证券研究报告 浙商银行 (2016 HK/601916 CH) 港股通 负债成本优化，资产质量稳健 华泰研究 中报点评 2025 年 8 月 29 日│中国内地/中国香港 全国性股份制银行 1-6 月手续费及佣金净收入同比-17.6%（3M24 同比-13.2%），中收持续承 压。结构上看，代理业务收入同比+12%，主要受益于代销业务增长；担保、 承销收入分别同比-26%、-34%，为中收主要拖累，主要受到保函业务及债 券承销业务收入下降所致。1-6 月公司其他非息收入同比-10.7%，较 1-3 月 环比+14.2pct，其他非息降幅收窄。公司 1-6 月成本收入比为 28.2%，同比 持平。 资产质量稳健，前瞻指标波动 6 月末不良率、拨备覆盖率分别为 1.36%、170%，分别较 3 月末-2bp、-1pct。 零售不良率上行，较 24 年末+19bp 至 1.97%；对公不良率较 24 年末-10bp 至 1.26%。前瞻指标略有波动，6 月末关注率为 2.50%，较 24 年末提升 10bp。 测算 Q2 年化不良生成率环比上行 78bp 至 2.05%；Q2 年化信用成本为 1.91%，同比-22 ...

Core Viewpoint - Zhejiang Commercial Bank will conduct a computer system maintenance from September 5, 2025, 22:30 to September 6, 2025, 6:00 to enhance service quality [1] Group 1: Maintenance Impact - During the maintenance period, various electronic banking services including online banking, mobile banking, WeChat banking, and third-party payment services will be temporarily affected [1] - Self-service operations such as ATM withdrawals, transfers, POS consumption, and online applications without cards will also experience disruptions [1] - Customers are advised to contact the 24-hour customer service hotline for any inquiries during the maintenance [1]

Core Viewpoint - Zhejiang Commercial Bank's mid-year report for 2025 highlights its commitment to long-termism and risk management, achieving stable growth despite industry challenges [1][4]. Group 1: Financial Performance - Total assets reached 3.35 trillion yuan, a 0.63% increase from the end of the previous year [2][3]. - Operating income for the first half of the year was 33.248 billion yuan, with net profit attributable to shareholders at 7.667 billion yuan, reflecting a year-on-year decline of 5.76% and 4.15% respectively [4][5]. - The non-performing loan ratio improved to 1.36%, down 0.02 percentage points from the previous year [2][4]. Group 2: Business Strategy - The bank shifted its focus from "asset-driven" to "liability-driven" growth, optimizing its asset-liability structure to support sustainable development [2][4]. - A new three-year action plan (2025-2027) was launched to deepen its presence in Zhejiang, with financing services in the province totaling 1.12 trillion yuan, an increase of 98.5 billion yuan since the beginning of the year [2][4]. - The bank's strategy emphasizes low-risk, balanced returns, with significant growth in loans for green finance and agriculture, increasing by 10.31% and 9.14% respectively [2][4]. Group 3: Operational Efficiency - The bank's total liabilities reached 3.14 trillion yuan, a 0.62% increase, with deposits surpassing 2 trillion yuan, growing by 7.47% [3][4]. - The net interest margin was reported at 1.69%, a decrease of 2 basis points from the previous year, while the deposit interest rate fell by 31 basis points [4][5]. - The bank's management expenses decreased by 5.77% to 9.375 billion yuan, driven by digital transformation efforts [4][5]. Group 4: Future Outlook - The bank plans to maintain strategic focus and enhance its financial services to the real economy, leveraging digitalization and differentiated service offerings [7][8]. - Supply chain finance has become a key area of growth, serving over 85,000 small and medium enterprises, with a non-performing rate of only 0.17% [7][8]. - The bank aims to continue improving its profitability and service quality through strategic initiatives and digital upgrades [6][8].

Group 1 - The event "Financial Services for the Real Economy" was held in Nanjing, focusing on addressing the financing challenges faced by enterprises and promoting direct financial service policies to support the development of the real economy [1] - Jiangsu province is accelerating the construction of the "1650" modern industrial system, integrating industrial chains, innovation chains, and capital chains [1] - Zheshang Bank aims to enhance financial services for the real economy and support the development of innovative enterprises, emphasizing the importance of human capital in risk assessment [1] Group 2 - Six companies presented projects related to intelligent logistics systems and battery safety management during the roadshow, engaging in deep discussions with investment institutions [2] - The Jinyuzui Fund Street is positioned as an important financial hub in Nanjing, utilizing a "fund + industry + platform" model to create a strong magnetic field for serving the real economy [2] - The "Jinyuzui Daily Roadshow" is the first capital element matching platform in the country, aimed at innovating the investment-loan linkage mechanism and providing precise financial products to enterprises in the frontier technology industry [2]

8月28日晚间，浙商银行（601916）披露2025年半年度业绩报告。数据显示，2025年上半年，该行在复 杂多变的金融市场环境下，业绩出现一定波动，营业收入与净利润双双下降，但资产规模稳步增长，资 产质量保持相对稳定。零售业务表现亮眼，零售AUM迈上7000亿元新台阶，零售客群增量创历史新 高。同时"深耕浙江"战略与服务实体经济重点领域的成效逐步显现，为长期发展奠定基础。 对于下半年经营规划，浙商银行表示，将继续坚持稳健经营理念，持续深化金融服务实体经济质效，通 过优化业务结构、强化风险管理、提升精细化管理水平，努力应对市场挑战。 从核心盈利指标来看，2025年上半年，浙商银行实现营业收入332.48亿元，同比减少20.31亿元，降幅 5.76%；归属于本行股东的净利润76.67亿元，同比减少3.32亿元，降幅4.15%。 2025年，浙商银行全面启动新一轮"深耕浙江"三年行动（2025-2027年），成效逐步释放。数据显示， 2025年上半年，该行浙江省内融资服务总量达1.12万亿元，较年初新增985亿元，对浙江"千项万亿"重 大项目投放已超去年全年水平。此外，在服务实体经济方面，绿色金融、涉农等重点领域 ...

Group 1 - The event "Suport to Hong Kong: Zhejiang Merchants Bank Assists Suzhou Enterprises in Listing" was held to connect enterprises planning to list in Hong Kong with financial experts and international intermediaries [1] - Since the implementation of five capital market cooperation measures by the China Securities Regulatory Commission in April 2024, Suzhou has actively promoted the use of capital markets to enhance new productivity [1] - By the end of July 2025, Suzhou is expected to have a total of 274 listed companies, including 38 on the Hong Kong Stock Exchange, with 5 new additions, accounting for 9.62% of all IPOs in Hong Kong in the first seven months [1] Group 2 - Zhejiang Merchants Bank aims to provide comprehensive financial services with a focus on "serving the real economy" and has established a "cross-border financial service advantage" [1] - The bank has signed service cooperation agreements with four companies, including Linlong Cloud Technology and Suzhou San Pharmaceutical, to provide multi-level financial services such as policy consulting and strategic placement [2]

于2025年8月28日，董事会决议选举马红女士为董事会提名与薪酬委员会成员。 浙商银行(02016)发布公告，董事会近日收到倪德锋先生及金国蕊女士因工作安排辞去该行第七届董事 会非执行董事职务的辞呈，辞任自2025年8月28日起生效。 董事会建议委任杨朝晖先生、郑新刚先生为该行第七届董事会非执行董事，委任须经股东于该行股东大 会上以普通决议案审议批准及金融监管总局核准其任职资格后，方可作实。 ...

Core Insights - Zhejiang Zheshang Bank (601916.SH) reported a revenue of 33.248 billion yuan for the first half of 2025, representing a year-on-year decline of 5.76% [1] - The net profit attributable to shareholders was 7.667 billion yuan, down 4.15% year-on-year [1] - The basic earnings per share stood at 0.28 yuan [1] Financial Performance - The bank's non-performing loan ratio was 1.36% at the end of the reporting period, a decrease of 0.02 percentage points from the end of the previous year [1] - The provision coverage ratio was 169.78%, down 8.89 percentage points compared to the end of the previous year [1] - The loan provision ratio was 2.31%, a decrease of 0.15 percentage points from the end of the previous year [1] Capital Adequacy - The capital adequacy ratio was 12.31%, down 0.30 percentage points from the end of the previous year [1] - The Tier 1 capital adequacy ratio was 9.62%, which increased by 0.01 percentage points from the end of the previous year [1] - The core Tier 1 capital adequacy ratio was 8.39%, also up by 0.01 percentage points from the end of the previous year [1]

截至报告期末，集团资本充足率12.31%，比上年末下降0.30个百分点;一级资本充足率9.62%，比上年末 上升0.01个百分点;核心一级资本充足率8.39%，比上年末上升0.01个百分点。 截至报告期末，集团不良贷款率1.36%，比上年末下降0.02个百分点。拨备覆盖率169.78%，比上年末下 降8.89个百分点;贷款拨备率2.31%，比上年末下降0.15个百分点。 智通财经APP讯，浙商银行(601916.SH)披露2025年半年度报告，报告期实现营收332.48亿元，同比下降 5.76%;归母净利润76.67亿元，同比下降4.15%;扣非净利润77.52亿元，同比下降3.33%;基本每股收益0.28 元。 ...

每经AI快讯，浙商银行（SH 601916，收盘价：3.27元）8月28日晚间发布公告称，公司第七届第五次董 事会会议于2025年8月28日在杭州以现场结合通讯方式召开。会议审议了《浙商银行股份有限公司2025 年半年度报告及摘要》等文件。 2025年1至6月份，浙商银行的营业收入构成为：利息收入占比82.7%，非利息收入占比4.87%。 截至发稿，浙商银行市值为898亿元。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 王晓波） ...