Core Viewpoint - Under the low interest rate environment, listed banks are increasingly motivated to redeem existing "high-yield" preferred shares to save on interest costs [1] Group 1: Bank Actions - Changsha Bank announced it will redeem 6 billion yuan of its preferred shares "Changyin You 1" on December 25 and terminate its listing [1] - In December alone, five banks, including Changsha Bank, Beijing Bank, Shanghai Bank, Hangzhou Bank, and Nanjing Bank, have announced the redemption of preferred shares, totaling 45.8 billion yuan [1] - Including previous redemptions by Industrial and Commercial Bank of China, Bank of China, Industrial Bank, and Ningbo Bank, the number of banks redeeming preferred shares since 2025 has increased to nine [1] Group 2: Market Trends - Since 2020, the issuance of new preferred shares by banks has nearly stagnated, indicating a shift in capital management strategies [1] - The accelerated redemption and delisting of existing preferred shares have led to a significant reduction in their outstanding volume [1] - The willingness of commercial banks to redeem preferred shares to optimize their capital structure has been continuously reinforced [1] - Asset management institutions view the scarcity of bank preferred shares as increasingly prominent [1]

证券时报记者谢忠翔 低利率环境下，上市银行赎回存量"高息"优先股以节省付息成本的动力愈发增强。近日，长沙银行公告 称，将于12月25日赎回60亿元优先股"长银优1"，并终止挂牌。 证券时报记者注意到，12月以来，包括长沙银行在内，已有北京银行、上海银行、杭州银行和南京银行 等5家银行先后宣布对旗下优先股进行赎回，合计规模达458亿元。若加上此前的工商银行、中国银行、 兴业银行和宁波银行，2025年以来赎回优先股的银行数量已增加至9家。 多位研究人士表示，优先股作为银行资本工具，自2020年以后银行对其新发已几乎停滞。同时，伴随着 存量银行优先股的加速赎回并退市，存量规模愈发减少。近年来，商业银行为优化资本结构，赎回优先 股的意愿更是不断强化。在资管机构看来，银行优先股的配置稀缺性也进一步凸显。 9家银行年内赎回超1000亿 12月19日，长沙银行公告显示，该行于2019年12月非公开发行的60亿元优先股"长银优1"，将于2025年 12月25日派发优先股息后全部赎回，并终止挂牌。 据证券时报记者统计，今年以来已有2家国有大行、1家股份行和6家城商行对优先股进行赎回，包括境 内优先股7期共1118亿元、2期境外 ...

(责任编辑：徐自立) 中国经济网北京12月22日讯 渝农商行（601077.SH）今日股价收报6.36元，跌幅2.15%。杭州银 行（600926.SH）今日收报15.35元，跌幅1.98%。齐鲁银行（601665.SH）今日收报5.62元，跌幅 1.92%。 今日，银行板块跌幅为0.81%，渝农商行、杭州银行、齐鲁银行股价垫底银行板块。 ...

证券之星消息，12月22日城商行板块较上一交易日下跌1.14%，杭州银行领跌。当日上证指数报收于 3917.36，上涨0.69%。深证成指报收于13332.73，上涨1.47%。城商行板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日城商行板块主力资金净流出3.52亿元，游资资金净流入4.29亿元，散户资金净 流出7663.76万元。城商行板块个股资金流向见下表： ...

Core Viewpoint - Hangzhou Bank's stock price has shown a modest increase this year, with a notable rise in net profit and operating income, indicating stable financial performance despite recent market fluctuations [1][2]. Group 1: Stock Performance - On December 22, Hangzhou Bank's stock fell by 2.04%, trading at 15.34 yuan per share, with a total market capitalization of 111.2 billion yuan [1]. - Year-to-date, the stock price has increased by 9.96%, with a 0.79% rise over the last five trading days, 0.39% over the last twenty days, and 2.06% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hangzhou Bank reported operating income of 28.88 billion yuan, reflecting a year-on-year growth of 1.35% [2]. - The net profit attributable to shareholders for the same period was 15.88 billion yuan, showing a year-on-year increase of 14.53% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hangzhou Bank reached 67,600, an increase of 11.02% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 9.93% to 107,281 shares [2]. Group 4: Dividend Distribution - Since its A-share listing, Hangzhou Bank has distributed a total of 21.85 billion yuan in dividends, with 12.46 billion yuan distributed over the last three years [3]. Group 5: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder, holding 240 million shares, a decrease of approximately 6.95 million shares from the previous period [3].

Investment Rating - The report indicates a positive investment outlook for the non-bank financial sector, particularly highlighting the insurance and brokerage segments as having strong growth potential [1][3]. Core Insights - The non-bank financial index increased by 2.90% this week, outperforming the CSI 300 index by 3.17 percentage points. The insurance sector saw a significant rise of 7.03%, driven by asset under management (AUM) expansion and interest margin recovery, indicating a favorable market environment for insurance stocks [1][9]. - The brokerage sector also showed positive momentum with a 1.01% increase, supported by strategic mergers and acquisitions, which are expected to enhance market concentration and profitability [2][17]. - The banking sector experienced a modest increase of 1.00%, with expectations of improved credit growth driven by government policies and infrastructure investments [3][19]. Summary by Sections Insurance Sector - The insurance sector's index rose by 7.03%, significantly outperforming the CSI 300 index by 7.30 percentage points. Key players like Ping An and China Pacific saw their stock prices reach new highs, reflecting strong market confidence [1][13]. - The growth in the insurance sector is attributed to the dual drivers of AUM expansion and interest margin recovery, which enhance investment income certainty. The sector is positioned for a critical recovery phase in both performance and valuation [16][24]. - Recommendations include focusing on companies with strong dividend yields and low valuations, such as China Pacific and New China Life [16][24]. Brokerage Sector - The brokerage sector's index increased by 1.01%, with notable developments including the merger of China International Capital Corporation (CICC) with Dongxing and Xinda, which is expected to enhance CICC's market position [2][17]. - The report highlights a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery. Recommended stocks include large, low-valuation brokerages and those involved in mergers [18][17]. Banking Sector - The banking sector's index rose by 1.00%, with a focus on improving credit growth supported by government initiatives. The report emphasizes the transition from traditional investment models to a dual-driven approach focusing on both physical and human investments [19][21]. - Recommendations for the banking sector include focusing on high-quality regional banks and those with strong growth potential in government-related financing [23][19].

12月17日，杭州银行连发多份公告，宣布董事会审议通过不再设立监事会的议案；监事长王立雄因"岗 位调整"辞去所有监事职务，同时被董事会聘任为副行长。这位年薪近250万元的前副行长在监事会任职 两年多后，将重返高管队伍。 据财报信息，王立雄上任后，杭州银行副行长将增至7人，但行长职位空缺已超8个月。2025年4月初， 杭州银行原行长虞利明上任两年多后因"个人原因"突然离职，该行董事长宋剑斌开始代履行长职责至 今。据金融监管部门现行规定，宋剑斌代为履行杭州银行行长一职是否已经超过6个月的监管线引发外 界猜疑。 监事长上任两年多后重任副行长 据公告，虞利明离职后，杭州银行董事会决议由宋剑斌代为履行行长职责，代为履职期限自董事会决议 通过之日起，至新任行长任职资格获监管机构核准之日止。截至目前，宋剑斌代任时长已超8个月。 12月17日，杭州银行发布公告称，该行监事会收到公司监事长、职工监事王立雄提交的书面辞职报告。 因岗位调整的原因，王立雄申请辞去公司第八届监事会监事长、职工监事及监事会监督委员会委员职 务。 同日，杭州银行公告披露，该行董事会审议通过《关于不再设立监事会的议案》，同时决定聘任王立雄 为公司副行长，任 ...

| 姓名 | 离任职务 | 辞职信送 | 原定任期 | 离任原因 | 是否继续 在上市公 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | | | | 达时间 | 到期日 | | 司任职 | 毕的公开 | | | | | | | | 承诺 | | 壬立雄 | 监事长、职 工监事、监 | 2025 年 12 | 2026 年 7 | 岗位调整 | 是 | 否 | | | 事会监督委 | 月 17 日 | 月 17 日 | | | | | | 员会委员 | | | | | | 公开资料显示，王立雄曾任杭州银行副行长约6年，后转任监事长，此次又回归到高级管理层，担任副行长职务。 12月17日，杭州银行发布公告称，该行监事会收到监事长、职工监事王立雄提交的书面辞职报告。因岗位调整的原因，王立雄申请辞去第八届监事会监事 长、职工监事及监事会监督委员会委员职务。王立雄辞任后，继续担任党委委员，同时，将担任副行长。 2025年4月2日，杭州银行发布公告，虞利明因个人原因辞去副董事长、行长等职务。此后，该行行长一职便空缺至今。而代行行长职责的宋剑斌，至今已代 ...

Core Viewpoint - Several brokerage firms, funds, and insurance asset management institutions are evaluating listed banks to optimize asset allocation and investment strategies for the coming year, with a focus on net interest margin performance [1] Group 1: Net Interest Margin Stability - Multiple banks have indicated that net interest margins have shown signs of stabilization in Q3, with a narrowing of the overall decline and an improvement in funding costs expected over the next three years [1] - Hangzhou Bank reported that its net interest margin remained stable at the end of Q3 compared to the end of Q2, with a marginal narrowing of the annual decline expected [1] - Suzhou Bank stated that its net interest margin has narrowed less than the industry average this year, supporting growth in net interest income [2] Group 2: Strategies for Managing Interest Margin - Banks are actively exploring ways to alleviate interest margin pressure through optimizing asset-liability structures and enhancing non-interest income [1] - Chongqing Rural Commercial Bank noted that its Q3 interest margin stabilized due to a slowdown in the decline of asset yields and a faster decrease in liability interest rates [2] - Ouyang Rihui emphasized the importance of increasing the proportion of intermediary business income and investing in information technology to improve interest margin management [3] Group 3: Regional Banks' Performance - The Q3 reports of listed banks show structural differentiation in net interest margins, with some regional banks experiencing improvement [3] - A report indicated that net interest margins for city commercial banks and rural commercial banks continued to stabilize in the first three quarters of 2025, with a decrease in the cost of interest-bearing liabilities [4] - Some regional banks, such as Jiangyin Bank and Chongqing Bank, reported an increase in net interest margins at the end of Q3 compared to the end of Q2 [3][4] Group 4: Future Outlook - Some banks anticipate that the trend of improving interest margins will continue into 2026, with Qingnong Commercial Bank indicating that its interest margin is expected to remain stable [5] - Factors such as the repricing of existing loans and adjustments in deposit pricing strategies are expected to support net interest margins moving forward [5]

Group 1 - The core point of the article is the significant personnel and governance structure adjustments at Hangzhou Bank following the implementation of the new Company Law, including the decision to abolish the supervisory board and the appointment of Wang Lixiong as vice president [1][4]. Group 2 - Hangzhou Bank announced that it will no longer establish a supervisory board, with the proposal needing to be submitted for shareholder meeting approval [4]. - Wang Lixiong, who has extensive experience in the banking sector, has been appointed as vice president after resigning from his position as chairman of the supervisory board [1][2]. - The bank's board has praised Wang Lixiong's contributions during his tenure as chairman, highlighting his efforts in enhancing the supervisory system and protecting the rights of stakeholders [2]. Group 3 - As of the announcement date, Hangzhou Bank has a total of seven vice presidents, with the position of president currently vacant [3]. - The changes in governance are influenced by the new Company Law, which allows companies to set up an audit committee within the board instead of maintaining a supervisory board [4]. - Over 20 banks have initiated procedures to abolish their supervisory boards since the new Company Law came into effect on July 1, 2024 [4].