Investment Rating - The report maintains a "Buy" rating for Changsha Bank (601577.SH) with a current price of 8.29 CNY [1]. Core Views - Non-interest income has significantly increased, driving faster revenue and profit growth. For the first three quarters of 2024, the bank achieved revenue of 19.47 billion CNY, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 6.19 billion CNY, up 5.9% year-on-year [4][5]. Summary by Sections Financial Performance - Revenue, pre-provision profit, and net profit growth rates for the first three quarters were 3.8%, 3.2%, and 5.9%, respectively, showing improvements compared to the first half of 2024 [5]. - The bank's net interest income and non-interest income growth rates were -1% and 23.3%, respectively, indicating a significant increase in non-interest income [5]. Asset and Liability Management - As of the end of Q3 2024, the bank's total assets, interest-earning assets, and loans grew by 10.4%, 8.7%, and 11.3% year-on-year, respectively [7]. - The bank's deposit growth has slowed, with a year-on-year increase of 8.9% in deposits, down from previous quarters [6]. Cost and Profitability - The bank's cost-to-income ratio and credit impairment losses as a percentage of operating income were 25.7% and 33.7%, respectively, both showing year-on-year declines [5]. - The net interest margin (NIM) for the first three quarters was 2.1%, slightly narrowing compared to the first half of the year [8]. Risk Management - The non-performing loan (NPL) ratio remained stable at 1.16% as of the end of Q3, with a provision coverage ratio of 314.5%, indicating strong risk mitigation capabilities [11][12]. Capital Adequacy - As of Q3 2024, the bank's core tier 1, tier 1, and total capital adequacy ratios were 9.9%, 11.6%, and 14%, respectively, showing improvements from the previous quarter [12][25].

Investment Rating - The report maintains a "Recommended" rating for Changsha Bank (601577.SH) [4][10]. Core Views - Changsha Bank's revenue shows a slight recovery with a steady growth in scale, achieving an operating income of 19.5 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 6.2 billion yuan, up 5.9% year-on-year [4][7]. - The bank's annualized weighted average ROE stands at 13.12% as of the end of Q3 2024, with total assets reaching 1.12 trillion yuan, total loans at 543.2 billion yuan, and total deposits at 688.7 billion yuan [4][6]. Financial Performance Summary - **Revenue and Profit**: - Operating income for 2024 is projected to be 22.87 billion yuan, with a year-on-year growth of 9.6% [5]. - Net profit attributable to shareholders is expected to reach 6.81 billion yuan in 2024, reflecting an 8.0% year-on-year increase [5]. - **Return on Equity (ROE)**: - The ROE is forecasted to be 13.2% in 2024, slightly decreasing to 12.6% by 2026 [5]. - **Earnings Per Share (EPS)**: - EPS is projected at 1.69 yuan for 2024, increasing to 2.51 yuan by 2026 [5]. - **Price-to-Earnings (P/E) Ratio**: - The P/E ratio is expected to decline from 4.9 in 2024 to 3.3 by 2026 [5]. - **Price-to-Book (P/B) Ratio**: - The P/B ratio is anticipated to decrease from 0.61 in 2024 to 0.41 by 2026 [5]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remains stable at 1.16% as of Q3 2024, with a slight increase in the attention rate to 2.48% [9]. - The provision coverage ratio has improved to 315%, indicating strong risk mitigation capabilities [9][10]. Strategic Outlook - The report emphasizes the potential for retail business growth, supported by the robust consumer activity in Hunan province, and ongoing improvements in the bank's retail business model [10]. - The successful issuance of perpetual bonds in Q3 2024 has strengthened the bank's capital position, contributing positively to its long-term development [10].

一、长沙银行股份有限公司 2024 年第三季度报告 表决情况：同意 5 票，弃权 0 票，反对 0 票。 证券代码：601577 证券简称：长沙银行 编号：2024-056 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 第七届监事会第十二次会议决议公告 本行监事会及全体监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。 长沙银行股份有限公司（以下简称"本行"）于 2024 年 10 月 19 日以电子邮件和书面方式发出关于召开第七届监事会第十二次会议的 通知，会议于 2024 年 10 月 29 日上午在长沙银行总行 33 楼 3301 会议 室召开。会议由白晓监事长主持，会议应出席监事 5 人，实际出席监事 5 人。会议的召开符合《中华人民共和国公司法》《中华人民共和国证 券法》等法律、行政法规、部门规章、规范性文件及《公司章程》的有 关规定，会议所形成的决议合法、有效。 会议对以下议案进行了审议并表决： 三、关于长沙银行股份有限公司 2024 年三季度第三支柱信息披 露报告 表决情况：同意 5 票，弃权 0 票，反对 ...

会议对以下议案进行了审议并表决： 证券代码：601577 证券简称：长沙银行 编号：2024-054 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 第七届董事会第十二次会议决议公告 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。 长沙银行股份有限公司（简称"本行"）第七届董事会第十二次 会议于 2024 年 10 月 29 日上午在长沙银行总行 33 楼 3315 会议室以 现场加视频方式召开。会议应出席董事 9 人，实际出席董事 8 人，董 事李孟授权委托董事长赵小中代为行使表决权。会议由董事长赵小中 主持。监事会监事长白晓，监事龚艳萍、兰萍、张学礼、朱忠福，董 事会秘书彭敬恩、首席风险官黄建良列席本次会议。会议的召开符合 《中华人民共和国公司法》《中华人民共和国证券法》等法律、行政 法规、部门规章、规范性文件及《公司章程》的有关规定，会议所形 成的决议合法、有效。 一、长沙银行股份有限公司 2024 年第三季度报告（具体内容详 见本行在上海证券交易所披露的《长沙银行股份有限公司 2024 年第 三季 ...

Financial Performance - Operating income for Q3 2024 reached CNY 6,428,103, an increase of 4.90% year-on-year[1] - Net profit attributable to shareholders was CNY 2,065,792, reflecting a growth of 9.72% compared to the same period last year[1] - Basic earnings per share for Q3 2024 stood at CNY 0.51, up by 8.51% from the previous year[2] - For the first three quarters of 2024, the bank achieved operating income of CNY 19.471 billion, a year-on-year increase of 3.83%[15] - The net profit attributable to shareholders of the listed company was CNY 6.187 billion, a year-on-year increase of 5.85%[15] - Basic earnings per share for the first three quarters of 2024 were CNY 1.54, compared to CNY 1.45 in the same period of 2023, showing an increase of approximately 6.21%[22] - Net profit for the first three quarters of 2024 was CNY 6,088,037, representing a 9.1% increase from CNY 5,580,829 in the previous year[28] Assets and Liabilities - Total assets as of September 30, 2024, were CNY 1,123,134,401, representing a 10.11% increase from the end of the previous year[2] - Total assets as of September 30, 2024, reached 1,080,395,270 thousand RMB, an increase from 979,584,847 thousand RMB at the end of 2023[26] - Total liabilities increased to CNY 1,044,809,329 thousand from CNY 951,713,564 thousand, representing a rise of approximately 9.79%[19] - The bank's total liabilities amounted to 1,005,992,393 thousand RMB, up from 915,034,765 thousand RMB at the end of 2023[27] - The bank's total equity reached CNY 78,325,072 thousand, up from CNY 68,319,379 thousand, reflecting an increase of about 14.66%[19] - The bank's equity increased to 74,402,877 thousand RMB, compared to 64,550,082 thousand RMB at the end of 2023[27] Cash Flow - Net cash flow from operating activities showed a significant decline, amounting to CNY -46,368,236, a decrease of 577.23% year-on-year[5] - Net cash flow from operating activities for the first three quarters of 2024 was -46,368,236 thousand RMB, compared to 9,716,027 thousand RMB in the same period of 2023[23] - The net cash flow from operating activities showed a significant decline, with a net outflow of CNY 47,823,300 compared to a net inflow of CNY 11,346,363 in the previous year[31] - The net cash flow from financing activities was 77,080,610 thousand RMB, significantly higher than 24,634,775 thousand RMB in the previous year[24] - The company issued bonds that generated CNY 296,769,107 in cash, contributing to a net cash inflow from financing activities of CNY 77,928,926[32] Deposits and Loans - The bank's total loans amounted to CNY 543,229,886, with normal loans making up 96.36% of the total[10] - The total principal of deposits absorbed was CNY 688.695 billion, an increase of CNY 29.838 billion, or 4.53% from the beginning of the year[15] - The total principal of loans and advances issued was CNY 543.230 billion, an increase of CNY 54.839 billion, or 11.23% from the beginning of the year[15] - Customer deposits increased to 684,842,993 thousand RMB, up from 655,421,310 thousand RMB year-over-year[27] Ratios and Coverage - The non-performing loan ratio was 1.16%, slightly up from 1.15% at the end of 2023[10] - The capital adequacy ratio was reported at 14.03%, a slight decrease from 14.09% at the end of the previous year[6] - The liquidity coverage ratio was 313.83%, indicating strong liquidity position[8] - The net stable funding ratio was 125.88%, showing a stable funding structure[9] - The non-performing loan ratio stood at 1.16%, with a provision coverage ratio of 314.54% and a loan-to-deposit ratio of 3.64%[15] Shareholder Information - The top ten shareholders held a total of 2,000,000,000 shares, with the largest shareholder, Changsha Finance Bureau, holding 676,413,701 shares, accounting for 16.82%[12] - The bank's total number of ordinary shareholders was 34,097 as of the end of the reporting period[11] - The bank's total number of preferred shareholders was 10, with the largest holding 8,400,000 shares, accounting for 14.00%[13] Investment Performance - The bank's investment income for the first three quarters was CNY 2,299,982 thousand, down from CNY 2,448,761 thousand, indicating a decrease of about 6.09%[21] - The company reported a total investment cash inflow of CNY 186,103,615, while cash outflow for investments was CNY 209,774,817, resulting in a net cash outflow of CNY 23,671,202[31] - Other comprehensive income after tax attributable to shareholders of the parent company was CNY 291,582 thousand, up from CNY 103,751 thousand, marking an increase of approximately 180.56%[22]

Group 1: Market Position and Strategy - Changsha Bank has achieved full coverage of county-level outlets in Hunan, with significant market share in Changsha County, Liuyang, and Ningxiang, indicating strong local presence [1] - The bank identifies substantial growth potential in counties outside Changsha, where market share remains low [1] Group 2: Competitive Advantages - As a provincial-level entity, Changsha Bank can leverage coordinated decision-making and efficient management, enhancing market responsiveness and execution [2] - The bank's young and well-trained workforce is capable of effectively implementing strategies and decisions from headquarters [2] - Successful retail transformation in Changsha can be replicated in county markets, providing valuable services to local residents [2] Group 3: Technological Investment and Product Offerings - Continuous investment in technology and digital transformation has strengthened the bank's ability to offer customized services and manage long-tail customer segments [2] - Products like Xiangnong Quick Loan and Xiangcun Quick Loan effectively meet the financial needs of local residents, small business owners, and individual entrepreneurs [2]

长沙银行股份有限公司 证券代码：601577 证券简称：长沙银行 公告编号：2024-053 优先股代码：360038 优先股简称：长银优 1 2024 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 1 符合《公司法》《公司章程》的规定。 (五) 公司董事、监事和董事会秘书的出席情况 1、 本行在任董事 9 人，出席 5 人，董事李孟、黄璋，独立董事 郑超愚、易骆之因公未出席； (一) 股东大会召开的时间：2024 年 10 月 10 日 (二) 股东大会召开的地点：湖南省长沙市岳麓区滨江路 53 号楷 林商务中心 B 座长沙银行总行 1908 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1、出席会议的股东和代理人人数 | 318 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,197,757,657 | | 3、出席会议的股东所持有表决权股份 ...

湖南翰骏程律师事务所 关于 长沙银行股份有限公司 2024 年第二次临时股东大会的 法 律 意 见 书 二〇二四年十月 湖南翰骏程律师事务所 关于长沙银行股份有限公司 2024 年第二次临时股东大会的 法律意见书 致：长沙银行股份有限公司 湖南翰骏程律师事务所（以下简称"本所"）接受长沙银行股份有限公司（以 下简称"公司"）的委托，指派本所律师出席了公司 2024 年第二次临时股东大会 （以下简称"本次股东大会"），对本次股东大会的召集和召开程序、出席会议 人员及召集人的资格、表决程序和表决结果的合法有效性进行现场律师见证，并 发表本法律意见。 本所律师根据《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》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）等我国现行法律、法规、规范性文件以及《长 沙银行股份有限公司章程》（以下简称"《公司章程》"）的有关规定出具本法 律意见书。 为出具法律意见书，本所律师特作声明如下： （一）本所律师根据本法律意见书出具日以前已经发生或者存在的事实，严 格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的 ...

Summary of Conference Call Industry Overview - The conference call focused on the banking sector, particularly highlighting the upcoming significant policies announced by the State Council, which are expected to impact the market significantly [1]. Core Insights and Arguments - The banking sector has garnered considerable attention from the market due to the anticipated policy changes [1]. - The discussion included a detailed exchange regarding the operational aspects of Changsha Bank, addressing various concerns raised by investors [1]. Other Important Content - The call aimed to address specific questions from investors, indicating a proactive approach to investor relations and transparency [1].

特此公告。 长沙银行股份有限公司董事会 2024 年 10 月 1 日 长沙银行股份有限公司 关于高管任职资格获得核准的公告 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。 2024 年 9 月 29 日，长沙银行股份有限公司（以下简称"本行"） 收到《湖南金融监管局关于张曼长沙银行行长任职资格的批复》（湘 金复〔2024〕221 号）、《湖南金融监管局关于罗刚长沙银行副行长 任职资格的批复》（湘金复〔2024〕223 号），核准张曼担任本行行 长、罗刚担任本行副行长的任职资格。 张 曼 、 罗 刚 简 历 详 见 本 行 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《长沙银行股份有限公司第七届董事会第 二十次临时会议决议公告》《长沙银行股份有限公司第七届董事会第 十八次临时会议决议公告》。 证券代码：601577 证券简称：长沙银行 编号：2024-051 优先股代码：360038 优先股简称：长银优 1 1 ...