Core Viewpoint - The announcement details the early redemption of the "Hangyin Convertible Bonds" (杭银转债) by Hangzhou Bank, with specific dates and conditions for bondholders to act before the bonds are delisted and redeemed [1][4][14]. Redemption Details - The last trading day for the "Hangyin Convertible Bonds" is set for July 1, 2025, with only 11 trading days remaining as of June 16, 2025 [2][14]. - The last conversion date for the bonds is July 4, 2025, with 14 trading days left as of June 16, 2025 [3][14]. - The bonds will be redeemed at a price of 100.4932 CNY per bond, which includes accrued interest [10][13]. - The redemption registration date is July 4, 2025, and the redemption payment date is July 7, 2025 [9][13]. Conditions for Redemption - The early redemption was triggered as the stock price of Hangzhou Bank exceeded 130% of the conversion price (11.35 CNY) for 15 trading days between April 29 and May 26, 2025 [6][8]. - If the total amount of unconverted bonds is less than 30 million CNY, the company has the right to redeem all unconverted bonds [7]. Investor Actions - Bondholders are advised to convert or sell their bonds within the specified period to avoid forced redemption, which could lead to significant investment losses [5][16]. - Investors should be aware that the bonds will be frozen after the redemption registration date, and trading will cease [17]. Tax Implications - Individual investors are subject to a 20% tax on interest income from the bonds, affecting the net redemption amount [15].

Summary of Key Points from the Conference Call Industry Overview - The current investment logic for bank stocks has shifted from high dividends to focusing on performance, ROE advantages, long-term governance, and strong fundamentals [1][2] - The overall dividend yield in the AH market is converging towards 4.0%, with state-owned banks also approaching this level [1][2] - Headquartered city commercial banks benefit from regional economic advantages, maintaining double-digit credit growth rates, outperforming the national average [1][3] Key Insights on City Commercial Banks - Leading city commercial banks are expected to continue outperforming in terms of credit growth, with regions like Zhejiang and Jiangsu maintaining credit growth rates of 9-10% [1][3][4] - These banks are gaining market share in their respective provinces and cities, with credit growth rates projected to remain between 10-15% [3][4] - The asset expansion speed and high loan growth contribute to superior performance and profitability for these banks [4][5] Performance Metrics and Future Expectations - City commercial banks are leading the industry in net interest margin, asset scale, and credit growth, with ROE expected to remain between 13% and 17% [6][1] - The banking sector's valuation remains low, with PE and PB ratios among the lowest across major industries [7][8] - There is a divergence in market expectations regarding the stability of interest margins, with some anticipating continued downward pressure [8][9] Specific Bank Performances - Hangzhou Bank is highlighted for its strong profit growth, achieving approximately 17% growth in Q1 2025, with a focus on government and urban construction-related businesses [10][11][13] - Chengdu Bank is expected to maintain a credit growth rate of 14-15% in 2025, benefiting from a high proportion of government-related business [14] - Jiangsu and Nanjing city commercial banks are experiencing significant growth in interest income, with Q1 growth rates between 17% and 20% [15] Dividend and Valuation Insights - Nanjing Bank's recent convertible bond redemption indicates a dividend yield of over 4.3%, suggesting strong dividend potential [17] - The four leading city commercial banks are expected to maintain stable asset quality and low non-performing loan ratios, with growth rates varying from single digits to over 15% for some [18] - The valuation of these banks remains attractive, with Hangzhou Bank noted for its low PB ratio of less than 0.9 and PE ratio of approximately 5.5 to 6 [13] Conclusion on Future Prospects - The outlook for major banks, particularly city commercial banks, remains positive due to their strong fundamentals and market share gains [16][22] - The market is expected to continue favoring banks with robust performance and stable dividends, particularly those with low valuations and high growth potential [21][22]

Group 1 - Nanjing Bank and Hangzhou Bank have announced the delisting of their convertible bonds [1] - Nanjing Bank's convertible bond, "Nan Yin Convertible Bond," will be suspended from trading on July 15, with the last trading day on July 14 and the last conversion day on July 17 [2][3] - The latest closing price of Nan Yin Convertible Bond on June 16 was 142.836 yuan, with a redemption price of 100.1537 yuan, indicating a potential loss of 29.89% for investors who do not sell or convert in time [5][8] Group 2 - Hangzhou Bank's convertible bond, "Hang Yin Convertible Bond," is also subject to forced redemption, with a latest price of 146.02 yuan and a redemption price of 100.4932 yuan, leading to a potential loss of 31.18% for investors [10] - The last trading day for Hang Yin Convertible Bond is July 1, and the last conversion day is July 4 [10] - Nanjing Bank issued 20 billion yuan of Nan Yin Convertible Bond in June 2021, with 75.82% converted by June 13, 2025, leaving an unconverted balance of 4.836 billion yuan [8]

Core Viewpoint - The recent transfer of shares from Commonwealth Bank of Australia to New China Life Insurance marks a significant shift in the shareholder structure of Hangzhou Bank, with New China Life now holding over 5% of the bank's shares, positioning itself as the fourth largest shareholder [1][4]. Group 1: Shareholder Changes - Commonwealth Bank of Australia has completely divested its stake in Hangzhou Bank, transferring 330 million shares to New China Life Insurance, which now holds a total of 5.09% of the bank's shares [1][2]. - The transaction price of 13.1 yuan per share for New China Life is significantly lower than Hangzhou Bank's closing price of 16.56 yuan on June 16, indicating a strategic long-term investment rather than a short-term profit [2][12]. - New China Life's acquisition aligns with its strategy to enhance its long-term investment portfolio and optimize its asset structure amid increasing competition for investment opportunities [2][16]. Group 2: Strategic Intentions - New China Life's investment in Hangzhou Bank is not only aimed at increasing dividend assets but also at leveraging the bank's extensive network in the Yangtze River Delta region to expand its market presence [3][24]. - The bank has established a comprehensive service network in Zhejiang province, which is crucial for New China Life as it seeks to tap into the region's high growth potential [3][24]. - The collaboration between New China Life and Hangzhou Bank could lead to enhanced synergies in various business areas, particularly in insurance and banking services [4][26]. Group 3: Historical Context and Performance - Commonwealth Bank of Australia has been a shareholder in Hangzhou Bank for 20 years, witnessing significant growth in the bank's asset size from under 50 billion yuan to over 2.11 trillion yuan by the end of 2024 [7][10]. - The bank's net profit growth of 18.07% in 2024, alongside stable asset quality metrics, reflects its resilience in a challenging market environment [7][8]. - The exit of Commonwealth Bank is part of a broader trend where foreign banks are reducing their stakes in Chinese financial institutions due to rising compliance costs and a strategic focus on domestic markets [10][11]. Group 4: Investment Trends - The current environment of asset scarcity and regulatory encouragement for insurance capital to enter the market has led to a growing preference among insurance companies for long-term dividend assets [17][19]. - New accounting standards have facilitated this trend, allowing insurance firms to classify bank stocks as long-term investments, which aligns with New China Life's strategy to enhance its long-term equity investment base [18][19]. - New China Life's OCI account for equity investments has seen substantial growth, indicating a strategic shift towards high-dividend assets [19].

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core View The report analyzes the situation of bank convertible bonds shrinking in the convertible bond market and explores possible bottom - position allocation ideas for convertible bond funds and other types of funds after the reduction of bank convertible bonds as large - cap bottom - position varieties. It provides suggestions for investors on how to choose bottom - position varieties based on the characteristics of convertible bond bottom - position varieties and market conditions [13]. Summary by Relevant Catalogs 1. Convertible Bond Bottom - Position Variety Overview - Pan - fixed - income + funds have a certain demand for convertible bonds. Convertible bond funds have an average convertible bond position of about 78%, and the convertible bond positions of first/second - level bond funds, balanced hybrid, and partial - debt hybrid funds are mostly maintained above 10% [1][15]. - At the industry level, public funds generally use convertible bonds from industries such as banks and power equipment as bottom - position varieties. Bank convertible bonds account for a large proportion in the convertible bond bottom - position varieties of public funds at all times, but the bottom - position varieties change with factors such as bond balance and market conditions [19][21]. 2. Overview of Bank Convertible Bonds - the "Major Holders" of Convertible Bond Bottom - Positions - **Purpose of Issuance**: Issuing convertible bonds is an important way for commercial banks to supplement core tier - 1 capital, and they need to achieve this through continuous conversion. Some bank convertible bonds have seen large shareholders convert at a premium to seize the opportunity to supplement core tier - 1 capital [2][28]. - **Characteristics**: Bank convertible bonds have high safety, can be pledged, and have high dividend yields of underlying stocks, almost no default risk, and strong anti - risk ability. They are also an important income - enhancement channel for stable accounts [2][33]. - **Scale Trend**: In recent years, there have been few bank convertible bond issuances, but the delisting rhythm has accelerated significantly. There are currently no new bank convertible bond issuances in the short term, and there are no new bank convertible bond pre - plans after the refinancing regulations [40][43]. 3. How to Allocate Subsequent Bottom - Position Varieties? - **Characteristics of Convertible Bond Bottom - Position Varieties**: Most bottom - position varieties have high ratings (AA and above), large market values (nearly 90% have a convertible bond balance of over 2 billion), and good anti - decline performance [3][46]. - **Analysis of "Possible Bottom - Position Varieties"**: - **Substituting with Other High - Rating Large - Cap Varieties**: Such as photovoltaic convertible bonds. Although there are relatively limited eligible targets, and photovoltaic convertible bonds have been increasingly favored by funds in recent quarters, whether each high - rating large - cap bond can be used as a bottom - position still needs comprehensive consideration [52][56]. - **Comparing with Public Fund Benchmarks**: Considering currently under - allocated varieties. However, in practice, most public funds' performance benchmarks do not contain convertible bond - related indices, and the conversion premium rate may be a significant interference factor [57][62]. - **Idea for Bottom - Position Selection**: - **For Convertible Bond Funds**: Consider individual bonds with a positive YTM and good credit quality of underlying stocks. Also, construct a convertible bond portfolio with low or negative correlations among some individual bonds [66][67]. - **For Non - Convertible Bond Funds**: When it is difficult to find suitable bottom - position varieties in the convertible bond market, consider switching to other types of bonds [71][72].

证券代码：600926 证券简称：杭州银行 公告编号：2025-044 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 截至 2025 年 6 月 16 日收市后，距离 2025 年 7 月 1 日（"杭 银转债"最后交易日）仅剩 11 个交易日，2025 年 7 月 1 日为"杭 银转债"最后一个交易日。 最后转股日：2025 年 7 月 4 日 杭州银行股份有限公司 关于实施"杭银转债"赎回暨摘牌的 第九次提示性公告 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： 赎回登记日：2025 年 7 月 4 日 赎回价格：100.4932 元/张 赎回款发放日：2025 年 7 月 7 日 最后交易日：2025 年 7 月 1 日 截至 2025 年 6 月 16 日收市后，距离 2025 年 7 月 4 日（"杭 银转债"最后转股日）仅剩 14 个交易日，2025 年 7 月 4 日为"杭 银转债"最后一个转股日。 本次提前赎回完成后，"杭银转债"将自 202 ...

杭州银行股份有限公司 2024 年年度股东大会会议材料 （股票代码：600926） 中国·杭州 2025 年 6 月 25 日 | 目录 | | --- | | 会议议程 II | | | --- | --- | | 会议须知 III | | | 1 杭州银行股份有限公司 年度董事会工作报告 5 2024 | 议案 | | 2 杭州银行股份有限公司 2024 年度监事会工作报告 13 | 议案 | | 杭州银行股份有限公司 年度财务决算报告及 3 2024 2025 | 议案 | | 年度财务预算方案 20 | | | 杭州银行股份有限公司 年度利润分配预案 23 4 2024 | 议案 | | 杭州银行股份有限公司关于提请股东大会授权董事会决 5 | 议案 | | 年度中期利润分配方案的议案 25 | 定 2025 | | 杭州银行股份有限公司关于部分关联方 年度日常关 6 2025 | 议案 | | 联交易预计额度的议案 26 | | | 关于聘任杭州银行股份有限公司 年度会计师事务所 7 2025 | 议案 | | 的议案 35 | | | 关于解除独立董事职务的议案 8 39 | 议案 | | 关于选 ...

Investment Rating - The report maintains a "Positive" outlook for the banking industry [6]. Core Viewpoints - Increased external uncertainties and the continuation of loose monetary policy are expected to lead to a long-term downward trend in overall expected returns, making low-volatility dividend strategies effective [3][25]. - The reform of public funds is anticipated to help banks achieve excess returns by shifting asset allocation styles [3]. - The insurance preset interest rate may be lowered again in Q3 2025, which could further enhance the tolerance for dividend yields, supporting absolute returns for banks [3][25]. - The banking sector's fundamentals are expected to improve marginally in Q2 2025 compared to Q1 2025, primarily due to alleviated pressures on non-interest income growth [3][25]. Summary by Sections Social Financing and Loan Growth - In May 2025, social financing grew by 8.7% year-on-year, with a total increment of 2.29 trillion yuan, an increase of 227.1 billion yuan compared to the previous year [9][10]. - Government bonds increased by 236.7 billion yuan year-on-year, significantly contributing to social financing growth [11]. - Corporate direct financing also saw a year-on-year increase of 125.2 billion yuan, mainly driven by a rise in bond financing [11]. - Loan growth showed a slight decline, with a year-on-year increase of 7.1% in May 2025, reflecting weak demand and debt replacement effects [16]. M1 and M2 Growth - M1 increased by 2.3% year-on-year in May 2025, with a notable month-on-month recovery of 0.8 percentage points, while M2 grew by 7.9% year-on-year [19]. - The gap between M1 and M2 growth rates narrowed to 5.6%, indicating improved liquidity conditions [19]. Investment Recommendations - Two main investment lines are suggested: 1. Focus on convertible bonds with rebound potential, specifically Hangzhou Bank (600926, Buy) and Nanjing Bank (601009, Buy) [26]. 2. Left-side positioning in high-dividend stocks, with recommendations for major state-owned banks such as CITIC Bank (601998, Not Rated), Industrial Bank (601166, Not Rated), Jiangsu Bank (600919, Buy), and Agricultural Bank (601288, Not Rated) [26].

证券代码：600926 证券简称：杭州银行 公告编号：2025-042 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 同意提名王西刚先生为公司第八届董事会非执行董事候选 人，以临时提案的形式提交公司 2024 年年度股东大会选举。 表决结果：同意 10 票；反对 0 票；弃权 0 票。 本议案已经公司第八届董事会提名与薪酬委员会 2025 年第 本议案需提交公司 2024 年年度股东大会审议。 特此公告。 杭州银行股份有限公司董事会 附件 1 第八届董事会第十九次会议决议公告 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 第十九次会议于 2025 年 6 月 12 日以电子邮件及书面方式发出会 议通知，并于 2025 年 6 月 13 日以书面传签方式召开。本次会议 应出席董事 10 名，实际出席董事 10 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》 ...

关于2024年年度股东大会增加临时提案的公告 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。 一、 股东大会有关情况 股份类别 股票代码 股票简称 股权登记日 Ａ股 600926 杭州银行 2025/6/18 二、 增加临时提案的情况说明 公司已于2025 年 6 月 4 日公告了公司 2024 年年度股东大会 召开通知，合计持有5.06%1股份的公司股东新华人寿保险股份有 限公司，在2025 年 6 月 12 日提出临时提案并书面提交股东大会 召集人。公司董事会按照中国证监会《上市公司股东会规则》有 关规定，现予以公告。 截至 2025 年 6 月 12 日，新华人寿保险股份有限公司合计持有公司普通股股份 362,555,839 股，占 2025 年 6 月 12 日公司普通股总股本 7,165,882,678 股的 5.06%。 新华人寿保险股份有限公司于 2025 年 6 月 12 日向公司董事 会提出《关于提请增加杭州银行股份有限公司 2024 年年度股东 大会临时提案的函》，提议将《关于选举王西刚先生为杭州银行 股 ...