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].

Group 1 - The core viewpoint of the article highlights the strategic shift of Zhejiang Commercial Bank towards long-term value creation, moving away from a focus on scale and quick profits [1] - In 2024, Zhejiang Commercial Bank reported a net profit of 15.19 billion yuan, a slight increase of 0.92%, while revenue grew by 6.19%, the highest among listed joint-stock banks [1] - Non-interest income for the bank increased by over 39%, contributing nearly one-third of total revenue, with investment income exceeding 11.3 billion yuan, a year-on-year growth of over 28% [1] Group 2 - The bank experienced a decline in interest income, with a net interest margin decrease of 30 basis points and a 5% drop in net interest income [2] - Fee and commission income fell by 11%, primarily due to decreased revenue from guarantee and bond underwriting services [2] - The asset quality improved, with the non-performing loan ratio dropping to 1.38%, while overdue loans increased by 21% [2] Group 3 - Recently, Zhejiang Commercial Bank faced significant shareholder reductions, with Shandong International Trust reducing its stake to 2.09% after selling 195 million shares [3] - This marks the second major shareholder reduction in six months, following a previous announcement of Hengdian Group's plan to sell approximately 275 million shares [3] - Additionally, several former executives of the bank collectively reduced their holdings by about 28,900 shares [4]

中信证券股份有限公司关于 浙商银行股份有限公司配股持续督导 保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 4 月 3 日 | 项目 | 基本情况 | | --- | --- | | 发行人名称 | 浙商银行股份有限公司 | | 发行人英文名称 | CHINA ZHESHANG BANK CO., LTD. | | A 股代码 | 601916 | | 公司简称 | 浙商银行 | | 注册地址 | 中国浙江省杭州市萧山区鸿宁路 号 1788 | | 法定代表人 | 陆建强 | | 董事会秘书 | 骆峰 | | 经营范围 | 吸收公众存款；发放短期、中期和长期贷款；办理国 内外结算；办理票据承兑与贴现；发行金融债券；代 理发行、代理兑付、承销政府债券；买卖政府债券、 | | | 金融债券；从事同业拆借；买卖、代理买卖外汇；从 | | | 事银行卡业务；提供信用证服务及担保；代理收付款 | | | 项及代理保险业务；提供保管箱服务；经国务院银行 | | | 业监督管理机构批准的其他业务。经中国人民银行批 | | | 准，浙商银行可以经营结汇、售汇业务。 | 一、发行人基本情况 二、本次发行 ...

Investment Rating - The report maintains a "Recommendation" rating for Zhejiang Merchants Bank, with a target price of 3.73 CNY / 3.22 HKD [2][7]. Core Views - The bank achieved an operating income of 67.65 billion CNY in 2024, representing a year-on-year growth of 6.2%. The net profit attributable to shareholders was 15.19 billion CNY, up 0.9% year-on-year. The non-performing loan ratio decreased by 5 basis points to 1.38%, while the provision coverage ratio increased by 3.3 percentage points to 179% [2][7]. - The bank's financial performance is supported by strong non-interest income growth, with a significant increase in investment income from the bond market and a more than 240% year-on-year rise in other non-interest income in Q4 2024 [7]. - The bank is focusing on improving asset quality and has proactively increased provisions, leading to an 8% rise in asset impairment losses year-on-year [7]. Financial Summary - **Key Financial Indicators**: - Total operating income (million CNY): 67,650 in 2024, projected to grow to 70,041 in 2025E, 73,785 in 2026E, and 78,728 in 2027E, with year-on-year growth rates of 6.19%, 3.53%, 5.34%, and 6.70% respectively [2][8]. - Net profit attributable to shareholders (million CNY): 15,186 in 2024, expected to rise to 15,923 in 2025E, 17,173 in 2026E, and 18,360 in 2027E, with growth rates of 0.92%, 4.85%, 7.85%, and 6.91% respectively [2][8]. - Earnings per share (CNY): 0.55 in 2024, projected to increase to 0.58 in 2025E, 0.63 in 2026E, and 0.67 in 2027E [2][8]. - Price-to-earnings ratio: 5.35 in 2024, decreasing to 4.43 by 2027E [2][8]. - Price-to-book ratio: 0.47 in 2024, expected to decline to 0.38 by 2027E [2][8]. Asset Quality and Risk Management - The bank's non-performing loan ratio improved, with a decrease to 1.38% and a net generation rate of non-performing loans down to 1.37% in Q4 2024 [7][10]. - The provision coverage ratio is projected to increase to 207% in 2025E and 275% in 2027E, indicating a strong risk management framework [10][11]. - The bank's strategy includes focusing on less sensitive assets to economic cycles, which aims to mitigate risks associated with high industry concentration and economic fluctuations [7].

Core Viewpoint - The practice of performance salary clawback in the banking industry is becoming more common, with several banks reporting significant amounts of clawed-back salaries due to risk exposure and management failures [2][3][5]. Summary by Category Performance Salary Clawback - Several banks have reported clawing back performance salaries, including: - Bank of China: 2,469 instances totaling 32.5 million yuan [5] - Zheshang Bank: 1,424 instances totaling 30.34 million yuan [5] - Bohai Bank: 612 instances totaling 24.03 million yuan, with a 65.41% increase in the number of clawbacks over two years [3] - Zhongyuan Bank: 20.11 million yuan clawed back [6] - The average amount clawed back per individual varies, with Bohai Bank averaging 39,300 yuan per person [3]. Regulatory Environment - The performance salary clawback mechanism has been in place since 2010, with guidelines issued by the former China Banking Regulatory Commission [7]. - In 2021, further regulations were established to enhance the clawback mechanisms, specifying conditions under which salaries can be reclaimed [7]. - Recent government directives have emphasized the need for financial institutions to establish robust performance salary clawback systems [8]. Penalties and Compliance - Bohai Bank received 16 penalties in 2024, with a total fine of 2.75 million yuan, primarily related to loan management issues [4]. - Since 2021, Bohai Bank has accumulated 154 penalties totaling 199 million yuan [4]. - The banking sector as a whole faced 6,666 penalties last year, amounting to over 1.8 billion yuan, with rural commercial banks and state-owned banks being the most penalized [8]. Future Outlook - As regulatory scrutiny increases and banks improve governance, the performance salary clawback system is expected to become more standardized across the industry [9].

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating a positive outlook compared to the broader market [1]. Core Insights - The report highlights that the net profit of listed banks is expected to grow by 1.8% year-on-year for 2024, with a notable increase in growth rate compared to the first three quarters [4][10]. - Revenue decline is narrowing, with a projected revenue growth rate of -0.6% for 2024, an improvement from -1.6% in the previous quarters [11][14]. - The report emphasizes the importance of domestic economic recovery and the impact of recent growth-stabilizing policies on banking performance [14]. Summary by Sections 1. Profitability Breakdown - The net interest income for listed banks is expected to decline by 2.3% in 2024, an improvement from a 3.2% decline in the first three quarters [11][12]. - Non-interest income, particularly from investment gains, is projected to increase by 28% due to falling bond yields, partially offsetting revenue pressures [11][12]. - The report notes that the cost-to-income ratio has increased to 32.8%, reflecting a 0.5 percentage point rise year-on-year [7]. 2. Operational Analysis - Asset growth for listed banks has decreased to 7.2%, with loan growth at 7.7%, indicating stable overall growth despite a slight decline [22][23]. - The annualized net interest margin is projected to decrease to 1.43%, primarily due to asset pricing pressures [24]. - The report indicates that the quality of assets remains stable, with non-performing loan ratios showing slight fluctuations but overall stability [7][22]. 3. Dividend and Investment Recommendations - The report highlights a stable dividend payout ratio, with 9 banks increasing their dividend rates compared to the previous year [7]. - Investment recommendations focus on "pro-cyclical and high dividend" strategies, with an average dividend yield of 4.3% for the sector, which remains attractive compared to risk-free rates [7][8]. - Specific banks recommended for investment include Chengdu Bank, Suzhou Bank, and Ningbo Bank, which are expected to benefit from regional economic recovery [8][14].

NO.2 2024年个人征信机构提供各类征信服务700多亿次 4月2日，中国人民银行征信管理局局长任咏梅就征信相关问题进行了答记者问。任咏梅称，在个人征信 方面，人民银行按照"总量控制、结构优化、适度竞争"的原则，稳妥有序开展个人征信许可工作，先后 批设了百行征信、朴道征信、钱塘征信三家市场化个人征信机构，与征信中心互为补充、协同发展。 2024年，个人征信机构提供信用评分、信用画像、反欺诈等各类征信服务700多亿次。 点评：这凸显征信数据在消费金融、普惠信贷等场景的渗透率加速提升。此举既完善了金融基础设施， 也为银行、互金平台等机构优化风控模型提供底层支撑，可能推动相关技术服务商拓展信用评估、智能 反欺诈等增量业务。当前数据要素市场化改革背景下，征信体系扩容有助于盘活信用数据资产价值，或 催化金融机构数字化转型进程。 每经编辑 马子卿 | 2025年4月3日 星期四 | NO.1 七部门发布新修订的《安全生产责任保险实施办法》 应急管理部、财政部、金融监管总局等七部门4月2日对外发布新修订的《安全生产责任保险实施办 法》。据悉，《实施办法》进一步细化明确了应当投保安责险的行业、领域范围；对安责险产品条款和 ...

根据达诚基金管理有限公司（以下简称"本公司"）与浙商银行股份有限公司（以下简称"浙商银行"）签 署的代销协议，投资者可自2025年5月14日起参与浙商银行基金转换申购补差费率优惠活动。具体公告 如下： 一、适用基金 ■ 如上述基金尚未开放、暂停办理对应业务或对其进行限制的，请遵照相关公告执行。投资者在各销售机 构办理对应基金相关业务的数额限制、规则、流程以及需要提交的文件等信息，请遵照上述基金招募说 明书或其更新、本公司发布的相关公告及各销售机构的有关规定。各销售机构的业务办理流程、办理时 间及办理方式请以其各自规定为准。 二、费率优惠活动 1.活动内容 自2025年5月14日起，投资者通过浙商银行办理达诚基金旗下基金转换的业务，基金转换申购补差费率 享受浙商银行费率优惠，具体折扣费率及优惠活动期限以浙商银行的活动公告为准。本基金原费率标准 详见该基金的基金合同、招募说明书、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。 2.重要提示 达诚基金管理有限公司 (3)费率优惠期间，业务办理的流程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 细阅读基金的基金合同、招募说明书（更新）、产品资料概 ...

4月2日，浙商银行公告，根据中共浙江省委决定，陈海强同志任浙商银行股份有限公司党委副书记，提 名陈海强同志任浙商银行股份有限公司行长。 时隔半年多，浙商银行迎来新行长！ 公开资料显示，陈海强出生于1974年10月，浙江宁海人，硕士学位、正高级经济师。陈海强自1995年8 月参加工作，先后任职于工商银行、中国投资银行、国家开发银行、招商银行、浙商银行，至今已在金 融行业工作超30年。 2015年5月，陈海强获准出任浙商银行宁波分行行长，后又历任浙商银行行长助理兼杭州分行党委书 记、行长，浙商银行首席风险官，浙商银行行长助理等职务。2020年7月，陈海强获准出任浙商银行副 行长，现任浙商银行执行董事、副行长，兼任浙江省国际商会常务副会长。 南都湾财社曾报道，2024年8月18日，浙商银行公告显示，张荣森因个人原因辞任，当时距离他被聘任 为该行行长仅过去9天时间。据公告称，在董事会聘任的新行长任职资格获国家金融监督管理总局核准 之日前，由董事长陆建强代为履行行长职责。 如今新任行长人员已正式确定，意味着浙商银行结束了半年多的行长职位空缺期，并正式迎来"陈海强 时期"。 根据浙商银行2024年年报，待陈海强正式出任行 ...