证券代码：601916 证券简称：浙商银行 公告编号：2025-019 浙商银行股份有限公司 估值提升计划暨"提质增效重回报"行动方案 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经浙商银行股份有限公司（以下简称"浙商银行"或"公司"）第七届董 事会第四次会议审议通过，公司制定发布了《浙商银行股份有限公司估值提升 计划》。公司积极响应上海证券交易所"提质增效重回报"行动倡议，持续提 升公司投资价值和股东回报能力，相关估值提升计划亦为公司"提质增效重回 报"行动方案。公司估值提升计划暨"提质增效重回报"行动方案（以下简称 "估值提升计划"）具体内容如下： 公司积极响应上海证券交易所"提质增效重回报"行动倡议，持续提升本 公司投资价值和股东回报能力，推动公司投资价值合理反映公司质量，增强投 资者信心、维护全体股东利益，促进公司高质量发展，公司制定估值提升计划 暨"提质增效重回报"行动方案。具体内容如下： （一）经营提升 一、触发情形及审议程序 （一）触发情形 2024 年 1 月 1 日至 2024 年 12 月 31 日，公 ...

Core Viewpoint - The A-share listed banks are experiencing significant changes in their business structures, particularly in the consumer loan sector, amidst a challenging macroeconomic environment and tightening interest margins [1][2]. Group 1: Consumer Loan Growth - The total consumer loan balance has surged by nearly 750 billion yuan, with most banks reporting substantial increases in their consumer loan portfolios [3][5]. - Among 23 listed banks, only six reported a decrease in consumer loan balances for 2024, with Ping An Bank seeing the largest reduction of 70.63 billion yuan [5]. - Major banks like Postal Savings Bank, China Construction Bank, and Agricultural Bank of China have reported double-digit growth in consumer loans, with increases of 17.88%, 26.21%, and 38.03% respectively [6][7]. Group 2: Risk Management Concerns - Industry insiders express concerns about rising non-performing loans (NPLs) in the consumer loan sector, indicating that banks must tighten risk controls as economic cycles fluctuate [2][12]. - Several banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, have reported increases in their consumer loan NPL ratios, highlighting the need for enhanced risk management strategies [12][13]. - The rapid growth of consumer loans has raised alarms about potential risks, with banks emphasizing the importance of maintaining asset quality and effective post-loan management [12][14]. Group 3: Regulatory Changes and Market Dynamics - In March, regulatory changes extended the repayment period for consumer loans from five to seven years and increased the maximum loan amount, aiming to support consumer spending [10]. - Following these changes, banks quickly halted low-interest consumer loans to prevent a price war that could lead to increased risks [12]. - The competitive landscape for consumer loans is shifting, with banks focusing on the relatively lower costs and stable returns associated with consumer lending compared to corporate lending [9].

Core Insights - Zhejiang Zheshang Bank reported steady growth in operating income and net profit while actively serving the real economy, with operating income reaching 67.65 billion yuan, a 6.19% increase year-on-year, and net profit attributable to shareholders at 15.19 billion yuan, up 0.92% from the previous year [1] - The bank announced a profit distribution plan, proposing a cash dividend of 1.56 yuan per 10 shares, totaling 4.28 billion yuan, which represents 30.12% of the net profit attributable to ordinary shareholders, reflecting a strong return to shareholders and a solid financial position [1] Group 1: Strategic Focus and Economic Service - In the context of challenges facing the Chinese banking industry, including narrowing interest margins and increasing competition, Zhejiang Zheshang Bank's performance highlights its commitment to serving the real economy and maintaining steady growth [2] - The bank has focused on key areas to meet effective financing needs, comply with regulatory requirements, and enhance risk management, particularly in local debt and real estate sectors [2] - Since establishing the "Deepening Zhejiang" strategy in early 2022, the bank has achieved significant results, with total financing services in Zhejiang province exceeding 1 trillion yuan, a growth of over 230 billion yuan in three years [2] Group 2: Supply Chain Financial Innovation - Zhejiang Zheshang Bank has embraced digitalization and developed a comprehensive supply chain financial service model, integrating services across the entire supply chain [4] - The bank has successfully implemented over 3,500 digital supply chain projects, providing financing exceeding 700 billion yuan, with over 75% of clients being small and micro enterprises, demonstrating strong support for inclusive finance [5] - The bank's average financing rate has decreased, benefiting clients in the real economy and enhancing the efficiency of capital flow within the supply chain [5] Group 3: Data-Driven Ecosystem Construction - The bank is transitioning from a traditional financial intermediary to an ecosystem builder, leveraging data integration and sharing to enhance service capabilities [8] - By constructing a digital ecosystem and utilizing over 100 million transaction records, the bank has developed a robust risk control model that allows for rapid customer profiling [9] - The collaboration with Southern Power Grid exemplifies the bank's ability to create a comprehensive supply chain solution, facilitating over 18 billion yuan in project financing [9]

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 ...

Summary of the Conference Call Company Overview - The conference call involved Zhejiang Commercial Bank, with key attendees including the Chairman, Vice Chairman, and various directors and executives of the bank [1][2]. Core Industry Insights - The banking sector is undergoing significant changes, with a focus on digital transformation and high-quality development [7][19]. - The bank has maintained a leading position among joint-stock banks, achieving a cumulative revenue of 192.4 billion with a year-on-year increase of 4.39 billion, reflecting a growth rate of 7.5% over three years, which is approximately 10 percentage points higher than the average for similar banks [4][19]. Financial Performance - The bank's core Tier 1 capital adequacy ratio stood at 8.38%, an increase of 0.16 percentage points from the previous year [18]. - Total loans issued reached 1.86 trillion, with an increase of 8.2%, while deposits amounted to 1.92 trillion, up by 2.9% [19]. - The non-performing loan (NPL) ratio was reported at 1.38%, a decrease of 0.06 percentage points from the previous year, with a provision coverage ratio of 178.67% [19][51]. Strategic Initiatives - The bank has implemented a "Smart Management" strategy to enhance operational efficiency and customer service, focusing on digital transformation and comprehensive system reforms [17][47]. - The bank has prioritized risk management, successfully reducing historical non-performing assets and improving asset quality [37][52]. - A significant emphasis has been placed on inclusive finance, with a 21.78% increase in green loans and an 11.03% increase in loans to small and micro enterprises [19][25]. Key Challenges and Responses - The bank faces challenges from low interest rates and high competition, prompting a shift from asset-driven to liability-driven management [47][48]. - The bank has adopted a long-term perspective, focusing on sustainable growth rather than short-term profits [46][47]. Noteworthy Achievements - The bank has been recognized as the most satisfactory bank for private enterprises in Zhejiang for five consecutive years [20]. - It has successfully implemented a comprehensive financial ecosystem, serving over 10,000 enterprises and facilitating financing exceeding 1 trillion [9][21]. Additional Insights - The bank's leadership emphasized the importance of political and cultural construction within the organization to navigate challenges effectively [35][36]. - The concept of "Good Financial Practices" has been introduced, focusing on social responsibility and ethical banking [8][42]. Conclusion - Zhejiang Commercial Bank is positioned for continued growth through strategic reforms, digital transformation, and a commitment to high-quality service, while effectively managing risks and enhancing asset quality [16][19][49].

Group 1 - The retail non-performing loan (NPL) ratio of 23 listed banks continues to rise, with a slight decrease in overall NPL ratio to 1.25% as of Q4 2024, down 2bps from Q4 2023. However, retail loan NPL ratios have generally increased, with state-owned banks seeing an average rise of 29bps compared to Q4 2023 [1][2][3] - The average retail credit cost for listed banks in 2024 is 1.24%, a decrease of 3bps year-on-year. State-owned banks have a lower average retail credit cost of 0.99%, attributed to a higher proportion of lower-risk personal housing loans [2][3] - Looking ahead, banks are expected to manage retail loan risks by tightening customer eligibility and employing various asset disposal strategies, with the impact on asset quality being relatively controllable [4] Group 2 - The report highlights that the retail loan structure of banks has shifted, with personal housing loans making up an average of 60.9% of the total retail loans for state-owned banks, which is 17.6 percentage points higher than the sample average [2][16] - Specific banks such as Ping An Bank and Everbright Bank have seen a decrease in retail credit costs, with Ping An Bank's credit cost dropping by 34bps year-on-year, largely due to a reduction in credit card NPLs [3][4] - The report suggests that banks like Postal Savings Bank have improved their asset quality, with a notable decrease in consumer loan NPLs by 12.2 billion yuan, resulting in a NPL ratio decline of 47bps to 1.34% [4][8]

Core Insights - Zhejiang Commercial Bank has achieved a continuous decline in non-performing loan (NPL) ratio for three consecutive years, with an improvement in core Tier 1 capital adequacy ratio and other indicators [1][2] - The bank's risk management strategy has become more robust, with a 30% increase in the disposal of non-performing assets compared to the previous year, and a proactive reduction in real estate loans [1][2] Group 1: Asset Quality and Risk Management - In 2024, Zhejiang Commercial Bank reported stable asset quality and enhanced risk management capabilities, attributing this to significant efforts in risk disposal, a more prudent risk control strategy, and improved industry research capabilities [2] - The bank's management highlighted a notable reduction in the real estate NPL ratio to 1.55%, down 0.93 percentage points from the beginning of the year [2] Group 2: Strategic Initiatives - The bank is focusing on four key areas for improvement: industry research, risk disposal, professional review, and digital risk control, aiming to maintain a stable and improving asset quality [2] - The "Smart Management" approach is being implemented to enhance competitive advantages and promote high-quality development, shifting from traditional collateral-based financing to scenario-based financing [5] Group 3: Financial Performance - In 2024, the bank's deposit balance grew by 2.87% year-on-year, reaching 1.9 trillion yuan, while the interest rate on deposits has decreased for four consecutive years to 2.10% [5]

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].