Core Viewpoint - The third-quarter performance reports of listed banks in China show a mixed picture, with some banks achieving growth in revenue and net profit, while others experience a decline in net profit. However, there is a notable decrease in fair value change income across the board due to bond market fluctuations [1][2]. Group 1: Performance Overview - Several banks, including Huaxia Bank, Chongqing Bank, and Ping An Bank, have reported their third-quarter results, with Huaxia Bank being the first to disclose its performance [1]. - Huaxia Bank's total assets increased by 4.8% year-on-year to 4.59 trillion yuan, with loans and deposits also showing growth [2]. - Huaxia Bank's net profit for the third quarter was 6.512 billion yuan, a year-on-year increase of 7.62%, despite a 15.02% decline in revenue for the quarter [2][3]. Group 2: Fair Value Change Income - Huaxia Bank reported a significant drop in fair value change income, with a loss of 4.505 billion yuan for the first three quarters, down approximately 78 billion yuan from a profit of 3.326 billion yuan in the previous year [3]. - Ping An Bank's third-quarter revenue was 31.28 billion yuan, a decrease of 9.2% year-on-year, with a net profit of 13.47 billion yuan, down 2.8% [7][10]. - Both Chongqing Bank and Wuxi Bank reported good performance, with Chongqing Bank's net profit increasing by 10.19% to 4.879 billion yuan, while Wuxi Bank's net profit grew by 3.78% to 1.833 billion yuan [7]. Group 3: Asset Quality and Net Interest Margin - The overall asset quality of listed banks has shown improvement, with Huaxia Bank's non-performing loan ratio at 1.58%, down 0.02 percentage points from the previous year [16]. - The net interest margin for Ping An Bank decreased to 1.79%, down 0.14 percentage points year-on-year, while Huaxia Bank's net interest margin was 1.55%, down 0.05 percentage points [15][16]. - Analysts expect that the cumulative revenue and net profit for listed banks in the first three quarters of 2025 will see slight growth, primarily due to a narrowing decline in net interest margins and reduced impairment provisions [15].

Core Insights - The agricultural commercial bank sector experienced a slight decline of 0.13% on October 27, with the Shanghai Agricultural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - The closing prices and performance of key agricultural commercial banks are as follows: - Yunnan Agricultural Commercial Bank (601077) closed at 7.03, up 1.44% with a trading volume of 651,800 shares and a transaction value of 455 million [1] - Wuxi Bank (600908) closed at 6.18, up 0.32% with a trading volume of 176,600 shares and a transaction value of 109 million [1] - Zhangjiagang Bank (002839) closed at 4.54, up 0.22% with a trading volume of 373,600 shares and a transaction value of 170 million [1] - Other banks like Su Nong Bank (603323) and Zijin Bank (601860) saw declines of 0.19% and 0.34% respectively [1] Fund Flow Analysis - The agricultural commercial bank sector saw a net inflow of 24.73 million from institutional investors and 41.41 million from retail investors, while retail investors had a net outflow of 66.14 million [1] - Detailed fund flow for specific banks indicates: - Jiangyin Bank (002807) had a net inflow of 9.34 million from institutional investors and a net outflow of 18.65 million from retail investors [2] - Wuxi Bank (600908) had a net inflow of 8.72 million from institutional investors and a net outflow of 10.73 million from retail investors [2] - Other banks like Zijin Bank (601860) and Yunnan Agricultural Commercial Bank (601077) also experienced mixed fund flows with significant retail outflows [2]

Core Insights - Wuxi Bank reported growth in revenue and net profit for the first three quarters of 2025, alongside an expansion in asset size and stable asset quality [1][2] - The bank announced a mid-term cash dividend plan, proposing a cash dividend of 0.11 yuan per share [2][3] Financial Performance - For the first three quarters of 2025, Wuxi Bank achieved operating revenue of 3.765 billion yuan, a year-on-year increase of 3.87% [1] - The net profit attributable to shareholders reached 1.833 billion yuan, up 3.78% year-on-year, with a net profit of 1.830 billion yuan after excluding non-recurring gains and losses, reflecting a growth rate of 6.75% [1] - In Q3 2025, the bank's operating revenue was 1.120 billion yuan, showing a year-on-year growth of 4.88%, while the net profit attributable to shareholders was 453 million yuan, increasing by 4.57% [1] Asset Quality and Capital Adequacy - As of September 30, 2025, Wuxi Bank's total assets reached 277.411 billion yuan, an increase of 8.03% from the end of 2024 [2] - The bank's non-performing loan ratio remained low at 0.78%, unchanged from the end of 2024, while the provision coverage ratio slightly decreased to 427.87% from 457.60% [2] - Capital adequacy ratios as of September 30, 2025, were as follows: core tier 1 capital adequacy ratio at 11.77%, tier 1 capital adequacy ratio at 12.87%, and total capital adequacy ratio at 14.03%, all meeting regulatory requirements [2] Dividend Distribution - The proposed mid-term cash dividend totals 241 million yuan, representing 17.50% of the net profit attributable to shareholders for the first half of 2025, based on a total share capital of 2.195 billion shares as of June 30, 2025 [3]

Investment Rating - The investment rating for the industry is "Positive" (maintained) [1] Core Insights - The report highlights that retail non-performing loan (NPL) rates and generation rates are currently high, indicating ongoing pressure on bank profitability. Despite a low overall NPL rate, the retail sector shows signs of risk, with a marginal increase in the NPL rate to 1.28% [14][15] - The transition period for new risk regulations is nearing its end, with concerns about the impact on banks' provisioning levels. However, the report suggests that the actual impact may be less severe than market expectations [16] - The trend of de-collateralization in bank lending is evident, driven by both business characteristics and strategic choices made by banks to reduce reliance on collateralized loans [17] Summary by Sections 1. Retail NPL and Generation Rates - The retail NPL rate has increased to 1.28%, with a steepening curve indicating ongoing risk. The generation rate for retail loans remains high, with significant increases noted in certain banks [14][18] - The report indicates that while the overall NPL rate is low, the divergence between overdue and NPL indicators suggests underlying risks in the retail sector [19] 2. Impact of New Risk Regulations - The new risk regulations will require banks to classify impaired loans as NPLs, potentially increasing reported NPL rates. However, the report anticipates that the actual provisioning pressure may be manageable [16][17] 3. De-Collateralization in Lending - The report notes a significant decline in the proportion of collateralized loans, with banks shifting towards non-collateralized lending strategies. This shift is influenced by the need to manage risk more effectively [17][18] 4. Investment Recommendations - The report recommends certain state-owned banks due to their customer base advantages and manageable retail risk pressures. It also highlights specific banks such as CITIC Bank and Agricultural Bank of China as beneficiaries of this trend [6]

Core Viewpoint - The A-share listed banks are expected to show overall revenue and net profit growth in the third quarter of 2025, with improvements in asset quality and a narrowing decline in net interest margins [1][2][3]. Group 1: Financial Performance - Huaxia Bank reported operating income of 64.881 billion yuan, a year-on-year decrease of 8.79%, and net profit attributable to shareholders of 17.982 billion yuan, down 2.86%, with a narrowing decline of 5.09 percentage points compared to the first half of the year [1]. - Chongqing Bank achieved operating income of 11.740 billion yuan, a year-on-year increase of 10.40%, and net profit of 5.196 billion yuan, up 10.42% [2]. - Ping An Bank reported operating income of 100.668 billion yuan, a year-on-year decrease of 9.8%, and net profit of 38.339 billion yuan, down 3.5%, with a narrowing decline compared to the first half of the year [2]. Group 2: Market Trends - Ten banks have seen shareholding increases from shareholders and executives this year, indicating a positive outlook for the banking sector amid macroeconomic stabilization and easing monetary policy [3]. - Analysts expect cumulative revenue and net profit for listed banks in the first three quarters of 2025 to grow by 0.4% and 1.1% year-on-year, respectively, driven by a narrowing decline in net interest margins and reduced credit costs [3]. Group 3: Interest Margin Outlook - Zhongtai Securities suggests that the net interest margin for banks may stabilize in the third quarter due to reduced re-pricing pressure on assets and a greater decline in deposit rates compared to the Loan Prime Rate (LPR) [4]. - The projected increase in net interest margin for the third and fourth quarters is 0.7 basis points and 0.3 basis points, respectively, indicating stability in the banking sector [4]. Group 4: Related Stocks - Goldman Sachs reported that the A-shares and H-shares of major banks have recorded absolute returns of 12% and 21% year-to-date, driven by improvements in asset quality and narrowing declines in net interest margins [5]. - Ping An Insurance increased its stake in Postal Savings Bank, acquiring 6.416 million shares at an average price of 5.3638 HKD per share [6].

Investment Rating - The report maintains an "Accumulate" rating for the banking sector, indicating a positive outlook despite challenges in the gold market in 2025 [1]. Core Insights - The gold market is expected to present both opportunities and challenges for banks, with a trend towards deepening precious metal business driven by central bank purchases [1][2]. - The demand for gold bars and coins has increased significantly, reflecting a growing need for gold as a hedge and store of value among residents [4]. - The establishment of a market-making system for gold trading is anticipated to enhance market liquidity and stability, positioning listed banks as key players [3][4]. Summary by Sections 1. Policy and Market Environment - As of September 2025, China's official gold reserves reached 74.06 million ounces, marking an increase for 11 consecutive months [2]. - In Q2 2025, global central banks added 166 tons of gold to their reserves, with 95% of surveyed central banks expecting further increases in the next 12 months [2]. - New policies allowing insurance funds to invest in gold are expected to create new opportunities for banks to provide services to insurance institutions, enhancing their intermediary income [2]. 2. Business Dynamics and Revenue Contribution - In the first half of 2025, China's gold consumption was 505.205 tons, a year-on-year decrease of 3.54%, with significant growth in gold bar and coin consumption by 23.69% [4]. - The decline in gold jewelry consumption is prompting banks to shift focus from traditional jewelry sales to investment-oriented precious metal businesses [4]. - The growth in investment demand for gold bars and coins is expected to stabilize income from investment-related businesses, enhancing the profitability of the precious metals segment for banks [4]. 3. Industry Trends - The report highlights a structural shift in gold consumption, with investment demand rising while jewelry demand declines, indicating a need for banks to adapt their business strategies [4]. - The performance of the banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank and Jiangsu Bank recommended for investment due to positive fundamental changes [8]. 4. Key Data Tracking - The report includes various financial metrics, such as average daily trading volume and margin financing balances, which are essential for assessing market conditions [9][10].

| 523 010 | 3005年重量 MiTE | 2019 12月11日 | | --- | --- | --- | | r/歌劇 | 257,562.563 | 212,486,374 | | 和中国公益建立式 | 29.044.622 | 24/034.18 | | 对公司副作教 | 43311,707 | 3110.40 | | 品质量模作机。 | 30,552,640 | 19355.30 | | 定制建有作教 | 126,685,000 | 11250150 | | 库德(FK) | 17,487,751 | INATIC TIM | | 请联合辑 | 148/110,734 | 154,690,334 | | 其中,则分分散 | 120,227,745 | 104,145,504 | | 个人的歌 | 21,344,141 | 24100371 | | 树 | 25,156,029 | 24,211,699 | | 5214. | 本投资用 | 本製品開比在庫耳 | 年前面周边测定 | 和制成起表期末比上半 | | --- | --- | --- | --- | --- | | | | 用机械 ...

A股上市银行2025年三季报披露拉开帷幕。继华夏银行"打头阵"后，重庆银行、平安银行、无锡银行近 日陆续披露了三季报。总体来看，这4家银行营收净利润或实现双增，或降幅有所收窄，资产质量均有 好转。接下来，南京银行、宁波银行、中国银行等多家上市银行的前三季度"成绩单"也将陆续亮相。 今年一季度，受市场利率下行、息差收窄等因素影响，上市银行经营普遍承压，二季度业绩有所改善 后，三季度能否延续恢复增长态势，受到市场高度关注。银行业分析师预计，得益于息差同比降幅收 窄，净利息收入降幅收窄，资产质量维持平稳等因素，前三季度银行业整体营收、净利增速仍能维持正 增长，保持稳健态势。 多家银行资产质量均有改善 4家A股上市银行率先披露三季报，关键业绩指标浮出水面。 今年前三季度，重庆银行营收、净利润同比增幅均超10%，无锡银行营收、净利润同比增幅均超3%， 平安银行和华夏银行净利润降幅较上半年收窄。 具体来看，平安银行前三季度实现归母净利润383.39亿元，同比下降3.5%，降幅较上半年有所收窄。业 绩逐渐企稳的背后，是该行加强低成本存款的吸收、降低整体负债成本等。1至9月，该行计息负债平均 付息率1.73%，较去年同期下降 ...

无锡农商行表示，如在本次公告披露之日起至实施权益分派股权登记日期间，因其他因素致使该行总股 本发生变动的，该行维持每股分配比例不变，相应调整分配总额。如后续总股本发生变化，将另行公告 具体调整情况。 北京商报讯（记者 孟凡霞 周义力）10月26日，无锡农商行发布公告称，该行董事会审议通过了《关于 2025年中期利润分配方案的议案》。截至2025年6月末，该行母公司报表中期末未分配利润为59.56亿 元。经董事会决议，该行2025年中期利润分配方案如下：以实施权益分派股权登记日登记的总股本为基 数，每股派发现金红利0.11元（含税）。若以2025年6月30日的总股本21.95亿股为基数，将派发现金股 利2.41亿元，占2025年半年度归属于该行股东净利润的17.50%。 ...

北京商报讯（记者 宋亦桐）10月26日，无锡农商行发布《第七届董事会第六次会议决议公告》指出， 本次会议审议并表决通过了《关于聘任首席合规官的议案》，无锡农商行董事会聘任执行董事、行长陈 红梅兼任首席合规官，任期与董事会保持一致。 ...