点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 亿、-39亿。25Q1末，对公贷款（含贴现）、零售贷款同比增速分别为18.2%、6.1%，增速较上年末分别下降 1.6、3.1pct，贷款投放保持较高强度。 利息收入贡献季环比提升，盈利增速维持高位 杭州银行25Q1营收、拨备前利润、归母净利润同比增速分别为2.2%、3%、17.3%，较2024年分别下降7.4、 6.5、0.8pct。其中，净利息收入、非息收入同比增速分别为6.8%、-5.4%，较2024年分别变动+2.4、-25.6pct。 拆分盈利同比增速结构，规模扩张、拨备为主要贡献分项，分别拉动业绩增速20、17.4pct；从边际变化看，规 模正贡献小幅下降但仍维持高位，息差负向拖累收窄，对利息收入形成支撑；非息收入由正向拉动 ...

事件：长沙银行披露2024 年报及2025 年一季报，2024 年实现营收259亿元，同比增长4.57%，归母净利 润78 亿元，同比增长4.87%。2025 年一季度实现营收68 亿元，同比增长3.78%，归母净利润22 亿元， 同比增长3.81%。2025Q1 末不良率、拨备覆盖率分别为1.18%、309.82%，较上季度末分别提升1bp、下 降3pc。此外，2024 年公司以每10 股派发现金股利4.20 元，全年分红比例达22.49%（2023 年为 21.39%）。 1、业绩表现：中收表现亮眼 25Q1 营业收入、归母净利润增速分别为3.78%、3.81%，分别较24A 下降0.8pc、下降1.1pc，中收大幅增 长、成本费用节约预计对业绩形成正向贡献，具体来看： A、24Q4 企业贷款不良率（0.69%）较23Q4 下降12bps，主要源于建筑业、批发零售业、租赁和商务服 务业不良率改善。 B、24Q4 个人贷款不良率（1.87%）较23Q4 提升35bps，个人贷款资产质量波动，或主要源于个人经营 性贷款、信用卡等领域的不良生成压力加大，整体与行业趋势保持一致。 2）24A 不良生成率为1.21 ...

文 ｜ 杨帆 明明 肖斐斐 玛西高娃 章立聪 彭博 王希明 林楠 史雨洁 政府债方面，2 0 2 5年3月政府债净融资额为1 . 5万亿元，实现同比多增1 . 0万亿元，是3月社融增速 的第一大支撑项。今年3月的新增专项债和特殊再融资债分别发行了4 3 7 5亿元和3 8 3 0亿元，合计 为0 . 8 2万亿元，较去年同期超出5 1 2 5亿元，是今年3月政府债同比多增的主要原因。 信贷方面，3月社融口径下的新增人民币贷款为3 . 8 3万亿元，同比多增5 3 5 8亿元，是社融增长的 第二大支撑项。3月下旬票据转贴现利率走高，3月末1个月期的转贴现利率达到2 . 1%，或已反映 信贷投放情况较好。 企业债方面，3月新增企业债融资- 9 0 5亿元，同比少增5 1 4 2亿元，结束连续四个月的同比多增良 好势头。3月份1Y、3Y和1 0Y品种的AAA企业债利率均值分别较2月上行1 3 . 0 b p s、1 6 . 0 b p s和 2 3 . 9 b p s，近期债券利率上行较多，可能导致企业发债意愿下降，部分企业或转向贷款融资。 社融方面，3月社融增速小幅回升，主要受政府债发行提速与信贷需求修复带动。其 ...

Core Viewpoint - Hangzhou Bank reported a strong financial performance for 2024, with significant growth in both revenue and net profit, indicating robust operational efficiency and market positioning [2][3]. Financial Performance - In 2024, Hangzhou Bank achieved operating revenue of 38.38 billion, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 16.98 billion, up 18.1% year-on-year [2]. - The weighted average return on equity for 2024 was 16%, reflecting an increase of 0.43 percentage points compared to the previous year [2]. Revenue Growth Analysis - The revenue growth rate improved by 5.7 percentage points quarter-on-quarter, with the first quarter of 2025 maintaining high profit growth [3]. - The year-on-year growth rates for operating revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders were 9.6%, 9.5%, and 18.1%, respectively, with changes of +5.7, +6.1, and -0.6 percentage points compared to the first three quarters [3]. Asset Expansion - By the end of 2024, the growth rate of interest-earning assets was 14.8%, surpassing the industry average, with loans and financial investments growing by 16.2% and 11.5%, respectively [4]. - In the fourth quarter, the incremental growth in loans, financial investments, and interbank assets was 27.3 billion, 9.3 billion, and 58.3 billion, respectively, indicating a strong focus on non-credit asset allocation [4]. Loan Structure - In the fourth quarter, the incremental growth of corporate loans (including discounts) and retail loans was 21.2 billion and 6.1 billion, respectively [5]. - By the end of 2024, the year-on-year growth rates for corporate loans (including discounts) and retail loans were 19.9% and 9.2%, respectively [5]. Deposit Growth - By the end of 2024, the year-on-year growth rates for interest-bearing liabilities and deposits were 14% and 21.7%, respectively, with deposits accounting for 66% of interest-bearing liabilities [7]. - The total increase in deposits for the year was 227.3 billion, with a significant quarterly increase of 95.7 billion in the fourth quarter [7].

Core Viewpoint - The company's performance in 2024 aligns with expectations, showing slight growth in net profit while experiencing declines in pre-provision profit and operating income [1] Revenue and Profit Trends - Revenue and profit growth rates are recovering, with net profit, pre-provision profit, and operating income showing increases of 0.3 percentage points, 1.1 percentage points, and 1.3 percentage points respectively compared to the first three quarters of 2024 [2] - Net interest income decreased by 2.7% year-on-year, but the decline rate improved by 2.3 percentage points compared to the previous three quarters, attributed to accelerated asset growth and stabilized interest margins [2] - Net fee income fell by 8.3% year-on-year, with a slight improvement in growth rate by 0.6 percentage points compared to the previous three quarters, indicating a recovery in the middle-income business [2] - Other non-interest income grew by 9.2% year-on-year, although the growth rate decreased from 17.5% in the previous three quarters due to a decline in investment income [2] Credit and Asset Management - The company focused credit allocation on key sectors, with total assets and loans growing by 9.2% and 8.8% year-on-year respectively, showing an increase in total asset growth compared to the previous three quarters [2] - Loan growth in key areas such as manufacturing, technological innovation, green finance, inclusive finance, and agriculture remained robust [2] Liability Cost and Interest Margin - The company's net interest margin for 2024 is 1.42%, showing a slight decrease of 1 basis point compared to the previous three quarters; the fourth quarter net interest margin was 1.34%, down 4 basis points from the third quarter [3] - The yield on interest-earning assets was 2.95%, down 5 basis points from the third quarter, while the yield on interest-bearing liabilities was 1.80%, down 1 basis point [3] - The optimization of liability costs has slowed the decline in interest margins [3] Profit Forecast and Valuation - The profit forecast remains largely unchanged, with the current A-share price corresponding to 0.6 times P/B for 2025 and 2026, and H-share price corresponding to 0.5 times and 0.4 times P/B for the same years [4] - The target price for A-shares is maintained at 8.67 yuan, representing a 26.1% upside potential based on a 0.8 times P/B for 2025 and 0.7 times for 2026 [4] - The target price for H-shares is maintained at 7.11 HKD, indicating a 29.5% upside potential based on a 0.6 times P/B for 2025 and 0.5 times for 2026 [4]