Core Points - Zhejiang Merchants Bank announced a scheduled maintenance for its computer systems on September 26, 2025, from 0:10 to 3:00 and on September 27, 2025, from 0:10 to 4:10 [1] - During the maintenance period, various electronic banking services will be affected, including online banking, mobile banking, and third-party payment services [1] - The bank aims to minimize the downtime and encourages customers to prepare in advance for the service interruptions [1]

原标题：打通运费支付堵点：浙商银行"铁路运费证"让大宗商品运输资金活起来 "煤炭运量这么大，每月几千万铁路运费压得资金周转都紧了。"大宗商品企业在铁路运输环节的这一困 境，随着浙商银行携手中国国家铁路集团有限公司（以下简称 "国铁集团"）创新推出"铁路运费证"业 务，得到有效破解。 近日，"铁路运费证"业务在淮南矿业（集团）有限责任公司落地，该业务融合"国内信用证+铁路物 流"，全流程线上化操作，有效缓解大宗商品企业在铁路运输环节面临的运费支付压力与资金周转难 题，标志着银铁协同服务实体经济、缓解企业融资压力取得实际进展。 聚焦企业痛点，创新模式破局 铁路货运是大宗商品运输的"主力军"。数据显示，2024年全国铁路货运总发送量突破51亿吨，其中煤炭 运量占比超55%，年运量达28亿吨级。 与此同时，运输是一个不容忽视的大宗商品成本占比。以煤炭为例，煤炭运输成本在采购总成本中占比 可达15%至30%,具体比例受运输距离、装卸效率及能源波动等因素影响。 对大宗商品企业而言，铁路运输环节的运费支付长期面临压力：一方面，近年来货运需求增长叠加运价 机制调整，企业运费成本上升；另一方面，行业普遍存在"上游现款、下游赊销 ...

一、召开会议基本情况 根据《中华人民共和国证券投资基金法》《公开募集证券投资基金运作管理办法》等法律法规的规定和《东兴中 证消费50指数证券投资基金基金合同》（以下简称"《基金合同》"或"基金合同"）的有关约定，东兴中证消费50指 数证券投资基金（以下简称"本基金"）的基金管理人东兴基金管理有限公司经与基金托管人浙商银行股份有限公 司（以下简称"基金托管人"）协商一致，决定以通讯方式召开本基金的基金份额持有人大会审议《关于持续运作 东兴中证消费50指数证券投资基金的议案》，会议的具体安排如下： 1、会议召开方式：通讯方式。 2、表决票收取时间：自2025年9月30日起，至2025年10月31日17:00止（投票表决时间以本次大会召集人指定的表 决票收件人收到表决票时间为准）。 3、会议计票日：2025年11月4日 4、纸质表决票的提交 可通过专人送交或邮寄方式送达如下地点： 收件人：东兴基金管理有限公司； 基金份额持有人大会投票处办公地址：北京市西城区金融大街5号新盛大厦B座15层； 联系人：陆书峰； 二、会议审议事项 会议审议事项为《关于持续运作东兴中证消费50指数证券投资基金的议案》（见附件一） 三、基金 ...

Core Viewpoint - The introduction of the "Railway Freight Certificate" by Zheshang Bank in collaboration with China National Railway Group effectively alleviates the financial pressure faced by bulk commodity enterprises in railway transportation, marking a significant advancement in financial and logistics integration [1][2]. Group 1: Industry Context - Railway freight is a crucial component of bulk commodity transportation, with national railway freight volume expected to exceed 5.1 billion tons in 2024, of which coal accounts for over 55%, translating to an annual volume of approximately 2.8 billion tons [2]. - Transportation costs for coal can constitute 15% to 30% of total procurement costs, influenced by factors such as transport distance, loading efficiency, and energy price fluctuations [2]. Group 2: Financial Innovation - The "Railway Freight Certificate" combines domestic letters of credit with railway logistics, allowing enterprises to pay freight using bank credit and repay later, thus streamlining the payment process [3]. - The process is fully online, enabling companies to generate freight bills on the national railway platform and apply for certificates without the need for physical documentation, with the possibility of a repayment period of up to one year [3]. Group 3: Implementation and Impact - The first transaction of the "Railway Freight Certificate" was successfully executed for Huainan Mining Group, with a certificate amount of 100 million yuan, significantly easing their freight payment pressures [4]. - Following the initial success, Zheshang Bank has expanded the service to other regions, including Chengdu, Beijing, and Xi'an, demonstrating a growing adoption among both state-owned and large private logistics enterprises [4]. Group 4: Collaborative Benefits - The "Railway Freight Certificate" creates a win-win situation for the railway bureau, banks, and enterprises, ensuring timely freight payments, reducing financial costs for companies, and expanding financial service opportunities for banks [5]. - This innovation reflects Zheshang Bank's commitment to enhancing supply chain financial services, having supported over 85,000 small and medium-sized enterprises in various sectors by mid-2025 [6].

Core Viewpoint - The banking sector has shown renewed activity, with several banks experiencing notable stock price increases on September 24, indicating positive market sentiment towards the industry [1] Group 1: Stock Performance - Chongqing Rural Commercial Bank saw its stock price rise by over 3% [1] - Qilu Bank, Postal Savings Bank, Industrial and Commercial Bank of China, and Zheshang Bank all experienced stock price increases of over 1% [1]

Group 1 - The banking sector is experiencing renewed activity, with notable stock price increases for several banks [1] - Chongqing Rural Commercial Bank has seen its stock rise by over 3% [1] - Qilu Bank, Postal Savings Bank, Industrial and Commercial Bank, and Zheshang Bank have all reported stock increases of over 1% [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company is transitioning towards a "quality first, moderate scale" strategy, moving away from a focus on rapid growth and scale [5][21]. - The bank's total assets grew by 3.1% year-on-year to 3.35 trillion yuan as of Q2 2025, indicating a slower growth rate compared to peers [5][21]. - The bank's stock is currently trading at a significant discount compared to its peers, with a price-to-book (PB) ratio of 0.45, reflecting a 12% discount [9]. Summary by Sections 1. Quality First Strategy - The bank has adopted a strategy of "quality first, moderate scale," focusing on sustainable growth rather than rapid expansion [5][21]. - The bank's shareholder structure has improved, with stable long-term capital from state-owned and insurance funds, alleviating previous concerns about problematic shareholders [6][27]. 2. Financial Performance and Projections - The bank's total revenue for 2023 is projected at 63.7 billion yuan, with a year-on-year growth rate of 4.29% [7]. - The bank's net profit attributable to shareholders is expected to be 15.0 billion yuan in 2025, reflecting a slight decline of 1.17% from the previous year [7]. - The bank's return on equity (ROE) is projected to be 7.83% in 2025, which is below the industry average [8][36]. 3. Investment Analysis - The bank's high dividend yield of 5.5% for 2025 is a significant attraction for investors, with a projected dividend payout ratio of 30.1% for 2024 [9][11]. - The report anticipates a potential upside of 15.2% based on a target PB ratio of 0.52 for 2025, indicating room for valuation recovery [9][10]. 4. Strategic Focus on Zhejiang - The bank has been focusing on deepening its presence in Zhejiang, with loans and deposits from the region accounting for 33.3% and 29.4% of the total, respectively, by the end of 2024 [21][27]. - The strategy aims to leverage the economic strengths of Zhejiang, which is characterized by a robust private sector and wealth distribution [21][11].

宣传过程中，分行员工通过设立咨询台、发放宣传折页、现场答疑等多种方式，围绕"汽车消费贷款防 骗指南""识别非法金融中介""反诈常识普及""理性借贷"等主题，结合真实案例，为群众讲解常见的金 融风险及防范措施。许多顾客在购车间隙积极参与互动，并就个人征信、贷款合规、信息安全等热点问 题进行了咨询。 转自：新华财经 近日，浙商银行合肥分行组织工作人员主动走进本地多家汽车4S店，面向车主、准车主及企业员工开 展了一场贴近民生、务实有效的金融知识宣传教育活动。本次活动是分行2025年金融知识宣传周系列活 动的重要组成部分，旨在将金融消费者权益保护工作延伸至更多生活场景，增强公众风险防范意识和能 力。 下一步，浙商银行合肥分行将继续拓展宣传渠道、创新宣传形式，推动金融知识教育常态化、场景化， 为构建健康稳定的金融环境持续贡献力量。（程曦） 编辑：穆皓 本次进店宣传活动不仅强化了银企之间的公益合作，也真正实现了金融教育"走出去""沉下去"的目标， 进一步提升了金融知识普及的精准度和实效性，展现了浙商银行践行社会责任、守护市民财富安全的坚 定承诺。 ...

( 於中華人民共和國註冊成立的股份有限公司 ) A 股股票代碼 : 601916 H 股股票代碼 : 2016 中期報告 2025 重要提示 重大風險提示 2 浙商銀行股份有限公司 公司基本情況 | 1. | 公司中文名稱： | 浙商銀行股份有限公司（簡稱：浙商銀行） | | --- | --- | --- | | | 公司英文名稱： | CHINA ZHESHANG BANK CO., LTD.（簡稱：CZBANK） | | 2. | 法定代表人： | 陳海強（代行法定代表人職責） | | 3. | 註冊地址： | 中國浙江省杭州市蕭山區鴻寧路1788號 | | | 郵政編碼： | 311200 | | | 主要辦公地址： | 中國浙江省杭州市上城區民心路1號 | | | 郵政編碼： | 310020 | | | 電子郵箱： | ir@ czbank.com | | | 國際互聯網網址： | www.czbank.com | | | 服務及投訴電話： | 95527 | | | 投資者關係管理聯繫電話： | 86-571-88268966 | | | 傳真： | 86-571-87659826 | | 4. ...

Core Viewpoint - The article highlights the proactive measures taken by Zheshang Bank to enhance financial education and consumer protection, particularly focusing on fraud prevention during the "2025 Financial Education Promotion Week" from September 15 to 21 [1][15]. Group 1: Online Initiatives - Zheshang Bank launched the "Zheshang Bank Consumer Protection and Anti-Fraud Laboratory" live stream, targeting high-fraud scenarios in campuses, counties, and communities, using engaging formats like experiments and situational performances to explain scams [2][4]. - The live stream attracted 151,000 viewers and received over 559,000 likes, indicating a strong engagement and active sharing of anti-fraud knowledge among the audience [2][4]. - The bank also produced a series of entertaining short videos to simplify complex financial concepts, reaching 69,600 viewers [4]. Group 2: Offline Activities - Zheshang Bank organized various offline activities to cater to different demographic needs, including a financial knowledge flash event at Hangzhou Xiaoshan International Airport, providing travelers with bite-sized financial information [5][7]. - Specific initiatives were designed for elderly individuals, such as DIY workshops to help them recognize common scams related to retirement investments and health products [7]. - Interactive exhibition areas were set up in Shenzhen to educate customers on identifying fraudulent messages and using the National Anti-Fraud Center APP [9]. Group 3: Community Engagement - The bank's "Hundred-Thousand-Ten Thousand" initiative has mobilized financial advisors and volunteers to conduct financial literacy activities in rural areas, collaborating with local governments and institutions [11][12]. - Events like the "Anti-Fraud Garden Party" in Zhoushan and interactive games in rural communities were organized to teach residents about fraud prevention in an engaging manner [12]. - The overall approach transformed financial education from passive listening to active learning, making it more accessible and effective for the public [15].