Core Insights - The six major state-owned banks in China reported a total operating income of approximately 2.73 trillion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.87% [3] - The net profit attributable to shareholders reached about 1.72 trillion yuan, with a year-on-year increase of 1.22% [3] - All six banks achieved positive year-on-year growth in both revenue and net profit, with significant contributions from the third quarter [4] Revenue and Profit Performance - The revenue growth rates for Bank of China and Industrial and Commercial Bank of China were 2.69% and 2.17%, respectively, while Agricultural Bank of China led in net profit growth at 3.03% [3] - Absolute profit figures for the banks included approximately 269.9 billion yuan for ICBC, 257.4 billion yuan for CCB, and 220.9 billion yuan for ABC [3] Interest Income and Net Interest Margin - Interest income continued to decline, with only the Bank of Communications showing a year-on-year increase of 1.46% in net interest income [6] - The net interest margin for most banks decreased, but the rate of decline has narrowed compared to earlier in the year, with declines ranging from 0.01 to 0.04 percentage points per quarter [6] Asset Growth and Quality - Total assets of the six banks approached 218 trillion yuan, with a growth of approximately 1.85% since mid-year [3] - The non-performing loan ratio improved for five banks compared to the end of last year, while one bank saw a slight increase [7] Market Capitalization - As of October 30, Agricultural Bank of China had a market capitalization of 2.74 trillion yuan, leading among the banks, while ICBC's market cap was 2.59 trillion yuan [8]

人民财讯10月31日电，10月29日，全球系统重要性金融机构会议在京召开。本次会议的主题是"人工智 能时代金融生态变革"。中国工商银行行长刘珺出席并参加圆桌讨论。刘珺表示，新一轮科技革命带给 金融的不仅是范式变化或结构调整，而将是一场再造和重塑。对金融机构，尤其是全球系统重要性金融 机构而言，应该就未来金融发展一些重大、根本性的命题进行探索，创新AI时代的金融服务模式，推 动管理理念、业务模式、价值曲线等全方位适应性再造，形成面向复杂问题的综合解决方案。要完善数 据治理，实现数据价值和数据权属的平衡，建立基于数据价值评估的动态定价体系。构建实体金融与虚 拟金融监管的一致性安排，取齐各自的监管上限、底线和约束条件。探索人工智能与人类智能和谐共生 的治理机制，确保技术创新始终服务于人类社会的共同利益与长远发展。 转自：证券时报 ...

Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [6] Core Insights - The company reported a revenue of approximately 640.03 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.17% and an increase of 0.6 percentage points compared to the first half of 2025 [1] - The net profit attributable to shareholders for the same period was 269.91 billion yuan, showing a slight year-on-year increase of 0.33% [1] - The net interest margin (NIM) for the first three quarters of 2025 was recorded at 1.28%, down by 2 basis points from the first half of 2025 [1] Revenue and Profitability - The company's net interest income was 473.42 billion yuan, accounting for 73.97% of total revenue, with a year-on-year decrease of 0.7% [1] - Non-interest income reached 166.61 billion yuan, marking an increase of 11.30% year-on-year [1][2] - The pre-provision profit growth rates for the first half and first three quarters of 2025 were 1.43% and 1.84%, respectively [1] Asset and Liability Structure - As of the end of the third quarter of 2025, the total interest-earning assets amounted to 51.41 trillion yuan, reflecting a year-on-year growth of 9.64% [2] - The total interest-bearing liabilities were 48.12 trillion yuan, with a year-on-year increase of 11.58% [2] - The loan-to-asset ratio increased slightly by 0.07 percentage points compared to the middle of 2025 [2] Asset Quality - The non-performing loan (NPL) ratio stood at 1.33%, remaining stable compared to the previous quarter [3] - The loan provision coverage ratio was 217.2%, showing a slight decrease of 0.50 percentage points [3] Profit Forecast and Valuation - The company is expected to see a net profit growth of -0.20%, +2.00%, and +3.49% for the years 2025 to 2027 [4] - The book value per share (BPS) is projected to be 11.38, 12.60, and 14.20 yuan for the years 2025, 2026, and 2027, respectively [4]

近日，工行保亭支行成功为保亭什玲镇八村幼儿园上线"e缴费"平台，这是工行在保亭落地的首笔幼儿 园食堂线上缴费平台业务，也是该行深耕本地教育场景、推动数字化转型与服务民生融合的生动实践。 保亭什玲镇八村幼儿园相关负责人说："'e缴费'平台的上线切实解决了我们的难题！以前收费耗费大量 人力物力，还担心现金安全。现在家长随时随地就能缴费，我们后台管理清晰便捷，账务处理效率大幅 提升，资金也更安全了，真正实现了学校省心、家长放心。" 此次保亭首笔幼儿园食堂"e缴费"平台的成功上线，是工行海南省分行积极践行数字化转型战略、运用 金融科技赋能社会民生的重要成果。它不仅有效拓展工行在政府服务和个人金融服务的覆盖广度和深 度，提升市场竞争力，更通过提供便捷、安全、高效的智慧金融服务，有力支持保亭教育领域的现代化 管理进程，彰显工行服务地方经济、便民惠企的良好品牌形象。未来，工行保亭支行将继续深化场景建 设，推动更多便民、利企的数字化金融服务在保亭落地生根。(来源：工行海南省分行) 此次上线的工行"e缴费"平台是为县域幼儿园缴费管理痛点量身定制的。对于家长而言，该平台依托安 全、稳定的线上支付系统，提供微信、支付宝、手机银行A ...

工商银行（601398）(01398)发布公告，根据有关规定，国家金融监督管理总局已核准段红涛先生担任 该行执行董事的任职资格。段红涛先生担任该行执行董事的任职已生效。 ...

Core Insights - The Industrial and Commercial Bank of China (ICBC) reported a net profit of 271.88 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.52% [1] - The bank's total assets reached 52.81 trillion yuan, an increase of 3.99 trillion yuan or 8.18% compared to the end of the previous year [1][2] Financial Performance - Net profit attributable to shareholders was 269.91 billion yuan, with a year-on-year increase of 0.33% [1] - Operating income for the first three quarters was 610.97 billion yuan, up 1.98% year-on-year [1] - Net interest income decreased by 0.70% to 473.42 billion yuan, with an annualized net interest margin of 1.28%, down 15 basis points [1] - Non-interest income grew by 12.40% to 137.55 billion yuan, with fee and commission income increasing by 0.60% to 90.87 billion yuan [1] Asset and Loan Growth - Total customer loans and advances (excluding accrued interest) amounted to 30.45 trillion yuan, an increase of 2.08 trillion yuan or 7.33% [1] - Domestic branch RMB loans rose by 2.04 trillion yuan, reflecting a growth of 7.65% [1] - Investment increased by 2.31 trillion yuan to 16.47 trillion yuan, marking a growth of 16.33% [1] Liability and Deposit Structure - Total liabilities reached 48.62 trillion yuan, up 3.79 trillion yuan or 8.44% from the end of the previous year [2] - Customer deposits increased by 2.47 trillion yuan to 37.31 trillion yuan, a growth of 7.09% [2] - The structure of deposits included 22.50 trillion yuan in time deposits and 14.05 trillion yuan in demand deposits [2] Asset Quality and Capital Adequacy - Non-performing loan (NPL) balance stood at 404.84 billion yuan, an increase of 25.38 billion yuan, with an NPL ratio of 1.33%, down 0.01 percentage points [2] - Provision coverage ratio improved to 217.21%, up 2.30 percentage points [2] - Core Tier 1 capital adequacy ratio was 13.57%, Tier 1 capital adequacy ratio was 14.80%, and total capital adequacy ratio was 18.85%, all meeting regulatory requirements [2]

工商银行 1-9 月归母净利润、营业收入、PPOP 分别同比+0.3%、+2.2%、 +2.0%，增速较 1-6 月+1.7pct、+0.6pct、+0.4pct。 公司业绩边际改善，非 息收入增速回升，中收增速由负转正，资产质量稳健。我们认为龙头地位稳 固，A/H 股维持买入/买入评级。 证券研究报告 工商银行 (601398 CH/1398 HK) 港股通 非息增速改善助力业绩回稳 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 国有大型银行 聚焦支持"四稳"，服务实体提质扩面。公司靠前对接各项存量和增量政策， 承销首批股权投资机构科技创新债券，AIC 股权投资试点业务规模行业领 先。突出"工"的主责主业和"商"的专业特色，做好金融"五篇大文章"，加力支 持国民经济重大战略、重点领域和薄弱环节，制造业、科技创新、绿色发展、 普惠小微等领域贷款增速均高于各项平均；积极支持提振消费、保障民生， 加强消费者权益保护，6 月末个人消费贷款增长 10.2%。 给予 A/H 股 26 年目标 PB0.85/0.65 倍 规模持续增长，息差略有波动 9 月末总资产、贷款、存款增速分别为+9.2 ...

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]

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company achieved positive growth in both revenue and profit, with operating income reaching 640 billion yuan, a year-on-year increase of 2.2%, and net profit attributable to shareholders at 269.9 billion yuan, a 0.3% increase year-on-year [1][3] - The company's total assets grew by 9.2% year-on-year to 52.8 trillion yuan, with deposits increasing by 7.1% to 37.3 trillion yuan and loans rising by 7.3% to 30.5 trillion yuan [1][2] - The net interest margin decreased to 1.28%, down 15 basis points year-on-year, impacting net interest income which fell by 0.7% [2][3] - Non-interest income saw a significant increase of 27.6%, primarily driven by growth in investment income [2][3] Financial Summary - For the forecasted years 2025-2027, the company is expected to have net profits of 360.8 billion, 365.8 billion, and 384.1 billion yuan respectively, with year-on-year growth rates of -1.4%, 1.4%, and 5.0% [3][4] - The diluted EPS for the same period is projected to be 0.97, 0.98, and 1.04 yuan, with corresponding PE ratios of 8.1, 8.0, and 7.6 [3][4] - The core Tier 1 capital adequacy ratio stood at 13.57%, a decrease of 0.53 percentage points from the beginning of the year [1][3]