Core Viewpoint - The company is focusing on "stabilizing scale and optimizing structure" to address challenges such as "deposit migration" and narrowing interest margins, while also seizing opportunities in the capital market to boost income from wealth management and custody services [1][2]. Deposit Management - As of the end of September, the total deposit scale of the company reached 5.83 trillion yuan, an increase of 302.4 billion yuan since the beginning of the year [2]. - The interest rate on deposits for the first three quarters was 1.71%, down 5 basis points from the first half of the year [2]. - The company plans to stabilize deposit scale by controlling the growth of high-cost deposits and enhancing customer engagement to increase low-cost transaction deposits [2]. Interest Income and Net Interest Margin - The net interest margin for the first three quarters was 1.72%, a decrease of 10 basis points compared to the same period in 2024 [3]. - The interest income for the first three quarters was 1,109.59 billion yuan, a year-on-year decline of 0.56%, with the decline rate narrowing by 0.96 percentage points compared to the first half of the year [3]. Non-Interest Income Growth - The company achieved net fee and commission income of 200.81 billion yuan in the first three quarters, a year-on-year increase of 3.79% [4]. - Wealth management sales revenue reached 4.2 billion yuan, growing by 7.7% year-on-year, driven by a recovery in the capital market [4]. - Credit card income saw a reduced decline, with a total of 6.7 billion yuan in intermediary income, benefiting from integrated customer acquisition strategies [4]. Risk Management - As of the end of September, the non-performing loan balance was 645.60 billion yuan, with a non-performing loan ratio of 1.08%, reflecting a slight increase from the end of the previous year [7]. - The company reported a significant reduction in new non-performing assets in key areas such as real estate and credit cards, indicating improved risk management [8]. - The company expects a decrease in new non-performing loans for the year, maintaining a stable and controllable asset quality [8].

Group 1 - The core viewpoint of the article highlights the successful issuance of a three-year technology innovation bond by North China Pharmaceutical Co., Ltd., led by the Shijiazhuang branch of Industrial Bank, with a total issuance scale of 500 million yuan [1] - This bond issuance marks the first technology innovation bond in the pharmaceutical industry of Hebei Province, setting a historical low for the interest rate of similar products in the region [1] - The funds raised will provide strong financial support for the company's key technological innovation areas, accelerating the transformation and implementation of innovative results [1] Group 2 - As of September 2025, the Shijiazhuang branch of Industrial Bank has provided over 20 billion yuan in financing support to enterprises in Hebei through investment banking services [2] - The branch has served 15 technology-based enterprises through various services, including non-financial bond underwriting, merger loans, and syndicate loans [2] - The bank plans to deepen its "commercial bank + investment bank" strategy, focusing on the full-cycle needs of technology innovation enterprises and leveraging specialized products like technology innovation bonds to inject stable financial momentum into these companies [2]

Group 1: Market Outlook - The "14th Five-Year Plan" signals increased reform and innovation, suggesting medium-term upward momentum in the market, despite short-term liquidity concerns at year-end[3] - Focus on sectors aligned with the "14th Five-Year" industrial guidance and Q3 performance, particularly technology growth (AI, semiconductors, innovative pharmaceuticals) and advanced manufacturing (new energy)[3] Group 2: Recommended Stocks - Dongcheng Pharmaceutical (002675.SZ) has a market cap of 12.2 billion CNY, with a TTM PE of 73.3, driven by ongoing innovation and clinical trials[4] - Zhongwei Company (688012.SH) leads in high-end semiconductor equipment with a market cap of 187.9 billion CNY and a TTM PE of 98.2, benefiting from increased product delivery[11] - Haiguang Information (688041.SH) has a market cap of 553.7 billion CNY and a TTM PE of 233.9, positioned well in the AI and domestic substitution trends[19] - Industrial Fulian (601138.SH) focuses on AI, with a market cap of 1548.3 billion CNY and a TTM PE of 50.7, showing strong revenue growth of 38.4% YoY[27] - Penghui Energy (300438.SZ) leads in small-scale energy storage with a market cap of 24.5 billion CNY, benefiting from rising demand and price improvements[35] - Jinfeng Technology (002202.SZ) has a market cap of 66.2 billion CNY and a TTM PE of 26.1, with improving margins in wind turbine manufacturing[42] - Luoyang Molybdenum (603993.SH) has a market cap of 369.8 billion CNY and a TTM PE of 19.3, with copper prices expected to rise[50] - Huaxin Cement (600801.SH) has a market cap of 40.6 billion CNY and a TTM PE of 13.5, with significant growth in overseas operations[57] - China Pacific Insurance (601601.SH) has a market cap of 342.5 billion CNY and a TTM PE of 7.6, noted for its high dividend yield and resilient asset performance[64] - Shanghai Bank (601166.SH) has a market cap of 13.4 billion CNY and a TTM PE of 5.6, recognized for its stable asset quality and dividend value[73]

Group 1 - The core point of the news is that Industrial Bank reported a slight decline in operating income for the first three quarters of 2025, while net profit showed a modest increase, indicating a stabilization in performance compared to earlier periods [1][2] - Industrial Bank achieved operating income of 161.23 billion yuan, a year-on-year decrease of 1.82%, with the decline narrowing by 0.47 percentage points compared to the first half of the year [1] - The bank's net profit attributable to shareholders reached 63.08 billion yuan, reflecting a year-on-year growth of 0% [1] Group 2 - The bank plans to implement a mid-term dividend for 2025, proposing a distribution of 5.65 yuan per 10 shares [1] - In personnel changes, the bank has seen a return of key executives to its wealth management subsidiary, with new appointments in the second half of the year [2] - The wealth management subsidiary, Xingyin Wealth Management, has increased its registered capital from 5 billion yuan to 10 billion yuan, making it the largest wealth management subsidiary among national joint-stock banks in terms of capital [2] Group 3 - As of June 30, 2025, Xingyin Wealth Management managed products totaling 2.32 trillion yuan, maintaining the second position in the market [3] - The subsidiary's fixed income products accounted for 2.27 trillion yuan, while equity products and mixed products were significantly smaller at 67.32 billion yuan and 349.32 billion yuan, respectively [3] - Xingyin Wealth Management has been recognized for its comprehensive wealth management capabilities, ranking first among national wealth management institutions for thirty consecutive quarters [3] Group 4 - Industrial Bank has been actively recruiting financial technology talent, with recent appointments from major financial institutions to enhance its technological capabilities [4] - The bank's investment in information technology reached 8.38 billion yuan in 2024, representing 3.95% of its operating income [4] - As of the end of 2024, the bank employed 7,840 technology personnel, making up 13.51% of its total workforce, the highest proportion among its peers [4]

Market Overview - On October 31, the share price of the banking sector fell by 0.73% compared to the previous trading day, with Everbright Bank leading the decline [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Bank Performance - Industrial Bank (601166) saw a closing price of 20.23, with an increase of 1.00% and a trading volume of 887,900 shares, totaling 1.793 billion yuan [1] - Huaxia Bank (600015) remained unchanged at 6.81, with a trading volume of 670,600 shares, totaling 45.6 million yuan [1] - Ping An Bank (000001) closed at 11.32, down 0.53%, with a trading volume of 970,200 shares, totaling 1.099 billion yuan [1] - China Merchants Bank (600036) closed at 40.89, down 0.75%, with a trading volume of 702,600 shares, totaling 2.882 billion yuan [1] - Zheshang Bank (601916) closed at 2.99, down 0.99%, with a trading volume of 1.6683 million shares, totaling 501 million yuan [1] - Minsheng Bank (600016) closed at 3.91, down 1.01%, with a trading volume of 4.6781 million shares, totaling 1.834 billion yuan [1] - CITIC Bank (601998) closed at 7.74, down 1.28%, with a trading volume of 915,000 shares, totaling 705 million yuan [1] - Shanghai Pudong Development Bank (600000) closed at 11.49, down 1.29%, with a trading volume of 1.4353 million shares, totaling 1.658 billion yuan [1] - Everbright Bank (601818) closed at 3.34, down 3.19%, with a trading volume of 5.9154 million shares, totaling 1.987 billion yuan [1] Capital Flow Analysis - The banking sector experienced a net outflow of 381 million yuan from main funds, while speculative funds saw a net inflow of 433 million yuan, and retail investors had a net outflow of 51.53 million yuan [1] - Specific capital flows for individual banks indicate varying trends, with Shanghai Pudong Development Bank experiencing a main fund net inflow of 241 million yuan but a net outflow from retail investors of 181 million yuan [2] - Industrial Bank had a main fund net inflow of 56.7 million yuan, while retail investors saw a net outflow of 48.09 million yuan [2] - CITIC Bank recorded a main fund net inflow of 30.28 million yuan, with a net outflow from retail investors of 47.03 million yuan [2] - Everbright Bank faced a significant main fund net outflow of 65.63 million yuan, despite a net inflow from speculative funds of 111 million yuan [2] - China Merchants Bank had a substantial main fund net outflow of 2.71 billion yuan, while speculative funds saw a net inflow of 3.15 billion yuan [2] - Minsheng Bank experienced a main fund net outflow of 3.17 billion yuan, with a net inflow from retail investors of 2.37 billion yuan [2]

2025 年 10 月 31 日 兴业银行(601166.SH) 营收降幅持续收窄——兴业银行 2025 年三季报业绩点评 事件：兴业银行披露 2025 年三季报，营业收入同比下降 1.82%， 拨备前利润同比下降 2.56%，归母净利润同比增长 0.12%，营收同 比降幅连续三季度收窄，我们点评如下： 2025 年三季度，兴业银行主要通过拨备反哺提振业绩表现，生 息资产规模扩张也驱动了业绩增长；净息差收窄和非息收入下降 则拖累了业绩表现。 量：对公信贷投放回暖 ①资产端：2025 年三季度末，兴业银行资产规模同比增长 3.55%， 增速环比二季度末上升 1pct，单季度新增 589 亿元，其中贷款总 额、同业资产分别新增 865 亿元、580 亿元，金融投资则单季度 大幅减少 603 亿元，预计主要是债市波动下公司主动压降金融投 资规模，三季度末金融投资占生息资产比例环比下降 0.73pct 至 33.13%。信贷方面，三季度末兴业银行信贷总额同比增长 4.32%， 增速环比改善 0.19pct，剔除贴现后有效信贷同比增速较二季度 末改善 0.09pct 至 4.88%。 一般公司贷款转好。三季度，兴业银行 ...

证券研究报告 兴业银行 (601166 CH) 沈娟 研究员 SAC No. S0570514040002 SFC No. BPN843 贺雅亭 研究员 heyating@htsc.com +(86) 10 6321 1166 蒲葭依 研究员 SAC No. S0570525090001 SFC No. BVL774 中收增速改善支撑业绩韧性 2025 年 10 月 31 日│中国内地 全国性股份制银行 目标价(人民币): 27.08 李润凌* 研究员 SAC No. S0570525100006 lirunling@htsc.com 基本数据 | 收盘价 (人民币 截至 10 月 30 日) | 20.03 | | --- | --- | | 市值 (人民币百万) | 423,892 | | 6 个月平均日成交额 (人民币百万) | 1,686 | | 52 周价格范围 (人民币) | 17.76-25.14 | 股价走势图 (8) 5 18 31 44 Oct-24 Mar-25 Jun-25 Oct-25 (%) 兴业银行 沪深300 资料来源：Wind 经营预测指标与估值 | 会计年度 (人民币) | ...

证 券 研 究 报 告 兴业银行（601166）2025 年三季报点评 推荐（维持） 营收稳中向好，估值修复可期 目标价：27.46 元 事项： ❖ 10 月 30 日，兴业银行披露 2025 年三季报，2025 年前三季度实现营业收入 1,612.34 亿元，同比下降 1.82%（上半年下降 2.29%）；实现归母净利润 630.83 亿元，同比增长 0.12%（上半年增 0.21%）。3Q25 末不良率较年中持平于 1.08%， 拨备覆盖率环比下降 0.7pct 至 227.81%。 评论： 公司研究 全国性股份制银行Ⅲ 2025 年 10 月 31 日 | | | 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：林宛慧 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 公司基本数据 | 总股本(万股) | 2,116,285.19 | | --- | --- | | 已上市流通股(万股) | 2,116,285.19 | | 总市值(亿元) | ...

10月30日，兴业银行（601166）发布2025年第三季度报告。报告显示，2025年前三季度，该行实现营业 收入1612.34亿元，同比下降1.82%，降幅较半年度收窄0.47个百分点；实现归属于母公司股东的净利润 630.83亿元，同比增长0.12%。其中，利息净收入1109.59亿元，同比下降0.56%，降幅较半年度收窄0.96 个百分点。手续费及佣金净收入200.81亿元，同比增长3.79%，增幅较半年度扩大1.20个百分点。其他 非息净收入301.94亿元，受市场利率波动影响，同比下降9.28%。 截至三季度末，兴业银行资产总额达到10.67万亿元，较上年末增长1.57%。客户贷款余额5.99万亿元， 较上年末增长4.42%；绿色贷款、科技贷款、制造业中长期贷款分别较上年末增长18.64%、17.70%、 13.82%，均高于贷款整体增速。客户存款余额5.83万亿元，较上年末增长5.47%；存款付息率1.71%，同 比下降32个基点，较半年末下降5个基点。合理摆布同业负债规模与结构，同业存款付息率1.68%，同 比下降56个基点，较半年末下降8个基点。 资产质量方面，截至三季度末，兴业银行不良贷款余 ...

林舒说，今年以来，银行业息差延续下行态势，兴业银行的净息差走势符合预期。他表示，通过做强负 债有效压降付息成本，可以较好对冲资产端收益率下行影响。"展望全年，兴业银行将坚持采取积极有 效的稳息差策略，力争今年净息差变动跑赢大市，利息净收入保持相对稳定。"林舒说。 在资产质量方面，前三季度，兴业银行不良贷款余额645.6亿元，较上年末增加30.83亿元；不良贷款率 1.08%，较上年末上升0.01个百分点。关注类贷款率1.67%，较上年末下降0.04个百分点。计提资产减值 损失423.13亿元，同比下降11.3%；拨备覆盖率为227.81%。 兴业银行首席风险官赖富荣说，前三季度，兴业银行新发生不良资产规模及不良生成率实现"双降"。从 规模上看，新发生不良资产规模较去年同期有较大幅度下降；从不良生成率上看，不良资产生成率低于 去年同期，风险进一步收敛。 分领域来看，房地产、地方政府融资平台、信用卡三大领域从风险高发转向收敛。"对公房地产新发生 不良较上年同期减少53%，地方政府融资平台无新发生不良，信用卡新发生不良同比下降10.58%。"赖 富荣说，"我们预计全年新发生不良较上年有所下降，不良贷款率、关注贷款率 ...