Investment Rating - The report maintains a "Buy" rating for Zhejiang Commercial Bank (601916) with a target price of 3.75 CNY per share, representing a 31% upside from the current price of 2.86 CNY as of October 29, 2024 [6][7] Core Views - Zhejiang Commercial Bank's profit growth slowed in Q3 2024, with revenue increasing by 5.6% YoY and net profit attributable to parents rising by 1.2% YoY [2] - The bank's liability costs continued to improve, with the cost rate of liabilities decreasing by 3bp to 2.18% in Q3 2024 [4] - Asset quality remained stable, with the non-performing loan (NPL) ratio flat at 1.43% in Q3 2024, but the provision coverage ratio declined by 3 percentage points to 175% [2][5] Financial Performance - For the first three quarters of 2024, the bank's revenue grew by 5.6% YoY, while net profit attributable to parents increased by 1.2% YoY [2] - The bank's net interest margin (NIM) remained stable at 1.65% in Q3 2024, with asset-side yields declining by 3bp to 3.90% and liability-side costs improving by 3bp to 2.18% [4] - The bank's loan impairment losses increased by 7.5% YoY in the first three quarters of 2024, compared to a 5.0% increase in the first half of 2024 [3] Asset Quality - The NPL ratio remained flat at 1.43% in Q3 2024, while the provision coverage ratio declined by 3 percentage points to 175% [2][5] - The bank's loan impairment balance decreased by 1% QoQ in Q3 2024, despite an increase in impairment provisions [5] Profit Forecast and Valuation - The report forecasts Zhejiang Commercial Bank's net profit attributable to parents to grow by 0.57%, 0.05%, and 0.48% YoY in 2024, 2025, and 2026, respectively [6] - The bank's book value per share (BPS) is expected to increase to 6.25 CNY, 6.60 CNY, and 6.96 CNY in 2024, 2025, and 2026, respectively [6] - The target price of 3.75 CNY per share implies a 2024 price-to-book (PB) ratio of 0.60x [6] Key Financial Ratios - The bank's return on average equity (ROAE) is expected to decline from 8.90% in 2023 to 8.37% in 2024 and further to 8.03% in 2025 [14] - The net interest margin (NIM) is projected to decrease from 1.89% in 2023 to 1.59% in 2024 and 1.49% in 2025 [14] - The cost-to-income ratio is forecasted to remain stable at around 29.50% from 2024 to 2026 [14]

Financial Performance - Net profit attributable to shareholders was RMB 4,906 million, a decrease of 2.08% compared to the same period last year[2] - Operating income for Q3 2024 was RMB 17,212 million, up 4.55% year-on-year[2] - Net profit attributable to shareholders was RMB 12.91 billion, an increase of RMB 1.52 billion or 1.19% year-on-year[11] - The group's total operating income for the same period was RMB 52,491 million, an increase of 3.2% compared to RMB 49,690 million in 2023[19] - Total comprehensive income for the group reached RMB 14,063 million, an increase from RMB 12,931 million in the same period last year, representing a growth of 8.8%[21] - Basic and diluted earnings per share were both RMB 0.47, down from RMB 0.53 in the previous year, indicating a decrease of 11.3%[21] Assets and Liabilities - Total assets reached RMB 3,276,188 million, an increase of 4.21% compared to the end of 2023[2] - The total liabilities reached RMB 3,077,052 million, an increase of 4.15% compared to the end of 2023[2] - The bank's total equity as of September 30, 2024, was RMB 199,136 million, an increase from RMB 189,577 million at the end of 2023, indicating a growth of 5.8%[17] Loans and Deposits - Total loans and advances amounted to RMB 1,826,183 million, reflecting a growth of 6.41% year-on-year[2] - Total deposits reached RMB 1,913.99 billion, an increase of RMB 45.33 billion or 2.43% year-on-year[11] - The net increase in deposits was RMB 38,856 million, down from RMB 107,586 million in the previous year, indicating a decline in deposit growth[23] Income Sources - The non-interest income accounted for 30.60% of total operating income, an increase of 3.37 percentage points[2] - Non-interest income was RMB 169.04 billion, an increase of RMB 31.63 billion or 23.02% year-on-year, accounting for 32.20% of total revenue[11] - The bank's interest income decreased by RMB 3.62 billion or 1.01%, with a net interest margin of 1.80%, down by 0.30 percentage points year-on-year[11] - The group's net interest income for the period from January 1 to September 30, 2024, was RMB 35,587 million, slightly down from RMB 35,949 million in the same period of 2023, a decrease of 1.0%[18] Capital and Ratios - The core Tier 1 capital adequacy ratio stood at 8.39%, up from 8.22% at the end of 2023[4] - Capital adequacy ratio improved to 12.71%, up by 0.52 percentage points from the end of last year[12] - The liquidity coverage ratio was 144.75%, down from 166.61% at the end of 2023[7] Cash Flow - The net cash flow from operating activities was not applicable, with a significant improvement of 462.68% compared to the previous period[2] - Net cash inflow from operating activities was RMB 181,384 million, a decrease from RMB 343,664 million in the same period last year, reflecting a decline of 47.3%[23] - Net cash outflow from operating activities amounted to RMB 84,757 million, compared to an outflow of RMB 15,063 million in the previous year, showing a significant increase in cash outflow[25] Investment Activities - Total cash inflow from investment activities was RMB 3,678,646 million, up from RMB 1,332,189 million in the same period last year, marking a substantial increase[27] - Cash outflow from investment activities totaled RMB 3,685,968 million, compared to RMB 1,379,686 million in the previous year, indicating a significant rise in investment expenditures[27] - The net cash flow used in investment activities was RMB (7,322) million, a decrease from RMB (47,497) million in the same period last year, reflecting improved cash management[27] Future Plans - The bank plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and customer service[19]

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。 证券代码：601916 证券简称：浙商银行 公告编号：2024-044 浙商银行股份有限公司 第七届董事会第二次会议决议公告 浙商银行股份有限公司（以下简称"本公司"或"浙商银行"）第七届董 事会第二次会议于 2024 年 10 月 15 日发出会议通知，并于 2024 年 10 月 29 日在 杭州以现场结合通讯方式召开。本公司董事会现有董事 11 名，本次会议亲自出 席并参与表决的董事共 10 名，其中胡天高董事以视频形式参会。陈海强董事因 其他公务未能亲自出席，书面委托马红董事出席会议并代为表决。本次会议的 召开符合法律、法规、部门规章、其他规范性文件和《浙商银行股份有限公司 章程》的规定。 会议由陆建强董事长主持，审议通过了以下议案： 一、通过《浙商银行股份有限公司 2024 年第三季度报告》 表决结果：11票赞成，0票反对，0票弃权。 本议案已经公司董事会审计委员会审议通过。 具体详见本公司在上海证券交易所及香港联交所披露的《浙商银行股份有 限公司2024年第三季度报告 ...

证券代码：601916 证券简称：浙商银行 公告编号：2024-046 浙商银行股份有限公司 关于关联交易事项的公告 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。 重要内容提示: 2024 年 10 月 29 日，浙商银行股份有限公司（以下简称"本公司"或"浙商 银行"）第七届董事会第二次会议审议通过了《关于本行对浙江金融控股集团 关联方授信方案的议案》《关于本行对中国太平保险集团关联方授信方案的议 案》。 上述关联交易无需提交股东大会审议。 本公告述及的关联交易事项属于本公司日常业务经营中的正常授信业务，对 本公司的正常经营活动及财务状况不构成重要影响。 一、关联交易概述 （一）与浙江金融控股集团关联方的关联交易 本公司第七届董事会第二次会议审议通过了《关于本行对浙江金融控股集 团关联方授信方案的议案》，同意给予浙江金融控股集团最高综合授信额度人 民币 140 亿元，其中本次会议审议通过额度人民币 38 亿元，授信方案有效期一 年。其中：给予浙江省金融控股有限公司最高综合授信额度人民币 10 亿元；给 予浙江永安资本管理有 ...

Executive Compensation - The pre-tax salary disclosure for senior management in 2023 includes amounts such as 183.81万元 for Chen Haiqiang and 192.84万元 for Jing Feng[1] - Luo Feng received a pre-tax salary of 201.87万元, while Lin Jingran and Zhou Weixin received 16.13万元 and 47.02万元 respectively[1]

证券代码：601916 证券简称：浙商银行 公告编号：2024-047 浙商银行股份有限公司 关于新增关联方 2024 年度存款类关联交易预审批额度 的公告 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。 重要内容提示: 一、关联交易概述 根据《银行保险机构关联交易管理办法》的相关规定，银行机构与关联方 发生的存款业务应纳入国家金融监督管理总局口径下关联交易管理。 本公司第七届董事会第二次会议审议通过了《浙商银行股份有限公司关于 新增关联方 2024 年度存款类关联交易预审批额度的议案》，同意本公司制定的 2024 年度新增关联方非活期存款预审批额度，本公司新增关联方的非活期存款 关联交易预审批额度如下： 1 2024 年 10 月 29 日，浙商银行股份有限公司（以下简称"本公司"或"浙商 银行"）第七届董事会第二次会议审议通过了《浙商银行股份有限公司关于新 增关联方 2024 年度存款类关联交易预审批额度的议案》。 上述关联交易无需提交股东大会审议。 本公告述及的关联交易事项属于本公司日常业务经营中的正常经营业务，对 本公 ...

表决结果：11票赞成，0票反对，0票弃权。 监事会对本公司2024年第三季度报告进行了审核，并出具如下审核意见： 《浙商银行股份有限公司2024年第三季度报告》的编制和审议程序符合法律、 法规以及监管部门的相关规定，内容真实、准确、完整地反映了本公司的实际 情况。 证券代码：601916 证券简称：浙商银行 公告编号：2024-045 浙商银行股份有限公司 第七届监事会第四次会议决议公告 本公司监事会及全体监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。 浙商银行股份有限公司（以下简称"本公司"）第七届监事会第四次会议 于2024年10月15日发出会议通知，于2024年10月29日在杭州以现场方式召开。 本次会议应出席监事11名，实际出席监事10名，其中，陈三联监事因工作安排 委托张范全监事出席并表决。本次会议的召开符合法律、法规、部门规章、其 他规范性文件和《浙商银行股份有限公司章程》的有关规定。 会议由郭定方监事长主持，会议审议通过了以下议案： 通过《浙商银行股份有限公司2023年第三季度报告》。 特此公告。 浙商银行股份有限公司监事会 20 ...

Core Insights - Financial institutions are focusing on better serving the real economy amidst changing economic conditions and diverse business needs [1] - Zhejiang Commercial Bank Zhengzhou Branch has significantly enhanced support for local enterprises through comprehensive bill services, benefiting over 600 private enterprises in Henan province [1][2] Group 1: Bill Services for Power Enterprises - A power enterprise in Henan, reliant on straw for power generation, faced funding challenges but maintained stable supply due to a tailored bill service solution from Zhejiang Commercial Bank Zhengzhou Branch [1] - The bank's "1+N commercial bill model + interbank discounting + re-discounting" service alleviated concerns about fund realization for upstream suppliers, resulting in 87 transactions worth 132 million yuan at lower discount rates than industry averages [1] Group 2: Support for Aluminum Processing Industry - The aluminum processing industry in Henan has become a significant economic driver, with Zhejiang Commercial Bank Zhengzhou Branch providing financing support exceeding 7 billion yuan to 24 clients in the sector over the past three years [2] - The bank's bill service team introduced various solutions, including online invoicing and a "bill pool," to enhance payment efficiency and reduce financial costs for small and medium-sized enterprises in the aluminum processing chain [1][2] Group 3: Technological Empowerment in Bill Services - A leading private enterprise in the new materials sector has benefited from an innovative "1+N commercial bill discount service" that streamlines the discounting process and enhances credit transmission through bill chain technology [2] - The service allows for rapid processing of discount transactions, with a full cycle taking only 30 minutes, thus improving fund utilization and stabilizing supply chain relationships for core enterprises [2]

业绩说明会将通过电话会议的方式召开，本公司将针对 2024 年第三季度业 证券代码：601916 证券简称：浙商银行 公告编号：2024-043 浙商银行股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 先电话拨通接入号，再输入参会密码 投资者可于 2024 年 10 月 28 日（星期一）17:00 前将需要了解的情况和 有关问题预先通过电子邮件的形式发送至本公司投资者关系邮箱： ir@czbank.com。本公司将会于2024年第三季度业绩说明会（以下简称"业绩说 明会"）上在信息披露允许的范围内就投资者普遍关注的问题进行回答。 浙商银行股份有限公司（以下简称"本公司"）将于 2024 年 10 月 30 日在 上海证券交易所网站（www.sse.com.cn）披露公司 2024 年第三季度报告。为便 于广大投资者更全面深入地了解公司 2024 年第三季度业绩和经营情况，本公司 拟于 2024 年 10 月 30 日（星期三）15:30-16:30 ...

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 浙商銀行股份有限公司（「本行」）之董事會（「董事會」）謹此宣佈，本行將於二零 二四年十月二十九日（星期二）舉行董事會會議，其中議程包括審議及批准本行及 其附屬公司截至二零二四年九月三十日止九個月之第三季度業績及其刊發。 承董事會命 浙商銀行股份有限公司 陸建強 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2016） 董事會召開日期 董事長 中國，杭州 2024年10月17日 截至本公告日期，本行的執行董事為陸建強先生、馬紅女士及陳海強先生；非執 行董事為侯興釧先生、任志祥先生、胡天高先生及應宇翔先生；獨立非執行董事 為王國才先生、汪煒先生、許永斌先生及傅廷美先生。 ...