Core Viewpoint - Nanjing Bank has announced the early redemption of its convertible bond, Nan Yin Convertible Bond, due to the triggering of conditional redemption clauses, reflecting a strong performance in the banking sector and a trend of multiple banks' convertible bonds being redeemed early [1][3][4]. Group 1: Convertible Bonds Redemption - Nanjing Bank's stock price has been above 130% of the conversion price of 8.22 CNY per share for 15 out of 19 trading days, leading to the decision to exercise the early redemption right [3]. - Other banks, including Suzhou Bank and Hangzhou Bank, have also seen their convertible bonds trigger early redemption this year, indicating a broader trend in the banking sector [2][4]. - The Hangzhou Bank's convertible bond was also recently announced for early redemption, with its stock price exceeding 130% of the conversion price of 11.35 CNY per share [4]. Group 2: Market Supply and Demand - The market is currently facing a short-term supply shortage of bank convertible bonds, as no new bank convertible bonds have been issued recently, leading to potential price increases for existing bonds [4]. - As of now, there are 10 bank convertible bonds in the market, with the Shanghai Pudong Development Bank's bond set to mature on October 28, 2025, with an issuance scale of 50 billion CNY [4]. Group 3: Banking Sector Performance - The banking sector has shown strong performance, with multiple bank stocks reaching new highs, contributing to the favorable conditions for convertible bond redemptions [5]. - Analysts remain optimistic about the absolute value of bank stocks, citing historical stability in returns during the traditional dividend distribution period in June and July [6]. - Long-term policies aimed at stabilizing the economy and promoting consumption are expected to benefit the banking sector, with continued demand from institutional investors [6].

Investment Rating - The report maintains a "Positive" outlook for the banking industry in China as of June 11, 2025 [4] Core Insights - The banking sector is experiencing a transition from a surplus of deposits to a structural shortage, with significant differentiation between state-owned banks and smaller banks [8][27] - Recent adjustments in deposit rates are expected to stabilize the deposit base of large banks, despite ongoing deposit disintermediation [36][45] - The report highlights three main investment themes: convertible bonds with rebound potential, high-dividend stocks, and banks with long-term liabilities and capital advantages [40] Summary by Sections 1. Review of Deposit Growth: From Surplus to Shortage - Since 2009, deposit growth has lagged behind loan growth, indicating a shift in liquidity conditions from surplus to structural shortage [12][14] - The transition is attributed to changes in monetary policy and the rise of wealth management products, which have contributed to deposit disintermediation [19][22] 2. New Characteristics of Deposit Growth in 2025: From Industry-wide to Structural Shortage - The overall deposit gap in the banking sector has shown signs of improvement, but state-owned banks continue to face significant deposit shortages [27][28] - In Q1 2025, the deposit growth rate for large banks was only 71%, down from an average of 80% since 2019, indicating a potential arbitrage chain where entities take low-interest loans from large banks and deposit them in smaller banks for higher interest [32][34] 3. New Round of Deposit Rate Adjustments and Stability of Large Banks' Liabilities - The report expresses cautious optimism regarding the current round of deposit disintermediation, noting that past adjustments have had diminishing impacts over time [36][38] - Large banks are expected to maintain deposit stability due to regulatory constraints and the rapid adjustment of deposit rates by smaller banks [45] 4. Investment Recommendations - The report identifies three key investment lines: 1. Convertible bonds with rebound potential, specifically targeting Hangzhou Bank and Nanjing Bank [40] 2. High-dividend stocks, with a focus on CITIC Bank, Industrial Bank, and Jiangsu Bank [40] 3. Banks with long-term liabilities and capital advantages, such as Chongqing Rural Commercial Bank [40]

Investment Rating - The report maintains a positive outlook on bank stocks, recommending a "Buy" rating for the sector, with expectations that stock prices will outperform the Shanghai Composite Index by 15% or more within the next six months [86]. Core Insights - The current rally in bank stocks is primarily driven by state-owned capital, with significant investments from central financial institutions and a shift in foreign capital's stance towards net inflows [30][12]. - The report highlights a strategic opportunity for bank stocks due to their stable performance, high dividends, and the backing of national credit, positioning them as a key asset class in the market [44][42]. - The anticipated recovery in bank stock valuations is supported by policies aimed at stabilizing the real estate market and addressing local government debt, which are expected to enhance asset quality [60][62]. Summary by Sections 1. State-Owned Capital as the Engine of Bank Stock Rally - The bank stock market has seen a continuous rise since 2023, with state-owned banks leading the charge, followed by a broader rally in various bank types in 2024 and 2025 [10][30]. - In 2023, net inflows from ETFs, state-owned capital, and financing funds were significant, while foreign and insurance funds experienced net outflows [12][30]. 2. Restructuring Logic of Equity Finance - The report discusses how state-owned capital's investment in bank stocks serves to stabilize financial markets and provide a buffer against systemic risks, with bank stocks representing over 14% of the A-share market [36][34]. - The focus on equity finance is seen as a means to supplement declining land transfer revenue, with high dividend yields making bank stocks attractive compared to low-yield government bonds [42][44]. 3. Funding Landscape - Long-term Capital as a Stabilizing Force - The report anticipates that insurance and public funds will continue to support bank stocks, with a projected influx of over 1 trillion yuan from insurance capital into the A-share market [54][51]. - The shift in insurance capital from net outflows to inflows in early 2025 indicates a growing interest in bank stocks as a viable investment [52][54]. 4. Fundamental Improvements - Policies aimed at stabilizing the real estate market and addressing local government debt are expected to enhance the asset quality of banks, leading to a revaluation of bank stocks [60][62]. - Innovations in credit expansion and technology are anticipated to provide new growth opportunities for the banking sector [63][66]. 5. Policy Environment - Interest Margins Expected to Rebound - The report notes that recent asymmetric interest rate cuts signal a turning point in the excessive benefits provided to the real economy, suggesting a potential rebound in interest margins [70][73]. - Regulatory measures are being implemented to ensure the health of the banking sector while balancing support for economic growth [73][74]. 6. Investment Recommendations - The report suggests a focus on bank stocks with high dividend yields and strong operational efficiency, highlighting specific banks such as China Merchants Bank, Changshu Bank, Chengdu Bank, and Hangzhou Bank as favorable investment targets [80][76].

Core Viewpoint - The increasing involvement of insurance capital in bank equity is becoming a focal point in the capital market, highlighted by the recent acquisition of shares in Hangzhou Bank by New China Life Insurance [2][3] Group 1: Transaction Details - On June 10, Hangzhou Bank announced that New China Life Insurance acquired 329.6 million shares from the Commonwealth Bank of Australia at a price of 13.095 yuan per share, totaling 4.32 billion yuan [3] - Following the transaction, New China Life holds 5.09% of Hangzhou Bank's shares, while the Commonwealth Bank has completely exited its shareholder position after a 20-year relationship [3][4] - The shares acquired by New China Life are subject to a five-year lock-up period, and the transaction does not trigger a mandatory tender offer [3] Group 2: Strategic Implications - New China Life's investment is seen as a strategic move to enhance its asset allocation and strengthen its competitive position in the financial services sector, particularly in the Yangtze River Delta region [2][5] - The acquisition opens avenues for synergy between banking and insurance services, allowing for cross-business opportunities in wealth management, personal credit, and corporate pensions [5] - The exit of the Commonwealth Bank reflects a broader trend of foreign banks reassessing their strategies in the Chinese market, while local financial institutions are rapidly filling the void left by foreign capital [6][7] Group 3: Market Trends - The trend of insurance capital increasing its stake in bank equities is evident, with various insurance companies, including Ping An, actively acquiring shares in multiple banks [7] - The low valuation and high dividend yield of bank stocks make them attractive investments in a low-interest-rate environment, providing a hedge against interest rate risks [7] - Current data indicates that the average dividend yield for the banking sector is approximately 4.3%, with a price-to-book ratio of 0.67, suggesting a favorable investment landscape for insurance capital [7]

赎回价格：100.4932 元/张 证券代码：600926 证券简称：杭州银行 公告编号：2025-039 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 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 11 日收市后，距离 2025 年 7 月 1 日（"杭 银转债"最后交易日）仅剩 14 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 第六次提示性公告 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 截至 2025 年 6 月 11 日收市后，距离 2025 年 7 月 4 日（"杭 银转债"最后转股日）仅剩 17 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 ...

Core Viewpoint - The recent announcement by Nanjing Bank regarding the early redemption of its convertible bonds indicates a trend in the banking sector where multiple banks are triggering conditional redemption clauses due to rising stock prices [1][2][5]. Group 1: Convertible Bonds Redemption - Nanjing Bank's "Nan Yin Convertible Bonds" have triggered the conditional redemption clause, leading to the decision for early redemption [1][2]. - The stock price of Nanjing Bank has been above 130% of the conversion price for 15 out of 19 trading days, which meets the criteria for redemption [2]. - Other banks, including Suzhou Bank and Hangzhou Bank, have also seen their convertible bonds trigger similar redemption clauses this year [4]. Group 2: Market Trends and Predictions - The banking sector has experienced a significant upward trend, contributing to the triggering of early redemptions for several convertible bonds [5][6]. - As of June 10, various bank stocks, including Jiangsu Bank and Nanjing Bank, reached new highs, indicating strong market performance [6][7]. - Analysts predict that the market may face a supply-demand imbalance for convertible bonds due to the lack of new issuances, potentially leading to price increases for existing bonds [4]. Group 3: Future Outlook for Banking Stocks - Institutions remain optimistic about the absolute value of banking stocks, especially during the traditional dividend distribution period in June and July [8]. - Historical data shows that the banking sector has had positive absolute and relative returns during this period in many years [8]. - The implementation of expansionary policies aimed at stabilizing the economy is expected to benefit the banking sector in the medium to long term [8].

6月7日，债券市场"科技板"落地实施"满月"。多项数据显示，市场反响热烈，机制创新成效初显。值得 关注的是，银行体系在科创债发行中展现出明显的主力军地位，特别是国有大型银行凭借雄厚的资本实 力成为发行的中坚力量。数据显示，首月银行发行的科创债规模逾2000亿元，占比超50%，银行系统的 快速响应成为科创债扩容的核心驱动力。 各类型银行机构齐发力 "科创债新增商业银行等金融机构发行资格，形成'产业+金融'双轮驱动模式，扩容了主体，激活和扩展 了市场。"南开大学金融学教授田利辉在接受《金融时报》记者采访时表示，债券市场"科技板"是落 实"科技—产业—金融"良性循环的重要抓手，有助于银行充分发挥自身优势，募集资金为科创企业提供 融资支持，从而丰富科创企业融资来源。 部分经营实力较强的区域性城商行发行热情也较高。截至目前，已有北京银行、上海银行（601229）、 杭州银行（600926）、重庆银行（601963）、徽商银行5家城商行发行了科创债，发行规模合计为260亿 元。 如果说银行是科创债的"发动机"，那么保险机构则是"压舱石"。专家认为，银行机构发行科创债，有利 于进一步引导社保基金、保险资金等长期资金进入科技 ...

证券代码：600926 证券简称：杭州银行 公告编号：2025-038 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 关于实施"杭银转债"赎回暨摘牌的 第五次提示性公告 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： 最后转股日：2025 年 7 月 4 日 截至 2025 年 6 月 10 日收市后，距离 2025 年 7 月 4 日（"杭 银转债"最后转股日）仅剩 18 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 2025 年 7 月 7 日起在上海证券交易所摘牌。 1 投资者所持"杭银转债"除在规定期限内通过二级市场继 续交易或按 11.35 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当期应计利息（合计 100.4932 元/张）被强制 赎回。若被强制赎回，可能面临较大投资损失。 赎回登记日：2025 年 7 月 4 日 赎回价格：100.4 ...

据悉，在2005年，澳洲联邦银行曾以每股2.5元的价格认购杭州银行2.5亿股新股，持股比例达到 19.91%，成为杭州银行重要的战略投资者，此后澳洲联邦银行曾多次参与杭州银行的增资扩股，在 2016年6月末，其持股比例接近20%，稳居杭州银行第一大股东。 对于此次"清仓"式减持杭州银行股份，澳洲联邦银行表示主要为专注于澳大利亚与新西兰核心银行业 务，因此相应剥离非核心业务与投资的战略。 同时，从股权结构来看，本次转让后，杭州银行的前三大股东分别为杭州市财开投资集团、红狮控股集 团、杭州市城市建设投资集团，持股比例分别为18.2%、11.1%和6.9%。同时，新华保险以5.09%的持股 比例成为杭州银行的第四大股东。 6月10日，杭州银行发布公告称，新华人寿保险股份有限公司（以下简称新华保险）以协议转让方式受 让澳洲联邦银行所持该行股份近3.3亿股，转让后，其不再持有该行股份。 大股东"清仓"式转让 杭州银行表示，该行于6月9日收到新华保险提供的《证券过户登记确认书》，新华保险以协议转让方式 受让澳洲联邦银行所持该公司近3.3亿股，并已于6月6日完成过户登记。 转让后，新华保险合计持有该行3.63亿股股份，占该 ...

赎回款发放日：2025 年 7 月 7 日 最后交易日：2025 年 7 月 1 日 赎回登记日：2025 年 7 月 4 日 赎回价格：100.4932 元/张 证券代码：600926 证券简称：杭州银行 公告编号：2025-038 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 关于实施"杭银转债"赎回暨摘牌的 第五次提示性公告 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： 截至 2025 年 6 月 10 日收市后，距离 2025 年 7 月 1 日（"杭 银转债"最后交易日）仅剩 15 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 一、赎回条款 截至 2025 年 6 月 10 日收市后，距离 2025 年 7 月 4 日（"杭 银转债"最后转股日）仅剩 18 个交易日，2025 年 7 月 4 日为"杭 银转债"最后一个转股日。 根据《募集说明书》，"杭银转债 ...