"这种模式针对的是成长期科技企业经常面临的'融资困境'，即单家银行额度不够，多家银行则沟通成 本高、节奏不一。"汉口银行光谷分行行长夏云宝表示，该笔信用贷款不仅量大，还稳定，能对汉宁轨 道这类高成长科技企业提供稳定信贷支持。 据介绍，湖北省科担公司作为运营机构，负责根据各银行的风险偏好与流程特点进行协调，助力该机制 高效运行。若获投企业遭遇阶段性经营震荡，湖北省科担公司将立即牵头推动合作银行共商共议稳贷、 续贷或有序退出方案，避免单家银行抽贷压贷引发"踩踏"，从而保障信贷秩序稳定。 光谷首单"科创金融小银团"落地只是开始。目前该模式已吸引9家银行参与，10家企业项目正加速推进 中， 并有近400家企业进入其储备库。未来将通过线上服务平台建设，持续优化联合服务机制，为成长 期科技企业提供全周期深度金融服务，助力企业健康、快速成长。 采写| 曾宪雯 近日，汉口银行光谷分行一笔500万元信用贷款顺利落地，标志着东湖高新区"科创金融小银团"机制成 功迈出第一步。 首单"小银团"由工商银行、武汉农商行、汉口银行、浦发银行、华夏银行共同出资3500万元，为光谷企 业汉宁轨道量身定制专项金融服务方案。 东湖高新区金融局相关 ...

Core Insights - The six major state-owned banks in China reported steady growth in asset scale, operating income, and net profit for the third quarter of 2025, demonstrating strong operational resilience [1] Group 1: Asset Scale - As of the end of Q3 2025, Industrial and Commercial Bank of China (ICBC) leads with total assets of 52.81 trillion yuan, followed by Agricultural Bank of China (ABC) and China Construction Bank (CCB) with 48.14 trillion yuan and 45.37 trillion yuan respectively [2] - The asset growth rates for ABC and CCB were notable at 11.33% and 11.83%, while ICBC and Postal Savings Bank of China (PSBC) showed growth in the 8%-9% range [3] Group 2: Revenue and Profit - In the first three quarters of 2025, ICBC achieved operating income of 6400.28 billion yuan and net profit of 2699.08 billion yuan, maintaining its leading position among the six banks [4] - Agricultural Bank of China reported a net profit growth rate of 3.03%, the highest among the banks, while other banks showed varying growth rates, with some needing to enhance their profit growth momentum [5] Group 3: Asset Quality - The non-performing loan (NPL) ratios for the six major banks mostly declined, with PSBC having the lowest NPL ratio at 0.94%, indicating effective credit risk management [6] - The provision coverage ratios varied significantly, with ABC at 295.08% and PSBC at 240.21%, reflecting strong risk resistance capabilities [7] Group 4: Net Interest Margin - The net interest margins (NIM) for all six banks decreased compared to the end of 2024, with PSBC leading at 1.68% and CCB at 1.36% [8][9] - The overall trend indicates industry-wide pressure on NIM due to deepening interest rate marketization and intensified market competition [9]

Core Viewpoint - The latest holdings of the "national team" in A-share listed companies have been revealed, with significant investments in major financial institutions and other sectors, indicating a strategic focus on stability and growth in the market [1][2]. Group 1: National Team Holdings - A total of 233 A-share listed companies have the "national team" (China Securities Finance Corporation and Central Huijin) among their top ten shareholders [1]. - There are 30 stocks with a holding value exceeding 10 billion yuan, including major banks like China Construction Bank, Agricultural Bank of China, and Bank of China, with holdings valued at 1.3288 trillion yuan, 1.1429 trillion yuan, and 1.1138 trillion yuan respectively [1][2]. - The top holdings also include companies from various sectors such as insurance, food and beverage, and energy, showcasing a diversified investment strategy [1][2]. Group 2: New Additions and Performance - Farah Electronics has been newly added to the "national team" holdings, with a market value of 158 million yuan [3]. - For the third quarter, Farah Electronics reported a revenue of 3.944 billion yuan, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up by 14.58% [3]. - The company’s capacitor products are utilized in ultra-high voltage transmission applications, indicating a focus on high-demand technology sectors [3].

Core Insights - The latest holdings of the "national team" in A-share listed companies have been revealed, with 233 companies having the "national team" as one of their top ten shareholders [1][2] - In the third quarter, the "national team" held over 10 billion yuan in market value in 30 stocks, including major banks and insurance companies [1] Group 1: Major Holdings - The top three holdings by market value are: - China Construction Bank: 13,288.15 billion yuan - Agricultural Bank of China: 11,429.52 billion yuan - Bank of China: 11,138.27 billion yuan [1] - Other significant holdings include: - Industrial and Commercial Bank of China: 9,914.42 billion yuan - New China Life Insurance: 751.22 billion yuan - Ping An Insurance: 734.02 billion yuan [1][2] Group 2: New Additions - Farah Electronics is a new addition to the "national team" holdings, with a market value of 1.58 billion yuan [2] - The company reported a revenue of 3.944 billion yuan for the first three quarters, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up 14.58% [2] - In the third quarter alone, Farah Electronics achieved a revenue of 1.445 billion yuan, reflecting a year-on-year growth of 9.31% [2]

以下文章来源于一丰看金融 ，作者王一峰、董文欣 一丰看金融 . 分享经济金融领域大事小情，路边新闻 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 10月30日，工商银行发布2025年三季度报告，前三季度实现营业收入6400亿，同比增长2.2%，归母净利润 2699亿，同比增长0.3%。加权平均净资产收益率9.3%，同比下降0.47个百分点。 点评： 营收增速季环比提升，盈利增速回正，经营韧性增强 工商银行1-3Q营业收入、PPOP、归母净利润分别同比增长2.2%、1.8%、0.3%，增速较25H1分别提升 0.6、0.4、1.7pct。营收主要构成上：（1）净利息收入同比下降0.7%，降幅较25H1略走阔0.6pct，扩表速 度稳中有降仍保持较好水平，息差收窄压力 ...

收入利润均实现正增长。2025 年前三季度实现营业收入6400 亿元，同比增长2.2%，增速较上半年回升 0.6 个百分点；前三季度实现归母净利润2699亿元，同比增长0.3%，降幅较上半年回升1.76 个百分点。 前三季度年化加权平均ROE9.3%，同比下降0.5 个百分点。 资产质量指标变化不大。公司三季度末不良率1.33%，较年初下降0.01 个百分点，环比二季度末持平。 公司三季度末拨备覆盖率217%，较年初上升2 个百分点，环比二季度末下降1 个百分点。整体来看，公 司资产质量指标变化不断，资产质量整体稳定，拨备也较为充足。 投资建议：公司三季度基本面变化不大，整体表现基本符合预期，我们维持盈利预测不变，预计公司 2025-2027 年归母净利润3608/3658/3841 亿元，同比增速-1.4%/1.4%/5.0%；摊薄EPS 为0.97/0.98/1.04 元；当前股价对应的PE 为8.1/8.0/7.6x，PB 为0.72/0.68/0.64x，维持"优于大市"评级。 风险提示：宏观经济形势走弱可能对银行资产质量产生不利影响。 资产规模稳定增长。公司三季末总资产同比增长9.2%至52.8 万 ...

Core Viewpoint - The Jiangsu Social Security Science and Technology Innovation Fund, with a scale of 50 billion yuan, has been officially established to facilitate the flow of financial resources into the real economy and support the integration of technological and industrial innovation [1] Group 1: Fund Establishment and Purpose - The fund aims to enhance effective investment in technology and industrial innovation, contributing to the construction of a strong technological nation and supporting the growth of science and technology enterprises [1] - The Jiangsu Social Security Science and Technology Innovation Fund is jointly funded by the Jiangsu provincial government, the National Social Security Fund Council, and the Industrial and Commercial Bank of China [1] Group 2: Investment Strategy - The fund will operate under principles of marketization, rule of law, and professionalism, leveraging the advantages of professional institutions that are close to the invested enterprises and rooted in market frontiers [1] - Investment focus will be on building a modern industrial system, emphasizing intelligent, green, and integrated development, while targeting future technological and industrial development high points [1] - The fund will strengthen support for major strategies, key areas, and weak links, actively promoting the use of new technologies to upgrade traditional industries [1] Group 3: Future Plans - The National Social Security Fund Council plans to increase its investment in the real economy, aiming for more proactive investment operations, effective resource allocation, and high-quality funding support for the integration of technological and industrial innovation [1]

Core Viewpoint - The six major banks have shown positive year-on-year growth in operating income and net profit attributable to the parent company for the first three quarters of 2025, despite facing challenges such as narrowing interest margins [1][2][3]. Financial Performance - All six major banks achieved positive growth in net profit attributable to the parent company in the first three quarters, with Agricultural Bank of China leading at a growth rate of over 3% [6]. - The net profit figures for the first three quarters are as follows: - Agricultural Bank: 220.86 billion yuan, +3.03% - Bank of Communications: 69.99 billion yuan, +1.90% - Bank of China: 177.66 billion yuan, +1.08% - Postal Savings Bank: 76.56 billion yuan, +0.98% - China Construction Bank: 257.36 billion yuan, +0.62% - Industrial and Commercial Bank: 269.91 billion yuan, +0.33% [7]. - The operating income for the first three quarters is as follows: - Bank of China: 491.20 billion yuan, +2.69% - Industrial and Commercial Bank: 640.03 billion yuan, +2.17% - Agricultural Bank: 491.20 billion yuan, +1.97% - Postal Savings Bank: 265.08 billion yuan, +1.82% - Bank of Communications: 199.64 billion yuan, +1.80% - China Construction Bank: 573.70 billion yuan, +0.82% [8]. Income Sources - Interest income for most major banks is in a declining trend, with non-interest income becoming a key growth driver. For the first three quarters, the interest income figures are as follows: - Bank of Communications: 128.65 billion yuan, +1.46% - Other banks experienced declines in interest income ranging from 0.70% to 3.04% [9]. Asset Growth - As of the end of the third quarter, all six major banks saw an increase in total assets compared to the end of the previous year, with China Construction Bank showing the highest growth rate of 11.83% [10]. - The total asset figures are as follows: - China Construction Bank: 45,369.09 billion yuan, +11.83% - Agricultural Bank: 48,135.43 billion yuan, +11.33% - Postal Savings Bank: 18,605.65 billion yuan, +8.90% - Industrial and Commercial Bank: 52,813.42 billion yuan, +8.18% - Bank of China: 37,550.16 billion yuan, +7.10% - Bank of Communications: 15,499.78 billion yuan, +4.02% [11]. Asset Quality - The non-performing loan (NPL) ratio for five of the six major banks decreased compared to the end of the previous year, while Postal Savings Bank's NPL ratio increased slightly by 0.04 percentage points. The NPL ratios are as follows: - Postal Savings Bank: 0.94% - Industrial and Commercial Bank: 1.33% - Agricultural Bank: 1.27% - China Construction Bank: 1.32% - Bank of China: 1.24% - Bank of Communications: 1.26% [11]. Interest Margin Trends - The narrowing of interest margins remains a challenge, but the decline has eased. As of the end of the third quarter, the net interest margins are as follows: - Postal Savings Bank: 1.68% - Industrial and Commercial Bank: 1.28% - Agricultural Bank: 1.30% - China Construction Bank: 1.36% - Bank of China: 1.26% - Bank of Communications: 1.20% [13]. - Bank of China has shown a stable trend in net interest margin, maintaining at 1.26% for the first three quarters [14].

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 - Industrial and Commercial Bank of China (ICBC) reported positive growth in both revenue and net profit for the first three quarters of 2025, indicating a clear recovery in operational efficiency [1]. Group 1: Revenue and Profit Growth - For the first three quarters of 2025, ICBC achieved revenue of 611 billion yuan, a year-on-year increase of 2%, with four out of the last five quarters showing positive growth [2]. - Net profit reached 271.9 billion yuan, up 0.5% year-on-year, marking a successful turnaround from negative growth in the first half of the year [2]. - The cost-to-income ratio stood at 26.55%, maintaining a strong efficiency level, with a slight decline in net profit margin in the first half of the year [2]. Group 2: Asset Scale and Support for the Real Economy - As of the end of September, ICBC's total assets exceeded 52.81 trillion yuan, growing by 8.2% compared to the end of the previous year [2]. - The bank provided over 4 trillion yuan in incremental funding to the real economy during the first three quarters, with customer loan balances reaching 30.45 trillion yuan, a 7.3% increase from the end of last year [2]. - The number of corporate clients reached 14.43 million, while individual clients surpassed 780 million, solidifying the customer base for long-term business expansion [2]. Group 3: Non-Interest Income and Risk Management - Non-interest income became a key driver of revenue growth, with net fee income reaching 90.9 billion yuan, a 0.6% year-on-year increase [3]. - Wealth management business showed strong performance, with corporate and personal financial management income growing by 25% and 3%, respectively [3]. - The non-performing loan (NPL) ratio was 1.33% as of the end of September, down 1 basis point from the end of the previous year, indicating improved asset quality [3]. Group 4: Outlook on Net Interest Margin - ICBC's management expressed optimism regarding the net interest margin (NIM), which was 1.28% for the first three quarters, with an expectation to maintain around 1.26% for the full year [5]. - The management noted that the decline in interest rates for newly issued corporate and retail loans has slowed, signaling potential stabilization in interest income [5][6]. - The bank's assessment is based on regulatory focus on NIM and signs of improvement in the spread between deposit and loan rates [6].