: Regional Financial Innovations - The People's Bank of China, Zhejiang branch, is guiding the establishment of a robust technology financial service system in Hangzhou and Jiaxing, with significant loan growth in these areas [2] - As of March, the technology service industry loan balance in Hangzhou grew by 14.8%, while Jiaxing saw a remarkable increase of 27.5%, both exceeding the overall loan growth rates [2] Group 3: Innovative Financial Products - Zhejiang province is diversifying technology financial product offerings, encouraging banks to develop equity loans and acquisition loans to support strategic emerging industries [2] - The "Zhe Ke Loan" financing service has been introduced, providing hard technology enterprises with favorable loan terms, including maximum loan amounts, extended durations, and optimal interest rates [2] - Jiaxing Bank is exploring a "twin investment-loan" model to address challenges in external investment-loan coordination, while Hangzhou Bank collaborates with third-party investors to support technology enterprises through equity options [2]

Investment Rating - The report maintains a "Positive" investment rating for the banking sector [12] Core Insights - The Yangtze Bank Index increased by 1.5% this week, outperforming the CSI 300 Index by 0.3% and the ChiNext Index by 0.1%. The recent public fund regulations are expected to drive long-term fund allocations towards the banking sector, which has been underrepresented compared to its weight in the CSI 300 [2][6] - The report highlights that the average dividend yield of the five major state-owned banks in A-shares is 4.47%, with a significant spread of 279 basis points over the 10-year government bond yield. The H-shares have an even higher average dividend yield of 5.77%, indicating a notable valuation discount compared to A-shares [7][22] - In April, new social financing totaled 1.16 trillion yuan, primarily driven by government bonds, while new RMB loans were only 280 billion yuan, reflecting a year-on-year decrease of 450 billion yuan. The report anticipates a continuation of weak credit issuance in May, with banks expected to increase lending intensity by the end of June [8][29] - The report notes a significant decline in net interest margins for commercial banks, with an overall decrease of 9 basis points to 1.43% in Q1 2025. State-owned banks saw a drop of 11 basis points to 1.33%, marking a historical low, while city commercial banks performed better due to lower mortgage ratios and strong local credit demand [9][39] Summary by Sections Market Performance - The Yangtze Bank Index's performance this week indicates a positive trend, with specific banks like Ruifeng Bank leading the gains [2][6] Dividend Yields and Valuation - The report emphasizes the attractive dividend yields of state-owned banks compared to government bonds, suggesting potential investment opportunities in H-shares due to their valuation discount [7][22] Credit and Financing Trends - April's financing data shows a reliance on government bonds for social financing growth, with a notable decline in new loans, indicating a cautious lending environment [8][29] Banking Sector Profitability - The decline in net interest margins across the banking sector highlights challenges in profitability, particularly for state-owned banks, while city commercial banks show resilience [9][39]

Core Viewpoint - Multiple banks are actively responding to investor concerns regarding credit business, asset quality, and strategic planning, indicating a proactive approach to stabilize market expectations and enhance investor confidence [1] Group 1: Credit Business - Banks are aligning their credit support with national policies, focusing on private enterprises and inclusive finance as key areas for lending in 2025 [2] - Qilu Bank plans to increase support for new manufacturing, infrastructure, technology innovation, green finance, and rural revitalization, while maintaining steady growth in corporate credit [2] - Shanghai Rural Commercial Bank has set a credit increment target of 50 billion yuan for the year, with a growth rate of 6% to 7%, emphasizing support for the real economy and private sector [3] Group 2: Asset Quality - The overall asset quality of the banking industry remains stable, with Qilu Bank reporting a non-performing loan (NPL) ratio of 1.17%, down 0.02 percentage points from the beginning of the year [4] - Hangzhou Bank maintains a NPL ratio of 0.76% and a provision coverage ratio of 530.07%, indicating strong asset quality management [4][5] Group 3: Business Strategy Planning - Banks are adopting differentiated development paths, with Lanzhou Bank focusing on its "1363" strategic layout and preparing for future strategic planning [6] - Jiangsu Bank emphasizes a balanced approach to cost reduction and growth, while expanding non-interest income through various services [7] - Chengdu Bank is advancing digital transformation to enhance operational efficiency and drive high-quality development [7] Group 4: Market Opportunities - The banking sector is presented with opportunities due to policy support for green and technology finance, as well as structural monetary policy tools that optimize funding costs [7] - Leading banks can leverage resource advantages to expand wealth management and non-interest income, while regional banks should focus on local industries to build competitive advantages [7]