Core Points - Hangzhou Bank has successfully issued the "Hangzhou Bank Co., Ltd. 2025 Financial Bond (Second Phase)" with a total issuance size of RMB 15 billion [1] - The bond has a maturity period of 3 years and a coupon rate of 1.87% [1] - The raised funds will be utilized for loans and other purposes determined by national policies, market conditions, and the company's asset-liability management needs [1]

证券代码：600926 证券简称：杭州银行 公告编号：2025-071 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 特此公告。 杭州银行股份有限公司董事会 2025年9月9日 1 经相关监管机构批准，杭州银行股份有限公司（以下简称"公 司"）于近日在全国银行间债券市场成功发行"杭州银行股份有 限公司2025年金融债券（第二期）"（以下简称"本期债券"）。 本期债券于2025年9月4日簿记建档，并于2025年9月8日发行 完毕，发行规模为人民币150亿元，期限为3年期，票面利率为 1.87%。 本期债券的募集资金将用于贷款及根据国家政策、市场状况、 公司资产负债配置需求等因素决定的其他用途。 关于2025年金融债券（第二期）发行完毕的公告 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。 ...

Core Points - Hangzhou Bank has successfully issued the "Hangzhou Bank Co., Ltd. 2025 Financial Bond (Second Phase)" in the national interbank bond market [1] - The bond was recorded on September 4, 2025, and completed issuance on September 8, 2025, with a total issuance scale of RMB 15 billion [1] - The bond has a maturity of 3 years and a coupon rate of 1.87% [1] - The raised funds will be used for loans and other purposes determined by national policies, market conditions, and the company's asset-liability management needs [1]

Investment Rating - The report maintains an "Increase" rating for the banking sector, indicating a positive outlook for the industry [1]. Core Insights - In the first half of 2025, the contribution of financial asset disposal gains from AC and OCI accounts to revenue reached 5.2%, an increase of 2.9 percentage points compared to 2024 [1][2]. - The investment income growth rate for 42 listed banks was 23.6%, with AC, OCI, and TPL gains showing year-on-year growth rates of 134.7%, 79.0%, and -8.4% respectively [1]. - The report highlights that the increase in disposal gains does not necessarily indicate a significant increase in asset disposal scale, as market conditions and strategies vary among banks [2]. Financial Asset Disposal Gains - The contribution of AC and OCI financial asset disposal gains to revenue was 5.2%, up 2.9 percentage points from 2024, with AC asset disposal gains contributing 2.6% [2]. - Among different types of banks, rural commercial banks had the highest contribution from AC and OCI disposal gains, reaching 11.0%, an increase of 6.2 percentage points from 2024 [2]. - Specific banks such as Jiangyin Bank, Sunong Bank, and Zijin Bank had high disposal gain ratios relative to their revenue, at 28.9%, 26.7%, and 22.7% respectively [2]. OCI Floating Profit Situation - The overall OCI floating profit decreased compared to the end of the previous year, accounting for 12.6% of the estimated profit for 2025 [3]. - Major state-owned banks like CCB and ABC reported significant OCI floating profits, with balances exceeding 30 billion [3]. - The average contribution of OCI floating profits to profits for city and rural commercial banks was notably high, with Ningbo Bank's ratio reaching 35% [3][6]. Sector Trends - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with a focus on real estate and consumer spending [7]. - The report suggests a focus on banks with improving fundamentals, such as Ningbo Bank, and those with dividend strategies like Jiangsu Bank and Chengdu Bank [7]. - Attention is also drawn to banks with potential convertible bond conversion expectations, including Shanghai Bank and Industrial Bank [7].

Core Viewpoint - Recent market adjustments have led to a rebound in the bond market and a new high in gold prices, with "fixed income +" products gaining popularity, particularly the "Happiness 99 Hongyi (JinYing)" one-year holding period financial product from Hangzhou Bank, which employs a risk parity strategy [1][2]. Group 1: Product Performance - The "Happiness 99 Hongyi (JinYing)" product has achieved an annualized return of 8.18% since its inception, with a notable annualized return of 11.98% over the past three months, although it has underperformed slightly over the last six months with a return of 5.78% [1]. - The product's net value has experienced four distinct periods of increase, particularly benefiting from a rise in A-share industry ETFs and a favorable bond market, leading to significant net value growth [2]. Group 2: Comparative Analysis - The average net value growth rate for the "Hongyi (JinYing)" series of products in the first half of the year was only 0.66%, with two products even reporting negative returns, indicating potential risks for investors in mid-risk products [3]. - The product scored 100 in yield performance, 80 in risk control, and 12 in risk-adjusted return, ranking first among 784 similar products, demonstrating strong performance relative to peers [3].

Group 1 - The city commercial bank sector experienced a decline of 0.37% on September 5, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key individual stock performances in the city commercial bank sector included Ningbo Bank rising by 1.74% and Chongqing Bank falling by 1.34% [1][2] Group 2 - The net outflow of main funds from the city commercial bank sector was 287 million yuan, while retail investors saw a net inflow of 141 million yuan [2] - The trading volume for Chongqing Bank was 107,400 shares, with a transaction amount of 103 million yuan [2] - The overall trading activity showed a mixed trend, with some banks experiencing slight declines while others saw minor gains [1][2]

Core Viewpoint - Honghua Holdings Group Co., Ltd. has fully released the pledge of 5 million shares of Hangzhou Bank, indicating a positive shift in the company's shareholder structure and potential for increased investor confidence [1] Group 1 - Honghua Holdings has completed the release of its pledged shares, with no further pledge plans announced [1] - As of September 4, 2025, Honghua Holdings holds 700,213,537 shares of Hangzhou Bank, representing 9.66% of the total share capital [1] - The company will fulfill its information disclosure obligations if there are any changes regarding share pledges in the future [1]

Group 1: Overall Asset Quality - As of August 31, 2023, the asset quality of 42 listed banks in A-shares shows a stable improvement, with some banks experiencing a slight increase in non-performing loan (NPL) ratios compared to the end of the previous year [1] - The overall NPL ratio for commercial banks was 1.49% at the end of Q2 2023, improving by 0.02 percentage points from the end of Q1 [3] - The provision coverage ratio for state-owned banks and rural commercial banks increased to 249.16% and 161.87%, respectively, while the ratios for joint-stock banks and city commercial banks decreased [4] Group 2: Non-Performing Loan Trends - The NPL ratio for corporate loans is improving, while the NPL ratio for retail loans is on the rise, indicating a structural change in asset quality [5][6] - For example, Industrial and Commercial Bank of China (ICBC) reported a decrease in corporate loan NPL ratio from 1.58% to 1.47%, while the personal loan NPL ratio increased from 1.15% to 1.35% [5] - The rise in retail loan NPLs is attributed to factors such as market conditions, increased flexible employment, and changes in industry environments affecting borrower income [6] Group 3: Real Estate Loan Performance - The real estate sector remains a significant source of NPLs, with some banks reporting an increase in real estate loan NPL ratios, while others have seen improvements [7][8] - For instance, Qingnong Commercial Bank's real estate NPL ratio rose to 21.32%, an increase of 14.15 percentage points from the end of the previous year [7] - The overall decline in real estate sales and the high leverage of real estate companies are fundamental reasons for the rising NPL ratios in this sector [8]

Group 1 - The core point of the article is that Hongshi Holding Group Co., Ltd. has released a portion of its pledged shares in Hangzhou Bank, indicating a potential shift in its investment strategy [2] - Hongshi Holding Group currently holds 700,213,537 shares of Hangzhou Bank, which represents 9.66% of the total ordinary shares [2] - The group has unpledged 5,000,000 shares, accounting for 0.71% of its total holdings and 0.07% of the company's total share capital [2]

Core Viewpoint - The Zhejiang Regulatory Bureau of the National Financial Supervision Administration has revoked the approval for the equity change of Hangzhou Bank due to the failure to complete the transfer of shares within the stipulated time frame [1] Group 1: Regulatory Actions - On January 2, 2025, the Zhejiang Regulatory Bureau approved the transfer of 659 million shares of Hangzhou Bank from Hongshi Holdings Group to Zhejiang Hongshi Cement Co., Ltd [1] - The approval was revoked because Hangzhou Bank did not complete the share transfer within the required timeframe [1] Group 2: Shareholder Actions - Hongshi Holdings Group announced the release of 5 million shares from pledge, which represents 0.71% of its total holdings and 0.07% of the total share capital of Hangzhou Bank [1] - After the release of the pledge, Hongshi Holdings Group holds approximately 700 million shares of Hangzhou Bank, accounting for 9.66% of the total ordinary shares [1] - There are no plans for further pledges of shares by Hongshi Holdings Group in the future [1]