Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown significant revenue growth, with a reported revenue of 38.38 billion yuan in 2024, representing a year-on-year increase of 9.6%, which is an improvement of 5.7 percentage points compared to the growth rate in the first three quarters [1] - The net profit attributable to shareholders for 2024 is 16.98 billion yuan, reflecting an 18.1% year-on-year growth, although slightly down by 0.5 percentage points from the previous quarter [1] - The company benefits from a strong regional economic advantage and has achieved substantial growth in both loans and deposits, with a loan balance of 9.4 trillion yuan, up 16.2% year-on-year, and a deposit balance of 12.7 trillion yuan, up 21.7% year-on-year [2] - The asset quality remains excellent, with a non-performing loan ratio of 0.76%, and a high provision coverage ratio of 541.45% [2] - The company is expected to maintain high growth in performance, with projected net profits of 20.9 billion yuan and 24.4 billion yuan for 2025 and 2026, respectively, corresponding to year-on-year growth rates of 20.1% and 16.6% [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 38.38 billion yuan, with a year-on-year growth of 9.6% [1] - The net profit attributable to shareholders was 16.98 billion yuan, marking an 18.1% increase year-on-year [1] - The weighted average return on equity was 16.00%, up by 0.43 percentage points year-on-year [1] Asset Quality - The total assets reached 2.1 trillion yuan, a 14.7% increase year-on-year [2] - The non-performing loan ratio stood at 0.76%, maintaining a low level [2] - The provision coverage ratio was 541.45%, indicating strong asset quality [2] Market Position - The company has a significant regional advantage, with a focus on the economically developed Zhejiang province [2] - The acquisition of shares by New China Life Insurance reflects the company's long-term investment value [3] Valuation Metrics - The current stock price corresponds to a PE ratio of 4.2x for 2025 and 3.6x for 2026, and a PB ratio of 0.70x for 2025 and 0.61x for 2026 [3]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 17.20 [11]. Core Views - The company reported a revenue growth of 9.6% and a net profit growth of 18.1% for 2024, indicating strong growth potential and surpassing expectations [1]. - Non-interest income has significantly contributed to revenue growth, supported by a decline in the 10-year treasury yield, which has enhanced investment returns [2]. - The company's return on equity (ROE) for 2024 is projected at 16.00%, reflecting improved profitability and a strong dividend growth potential with an estimated dividend yield of 4.34% [3]. - Asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 541% as of the end of 2024 [4]. - The target price for 2025 is set at a price-to-book (PB) ratio of 0.85, with projected net profits for 2024-2026 at RMB 170 billion, RMB 196 billion, and RMB 227 billion respectively [5]. Summary by Sections Financial Performance - For 2024, the company expects revenue of RMB 38,381 million, a growth rate of 9.61%, and a net profit of RMB 16,983 million, with an 18.08% increase [15]. - The total assets, loans, and deposits are projected to grow by 14.7%, 16.2%, and 21.7% respectively by the end of 2024 [2]. Profitability Metrics - The company’s ROE is forecasted to be 14.37% in 2024, with an EPS of RMB 2.81 [15]. - The estimated dividend per share for 2024 is RMB 0.63, leading to a dividend yield of 4.34% [15]. Asset Quality - The non-performing loan ratio is expected to remain stable at 0.76% through 2025, with a provision coverage ratio of 541% [4]. - The overdue loan to non-performing loan ratio is 72.74%, indicating strong asset quality management [4]. Valuation - The projected book value per share (BVPS) for 2025 is RMB 20.24, corresponding to a PB ratio of 0.72 [5]. - The average PB ratio for comparable companies is 0.65, suggesting that the company may enjoy a valuation premium due to its strong profitability [5].

Financial Performance - In 2024, the company achieved operating revenue of RMB 38.381 billion, an increase of 9.61% compared to 2023[4] - The net profit attributable to shareholders reached RMB 16.983 billion, reflecting an 18.08% growth year-on-year[4] - The basic earnings per share increased to RMB 2.74, up 18.61% from RMB 2.31 in 2023[4] - The weighted average return on equity rose to 16.00%, an increase of 0.43 percentage points year-on-year[5] Asset and Loan Growth - Total assets at the end of 2024 amounted to RMB 211.259 billion, up 14.73% from the previous year[4] - The total loan amount increased to RMB 93.749 billion, representing a 16.16% rise compared to the end of 2023[4] - Total deposits grew to RMB 127.255 billion, marking a significant increase of 21.74% year-on-year[4] Loan Quality and Risk Management - The company's non-performing loan ratio remained stable at 0.76%, unchanged from the previous year[8] - The provision coverage ratio was 541.45%, down 19.97 percentage points from the previous year[5] Strategic Focus - The company plans to continue focusing on customer-centric strategies and enhancing operational efficiency in the upcoming year[7]

Investment Rating - The investment rating for Hangzhou Bank is "Buy" and is maintained [6]. Core Views - The report highlights that New China Life Insurance has acquired 330 million shares of Hangzhou Bank from Commonwealth Bank of Australia, representing 5.45% of the total shares. After the transfer, New China Life and its concerted parties will hold 5.87% of Hangzhou Bank's shares, while Commonwealth Bank will no longer hold any shares [2][4]. - The acquisition is seen as a strategic move in the context of asset scarcity, with high-quality bank equities becoming rare assets amid current market pressures. There is a notable increase in interest from insurance and industrial capital in bank equity investments [2][4]. - Hangzhou Bank has a strong operational philosophy of "not trading risk for growth," and the partnership with New China Life is expected to foster collaboration in wealth management and retail sectors, leading to mutual benefits [2][4]. Summary by Sections Event Description - The report details the share transfer of 330 million shares from Commonwealth Bank to New China Life for a total consideration of 4.317 billion yuan, marking a significant shift in ownership [4]. Financial Performance - Hangzhou Bank has consistently demonstrated high profit growth, leading the listed banks in performance metrics. The bank's loan growth for the first three quarters of 2024 is projected at 12.8%, with an expected annual growth rate of around 13% [8]. - The bank's net interest margin has stabilized, and its asset quality remains robust, with a non-performing loan ratio of 0.76% as of September 2024 and a provision coverage ratio of 543% [8][11]. Investment Outlook - The report anticipates that New China Life will gain a board seat post-acquisition, allowing it to share in Hangzhou Bank's return on equity (ROE) under the equity method of accounting. The long-term trend indicates increasing interest from insurance funds in bank equity investments, driven by low valuations and stable growth prospects [8]. - The projected revenue growth rates for 2024 and 2025 are 4.0% and 4.7%, respectively, with net profit growth rates of 17.5% and 14.2% [8]. The current stock price corresponds to a valuation of only 0.70 times the 2025 price-to-book ratio, indicating significant upside potential [8].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The Australian Commonwealth Bank is exiting its investment in Hangzhou Bank for strategic reasons, while New China Life Insurance's acquisition of shares reflects confidence in the company's long-term development [1][7] - The forecast for the company's book value per share (BVPS) for 2024, 2025, and 2026 is projected to be 17.65, 20.26, and 23.25 CNY respectively, with the current stock price corresponding to a price-to-book (PB) ratio of 0.83X, 0.72X, and 0.63X for the same years [2] Financial Performance Summary - The company's operating income is expected to grow from 32,932 million CNY in 2022 to 42,627 million CNY in 2026, with a compound annual growth rate (CAGR) of approximately 5.8% [4] - Net profit attributable to the parent company is projected to increase from 11,679 million CNY in 2022 to 22,538 million CNY in 2026, reflecting a strong growth trajectory [4] - The earnings per share (EPS) is forecasted to rise from 1.83 CNY in 2022 to 3.61 CNY in 2026 [4] Shareholder Structure Changes - Following the share transfer, New China Life Insurance and its concerted parties will become the fourth-largest shareholder of Hangzhou Bank, increasing their stake from 0.89% to 5.87% [10][7] - The share transfer price was set at 13.095 CNY per share, approximately 90% of the closing price on January 24 [7] Valuation Metrics - The report employs a comparable company valuation method, applying a 20% premium to the company's strong profitability, resulting in a target price of 17.57 CNY per share for 2025 [2] - The price-to-earnings (P/E) ratio is projected to decrease from 7.97 in 2022 to 4.04 in 2026, indicating an attractive valuation [4]

杭州银行股份有限公司 简式权益变动报告书 上市公司名称： 杭州银行股份有限公司 住所： 北京市朝阳区建国门外大街甲 12 号新华保险大厦 19 层 通讯地址： 北京市朝阳区建国门外大街甲 12 号新华保险大厦 19 层、18 层、8 层 权益变动性质： 增持股份 签署日期：二〇二五年一月二十四日 1 股票上市地点： 上海证券交易所 股票简称： 杭州银行 股票代码： 600926 信息披露义务人： 新华人寿保险股份有限公司 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容 与格式准则第 15 号——权益变动报告书》及其他相关法律法规和规范性文件编 写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 住所： 北京市延庆区湖南东路 16 号(中关村延庆园) 通讯地址： 北京市朝阳区建国门外大街甲 12 号新华保险大厦 一致行动人： 新华资产管理股份有限公司 三、依据上述规定，本报告书已全面披露了信息披露义务人在上市公司中拥 有权益的股份变动情况。 截至本报告书签署日，除本报告书披露的信息外，信息披 ...

杭州银行股份有限公司 简式权益变动报告书 住所： 澳大利亚新南威尔士州悉尼港湾街11号联邦银行南 广场一层 通讯地址： 澳大利亚新南威尔士州悉尼港湾街11号联邦银行南 广场一层 权益变动性质： 信息披露义务人减持股份 签署日期：二〇二五年一月二十四日 上市公司名称： 杭州银行股份有限公司 股票上市地点： 上海证券交易所 股票简称： 杭州银行 股票代码： 600926 信息披露义务人： 澳洲联邦银行 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容 与格式准则第15号——权益变动报告书（2020年修订）》及其他相关法律、法规 和部门规章的有关规定编写。 二、信息披露义务人签署本报告书已获得必要的授权与批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第15号——权益变动报告书（2020修订）》 的规定，本报告书已全面披露信息披露义务人在杭州银行拥有权益的股份变动情 况。 ...

证券代码：600926 证券简称：杭州银行 公告编号：2025-003 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 关于股东签署《股份转让协议》暨权益变动的 提示性公告 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。 重要内容提示： 根据国家金融监督管理部门相关规定，新华保险通过本次 交易取得的公司股份，自完成过户登记之日起 5 年内不得转让。 本次权益变动事项尚需经过国家金融监督管理总局浙江 监管局关于本次权益变动事项股东资格的审批、上海证券交易所 （以下简称"上交所"）合规性确认，并在中国证券登记结算有 限责任公司上海分公司（以下简称"中国结算上海分公司"）办 理过户登记等手续。 一、本次权益变动基本情况 本次权益变动属于股东协议转让股份，不触及要约收购。 本次权益变动系杭州银行股份有限公司（以下简称"公司" "杭州银行"）股东澳洲联邦银行（Commonwealth Bank of Australia）将其持有的杭州银行 329,638,400 ...

Core Viewpoint - Xinhua Insurance plans to acquire 329.6 million shares of Hangzhou Bank from the Commonwealth Bank of Australia, which will increase its stake in Hangzhou Bank to 5.87% of the total share capital [1][3]. Group 1: Investment Activity - Insurance companies are increasing their investments in high-dividend assets to enhance asset-liability management and enjoy stable dividends [2]. - Xinhua Insurance's acquisition of Hangzhou Bank marks the largest investment by an insurance company in the bank's history, totaling over 4.3 billion yuan [3]. Group 2: Financial Performance - Hangzhou Bank has consistently increased its dividend payouts, with total dividends of 2.076 billion yuan, 2.372 billion yuan, and 3.084 billion yuan from 2021 to 2023, and a mid-year dividend of 2.22 billion yuan in 2024 [2]. - The bank's stock price increased by over 60% in 2024, outperforming its peers in the banking sector [5]. - For the first three quarters of 2024, Hangzhou Bank reported operating income of 28.494 billion yuan, a year-on-year increase of 3.87%, and a net profit attributable to shareholders of 13.870 billion yuan, up 18.63% [5]. Group 3: Shareholder Structure - After the acquisition, Xinhua Insurance will become the fourth-largest shareholder of Hangzhou Bank, contributing to a stable and diversified shareholder structure [3]. - The entry of long-term insurance capital is seen as a stabilizing factor for the capital market, supported by recent government policies encouraging long-term funds to enter the market [3]. Group 4: Future Outlook - Xinhua Insurance expresses a long-term positive outlook on Hangzhou Bank's development and aims to strengthen cooperation in bancassurance business [4].

证券代码：600926 证券简称： 杭州银行 公告编号：2025-001 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 可转债转股结果暨股份变动公告 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。 重要内容提示： 累计转股情况：截至 2024 年 12 月 31 日，累计共有人民 币 1,376,897,000 元"杭银转债"已经转换成杭州银行股份有限公 司（以下简称"公司"）A 股普通股股票，累计转股数为 119,054,969 股，占"杭银转债"转股前公司已发行 A 股普通股股份总额的 2.0076%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股 的"杭银转债"金额为人民币 13,623,103,000 元，占"杭银转债" 发行总量的比例为 90.8207%。 经上海证券交易所自律监管决定书〔2021〕166 号文同意， 公司 150 亿元可转债于 2021 年 4 月 23 日起在上海证券交易所挂 牌交易，债券简称"杭银转 ...