Investment Rating - The industry rating is "Buy" as of April 1, 2026, consistent with the previous rating [5] Core Insights - The report highlights a divergence in performance among banks, with state-owned banks showing renewed vitality despite pressure on net interest margins. The overall revenue and profit growth for 22 listed banks has shown signs of recovery compared to the previous quarters, driven by improvements in effective tax rates, accelerated scale expansion, and a slowdown in the decline of net interest margins [5][20] - The report indicates that the net profit growth for the 22 listed banks is primarily driven by six factors, including the expansion of interest-earning assets and recovery in net fees, while the decline in net interest margins has been the main negative contributor [15][20] Summary by Sections Overall Performance - As of March 30, 2026, 22 A-share listed banks reported a revenue growth of 1.24%, PPOP growth of 0.60%, and net profit growth of 1.30% for 2025, with a quarter-on-quarter recovery observed [14] - The net profit growth drivers include a 7.97% contribution from interest-earning asset expansion and a 0.97% contribution from the recovery of net fees [15] Scale - The report notes that public and bill financing are the main growth drivers, with financial investments continuing to show high growth [9] Net Interest Margin - The net interest margin has stabilized for two consecutive quarters, with expectations for a rebound in 2026 [9] Non-Interest Income - There is a performance divergence in non-interest income, with state-owned banks performing better due to lower exposure to the capital market [9][20] Asset Quality - The report indicates that the asset quality is improving for corporate loans, while retail loans are under pressure [9] Investment Recommendations - The report suggests a favorable outlook for the banking sector in the second quarter, emphasizing its defensive nature amid economic fluctuations [9][20]

Core Insights - In 2025, four listed banks experienced a decline in both operating income and net profit compared to 2024, specifically Ping An Bank, Everbright Bank, Huaxia Bank, and Zhejiang Bank. Conversely, China Merchants Bank, Industrial Bank, Shanghai Pudong Development Bank, and Bohai Bank achieved growth in both metrics [1][2] Financial Performance - China Merchants Bank reported an operating income of 337.53 billion yuan, a slight increase of 0.01% year-on-year, making it the only bank among its peers to exceed 300 billion yuan in revenue. Its net interest income was 215.59 billion yuan, up 2.04%, while non-interest income fell by 3.38% to 121.94 billion yuan [3] - Ping An Bank's operating income decreased by 10.4% year-on-year, with a total of 880.21 billion yuan in net interest income, down 5.8%, and non-interest income of 434.21 billion yuan, down 18.5% [4][5] - Zhejiang Bank's net profit saw the largest decline among the listed banks, dropping 14.85% to 12.93 billion yuan [5] Asset Quality - As of the end of 2025, the non-performing loan (NPL) ratios for Industrial Bank, Everbright Bank, and Minsheng Bank increased compared to the previous year, while other banks showed varying degrees of improvement. China Merchants Bank maintained the lowest NPL ratio at 0.94% [7][8] - The personal loan NPL ratios generally increased, with Zhejiang Bank's ratio rising from 1.78% to 2.45%, marking a 0.67 percentage point increase [8] Net Interest Margin - The net interest margin (NIM) for the listed banks generally declined in 2025, with only Minsheng Bank and Bohai Bank showing an increase. China Merchants Bank had the highest NIM at 1.87% [12][14] - The decline in NIM was attributed to lower loan pricing and a decrease in the average yield on interest-earning assets, with China Merchants Bank noting a continued downward trend in loan pricing due to market conditions [14][15]

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - In Q4 2025, the bond market valuation recovered, and the net asset value of the bond funds in the whole market stopped falling and rebounded. However, the "asset shortage" pattern continued, the yield of credit bonds declined again, and the supply of desirable medium - to - high - yield assets shrank. Against this background, bond funds actively explored returns in terms of variety and duration in Q4, while remaining relatively cautious about credit downgrading [5]. - From the overall situation of bond fund heavy - holdings, the return range was further compressed, and institutions tended to adopt conservative strategies. The yields of the heavy - holding bond issuers were highly concentrated in the low - return range below 1.8%, and the scale of high - yield assets above 2.5% continued to shrink [5]. - For heavy - holding of urban investment bonds, the regional level showed a downward trend, with a preference for short - term durations. Zhejiang and Jiangsu were still the core heavy - holding regions, but the allocation intensity decreased. Institutions' preference for regions such as Sichuan, Shanghai, and Hunan increased. In terms of term distribution, the scale of each province was mainly concentrated around 1 - year, and as the term lengthened, the holding preference converged significantly towards strong provinces [5]. - For heavy - holding of financial bonds, bank Tier 2 and perpetual bonds dominated the allocation, and there was an obvious trend of variety downgrading. Financial bonds accounted for 72% of all heavy - holding credit bonds, with bank Tier 2 and perpetual bonds as the core varieties, and the allocation was relatively concentrated in the medium - to - high - yield range of 2.0% - 2.5%. In terms of term, a dumbbell - shaped allocation was preferred [5]. - For heavy - holding of industrial bonds, the allocation was concentrated in core industries, and institutions were more cautious about real - estate bonds. Non - bank finance and public utilities were the top two industries in terms of total market value of holdings, and were significantly increased in holdings compared with the previous period. Industries such as real estate, transportation, and coal were significantly reduced in holdings [5]. 3. Summary According to Relevant Catalogs 3.1 Bond Fund Heavy - Holding Overview 3.1.1 Overall Situation - As of the end of Q4 2025, there were 3,993 bond - type funds in the whole market, with a total scale of 11.10 trillion yuan, an increase of 0.36 trillion yuan compared with the end of the previous quarter. Bond - type funds were mainly medium - and long - term pure - bond funds, presenting a structure characterized by "dominated by medium - and long - term pure - bond funds and supplemented by hybrid bond funds" [11]. 3.1.2 Credit Bond Heavy - Holding from a Return Perspective - Most bond funds had a stable investment style and tended to adopt relatively conservative investment strategies. The yields of heavy - holding bond issuers were highly concentrated in the range below 1.8%. The supply of high - yield assets continued to shrink, and the high - yield assets above 2.5% further contracted compared with Q3 2025 [19]. - In Q4, the "asset shortage" continued, and the yields of credit bonds declined again. The concentration range of heavy - holding bond yields shifted downward. Compared with Q3, the balance of heavy - holding bonds with issuer yields below 1.8% increased significantly, while the holding balances of heavy - holding bonds in the ranges of 1.8 - 2.0%, 2.0 - 2.5%, and above 2.5% decreased to varying degrees [19]. 3.1.3 Types of Bond Fund Heavy - Holding Bonds and Their Performance in Different Dimensions - In Q4 2025, bond fund heavy - holding bonds generally showed a configuration trend of low - return concentration and high - return contraction. Financial bonds dominated with over 540 billion yuan, with bank Tier 2 and perpetual bonds as the core configuration. Industrial bonds tended to have medium - to - low returns, and urban investment bonds were concentrated in the 1.8% - 2.0% range [29]. - In terms of implicit rating distribution, financial and industrial bonds preferred high - rating issuers, while urban investment bonds showed an obvious downward trend. In Q4, incremental allocation was concentrated in high - rating bonds, and institutions were relatively cautious about credit downgrading [32]. 3.2 Characteristics of Urban Investment Bond Heavy - Holding 3.2.1 Regional and Hierarchical Characteristics of Heavy - Holding Urban Investment Bonds - In Q4 2025, the heavy - holding regions of urban investment bonds showed a certain downward trend, including prefecture - level cities in key provinces, district - level cities in non - key provinces, and park - level areas in municipalities. Zhejiang and Jiangsu were still the core heavy - holding regions, but the allocation intensity decreased. Institutions' preference for regions such as Sichuan, Shanghai, and Hunan increased [38]. 3.2.2 Term Characteristics of Heavy - Holding Urban Investment Bonds - Urban investment bonds generally preferred short - term durations. As the term lengthened, the holding preference converged significantly towards strong provinces. In Q4 2025, the term distribution of urban investment bond heavy - holdings was significantly differentiated, with the scale of each province mainly concentrated around 1 - year. The overall heavy - holding duration lengthened, but institutions were still cautious about ultra - long - term urban investment bonds [43]. 3.2.3 Analysis of the Top 20 Heavy - Holding Urban Investment Bond Issuers - The top 20 heavy - holding urban investment bond issuers in Q4 2025 were mainly medium - level prefecture - level platforms, with less obvious head - concentration characteristics. In Q4, the number of provincial - level platforms increased, and the degree of credit downgrading decreased. Some platforms were significantly reduced in holdings, while some provincial - level transportation platforms were increased in holdings [48]. 3.3 Overview of Financial Bond Heavy - Holding 3.3.1 Analysis of the Duration of Heavy - Holding Financial Bonds - Bank Tier 2 and perpetual bonds were mainly heavy - held by national and joint - stock banks, with a dumbbell - shaped term configuration preference. Compared with Q3, institutions' preference for state - owned banks and 3 - year terms increased significantly. The heavy - holding scale of Tier 2 and perpetual bonds increased, with state - owned banks showing obvious increases in holdings. Non - Tier 2 and perpetual bonds focused on 1 - year commercial financial bonds, and secondary - type bonds focused on 4 - year insurance bonds and 2 - 3 - year TLAC bonds [52]. 3.3.2 Analysis of the Top 20 Heavy - Holding Financial Bond Issuers - The top 20 heavy - holding bank Tier 2 and perpetual bond issuers were mainly state - owned banks, joint - stock banks, and relatively leading city commercial banks. State - owned banks generally increased their holdings, while joint - stock banks showed obvious differentiation. The yields of heavy - holding bonds generally declined rapidly, and there was significant differentiation in the remaining terms among issuers [61]. 3.4 Situation of Industrial Bond Heavy - Holding 3.4.1 Analysis of Heavy - Holding Industrial Bond Industries - Industrial bond allocation was still centered on industries with strong quasi - public attributes and industries with high financial relevance. Non - bank finance, public utilities, and transportation were the top three industries in terms of total market value of holdings. Non - bank finance and public utilities were significantly increased in holdings, while industries such as real estate, transportation, and coal were significantly reduced in holdings [71]. - Short - term duration varieties were still the main allocation. Most industries had a proportion of 0 - 2 - year terms exceeding 50%. Non - bank finance significantly lengthened the heavy - holding duration, while public utilities further increased the allocation of short - term duration bonds [72]. 3.4.2 Analysis of the Top 20 Heavy - Holding Industrial Bond Issuers - The top 20 heavy - holding industrial bond issuers were all central and local state - owned enterprises, mainly distributed in industries such as non - bank finance, public utilities, transportation, and coal. The allocation of industrial bond issuers was relatively concentrated. The average valuation yields of the top 20 heavy - holding industrial bond issuers generally declined, and there was significant differentiation in term changes among issuers [76]. 3.4.3 Analysis of the Top 10 Heavy - Holding Real - Estate Bond Issuers - State - owned and central - enterprise - affiliated real - estate bond issuers still occupied a core position. Some issuers were significantly increased in holdings, while some were significantly reduced in holdings. The real - estate bond allocation showed the characteristics of "medium - to - short - term duration + concentration on strong - credit issuers", and there was obvious differentiation in the return and duration strategies [79].

Core Viewpoint - Zhejiang Zheshang Bank aims to become a "first-class commercial bank" by adhering to long-termism and focusing on steady growth while effectively managing economic cycle fluctuations [2][5]. Group 1: Financial Performance - As of the end of 2025, total assets reached 3.48 trillion yuan, an increase of 4.68% from the previous year [3]. - The bank reported operating income of 62.514 billion yuan, with a net profit attributable to shareholders of 12.931 billion yuan, reflecting a decrease of 14.85% year-on-year [4]. - The non-performing loan ratio improved to 1.36%, down 0.02 percentage points from the end of the previous year [3][4]. Group 2: Business Strategy - The bank follows a "four-pronged" strategy focusing on management, service, technology, and talent to enhance its operational capabilities [3]. - A "low-risk, balanced return" approach was adopted, leading to a reduction in high-risk assets such as real estate and online loans [3]. - The "1155" operational strategy emphasizes a customer-centric approach, enhancing industry research capabilities, and balancing five operational dimensions [6]. Group 3: Market Position and Customer Base - By the end of 2025, corporate loans and advances grew by 6.55% to 1.33 trillion yuan, while retail assets under management reached 770.369 billion yuan, a 22.91% increase [6]. - The bank served over 290,000 corporate clients, an increase of 11.83%, and the number of personal customers reached 18.6082 million, with 6.94 million new additions [6]. - The bank's support for key sectors resulted in half of the new loans being directed towards technology, green, and inclusive finance [7]. Group 4: Regional Focus and Support - The bank's development is supported by the Zhejiang provincial government, which has outlined a ten-year development path and provided various support measures [8]. - The bank's "deep cultivation in Zhejiang" strategy led to two-thirds of new credit being allocated within the province, with total financing services reaching nearly 1.2 trillion yuan [8]. - By the end of 2025, the bank's deposits and loans in Zhejiang province increased significantly, with deposits leading among joint-stock commercial banks [8]. Group 5: Future Outlook - The bank aims to maintain its vision of becoming a "first-class commercial bank" by focusing on deepening its presence in Zhejiang and serving the real economy [9]. - The bank plans to strengthen its customer base, risk compliance, and technological foundations to ensure sustainable development [9].

Investment Rating - The investment rating for the company is "Accumulate" for A-shares and "Buy" for H-shares [2][6][8]. Core Views - The company is experiencing a decline in net profit and operating income for 2025, with year-on-year decreases of 14.85% and 7.59% respectively, which is below previous expectations [2][3]. - The company aims to deepen its transformation towards "low-risk, stable returns" while maintaining a focus on key areas for credit allocation [2][6]. - The forecast for net profit from 2026 to 2028 is projected to be 130 billion, 133 billion, and 136 billion respectively, with a target price of RMB 3.27 for A-shares and HKD 3.10 for H-shares [6][8]. Summary by Sections Financial Performance - For 2025, the company reported a net interest income decrease of 1.5% year-on-year, with a net interest margin of 1.60%, down 7 basis points from the previous period [3][4]. - Non-interest income fell by 19.7% year-on-year, with a notable decline in fee and commission income [4]. - The cost-to-income ratio for 2025 was 32.1%, an increase of 1.8 percentage points year-on-year [4]. Asset Quality - The non-performing loan (NPL) ratio stood at 1.36% at the end of 2025, with a coverage ratio of 155% [5]. - Retail NPLs increased to 2.45%, while corporate NPLs decreased to 1.10% [5]. - The company’s capital adequacy ratio was 12.12%, indicating a need for potential capital replenishment in the future [5]. Valuation Metrics - The target price for A/H shares is set at PB ratios of 0.48 and 0.40 respectively for 2026 [6]. - The forecasted book value per share (BVPS) for 2026 is RMB 6.82, with corresponding PB ratios of 0.45 for A-shares and 0.34 for H-shares [6][12].

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company's revenue decreased by 7.6% year-on-year to 62.51 billion yuan in 2025, with net profit declining by 14.8% to 12.93 billion yuan, indicating an expanded decline compared to previous quarters [1] - Non-interest income significantly dropped, impacting overall revenue, while net interest income showed improvement with a smaller decline of 1.5% compared to a 5.0% drop in 2024 [1][2] - The cost-to-income ratio increased by 1.8 percentage points to 32.1% due to a larger decline in non-interest income despite a 2.0% decrease in business and management expenses [1] - The company’s total assets reached 3.48 trillion yuan, with loans and deposits growing by 3.9% and 6.3% respectively, although personal loans saw a decline of approximately 3.0% [2] - The net interest margin narrowed to 1.60%, down 11 basis points year-on-year, influenced by a decrease in high-yield assets [2] - Asset quality remains under pressure, with a non-performing loan ratio of 1.36% and a decline in the provision coverage ratio to 155.4% [3] Financial Summary - Revenue and net profit forecasts for 2026-2028 have been revised down to 13.2 billion, 13.6 billion, and 14.2 billion yuan respectively, reflecting a growth rate of 1.8%, 3.3%, and 4.2% [3][4] - The projected price-to-book (PB) ratios for 2026-2028 are 0.45x, 0.43x, and 0.41x, indicating a valuation that remains attractive [3][4] - The company’s earnings per share (EPS) is expected to be 0.46 yuan in 2026, with a gradual increase to 0.50 yuan by 2028 [6]

Financial Performance - Total assets of China Zheshang Bank reached RMB 3.48 trillion, an increase of RMB 1.43 trillion or 70% over five years[9]. - Total deposits exceeded RMB 2 trillion, with an increase of RMB 700 billion or 52% over five years[9]. - Total loans reached RMB 1.9 trillion, also increasing by RMB 700 billion or 60% over five years[9]. - Revenue for 2025 was RMB 625.14 billion, with a net profit attributable to shareholders of RMB 129.31 billion[10]. - The net profit attributable to shareholders was CNY 12.931 billion, down 14.85% year-on-year[27]. - Operating income for 2025 was RMB 62.51 billion, down 7.59% from 2024[65]. - Non-interest income was RMB 18.06 billion, a decrease of 19.73% from the previous year[58]. - The company’s total non-interest income decreased by CNY 3.703 billion or 20.57%, mainly due to fluctuations in bond market yields affecting trading financial assets[102]. Asset Quality - Non-performing loan ratio stood at 1.36%, indicating stable asset quality[10]. - The non-performing loan ratio stood at 1.36%, with a provision coverage ratio of 155.37%[27]. - The non-performing loan ratio improved to 1.36%, down from 1.44% in the previous year[62]. - The provision coverage ratio decreased to 155.37%, down 23.30 percentage points from the previous year[63]. - The company’s non-performing loans (NPLs) amounted to RMB 14.646 billion, a decrease of RMB 2.35 billion from the end of the previous year, with an NPL ratio of 1.10%, down 0.26 percentage points year-on-year[137]. - The company’s personal loan NPLs increased by RMB 2.880 billion year-on-year, with a corresponding rise in the NPL ratio of 0.67 percentage points[137]. Loan and Deposit Growth - The total amount of loans and advances was CNY 19.2 trillion, growing by 3.53% year-on-year[27]. - The balance of deposits reached CNY 20.4 trillion, reflecting a growth of 6.30% compared to the previous year[27]. - The loan balance reached RMB 1,922.71 billion, an increase of 3.53% year-on-year[65]. - Customer deposits reached RMB 2,043.47 billion, up by 6.30% from the previous year, with personal deposits increasing by 29.92%[131]. - The total loan amount issued by the company reached RMB 1,922.711 billion, compared to RMB 1,857.116 billion in the previous year, indicating a growth in lending activities[141]. Risk Management - The company is committed to risk management and compliance, maintaining a low-risk and stable operational approach[17]. - The company aims to enhance its risk management by focusing on a "prudent and stable" risk preference and optimizing asset allocation to support high-quality development[139]. - The company has implemented a unified credit management system for corporate clients, assessing credit limits based on comprehensive evaluations[166]. - The company has strengthened credit risk management for real estate loans, implementing limit management and monitoring existing loan risks[168]. - The company has developed a digital risk management system for small and micro enterprises, enhancing proactive risk control measures[170]. - The company employs a comprehensive risk management system for retail clients, utilizing big data and intelligent risk models for dynamic credit assessments[171]. Strategic Initiatives - The bank plans to continue deepening reforms and innovations, focusing on a systematic management framework and enhancing AI capabilities[12]. - The company aims to enhance its support for national strategies and key economic sectors, with a focus on technology innovation and consumer confidence[16]. - The company aims to strengthen its core competitiveness and brand influence through a systematic management approach[33]. - The company has launched the "Golden Osmanthus Life Silver Enjoyment" pension financial brand to cater to the diverse needs of the elderly[39]. - The company aims to achieve dual growth in customer base and scale by 2025 through a revamped corporate customer marketing system and differentiated service offerings[199]. Liquidity Management - The liquidity ratio for RMB was 79.67%, significantly above the regulatory standard of 25%[68]. - The liquidity coverage ratio is 179.52%, with qualified liquid assets amounting to CNY 369.09 billion and net cash outflow over the next 30 days at CNY 205.60 billion[178]. - The net stable funding ratio is 112.68%, with available stable funding at CNY 1,923.04 billion and required stable funding at CNY 1,706.64 billion[178]. - The company has established a comprehensive liquidity risk management system to enhance proactive liquidity management and risk mitigation capabilities[177]. - The company conducts quarterly liquidity risk stress tests to identify weaknesses in liquidity risk management and adjust strategies as necessary[177]. Customer Base and Service Expansion - The company served approximately 523,000 retail customers, a growth of 31.12% year-on-year[46]. - The company served over 290,000 corporate clients by the end of the reporting period, an increase of 11.83% from the beginning of the year[199]. - The company has established 373 branches across 22 provinces and regions, including Hong Kong, effectively covering key areas such as Zhejiang, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area[28].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 CHINA ZHESHANG BANK CO., LTD. 如下公告已於上海證券交易所網站刊登，僅供參閱。 特此公告。 承董事會命 浙商銀行股份有限公司 陳海強 浙商銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2016） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10(B)條作出。 董事長 中國，杭州 2026年3月30日 一、利润分配方案 截至本公告日期，本行的執行董事為陳海強先生及馬紅女士；非執行董事為侯興 釧先生、任志祥先生、胡天高先生及應宇翔先生；獨立非執行董事為汪煒先生、 許永斌先生、傅廷美先生、施浩先生及樓偉中先生。 证券代码：601916 证券简称：浙商银行 公告编号：2026-008 浙商银行股份有限公司 关于 2025 年度利润分配的公告 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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 CHINA ZHESHANG BANK CO., LTD. 浙商銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2016） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10(B)條作出。 如下公告已於上海證券交易所網站刊登，僅供參閱。 特此公告。 承董事會命 浙商銀行股份有限公司 陳海強 董事長 中國，杭州 2026年3月30日 ۱зԇ٤Ԣ㞦ѫઋࡂ (࠺ࣔޯପՠѪ) И֢Ԙч Б؍੪ 1 ՚ ك 8 ࠡםࡂ֫ٺސБ ु:100738ݺଽ ऄઢ +86 (10) 8508 5000 Ѯऱ +86 (10) 8518 5111 ৠ֭ kpmg.com/cn һи䁿ଲਸ਼Ѡޥୡҷ՚ ރЊࣩ㖊ӐکઞଟՂҾєһ࣐Ԩকਗ㓬ઞଟஂڅاٴ 2025 ࡂԢ㞦Ћআ 2601724 ՚ 䂑ୣ੧ਁѡ߄ஒҸ՛嗋зѫ ۩ћݎՉۺܷͫࣁИ֢ࡨӆѫઋ٤ؙઋӕөؙઋд䂑ୣ੧ਁѡ߄ஒҸ՛ ( ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 CHINA ZHESHANG BANK CO., LTD. 浙商銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2016） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10(B)條作出。 如下公告已於上海證券交易所網站刊登，僅供參閱。 ■ 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验。 报告编码:京260DSEN9YD 特此公告。 承董事會命 浙商銀行股份有限公司 陳海強 董事長 中國，杭州 2026年3月30日 截至本公告日期，本行的執行董事為陳海強先生及馬紅女士；非執行董事為侯興 釧先生、任志祥先生、胡天高先生及應宇翔先生；獨立非執行董事為汪煒先生、 許永斌先生、傅廷美先生、施浩先生及樓偉中先生。 浙商银行股份有限公司 内部控制审计报告 ۱зԇ٤Ԣ㞦ѫઋࡂ (࠺ࣔޯପՠѪ) И֢Ԙч ...