浙商银行求变：布局弱敏感行业冲破“周期魔咒”

Zheshang Bank seeks change: Weak and sensitive industries break through the "cycle curse"

当前银行业正面临增长、盈利、资产质量三重压力，如何结合自身资源禀赋，在经济周期迷雾中策略性调整资产投向，是摆在银行面前的必答题。

The banking industry is currently facing triple pressure of growth, profitability and asset quality. How to combine its own resource endowment and strategically adjust asset investment in the fog of the economic cycle is a must-answer question in front of banks.

在确定经济周期弱敏感资产为压舱石的定位之后，浙商银行迅速梳理弱周期行业进行评估，确定了新能源、食品、医药、农林牧副渔等22个弱周期行业，并在信贷投放上果断向这些经济周期弱敏感行业倾斜。

After determining the positioning of weakly cyclical assets as ballast, ZCB quickly sorted out weakly cyclical industries for evaluation and identified 22 weakly cyclical industries such as new energy, food, medicine, agriculture, forestry, animal husbandry and fishery, and decisively tilted credit allocation to these weakly cyclical industries.

截至2022年10月末，浙商银行仅在弱周期行业贷款的营收已达16.14亿元，短短四个月，增长六成。深耕于此，浙商银行不仅为自身增长寻找到“第二曲线”，也为行业提供了一份可借鉴的转型样本。

By the end of October 2022, ZCB's revenue from loans in weakly cyclical industries alone had reached 1.614 billion yuan, an increase of 60% in just four months. By plunging deeper into this area, ZCB has not only found a "second curve" for its own growth, but also provided a sample for the industry to learn from for its transformation.

瞄准新产业，三个信贷小故事

Aiming at new industries, three credit stories

在河南省林州市，有一个100MW光伏电站项目，鳞次栉比的光伏板整体地排列于中原大地，为周边省市提供着清洁能源。经营该项目的企业叫“阳光新能源”，此前企业存在融资成本高、资金用途受限和审批流程长等痛点。

In Linzhou City, Henan Province, there is a 100MW photovoltaic power plant project, where the lined up photovoltaic panels are arranged in a holistic manner in the Central Plains, providing clean energy to the surrounding provinces and cities. The company operating the project is called "Sunshine New Energy", which previously had pain points such as high financing costs, restricted use of funds and long approval process.

浙商银行了解情况后，为支持绿色低碳产业发展，仅用一个月时间，就为企业完成了授信，申报到3.45亿元的项目贷款额度支持，融资期限与项目投资回收期高度匹配，每年节约财务费用约173万元。

After understanding the situation, in order to support the development of green and low-carbon industries, Zheshang Bank completed the credit granting for enterprises in just one month, and applied for the project loan quota support of 345 million yuan. The financing period was highly matched with the payback period of project investment, saving about 1.73 million yuan in financial expenses every year.

企业相关负责人表示，“浙商银行高效的审批投放效率使得我们的项目建设资金顺利到位，为光伏电站建设顺利并网交付提供了强有力的支持。”

The relevant person in charge of the enterprise said, "The efficient approval efficiency of Zheshang Bank has enabled our project construction funds to be put in place smoothly, providing strong support for the smooth grid-connected delivery of photovoltaic power station construction."

视线转到安徽省滁州市定远县炉桥镇滨湖村。农户刘焕康在自家屋顶安装了一座功率25.48KW的光伏电站，看着屋顶上一块块光伏电板，老刘满脸是笑：“每年能增收近8000元呢，对我一个农民来说已经很多了。”他的故事是正泰安能光伏产业链上“共富梦”的小小缩影，更有赖于银行的助力。

The line of sight turned to the village of Binhu, Dingyuan County, Chuzhou City, Anhui Province, Furnace Bridge Town. Farmer Liu Huankang installed a power 25.48KW photovoltaic power station on the roof of his home, looking at the roof of a photovoltaic panels, Liu is full of smiles: "annual income of nearly 8000 yuan, for me a farmer has been a lot." His story is a small microcosm of the "dream of common wealth" in Astronergy's photovoltaic industry chain, and it depends on the help of the bank.

针对农户一次性购置光伏设备的费用支出较大、缺乏传统抵质押物的现象，浙商银行温州分行与光伏设备龙头企业正泰集团合作，为光伏产业下游小微企业农户量身定制了“光伏贷”产品，填补了光伏市场区域农户融资金融服务的短缺。截至2022年10月末，浙商银行已累计向1万余名农户投放10亿元“光伏贷”。

In response to the large cost of one-time purchase of photovoltaic equipment for farmers, the lack of traditional collateral phenomenon, Zheshang Bank Wenzhou Branch and photovoltaic equipment leading enterprise Chint Group cooperation, for the photovoltaic industry downstream micro and small enterprises farmers tailored "photovoltaic loan" products, to fill the shortage of financing financial services for farmers in the photovoltaic market area. By the end of October 2022, Zheshang Bank has invested a total of 1 billion yuan in "photovoltaic loans" to more than 10,000 farmers.

围绕着“双碳”背景，浙商银行在能源产业上的服务能力深耕还延伸至清洁能源循环上。

Around the background of "double carbon", Zheshang Bank's deep service capacity in the energy industry also extends to the clean energy cycle.

浙能锦江环境是国内垃圾焚烧发电行业的先行者和引领者，2021年累计处理1138万吨垃圾，产生了34.3亿千瓦时的绿色电力。这家“变废为宝”的企业同样面临着流动性问题困扰，垃圾发电项目的固定资产一次性投入大，项目收入账期在3到6个月之间，现金流收入和支出无法完全匹配。

ZNJ Environment is a pioneer and leader in the domestic waste-to-energy industry, having processed 11.38 million tons of waste and generated 3.43 billion kWh of green electricity in 2021. This "waste to treasure" company also faces liquidity problems. The one-time investment in fixed assets for waste-to-energy projects is large, and the project income accounting period is between 3 and 6 months, so the cash flow income and expenditure cannot be fully matched.

浙商银行了解到企业的需求后，为其量身定制流动性支持服务方案，开辟审批绿色通道，高效提供1.5亿元流贷支持。企业用这笔资金支付了急需的材料款，并与该行建立了稳定良好的合作关系。

After understanding the needs of enterprises, Zheshang Bank tailored the liquidity support service plan for them, opened up a green channel for examination and approval, and efficiently provided 150 million yuan of flow loan support. The enterprise used this fund to pay for urgently needed materials and established a stable and good cooperative relationship with the bank.

一个个案例仅仅是浙商银行服务新产业的缩影。经过转型，该行信贷资金更多地投向新能源企业、农林牧副渔等经济周期弱敏感资产，尤其提升弱周期高景气度行业的授信资产占比，这是银行经营在履行金融担当之余，面对当前经济形势做出的优化调整。

One case is just a microcosm of ZCB's service to new industries. After the transformation, the bank's credit funds are invested more in new energy enterprises, agriculture, forestry, animal husbandry and fishery and other weakly sensitive assets of the economic cycle, especially to enhance the proportion of credit assets in weakly cyclical and high prosperity industries, which is the optimization adjustment made by the bank's operation in the face of the current economic situation in addition to fulfilling its financial role.

为何选择经济周期弱敏感行业？

Why choose industries with weak economic cycle sensitivity?

逆经济周期当前，银行业经营环境面临较大的复杂性和不确定性，普华永道指出，银行应主动采取措施，做好逆周期调节，增强抵御风险的韧性，持续推进改革和战略转型，助力经济企稳复苏。

Counter-economic cycle at present, the banking business environment is facing great complexity and uncertainty. PricewaterhouseCoopers pointed out that banks should take the initiative to take measures to make counter-cyclical adjustment, enhance resilience against risks, and continue to promote reform and strategic transformation to help the economy stabilize and recover.

今年上半年，浙商银行提出以“经济周期弱敏感资产”为压舱石，打造高质量发展的一流经营体系的经营策略。经济周期弱敏感资产，指的是从银行全部资产中按照一定标准加以筛选、组合配置的某类资产或资产组合，这些资产经风险调整后的收益和质量，跟经济周期是弱相关的，以减少经济周期对银行的影响。

In the first half of this year, ZCB put forward the business strategy of "weakly cyclically sensitive assets" as a ballast to build a first-class management system for high-quality development. Weakly cyclical assets refer to a certain type of assets or portfolio of assets that are selected and allocated according to certain criteria from the bank's total assets, and the risk-adjusted returns and quality of these assets are weakly correlated with the economic cycle to reduce the impact of the economic cycle on the bank.

根据不同的核心指标，浙商银行划分出三类经济周期弱敏感资产并匹配不同的资产分配：小额分散资产、弱周期行业资产、客户服务总量。

According to different core indicators, Zheshang Bank divides three types of weakly sensitive assets in economic cycle and matches different asset allocation: small scattered assets, weak cycle industry assets and total customer service.

其中，经济周期弱敏感行业的选择与布局成为浙商银行的重要转型方向之一。通过梳理与专家评估，浙商银行确定了包括新能源、食品、医药、农林牧副渔等22个弱周期行业，并加大了投放力度。

Among them, the selection and layout of industries with weak economic cycle sensitivity has become one of the important transformation directions of Zheshang Bank. Through combing and expert evaluation, Zheshang Bank identified 22 weak cycle industries including new energy, food, medicine, agriculture, forestry, animal husbandry and fishery, and increased its investment.

何为弱周期行业？即无论经济形势如何，都不会或者较少影响到这些行业的需求，增长较为稳定。其特点在于，即使在逆经济周期之时，这些行业依然能够保持较好的基本面和稳健的增长。

What is a weak cycle industry? That is, no matter what the economic situation is, it will not or less affect the demand of these industries, and the growth is relatively stable. Its characteristic is that even in the counter-economic cycle, these industries can still maintain good fundamentals and steady growth.

国泰基金分析师徐治彪表示，按照“分子定方向”的投资逻辑，弱周期背景下成长会是更好选择，制造业是核心，尤其是以新能源为代表的制造业，这关系到国家的未来。

Xu Zhibiao, an analyst at Cathay Pacific Fund, said that according to the investment logic of "molecular direction", growth under the background of weak cycle is a better choice, and manufacturing is the core, especially the manufacturing represented by new energy, which is related to the future of the country.

对于弱周期行业的布局，浙商银行强调这一领域核心特征是弱周期行业要真实。

As for the layout of weak-cycle industries, Zheshang Bank emphasizes that the core feature of this field is that weak-cycle industries should be real.

因此，在授信政策上，侧重加强对宏观经济走势的前瞻性预测，结合跨周期与逆周期适时调整授信政策和授信授权，制定行业差异化的客户准入标准和授信管理要求，合理设定期限结构，优化资产配置。

Therefore, in terms of credit policy, we should focus on strengthening the forward-looking forecast of macroeconomic trends, adjust credit policies and credit authorization in a timely manner in combination with cross-cycle and counter-cycle, formulate industry-differentiated customer access standards and credit management requirements, reasonably set the term structure, and optimize asset allocation.

选择上，浙商银行通过“两降”“两升”授信资产配置进行调节：即适当降低强周期低景气度行业、审慎介入弱周期低景气度行业；同时提升弱周期高景气度行业和择优支持强周期高景气度行业，并且能够根据所处经济周期的不同阶段和行业周期性影响因素，动态调整各强弱周期行业的限额。

In terms of selection, ZCB adjusts its credit asset allocation through "two downs" and "two ups", i.e. appropriately lowering the strong-cycle low-boom industries and prudently intervening in the weak-cycle low-boom industries, while raising the weak-cycle high-boom industries and supporting the strong-cycle high-boom industries on merit, and dynamically adjusting the limits of each strong- and weak-cycle industry according to the different stages of the economic cycle and the cyclical impact factors of the industry.

从数据来看，截至今年10月底，浙商银行在弱周期行业贷款的营收达到16.14亿元，短短四个月，较6月底增加了六成。

According to the data, as of the end of October this year, Zheshang Bank's loan revenue in weak cycle industries reached 1.614 billion yuan, an increase of 60% compared with the end of June in just four months.

转型初期，浙商银行这一动向就被机构捕捉。中金公司分析认为，聚焦弱周期等资产布局，浙商银行期望通过大力布局“经济周期弱敏感”资产，平滑周期对银行业绩的影响，实现更为稳健的经营。

At the early stage of transformation, this trend of Zheshang Bank was captured by institutions. According to CICC's analysis, focusing on asset layout such as weak cycle, Zheshang Bank expects to smooth the impact of cycle on bank performance and achieve more stable operation by vigorously laying out assets with weak economic cycle sensitivity.

行业布局入手，构建穿越经济周期的屏障

Starting with the layout of the industry, build a barrier to cross the economic cycle

在浙商银行经济周期弱敏感行业布局中，新能源、农林牧渔业、科教文卫等新增业务投向尤为引起市场关注，这不仅是经济转型大势所趋，更是推动绿色发展、创新驱动发展、全面推进乡村振兴等方向不谋而合。

In the layout of the weakly sensitive industries of the economic cycle of ZCB, the new business investment in new energy, agriculture, forestry, animal husbandry and fishery, science, education, culture and health, etc. has attracted particular attention from the market, which is not only the general trend of economic transformation, but also the direction of promoting green development, innovation-driven development and comprehensive promotion of rural revitalization.

能源行业作为周期弱敏感行业，为银行提供了新的资产投放方向，并且有助于银行降低资产配置风险。中信建投分析师竺劲表示，新能源项目具有投资金额大、建设周期短、运营周期长及投资收益率较高的特点；且根据中金公司估算，实现碳中和大概需要139万亿元的投入，其中新能源体系建设需要投入的资金就需要67.4万亿元。

The energy industry, as a weakly cycle-sensitive industry, provides banks with a new direction for asset placement and helps them reduce asset allocation risks. Zhu Jin, an analyst at CITIC Capital, said that new energy projects have the characteristics of large investment amount, short construction cycle, long operation cycle and high investment return; and according to CICC's estimation, it takes about 139 trillion yuan to achieve carbon neutrality, of which 67.4 trillion yuan is needed for the construction of new energy system.

技术变革意味着产业链的调整与市场格局的洗牌，虽然这一过程将十分漫长，但率先布局者将有更大可能在新一轮竞争中占据主动。

Technological change means the adjustment of industrial chain and the reshuffle of market structure. Although this process will be very long, those who take the lead in layout will be more likely to take the initiative in the new round of competition.

因此，浙商银行明确将能源行业作为重要布局领域，早在2021年，浙商银行在总行公司银行部新设次一级部能源金融部、授信评审部新设能源（双碳）金融评审中心，组建专业化团队，重点围绕电力能源生产和电力能源转化领域实施专业化经营。

Therefore, ZCB clearly takes the energy industry as an important layout area. As early as 2021, ZCB established a new sub-department Energy Finance Department in the Corporate Banking Department of the Head Office and a new Energy (Dual Carbon) Finance Review Center in the Credit Review Department, and set up a specialized team to implement specialized operations focusing on the fields of electric energy production and electric energy conversion.

新能源投入巨大，回报周期较长，单纯的贷款很难对优质客户有吸引力，企业更多需要的是综合化、一站式服务，针对需求，浙商银行在产品与服务能力均进行了提升。

The investment in new energy is huge, and the return period is long. It is difficult for simple loans to attract high-quality customers. Enterprises need more integrated and one-stop services. In response to the demand, Zheshang Bank has improved its product and service capabilities.

具体来看，在产品上，浙商银行加强“投贷债”联动，为客户提供综合化、一站式服务；在范围上，全面覆盖一二级市场；在服务上，通过金融顾问在内的专业化服务解决企业融资中遇到的问题，增强与企业的粘性；在服务模式创新上，配合衢州市人行和湖州市人行开展金融支持工业碳账户体系建设点，专门设计的碳账户专项贷款“碳易贷”业务，累计发放融资超过20亿元。

Specifically, in terms of products, ZCB strengthens the linkage of "investment, loan and debt" to provide customers with comprehensive and one-stop services; in terms of scope, it comprehensively covers the primary and secondary markets; in terms of services, it solves the problems encountered by enterprises in financing through professional services including financial consultants to enhance the adhesion with enterprises; in terms of service model innovation, it cooperates with the People's Bank of Quzhou and the People's Bank of Huzhou to carry out financial support for the construction of industrial carbon account system, and the specially designed carbon account special loan "Carbon Easy Loan" business has issued a total of more than 2 billion yuan in financing.

此外，浙商银行还加大了重点区域和领域的资源倾斜力度，今年分别与内蒙古自治区、甘肃省和陕西省政府及相关部门签订战略合作协议，“十四五”期间累计提供意向性融资超过8000亿元，重点支持能源资源禀赋丰富区域能源行业转型升级和高质量发展。

In addition, Zheshang Bank has also increased the resource inclination in key areas and fields, This year, it signed strategic cooperation agreements with the governments and relevant departments of Inner Mongolia Autonomous Region, Gansu Province and Shaanxi Province respectively. During the "14th Five-Year Plan" period, it provided more than 800 billion yuan of intentional financing, focusing on supporting the transformation, upgrading and high-quality development of the energy industry in regions rich in energy resources endowment.

信贷服务数据增长突飞猛进，截至今年9月末，浙商银行服务能源行业客户超过2000户，授信客户888户、较年初增加139户，增幅达18.6%；能源金融客户融资余额734亿元，较年初增加43亿元。

Credit service data has grown by leaps and bounds. As of the end of September this year, Zheshang Bank served more than 2,000 customers in the energy industry and 888 credit customers, an increase of 139 over the beginning of the year, an increase of 18.6%; The financing balance of energy finance customers was 73.4 billion yuan, an increase of 4.3 billion yuan over the beginning of the year.

下一步，浙商银行将继续以新能源领域为重点，以新能源产业链客群服务为核心，加快推动重点产业链、重点客户、重点项目、重点场景和重点区域业务拓展，打造优质资产业务新增长极，构建经济周期弱敏感资产的压舱石，力争到2023年底，能源金融授信客户数1000户；表内外融资投放达到1000亿元，表内外融资余额突破1000亿元。

In the next step, Zheshang Bank will continue to focus on new energy, Taking the customer service of the new energy industry chain as the core, we will accelerate the business expansion of key industrial chains, key customers, key projects, key scenarios and key areas, create a new growth pole for high-quality asset business, and build a ballast stone for weakly sensitive assets in the economic cycle. By the end of 2023, the number of energy financial credit customers will be 1,000; On-and off-balance sheet financing reached 100 billion yuan, and the balance of on-and off-balance sheet financing exceeded 100 billion yuan.

分析人士认为，浙商银行已全面开启高质量发展新征程，包括新能源、农林牧渔行业在内的“经济周期弱敏感资产”，不仅将成为该行自身转型的有力抓手，也将筑建起一道穿越经济周期的坚固屏障。

Analysts believe that Zheshang Bank has started a new journey of high-quality development in an all-round way, and the "weakly sensitive assets of economic cycle" including new energy, agriculture, forestry, animal husbandry and fishery industries will not only become a powerful starting point for the bank's own transformation, but also build a solid barrier to cross the economic cycle.