Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company shows positive growth in both revenue and profit, with a revenue increase of 0.7% year-on-year in Q3 2025 and a net profit increase of 1.1% year-on-year [5] - The net interest margin has improved, with a quarter-on-quarter increase of 2 basis points to 1.24% in Q3 2025, supported by a decrease in the cost of interest-bearing liabilities [5][3] - The company is expected to maintain stable growth in loans and deposits, with a year-on-year increase in interest-earning assets of 10.3% and loans of 8.9% in Q3 2025 [5] Financial Performance Summary - Revenue and Profit Forecast: - Revenue (in million): 2023A: 584,236, 2024A: 582,657, 2025E: 578,582, 2026E: 587,318, 2027E: 595,271 [3] - Year-on-year growth rates: 2023A: 3.75%, 2024A: -0.27%, 2025E: -0.70%, 2026E: 1.51%, 2027E: 1.35% [3] - Net profit (in million): 2023A: 231,904, 2024A: 237,841, 2025E: 242,114, 2026E: 247,370, 2027E: 251,069 [3] - Year-on-year growth rates: 2023A: 2.38%, 2024A: 2.56%, 2025E: 1.80%, 2026E: 2.17%, 2027E: 1.50% [3] - Key Ratios: - Earnings per share (in yuan): 2023A: 0.76, 2024A: 0.78, 2025E: 0.75, 2026E: 0.84, 2027E: 0.85 [3] - Return on equity: 2023A: 10.83%, 2024A: 10.26%, 2025E: 9.82%, 2026E: 9.54%, 2027E: 9.01% [3] - Price-to-earnings ratio: 2023A: 7.32, 2024A: 7.14, 2025E: 7.45, 2026E: 6.66, 2027E: 6.57 [3] - Price-to-book ratio: 2023A: 0.74, 2024A: 0.68, 2025E: 0.71, 2026E: 0.62, 2027E: 0.58 [3] Asset Quality and Capital - The non-performing loan ratio remained stable at 1.24% in Q3 2025, with a slight increase in the non-performing loan generation rate [5] - The provision coverage ratio decreased slightly to 196.6% [5] - The core Tier 1 capital adequacy ratio improved by 1 basis point to 12.58% [5] Investment Recommendation - The company is recommended for stable growth, with projected price-to-book ratios of 0.71X, 0.62X, and 0.58X for 2025E, 2026E, and 2027E respectively [5] - The company is viewed as having a high margin of safety in valuation, with a high dividend yield and low valuation [5]

证券研究报告 | 2025年10月29日 中国银行（601988.SH）2025 年三季报点评 中性 净息差企稳，业绩持续改善 净利润累计增速由负转正。2025 年前三季度实现营收 4912 亿元，同比增长 2.69%，较上半年增速回落了 1.1 个百分点。实现归母净利润 1777 亿元，同 比增长 1.08%，较上半年增速提升了 1.9 个百分点。前三季度 ROA 和 ROE 分 别为 0.70%和 8.98%。 规模扩张稳健，净息差企稳。期末资产总额 37.55 万亿元，贷款总额 23.35 万亿元，存款总额 25.68 万亿元，较年初分别增长了 7.10%、8.15%和 6.10%。 其中，对公贷款余额 16.44 万亿元，个人贷款余额 6.86 万亿元，较年初分 别增长 11.71%和 0.56%，零售信贷需求依然疲软，静待政策进一步发力。 公司披露的前三季度净息差 1.26%，与上半年持平，同比下降 15bps，较上 半年同比降幅收窄了 3bps。新发放贷款利率降幅逐步收窄，存款重定价以及 公司积极加强存款成本管控有效缓解了资产端收益率下行。 资产质量稳健，拨备覆盖率稳定。期末不良率 1.24%，与 ...

Group 1 - The company Wuxi East Heavy Machinery Co., Ltd. has announced that its wholly-owned subsidiary, Wuxi East Intelligent Equipment Co., Ltd., will provide a mortgage guarantee for the company's credit debt to China Bank, with a maximum guarantee amount of 700 million RMB [2] - Recently, the guarantee amount has been increased from 700 million RMB to 1 billion RMB while maintaining the same collateral [3] - As of the announcement date, the company and its subsidiaries have no other external guarantees, overdue guarantees, or guarantees involved in litigation [5] Group 2 - The company was established on January 9, 2004, with a registered capital of 1,007.69 million RMB and is engaged in the manufacturing of various types of cranes and related equipment [4] - The company is not listed as a dishonest executor [4]

Core Viewpoint - Bank of China (601988)(03988) announced the resignation of Mr. Zhuo Chengwen from his position as the company secretary and board secretary due to job changes, effective from October 30, 2025 [1] Company Summary - Mr. Zhuo Chengwen will no longer serve as the company secretary and board secretary of Bank of China starting from October 30, 2025 [1]

Core Points - China Bank announced the resignation of Zhuo Chengwen as the board secretary and company secretary effective October 30, 2025 due to job changes [1] - Liu Chenggang has been appointed as the new board secretary and company secretary, pending approval of his qualifications by the National Financial Regulatory Administration [1] Summary of Liu Chenggang's Background - Liu Chenggang, born in 1972, joined China Bank in 1994 and has held various senior positions including Vice President and Chief Financial Officer at Bank of China Hong Kong (Holdings) Limited from April 2024 to August 2025 [2] - He served as General Manager of the Equity Investment and Comprehensive Management Department from October 2018 to January 2022 and as General Manager of the Financial Management Department from January 2017 to October 2018 [2] - Liu holds a Bachelor's degree in Economics from Renmin University of China, a Master's degree in Economics from the People's Bank of China Research Institute, and a Master's degree in Applied Finance from Macquarie University, Australia [2]

Investment Rating - The report maintains an "Accumulate/Buy" rating for both A and H shares of the company [7] Core Views - The company's net profit for the first nine months of 2025 increased by 1.1% year-on-year, with revenue growth of 2.7% and a slight decline in PPOP of 0.2% [1] - The report highlights stable credit growth and a marginal stabilization in interest margins, contributing to a recovery in profit growth momentum [1][2] - The effective tax rate has improved marginally, aiding profit growth [3] Summary by Sections Financial Performance - For the first nine months of 2025, the annualized ROA and ROE were 0.70% and 8.98%, respectively, showing a year-on-year decline of 0.06 percentage points and 0.57 percentage points [1] - The company reported a net interest margin of 1.26% for the first nine months of 2025, remaining stable compared to the first half of 2025 [2] Income Sources - Net fee and commission income increased by 8.1% year-on-year for the first nine months of 2025, while other non-interest income grew by 22.2% [3] - Investment income for Q3 was 231 billion yuan, up from 176 billion yuan in the same period last year, despite some pressure on investment-related income due to market volatility [3] Asset Quality and Capital - The non-performing loan ratio was stable at 1.24% as of Q3 2025, with a provision coverage ratio of 197% [4] - The company maintained a strong capital position, with a core Tier 1 capital adequacy ratio of 12.58% [4] Valuation and Forecast - The report forecasts net profit for 2025 to be 241.3 billion yuan, with a projected growth rate of 1.5% [5] - The target price for 2026 is set at 6.70 yuan for A shares and 5.86 HKD for H shares, with corresponding price-to-book ratios of 0.78 and 0.63 [5]

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company's net profit growth has turned positive, with a cumulative revenue of 491.2 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.69%. The net profit attributable to shareholders reached 177.7 billion yuan, up 1.08% year-on-year [1][2] - The net interest margin has stabilized, with a reported net interest margin of 1.26% for the first three quarters, unchanged from the first half of the year, but down 15 basis points year-on-year. The decline in new loan rates has gradually narrowed, and effective cost control on deposits has alleviated the downward pressure on asset yields [2] - The company's asset quality remains stable, with a non-performing loan ratio of 1.24% at the end of the period, unchanged from the end of September, and a provision coverage ratio of 197%, also stable [2] Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 491.2 billion yuan, with a year-on-year growth of 2.69%. The net profit attributable to shareholders was 177.7 billion yuan, reflecting a year-on-year increase of 1.08% [1] - The third quarter saw a revenue growth of 0.58% year-on-year and a net profit growth of 5.1% year-on-year, attributed to a reduction in credit asset impairment losses by 8.8% and a decrease in the effective tax rate to 16.1% [1] Asset Quality - The non-performing loan ratio stood at 1.24%, with a provision coverage ratio of 197%, indicating stable asset quality [2] - The company has reduced the provision for credit losses, contributing to improved profitability [1] Growth Projections - The company forecasts net profits of 241.6 billion yuan, 149.4 billion yuan, and 267.3 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 1.6%, 3.2%, and 7.2% [2][6] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65x, 0.61x, and 0.58x for 2025, 2026, and 2027 respectively [2]

Core Insights - The article highlights the proactive measures taken by the Bank of China Shandong Branch to support the agricultural sector during the critical autumn harvest season, focusing on providing financial services to ensure food security [1][4]. Group 1: Financial Support for Grain Production - The Bank of China Shandong Branch is enhancing credit support for grain-related enterprises, ensuring financial services across the entire grain production, processing, transportation, storage, and trade supply chain [1]. - A specific case involves the provision of a 6 million yuan special loan to a local agricultural company, significantly increasing its grain drying capacity from 8,000 tons to 17,000 tons, thus addressing storage issues for over 10,000 acres of autumn grain [2]. Group 2: Addressing Financing Challenges - Many grain storage merchants face financing difficulties due to low profit margins and insufficient collateral, necessitating immediate cash for grain purchases [3]. - The Bank of China has introduced a "Grain Storage Loan" product, providing 1 million yuan in credit to local grain merchants, enabling them to secure timely purchases and support local farmers [3][4]. Group 3: Efficient Service Processes - The Bank of China Shandong Branch has implemented a green approval channel and optimized loan processes to ensure timely financial support during peak grain purchasing seasons, achieving a grain purchase loan balance of 747 million yuan by the end of September [4]. - The bank's dedicated service has effectively addressed the challenges in the grain storage sector, reinforcing the foundation of national food security [4]. Group 4: Tailored Financial Solutions - The Bank of China Shandong Branch is developing specialized credit service plans for high-quality farmers within the agricultural service industry, ensuring that financial resources are directed to the frontline of grain production [5]. - A notable example includes a tailored credit solution for a large-scale farmer, providing 1 million yuan in credit to facilitate timely procurement of agricultural inputs, thereby ensuring the continuation of planting activities [6].

Core Insights - The company reported a total operating revenue of 491.204 billion yuan for Q3 2025, an increase of 12.856 billion yuan compared to the same period last year, marking a 2.69% year-on-year growth and achieving three consecutive years of revenue increase [1] - The net profit attributable to shareholders reached 177.660 billion yuan, up by 1.897 billion yuan from the same period last year, reflecting a 1.08% year-on-year growth and five consecutive years of profit increase [1] - The net cash inflow from operating activities was 51.226 billion yuan [1] Financial Ratios - The latest debt-to-asset ratio stands at 91.38%, a decrease of 0.13 percentage points from the previous quarter and a decrease of 0.19 percentage points from the same period last year [3] - The company's return on equity (ROE) is 5.74% [3] - The diluted earnings per share (EPS) is 0.55 yuan [3] - The total asset turnover ratio is 0.01 times [3] Shareholder Structure - The number of shareholders is 678,900, with the top ten shareholders holding a total of 3,103.78 billion shares, accounting for 96.33% of the total share capital [3] - The largest shareholder is Central Huijin Investment Ltd., holding 58.5 billion shares [3] - Other significant shareholders include Hong Kong Central Clearing (Agent) Ltd. with 25.4 billion shares and the Ministry of Finance of the People's Republic of China with 8.64 billion shares [3]

Core Insights - The event focused on addressing the financial needs of expatriates in Shenzhen, particularly in areas such as account opening, foreign exchange, and cross-border fund flows [1][8] - The "Bay Area Vision: Shekou Hotspot Exchange" initiative aims to provide practical solutions for expatriates, enhancing their integration into the local community [8] Group 1: Event Overview - The financial salon was co-hosted by the Shekou Overseas Personnel Management Service Center, Bank of China Dongjiao Head Office, and East Asia Bank [1] - The event featured a "professional presentation + two-way communication" format, allowing for targeted discussions and interactions between speakers and attendees [3][5] Group 2: Expert Contributions - Two speakers with international education backgrounds shared insights: Liu Yang Peiying from Bank of China focused on account opening details and risk prevention, while Zhuang Qilin from Monash University discussed foreign exchange needs and capital flow scenarios [3][6] - The speakers provided practical advice on foreign exchange policies, cross-border fund planning, and wealth management tailored to expatriates [5][6] Group 3: Participant Feedback - Attendees expressed satisfaction with the event, highlighting its practical relevance and the opportunity to engage with experts and fellow expatriates [6][8] - Participants, including expatriates from the UK, New Zealand, and Jamaica, reported gaining valuable knowledge and networking opportunities [6][8] Group 4: Future Initiatives - The Shekou Overseas Personnel Management Service Center plans to continue leveraging local resources to address expatriate concerns and enhance service offerings [8] - Future events will focus on hot topics relevant to foreign nationals, aiming to facilitate their work and life in Shenzhen [8]