为答谢广大客户长期以来给予的信任与支持，东吴基金管理有限公司（以下简称"本公司"）经与浙商银 行股份有限公司（以下简称"浙商银行"）协商一致，本公司决定旗下部分基金参加浙商银行的申购补差 费率优惠活动（若有）。现将具体情况公告如下： 一、费率优惠内容 自2025年4月7日起，投资者通过浙商银行办理适用基金转换业务，转出与转入基金的原申购费补差费率 我司后台不设折扣限制，以浙商银行上报为准。具体参与费率优惠的基金名称、折扣费率、费率优惠期 限以浙商银行官方网站所示公告为准。 基金原费率请详见各基金《基金合同》《招募说明书》《基金产品资料概要》等法律文件，以及本公司 发布的最新业务公告。 二、重要提示 1、费率优惠期限内，本公司所管理的尚未开通转换业务的开放式基金及今后新增通过浙商银行销售的 开放式基金，自该基金开通转换业务当日起，将同时参与上述费率优惠活动。 2、本优惠活动的规则以浙商银行的规定为准。投资者欲了解基金产品的详细情况，请仔细阅读各基金 的基金合同、更新的招募说明书等法律文件。本优惠活动仅适用于基金转换业务中转出与转入基金的原 申购费补差费率，不包括基金赎回等其他业务的手续费。 3、基金转换是指基金 ...

尊敬的各位投资者媒体朋友们大家下午好欢迎各位感谢大家蒞临浙商银行股份有限公司2024年度业绩说明会为了让大家对浙商银行的经营情况财务表现发展战略有更为清晰详细的了解今天公司管理层团队与大家进行全方位交流感谢大家的积极参与 下面由我为大家介绍一下出席本次业绩说明会的各位嘉宾他们是浙商银行党委书记董事长陆建强先生浙商银行党委副书记执行董事陈海强先生浙商银行独立董事徐永斌先生 这张银行党委委员副行长董事会秘书洛峰先生这张银行行长助理首席风险官潘华峰先生这张银行行长助理侯波先生还有总行相关业务部门的主要负责人欢迎各位 今天的业绩说明会分为董事长致辞业绩情况介绍和互动交流三个环节首先我们有请浙商银行党委书记董事长陆建强先生致辞有请曾经的各位投资者分析师媒体朋友们大家下午好欢迎来到浙商银行二零二四年一级说明会的现场看到许多 老朋友啊特别亲切也有许多新的朋友关注我们的发展更有不少投资者通过线上直播的方式参加非常感谢大家对我们的关心我仅代表这双银行向各位表示热烈的欢迎和诚挚的感谢那么在发布会之前呢我也跟大家报告一个好消息啊根据中共浙江省委决定陈海天同志呢 那这双银行党委副书记提名了这双银行行长这个去年八月份之后啊一直是没有行 ...

"智慧经营"推动收益风险平衡 近日，上市银行陆续举行2024年业绩发布会，资产质量问题受到市场关注。 4月3日，《中国经营报》记者在浙商银行举行的2024年业绩发布会上了解到，该行不良贷款率连续三年 下降，核心一级资本充足率等指标逐步提升。 "2024年，我行风控策略更加稳健，全年处置不良资产比上一年多了30%，并主动压退房地产贷款。"谈 及风险化解和资产质量，浙商银行行长助理、首席风险官潘华枫表示。 如何管控风险？ 从年报数据看，2024年，浙商银行实现资产质量稳中向好的同时，应对风险能力也进一步加强。 发布会上，该行将此归因于风险处置力度较大、风控策略更加稳健、产业投研能力提升三大因 素。"2024年，我行保持'化风险'力度，通过各类方式大力处置不良资产。同时，新设产业研究院，加 强政策前瞻引领能力，坚持'小额、分散'的授信原则，进一步夯实资产质量。"该行管理层表示。 针对市场关注的房地产等领域风险，该行管理层表示："近年来通过加大风险处置力度，我行前瞻性压 降成果突出。其中，房地产不良贷款率1.55%，较年初下降0.93个百分点。" 展望今年，浙商银行方面表示，将聚焦产业投研、风险处置、专业评审、数字风 ...

Core Viewpoint - Zhejiang Commercial Bank reported steady growth in key financial metrics for 2024, emphasizing a strategic shift towards low-risk, sustainable revenue generation amidst ongoing external challenges [2][4][12]. Financial Performance - In 2024, Zhejiang Commercial Bank achieved operating income of 67.65 billion yuan, a year-on-year increase of 6.19%, marking three consecutive years of growth [2][4]. - The bank's net profit attributable to shareholders reached 15.19 billion yuan, up 0.92% from the previous year [2]. - Total assets exceeded 3.33 trillion yuan, growing by 5.78%, while total liabilities reached 3.12 trillion yuan, increasing by 5.70% [2]. Income Composition - Interest income was 45.16 billion yuan, down 4.99%, while non-interest income surged to 22.49 billion yuan, a 39.05% increase, now accounting for 33.25% of total revenue [4][5]. - Investment income rose to 11.34 billion yuan, up 28.21%, driven by enhanced research capabilities [4][5]. Risk Management - The non-performing loan (NPL) ratio decreased to 1.38%, continuing a three-year downward trend [2][8]. - The bank's proactive risk management strategies included reducing high-risk loans and increasing low-risk mortgage loans [6][11]. Strategic Focus - Management emphasized a shift towards "smart management," prioritizing long-term sustainability over short-term gains, and focusing on a diversified revenue model [12][14]. - The bank aims to enhance its research capabilities and digital transformation to support sustainable growth [4][12]. Future Outlook - For 2025, the bank anticipates a continued decline in net interest margin, but at a reduced rate compared to 2024 [7]. - The focus will remain on stabilizing the real estate sector and managing risks associated with small and micro enterprises [11].

Core Viewpoint - Zhejiang Zheshang Bank is undergoing a strategic transformation under the new leadership of Chen Haiqiang, focusing on "smart management" to enhance long-term value and optimize its asset-liability structure while improving asset quality [1][2][3]. Financial Performance - As of the end of 2024, Zhejiang Zheshang Bank achieved a revenue growth rate of 6.19%, leading among joint-stock banks, with total assets reaching 3.3 trillion yuan [1]. - The bank's non-performing loan (NPL) ratio improved to 1.38%, a decrease of 0.06 percentage points year-on-year, marking three consecutive years of decline [1][6]. - The provision coverage ratio stood at 178.67%, down 3.93 percentage points from the previous year, while the loan provision ratio was 2.46%, a decrease of 0.17 percentage points [1]. Strategic Adjustments - The bank shifted its operational strategy from focusing on the asset side to the liability side, aiming to reduce the deposit interest rate [3]. - It transitioned from a "high-risk, high-return" asset allocation strategy to a "low-risk, moderate-return" approach, focusing on project loans and other stable assets [3]. - The bank is pursuing comprehensive revenue through scenario-based offerings rather than just single-item returns, enhancing customer loyalty and broadening income sources [3]. Customer Growth - The number of personal customers reached 11.67 million, a year-on-year increase of 20.75%, while corporate clients exceeded 260,000, growing by 14.92% [4]. - The bank has provided financing exceeding 360 billion yuan to over 30,000 technology enterprises, fostering a supportive ecosystem for innovation [4]. Risk Management - The bank has prioritized risk resolution, successfully reducing historical burdens and improving overall asset quality [5][6]. - The NPL ratios for corporate and personal loans were 1.36% and 1.78%, respectively, both showing improvements [6]. - The bank's risk management strategy has become more prudent, focusing on comprehensive credit management and reducing concentration risks [7]. Non-Interest Income - In 2024, non-interest income reached 22.493 billion yuan, accounting for 33.25% of total revenue, reflecting a significant increase in non-interest revenue streams [9]. - The retail banking segment is prioritized, with a focus on wealth management and digital research capabilities to enhance revenue sustainability [9][10]. Future Outlook - The bank anticipates continued challenges from narrowing net interest margins but aims to maintain strong revenue performance through optimized asset-liability structures and enhanced research capabilities [10].

Core Viewpoint - Zhejiang Commercial Bank is shifting its focus from scale and quick profits to long-term value and sustainable growth, emphasizing "smart management" as a guiding principle for stability and development [1][2]. Financial Performance - As of the end of 2024, Zhejiang Commercial Bank's total assets reached 3.33 trillion yuan, a 5.78% increase from the previous year - The bank achieved operating income of 67.65 billion yuan, up 6.19% - Net profit attributable to shareholders was 15.19 billion yuan, reflecting a 0.92% increase year-on-year [1]. Asset Quality - The non-performing loan ratio stood at 1.38%, a decrease of 0.06 percentage points from the previous year - The provision coverage ratio was 178.67%, down 3.93 percentage points year-on-year - The loan provision ratio was 2.46%, a decline of 0.17 percentage points from the previous year [1]. Revenue Composition - In 2024, net interest income was 45.16 billion yuan, a decrease of 4.99% from the previous year - Non-interest income reached 22.49 billion yuan, an increase of 39.05%, contributing to 33.25% of total revenue [2]. Strategic Focus - The bank is transitioning from traditional collateral-based financing to scenario-based financing driven by computational power - It aims to enhance its competitive edge through digital customer acquisition and a focus on small, diversified loans rather than large corporate clients [2]. Challenges and Responses - The bank acknowledges the cyclical challenge of narrowing net interest margins, which is a common issue across the industry - Despite this, the bank's net interest margin remains among the highest in the joint-stock bank sector - The bank plans to optimize its asset-liability structure and strengthen research capabilities to maintain strong revenue performance [3].

Core Viewpoint - Zhejiang Commercial Bank has demonstrated strategic consistency and achieved high-quality development, with a focus on improving asset quality and managing risks effectively [1][5]. Financial Performance - In 2024, Zhejiang Commercial Bank reported total operating income of 67.65 billion yuan, an increase of 6.19% year-on-year [1]. - The bank's cash dividend ratio exceeded 30%, ranking among the top in listed joint-stock banks [1]. - The growth rate of inclusive finance loans was 11%, accounting for over 20% of total loans, maintaining the top position among national banks for several consecutive years [1]. Asset Quality - The non-performing loan (NPL) ratio decreased to 1.38% by the end of 2024, down 0.06 percentage points from the previous year, indicating significant improvement in asset quality [5]. - The bank's capital adequacy ratio stood at 12.61%, up 0.42 percentage points year-on-year, while the Tier 1 capital adequacy ratio was 9.61%, up 0.09 percentage points [5]. Management Changes - Chen Haiqiang has been appointed as the Deputy Secretary of the Party Committee and nominated as the President of Zhejiang Commercial Bank [2][3]. - The new executive team will consist of one president and three vice presidents, all of whom are from the "post-70s" generation [4]. Risk Management - The bank has focused on risk disposal and has established a new industry research institute to enhance policy foresight and maintain a "small, diversified" credit principle [5][6]. - The real estate NPL ratio was reported at 1.55%, a decrease of 0.93 percentage points since the beginning of the year [5]. Non-Interest Income - Non-interest net income reached 22.49 billion yuan in 2024, an increase of 39.05% year-on-year, accounting for 33.25% of total revenue [8]. - The significant increase in other non-interest net income was attributed to improved market analysis and professional capabilities, capitalizing on opportunities in the bond market [9]. Digital Transformation - Digital transformation is a core focus for the bank, enhancing its research capabilities and supporting non-interest income growth [10]. - The bank has implemented an ITBP model, requiring each department head to work with a technology assistant to drive digital transformation [9][10]. Future Outlook - The bank anticipates continued challenges in net interest margin due to industry trends but aims to optimize its asset-liability structure and strengthen research capabilities to maintain strong revenue performance [10].

Core Viewpoint - In 2024, Zhejiang Commercial Bank demonstrated resilient performance amid economic challenges, achieving a revenue of 67.65 billion yuan, a year-on-year growth of 6.19%, and a net profit of 15.186 billion yuan, reflecting a slight increase of 0.92% [1][2] Group 1: Revenue and Profit Growth - The average balance of interest-earning assets increased by 10.9% to 2.94 trillion yuan, significantly supporting net interest income [2] - The bank's corporate loan and advance balance reached 1.21 trillion yuan, accounting for 67% of total loans, with a year-on-year growth of 10.5% [3] - Non-interest net income rose by 39.05% to 22.49 billion yuan, now comprising 33.2% of total revenue, up 7.8 percentage points from the previous year [4] Group 2: Interest Margin and Asset Quality - The net interest margin decreased to 1.71%, down 0.3 percentage points from the previous year, but remained competitive among listed banks [4] - The non-performing loan ratio fell for three consecutive years to 1.38%, 6 basis points lower than the previous year, and better than the industry average of 1.5% [4] Group 3: Social Responsibility and Financial Innovation - The bank's "Good Financial" philosophy emphasizes integrating social value into financial services, aiming to enhance the social responsibility of financial institutions [6][8] - The financial advisor system has established 161 advisory offices, serving over 100,000 enterprises and facilitating financing exceeding 1 trillion yuan [11] - The bank has reduced interest rates for small and micro enterprises, with new loans at a rate 73 basis points lower than the previous year [12] Group 4: Shareholder Returns - Zhejiang Commercial Bank plans to distribute a cash dividend of 1.56 yuan per 10 shares, totaling 4.284 billion yuan, maintaining a cash dividend rate of 30.12% [14]

Core Viewpoint - Zhejiang Commercial Bank emphasizes the importance of enhancing non-interest income and improving revenue structure in the face of external challenges and declining net interest margins [1] Group 1: Business Strategy - The bank's management highlights the need for strong competitive capabilities supported by robust investment research to navigate the current market landscape [1] - Zhejiang Commercial Bank is focusing on digital investment research to enhance its revenue sustainability through the "Middle Income Expansion" initiative [1] Group 2: Financial Performance Outlook - The bank aims to maintain good revenue performance by optimizing its asset-liability structure and strengthening investment research efforts in response to challenges such as declining net interest margins and increased market uncertainty [1] - Specific actions include solidifying low-sensitivity assets on the asset side and optimizing the liability structure to reduce high-cost liabilities while increasing low-cost deposits [1] Group 3: Asset Quality Management - The bank plans to intensify efforts to manage risks by actively disposing of non-performing assets and establishing an industry research institute to enhance policy foresight [1] - As of the end of 2024, the non-performing loan ratio for real estate is reported at 1.55%, a decrease of 0.93 percentage points from the beginning of the year, reflecting proactive risk management [2]

Core Viewpoint - The new president of Zhejiang Commercial Bank, Chen Haiqiang, emphasizes the importance of long-termism in navigating economic cycles and aims to shift the bank's focus from short-term gains to sustainable value creation [1][2]. Group 1: Leadership Transition - Chen Haiqiang has been appointed as the new president of Zhejiang Commercial Bank, succeeding the previous interim leadership by Chairman Lu Jianqiang [2]. - Chen has extensive experience within the bank, having served in various key positions, including as the head of two major branches and as the Chief Risk Officer [2][16]. Group 2: Strategic Focus - The bank is shifting its operational strategy from asset-driven to liability-driven, aiming to optimize its funding structure and reduce costs [4]. - A focus on reducing high-risk, high-return assets in favor of low-risk, stable-return investments is being implemented, with a notable decrease in the non-performing loan ratio from 1.53% in 2021 to 1.38% in 2024 [5][18]. - The bank aims to enhance customer-centric services and improve asset allocation through comprehensive reforms [6][7]. Group 3: Performance Metrics - In 2024, the bank reported a total asset increase to 3.33 trillion yuan, reflecting a 5.78% growth year-over-year [18]. - Revenue and net profit also showed positive growth, increasing by 6.19% and 0.92% respectively compared to the previous year [19]. - The number of personal customers grew by 20.75%, while corporate customers increased by 14.92%, indicating a dual growth in customer base and scale [8]. Group 4: Digital Transformation - The bank is committed to digital transformation, integrating technology to enhance service delivery and operational efficiency [11]. - Chen highlights the importance of combining technology with practical applications to better serve the community [11]. Group 5: Market Position - Zhejiang Commercial Bank has maintained a stable growth trajectory, distinguishing itself as one of the 12 national joint-stock banks in China [17]. - The bank's wealth management segment has also seen double-digit growth in both scale and revenue, supporting its new strategic direction [9].