■本报记者 郑长灵 另外，消费者到店消费还能享受国家的消费贷贴息政策。以消费贷贴息政策为契机，邮储银行赣州市分 行聚焦家居家装、汽车、教育等七大消费场景，建立"逐户建档、动态更新"的商户需求档案，推广"小 微易贷""产业贷"等产品，用"抵押+信用"互补模式破解融资痛点。截至9月末，该分行本年已投放"产业 贷"超5.1亿元，惠及小微企业1800余户次，"信贷+政策"双重赋能，为消费市场提质升级注入动力。 下沉服务助燃城市"烟火气" "新蒸柜半个小时就能出30笼肠粉，出餐更快，店面更亮堂，顾客吃得更舒心了。"赣州市全南县"老街 坊"美食店店主向邮储银行赣州市分行客户经理介绍着他改造一新的就餐环境。 暖黄色的墙面、独立分隔的操作间、高效运转的蒸柜，让这家肠粉店焕发出新的活力。作为当地一家 以"现磨米浆、现做现卖"为特色的早餐店，"老街坊"凭借地道手艺积累了稳定客源。但店主一直有改造 店面的打算，却因资金不足一再搁置。 精准对接定制服务添动力 "感谢邮储银行，这笔钱真是解了我们的燃眉之急。"赣州龙南市五金机电公司负责人洪先生，在收到 194万元贷款资金后感激地说道。 据悉，该企业主要经营五金产品批发零售，有稳定的客户 ...

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，11月3日，A股共1家公司发布定增相关公告。其中1家定增预案获交易所 通过。 今年以来，已有123家公司公告定增方案已完成，57家公司定增金额超10亿元。具体来看，中国银行、 邮储银行、交通银行定增募资金额最高，募资总额分别为1650.0亿元、1300.0亿元、1200.0亿元。 ...

丨证券研究报告丨 行业研究丨行业周报丨银行 [Table_Title] 保险资本三季度继续增持银行股 ——银行业周度追踪 2025 年第 43 周 报告要点 [Table_Summary] 本周银行指数下跌 2.3%，相较沪深 300/创业板指数超额收益-1.9%/-2.8%。本周 A 股市场风险 偏好高位震荡，10 月以来反弹的银行板块下跌，相对收益转负，但科技板块高位波动率也放大， 市场对后市交易风格有分歧。随着年底临近+更多银行进入中期分红阶段，建议重点关注大型 银行股的红利配置价值。2025 年三季报披露完毕，三季度受债市影响，上市银行营收和利润增 速小幅下行符合预期。其中利息增速继续回升是三季报核心亮点，测算多数银行单季度的息差 环比回升，拐点愈加清晰。保险资本今年以来加速增持银行股，三季度保险资本继续大力增持。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 保险资本 ...

债市波动 挤压银行投资收益空间 ◎记者 黄冰玉 张欣然 在债市波动与净息差收窄的双重压力下，多家上市银行今年前三季度营收承压，"债牛"红利逐渐消退。 公允价值变动损益大幅下滑，成为拖累非息收入的主要因素，而部分银行则通过"卖债"兑现浮盈对冲影 响。 业内人士认为，随着央行重启国债买卖操作、债市情绪回暖，银行投债逻辑正从配置转向主动管理，并 加快通过交易能力与中间业务拓展提升非息收入，构建更具韧性的盈利模式。 具体来看：招商银行公允价值变动损益亏损额度居前，前三季度累计亏损88.27亿元，其中，仅三季度 单季亏损就达到40.08亿元；光大银行前三季度公允价值变动损益亏损49.82亿元；华夏银行前三季度公 允价值变动损益亏损45.05亿元。 对此，多家银行在业绩说明会上均提及"债券估值波动"是主要原因。招商银行在财报中解释称，今年前 三季度非利息净收入同比下降4.23%，其中债券与基金投资收益减少是主要拖累。光大银行也在三季报 中表示，非利息收入同比减少14.83%，主要系公允价值变动损失扩大。华夏银行行长瞿纲在业绩说明 会上解释称，收益大幅下滑主要受债市波动影响，导致金融资产公允价值重估带来较大损失。 业内人士 ...

债市波动 挤压银行投资收益空间 ◎记者 黄冰玉 张欣然 在净息差持续承压、信贷扩张放缓的背景下，投资收益一度成为银行利润的重要支撑。尤其在过去两年 的"债牛"行情中，债券投资带来可观浮盈，不少银行成为"买债大户"。然而，今年以来债市波动加剧， 债券估值下行导致银行持债资产重估损失扩大，成为拖累业绩的重要因素。 Wind数据显示，截至2025年三季度末，42家上市银行中，非息收入同比下滑的有24家，投资净收益同 比下滑的有8家，31家银行披露的公允价值变动净收益为负。 具体来看：招商银行公允价值变动损益亏损额度居前，前三季度累计亏损88.27亿元，其中，仅三季度 单季亏损就达到40.08亿元；光大银行前三季度公允价值变动损益亏损49.82亿元；华夏银行前三季度公 允价值变动损益亏损45.05亿元。 对此，多家银行在业绩说明会上均提及"债券估值波动"是主要原因。招商银行在财报中解释称，今年前 三季度非利息净收入同比下降4.23%，其中债券与基金投资收益减少是主要拖累。光大银行也在三季报 中表示，非利息收入同比减少14.83%，主要系公允价值变动损失扩大。华夏银行行长瞿纲在业绩说明 会上解释称，收益大幅下滑主要受债 ...

Investment Rating - The investment rating for Postal Savings Bank is "Buy" with a 6-month outlook maintained [7]. Core Insights - The bank's revenue and profit have shown steady improvement, with a revenue of approximately 265.08 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.82% [2][5]. - The net profit attributable to shareholders reached 76.562 billion yuan, reflecting a year-on-year increase of 0.98% [2][5]. - The bank's net interest margin recorded at 1.68%, a slight decrease of 2 basis points compared to the first half of 2025 [2]. - Non-interest income has significantly increased, with net fees and commissions rising by 11.48% year-on-year to 23.094 billion yuan, and investment income soaring by 76.70% to 31.651 billion yuan [2][3]. Financial Performance Summary - For the first three quarters of 2025, the bank's total interest-earning assets amounted to 18.35 trillion yuan, a year-on-year growth of 11.15% [3]. - The bank's interest-bearing liabilities stood at 17.30 trillion yuan, reflecting a year-on-year increase of 10.81% [3]. - The non-performing loan ratio was reported at 0.94%, with a loan provision coverage ratio of 240.2% [4][5]. - The bank's projected net profit growth for 2025-2027 is estimated at 0.95%, 2.68%, and 3.98% respectively [5]. Asset and Liability Structure - The composition of interest-earning assets includes loans (51.43%), financial investments (35.28%), interbank lending (6.43%), and deposits with the central bank (6.86%) [3]. - The structure of interest-bearing liabilities is primarily composed of deposits (93.72%), bonds issued (1.82%), interbank liabilities (4.31%), and borrowings from the central bank (0.16%) [3]. Market Position and Valuation - The current price of the bank's stock is 5.75 yuan, with a target price yet to be specified [7]. - The bank's total market capitalization is approximately 576.37 billion yuan [8].

转自：北京日报客户端 国有六大行2025年三季报近日全部出炉。综合来看，六大行集体交出稳健答卷，主要财务指标持续稳中 向好。 从盈利表现看，六大行前三季度合计盈利1.07万亿元，净利润全部实现正增长，业绩有所改善。各大银 行资产质量持续改善，为更好地服务实体经济奠定了坚实基础。 前三季净利超万亿元 前三季度，六大行营收、归母净利润全部恢复同比正增长，业绩表现有所改善。从净利润看，工商银 行、农业银行、建设银行、中国银行、邮储银行和交通银行分别实现归母净利润2699.08亿元、2208.59 亿元、2573.60亿元、1776.60亿元、765.62亿元和699.94亿元，同比增长0.33%、3.03%、0.62%、 1.08%、0.98%和1.9%。其中，农业银行的净利润增速最快。 六大行盈利表现较上半年有进一步改善，三季度表现贡献凸显。回顾今年上半年，六大行营收虽实现同 比正增长，但归母净利润"三升三降"。广泛的收入来源是盈利的基础，前三季度，中国银行、工商银行 营收增速分别以2.69%、2.17%领先；农业银行归母净利润增速来到3%以上，以3.03%增速继续领先， 交通银行、中国银行归母净利润同比增速在1 ...

Core Insights - The six major banks have reported a recovery in performance for the first three quarters of 2025, with both revenue and net profit showing positive year-on-year growth [2][3]. Revenue and Net Profit Growth - All six major banks achieved positive growth in net profit attributable to the parent company, with Agricultural Bank of China leading at over 3% growth [3]. - The net profit figures for the first three quarters are as follows: - Industrial and Commercial Bank of China (ICBC): 2699.08 billion yuan, up 0.3% - China Construction Bank (CCB): 2573.60 billion yuan, up 0.6% - Bank of China (BOC): 1776.60 billion yuan, up 1% - Postal Savings Bank: 765.62 billion yuan, up 0.5% - Bank of Communications: 699.94 billion yuan, up 1.5% - Agricultural Bank: 2208.59 billion yuan, up 3% [4]. Revenue Performance - All six banks reported an increase in revenue, with the following figures: - Bank of China: 4912.04 billion yuan, up 2.65% - Industrial and Commercial Bank: 6400.28 billion yuan, up 2.17% - Agricultural Bank: 4912.04 billion yuan, up 1.97% - Postal Savings Bank: 2650.80 billion yuan, up 1.82% - Bank of Communications: 1996.45 billion yuan, up 1.80% - China Construction Bank: 5737.02 billion yuan, up 0.82% [5]. Interest Income and Non-Interest Income - Interest income for most banks is in a declining trend, with only Bank of Communications showing an increase of 1.46% [5]. - Non-interest income is becoming a key growth driver, with significant contributions from: - ICBC: 1666.12 billion yuan, up 11.30% - CCB: 1460.96 billion yuan, up 13.95% - BOC: 1654.12 billion yuan, up 16.20% - Postal Savings Bank: 314.81 billion yuan, up 27.52% [6]. Asset Scale and Quality - All six banks have seen an increase in total assets compared to the end of the previous year, with CCB showing the highest growth at 11.83% [7]. - Non-performing loan ratios have generally decreased, with Postal Savings Bank maintaining the lowest ratio at 0.94% [7]. Net Interest Margin Trends - The narrowing of net interest margins remains a challenge, but the rate of decline has eased [8]. - As of the end of Q3, the net interest margins for the banks are as follows: - Postal Savings Bank: 1.68% - Agricultural Bank: 1.30% - Industrial and Commercial Bank: 1.28% - China Construction Bank: 1.36% - Bank of China: 1.26% - Bank of Communications: 1.20% [9]. Management Strategies - Banks are focusing on optimizing their asset-liability structures and enhancing pricing capabilities to stabilize net interest income [10][11].

Core Viewpoint - The six major state-owned banks in China reported stable growth in operating performance for the first three quarters of 2025, achieving a total operating income of approximately 2.73 trillion yuan and a net profit attributable to shareholders of 1.07 trillion yuan, despite pressures to reduce costs for the real economy [3][4]. Group 1: Financial Performance - The six major banks collectively achieved a net profit of over 389.8 billion yuan in the third quarter, averaging over 4.2 billion yuan in daily profit [3]. - All six banks reported positive year-on-year growth in both operating income and net profit for the first three quarters [3][4]. - The Industrial and Commercial Bank of China (ICBC) led with a net profit of 269.9 billion yuan, followed by China Construction Bank (CCB) and Agricultural Bank of China (ABC) with net profits of 258.4 billion yuan and 220.9 billion yuan, respectively [4][6]. Group 2: Profit Growth Disparities - The net profit growth rates varied significantly among the banks, with ABC leading at 3.03%, while CCB, ICBC, and Postal Savings Bank of China (PSBC) had growth rates below 1% [5][7]. - China Bank's net profit growth in the third quarter was 5.09%, attributed to improved asset quality and reduced tax rates [7]. Group 3: Revenue Trends - All six banks achieved positive revenue growth, with ICBC, ABC, CCB, and China Bank showing growth rates of 2.17%, 1.97%, 0.82%, and 2.69%, respectively [8]. - China Bank experienced the fastest revenue growth, driven by strong non-interest income, while CCB faced significant pressure leading to the lowest growth rate [8]. Group 4: Net Interest Margin - The net interest margin (NIM) for the six banks continued to decline, with PSBC having the highest NIM at 1.68%, followed by CCB and ABC at 1.36% and 1.30%, respectively [10][11]. - The decline in NIM is a significant challenge for the banking sector, impacting interest income and overall revenue [9][10]. Group 5: Non-Interest Income - Non-interest income has become a crucial supplement to profitability, with ABC and PSBC achieving double-digit growth in fee and commission income [12]. - Investment income for five of the six banks showed positive growth, effectively offsetting the pressure from declining NIM [12].

Core Insights - The six major state-owned banks in China reported double growth in revenue and net profit for the first three quarters of the year, achieving a total profit of 1.07 trillion yuan [2] - China Bank had the fastest revenue growth, while Industrial and Agricultural Banks led in total net profit and year-on-year growth [2] - The net interest margin showed a downward trend across all banks, indicating a potential challenge in profitability [3] Revenue Summary - The revenue figures for the six banks are as follows: Industrial Bank 640.03 billion yuan, Agricultural Bank 550.88 billion yuan, Construction Bank 573.70 billion yuan, China Bank 491.20 billion yuan, Postal Savings Bank 265.08 billion yuan, and Transportation Bank 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 [2] Net Profit Summary - The net profit figures for the banks are: Industrial Bank 269.91 billion yuan, Agricultural Bank 220.86 billion yuan, Construction Bank 257.36 billion yuan, China Bank 177.66 billion yuan, Postal Savings Bank 76.56 billion yuan, and Transportation Bank 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 [2] Asset Quality - The non-performing loan ratios for the banks as of September 30 are: Industrial Bank 1.33%, Agricultural Bank 1.27%, Construction Bank 1.32%, China Bank 1.24%, Postal Savings Bank 0.94%, and Transportation Bank 1.26%, all showing improvement compared to the end of the previous year [3] Dividend Distribution - The proposed dividend distributions per 10 shares are: Industrial Bank 1.414 yuan, Agricultural Bank 1.195 yuan, Construction Bank 1.858 yuan, China Bank 1.094 yuan, Postal Savings Bank 1.230 yuan, and Transportation Bank 1.563 yuan, totaling 204.66 billion yuan, with Construction Bank having the highest payout [3] Market Performance - The stock prices of the four major banks have seen varying degrees of increase this year, with Agricultural Bank up 57.72%, Industrial Bank 18.05%, Construction Bank 10.06%, and China Bank 7.12%, leading to Agricultural Bank ranking second in global bank market capitalization [3] Analyst Outlook - Morgan Stanley's report suggests that profits for major Chinese banks are expected to remain stable, with dividend yields around 6%-7%, indicating that large state-owned banks are considered safe investment choices [4]