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].

工商银行总行管理层迎来新调整，"70后"高管赵桂德从内部脱颖而出，拟被聘任为副行长，以填补原副 行长段红涛职务调整后的岗位空缺。 10月30日晚间，工商银行发布公告称，董事会决定聘任赵桂德为副行长，其任职待报国家金融监督管理 总局核准并经该行公告后生效。 从公开履历来看，赵桂德具备深厚的银行经营管理积淀，任职轨迹贯穿工商银行多地分行与总行核心部 门，实务经验全面。其职业生涯中，先后担任中国工商银行吉林省分行副行长、内蒙古自治区分行行 长、山东省分行行长，后调任总行授信审批部主要负责人，此前还曾执掌工商银行上海市分行。此外， 赵桂德拥有工商管理（国际）硕士学位，获评高级经济师，兼具专业学历背景与实战管理能力。 值得关注的是，在过往任职期间，赵桂德在数字化转型、科技金融、民营经济服务等领域的实践与思考 尤为突出： 2022年5月期间，《当代金融家》刊发了时任工商银行山东省分行党委书记、行长赵桂德署名文章《以 科技驱动价值创造开启数字化转型新征程》。文中详细阐述了该分行的数字化成就： 一是数字化转型引领：将数字化转型定为 "一把手" 工程，牵头在工商银行系统内首家制定《数字化转 型实施方案》，构建"四大板块（生态、 ...

Core Insights - The latest investment layout of insurance funds in A-share listed companies has been revealed as the 2025 Q3 reports are disclosed, showing active participation and allocation in the capital market [1][2] Group 1: Investment Activity - As of the end of Q3, insurance institutions were among the top ten circulating shareholders in 713 A-share listed companies, indicating a strong presence in the market [1] - In Q3, insurance institutions entered 203 new stocks and increased holdings in 185 stocks, with 112 stocks remaining unchanged, reflecting active portfolio adjustments [1] Group 2: Stock Preferences - Excluding internal holdings, the top ten stocks held by insurance institutions at the end of Q3 were predominantly bank stocks, with eight out of ten being banks, highlighting a preference for undervalued, high-dividend assets [1] - The only non-bank stocks in the top ten were China Unicom, Beijing-Shanghai High-Speed Railway, and Gemdale Group, further emphasizing the central role of financial stocks in insurance fund allocations [1] Group 3: Notable Increases - The stocks with the largest increases in holdings by insurance funds in Q3 included Postal Savings Bank, Nanjing Bank, Hunan Steel, Changshu Bank, and China National Foreign Trade Transportation Group, with Postal Savings Bank seeing the largest increase, reflecting market confidence in state-owned banks' stable operations and dividend capabilities [1] Group 4: New Entrants - Among the 203 new heavy positions taken by insurance institutions in Q3, the top five stocks were Agricultural Bank, Industrial and Commercial Bank, Joy City, Zijin Mining, and Quzhou Development, indicating a shift towards resource stocks amid rising global inflation expectations and strong commodity prices [2] - The high proportion of bank stocks in the portfolio and continued increases suggest insurance funds' preference for high-dividend, low-valuation assets, while the entry of resource and real estate stocks may be based on expectations of valuation recovery and favorable policy environments [2]

Core Viewpoint - The six major state-owned banks in China reported stable growth in operating performance for the first three quarters of 2025, achieving a total operating income of approximately 2.73 trillion yuan and a net profit attributable to shareholders of 1.07 trillion yuan, despite pressures to reduce costs for the real economy [3][4]. Group 1: Financial Performance - The six major banks collectively achieved a net profit of over 389.8 billion yuan in the third quarter, averaging over 4.2 billion yuan in daily profit [3]. - All six banks reported positive year-on-year growth in both operating income and net profit for the first three quarters [3][4]. - The Industrial and Commercial Bank of China (ICBC) led with a net profit of 269.9 billion yuan, followed by China Construction Bank (CCB) and Agricultural Bank of China (ABC) with net profits of 258.4 billion yuan and 220.9 billion yuan, respectively [4][6]. Group 2: Profit Growth Disparities - The net profit growth rates varied significantly among the banks, with ABC leading at 3.03%, while CCB, ICBC, and Postal Savings Bank of China (PSBC) had growth rates below 1% [5][7]. - China Bank's net profit growth in the third quarter was 5.09%, attributed to improved asset quality and reduced tax rates [7]. Group 3: Revenue Trends - All six banks achieved positive revenue growth, with ICBC, ABC, CCB, and China Bank showing growth rates of 2.17%, 1.97%, 0.82%, and 2.69%, respectively [8]. - China Bank experienced the fastest revenue growth, driven by strong non-interest income, while CCB faced significant pressure leading to the lowest growth rate [8]. Group 4: Net Interest Margin - The net interest margin (NIM) for the six banks continued to decline, with PSBC having the highest NIM at 1.68%, followed by CCB and ABC at 1.36% and 1.30%, respectively [10][11]. - The decline in NIM is a significant challenge for the banking sector, impacting interest income and overall revenue [9][10]. Group 5: Non-Interest Income - Non-interest income has become a crucial supplement to profitability, with ABC and PSBC achieving double-digit growth in fee and commission income [12]. - Investment income for five of the six banks showed positive growth, effectively offsetting the pressure from declining NIM [12].

Core Insights - The six major state-owned banks in China reported double growth in revenue and net profit for the first three quarters of the year, achieving a total profit of 1.07 trillion yuan [2] - China Bank had the fastest revenue growth, while Industrial and Agricultural Banks led in total net profit and year-on-year growth [2] - The net interest margin showed a downward trend across all banks, indicating a potential challenge in profitability [3] Revenue Summary - The revenue figures for the six banks are as follows: Industrial Bank 640.03 billion yuan, Agricultural Bank 550.88 billion yuan, Construction Bank 573.70 billion yuan, China Bank 491.20 billion yuan, Postal Savings Bank 265.08 billion yuan, and Transportation Bank 199.65 billion yuan, with year-on-year growth rates of 2.17%, 1.97%, 0.82%, 2.69%, 1.82%, and 1.80% respectively [2] Net Profit Summary - The net profit figures for the banks are: Industrial Bank 269.91 billion yuan, Agricultural Bank 220.86 billion yuan, Construction Bank 257.36 billion yuan, China Bank 177.66 billion yuan, Postal Savings Bank 76.56 billion yuan, and Transportation Bank 69.99 billion yuan, with year-on-year growth rates of 0.33%, 3.03%, 0.62%, 1.08%, 0.98%, and 1.90% respectively [2] Asset Quality - The non-performing loan ratios for the banks as of September 30 are: Industrial Bank 1.33%, Agricultural Bank 1.27%, Construction Bank 1.32%, China Bank 1.24%, Postal Savings Bank 0.94%, and Transportation Bank 1.26%, all showing improvement compared to the end of the previous year [3] Dividend Distribution - The proposed dividend distributions per 10 shares are: Industrial Bank 1.414 yuan, Agricultural Bank 1.195 yuan, Construction Bank 1.858 yuan, China Bank 1.094 yuan, Postal Savings Bank 1.230 yuan, and Transportation Bank 1.563 yuan, totaling 204.66 billion yuan, with Construction Bank having the highest payout [3] Market Performance - The stock prices of the four major banks have seen varying degrees of increase this year, with Agricultural Bank up 57.72%, Industrial Bank 18.05%, Construction Bank 10.06%, and China Bank 7.12%, leading to Agricultural Bank ranking second in global bank market capitalization [3] Analyst Outlook - Morgan Stanley's report suggests that profits for major Chinese banks are expected to remain stable, with dividend yields around 6%-7%, indicating that large state-owned banks are considered safe investment choices [4]

近日，工行网银异常一事引发较大关注，有不少用户称自己的余额、投资甚至负债被清零。 10月31日，智通财经从中国工商银行客服处了解到，10月30日个人手机银行、网上银行因偶发系统故 障，导致资产负债数据可能显示不准确，截至当日晚间已经恢复正常，用户可点击相关栏目详情页或交 易明细进行查询，不会影响用户的资金安全。 ...

证券研究报告 | 公司点评报告 2025 年 10 月 31 日 工商银行（601398.SH） 息差降幅收窄，利润增速转正 总量研究/银行 工商银行披露 2025 三季报，25Q1~3 营业收入、PPOP、归母利润同比增速分 别为 2.17%、1.84%、0.33%，增速分别较 25H1 上升 0.6pct、0.41pct、1.72pct， 营收、PPOP、归母净利润增速均有所回升，其中归母净利润增速回正。累计 业绩驱动上，规模、中收、其他非息、拨备计提形成正贡献，净息差、成本收 入比下降、有效税率提升形成负贡献。 核心观点： 亮点：（1）存贷增长平稳，投资类资产增配。2025Q3 末贷款增长 8.39%，存 款同比增长 7.85%，均较上半年基本持平，投资类资产增速提高 4pct 至 23.87%， 三种类型的投资资产增速均在 20%以上，可能是公司在三季度的利率调整期加 大了配置力度。（2）息差下行幅度继续收窄。25Q1~3 公司净息差 1.28%，较 25H1 下降 2bp，下行幅度逐季收窄。测算的生息资产收益率和计息负债成本率 分别环比下降 6bp、8bp，负债端下行力度较大是主要贡献。（3）中收增 ...

Core Insights - The six major state-owned banks in China reported a total operating income of approximately 2.73 trillion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.87% [3] - The net profit attributable to shareholders reached about 1.72 trillion yuan, with a year-on-year increase of 1.22% [3] - All six banks achieved positive year-on-year growth in both revenue and net profit, with significant contributions from the third quarter [4] Revenue and Profit Performance - The revenue growth rates for Bank of China and Industrial and Commercial Bank of China were 2.69% and 2.17%, respectively, while Agricultural Bank of China led in net profit growth at 3.03% [3] - Absolute profit figures for the banks included approximately 269.9 billion yuan for ICBC, 257.4 billion yuan for CCB, and 220.9 billion yuan for ABC [3] Interest Income and Net Interest Margin - Interest income continued to decline, with only the Bank of Communications showing a year-on-year increase of 1.46% in net interest income [6] - The net interest margin for most banks decreased, but the rate of decline has narrowed compared to earlier in the year, with declines ranging from 0.01 to 0.04 percentage points per quarter [6] Asset Growth and Quality - Total assets of the six banks approached 218 trillion yuan, with a growth of approximately 1.85% since mid-year [3] - The non-performing loan ratio improved for five banks compared to the end of last year, while one bank saw a slight increase [7] Market Capitalization - As of October 30, Agricultural Bank of China had a market capitalization of 2.74 trillion yuan, leading among the banks, while ICBC's market cap was 2.59 trillion yuan [8]

固定收益丨深度报告 [Table_Title] 债市"收官战"，无虑银行兑现浮盈 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 银行作为债市重要的参与机构，其配债行为的变化对市场影响举足轻重。2025 年，银行同时面 临负债端"存款搬家"、净息差较低背景下业绩增长乏力等多重压力，银行是否会在负债压力背 景下选择"缩表"、在业绩压力下进一步加大浮盈兑现力度，进而影响债市供需和收益率走势？ 同时在负债压力背景下，银行发行同业存单的需求如何变化？本文基于对上市银行业绩拆分、 信贷收支表跟踪，对银行 2025 年前三季度行为进行复盘，同时对四季度情况做出展望。 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% 分析师及联系人 [Table_Author] 赵增辉 马月 SAC：S0490524080003 SAC：S0490525080001 SFC：BVN394 research.95579.com 2 [Table_Title2] 债市"收官战"，无虑银行兑现浮盈 [Table_Summary2] 从 2025 年半 ...

人民财讯10月31日电，10月29日，全球系统重要性金融机构会议在京召开。本次会议的主题是"人工智 能时代金融生态变革"。中国工商银行行长刘珺出席并参加圆桌讨论。刘珺表示，新一轮科技革命带给 金融的不仅是范式变化或结构调整，而将是一场再造和重塑。对金融机构，尤其是全球系统重要性金融 机构而言，应该就未来金融发展一些重大、根本性的命题进行探索，创新AI时代的金融服务模式，推 动管理理念、业务模式、价值曲线等全方位适应性再造，形成面向复杂问题的综合解决方案。要完善数 据治理，实现数据价值和数据权属的平衡，建立基于数据价值评估的动态定价体系。构建实体金融与虚 拟金融监管的一致性安排，取齐各自的监管上限、底线和约束条件。探索人工智能与人类智能和谐共生 的治理机制，确保技术创新始终服务于人类社会的共同利益与长远发展。 转自：证券时报 ...