2025年春季招聘还未完全结束，针对2026届毕业生，各家银行已纷纷启动暑期实习活动。 券商中国记者梳理，5月以来，兴业银行、浙商银行、杭州银行、上海农商行等多家银行启动了2025年暑假"招募 令"。从放出的实习项目来看，科技类岗位最火热，此外也有银行为理工科开辟了专属通道，还有银行表态，优秀 者可直接留用。 金融科技实习岗最热 近期，多家银行发布暑期实习招聘公告，其中金融科技、信息科技类岗位最为突出。 如兴业银行发布了2025年"雏雁计划"暑期实习生招聘公告，该行的总行部门、境内分行以及子公司部门均将"金融 科技实习生"岗位放在招聘首位，工作内容主要参与协助金融科技课题研究、大数据分析与应用、金融科技项目开 发建设等。 股份行中，金融科技类岗也是今年浙商银行暑期实习岗位中最多的一类，占据总岗位类别的四分之一，具体包括 信息安全岗、数据开发岗、算法开发岗、Java开发岗、系统运维岗等。 杭州银行也于近期发布了2026届校招提前批暨"摘星计划"暑期实习生招聘信息，该行总行实习生要求为经济类(如 金融、经济)或理工类(如数学、统计、计算机)相关专业；此外，总行信息技术部实习生要求为计算机相关专业。 针对2026届 ...

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may have alpha potential due to policy catalysts and a cyclical recovery [4]. Core Insights - Multiple banks have lowered their deposit rates, with the one-year and five-year Loan Prime Rate (LPR) reduced by 10 basis points on May 20, 2025. This trend reflects a broader market-driven decline in deposit costs [1][2]. - The average deposit cost rate for China Merchants Bank decreased significantly by 25 basis points to 1.29% in Q1 2025, indicating a trend of improving deposit costs across the sector [1]. - The report highlights that banks like Chongqing Bank, Minsheng Bank, and CITIC Bank have substantial room for further deposit cost reductions, suggesting a favorable environment for banks to optimize their funding costs [2]. Summary by Sections Section 1: Focus of the Week - Several banks have adjusted their deposit rates downward, with over half of listed banks participating in this trend by May 24, 2025 [1]. - The report notes that the average deposit cost rate for China Merchants Bank has shown improvement since Q2 2024, aligning with previous forecasts of enhanced cost reduction in liabilities [1]. Section 2: Sector Perspective - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [4]. - The report emphasizes that the cyclical recovery may take time, but the ongoing interest rate cuts could sustain the dividend strategy for banks like Shanghai Bank and Jiangsu Bank [4]. Section 3: Key Data Tracking - The report tracks various financial metrics, including the issuance of interbank certificates and the average rates for different types of bank notes, indicating a dynamic market environment [9][8]. - It also notes the increase in the proportion of deposits with a remaining maturity of less than one year, which rose by 3 percentage points to 37.4% by the end of 2024, suggesting a trend towards concentrated deposit maturities [2][16].

Investment Rating - The report maintains an "Overweight" rating for the banking sector [7] Core Views - The asymmetric interest rate cuts have alleviated pressure on interest margins, with the central bank lowering the 1-year and 5-year Loan Prime Rate (LPR) by 10 basis points [1] - The reduction in deposit rates has a more significant impact than the LPR cuts, providing a net positive effect on banks' interest margins and net profit growth [2] - The banking sector is expected to benefit from a favorable policy environment aimed at economic recovery, with structural opportunities in high-quality banks [5] Summary by Sections Interest Rate Adjustments - The central bank's recent interest rate cuts are expected to positively influence banks' interest margins, with estimated impacts of +2.3 basis points and +1.4 basis points on interest margins for 2025 and 2026, respectively [2][22] - The reduction in deposit rates has been more pronounced than the LPR cuts, with large banks reducing rates across various deposit terms [2][3] Deposit Trends - The banking sector is approaching a peak in deposit re-pricing, which is expected to improve funding costs as significant amounts of fixed-term deposits mature [3] - Despite the positive adjustments in deposit rates, there are concerns about the attractiveness of deposit products, which may lead to liquidity risks for banks [4] Policy Environment - Recent policy measures, including interest rate cuts and structural monetary tools, are expected to support economic stability and improve the banking environment [5] - The report highlights the potential for high dividend yields in large banks, making them attractive for investment [5] Stock Recommendations - The report recommends several banks for investment, including: - Hangzhou Bank (600926 CH) - Overweight - Shanghai Bank (601229 CH) - Buy - Chengdu Bank (601838 CH) - Buy - Chongqing Rural Commercial Bank (3618 HK) - Buy - China Merchants Bank (600036 CH) - Buy - Industrial Bank (601166 CH) - Buy - Agricultural Bank of China (601288 CH) - Overweight [9][24]

Core Insights - Financial sector plays a crucial role in promoting technological innovation, with Zhejiang province enhancing financial policy tools to support digital, intelligent, and green transformations [1][2] - As of the end of Q1, the loan balance for the technology service industry in Zhejiang reached 3.17 trillion yuan, marking a year-on-year growth of 19.6%, surpassing the overall loan growth rate by 10.9 percentage points [1] Group 1: Financial Support and Policy Initiatives - Zhejiang province has implemented the "Implementation Rules for Increasing Support for Technology Enterprises Financing," focusing on enhancing financial services for technology firms [1] - The province has initiated a special action to improve technology financial service capabilities, establishing a "four-special" service mechanism involving specialized teams, products, processes, and evaluations [1] Group 2: Regional Financial Innovations - The People's Bank of China, Zhejiang branch, is guiding the establishment of a robust technology financial service system in Hangzhou and Jiaxing, with significant loan growth in these areas [2] - As of March, the technology service industry loan balance in Hangzhou grew by 14.8%, while Jiaxing saw a remarkable increase of 27.5%, both exceeding the overall loan growth rates [2] Group 3: Innovative Financial Products - Zhejiang province is diversifying technology financial product offerings, encouraging banks to develop equity loans and acquisition loans to support strategic emerging industries [2] - The "Zhe Ke Loan" financing service has been introduced, providing hard technology enterprises with favorable loan terms, including maximum loan amounts, extended durations, and optimal interest rates [2] - Jiaxing Bank is exploring a "twin investment-loan" model to address challenges in external investment-loan coordination, while Hangzhou Bank collaborates with third-party investors to support technology enterprises through equity options [2]

Investment Rating - The report maintains a "Positive" investment rating for the banking sector [12] Core Insights - The Yangtze Bank Index increased by 1.5% this week, outperforming the CSI 300 Index by 0.3% and the ChiNext Index by 0.1%. The recent public fund regulations are expected to drive long-term fund allocations towards the banking sector, which has been underrepresented compared to its weight in the CSI 300 [2][6] - The report highlights that the average dividend yield of the five major state-owned banks in A-shares is 4.47%, with a significant spread of 279 basis points over the 10-year government bond yield. The H-shares have an even higher average dividend yield of 5.77%, indicating a notable valuation discount compared to A-shares [7][22] - In April, new social financing totaled 1.16 trillion yuan, primarily driven by government bonds, while new RMB loans were only 280 billion yuan, reflecting a year-on-year decrease of 450 billion yuan. The report anticipates a continuation of weak credit issuance in May, with banks expected to increase lending intensity by the end of June [8][29] - The report notes a significant decline in net interest margins for commercial banks, with an overall decrease of 9 basis points to 1.43% in Q1 2025. State-owned banks saw a drop of 11 basis points to 1.33%, marking a historical low, while city commercial banks performed better due to lower mortgage ratios and strong local credit demand [9][39] Summary by Sections Market Performance - The Yangtze Bank Index's performance this week indicates a positive trend, with specific banks like Ruifeng Bank leading the gains [2][6] Dividend Yields and Valuation - The report emphasizes the attractive dividend yields of state-owned banks compared to government bonds, suggesting potential investment opportunities in H-shares due to their valuation discount [7][22] Credit and Financing Trends - April's financing data shows a reliance on government bonds for social financing growth, with a notable decline in new loans, indicating a cautious lending environment [8][29] Banking Sector Profitability - The decline in net interest margins across the banking sector highlights challenges in profitability, particularly for state-owned banks, while city commercial banks show resilience [9][39]

Core Viewpoint - Multiple banks are actively responding to investor concerns regarding credit business, asset quality, and strategic planning, indicating a proactive approach to stabilize market expectations and enhance investor confidence [1] Group 1: Credit Business - Banks are aligning their credit support with national policies, focusing on private enterprises and inclusive finance as key areas for lending in 2025 [2] - Qilu Bank plans to increase support for new manufacturing, infrastructure, technology innovation, green finance, and rural revitalization, while maintaining steady growth in corporate credit [2] - Shanghai Rural Commercial Bank has set a credit increment target of 50 billion yuan for the year, with a growth rate of 6% to 7%, emphasizing support for the real economy and private sector [3] Group 2: Asset Quality - The overall asset quality of the banking industry remains stable, with Qilu Bank reporting a non-performing loan (NPL) ratio of 1.17%, down 0.02 percentage points from the beginning of the year [4] - Hangzhou Bank maintains a NPL ratio of 0.76% and a provision coverage ratio of 530.07%, indicating strong asset quality management [4][5] Group 3: Business Strategy Planning - Banks are adopting differentiated development paths, with Lanzhou Bank focusing on its "1363" strategic layout and preparing for future strategic planning [6] - Jiangsu Bank emphasizes a balanced approach to cost reduction and growth, while expanding non-interest income through various services [7] - Chengdu Bank is advancing digital transformation to enhance operational efficiency and drive high-quality development [7] Group 4: Market Opportunities - The banking sector is presented with opportunities due to policy support for green and technology finance, as well as structural monetary policy tools that optimize funding costs [7] - Leading banks can leverage resource advantages to expand wealth management and non-interest income, while regional banks should focus on local industries to build competitive advantages [7]

证券代码：600926 证券简称：杭州银行 公告编号：2025-026 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"杭银转债"可能满足赎回条件的提示性公告 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： 杭州银行股份有限公司（以下简称"公司"）股票自 2025 年 4 月 29 日至 2025 年 5 月 19 日的 12 个交易日中已有 10 个交 易日的收盘价不低于"杭银转债"当期转股价格 11.35 元/股的 130%（含 130%），即 14.76 元/股。 二、可转债有条件赎回条款 1、在本次发行可转债的转股期内，如果公司 A 股普通股股 票连续三十个交易日中至少有十五个交易日的收盘价格不低于 当期转股价格的 130%（含 130%），经相关监管部门批准（如需）， 公司有权按照债券面值加当期应计利息的价格赎回全部或部分 未转股的可转债。若在上述交易日内发生过因除权、除息等引起 公司转股价格调整的情形，则在调整前的交易日 ...

Group 1 - The 20th Central Committee of the Communist Party of China emphasizes accelerating the construction of a multi-level bond market to align with technological innovation [1] - The People's Bank of China and the China Securities Regulatory Commission jointly announced support for the issuance of technology innovation bonds, introducing a "Technology Board" in the bond market [1] - Industrial and Commercial Bank of China (ICBC) Hangzhou Branch successfully underwrote the first batch of technology innovation bonds in China, raising 5 billion yuan for Hangzhou Bank and 4.6 billion yuan for Zhejiang State-owned Capital Operation Co., Ltd [1][2] Group 2 - Hangzhou Bank is a leading commercial bank in China, and the funds raised from the technology innovation bonds will support technological innovation through various financing methods [1] - Zhejiang State-owned Capital Operation Co., Ltd is the only provincial-level state-owned capital operation company in Zhejiang, and the issuance of technology innovation bonds provides a replicable model for similar institutions [2] - The successful issuance of these bonds is a significant step for ICBC Hangzhou Branch in implementing national strategies for technological innovation, broadening financing channels for tech enterprises, and stimulating market vitality [2]

编 辑丨巫燕玲 5月1 5日，A股震荡回调，但银行板块整体表现仍相对强势， 农业银行、浦发银行等多只银行 股创历史新高。银行板块总市值突破1 0万亿元大关，再创历史新高 。 市场有观点认为，这背后或与公募和险资抢筹银行股有关。 其逻辑之一是部分银行股息率高企，引发险资抢筹配置需求。 另外一部分逻辑，则与5月7日发布的《推动公募基金高质量发展行动方案》（下称《行动方 案》）有关。有市场人士称，在《行动方案》中，基金经理薪酬与业绩挂钩。主动权益基金 通 常 会 选 取 沪 深 3 0 0 等 代 表 性 宽 基 指 数 作 为 业 绩 基 准 ， 而 沪 深 3 0 0 指 数 中 银 行 板 块 权 重 高 达 1 3 . 6 7%。因此，为了不让净值与业绩比较基准偏离太多，基金在加速回补低配的银行股，才 导致了金融板块的抢货潮。 银行股创新高 截自5月1 5日，申万一级银行指数今年以来上涨8 . 0 2%，重庆银行、渝农商行、青岛银行、上 海银行、齐鲁银行等更是暴涨逾2 0%。 作 者丨庞华玮 工商银行、建设银行、农业银行、中国银行等四大行，以及浦发银行、光大银行、上海银行 等股份制银行和城商行也均在近期创出 ...

Core Viewpoint - The recent surge in bank stocks has made them a prominent feature in the A-share market, driven by high dividends, low valuations, and their safe-haven characteristics amid uncertainty [2][4]. Group 1: Market Performance - The China Securities Bank Index reached a high of 7751.80 points on May 15, 2023, following a nearly 7% increase over the previous six trading days [2]. - The total market capitalization of A-share banks surpassed 10 trillion yuan, increasing by 600 billion yuan from the beginning of the year [3]. - Year-to-date, the bank sector has risen over 8%, ranking fifth among all primary industries, with several banks experiencing gains exceeding 20% [5]. Group 2: Investment Drivers - Recent policy changes, including interest rate cuts and the expansion of financial asset investment companies, have contributed to the positive sentiment towards bank stocks [6][7]. - The new public fund assessment mechanism is expected to increase the allocation of funds to bank stocks, as active equity funds are likely to reduce their deviation from benchmark indices [8]. Group 3: Institutional Buying - Insurance funds have been actively increasing their holdings in bank stocks, with significant purchases noted in several banks this year [9]. - High dividend yields remain a key attraction for insurance investors, with many bank stocks offering yields above 4% [9]. Group 4: Risks and Challenges - Despite the positive outlook, there are concerns regarding the sustainability of bank stock performance, as factors such as narrowing interest margins and asset quality issues in retail lending pose risks [11][12]. - The overall non-performing loan ratio is rising, particularly in personal loans, indicating potential stress in the banking sector [12].