[Table_scodeMsg1] 公司研究丨深度报告丨长沙银行（601577.SH） [Table_Title] 资产质量拐点，PB-ROE 重估 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2026 年为新十年战略开局阶段的收官之年，张曼董事长带领下的新一届管理层淡化规模情结， 核心目标是实现风险出清。预计中短期内信贷增速将合理控制在 10%以内，区域投放聚焦省内 异地，投向上以对公为主。长沙银行历史净息差绝对值高于同业，目前正逐步消化高资产收益 率影响。新一届管理层战略重视风控体系重塑，加大不良资产处置力度，预计 2026~2027 年将 陆续实现核心风险指标的拐点。目前长沙银行 PB 估值 0.53x，相较 11.4%的 ROE 显著被低 估，2025、2026 年股息率分别为 4.46%和 4.83%，给予"增持"评级。 分析师及联系人 [Table_Author] SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 马祥云 盛悦菲 请阅读最后评级说明和重要声明 2 / 2 ...

Core Viewpoint - Changsha Bank has launched a comprehensive initiative to support young talent in innovation and entrepreneurship, aiming to enhance the city's development as a global research and development center and promote the "Artificial Intelligence +" initiative [1][3]. Financial Support for Talent Development - The initiative includes the "Five Ones Project + Financial Talent Plan," which provides extensive financial and non-financial services to young talents moving to Changsha [3][4]. - Changsha Bank has introduced the "Youth Dual Card" and a dedicated youth financial product, "Golden Furu," to enhance the quality of life for young people [3]. Entrepreneurial Support - The bank has pioneered a "Talent Loan" product supermarket in the province, offering various financing solutions, including the "优才贷" with a maximum limit of 20 million and "小荷优才贷" for young entrepreneurs with a limit of 1 million [4]. - The bank has issued 6 billion yuan in innovative entrepreneurial bonds and technology innovation bonds to support local brands and has provided nearly 68.6 billion yuan in loans this year [4]. Platform Development - Changsha Bank has sponsored the Hunan Innovation and Entrepreneurship Competition for ten consecutive years, serving 1,375 participating companies and providing 10.9 billion yuan in loans over the past three years [4]. - The bank has also established the "Talent Exchange" youth salon to connect experts in finance and law, offering a comprehensive ecosystem of services [5]. Talent Attraction and Retention - The bank has created the "青芙蓉" employer brand, attracting nearly 10,000 university students annually and engaging in talent recruitment initiatives across six provinces [5]. - Changsha Bank is committed to providing professional products, intelligent solutions, and attentive services to support young talents in their growth [5].

Core Viewpoint - The event held by Changsha Bank and Xiyingmen Group aims to enhance cooperation between banks and enterprises to promote high-quality development in the business district [1][3]. Group 1: Event Overview - The "Thousand Enterprises and Ten Thousand Households" outreach event took place on October 16, with nearly 200 merchants in attendance [1]. - The event focuses on providing customized financial services to support the growth of individual businesses and small enterprises [1][3]. Group 2: Company Profiles - Xiyingmen is a leading player in the high-end building materials market in Hunan, while Changsha Bank is the first regional bank listed on the main board in Hunan and the largest legal financial institution in the province [3]. - Changsha Bank emphasizes its mission to serve local economies, small and medium-sized enterprises, and urban and rural residents [3]. Group 3: Financial Services Offered - Changsha Bank has established a special loan fund pool, green loan approval channels, and exclusive loan rate discounts for merchants in Xiyingmen [5]. - The bank has developed a comprehensive credit product matrix to address diverse financing needs, including a "Rent Loan" with a maximum limit of 2 million yuan for merchants [5]. - Additional products include personal business loans, housing quick loans, and credit loans for merchants with insufficient collateral [5]. Group 4: Collaboration and Knowledge Sharing - The bank provided policy presentations and financial knowledge Q&A sessions to deepen understanding of financial policies among participants [6]. - Changsha Bank signed agreements with three merchant representatives to further enhance cooperation and mutual benefits [6].

Group 1 - The core event focused on addressing the pain points of small and micro enterprises in the Furong District through a new mechanism of government-bank-enterprise collaboration, exclusive financial policies, and resource connection platforms [1][3] - The initiative "Ten Trillion Long Walk to Support Hunan" aims to listen to customer voices and address enterprise demands through a year-round outreach program covering the entire province [3][8] - The event marked the launch of a comprehensive service platform that integrates policy, finance, and talent services, enhancing support for enterprises in the region [5][7] Group 2 - Changsha Bank has developed a comprehensive credit product matrix to address the financing challenges faced by small and micro enterprises, offering tailored loan products based on the maturity and needs of the businesses [4][8] - The "white list" policy for selected enterprises provides multiple benefits, including reduced financing costs and expedited loan approval processes [7] - The bank plans to visit over 300 enterprises throughout the year, aiming to increase policy application rates by 30%, financing success rates by 25%, and talent retention rates by 15% [8]

Core Viewpoint - Changsha Bank has demonstrated strong growth in asset scale and profitability, leveraging regional economic development and innovative financial services to enhance its competitive position in the market [1]. Group 1: Credit Investment Acceleration - In 2024, Changsha Bank's corporate loans increased by 561 billion, while retail loans rose by 47 billion, indicating a focus on corporate lending [3]. - The bank's loans in key sectors such as technology, green finance, and inclusive finance saw significant growth rates of 17.9%, 23.1%, and 15.9% respectively, reflecting its alignment with national policy [3]. - The county-level financial sector has become a highlight, with county loans growing by 18.7% and deposits by 14.5%, showcasing the bank's commitment to regional financial initiatives [4]. Group 2: Steady Profit Growth - In 2024, Changsha Bank achieved a revenue of 25.936 billion, a year-on-year increase of 4.57%, and a net profit of 7.827 billion, up 4.87% [7]. - The bank's non-interest income grew significantly, with net income from fees and commissions increasing by 53.08%, indicating successful implementation of its "light capital strategy" [7][8]. - Retail customer assets under management reached 455.208 billion, reflecting a growth of 13.75% year-on-year, highlighting the bank's focus on wealth management [7]. Group 3: Future Layout - Changsha Bank is advancing in retail, digital, and green finance, with personal deposits growing by 14.99% to 386.489 billion, and personal loans increasing by 2.57% [10]. - The bank has launched innovative products such as the "VISA card rapid issuance" service and has received multiple awards for its contributions to credit card business [11]. - In green finance, the bank's green loan balance reached 52.829 billion, growing by 23.14%, and it successfully issued green bonds worth 5 billion [13].