请务必阅读正文后的声明及说明 比例为 25.3%、11.4%，分别环比上年末上升 6.2、1.7 个百分点。 210.33 亿元、231.78 亿元，分别同比增长 12.06%、10.52%、10.20%。 首次覆盖，给予"买入"评级。 深耕杭州，在浙江其他城市仍有较大发展空间。（1）浙江省经济环境好， GDP 总量多年位居全国第四，2024 年人均 GDP、人均可支配收入、信 贷增速均位居全国前列。（2）从分支机构来看，截至 1H25，银行在浙江 省内共有 212 家分支机构，其中杭州市 128 家，其他 GDP 较高城市网点 数量相对较少，未来在省内仍有较大发展空间。 存贷规模稳定增长，资产质量提升。（1）3Q25 银行贷款总额为 10255.73 亿元，同比增长 12.68%，其中公司贷款同比增长 19.53%至 7296.26 亿 元，占比为 71.14%，水利、环境和公共设施管理业增长较快；个人贷款 同比下降 1.27%至 2959.47 亿元。（2）3Q25 银行存款总额为 13485.77 亿 元，同比增长 14.59%，其中公司存款同比增长 10.17%至 9443.15 亿元， 占比为 70 ...

Core Viewpoint - Huishang Bank has shown stable performance with a steady increase in returns, achieving a year-on-year growth in both operating income and net profit as of 1H25 [1][4]. Group 1: Financial Performance - As of 1H25, Huishang Bank reported operating income of 21.157 billion yuan, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 9.109 billion yuan, up 5.5% year-on-year [1]. - The annualized ROA and ROE increased by 0.04 and 1.09 percentage points, respectively, compared to the previous year [1]. - The bank's net interest margin for 1H25 was 1.55%, a decrease of 0.16 percentage points from the previous year, while the interest spread fell by 0.26 percentage points to 1.87% [3]. Group 2: Market Position and Growth - Huishang Bank is the only city commercial bank in Anhui province, with 487 branches, achieving 87.9% coverage in the province and holding 90.3% of total assets and 86.2% of the credit scale within the province [2]. - The bank's loan portfolio reached 1.10 trillion yuan, growing 15.28% year-on-year, with corporate loans at 780.455 billion yuan (up 13.05%) and personal loans at 320.078 billion yuan (up 21.15%) [2]. - Total deposits amounted to 1.28 trillion yuan, an increase of 11.76% year-on-year, with corporate deposits at 544.810 billion yuan (up 17.05%) and personal deposits at 707.194 billion yuan (up 18.52%) [2]. Group 3: Investment and Asset Quality - Investment income for 1H25 was 4.526 billion yuan, a year-on-year increase of 12.52%, while net commission and fee income slightly decreased by 0.4% to 1.759 billion yuan [3]. - The bank's non-performing loan ratio improved to 0.98%, down 0.01 percentage points from the end of the previous year, and the provision coverage ratio increased by 3.47 percentage points to 289.94% [3]. - As of 1H25, the core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and total capital adequacy ratio were 9.53%, 11.02%, and 13.27%, respectively, indicating a strong capital position [3]. Group 4: Future Projections - Forecasts for Huishang Bank's operating income from 2025 to 2027 are 38.044 billion yuan, 39.460 billion yuan, and 41.149 billion yuan, representing year-on-year growth of 2.47%, 3.72%, and 4.28% respectively [4]. - Projected net profit attributable to shareholders for the same period is 16.310 billion yuan, 17.173 billion yuan, and 18.195 billion yuan, with year-on-year growth rates of 5.81%, 5.29%, and 5.95% respectively [4].