Core Viewpoint - The article emphasizes the need for financial institutions to rethink their operational models in light of three major changes: functional positioning, digital intelligence, and the era of existing stock. It advocates for a customer-centric "Good Standard System" to reshape credit risk control logic and promote high-quality development in the financial sector, providing a practical model for China's financial system [1]. Group 1: Challenges of Traditional Credit Risk Control Models - Traditional credit risk control models rely heavily on financial indicators and collateral guarantees, which limits their effectiveness in risk assessment. This approach often leads to a preference for clients with sufficient collateral, resulting in various limitations such as the lagging nature of financial data and the inability to adapt to market fluctuations [3]. - The reliance on static financial metrics can lead to "adverse selection" and "moral hazard," where financial institutions may lend to clients with poor credit conditions, increasing the risk of non-performing loans [3]. Group 2: Imbalance in Financial Resource Allocation - Financial institutions tend to favor clients with strong financial standings, leading to a "Pareto principle" resource allocation where a majority of financial resources are concentrated in a few sectors, neglecting the needs of small and medium-sized enterprises (SMEs) and private enterprises [5]. - This imbalance results in significant challenges for the real economy, as many SMEs face difficulties in obtaining financing, which hampers their growth and the overall transformation of the economy [5]. Group 3: Lack of a Social Value Evaluation System - The absence of a comprehensive social value evaluation system hinders financial institutions from effectively assessing clients' social contributions, which could guide resource allocation towards more socially responsible areas [6]. - Overemphasis on short-term profits can lead to financial risks and social issues, as institutions may invest in high-risk areas without considering their social responsibilities [6]. Group 4: Constructing the "Good Standard System" - To address these challenges, there is a need to reconstruct the positioning and value of finance, prioritizing functionality over profitability. This involves moving away from traditional financial metrics and developing a more holistic financial evaluation system that incorporates social value [8]. - The new system should assess clients based on their social responsibility, environmental contributions, and governance, rather than solely on financial status [10]. Group 5: Quantifying Customer Goodness Levels - The "Good Standard System" can be developed by creating a negative list for undesirable behaviors and a scoring system for positive contributions. This dual scoring approach will help categorize clients into different "goodness" levels, influencing their credit ratings and access to financial resources [11]. - Higher-rated clients may receive benefits such as relaxed credit conditions and preferential treatment, while lower-rated clients will face stricter controls and potential denial of new credit [11].

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may have alpha potential due to policy catalysts and a cyclical recovery [4]. Core Insights - Multiple banks have lowered their deposit rates, with the one-year and five-year Loan Prime Rate (LPR) reduced by 10 basis points on May 20, 2025. This trend reflects a broader market-driven decline in deposit costs [1][2]. - The average deposit cost rate for China Merchants Bank decreased significantly by 25 basis points to 1.29% in Q1 2025, indicating a trend of improving deposit costs across the sector [1]. - The report highlights that banks like Chongqing Bank, Minsheng Bank, and CITIC Bank have substantial room for further deposit cost reductions, suggesting a favorable environment for banks to optimize their funding costs [2]. Summary by Sections Section 1: Focus of the Week - Several banks have adjusted their deposit rates downward, with over half of listed banks participating in this trend by May 24, 2025 [1]. - The report notes that the average deposit cost rate for China Merchants Bank has shown improvement since Q2 2024, aligning with previous forecasts of enhanced cost reduction in liabilities [1]. Section 2: Sector Perspective - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [4]. - The report emphasizes that the cyclical recovery may take time, but the ongoing interest rate cuts could sustain the dividend strategy for banks like Shanghai Bank and Jiangsu Bank [4]. Section 3: Key Data Tracking - The report tracks various financial metrics, including the issuance of interbank certificates and the average rates for different types of bank notes, indicating a dynamic market environment [9][8]. - It also notes the increase in the proportion of deposits with a remaining maturity of less than one year, which rose by 3 percentage points to 37.4% by the end of 2024, suggesting a trend towards concentrated deposit maturities [2][16].

近年来，申万宏源积极响应服务国家战略号召，持续做好绿色产业、战略新兴产业、专精 特新产业、普惠金融领域服务工作，为持续做好金融"五篇大文章"、服务新质生产力高质量发 展贡献了力量。 来源：申万宏源证券固收融资 近日，由申万宏源证券担任联席主承销商的"浙商银行股份有限公司2025年绿色金 融债券(第一期)(债券通)"、"浙商银行股份有限公司2025年科技创新债券(第一期)(债券 通)"成功发行。债券发行规模均为50亿元，发行期限均为3年，主体和债券评级均为 AAA。 浙商银行是十二家全国性股份制商业银行之一、全国第13家"A+H"上市银行。截至目前， 申万宏源证券已累计与浙商银行开展了十五期债券业务合作，得到了客户的持续好评。 ...

继5月20日六家国有大行率先开启新一轮人民币存款挂牌利率调降工作后，各家股份制银行正在纷纷跟进调整。 《金融时报》记者注意到，5月21日，已有招商银行（600036）、平安银行（000001）、中信银行（601998）等9家股份制银行完成了存款利率下调。5月 22日上午，渤海银行、恒丰银行、浙商银行（601916）3家股份行也在官网发布了关于调整人民币存款挂牌利率的公告。 | 存款项目 | 个人存款(年利率 %) | 单位存款(年利率%) | | --- | --- | --- | | 活期在家 | 0.05 | 0. 05 | | 定期存款 | | | | 整存整取 | | | | 三个月 | 0. 70 | 0. 70 | | 半年 | 0.95 | 0. 95 | | 一年 | 1. 15 | 1. 15 | | 二年 | 1. 30 | 1. 30 | | 三年 | 1. 55 | 1. 55 | | 五年 | 1. 60 | 1. 60 | | 零存整取、 整存零取、存本取息 | | | | 一年 | 0. 70 | - | | 三年 | 0.95 | - | | 五年 | 1. 15 | - | ...

Group 1 - Several joint-stock banks have followed state-owned banks in lowering deposit rates, with 10 banks reported to have adjusted their rates as of May 21 [1][2] - The one-year fixed deposit rate at China Merchants Bank has dropped to 0.95%, marking the first time it has fallen below 1%, while other banks have adjusted their one-year rates to 1.15% [2][4] - The adjustment in deposit rates is expected to lead to a decrease in the rates of various deposit products and large-denomination certificates of deposit [4][5] Group 2 - Customers are increasingly abandoning traditional deposits in favor of bank wealth management products and insurance, as current deposit rates are perceived as too low [5][6] - The phenomenon of "deposit migration" is anticipated to continue, with smaller banks also expected to lower their deposit rates in response to market conditions [7][8] - The decline in deposit rates may enhance market liquidity, as not all types of deposits are sensitive to interest rate changes, allowing banks to maintain stable customer relationships [8][9]

Core Viewpoint - The recent reduction in deposit rates by multiple banks, including state-owned and joint-stock banks, aligns with market expectations and aims to stabilize net interest margins while supporting the real economy [1][5][6]. Group 1: Deposit Rate Adjustments - Nine out of twelve joint-stock banks have announced reductions in deposit rates, with significant cuts in medium to long-term deposit rates, particularly a 25 basis points (BP) decrease for 3-year and 5-year fixed deposits [1][2][3]. - Specific banks like Ping An Bank and Minsheng Bank have adjusted their deposit rates, with Ping An Bank's rates for various terms now at 0.70%, 0.95%, 1.15%, 1.20%, and 1.30%, reflecting reductions of 15 BP for most terms and 25 BP for longer terms [2][3]. - The speed of these adjustments is seen as necessary for banks to manage their liabilities effectively and maintain competitiveness in the current economic environment [5][6]. Group 2: Market Reactions and Expectations - Investors have anticipated the decline in deposit rates, with no significant rush to lock in rates observed at bank branches, indicating a broader acceptance of a long-term downward trend in deposit rates [3][5]. - Experts believe that the synchronized reduction in deposit rates by banks is crucial for reducing financing costs for the real economy and stabilizing net interest margins [5][6]. Group 3: Implications for Banking Sector - The current trend of deposit rate reductions is expected to create more room for lowering financing costs in the future, which is essential for improving banks' profitability and sustainability in serving the real economy [6][7]. - The recent adjustments have seen deposit rate cuts that exceed the reductions in the Loan Prime Rate (LPR), indicating a strategic move by banks to manage their interest expenses more effectively [6][7].

Core Viewpoint - The eighth West Lake Conference (2025) held on May 21 in Hangzhou emphasizes the role of commercial banks in the capital-driven economy, highlighting the need for banks to act as long-term partners for technology companies, value amplifiers for venture capital, and super connectors in the innovation ecosystem [1] Group 1 - Zhejiang Commercial Bank's Chairman Lu Jianqiang stated that banks must play three key roles in the capital-driven wave: as long-term partners for technology enterprises, as value amplifiers for venture capital, and as super connectors in the innovation ecosystem [1] - The bank has established an open technology financial service digital platform called "Shansu Technology Financial Platform" [1] - This platform aims to create a cross-regional and cross-industry technology financial data hub, integrating dispersed technological elements, financial resources, and industrial ecosystems [1] Group 2 - The initiative seeks to achieve seamless connectivity across the entire chain, real-time communication, and value co-creation [1]

Core Viewpoint - Hangzhou is emerging as a significant hub for innovation and technology, driven by a robust ecosystem of venture capital, government support, and a strong entrepreneurial culture [2][4][6]. Group 1: Innovation Ecosystem - The rise of Hangzhou's tech enterprises, referred to as the "Six Little Dragons," showcases the city's unique innovation ecosystem, which is characterized by a blend of historical commercial foundations and modern technological advancements [2][4]. - Hangzhou's entrepreneurial environment is supported by a strong private economy, with 61.5% of its GDP coming from private enterprises, highlighting the city's vibrant business landscape [4][28]. - The local government plays a crucial role in fostering innovation by providing supportive policies and services that encourage startups and established companies alike [5][6]. Group 2: Financial Support and Capital - Hangzhou is recognized as China's fourth-largest capital city, with a diverse range of financial institutions providing comprehensive support to the tech industry through various financing methods [8][9]. - The establishment of the "3+N" industrial fund cluster aims to enhance investment in strategic emerging industries, demonstrating a proactive approach to capital allocation [6][14]. - Innovative financing models, such as the "talent bank" approach by Zhejiang Commercial Bank, are tailored to meet the unique needs of high-tech companies, facilitating their growth and development [9][10]. Group 3: Industry Growth and Development - The city's GDP is projected to exceed 2 trillion yuan in 2023, with a significant contribution from the third sector, which is expected to reach 73% of the GDP by 2024 [23][24]. - The number of listed companies in Hangzhou has surged, with a notable increase in the number of technology firms, reflecting the city's growing prominence in the capital market [25][26]. - Hangzhou's focus on "three new" economies—new industries, new business formats, and new models—has led to a substantial increase in the contribution of these sectors to the overall economy [26][27]. Group 4: Future Prospects - The city is actively developing five major industrial ecosystems, including intelligent IoT and biomedicine, which are expected to drive future economic growth [30][31]. - The digital economy is a key growth driver, with its core industries projected to contribute significantly to the GDP, aiming for a 30% share by 2027 [32][33]. - Hangzhou's commitment to innovation and technology positions it as a leading example of how cities can leverage capital and entrepreneurship to foster sustainable economic development [21][22].

Summary of Key Points Core Viewpoint - The announcement details a reduction in shareholding by Hengdian Group Holdings Co., Ltd. in Zheshang Bank, which does not trigger a mandatory takeover bid and does not result in the establishment of a controlling shareholder or actual controller for the bank [1][3]. Group 1: Shareholding Changes - Hengdian Group Holdings Co., Ltd. reduced its holdings by 242,310,660 A shares, representing a decrease of 0.88% of the total share capital of Zheshang Bank [1][2]. - Prior to the reduction, Hengdian Group held 1,615,542,387 A shares, accounting for 5.88% of the total share capital. After the reduction, it holds 1,373,231,727 A shares, which is 4.99% of the total share capital [1][2]. Group 2: Company Structure - Zheshang Bank currently has no controlling shareholder or actual controller, and the recent shareholding change will not lead to the emergence of such entities [1][3][4]. - Hengdian Group has fulfilled its information disclosure obligations as per the relevant regulations, with details available in the simplified equity change report disclosed on the same day [4].

签署日期：2025 年 5 月 20 日 浙商银行股份有限公司 简式权益变动报告书 浙商银行股份有限公司 简式权益变动报告书 上市公司名称：浙商银行股份有限公司 股票上市地点：上海证券交易所、香港联合交易所有限公司 股票简称：浙商银行 股票代码：601916（A 股）、02016（H 股） 信息披露义务人：横店集团控股有限公司 住所： 浙江省东阳市横店镇万盛街 42 号 通讯地址：浙江省东阳市横店镇万盛街 42 号 权益变动性质：信息披露义务人减持股份 三、依据《证券法》《收购管理办法》《准则 15 号》的规定，本报告书已 全面披露信息披露义务人在浙商银行股份有限公司中拥有权益的股份变动情况。 四、截止本报告书签署之日，除本报告书披露的持股信息外，信息披露义务 人没有通过任何其他方式增加或减少其在浙商银行股份有限公司中拥有权益的 股份。 五、本次权益变动是根据本报告书所载明的资料进行的。信息披露义务人没 有委托或者授权其它任何人提供未在本报告书列载的信息和对本报告书做出任 何解释或者说明。 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》 ...