银行研思录 26 资本和风险分类新规过渡期结束压力测算 总量研究/银行 2023 年 2 月发布的《商业银行金融资产风险分类办法》正式将非信贷资产也纳 入五级分类的计量范围，随后 2023 年 11 月 1 日发布的《商业银行资本管理办 法》，对银行信贷及非信贷资产拨备计提，以及超额拨备/拨备缺口的资本计量 提出了明确的要求，上述规定的过渡期将于 2025 年 12 月 31 日结束。 本期研思录复盘《风险分类新规》和《资本新规》的风险计量和拨备计提相关 监管规定，并基于此对 56 家 A、H 股上市银行的拨备计提达标压力进行测算， 供投资者参考。 证券研究报告 | 行业深度报告 2025 年 11 月 18 日 2、《银行股息率排名与中期分红进 度梳理—银行研思录 25》2025-11-14 3、《M1 增速开启下行—2025 年 10 月金融数据点评》2025-11-13 王先爽 S1090524100006 wangxianshuang@cmschina.com. cn 文雪阳 S1090524110001 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票 ...

Core Viewpoint - The report presents the financial performance and operational status of Zhejiang Zheshang Bank for the first quarter of 2025, highlighting stable growth in business scale and maintaining asset quality. Group 1: Financial Performance - Total assets reached 3,443.12 billion RMB, an increase of 117.58 billion RMB, or 3.54% compared to the end of the previous year [8] - Total liabilities amounted to 3,237.33 billion RMB, up by 114.54 billion RMB, or 3.67% [8] - Net profit attributable to shareholders was 5.949 billion RMB, reflecting a slight increase of 0.36 billion RMB, or 0.61% year-on-year [8] Group 2: Revenue and Income - Operating income was 17.105 billion RMB, a decrease of 1.302 billion RMB, or 7.07% year-on-year [8] - Net interest income was 11.981 billion RMB, an increase of 0.163 billion RMB, or 1.38% [8] - Non-interest income was 5.124 billion RMB, a decrease of 1.465 billion RMB, or 22.23% [8] Group 3: Asset Quality - Non-performing loans amounted to 25.955 billion RMB, an increase of 0.461 billion RMB, or 1.81% [9] - Non-performing loan ratio remained stable at 1.38% [9] - Provision coverage ratio was 171.21%, a decrease of 7.46 percentage points [9] Group 4: Capital Adequacy - Capital adequacy ratio stood at 12.18%, down by 0.43 percentage points [9] - Tier 1 capital adequacy ratio was 9.60%, a slight decrease of 0.01 percentage points [9] - Core Tier 1 capital adequacy ratio remained stable at 8.38% [9] Group 5: Shareholder Information - The total number of shareholders at the end of the reporting period was disclosed, with specific details on the top ten shareholders [5] - No existing preferred shares were reported as of the end of the reporting period [7]

Core Viewpoint - The company reported a decline in profits and key financial metrics for the first quarter of 2025, while also announcing significant governance changes, including the abolition of the supervisory board and the appointment of a new board secretary [10][53][30]. Financial Performance - The total profit for the group in Q1 2025 was 6.731 billion yuan, a decrease of 1.198 billion yuan or 15.11% year-on-year [10]. - The net profit attributable to shareholders was 5.063 billion yuan, down by 827 million yuan or 14.04% compared to the previous year [10]. - Total assets reached 4.521 trillion yuan, an increase of 144.708 billion yuan or 3.31% from the end of the previous year [10]. - Total loans amounted to 2.475 trillion yuan, up by 108.661 billion yuan or 4.59% year-on-year [10]. - Total liabilities were 4.152 trillion yuan, increasing by 141.565 billion yuan or 3.53% [10]. - Total deposits reached 2.283 trillion yuan, an increase of 132.353 billion yuan or 6.15% [10]. - The non-performing loan ratio was 1.61%, up by 0.01 percentage points from the end of the previous year [10]. - The provision coverage ratio was 156.85%, down by 5.04 percentage points [10]. Governance Changes - The supervisory board was proposed to be abolished, with the decision pending approval from the shareholders' meeting and regulatory authorities [53][54]. - The company appointed Yang Wei as the new board secretary, pending regulatory approval of his qualifications [30][17]. - The board meeting on April 28, 2025, was held with full attendance and approved several key resolutions, including the financial report and governance changes [20][21]. Upcoming Shareholder Meeting - The annual shareholder meeting is scheduled for May 13, 2025, where additional proposals will be discussed, including the abolition of the supervisory board and amendments to the company's articles of association [35][38].