公司点评报告 · 银行业 业绩增速稳中有升，转债转股夯实资本 —— 杭州银行 2025 年半年报业绩点评 2025 年 8 月 28 日 核心观点 杭州银行（股票代码：600926） 推荐 维持 分析师 张一纬 ：010-8092-7617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 ：yuanshilin_yj@chinastock.com.cn | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 600926 | | A 股收盘价(元) | 15.86 | | 上证指数 | 3800.35 | | 总股本（万股） | 724900.25 | | 实际流通 A 股(万股) | 724900.25 | | 流通 A 股市值(亿元) | 1149.69 | 相对沪深 300 表现图 2025-08-27** 资料来源：ifind，中国银河证券研究院 -20% 0% 20% 40% 杭州银行 沪深300 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的 ...

Investment Rating - The report maintains an "Overweight" rating for the banking industry in 2024 [2][4]. Core Insights - The banking sector experienced a dual decline in revenue and profit in Q1 2025, with a year-on-year revenue growth of +0.08% and a net profit growth of +2.35% for 2024, while Q1 2025 saw declines of -1.72% and -1.20% respectively [2][13]. - The report highlights a slowdown in loan growth, with corporate loans performing strongly while retail loans remain weak. The proportion of demand deposits has dropped to a historical low, indicating a shift towards time deposits [2][31]. - The net interest margin (NIM) decline has narrowed, and the pressure on the liability side has generally eased, contributing to a more stable banking environment [2][4]. - Retail non-performing loans (NPLs) have shown some disturbance, but provisions have been released to support profits, indicating a cautious approach to risk management [2][4]. Summary by Sections Revenue and Profit Trends - In Q1 2025, the revenue of listed banks declined by -1.72%, with city commercial banks showing resilience with a growth of +2.96% [14][19]. - The net profit for Q1 2025 saw a decline of -1.20%, with state-owned and joint-stock banks experiencing negative growth, while city and rural commercial banks reported positive growth [23][25]. Loan and Deposit Dynamics - Loan growth has slowed significantly, with total loans increasing by +7.94% in 2024 and +7.92% in Q1 2025, down from +11.14% in 2023 [31][36]. - The proportion of demand deposits has decreased to a historical low of 37.59% by the end of 2024, reflecting a shift towards time deposits across various bank categories [2][46]. Interest Margin and Profitability - The weighted average NIM for listed banks was 1.53% in 2024, a decrease of 0.16 percentage points from 2023, but the decline has slowed compared to previous years [2][4]. - The average return on equity (ROE) for listed banks was 10.35% in 2024, with a slight decline to 11.46% in Q1 2025, indicating stable profitability despite external pressures [28][29]. Investment Recommendations - The report suggests focusing on three main lines: high dividend, low valuation banks such as ICBC, ABC, BOC, and CCB; banks with regional advantages and strong performance like Chengdu Bank and Hangzhou Bank; and banks benefiting from real estate risk mitigation like China Merchants Bank [4][4].