Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (600926.SH) [1] Core Insights - Hangzhou Bank reported a revenue of 19.34 billion with a year-on-year growth of 5.4% and a net profit attributable to shareholders of nearly 10 billion, reflecting a year-on-year increase of 20.1% [1][2] - The annualized weighted average return on equity (ROE) stands at 19.48%, up by 0.82 percentage points year-on-year [1] - Non-interest income increased by 14.4% to 7.37 billion, primarily driven by a rise in net other non-interest income [2] - The non-performing loan (NPL) ratio has remained stable at 0.76% for six consecutive quarters, with a strong provision coverage ratio of 545.2% [2] Financial Performance Summary - Revenue growth for the first half of the year was driven by a 5.4% increase in net interest income to 11.97 billion and a 14.4% increase in non-interest income to 7.37 billion [1][2] - The bank's total interest-earning assets and loans grew by 13.8% and 16.5% year-on-year, respectively, indicating a solid expansion in its asset base [1] - The bank's credit quality remains robust, with a provision for credit impairment losses of 3 billion, which is a decrease of 10.6% year-on-year [2] Capital Adequacy and Risk Management - As of the end of Q2, the core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and total capital adequacy ratio were 8.6%, 10.9%, and 12.9%, respectively, showing a slight increase from the previous quarter [2] - The bank's risk-weighted asset growth rate was 8.8%, down by 2.5 percentage points from the previous quarter, indicating effective risk management [2] Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 2.93, 3.48, and 4.10 yuan, respectively, reflecting a positive growth outlook [2]

[Table_Title] 杭州银行（600926.SH） 资产质量优异，业绩表现亮眼 [Table_Summary] 核心观点： ⚫ 杭州银行发布 2024 年半年度报告，我们点评如下：24H1 营收、PPOP、 归母利润同比增速分别为 5.4%、5.4%、20.1%，增速较 24Q1 分别变 动+1.86pct、+0.89pct、-1.05pct。从业绩驱动来看，规模增长、其他 非息、拨备计提形成正贡献，净息差收窄、中收承压为主要拖累。 ⚫ 亮点：（1）信贷规模高增，存款增速回升。24H1 生息资产同比增长 13.8%，贷款、投资类资产保持高增，同比分别增长 16.5%、16.1%， 对公信贷投放保持高位，同比增长 18.3%，增量贡献依旧主要来自广 义基建和制造业，个人贷款增速有所回升，整体保持稳健。负债端， 24H1 存款同比增长 13.9%，增速较 24Q1 回升 1.59pct，同时主动负 债增速较高，以配合资产端扩张。（2）资产质量保持优异。24Q2 末不 良率 0.76%，连续 6 个季度持平。个人贷款风险有所暴露，24H1 对 公、零售贷款不良率分别为 0.76%、0.76%，较 23A 分 ...

杭州银行（600926.SH）2024 年半年报点评 营收增速回升，资产质量优异 2024 年 08 月 29 日 | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-----------------------------|------------|-------| | 项目/年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 35,016 37,106 39,882 43,137 | | | | 增长率（%） | | 6.3 6.0 7.5 8.2 | | | | 归属母公司股东净利润（百万元） | | 14,383 17,144 19,694 22,284 | | | | 增长率（%） | | 23.2 19.2 14.9 13.2 | | | | 每股收益（元） | | 2.31 2.89 3.32 3.76 | | | | PE | | 6 5 4 4 | | | | PB | | 0.8 0.7 0.7 0. ...

Investment Rating - The report maintains an "Outperform" rating for Hangzhou Bank (600926 SH) [1][3] Core Views - Hangzhou Bank's revenue growth accelerated in H1 2024, with operating income reaching 19 3 billion yuan, up 5 4% YoY, an increase of 1 9 percentage points compared to Q1 [1] - Net profit attributable to shareholders reached 10 billion yuan, growing 20 1% YoY, though the growth rate slowed by 1 0 percentage points compared to Q1 [1] - The annualized weighted average ROE stood at 19 5%, up 0 8 percentage points YoY, indicating strong profitability [1] - Net interest income turned positive, growing 0 5% in H1 after a 1 9% decline in Q1, while non-interest income grew 14% YoY [1] - The bank's loan portfolio maintained rapid growth, with total loans reaching 0 9 trillion yuan, up 11 7% from the beginning of the year [1] - Asset quality remained excellent, with a non-performing loan ratio of 0 76%, and the provision coverage ratio stood at 545%, still leading among peers [1] Financial Performance - Total assets reached nearly 2 0 trillion yuan, up 7 8% from the beginning of the year [1] - The net interest margin was 1 42%, down 14bps YoY, mainly due to a 21bps decline in the average interest rate of interest-earning assets [1] - The bank strengthened deposit cost control, with the average interest rate of interest-bearing liabilities decreasing by 10bps YoY [1] - Credit impairment losses decreased by 26% YoY, as financial investment losses were reversed by approximately 1 583 billion yuan [1] Regional Strategy - The bank increased loan distribution in Zhejiang Province outside Hangzhou, with the proportion of loans in non-Hangzhou areas of Zhejiang reaching 37 4%, up 4 3 percentage points from the beginning of the year [1] - The proportion of loans in Zhejiang Province remained stable at 78 4% [1] Future Projections - The report maintains forecasts for net profit attributable to shareholders of 17 4/20 9/24 4 billion yuan for 2024-2026, representing YoY growth rates of 21 1%/20 1%/16 6% [1] - The current stock price corresponds to 2024-2026 PE ratios of 4 5x/3 8x/3 2x and PB ratios of 0 72x/0 62x/0 54x [1] Financial Metrics - EPS is projected to grow from 2 94 yuan in 2024E to 4 11 yuan in 2026E [4] - ROE is expected to increase from 17 2% in 2024E to 18 0% in 2026E [4] - The core tier 1 capital adequacy ratio is forecasted to improve from 8 36% in 2024E to 9 10% in 2026E [4]

杭州银行股份有限公司 BANK OF HANGZHOU CO., LTD. 二〇二四年半年度报告 （股票代码：600926） 二〇二四年八月 杭州银行股份有限公司 2024 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证本半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司于 2024 年 8 月 28 日召开第八届董事会第十次会议审议通过了本报告，本次会议应出席 董事 12 名，亲自出席董事 11 名，沈明董事因公务原因书面委托宋剑斌董事长出席会议并代行表 决权。 三、公司半年度报告未经审计，经安永华明会计师事务所（特殊普通合伙）根据中国注册会计师 审阅准则审阅并出具审阅报告。 四、公司法定代表人、董事长宋剑斌，行长虞利明，财务总监章建夫及会计机构负责人韩晓茵， 保证半年度报告中财务报告的真实、准确、完整。 五、公司 2023 年年度股东大会审议通过了《杭州银行股份有限公司关于提请股东大会授权董事 会决定 2024 年度中期利润分配方案的议案》，授权董事会在符合利润分配的条件下，制定并实施 具体的中期分红方案。公司董 ...

2024 年 8 月 21 日晚间，杭州银行股份有限公司（以下简称 "公司"）从中共中央纪律检查委员会暨中华人民共和国国家监察 委员会网站获悉，丁伟涉嫌严重违纪违法，目前正接受招商局集 团纪委和青海省海东市监委纪律审查和监察调查。 丁伟于 2023 年 7 月被选举为公司独立董事，截止目前尚未 取得独立董事任职资格，未正式履职，未获得报酬。上述事项不 会对公司经营和长远发展产生影响。公司将持续关注后续进展情 况，并按照有关规定及时履行相关程序和信息披露义务。敬请投 资者注意投资风险。 特此公告。 杭州银行股份有限公司董事会 证券代码：600926 证券简称：杭州银行 公告编号：2024-043 优先股代码：360027 优先股简称：杭银优 1 可转债代码：110079 可转债简称：杭银转债 杭州银行股份有限公司 关于拟任独立董事接受纪律审查和监察调查的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确 性和完整性承担法律责任。 2024 年 8 月 21 日 ...

证券代码：600926 证券简称：杭州银行 公告编号：2024-042 优先股代码：360027 优先股简称：杭银优 1 可转债代码：110079 可转债简称：杭银转债 杭州银行股份有限公司 5%以下股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在 任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担法律责任。 重要内容提示： 上述减持主体无一致行动人。 注：1、在中国人寿实施本次减持计划期间，若公司发生送股、资本公积转增股本等重大事项， 对应的减持股份数量相应进行调整。 (一)相关股东是否有其他安排 □是 √否 (二)股东此前对持股比例、持股数量、持股期限、减持方式、 股东持股的基本情况：截至本公告披露日，中国人寿保险 股份有限公司（下称"中国人寿"）持有杭州银行股份有限公司 （下称"公司"或"杭州银行"）股份总数 110,092,230 股，占公 司普通股总股本的 1.86%。根据中国人寿在公司 IPO 期间作出的 承诺，锁定期满后，中国人寿减持公司股份时，应提前通知公司 并予以公告，自公告之日起三个交易日后方可减持。 减持计划的主要内容：中国人寿拟在本 ...

Investment Rating - The investment rating for Bank of Hangzhou is maintained at OVERWEIGHT with a target price of RMB14.42, indicating a potential upside of 12% from the closing price of RMB12.93 as of 7 August 2024 [6][28]. Core Insights - In 1H24, Bank of Hangzhou experienced a revenue growth of 5.4% year-on-year and attributable net profits increased by 20.1% year-on-year, reflecting a strong performance with stable asset quality [1][2]. - The bank's total assets, loans, and deposits grew by 13.8%, 16.5%, and 13.7% year-on-year respectively, with significant increases in loan and deposit amounts compared to the previous year [2]. - The non-performing loan (NPL) ratio remained low at 0.76%, with a provision coverage ratio of 545%, indicating strong risk management capabilities [3][4]. Financial Projections - Projected earnings per share (EPS) for 2024, 2025, and 2026 are RMB2.91, RMB3.47, and RMB4.13 respectively, with a book value per share (BVPS) of RMB18.02 for 2024 [1][5]. - Revenue is expected to grow from RMB36.6 billion in 2024 to RMB41.8 billion in 2026, while net profit attributable to the parent is projected to rise from RMB17.3 billion in 2024 to RMB24.5 billion in 2026 [11][12]. Market Position and Strategy - Bank of Hangzhou operates in economically vibrant regions and focuses on corporate loans, particularly to government credits and state-owned enterprises, which supports its growth strategy [2][4]. - The bank has established a diversified shareholder base and has been a pioneer in tech-innovation banking, enhancing its competitive edge [4].

本期债券发行的募集资金将依据适用法律和主管部门的批 准，用于补充公司二级资本。 证券代码：600926 证券简称：杭州银行 公告编号：2024-041 优先股代码：360027 优先股简称：杭银优1 可转债代码：110079 可转债简称：杭银转债 杭州银行股份有限公司 关于二级资本债券发行完毕的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 经中国人民银行和国家金融监督管理总局浙江监管局批准， 杭州银行股份有限公司（以下简称"公司"）于近日在全国银行 间债券市场成功发行"杭州银行股份有限公司2024年二级资本债 券"（以下简称"本期债券"）。 本期债券于2024年8月8日簿记建档，并于2024年8月12日发 行完毕，发行规模为人民币100亿元，品种为10年期固定利率债券， 在第5年末附有条件的发行人赎回权，票面利率为2.15%。 特此公告。 杭州银行股份有限公司董事会 2024年8月12日 1 ...

迁泰将投告 枕州餐什 (600926 CH) 最前大学园 社刊 編 (%) 3° 3° 300 19 9 (1) (11) (21) Aug-23 Dec-23 Apr-24 Aug-24 众朴永定：Wind ( ) { * $ ( $ $ ) : B 24H1 管收增逾美升，信贷急步扩發 情贯有力被放，养养养装进 為本航報 不良病病病，被备空间无患 杜林优质反减，并创给色鲜明 부휴坏充 2024 辛８月 04 日 | 中国内地 动态点评 區城佐縣村 स 20.0 SAC No. S0570524070008 SFC No. BUB018(86) 755 8249 2383 SAC No. $0570123090022 5) 21 2897 2228 16.9. 人 ( SAC No. S0570123070039 jayi @ htsc.com 36) 755 8249 2383 目标价 (人民币)14.42 收集件 (人人专 高至8月2日)13.36 李佳 (人人名言之)79,229 6 个月수均日点文辑 (人民名百万)327.37 52 两省格克国 (人人名)9.59-14.00 19.69BVPS ( ...