Core Insights - The six major state-owned banks in China reported a combined operating income of 2.72 trillion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.87% [1][2] - The net profit attributable to shareholders reached 1.07 trillion yuan, with a year-on-year increase of 1.22%, averaging nearly 40 billion yuan per day [1][2] - All six banks achieved growth in both operating income and net profit, with the Bank of China showing the highest revenue growth rate at 2.69%, while Agricultural Bank of China led in net profit growth at 3.03% [1][3] Operating Income - Industrial and Commercial Bank of China (ICBC) maintained the highest operating income at 640.03 billion yuan, a 2.17% increase year-on-year [2] - Construction Bank and Agricultural Bank followed with operating incomes of 573.70 billion yuan (0.82% growth) and 550.88 billion yuan (1.97% growth) respectively [2] - The net interest income generally declined across the banks, with only the Bank of Communications reporting a positive growth of 1.46% [2] Net Profit - ICBC led in net profit with 269.91 billion yuan, followed by Construction Bank and Agricultural Bank with 257.36 billion yuan and 220.86 billion yuan respectively [3][4] - Agricultural Bank recorded the highest net profit growth rate at 3.03%, while other banks showed modest increases [4] Asset Quality - As of the end of Q3, the non-performing loan (NPL) ratio for five of the six banks decreased compared to the end of the previous year, with Postal Savings Bank being the only bank with a slight increase of 0.04 percentage points [6][7] - Postal Savings Bank remains the only bank with an NPL ratio below 1%, at 0.94% [6][7] Asset Scale - All six banks reported an increase in total assets compared to the end of the previous year, with ICBC's total assets nearing 53 trillion yuan [5] - Agricultural Bank and Construction Bank also showed significant growth rates of 11.33% and 11.83% respectively [5] Net Interest Margin - The net interest margin (NIM) for all major banks experienced a decline, with Postal Savings Bank having the highest NIM at 1.68%, down from 1.89% [10] - Construction Bank's NIM was 1.36%, while Agricultural Bank, ICBC, and Bank of China reported NIMs of 1.30%, 1.28%, and 1.26% respectively [10][11] Management Insights - Management from various banks indicated ongoing pressure on NIM due to the low interest rate environment, but expressed confidence in stabilizing net interest income through improved asset-liability management [11][12] - ICBC's management suggested that net interest income is expected to stabilize next year, with a potential turning point for NIM anticipated [12]

Group 1 - A total of 1 company announced a private placement on November 3, with 1 plan approved by the exchange [1] - Since the beginning of the year, 123 companies have announced completed private placement plans, with 57 companies raising over 1 billion yuan [1] - The highest fundraising amounts were reported by China Bank, Postal Savings Bank, and Transportation Bank, with total fundraising of 165 billion yuan, 130 billion yuan, and 120 billion yuan respectively [1]

（2）华宝基金管理有限公司 客户服务电话：400-820-5050、400-700-5588 一、适用基金如下： ■ 二、投资者可到交通银行办理上述基金的开户、认购、申赎及其他业务。投资者可以通过以下途径了解 或咨询相关情况： 根据华宝基金管理有限公司（以下简称"本公司"）与交通银行股份有限公司（以下简称"交通银行"）签 署的《证券投资基金销售代理协议》，本公司自2025年11月03日起增加交通银行为以下适用基金的代销 机构。 （1） 交通银行股份有限公司 客户服务电话: 95559 公司网址：www.bankcomm.com 公司网址：www.fsfund.com 风险提示：基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。投资者投资本公司旗下基金时应认真阅读基金的基金产品资料概要、《基金合 同》和《招募说明书》。敬请投资者注意投资风险。 特此公告。 华宝基金管理有限公司 2025年11月03日 ...

Group 1 - The announcement date is November 3, 2025 [1] - The fund distributes earnings daily, converting them into fund shares at a face value of 1 yuan on the last working day of each month [1] - Investors are advised to regularly check their account balances to avoid situations where low balances result in no earnings distribution [1] Group 2 - Huabao Fund Management Co., Ltd. has added Bank of Communications Co., Ltd. as a sales agency for certain funds starting from November 3, 2025 [3] - Investors can perform account opening, subscription, redemption, and other services through Bank of Communications [4] Group 3 - Huabao Fund Management Co., Ltd. has also added China Galaxy Securities Co., Ltd. as a sales agency for the Huabao Zhiyuan Mixed Securities Investment Fund (QDII) effective November 3, 2025 [6] - Investors can access services related to the Huabao Zhiyuan Mixed Securities Investment Fund (QDII) through China Galaxy Securities [7]

Core Viewpoint - The six major state-owned banks in China have reported stable financial performance for the first three quarters of 2025, with all major financial indicators showing positive growth and improved asset quality [1][2]. Financial Performance - The total profit of the six major banks reached 1.07 trillion yuan, with all banks achieving positive net profit growth. The Agricultural Bank of China had the fastest net profit growth rate at 3.03% [2][4]. - The net profits for each bank are as follows: Industrial and Commercial Bank of China (ICBC) 269.9 billion yuan, Agricultural Bank of China 220.9 billion yuan, China Construction Bank 257.4 billion yuan, Bank of China 177.7 billion yuan, Postal Savings Bank 76.6 billion yuan, and Bank of Communications 69.9 billion yuan [2][4]. Asset Quality Improvement - The asset quality of the six banks has improved, with non-performing loan (NPL) ratios decreasing compared to the end of the previous year. The NPL ratios are as follows: ICBC 1.33%, Agricultural Bank 1.27%, China Construction Bank 1.32%, Bank of China 1.24%, Postal Savings Bank 0.94%, and Bank of Communications 1.26% [5][6]. - Postal Savings Bank maintains the lowest NPL ratio among the six banks at 0.94%, reflecting a long-standing trend of low asset quality risk [5][6]. Net Interest Margin Challenges - The net interest margin (NIM) remains under pressure due to overall declining market interest rates and rigid deposit costs. The NIMs for the six banks are: Postal Savings Bank 1.68%, ICBC 1.28%, Agricultural Bank 1.30%, China Construction Bank 1.36%, Bank of China 1.26%, and Bank of Communications 1.20% [7][8]. - The Bank of China has shown a stable NIM trend, while Postal Savings Bank's NIM has decreased by 21 basis points compared to the same period last year [7][8].

Core Viewpoint - The company has shown a recovery in both revenue and profit growth in the first three quarters of 2025, with a year-on-year increase in revenue and net profit attributable to shareholders of 1.80% and 1.90% respectively, indicating a positive trend in performance [1] Revenue and Profit Growth - In the first three quarters of 2025, the company achieved revenue of 1996.45 billion yuan and net profit attributable to shareholders of 699.94 billion yuan, with growth rates improving compared to the first half of the year [1] - In Q3 alone, the company reported revenue of 662.77 billion yuan, a year-on-year increase of 3.92%, and net profit of 239.78 billion yuan, up 2.46% year-on-year [1] - The annualized weighted ROE for the first three quarters was 8.48%, a decrease of 0.58 percentage points year-on-year [1] Asset Growth - As of September 2025, total assets grew by 6.2% year-on-year to 15.50 trillion yuan, with loans (excluding accrued interest) increasing by 7.5% to 9.07 trillion yuan [2] - The company added a total of 516.3 billion yuan in new credit in the first three quarters, with corporate loans increasing by 415.4 billion yuan, while personal loans decreased by 106.1 billion yuan [2] - In Q3, new credit was 72.9 billion yuan, a decrease of 101.5 billion yuan year-on-year, indicating weak retail credit demand [2] Net Interest Margin and Non-Interest Income - The net interest margin for the first nine months was 1.20%, showing a slight decline of 1 basis point from Q2 and a decrease of 7 basis points from the previous year [3] - Net interest income increased by 1.5% year-on-year to 1286.48 billion yuan, with growth accelerating compared to the first half of the year [3] - Non-interest income from fees and commissions rose to 293.98 billion yuan, a year-on-year increase of 0.15%, while other non-interest income surged by 25.4% to 255.85 billion yuan [3] Asset Quality - The non-performing loan ratio as of September was 1.26%, a slight improvement from June, while the provision coverage ratio increased to 209.97% [3] - The attention rate was 1.57%, also showing a decrease from June, indicating overall stable asset quality [3] Investment Recommendations - The company's fundamentals are stable, leading to a slight upward adjustment in profit forecasts for 2025-2027, with expected net profits of 957 billion yuan, 988 billion yuan, and 1032 billion yuan respectively [4] - The corresponding year-on-year growth rates are projected at 2.2%, 3.3%, and 4.4%, with diluted EPS of 1.19, 1.23, and 1.29 yuan [4] - Current stock price corresponds to PE ratios of 7.1, 6.9, and 6.6, and PB ratios of 0.61, 0.58, and 0.54, maintaining an "outperform" rating [4]

Core Viewpoint - The company's performance in the first three quarters of 2025 aligns with expectations, showing modest growth in net profit, pre-provision profit, and operating income compared to the previous year [1][2]. Performance Summary - Net profit, pre-provision profit, and operating income for the first three quarters of 2025 increased by 2.2%, 0.7%, and 1.8% year-on-year, respectively, indicating a positive trend in profitability [1]. - The growth rates for net profit, pre-provision profit, and operating income improved by 0.8 percentage points, 1.8 percentage points, and 1.0 percentage points compared to the first half of the year, driven by an increase in non-interest income and provisioning savings [1]. - Non-interest income, including net fee income, grew by 0.2% and 4.1% year-on-year, with growth rates improving by 2.4 percentage points and 2.7 percentage points, respectively, compared to the first half of the year [1]. - Asset impairment losses decreased by 3% year-on-year, with a decline of 4.8 percentage points compared to the first half of the year [1]. Asset Quality - As of the end of the third quarter, the company's non-performing loan ratio was 1.26%, down 2 basis points from the end of the first half [2]. - The proportion of special mention loans decreased to 1.57%, a decline of 2 basis points, while overdue loans decreased to 1.40%, down 1 basis point [2]. - The provision coverage ratio increased by 0.4 percentage points to 210.0%, while the loan-to-deposit ratio decreased by 3 basis points to 2.65% [2]. Profit Forecast and Valuation - The company maintains its profit forecast, with the current A-share price corresponding to 0.5 times the estimated price-to-book ratio for 2025 and 2026 [2]. - The target price for A-shares remains at 9.72 yuan, reflecting a potential upside of 37.0% from the current price [2]. - The current H-share price corresponds to 0.5 times the estimated price-to-book ratio for 2025 and 0.4 times for 2026, with a target price of 7.93 HKD, indicating a potential upside of 15.4% [2].

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 Bank of Communications reported a stable and positive operational performance for the third quarter of 2025, emphasizing its role in supporting the real economy and maintaining financial stability [1]. Financial Performance - Total assets reached 15.50 trillion yuan, an increase of 4.02% compared to the end of the previous year [2]. - Net operating income for the first three quarters was 200.06 billion yuan, a year-on-year increase of 1.86%, with net interest income and net fee and commission income growing by 1.46% and 0.15%, respectively [2]. - The net profit attributable to shareholders was 69.99 billion yuan, reflecting a year-on-year growth of 1.90%, with increases of 1.14% and 0.29% in net revenue and net profit compared to the first half of the year [2]. Focus on Real Economy - The bank has focused on enhancing financial services for the real economy, with a customer loan balance of 9.07 trillion yuan, up 6.04% year-on-year, adding 31.2 billion yuan [3]. - Growth in specific sectors included a 6.72% increase in green loan balances and a 52.35% increase in green bond investments compared to the previous year [3]. - Inclusive finance loans grew by 18.29%, while loans for the elderly industry surged by 41.75% [3]. Strategic Initiatives in Shanghai - The bank is deeply involved in Shanghai's development, supporting the construction of five centers and enhancing its technological financial capabilities [4]. - Collaborations with 65 municipal and 191 district-level major projects have been established, with significant trading volumes in bond and swap transactions [4]. Digital Transformation - The bank is accelerating its digital transformation, enhancing digital infrastructure and security, and improving service efficiency through AI applications [5]. - Monthly active users for mobile banking and the "Buy Now, Pay Later" app reached 53.06 million and 25.93 million, respectively [5]. Risk Management - The bank maintains a prudent approach to risk management, with a non-performing loan ratio of 1.26%, down 0.05 percentage points from the previous year [6]. - The provision coverage ratio increased to 209.97%, up 8.03 percentage points year-on-year, with a 28.12% increase in the disposal of non-performing loans [6].

Core Viewpoint - The Bank of Communications reported a stable and positive operational performance for the third quarter of 2025, with total assets reaching 15.50 trillion yuan, a year-on-year increase of 4.02% [1] Group 1: Financial Performance - The bank achieved a net operating income of 200.06 billion yuan in the first three quarters, representing a year-on-year growth of 1.86%, with net interest income and net fee and commission income increasing by 1.46% and 0.15% respectively [2] - The net profit attributable to shareholders reached 69.99 billion yuan, up 1.90% year-on-year, with growth rates for net revenue and net profit improving by 1.14 and 0.29 percentage points compared to the first half of the year [2] Group 2: Support for the Real Economy - The bank focused on enhancing financial services for the real economy, with customer loan balances reaching 9.07 trillion yuan, a growth of 6.04% year-on-year, adding 31.2 billion yuan compared to the previous year [3] - Significant growth was noted in various sectors, including a 6.72% increase in green loan balances and a 41.75% increase in loans for the pension industry [3] Group 3: Digital Transformation - The bank is accelerating its digital transformation, enhancing digital infrastructure and security, with monthly active users for its mobile banking and payment apps reaching 53.06 million and 25.93 million respectively [5] - The bank has opened 7,039 open banking interfaces, with a total of 10.5 billion calls made [5] Group 4: Risk Management - The bank maintained a non-performing loan ratio of 1.26%, a decrease of 0.05 percentage points from the previous year, and a provision coverage ratio of 209.97%, an increase of 8.03 percentage points [6] - The bank disposed of non-performing loans amounting to 55.74 billion yuan, a year-on-year increase of 28.12% [6]