Core Viewpoint - Hunan Province is evolving as a significant transportation hub and an innovative ground for the transformation of traditional industries and the integration of emerging industries, with Changsha Bank playing a crucial role in this development [1] Group 1: Financial Performance - Changsha Bank reported total assets of 1.15 trillion yuan, an increase of over 120 billion yuan year-on-year, marking three consecutive years of asset growth exceeding 100 billion yuan [1] - For the year 2024, the bank achieved an operating income of 25.94 billion yuan, a year-on-year increase of 4.57%, and a net profit attributable to shareholders of 7.83 billion yuan, up 4.87% [2] - The bank's net interest margin stood at 2.11%, with net interest income growing by 2.68% due to optimized deposit structure and effective cost control [2] - As of the end of 2024, the bank's total assets reached 1.1467 trillion yuan, a year-on-year increase of 126.72 billion yuan, representing a growth rate of 12.42% [2] Group 2: Loan and Deposit Growth - County loans accounted for nearly 60% of the bank's new loans, with a county loan balance of 201.37 billion yuan, reflecting a year-on-year increase of 316.72 billion yuan [4] - The bank's county deposit balance reached 234.17 billion yuan, an increase of 29.6 billion yuan, with a growth rate of 14.47% [4] - The bank's "One County, One Specialty" loan program saw a balance of 6.582 billion yuan, a significant increase of 68.1% year-on-year [3] Group 3: Strategic Initiatives - In 2024, Changsha Bank launched its new ten-year strategy, focusing on the "Five Major Articles" of finance, with over 150 billion yuan allocated to these areas [6] - The bank has developed a robust digital finance platform, connecting over 2,300 government services and achieving over 11.6 million users in online channels [7] - The bank aims to become a leading "green ecological bank" by promoting green finance, with a green loan balance of 52.829 billion yuan, up 23.14% year-on-year [6] Group 4: Community Engagement - Changsha Bank is committed to enhancing financial services in rural areas through a three-tiered service network and initiatives like "Thousand Enterprises, Ten Thousand Households" outreach [6][7] - The bank's inclusive finance efforts resulted in a balance of 68.283 billion yuan in loans to small and micro enterprises, an increase of 15.91% [6]

Core Viewpoint - Changsha Bank will hold a performance briefing for the 2024 annual report and the first quarter of 2025 on May 14, 2025, to communicate with investors regarding operational performance, development strategies, and profit distribution plans [3][4]. Group 1: Meeting Details - The meeting is scheduled for May 14, 2025, from 10:00 to 11:00 AM [2][4]. - It will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][4]. Group 2: Participation Information - Investors can participate online during the meeting by logging into the Shanghai Stock Exchange Roadshow Center [5]. - Questions can be submitted from May 7 to May 13, 2025, through the Roadshow Center's website or via the bank's email [5]. Group 3: Contact Information - The contact for inquiries is the Board Office, with a provided phone number and email address for communication [6][7].

Investment Rating - The report maintains a positive outlook on the banking sector, highlighting it as a low-volatility dividend play in a counter-cyclical environment and a strong performer in absolute returns during a pro-cyclical phase [6]. Core Insights - The first quarter of 2025 saw a decline in both revenue and net profit for listed banks, with revenue and net profit down 1.7% and 1.2% year-on-year, respectively. The main reasons for this decline were the expected decrease in interest margins and pressure from non-interest income [3][12]. - Loan growth has remained stable, with a year-on-year increase of 7.9% in the first quarter. Notably, banks in Jiangsu and Zhejiang, as well as Chengdu, continue to show strong economic performance, while Chongqing has emerged as a new growth area with loan growth exceeding 16% [3][4]. - The average net interest margin for listed banks was 1.54% in the first quarter, reflecting a slight quarter-on-quarter increase of 2 basis points, supported by a decrease in the cost of interest-bearing liabilities [4][12]. - The non-performing loan (NPL) ratio for listed banks decreased to 1.23%, with an estimated annualized NPL generation rate of approximately 0.63% [5][19]. - The report emphasizes the importance of focusing on high-dividend yield banks, particularly those with solid provisions and growth opportunities in favorable policy environments [6][19]. Summary by Sections Performance Overview - The first quarter of 2025 saw a significant impact from the decline in interest margins and non-interest income, leading to a negative growth in both revenue and profit for listed banks [10][12]. - The report indicates that the performance of state-owned banks was below expectations, while city and rural commercial banks generally met expectations [3][19]. Loan and Credit Analysis - Loan growth has been stable, with a year-on-year increase of 7.9% in the first quarter. The report highlights that the demand for loans from small and medium-sized enterprises has weakened, affecting the growth rates of rural commercial banks [3][4]. Interest Margin and Cost Analysis - The report notes that the average net interest margin for listed banks improved slightly, with a quarter-on-quarter increase attributed to a reduction in the cost of interest-bearing liabilities [4][12]. Asset Quality and Risk Management - The NPL ratio for listed banks decreased to 1.23%, with proactive measures taken to manage and dispose of non-performing assets [5][19]. - The report indicates that the retail sector is experiencing some risk exposure, but overall asset quality remains stable [5][19]. Investment Recommendations - The report recommends focusing on banks with high dividend yields and solid fundamentals, particularly those that are well-positioned to benefit from favorable policy changes [6][19].

证券代码：601577 证券简称：长沙银行 编号：2025-029 优先股代码：360038 优先股简称：长银优 1 长沙银行股份有限公司 2024 年度暨 2025 年第一季度业绩说明会预告公告 本行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： 会议时间：2025年5月14日（星期三）10:00-11:00 1 二、说明会召开的时间和形式 时间：2025 年 5 月 14 日（星期三）10:00-11:00 地点：上证路演中心 形式：上证路演中心网络互动 三、参加人员 董事长、行长、董事会秘书、相关行领导和独立董事代表。 会 议 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议形式：上证路演中心网络互动 投资者可于2025年5月7日（星期三）至5月13日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过本行邮 箱（bankofchangsha@cscb.cn）进行提问。本行将在说明会上对投资 ...

Investment Rating - The report indicates a cautious outlook for the banking sector, with expectations of continued narrowing of interest margin declines due to improved cost management on the liability side [5]. Core Insights - The overall revenue and profit growth rates for listed banks in Q1 2025 were -1.7% and -1.2%, respectively, showing a widening decline compared to 2024 [4]. - Net interest income decreased by 1.7% year-on-year, influenced by factors such as loan repricing and lower new loan rates, but the decline in interest margins is expected to continue to narrow [4][5]. - The overall asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 238% [4]. Summary by Sections 1. Performance Overview - Listed banks' overall revenue and profit growth rates for Q1 2025 were -1.7% and -1.2%, respectively, with declines expanding by 1.8 percentage points and 3.5 percentage points compared to 2024 [4]. - The net interest income saw a year-on-year decline of 1.7%, attributed to factors like loan repricing and intensified competition [4]. 2. Revenue Breakdown - Fee and commission income for listed banks decreased by 0.7% year-on-year, with the decline rate narrowing by 8.7 percentage points compared to 2024 [4]. - Other non-interest income fell by 3.2% year-on-year, primarily due to significant fluctuations in the bond market affecting fair value changes [4]. 3. Asset Quality - The non-performing loan ratio stood at 1.23%, slightly down by 1 basis point from the end of Q4 2024, while the provision coverage ratio was 238%, showing a slight decrease of 2 percentage points from the previous year [4]. 4. Future Outlook - The narrowing trend in interest margin declines is expected to continue, supported by improved management of liability costs and stable asset quality [5]. - The report anticipates that the overall profit growth for the year will maintain a trend of quarterly improvement [5].

Core Insights - Financial investment business is evolving from traditional tools to a new revenue engine for listed banks amid narrowing net interest margins and sluggish profit growth [2][3] - Bond investments are showing strong yield elasticity during the market interest rate decline in 2024, effectively cushioning the impact of declining net interest income on financial statements [2][3] Group 1: Financial Performance - In 2024, 42 listed A-share banks reported a total net profit of 2.14 trillion yuan, averaging daily earnings of approximately 58.58 billion yuan [3] - The total financial investment amount reached 91.41 trillion yuan, generating 512.8 billion yuan in investment income, with over 90% of banks achieving year-on-year positive growth in investment income [3][4] - Among these banks, 37 reported positive growth in investment income, with five small and medium-sized banks achieving over 100% year-on-year growth [3][4] Group 2: Investment Trends - The average proportion of investment income to total revenue for the 42 listed banks increased to 15.61% in 2024, up from 12.33% in 2023 [4] - Nine banks had investment income accounting for over 20% of their revenue, all of which were small and medium-sized banks [4] - Jiangsu Bank, Ningbo Bank, Nanjing Bank, and Beijing Bank reported investment income exceeding 10 billion yuan in 2024 [5] Group 3: Market Dynamics - The preference for bond investments among small and medium-sized banks is attributed to narrowing net interest margins and increased competition [6][7] - The bond market has become a significant source of income for banks, especially for rural commercial banks, which have become active participants in the bond market [6][7] - The overall bond yield trend in 2024 was downward, with the 10-year government bond yield decreasing to 1.68% by December 31, creating favorable conditions for bond investment income growth [7][8] Group 4: Future Outlook - Many banks maintain an optimistic outlook on bond investments for 2025, anticipating continued opportunities in the bond market due to expected fluctuations in bond rates [8]

Market Overview - A-shares exhibited mixed performance with the Shanghai Composite Index experiencing slight fluctuations while the ChiNext and STAR Market indices surged [1] - The Shanghai Composite Index closed down 0.23% at 3279.03 points, while the Shenzhen Component Index rose 0.51% to 9899.82 points, and the ChiNext Index increased by 0.83% to 1948.03 points [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 11,933 billion yuan, an increase of over 1,500 billion yuan compared to the previous day [1] Banking Sector Performance - The banking sector faced significant declines, with Huaxia Bank dropping 8.55%, and other major banks like Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China falling over 3% [2][3] - The first quarter financial results of 42 listed banks showed a total operating income of 1.45 trillion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to shareholders of 563.98 billion yuan, down 1.2% [5] - Huaxia Bank reported a total profit of 6.73 billion yuan for the first quarter, a decline of 15.11% year-on-year, while Xiamen Bank's operating income fell by 18.42% [5] Automotive Industry - The automotive supply chain stocks saw significant gains, with companies like Lingdian Electric Control and Jingjin Electric reaching the daily limit of 20% increase, and others like Slin Group rising over 13% [10] - The Ministry of Industry and Information Technology recently released key points for automotive standardization, emphasizing the need for enhanced standards for intelligent connected vehicles, particularly in driver assistance and autonomous driving [10][12] - The regulatory clarity regarding L2 and L3 levels of autonomous driving is expected to lead to increased resource allocation and investment in the automotive intelligence sector [12] AI Applications - The AI application sector showed strong activity, with stocks like Chuangyi Information and Zhejiang Wenhe rising significantly, and several companies hitting the daily limit [7] - Alibaba's Tongyi Qianwen released a new series of models, showcasing competitive performance against leading models in the industry, indicating a robust development in China's large model industry [8]

新华财经北京4月30日电（分析师侯汶姗）2024年，是长沙银行新十年战略的开局之年，该行紧扣"134568"战略目标，实现高质量发展。资产总额达 11467.48亿元，实现营业收入259.36亿元，归母净利润达78.27亿元，经营发展稳中向好，构建多元增长格局。 一、新十年战略新开局，经营指标普遍向好 经营规模持续扩大，资产总额、贷款总额实现两位数增长。2024年末，长沙银行资产总额为11467.48亿元，同比增长12.42%。其中，发放贷款和垫款本金总 额达到5451.09亿元，同比增长11.61%。今年一季度，长沙银行经营规模持续增长，季末资产总额达到12112.42亿元，较年初增加644.94亿元。其中，发放贷 款和垫款本金总额5879.41亿元，较年初增长7.86%，贷款总额占资产总额的比重提升至48.54%。 经营效益、盈利能力表现优异，营业收入、归母净利润连续十年保持增长。2024年，长沙银行实现营业收入259.36亿元，同比增长4.57%；归属于母公司股 东的净利润78.27亿元，同比增长4.87%，两项指标近十年均保持稳健增长。今年一季度，实现营业收入68.09亿元，同比增长3.78%；归属于 ...

Core Viewpoint - Changsha Bank has established county finance as its primary development strategy since 2022, leading to significant growth in county-level deposits and loans, with a focus on supporting rural revitalization and enhancing customer acquisition through innovative financial products and services [2][3][4]. Group 1: County Financial Development - Changsha Bank has opened 86 county branches, achieving full coverage in Hunan province, and has prioritized county finance as a key business focus [3][4]. - County deposits increased from 176.34 billion yuan at the end of 2022 to 234.17 billion yuan by the end of 2024, while loans grew from 142.31 billion yuan to 201.37 billion yuan during the same period, reflecting double-digit growth in both categories [3][4][6]. - The contribution rate of county business to the bank's overall performance has improved, with county deposits accounting for 46.16% of new deposits in 2024, and county loans contributing over 50% to the bank's total loan growth [4][10]. Group 2: Innovative Financial Products - The bank has launched 73 specialized financial projects under the "One County, One Specialty" initiative, supporting local industries such as rice-shrimp farming and fruit-vegetable production [11][12]. - In 2024, Changsha Bank provided 700 million yuan in credit to the rice-shrimp industry, supporting 156 enterprises and contributing to a 15% increase in production value [12][13]. - The bank's "Xiangnong Fast Loan" product, designed for agricultural producers, offers flexible credit options, with maximum limits of 1 million yuan for small and micro enterprises [13][14]. Group 3: Customer Acquisition and Digital Services - Changsha Bank has developed a "county-town-village" grid service system to enhance customer acquisition, with mobile banking services reaching remote areas [16][17]. - The "Xiangcun Online" platform has been launched to provide comprehensive services, allowing villagers to access financial services and apply for loans online, thus improving service efficiency [17][18]. - The bank's initiatives, including financial literacy programs, aim to increase customer engagement and loyalty within rural communities [16][17].

Investment Rating - The investment rating for Changsha Bank is "Buy" (maintained) [1] Core Views - The bank's credit investment has accelerated, and non-interest income has achieved high growth. In Q1 2025, Changsha Bank reported revenue of 6.809 billion yuan (YoY +3.78%) and a net profit attributable to shareholders of 2.173 billion yuan (YoY +3.81%), indicating stable profitability. The non-interest income saw significant growth, with fee income increasing by 53.08% YoY and investment net income rising by 123.63% YoY [4][5]. Summary by Sections Financial Performance - In Q1 2025, Changsha Bank's total assets reached 1.21 trillion yuan (YoY +14.13%), with total loan principal amounting to 587.941 billion yuan (YoY +12.56%). The bank added 42.832 billion yuan in new loans during the quarter, a significant increase of 26.25% YoY [5]. - The bank's total deposits at the end of Q1 2025 were 750.707 billion yuan (YoY +10.98%), maintaining a high growth rate to better match loan demand [5]. Asset Quality - The asset quality of Changsha Bank remains stable, with a non-performing loan ratio of 1.18% at the end of Q1 2025, a slight increase of 0.01 percentage points from the end of 2024. The attention rate decreased to 2.61%, down 0.02 percentage points [6]. - The provision coverage ratio stood at 309.82%, indicating a solid safety cushion despite a nearly 3 percentage point decline from the end of 2024 [6]. Profitability and Valuation - The bank's profitability remains stable, with a projected net profit attributable to shareholders of 8.235 billion yuan for 2025, reflecting a YoY growth of 5.21%. The current stock price corresponds to a price-to-book ratio (PB) of 0.52 for 2025 [4][7]. - The bank's earnings per share (EPS) for 2025 is estimated at 2.05 yuan, with a price-to-earnings ratio (P/E) of 4.59 [7].