来源：环球网 在河南郑州一家建材卖场里，市民王杰女士刚用建行装修分期卡支付了新家的地板款项。"正好赶上'家 装节'，一年免息，压力小多了。"她笑着说。 建行河南省分行通过资源整合打造"家装生态圈"，既让利消费者，又为商户引流，实现多方共赢。正如 那位在卖场里的王女士所言，"装修是大事，有这样的支持，安心不少。" 据悉，活动期间持建行装修分期卡的客户，可在建行优选合作商户享受"一年期分期付款免息"，减轻了 居民装修的资金压力。数据显示，自启动至10月22日，全省装修分期业务客户申请量已达2629笔，申请 金额累计6.5亿元，在合作商户的消费交易额达315.9万元。通过银商协同的深度合作模式，合作商户共 同投入贴息资源6.9万元，有效降低了客户融资成本。 除免息权益外，建行还为客户推出了商圈满减礼。截至目前，建行已联合全省超过1500家商户开展此项 活动，通过核销148份礼券，累计为客户节省支出7.4万元。 王女士所体验的，正是建行河南省分行的"建行家装节·零息装新家"专项消费金融服务。该活动自9月28 日开始，预计10月31日结束，在提供优惠的金融产品基础上，联合全省百余家优选家装商户同频减费让 利，让客户享受 ...

Investment Rating - The report maintains a "Buy" rating for China Construction Bank (601939.SH) with a current price of 9.24 CNY [1]. Core Views - The bank's performance is showing a return to positive growth, with a stable revenue increase and a recovery in profit growth. The bank's three major strategies are being effectively implemented, contributing to its performance [4][10]. Financial Performance Summary - For the first three quarters of 2025, the bank achieved a revenue of 573.7 billion CNY, a year-on-year growth of 0.8%, and a net profit attributable to shareholders of 257.4 billion CNY, with a year-on-year growth of 0.6%. The annualized weighted average return on equity (ROAE) was 10.32%, a decrease of 0.71 percentage points year-on-year [3][4]. - The net interest income and non-interest income growth rates for the first three quarters were -3% and 14%, respectively, indicating a strong performance in non-interest income despite a decline in net interest income [4][8]. - The bank's cost-to-income ratio and credit impairment losses as a percentage of revenue were 24.8% and 21.2%, respectively, both showing year-on-year increases [4]. Loan and Deposit Growth Summary - As of the end of Q3 2025, the bank's interest-earning assets and loans grew by 10.4% and 7.5% year-on-year, respectively, indicating steady credit growth [5]. - The bank's deposits increased at a rate of 11.4% year-on-year, with a total of 191.4 billion CNY added in the third quarter alone [6]. Asset Quality and Capital Adequacy Summary - The non-performing loan (NPL) ratio was 1.32% at the end of Q3 2025, down 1 basis point from the previous quarter, indicating improved asset quality [9]. - The bank's capital adequacy ratios were robust, with a core Tier 1 capital ratio of 14.36% and a total capital adequacy ratio of 19.24% as of Q3 2025, providing a strong buffer for future growth [9][27]. Earnings Forecast and Valuation Summary - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 1.29 CNY, 1.32 CNY, and 1.35 CNY, respectively. The current stock price corresponds to a price-to-book (PB) ratio of 0.71 and a price-to-earnings (PE) ratio of 7.14 [10][11].

Investment Rating - The investment rating for the company is "Accumulate" (maintained rating) with a target price not specified [7] Core Views - The company's profitability has shown signs of recovery, with a revenue of approximately 573.7 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 0.82% [2] - The net profit attributable to shareholders reached 257.36 billion yuan, reflecting a year-on-year increase of 0.62% [2] - The net interest margin recorded at 1.36%, down 4 basis points from the first half of 2025 [2] - Non-interest income increased significantly, with net investment income rising by 150.55% year-on-year to 36.76 billion yuan, accounting for 6.41% of total revenue [2] Financial Performance Summary - For the first three quarters of 2025, the company achieved a net interest income of 427.61 billion yuan, which is a decrease of 3% year-on-year, making up 74.53% of total revenue [2] - Non-interest income was 146.10 billion yuan, showing a year-on-year growth of 13.95% [2] - The company's total interest-earning assets amounted to 44.48 trillion yuan, with a year-on-year growth of 10.89% [3] - The non-performing loan ratio decreased to 1.32%, with a provision coverage ratio of 235.1% [4] Asset and Liability Structure - As of the third quarter of 2025, the company's interest-bearing liabilities totaled 41.23 trillion yuan, reflecting a year-on-year increase of 15.28% [3] - The structure of interest-bearing liabilities includes deposits (73.25%), bond issuance (6.39%), interbank liabilities (17.65%), and borrowing from the central bank (2.71%) [3] - The loan structure shows that loans accounted for 60.31% of interest-earning assets, with a year-on-year growth of 7.59% [3] Profitability Forecast and Valuation - The company is expected to see a net profit growth of 0.87%, 2.15%, and 3.28% for the years 2025, 2026, and 2027 respectively [5] - The book value per share (BPS) is projected to be 13.01 yuan, 14.12 yuan, and 15.27 yuan for the years 2025, 2026, and 2027 respectively [5]

瑞银发布研报称，建设银行（601939）(00939)今年首三季纯利为2,574亿元人民币，同比微升0.6%，扭 转了上半年同比下跌1.4%的下行趋势。单计第三季，纯利同比增长4.2%，增幅与四大行平均水平(4.1%) 相若。然而该行第三季收入由升转跌，主要受到期内净利息收入同比跌2.7%、净息差同比收窄21个基 点，以及其他非利息收入转弱等拖累。瑞银预期，市场对建行上季业绩反应将略为负面，仍给予"买 入"评级，目标价10.2港元。 ...

智通财经APP获悉，瑞银发布研报称，建设银行(00939)今年首三季纯利为2,574亿元人民币，同比微升 0.6%，扭转了上半年同比下跌1.4%的下行趋势。单计第三季，纯利同比增长4.2%，增幅与四大行平均 水平(4.1%)相若。然而该行第三季收入由升转跌，主要受到期内净利息收入同比跌2.7%、净息差同比收 窄21个基点，以及其他非利息收入转弱等拖累。瑞银预期，市场对建行上季业绩反应将略为负面，仍给 予"买入"评级，目标价10.2港元。 ...

格隆汇10月31日｜瑞银发表研究报告指，建设银行今年首三季纯利为2574亿元，按年微升0.6%，扭转 了上半年按年下跌1.4%的下行趋势。单计第三季，纯利按年增长4.2%，增幅与四大行平均水平(4.1%)相 若。然而第三季收入由升转跌，主要受到期内净利息收入按年跌2.7%、净息差按年收窄21个基点，以 及其他非利息收入转弱等拖累。瑞银预期市场对建行上季业绩反应将略为负面，仍给予"买入"评级，目 标价为10.2港元。 ...

Core Viewpoint - China Construction Bank (CCB) reported solid performance in Q3 2025, focusing on enhancing its capabilities to support the real economy and maintain financial stability, while exploring high-quality development paths [1] Financial Performance - Operating income reached 560.281 billion RMB, a year-on-year increase of 1.44% [2] - Pre-provision profit was 411.360 billion RMB, up 1.03% year-on-year [2] - Net profit amounted to 258.446 billion RMB, reflecting a 0.52% increase compared to the previous year [2] - Net profit attributable to shareholders was 257.360 billion RMB, with a growth of 0.62%, marking an acceleration in growth over two consecutive quarters [2] - Non-interest income from fees and commissions rose to 89.668 billion RMB, a 5.31% increase year-on-year [2] - Total assets reached 45.37 trillion RMB, growing 11.83% from the end of the previous year [2] - Total loans and advances amounted to 27.68 trillion RMB, up 7.10% from the end of the previous year [2] - Total liabilities were 41.71 trillion RMB, increasing by 12.05% [2] - Non-performing loan ratio stood at 1.32%, down 0.02 percentage points from the end of the previous year [2] Business Development - CCB actively supports the real economy, with manufacturing loans exceeding 3.5 trillion RMB and private sector loans surpassing 6.7 trillion RMB [3] - The bank has issued green loans totaling 5.89 trillion RMB, reflecting an 18.38% increase year-to-date [3] - The pension fund management scale reached 700.899 billion RMB, growing 11.78% from the end of the previous year [3] - Digital financial services are expanding, with mobile banking users totaling 542 million [3] Risk Management - CCB emphasizes a comprehensive risk management approach, enhancing integrated risk control capabilities across its subsidiaries and branches [4] - The bank is focused on improving its risk monitoring and early warning systems through intelligent risk control measures [4]

Core Insights - The six major state-owned banks in China reported a year-on-year increase in both operating income and net profit for the first three quarters of 2025, with operating income reaching approximately 2.73 trillion yuan and net profit around 1.72 trillion yuan, reflecting growth rates of 1.87% and 1.22% respectively [1][2] Financial Performance - All six banks achieved positive year-on-year growth in revenue and net profit, with Bank of China and Industrial and Commercial Bank of China leading in revenue growth rates of 2.69% and 2.17% respectively [2] - Agricultural Bank of China reported a net profit growth rate exceeding 3%, specifically at 3.03%, while other banks like Bank of Communications and Bank of China also showed net profit growth above 1% [2] - The absolute profit figures for the banks were significant, with Industrial and Commercial Bank of China earning approximately 269.9 billion yuan, followed by China Construction Bank at 257.4 billion yuan and Agricultural Bank of China at 220.9 billion yuan [2] Net Interest Margin - The net interest margin (NIM) for most banks continued to decline, with only Bank of Communications showing a year-on-year increase in net interest income of 1.46% [3] - The decline in NIM was less severe compared to the first half of the year, with quarterly declines ranging from 0.01 to 0.04 percentage points [3] Asset Quality and Growth - By the end of the third quarter, total assets of the six banks approached 218 trillion yuan, marking a growth of approximately 1.85% since mid-year [1][4] - The total loan amount exceeded 127 trillion yuan, with a growth of around 9 trillion yuan compared to the end of the previous year, particularly driven by Bank of China, Postal Savings Bank, and Agricultural Bank of China, all showing growth rates above 8% [4] Provision Coverage - The overall asset quality showed improvement, with five banks reporting a decrease in non-performing loan ratios compared to the end of the previous year, while Postal Savings Bank experienced a slight increase [4] - The provision coverage ratio for Agricultural Bank of China remained the highest among the banks, although it decreased from approximately 299.61% to 295.08% [5] Market Capitalization - As of October 30, Agricultural Bank of China led in market capitalization at approximately 2.74 trillion yuan, followed by Industrial and Commercial Bank of China at about 2.59 trillion yuan [5] - Agricultural Bank of China was noted as the only major state-owned bank with a price-to-book (PB) ratio recovering to above 1 [5]

Core Viewpoint - China Construction Bank reported a year-on-year increase in both revenue and net profit for the first three quarters of 2025, with revenue rising by 0.82% to 573.70 billion yuan and net profit increasing by 0.62% to 257.36 billion yuan [1][2]. Financial Performance - As of the end of September, total assets reached 45.37 trillion yuan, an increase of 11.83% compared to the end of the previous year [2]. - The total amount of loans and advances was 27.68 trillion yuan, up 7.10% from the end of last year [2]. - Non-performing loan (NPL) ratio stood at 1.32%, a decrease of 0.02 percentage points from the end of the previous year [2]. - The bank's net interest income was 427.61 billion yuan, down 3.00% year-on-year, while non-interest income rose by 13.95% to 146.10 billion yuan [4]. Profitability Metrics - The annualized average return on assets was 0.80%, and the annualized weighted average return on equity was 10.32% [2]. - The net profit attributable to shareholders for the third quarter increased by 4.19% to 95.28 billion yuan [3]. Business Segments - Fee and commission income grew by 5.31% to 89.67 billion yuan, indicating a positive trend in wealth management [4]. - The bank's wealth management business showed strong growth, with double-digit increases in fund distribution and third-party custody services [4]. Loan and Investment Highlights - The balance of green loans reached 5.89 trillion yuan, growing by 18.38% year-on-year [6]. - Inclusive finance loans for small and micro enterprises amounted to 3.81 trillion yuan, an increase of 397.69 billion yuan from the end of last year [6]. Technological and Financial Innovations - The bank has registered 21 financial asset investment companies and completed the filing of 19 funds [6]. - The application of artificial intelligence has been systematically promoted, supporting 347 business scenarios [6].

Group 1 - The six major state-owned banks in China reported revenue and net profit growth for the first three quarters of the year, with a total profit of 1.07 trillion yuan [1] - Revenue figures for the six banks are as follows: ICBC 640.03 billion yuan, ABC 550.88 billion yuan, CCB 573.70 billion yuan, BOC 491.20 billion yuan, PSBC 265.08 billion yuan, and CMB 199.65 billion yuan, with year-on-year growth rates of 2.17%, 1.97%, 0.82%, 2.69%, 1.82%, and 1.80% respectively [1] - Net profit figures are: ICBC 269.91 billion yuan, ABC 220.86 billion yuan, CCB 257.36 billion yuan, BOC 177.66 billion yuan, PSBC 76.56 billion yuan, and CMB 69.99 billion yuan, with year-on-year growth rates of 0.33%, 3.03%, 0.62%, 1.08%, 0.98%, and 1.90% respectively [1] Group 2 - The net interest margin, a key indicator of bank profitability, has been narrowing for the six major banks, with margins reported as follows: ICBC 1.28%, ABC 1.30%, CCB 1.36%, BOC 1.26%, PSBC 1.68%, and CMB 1.20%, all showing a year-on-year decline [1] - As of the end of September, the non-performing loan ratios for the banks were: ICBC 1.33%, ABC 1.27%, CCB 1.32%, BOC 1.24%, PSBC 0.94%, and CMB 1.26%, all showing improvement compared to the end of the previous year [2] - The total dividend payout proposed by the banks amounts to 204.66 billion yuan, with individual payouts per 10 shares as follows: ICBC 1.414 yuan, ABC 1.195 yuan, CCB 1.858 yuan, BOC 1.094 yuan, PSBC 1.230 yuan, and CMB 1.563 yuan [2]