Core Viewpoint - Zhejiang Zheshang Bank has entered into a capital increase subscription agreement with Zhejiang Yinxin Financial Leasing, which involves the issuance of 700 million new shares at a price of RMB 1.9875 per share, with the bank subscribing to 500 million shares for a total consideration of RMB 993.75 million [1] Group 1: Capital Increase Details - Zhejiang Yinxin Financial Leasing will issue 700 million new shares, with the bank subscribing to 500 million shares [1] - The subscription price for the new shares is set at RMB 1.9875 per share [1] - Zheshang Bank's shareholding in Zhejiang Yinxin Financial Leasing will increase from 51.00% to 54.04% post-transaction [1] Group 2: Shareholding Changes - After the capital increase, Zhejiang Provincial Innovation Investment Group's shareholding will decrease from 29.00% to 24.68% [1] - Zhoushan Ocean Comprehensive Development Investment Co., Ltd. will subscribe to 200 million shares at the same price [1] - Zheshang Bank, Zhejiang Provincial Innovation Investment Group, and Zhoushan Ocean Comprehensive Development Investment Co., Ltd. will hold 54.04%, 24.68%, and 21.28% of shares respectively after the capital increase [1] Group 3: Strategic Implications - The capital increase is expected to enhance the core capital of Zhejiang Yinxin Financial Leasing, improving its capital adequacy ratio [1] - This move is anticipated to support sustainable business development for Zhejiang Yinxin Financial Leasing [1] - The agreement is expected to strengthen the strategic synergy between Zheshang Bank and its subsidiaries without harming the overall interests of the bank and its shareholders [1]

Group 1 - The core point of the announcement is that Zheshang Bank has entered into a capital increase subscription agreement with Zheshang Financial Leasing, which involves the issuance of 700 million new shares at a price of RMB 1.9875 per share, with Zheshang Bank subscribing to 500 million shares for a total of RMB 994 million [1][2] - After the completion of the capital increase, Zheshang Bank's ownership in Zheshang Financial Leasing will increase from 51.00% to 54.04%, while the ownership of other shareholders will adjust accordingly [1] - The capital increase is expected to enhance the core capital of Zheshang Financial Leasing, improve its capital adequacy ratio, and support sustainable business development [2] Group 2 - The capital increase is anticipated to benefit Zheshang Bank by enhancing its capital returns and strengthening strategic synergies with its subsidiaries [2] - The agreement and the subsequent capital increase are not expected to harm the overall interests of Zheshang Bank and its shareholders, nor will it have a significant impact on the bank's normal operations and financial condition [2]

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） 關連交易 訂立增資認購協議 茲提述浙商銀行股份有限公司（「本行」）日期為2024年12月27日及2025年6月27日 的公告（統稱，「該等公告」），內容有關擬對附屬公司增資事項及潛在關連交易。 除文義另有所指外，本公告所用詞彙與該等公告所界定者具有相同涵義。 訂立增資認購協議 董事會欣然宣佈，於2025年9月1日，本行與浙銀金租訂立增資認購協議（「增 資認購協議」）。根據增資認購協議，浙銀金租將增發7億股股份（「增發股 份」），認購價格（「認購價格」）為人民幣1.9875元每增發股份，本行將認購5億 股增發股份，總認購價款為人民幣993.75百萬元（「增資認購」）。舟山海洋綜合 開發投資有限公司（「舟山海投」）（浙銀金租的股東之一），亦按照相同的認購價 格認 ...

FF301 致：香港交易及結算所有限公司 公司名稱: 浙商銀行股份有限公司 (「本行」) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02016 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,920,200,000 | RMB | | 1 RMB | | 5,920,200,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 5,920,200,000 | RMB | | 1 RMB | | 5,920,200,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- ...

Investment Rating - The report maintains a strong buy recommendation for Zhejiang Commercial Bank (601916.SH) [5] Core Views - The bank is focusing on controlling scale while improving quality and efficiency, indicating a shift towards stable development rather than rapid growth [2][3] - The bank's asset quality is showing improvement, with a decrease in non-performing loans and a stable outlook for future risks [2][3] - The bank's non-interest income has seen a reduction, but the decline is narrowing, suggesting a potential recovery in this area [3] Performance Summary - In H1 2025, the bank's operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders decreased by 5.76%, 6.78%, and 4.15% year-on-year, respectively [1][12] - Loan growth for H1 2025 was 4.20%, with corporate loans increasing by 8.4% while retail loans decreased by 7.05% [2] - The net interest margin for H1 2025 was reported at 1.69%, a decrease of 7 basis points from the previous quarter [2] Asset Quality - As of Q2 2025, the non-performing loan ratio was 1.36%, down 2 basis points from the previous quarter, while the overdue rate increased to 2.12% [2] - The bank's provision coverage ratio stands at 169.78%, reflecting a slight decrease [2] Non-Interest Income - Other non-interest income decreased by 10.7% year-on-year in H1 2025, but the decline rate has significantly narrowed compared to previous quarters [3][31] - The bank has increased its focus on realizing gains from its investment portfolio, contributing to a positive shift in net investment income growth [3] Financial Data and Valuation - The bank's total revenue for 2025E is projected at 64.98 billion, reflecting a year-on-year decline of 3.9% [4] - The estimated net profit for 2025E is 14.287 billion, down 5.9% year-on-year [4] - The bank's price-to-earnings (PE) ratio is projected to be 6.7 for 2025E, while the price-to-book (PB) ratio is expected to be 0.5 [4]

Core Viewpoint - The implementation of the personal consumption loan interest subsidy policy will officially start on September 1, 2025, allowing residents to benefit from interest subsidies on eligible personal consumption loans issued by various banks [1][2]. Summary by Sections Policy Details - The subsidy will apply to personal consumption loans used for specific categories such as household vehicles, education, healthcare, and more, with a maximum subsidy of 1% per year, capped at 50% of the loan contract interest rate [2]. - Each borrower can receive a total subsidy of up to 3,000 yuan, corresponding to a cumulative consumption amount of 300,000 yuan, with a specific cap of 1,000 yuan for loans under 50,000 yuan [2]. Bank Promotions - Multiple banks, including Bank of China, China Construction Bank, and others, have begun promotional activities for their consumption loan products, utilizing social media and mobile banking platforms to inform customers about the upcoming subsidy [3][4]. - Banks are actively advertising specific loan products that qualify for the subsidy, such as "E-loan" and "Quick Loan" from Bank of China, and "i Car Loan" from Shanghai Pudong Development Bank [3]. Application Process - The application process for the subsidy will be similar to that of regular loans, with banks implementing systems to automatically identify eligible transactions for subsidy calculations [8]. - Customers will need to sign a supplementary agreement to authorize banks to access their transaction information for subsidy eligibility [8]. Customer Queries - Banks have addressed common customer questions regarding the subsidy, clarifying that both new and existing customers can benefit from the policy if their loans meet the criteria [9]. - The subsidy will be applied directly to the interest owed, simplifying the process for customers [10]. Channels for Application - Banks have emphasized that customers should apply for the subsidy through official channels, such as bank branches and mobile banking apps, and will not use third-party platforms for processing [11]. - No fees will be charged for processing the personal consumption loan subsidy [13].

Core Viewpoint - The personal consumption loan interest subsidy policy will officially start on September 1, 2025, allowing residents to benefit from interest subsidies on eligible loans used for consumption [1][2]. Group 1: Policy Implementation - The subsidy period is from September 1, 2025, to August 31, 2026, covering personal consumption loans issued by various financial institutions [1]. - The subsidy applies to loans used for specific consumption categories, including household vehicles, education, cultural tourism, and health care, with a maximum subsidy of 3,000 yuan for eligible loans [2][5]. Group 2: Subsidy Standards - The annual subsidy rate is set at 1% of the actual loan principal used for consumption, with a cap of 50% of the loan contract interest rate [2]. - Each borrower can receive a total subsidy of up to 3,000 yuan, corresponding to a cumulative consumption amount of 300,000 yuan, with a specific limit of 1,000 yuan for loans under 50,000 yuan [2]. Group 3: Bank Promotions and Preparations - Multiple banks, including Bank of China, China Construction Bank, and others, have begun promotional activities for their consumption loan products, utilizing social media and mobile banking platforms [3][5][6]. - Banks are optimizing their customer service channels to provide information about the subsidy, including dedicated sections in mobile banking apps and enhanced intelligent customer service responses [7][8]. Group 4: Application Process - The application process for the subsidy will be similar to standard loan applications, with banks able to automatically identify eligible transactions for subsidy processing [10]. - Customers must sign a supplementary agreement to authorize banks to access their transaction information for subsidy eligibility [10]. Group 5: Customer Eligibility and Funding - The subsidy is available to both new and existing customers, provided their loans meet the eligibility criteria during the subsidy period [11]. - Subsidy funds will be deducted directly from the interest charged on the loans, simplifying the process for customers [12].

Core Viewpoint - The personal consumption loan interest subsidy policy will officially start on September 1, 2025, allowing residents to benefit from interest subsidies on eligible loans used for consumption [1][2]. Summary by Sections Policy Implementation - The subsidy policy will be in effect from September 1, 2025, to August 31, 2026, covering personal consumption loans issued by various banks, excluding credit card transactions [1][2]. - The subsidy applies to loans used for specific consumption categories, including household vehicles, education, healthcare, and electronics, with a maximum subsidy of 3,000 yuan for eligible loans [2][5]. Subsidy Standards - The annual subsidy rate is set at 1% of the eligible loan principal, capped at 50% of the loan contract interest rate [2]. - Each borrower can receive a total subsidy of up to 3,000 yuan, corresponding to a total consumption amount of 300,000 yuan, with a specific cap of 1,000 yuan for loans under 50,000 yuan [2]. Bank Promotions - Multiple banks, including China Bank, Construction Bank, and others, have begun promotional activities for their consumption loan products, utilizing social media and mobile banking platforms for outreach [2][5][6]. - Banks are offering various loan products that qualify for the subsidy, such as "E-loan" and "Quick Loan" from China Bank, and "iCar Loan" from Shanghai Pudong Development Bank [5][6][7]. Application Process - The application process for the subsidy is designed to be straightforward, with banks automatically identifying eligible transactions through their systems [9]. - Customers may need to sign a supplementary agreement to authorize banks to access their transaction information for subsidy eligibility [9]. Customer Eligibility - The subsidy is available to both new and existing customers, including those who applied for loans before the policy's implementation date, provided they meet the eligibility criteria [10]. - The subsidy will be applied directly to the interest payments, reducing the amount owed by the borrower [11]. Channels for Application - Customers are encouraged to apply for the subsidy through official channels such as bank branches and mobile banking apps, with no third-party intermediaries involved [12]. - No fees will be charged for processing the subsidy applications [12].

Core Viewpoint - The banking industry is shifting towards a "de-involution" approach to combat irrational price competition, which is seen as detrimental to long-term growth and stability [1][2][4]. Group 1: Industry Perspectives - The 2024 Central Economic Work Conference and the 2025 Government Work Report emphasize the need to address "involutionary" competition in the banking sector [1]. - The Central Financial Committee's recent meeting highlighted the importance of regulating low-price, disorderly competition among enterprises [1]. - Bank executives, including Ping An Bank's president, have warned that prolonged unprofitable competition poses a significant risk to the industry [1]. Group 2: Impact on Banking Operations - The "de-involution" policy is expected to stabilize net interest margins in the banking sector, as indicated by multiple bank leaders [2]. - There has been a noticeable reduction in malicious competition in loan pricing over the past two months, which helps alleviate downward pressure on asset yields [2]. - Banks are encouraged to enhance their service capabilities and customer experience as competition shifts from price to meeting customer needs [2]. Group 3: Strategic Shifts - Banks like Huaxia Bank and Zhejiang Commercial Bank are focusing on transitioning from price-based competition to differentiated, comprehensive services [4]. - The emphasis is on providing value-driven services centered around customer needs, rather than engaging in price wars [4]. - The industry consensus on "de-involution" is becoming a practical action rather than just a slogan, as discussed in recent earnings presentations [3].

Core Viewpoint - Zhejiang Zheshang Bank's Q2 2025 revenue and profit figures showed a decline, with revenue down 4.3% year-on-year and profit down 17.6%, indicating challenges in asset impairment losses and rising operating expenses [1][2] Financial Performance - Q2 2025 revenue decreased by 4.3% year-on-year, with a 5.8% decline in H1 2025 revenue [1] - Q2 2025 profit fell by 17.6% year-on-year, with a 4.2% decline in overall profit for H1 2025 [1] - The company's net interest margin decreased by 2 basis points to 1.69% in H1 2025, with a year-on-year decline of 13 basis points [1] - Loan and deposit growth for H1 2025 was 4.2% and 6.6% respectively, with the loan-to-deposit ratio dropping to 91% [1] Non-Interest Income and Market Recovery - Non-interest income in Q2 2025 grew by 0.6% year-on-year, marking a positive turnaround, although H1 2025 non-interest income fell by 12.3% [1] - Other non-interest income in Q2 2025 increased by 8.7%, while overall non-interest income for H1 2025 decreased by 10.7% [1] Asset Quality and Risk Metrics - The non-performing loan (NPL) ratio improved, decreasing by 8 basis points to 1.36% by the end of Q2 2025 [2] - The net NPL generation rate for H1 2025 significantly decreased by 30 basis points to 1.52% [2] - The provision coverage ratio slightly decreased by 1.5 percentage points to 169.8% in Q2 2025 [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with current A-shares trading at 0.5x and 0.4x price-to-book ratios for 2025 and 2026 respectively [2] - The target price for A-shares is set at 3.55 CNY, indicating an 8.6% upside potential from the current price [2] - The target price for H-shares is set at 3.01 HKD, indicating an 8.3% upside potential from the current price [2]