Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - As of the week ending May 30, the banking index has increased by 0.1%, outperforming the CSI 300 index by 1.2% and the ChiNext index by 1.5%. The market's focus on bank stocks has notably increased due to active fund allocation, with a continued upward trend in the sector, particularly for city commercial banks with relatively strong performance [3][14] - The growth rate of real estate loans has turned positive for the first time since the end of Q3 2023, with a year-on-year increase of 0.04% as of the end of March, primarily driven by a recovery in mortgage demand. In Q1, new personal housing loans amounted to 2,144 billion, a year-on-year increase of 2,093 billion, mainly due to a rebound in second-hand housing sales and improved early repayments [4][30] - Recently, the inclusion of Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank into the CSI 300 index is expected to attract more index funds, providing a positive outlook for these constituent stocks [5][44] - The focus on convertible bond banks is increasing, with significant valuation recovery and trading opportunities. Hangzhou Bank's stock price has risen significantly after triggering the strong redemption clause for its convertible bonds, indicating high investor confidence [6][44] Summary by Sections Banking Sector Performance - The banking index has shown a cumulative increase of 0.1% as of May 30, outperforming the CSI 300 index by 1.2% and the ChiNext index by 1.5% [3][14] - Individual stocks such as Hangzhou Bank have led the gains, with its stock price reaching a new high after the convertible bond triggered strong redemption conditions [3][14] Loan Trends - The growth rate of real estate loans has turned positive, with a year-on-year increase of 0.04% as of the end of March, driven by a recovery in mortgage demand [4][30] - In Q1, new personal housing loans totaled 2,144 billion, a year-on-year increase of 2,093 billion, attributed to improved second-hand housing sales and early repayments [4][30] Index Adjustments - Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank have been included in the CSI 300 index, effective June 13, 2025, which is expected to lead to increased capital inflow into these stocks [5][44] Convertible Bonds - The focus on banks issuing convertible bonds has intensified, with Hangzhou Bank's stock price showing significant gains after the strong redemption clause was triggered [6][44]

Investment Rating - The investment rating for the banking industry is "Positive" and maintained [11] Core Insights - The banking index increased by 0.1% as of May 30, 2025, outperforming the CSI 300 index by 1.2% and the ChiNext index by 1.5%. The market's focus on bank stocks has increased significantly due to active fund allocation, with a continued upward trend in the sector, particularly for city commercial banks with relatively strong performance [2][6][19] - The growth rate of real estate loans turned positive for the first time since Q3 2023, with a year-on-year increase of 0.04% as of the end of March. This was primarily driven by a recovery in mortgage demand, with new personal housing loans amounting to 2,144 billion, a year-on-year increase of 2,093 billion [7][34][40] - The inclusion of Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank into the CSI 300 index is expected to attract more index funds, providing a positive outlook for these constituent stocks [8][47] Summary by Sections Market Performance - As of May 30, 2025, the banking index has shown a cumulative increase of 0.1%, with significant gains in city commercial banks like Hangzhou Bank, which saw its stock price rise after triggering a strong redemption condition for its convertible bonds [2][6][19] Loan Trends - In Q1 2025, the growth of corporate medium and long-term loans decreased, with industrial loans adding 1.52 trillion, down 140 billion year-on-year, and service sector loans adding 2.99 trillion, down 550 billion year-on-year. However, personal housing loans saw a significant increase, indicating a recovery in the housing market [7][34][40] Index Adjustments - The adjustment of the CSI 300 index, which includes Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank, is expected to lead to increased capital inflow into these stocks, enhancing their market performance [8][47] Convertible Bonds - The recent surge in bank stocks has narrowed the price gap to the strong redemption price for banks issuing convertible bonds. Hangzhou Bank's stock price has remained above the strong redemption price for 15 consecutive trading days, indicating strong investor confidence [9][48]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, convertible bonds performed slightly better than underlying stocks, and the valuation of high - rated convertible bonds increased slightly. Affected by marginal trading sentiment, the performance of convertible bonds was weak first and then strong. With the strong performance of the large - cap style in the equity market and the accelerated conversion of some bank convertible bonds, the valuation of high - rated large - cap convertible bonds increased slightly and is expected to remain stable due to the scarcity of bottom - position varieties. Small - cap convertible bonds may continue to show a volatile and differentiated trend [1][8]. - In a volatile stock - bond market, convertible bond assets with strong valuation support are expected to achieve good relative returns. It is recommended to maintain a neutral position, trade frequently, and accumulate small gains. In terms of allocation, it is recommended to focus on high - dividend large - cap debt - biased convertible bonds, combined with a balanced and equity - biased direction. Pay attention to recent cases of proposed downward revisions and look for potential targets with a strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming strategies are still recommended [1][8]. 3. Summary by Relevant Catalogs 3.1 Weekly Viewpoint and Outlook - Convertible bonds were slightly stronger than underlying stocks this week, and high - rated convertible bond valuations rose slightly. Affected by marginal trading sentiment, convertible bond performance was weak first and then strong. High - rated large - cap convertible bond valuations may remain stable, while small - cap convertible bonds may be volatile and differentiated. It is recommended to maintain a neutral position, trade frequently, and focus on high - dividend large - cap debt - biased convertible bonds, combined with a balanced and equity - biased direction [1][8]. 3.2 Convertible Bond Valuation - The 100 - yuan premium rate of the entire market's convertible bonds was 29%, down 0.18% week - on - week, and the latest quantile was at the 75.1 percentile since 2017. The 100 - yuan premium rate of low - rated convertible bonds was 23%, down 0.42% week - on - week, at the 68 percentile since 2017. The 100 - yuan premium rate of high - rated convertible bonds was 22%, up 0.1% week - on - week, at the 82.5 percentile since 2017 [4][9]. - The conversion premium rate of convertible bonds decreased, while the pure - bond premium rate and yield to maturity changed little. As of the latest data, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 47.5%, 25.31%, and - 2.36% respectively, with changes of - 0.74%, 0.07%, and 0.02% compared to last week, and their current quantile levels were at the 73.1, 30.2, and 18 percentiles since 2017 [4][14]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Farland, Hangzhou Bank, and Zhengyu Convertible Bonds issued early redemption announcements. The potential maturity or conversion balance of convertible bonds subject to early redemption or maturity among those still trading is 306 million yuan. As of now, there are 26 convertible bonds in the redemption process, and 5 are expected to meet the redemption conditions next week and should be monitored [4][19]. - This week, Outong and Yinlun Convertible Bonds announced that they would not redeem the bonds early. As of now, 50 convertible bonds are within the non - redemption period [4][22]. 3.3.2 Downward Revision - One convertible bond issued a board proposal for a downward revision this week. As of now, 167 convertible bonds are in the non - downward - revision interval, 2 have triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 43 are in the downward - revision process, and 2 have issued board proposals for downward revision but have not yet gone to the general meeting of shareholders [4][23]. 3.3.3 Put Option - No new convertible bonds issued put - option announcements this week. As of now, 8 convertible bonds are in the cumulative put - option process, 2 are in the downward - revision process, and 3 have issued put - option announcements [4][26]. 3.4 Primary Issuance - One new convertible bond, Hengshuai Convertible Bond, was issued this week with an issuance scale of 328 million yuan. There are no new issuances or listings scheduled for next week [4][29]. - As of now, there are 10 convertible bonds in the approval - registration process with an expected issuance scale of about 1.59 billion yuan, and 4 in the listing - committee approval process with an expected issuance scale of about 320 million yuan [4][29].

Group 1 - The core idea of the article is that Hangzhou Bank's Beijing branch is promoting financial knowledge through cultural activities during the Dragon Boat Festival, integrating traditional customs with financial education [1][12] Group 2 - The "Zongzi Wrapping" activity involved community residents making rice dumplings while learning about financial fraud prevention, particularly targeting the elderly with practical examples [2][6] - The "Dragon Boat Racing" event allowed clients to create themed decorations while bank staff explained the risks of illegal fundraising and personal information leakage [5][6] - A lecture titled "How to Protect Your Wallet in the New Era" was conducted, covering measures such as personal information protection and rational investment choices, followed by a hands-on experience of making traditional handicrafts [9][10]

21世纪经济报道记者 叶麦穗 广州报道红利行情继续发力。端午假期前的最后一个交易日，银行板块走 强，今日早盘银行板块上涨0.95%，截至目前涨幅接近10%。 其中，杭州银行、成都银行在今日冲至历史最高价，至此今年板块内11只个股先后在今年刷新历史新高 。 机构有增仓银行股需求 截至今日早盘收盘，银行板块上涨0.95%，位居行业板块的前列，至此银行板块今年的涨幅达到9.6%。 板块内42只银行股全部收红。中信银行、渝农商行、瑞丰银行和青农商行的涨幅超过2%，其中中信银 行涨幅最高，达到3.12%。 这是今年第二家触发强赎的银行。今年首只触及强赎的银行转债为苏行转债。1月21日晚间，苏州银行 公告称，自2024年12月12日至2025年1月21日，该行股票价格已有15个交易日的收盘价不低于"苏行转 债"当期转股价格6.19元／股的130%（含130%，即8.05元／股），根据《苏州银行股份有限公司公开发 行A股可转换公司债券募集说明书》的相关约定，已触发"苏行转债"的有条件赎回条款。2025年1月21 日，该行第五届董事会第二十次会议审议通过了《关于提前赎回"苏行转债"的议案》，决定行使本行可 转债的提前赎回权， ...

Group 1 - Several bank stocks rose against the market trend, with notable increases including Chongqing Rural Commercial Bank (1.69%), Shanghai Rural Commercial Bank (1.48%), and Nanjing Bank (1.15%) [1] - Hangzhou Bank's stock price reached a historical high, with institutions attributing this to policy support and improved risk management capabilities, leading to better asset quality and regulatory indicators for commercial banks [2] - The China Securities Bank ETF closely tracks the China Securities Bank Index, providing an analytical tool for investors by categorizing sample securities into various industry levels [2] Group 2 - As of April 30, 2025, the top ten weighted stocks in the China Securities Bank Index accounted for 65.11% of the index, including major banks like China Merchants Bank and Industrial and Commercial Bank of China [3]

A股银行板块小幅拉升，渝农商行涨逾2%，杭州银行、青农商行、沪农商行涨逾1%。 ...

Core Viewpoint - The article emphasizes the performance of regional banks in China, particularly focusing on city commercial banks and rural commercial banks, highlighting the economic vitality of regions like Jiangsu and Zhejiang compared to others like Guangdong and Shanghai [3][4][10]. Group 1: Regional Bank Performance - Jiangsu and Zhejiang regions are identified as having strong city commercial banks, with institutions like Jiangsu Bank and Ningbo Bank showing robust performance, indicating high economic vitality [8][9]. - In contrast, banks headquartered in Shanghai, such as Shanghai Bank and Hu'nong Bank, have underperformed, attributed to the city's "deposit surplus" characteristic and intense competition [17][21]. - Guangdong, despite being the largest economy, lacks representation in the top city commercial banks, with local banks like Guangzhou Bank showing poor performance and significant declines in revenue and profit [23][25][28]. Group 2: Economic Indicators - Jiangsu and Zhejiang's GDP growth rates are 5.8% and 5.5% respectively, outperforming Guangdong's 3.5%, showcasing their economic competitiveness [9][28]. - The article suggests that examining local bank performance can provide a clearer picture of regional economic health than GDP figures alone [6][10]. Group 3: Specific Bank Analysis - Jiangsu Bank reported a 16.12% growth in asset scale, with a net profit of 31.84 billion yuan, while Ningbo Bank achieved a 15.25% growth with a net profit of 27.12 billion yuan [11]. - Chengdu Bank has shown significant growth, with a 14.56% increase in asset scale and a 10.17% rise in net profit, attributed to its focus on local infrastructure projects [38][40]. - In contrast, Guangzhou Bank's asset scale grew only 2.77%, with a net profit decline of 66%, reflecting its struggles in retail and corporate sectors [25][26]. Group 4: Risk and Asset Quality - The article notes that banks in Jiangsu and Zhejiang maintain non-performing loan ratios below 1%, indicating strong asset quality, while banks in regions like Northeast China face higher non-performing rates [5][14][58]. - The article highlights that many banks in Jiangsu and Zhejiang have high provision coverage ratios, often exceeding 300%, which helps mitigate risks associated with potential loan defaults [14][15]. Group 5: Governance and Management Issues - Governance issues are prevalent in some central region banks, with several high-level executives facing investigations, impacting their performance [70][71]. - In contrast, banks in Jiangsu and Zhejiang have fewer governance issues, contributing to their stronger performance [31][72].

Core Viewpoint - The banking sector in China serves as a crucial economic barometer, reflecting regional economic conditions more accurately than the stock market, especially in the context of the new normal of slower economic growth [1][2][3]. Group 1: Regional Banking Performance - Over 100 city commercial banks and rural commercial banks released annual reports, revealing that banks in economically vibrant regions like Jiangsu and Zhejiang maintain low non-performing loan (NPL) ratios, often below 1% [2][4]. - Jiangsu and Zhejiang provinces rank second and fourth in GDP size, with growth rates of 5.8% and 5.5% respectively, outperforming Guangdong's 3.5% growth rate [5]. - Jiangsu Bank, Ningbo Bank, Nanjing Bank, and Hangzhou Bank are among the top city commercial banks, demonstrating strong performance despite macroeconomic pressures [4][6]. Group 2: Financial Metrics of Key Banks - Jiangsu Bank reported an asset scale of 3.95 trillion with a growth rate of 16.12%, revenue of 808.15 billion, and a net profit of 318.43 billion, reflecting a net profit growth of 10.76% [6]. - Ningbo Bank's asset scale reached 3.13 trillion, with a revenue of 666.31 billion and a net profit of 271.27 billion, showing a net profit growth of 6.23% [6]. - Hangzhou Bank's net profit growth was notably high at 18.07%, despite a lower net interest margin due to its focus on low-risk local government financing [8]. Group 3: Challenges in Other Regions - In contrast, banks in Guangdong, despite being in the top economic province, show poor performance, with Guangzhou Bank's asset scale growing only 2.77% and a significant drop in revenue and net profit [17][19]. - The performance of banks in the Northeast is hindered by high NPL ratios, often exceeding 2%, and low net interest margins, with some banks like Shengjing Bank reporting as low as 0.8% [56][58]. - The banking sector in the Northwest faces similar challenges, with low growth rates and high NPL ratios, reflecting a lack of quality projects and competition with larger state-owned banks [51][53]. Group 4: Governance Issues - Governance issues are prevalent in the central region, with several banks experiencing high-profile executive investigations, impacting their performance [68][70]. - Despite governance challenges, Huishang Bank has shown significant growth, with revenue increasing over 180% in the past decade, driven by the local economy [69][71]. Group 5: Emerging Opportunities - The banking sector in Fujian is thriving, with banks like Xiamen International Bank showing a 150% growth in asset scale over the past decade, supported by a robust private economy [26][28]. - Chengdu Bank has also seen substantial growth, with a 14.56% increase in asset scale, driven by a focus on local infrastructure projects [38][39].

Core Insights - Commercial banks are actively recruiting summer interns for 2025, targeting graduates from domestic and international universities for the 2026 class [1][2] - There is a strong demand for technology-related talent, particularly in financial technology and information technology sectors [2][5] - Banks are also focusing on recruiting candidates from engineering and science backgrounds, indicating a trend towards interdisciplinary talent [5][6] Recruitment Trends - Multiple banks, including Industrial Bank and Minsheng Bank, have initiated summer internship recruitment as early as March [1] - The focus on financial technology interns is evident, with positions available in areas such as big data analysis and financial technology project development [2][3] - Shanghai Bank has categorized its internship positions into business and technology sectors, highlighting the importance of data analysis and application development roles [2] Specialized Programs - Hangzhou Bank has launched its "Star Picking Plan" for summer interns, emphasizing roles in artificial intelligence and data research [3][4] - Shanghai Rural Commercial Bank has created a specialized recruitment channel for candidates with backgrounds in engineering, agriculture, and medicine [5] - The trend of seeking interdisciplinary talent is reinforced by banks like Industrial Bank, which prioritize candidates with diverse educational backgrounds [6] Green Finance Focus - Banks are increasingly prioritizing the recruitment of green finance talent, aligning with their strategic goals in sustainable finance [7][8] - Interns in green finance roles will engage in industry analysis and financial service solution development [7] Candidate Requirements - Many banks have set specific requirements for candidates, including good health, strong psychological resilience, and relevant academic backgrounds [8][9] - Language proficiency is also emphasized, with some banks requiring candidates to demonstrate their foreign language skills [8][9] - Interns can expect to gain valuable experience and potential job offers based on their performance during the internship [9]