随着距A股上市公司三季报披露截止日越来越近，上市银行已开始密集披露三季度经营业绩。 《每日经济新闻》记者了解到，继华夏银行（SH600015，股价6.91元，市值1100.00亿元）率先披露三 季报后，重庆银行（SH601963，股价10.67元，市值370.74亿元）、平安银行（SZ000001，股价11.47 元，市值2226.00亿元）、无锡银行（SH600908，股价6.14元，市值134.75亿元）近日也陆续披露最新 业绩。 此外，中国银行（SH601988，股价5.60元，市值1.804万亿元）、工商银行（SH601398，股价7.99元， 市值2.85万亿元）、兴业银行（SH601166，股价20.42元，市值4321.00 亿元）、招商银行 （SH600036，股价41.60元，市值1.05万亿元）等上市银行的三季报也将在未来几个交易日内陆续出 炉。 《每日经济新闻》记者进一步查阅已披露三季报的A股上市银行的经营数据了解到，部分A股上市银行 营收、净利润实现双增长，部分银行净利润同比降幅有所收窄，呈现出稳健增长态势，但公允价值变动 收益均出现了大幅下降。 公允价值变动收益缩水 《每日经济新闻》 ...

Core Viewpoint - The recent quarterly reports from A-share listed banks indicate a mixed performance, with some banks showing growth in revenue and net profit, while others face declines, particularly in fair value changes due to bond market volatility [1][2]. Group 1: Quarterly Performance - Several banks, including Huaxia Bank, Chongqing Bank, Ping An Bank, and Wuxi Bank, have recently disclosed their Q3 performance, with Huaxia Bank being the first to report [1]. - Huaxia Bank's total assets increased by 4.8% year-on-year to 4.59 trillion yuan, with loans and deposits also growing [2]. - Ping An Bank reported a Q3 revenue of 31.28 billion yuan, down 9.2% year-on-year, while net profit decreased by 2.8% to 13.47 billion yuan [3]. - Chongqing Bank and Wuxi Bank showed positive growth in net profit, with Chongqing Bank's net profit up 10.19% to 4.879 billion yuan and Wuxi Bank's up 3.78% to 1.833 billion yuan [4]. Group 2: Fair Value Changes - The fair value changes in earnings have significantly decreased across banks, attributed to bond market fluctuations affecting non-interest income [2][5]. - Huaxia Bank reported a fair value change loss of 4.505 billion yuan, a decrease of approximately 7.8 billion yuan from the previous year [2]. - Ping An Bank's fair value change loss was 2.382 billion yuan, reflecting a significant decline in trading financial instruments [3]. Group 3: Asset Quality - Overall asset quality has shown improvement, with non-performing loan (NPL) ratios decreasing for several banks [6][7]. - Huaxia Bank's NPL ratio was 1.58%, down 0.02 percentage points from the end of the previous year, while Ping An Bank's was 1.05%, down 0.01 percentage points [7]. - Chongqing Bank had the largest decline in NPL ratio, down 0.11 percentage points to 1.14%, and Wuxi Bank maintained a low NPL ratio of 0.78% [7].

Market Overview - The rural commercial bank sector experienced a decline of 0.75% on October 28, with Jiangyin Bank leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Key stock performances in the rural commercial bank sector included: - Ruifeng Bank: Closed at 5.51, unchanged - Sunong Bank: Closed at 5.24, down 0.19% - Zijin Bank: Closed at 2.91, down 0.34% - Changshu Bank: Closed at 7.00, down 0.57% - Yuanxi Bank: Closed at 6.14, down 0.65% - Hunan Rural Commercial Bank: Closed at 8.70, down 0.68% - Qingnong Bank: Closed at 3.24, down 0.92% - Yunnan Rural Commercial Bank: Closed at 6.96, down 1.00% - Zhangjiagang Bank: Closed at 4.49, down 1.10% - Jiangyin Bank: Closed at 4.94, down 1.20% [1] Capital Flow Analysis - The rural commercial bank sector saw a net inflow of 16.51 million yuan from institutional investors, while retail investors experienced a net outflow of 25.96 million yuan [1] - Detailed capital flow for selected banks included: - Sunong Bank: Net inflow of 13.07 million yuan from institutional investors, with a net outflow of 9.25 million yuan from retail investors [2] - Hunan Rural Commercial Bank: Net inflow of 13.06 million yuan from institutional investors, with a net outflow of 16.03 million yuan from retail investors [2] - Qingnong Bank: Net inflow of 7.95 million yuan from institutional investors, with a net outflow of 7.73 million yuan from retail investors [2] - Jiangyin Bank: Net outflow of 5.93 million yuan from institutional investors, with a net inflow of 8.14 million yuan from retail investors [2]

2025 年 10 月 28 日 公司研究 营收盈利稳中有增，风险抵补能力增强 ——无锡银行（600908.SH）2025 年三季报点评 增持（维持） 当前价：6.18 元 | 市场数据 | | | --- | --- | | 总股本(亿股) | 21.95 | | 总市值(亿元)： | 135.63 | | 一年最低/最高(元)： | 5.04/6.58 | | 近 3 月换手率： | 95.77% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 1.45 | -13.70 | -9.68 | | 绝对 | 5.10 | 0.32 | 9.52 | 资料来源：Wind 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 要点 事件： 10 月 26 日，无锡银行发布 2025 年三季报，前三季度实现 ...

2025 年 10 月 28 日 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 21.95 | | 总市值(亿元)： | 135.63 | | 一年最低/最高(元)： | 5.04/6.58 | | 近 3 月换手率： | 95.77% | 公司研究 当前价：6.18 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 营收盈利稳中有增，风险抵补能力增强 ——无锡银行（600908.SH）2025 年三季报点评 增持（维持） 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 1.45 | -13.70 | -9.68 | | 绝对 | 5.10 | 0.32 | 9.52 | 资料来源：Wind 要点 事件： 10 月 26 日，无锡银行发布 2025 年三季报，前三季度实现 ...

Core Viewpoint - The A-share market experienced a widespread decline in bank stocks, with notable drops in several major banks [1] Group 1: Market Performance - Shanghai Pudong Development Bank saw a decline of over 5% [1] - Other banks such as Minsheng Bank, Chongqing Rural Commercial Bank, Xi'an Bank, Jiangyin Bank, Jiangsu Bank, Zhangjiagang Bank, Shanghai Bank, Everbright Bank, Wuxi Bank, Bank of Communications, and China Construction Bank all experienced declines of over 1% [1]

Group 1: Overall Performance of Listed Banks - Four listed banks reported improved year-on-year revenue and net profit, with Chongqing Bank showing the most significant growth, achieving over 10% growth in both revenue and net profit [1] - Chongqing Bank's revenue reached 11.74 billion yuan, a 10.40% increase, and net profit was 5.196 billion yuan, a 10.42% increase, marking the first time in nearly nine years that both metrics achieved double-digit growth [1] - Wuxi Bank maintained excellent asset quality with a non-performing loan ratio of 0.78% and a provision coverage ratio exceeding 420% [1] Group 2: Performance of Specific Banks - Ping An Bank reported a revenue of 100.668 billion yuan, a decline of 9.8%, and a net profit of 38.339 billion yuan, down 3.5%, indicating a "double decline" in both revenue and profit [1][2] - Despite the decline, Ping An Bank's net profit for the third quarter increased by 18.4% compared to the second quarter, attributed to reduced credit impairment losses and improved cost management [2] - Huaxia Bank's revenue was 64.881 billion yuan, down 8.79%, and net profit was 17.982 billion yuan, down 2.86%, marking three consecutive reporting periods of declining revenue and profit [2] - Huaxia Bank's non-performing loan ratio decreased by 0.02 percentage points to 1.58%, but its provision coverage ratio fell below the regulatory warning line for the first time [2] - Wuxi Bank's revenue for the first three quarters was 3.765 billion yuan, a 3.87% increase, and net profit was 1.833 billion yuan, a 3.78% increase, achieving five consecutive years of revenue growth [3]

Core Viewpoint - The third-quarter reports of six A-share listed banks indicate a stable overall performance, with some banks achieving year-on-year growth in both revenue and net profit, while others show a narrowing decline in performance, reflecting an improvement in asset quality [1][2][5]. Group 1: Performance Highlights - Six banks, including Huaxia Bank, Chongqing Bank, Ping An Bank, Wuxi Rural Commercial Bank, Nanjing Bank, and Ningbo Bank, have reported their third-quarter results for 2025, with city commercial banks and rural commercial banks showing particularly strong performance [2][3]. - Chongqing Bank reported a revenue of 11.74 billion yuan, a year-on-year increase of 10.4%, and a net profit of 4.879 billion yuan, up 10.19% year-on-year [2][3]. - Nanjing Bank achieved a revenue of 41.949 billion yuan, growing 8.79% year-on-year, and a net profit of 18.005 billion yuan, up 8.06% [2][3]. - Ningbo Bank's revenue reached 54.976 billion yuan, an 8.32% increase, with a net profit of 22.445 billion yuan, up 8.39% [2][3]. - Wuxi Rural Commercial Bank maintained stable growth with a revenue of 3.765 billion yuan, a 3.87% increase, and a net profit of 1.833 billion yuan, up 3.78% [2][3]. Group 2: Declining Performance and Recovery Signals - Huaxia Bank and Ping An Bank reported declines in revenue and net profit, but the rate of decline has narrowed compared to the first half of the year [3][4]. - Huaxia Bank's revenue was 64.881 billion yuan, down 8.79%, and net profit was 17.982 billion yuan, down 2.86%, with a decline reduction of 5.09 percentage points from the first half [3][4]. - Ping An Bank's revenue was 100.668 billion yuan, down 9.8%, and net profit was 38.339 billion yuan, down 3.5%, with a decline reduction of 0.2 and 0.4 percentage points respectively [3][4]. Group 3: Asset Quality Improvement - The overall asset quality of the six banks has shown improvement, with Wuxi Rural Commercial Bank, Nanjing Bank, and Ningbo Bank maintaining low non-performing loan (NPL) ratios of 0.78%, 0.83%, and 0.76% respectively [6][7]. - Chongqing Bank's NPL ratio decreased to 1.14%, down 0.11 percentage points from the end of the previous year, while Huaxia Bank's NPL ratio was 1.58%, down 0.02 percentage points [6][7]. - Ping An Bank's NPL ratio was 1.05%, down 0.01 percentage points, indicating effective risk management and asset quality control [6][7]. Group 4: Future Outlook - Analysts predict that the banking sector's performance will remain stable, but structural differentiation will continue, with quality city commercial banks likely to accelerate growth due to regional credit demand [5][8]. - The overall performance of the banking industry will depend on the pace of economic recovery and the resolution of risks in sectors such as real estate and local government debt [5][8].

Investment Rating - The report maintains a strong buy recommendation for Wuxi Bank [5] Core Views - Wuxi Bank has demonstrated stable growth in its financial performance, with year-on-year increases in operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders of 3.87%, 3.91%, and 3.78% respectively for the first three quarters of 2025 [1][2] - The bank has successfully expanded its loan portfolio by 9.57% year-on-year, with a notable 13.48% increase in corporate loans, indicating a positive shift in credit structure [2] - The bank's deposit growth has also improved, with a year-on-year increase of 11.13%, driven by a recovery in demand deposits [2] - The bank has initiated its first interim dividend, distributing 0.11 yuan per share, which represents 17.50% of the net profit attributable to shareholders for the first half of 2025 [2] Financial Performance - For 2025, Wuxi Bank's total operating income is projected to reach 4,915 million yuan, reflecting a 4.0% year-on-year growth [4] - The net profit attributable to shareholders is expected to be 2,338 million yuan in 2025, with a growth rate of 3.8% [4] - The bank's return on equity (ROE) is forecasted to be 11.00% for 2025, indicating a stable profitability outlook [4][29] Asset Quality - The non-performing loan (NPL) ratio remains low at 0.78%, showcasing the bank's strong asset quality [2][12] - The provision coverage ratio has improved to 427.87%, reflecting prudent risk management practices [2][12] Income Structure - Non-interest income has shown signs of recovery, with a year-on-year growth of 11.5% attributed mainly to investment income [2][14] - The bank's net interest margin has been under pressure, with a measured decline to 1.26% in the latest quarter [3][12]

Core Viewpoint - The third-quarter reports of six A-share listed banks indicate a stable overall performance, with some banks achieving year-on-year growth in both revenue and net profit, while others show a narrowing decline in performance metrics [1][3]. Group 1: Performance Highlights - Six banks, including Chongqing Bank and Wuxi Rural Commercial Bank, reported strong growth, with Chongqing Bank's revenue and net profit both exceeding 10% year-on-year [3][4]. - Chongqing Bank achieved a revenue of 11.74 billion and a net profit of 4.88 billion, marking increases of 10.40% and 10.19% respectively [3]. - Nanjing Bank and Ningbo Bank also demonstrated solid performance, with revenue growth rates of 8.79% and 8.32%, and net profit growth rates of 8.06% and 8.39% respectively [3][4]. Group 2: Declining Performance and Recovery Signals - Huaxia Bank and Ping An Bank reported declines in revenue and net profit, but the rate of decline has narrowed compared to the first half of the year [4][5]. - Huaxia Bank's revenue decreased by 8.79% to 64.88 billion, while net profit fell by 2.86% to 17.98 billion, with a decline reduction of 5.09 percentage points [4]. - Ping An Bank's revenue dropped by 9.8% to 100.67 billion, and net profit decreased by 3.5% to 38.34 billion, with declines narrowing by 0.2 and 0.4 percentage points respectively [4][5]. Group 3: Asset Quality Improvement - The overall asset quality of the six banks showed improvement, with Wuxi Rural Commercial Bank, Nanjing Bank, and Ningbo Bank maintaining low non-performing loan (NPL) ratios of 0.78%, 0.83%, and 0.76% respectively [7][8]. - Chongqing Bank's NPL ratio decreased to 1.14%, Huaxia Bank's to 1.58%, and Ping An Bank's to 1.05%, all showing a year-on-year decline [7]. - The banks attributed the improvement in asset quality to enhanced risk management and increased efforts in disposing of non-performing assets [8][9]. Group 4: Future Outlook - Analysts predict that the banking sector will maintain a stable performance, but structural differentiation will continue, with quality city commercial banks likely to accelerate growth due to strong regional credit demand [6][9]. - The overall performance of the banking industry will depend on the pace of economic recovery and the effectiveness of policy support, particularly in addressing risks in real estate and local government debt [6][9].