Investment Rating - The report maintains a "Recommended" rating for Hangzhou Bank, with a closing price of 13.26 yuan on August 28, 2024, corresponding to 0.7 times the estimated price-to-book (PB) ratio for 2024 [2][3]. Core Views - Hangzhou Bank has shown robust growth in scale and excellent asset quality, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 545% [1][2]. - The bank's revenue for the first half of 2024 reached 19.3 billion yuan, reflecting a year-on-year growth of 5.4%, while net profit attributable to shareholders was 10.0 billion yuan, up 20.1% year-on-year [1]. - The bank's net interest income has rebounded, with a growth rate of 0.5% in H1 2024, and other non-interest income has continued to grow rapidly at 28.3% [1]. Summary by Sections Financial Performance - In H1 2024, Hangzhou Bank's total assets, total loans, and total deposits grew by 13.8%, 16.5%, and 13.7% year-on-year, respectively [1]. - The bank's cost-to-income ratio remained low at 24.7% at the end of H1 2024, and asset impairment losses decreased by 26.0% year-on-year [1][2]. Asset Quality - The NPL ratio has remained stable at 0.76% for six consecutive quarters, with a slight decrease in corporate loan NPLs and a minor increase in personal loan NPLs [1]. - The bank's attention and overdue rates were 0.53% and 0.70%, respectively, indicating a relatively low level of asset quality concerns [1]. Future Projections - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 2.89 yuan, 3.32 yuan, and 3.76 yuan, respectively, with a projected growth rate of 19.2% for 2024 [2][3]. - The bank's net interest margin (NIM) is expected to decline gradually from 1.36% in 2023 to 1.11% by 2026, reflecting ongoing pressure on interest rates [27].

Investment Rating - The report maintains an "Outperform" rating for Hangzhou Bank (600926 SH) [1][3] Core Views - Hangzhou Bank's revenue growth accelerated in H1 2024, with operating income reaching 19 3 billion yuan, up 5 4% YoY, an increase of 1 9 percentage points compared to Q1 [1] - Net profit attributable to shareholders reached 10 billion yuan, growing 20 1% YoY, though the growth rate slowed by 1 0 percentage points compared to Q1 [1] - The annualized weighted average ROE stood at 19 5%, up 0 8 percentage points YoY, indicating strong profitability [1] - Net interest income turned positive, growing 0 5% in H1 after a 1 9% decline in Q1, while non-interest income grew 14% YoY [1] - The bank's loan portfolio maintained rapid growth, with total loans reaching 0 9 trillion yuan, up 11 7% from the beginning of the year [1] - Asset quality remained excellent, with a non-performing loan ratio of 0 76%, and the provision coverage ratio stood at 545%, still leading among peers [1] Financial Performance - Total assets reached nearly 2 0 trillion yuan, up 7 8% from the beginning of the year [1] - The net interest margin was 1 42%, down 14bps YoY, mainly due to a 21bps decline in the average interest rate of interest-earning assets [1] - The bank strengthened deposit cost control, with the average interest rate of interest-bearing liabilities decreasing by 10bps YoY [1] - Credit impairment losses decreased by 26% YoY, as financial investment losses were reversed by approximately 1 583 billion yuan [1] Regional Strategy - The bank increased loan distribution in Zhejiang Province outside Hangzhou, with the proportion of loans in non-Hangzhou areas of Zhejiang reaching 37 4%, up 4 3 percentage points from the beginning of the year [1] - The proportion of loans in Zhejiang Province remained stable at 78 4% [1] Future Projections - The report maintains forecasts for net profit attributable to shareholders of 17 4/20 9/24 4 billion yuan for 2024-2026, representing YoY growth rates of 21 1%/20 1%/16 6% [1] - The current stock price corresponds to 2024-2026 PE ratios of 4 5x/3 8x/3 2x and PB ratios of 0 72x/0 62x/0 54x [1] Financial Metrics - EPS is projected to grow from 2 94 yuan in 2024E to 4 11 yuan in 2026E [4] - ROE is expected to increase from 17 2% in 2024E to 18 0% in 2026E [4] - The core tier 1 capital adequacy ratio is forecasted to improve from 8 36% in 2024E to 9 10% in 2026E [4]

2024 年 8 月 21 日晚间，杭州银行股份有限公司（以下简称 "公司"）从中共中央纪律检查委员会暨中华人民共和国国家监察 委员会网站获悉，丁伟涉嫌严重违纪违法，目前正接受招商局集 团纪委和青海省海东市监委纪律审查和监察调查。 丁伟于 2023 年 7 月被选举为公司独立董事，截止目前尚未 取得独立董事任职资格，未正式履职，未获得报酬。上述事项不 会对公司经营和长远发展产生影响。公司将持续关注后续进展情 况，并按照有关规定及时履行相关程序和信息披露义务。敬请投 资者注意投资风险。 特此公告。 杭州银行股份有限公司董事会 证券代码：600926 证券简称：杭州银行 公告编号：2024-043 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 关于拟任独立董事接受纪律审查和监察调查的公告 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。 2024 年 8 月 21 日 ...

证券代码：600926 证券简称：杭州银行 公告编号：2024-042 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 5%以下股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 上述减持主体无一致行动人。 注：1、在中国人寿实施本次减持计划期间，若公司发生送股、资本公积转增股本等重大事项， 对应的减持股份数量相应进行调整。 (一)相关股东是否有其他安排 □是 √否 (二)股东此前对持股比例、持股数量、持股期限、减持方式、 股东持股的基本情况：截至本公告披露日，中国人寿保险 股份有限公司（下称"中国人寿"）持有杭州银行股份有限公司 （下称"公司"或"杭州银行"）股份总数 110,092,230 股，占公 司普通股总股本的 1.86%。根据中国人寿在公司 IPO 期间作出的 承诺，锁定期满后，中国人寿减持公司股份时，应提前通知公司 并予以公告，自公告之日起三个交易日后方可减持。 减持计划的主要内容：中国人寿拟在本 ...

Investment Rating - The investment rating for Bank of Hangzhou is maintained at OVERWEIGHT with a target price of RMB14.42, indicating a potential upside of 12% from the closing price of RMB12.93 as of 7 August 2024 [6][28]. Core Insights - In 1H24, Bank of Hangzhou experienced a revenue growth of 5.4% year-on-year and attributable net profits increased by 20.1% year-on-year, reflecting a strong performance with stable asset quality [1][2]. - The bank's total assets, loans, and deposits grew by 13.8%, 16.5%, and 13.7% year-on-year respectively, with significant increases in loan and deposit amounts compared to the previous year [2]. - The non-performing loan (NPL) ratio remained low at 0.76%, with a provision coverage ratio of 545%, indicating strong risk management capabilities [3][4]. Financial Projections - Projected earnings per share (EPS) for 2024, 2025, and 2026 are RMB2.91, RMB3.47, and RMB4.13 respectively, with a book value per share (BVPS) of RMB18.02 for 2024 [1][5]. - Revenue is expected to grow from RMB36.6 billion in 2024 to RMB41.8 billion in 2026, while net profit attributable to the parent is projected to rise from RMB17.3 billion in 2024 to RMB24.5 billion in 2026 [11][12]. Market Position and Strategy - Bank of Hangzhou operates in economically vibrant regions and focuses on corporate loans, particularly to government credits and state-owned enterprises, which supports its growth strategy [2][4]. - The bank has established a diversified shareholder base and has been a pioneer in tech-innovation banking, enhancing its competitive edge [4].

本期债券发行的募集资金将依据适用法律和主管部门的批 准，用于补充公司二级资本。 证券代码：600926 证券简称：杭州银行 公告编号：2024-041 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 关于二级资本债券发行完毕的公告 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。 经中国人民银行和国家金融监督管理总局浙江监管局批准， 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2024年二级资本债 券"（以下简称"本期债券"）。 本期债券于2024年8月8日簿记建档，并于2024年8月12日发 行完毕，发行规模为人民币100亿元，品种为10年期固定利率债券， 在第5年末附有条件的发行人赎回权，票面利率为2.15%。 特此公告。 杭州银行股份有限公司董事会 2024年8月12日 1 ...

迁泰将投告 枕州餐什 (600926 CH) 最前大学园 社刊 編 (%) 3° 3° 300 19 9 (1) (11) (21) Aug-23 Dec-23 Apr-24 Aug-24 众朴永定：Wind ( ) { * $ ( $ $ ) : B 24H1 管收增逾美升，信贷急步扩發 情贯有力被放，养养养装进 為本航報 不良病病病，被备空间无患 杜林优质反减，并创给色鲜明 부휴坏充 2024 辛８月 04 日 | 中国内地 动态点评 區城佐縣村 स 20.0 SAC No. S0570524070008 SFC No. BUB018(86) 755 8249 2383 SAC No. $0570123090022 5) 21 2897 2228 16.9. 人 ( SAC No. S0570123070039 jayi @ htsc.com 36) 755 8249 2383 目标价 (人民币)14.42 收集件 (人人专 高至8月2日)13.36 李佳 (人人名言之)79,229 6 个月수均日点文辑 (人民名百万)327.37 52 两省格克国 (人人名)9.59-14.00 19.69BVPS ( ...

Group 1: Corporate Strategy and Financial Services - Hangzhou Bank has been actively focusing on differentiated services since last year, particularly in public business and project financing, with a strong emphasis on policy-driven business opportunities [1] - The bank has established a comprehensive financial service system for technology innovation, with over 500 specialized personnel and several technology innovation centers in major cities [1] - The bank's strategic approach has evolved through different phases, focusing on government-bank cooperation and data-driven industry specialization [1] Group 2: Small and Micro Business Loans - In the first half of the year, small and micro loans exceeded targets, with significant growth in enterprise loans becoming a new growth driver [2] - The bank's new loan interest rates for small and micro businesses have decreased compared to last year, while maintaining a focus on credit extension strategies [2] Group 3: Retail Loan Performance - The bank's mortgage loan issuance remained stable against market trends, with a year-on-year increase in mortgage balance [2] - As of June, the consumer loan balance showed positive growth compared to the beginning of the year, with plans to enhance customer segmentation and product access strategies [2]

法律意见书 浙江天册律师事务所 法律意见书 浙江天册律师事务所 关于 关于 杭州银行股份有限公司 2024 年第一次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 杭州银行股份有限公司 2024 年第一次临时股东大会的 编号：TCYJS2024H1184 号 致：杭州银行股份有限公司 浙江天册律师事务所（以下简称"本所"）接受杭州银行股份有限公司（以下 简称"杭州银行"或"公司"）的委托，指派本所律师金臻、黄金参加公司 2024 年第一次临时股东大会，并根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《银行保险 机构公司治理准则》以下简称"《治理准则》"）和《上市公司股东大会规则》（以 下简称"《股东大会规则》"）等法律、法规和其他有关规范性文件的要求及《杭 州银行股份有限公司章程》（以下简称"《公司章程》"）《杭州银行股份有限公 司股东大会议事规则》（以下简称"《股东大会议事规则》"）的规定出具本法律 意见书。 在本法律意见书中 ...

证券代码：600926 证券简称：杭州银行 公告编号：2024-040 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 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2024 年 07 月 31 日 (二) 股东大会召开的地点：浙江省杭州市庆春路 46 号杭州 银行大厦五楼会议室 (四) 表决方式是否符合《公司法》及《公司章程》的规定， 大会主持情况等 (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 12 人，出席 11 人，宋剑斌董事长因其他 公务安排未能出席并主持会议； 2、公司在任监事 7 人，出席 7 人； 3、公司高管人员列席会议。 二、 议案审议情况 (一) 非累积投票议案 1、议案名称：关于聘任杭州银行股份有限公司 2024 年度会 计师事务所的议案 本次股东大会由杭州银行股份有限公司（ ...