Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [6] Core Insights - The company reported a revenue of approximately 640.03 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.17% and an increase of 0.6 percentage points compared to the first half of 2025 [1] - The net profit attributable to shareholders for the same period was 269.91 billion yuan, showing a slight year-on-year increase of 0.33% [1] - The net interest margin (NIM) for the first three quarters of 2025 was recorded at 1.28%, down by 2 basis points from the first half of 2025 [1] Revenue and Profitability - The company's net interest income was 473.42 billion yuan, accounting for 73.97% of total revenue, with a year-on-year decrease of 0.7% [1] - Non-interest income reached 166.61 billion yuan, marking an increase of 11.30% year-on-year [1][2] - The pre-provision profit growth rates for the first half and first three quarters of 2025 were 1.43% and 1.84%, respectively [1] Asset and Liability Structure - As of the end of the third quarter of 2025, the total interest-earning assets amounted to 51.41 trillion yuan, reflecting a year-on-year growth of 9.64% [2] - The total interest-bearing liabilities were 48.12 trillion yuan, with a year-on-year increase of 11.58% [2] - The loan-to-asset ratio increased slightly by 0.07 percentage points compared to the middle of 2025 [2] Asset Quality - The non-performing loan (NPL) ratio stood at 1.33%, remaining stable compared to the previous quarter [3] - The loan provision coverage ratio was 217.2%, showing a slight decrease of 0.50 percentage points [3] Profit Forecast and Valuation - The company is expected to see a net profit growth of -0.20%, +2.00%, and +3.49% for the years 2025 to 2027 [4] - The book value per share (BPS) is projected to be 11.38, 12.60, and 14.20 yuan for the years 2025, 2026, and 2027, respectively [4]

证券之星消息，10月31日国有大型银行板块较上一交易日下跌1.01%，邮储银行领跌。当日上证指数报 收于3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。国有大型银行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601328 | 交通银行 | 7.18 | 1.27% | 220.54万 | | 15.71亿 | | 601988 | 中国银行 | 5.61 | -0.71% | 488.45万 | 27.17亿 | | | 601398 | 工商银行 | 7.78 | -0.77% | 369.33万 | 28.62 Z | | | 666109 | 建设银行 | 9.13 | -1.19% | 130.00万 | 11.88 Z | | | 601288 | 农业银行 | 7.96 | -1.24% | 382.86万 | | 30.36亿 | | 601658 | 邮储银行 | 5.75 | -2.71% | 236.3 ...

近日，工行保亭支行成功为保亭什玲镇八村幼儿园上线"e缴费"平台，这是工行在保亭落地的首笔幼儿 园食堂线上缴费平台业务，也是该行深耕本地教育场景、推动数字化转型与服务民生融合的生动实践。 保亭什玲镇八村幼儿园相关负责人说："'e缴费'平台的上线切实解决了我们的难题！以前收费耗费大量 人力物力，还担心现金安全。现在家长随时随地就能缴费，我们后台管理清晰便捷，账务处理效率大幅 提升，资金也更安全了，真正实现了学校省心、家长放心。" 此次保亭首笔幼儿园食堂"e缴费"平台的成功上线，是工行海南省分行积极践行数字化转型战略、运用 金融科技赋能社会民生的重要成果。它不仅有效拓展工行在政府服务和个人金融服务的覆盖广度和深 度，提升市场竞争力，更通过提供便捷、安全、高效的智慧金融服务，有力支持保亭教育领域的现代化 管理进程，彰显工行服务地方经济、便民惠企的良好品牌形象。未来，工行保亭支行将继续深化场景建 设，推动更多便民、利企的数字化金融服务在保亭落地生根。(来源：工行海南省分行) 此次上线的工行"e缴费"平台是为县域幼儿园缴费管理痛点量身定制的。对于家长而言，该平台依托安 全、稳定的线上支付系统，提供微信、支付宝、手机银行A ...

截至10月30日晚间，工商银行（601398）、农业银行（601288）、中国银行（601988）、建设银行 （601939）、交通银行（601328）、邮储银行（601658）等六家国有大行均已公布2025年前三季度经营 业绩。 工商银行前三季度实现营业收入6400.28亿元，同比增长2.17%；实现归母净利润2699.08亿元，同比增 长0.33%。截至报告期末，工商银行总资产528134.21亿元，较上年末增加39916.75亿元，增长8.18%； 不良贷款率1.33%，较上年末下降0.01个百分点；拨备覆盖率217.21%，较上年末上升2.30个百分点。 建设银行前三季度实现营业收入5737.02亿元，同比增长0.82%；实现归母净利润2573.60亿元，同比增 长0.62%。截至报告期末，建设银行总资产453690.94亿元，较上年末增加47979.45亿元，增长11.83%； 不良贷款率1.32%，较上年末下降0.02个百分点；拨备覆盖率为235.05%，较上年末上升1.45个百分点。 交通银行前三季度实现营业收入1996.45亿元，同比增长1.80%；实现归母净利润699.94亿元，同比增长 1 ...

工商银行（601398）(01398)发布公告，根据有关规定，国家金融监督管理总局已核准段红涛先生担任 该行执行董事的任职资格。段红涛先生担任该行执行董事的任职已生效。 ...

截至三季度末，工商银行总资产52.81万亿元，比上年末增加3.99万亿元，增长8.18%。客户贷款及垫款 总额（不含应计利息）30.45万亿元，增加2.08万亿元，增长7.33%。其中，境内分行人民币贷款增加 2.04万亿元，增长7.65%。从结构上看，公司类贷款18.87万亿元，个人贷款9.1万亿元，票据贴现2.48万 亿元。投资16.47万亿元，增加2.31万亿元，增长16.33%。 截至三季度末，工商银行总负债48.62万亿元，比上年末增加3.79万亿元，增长8.44%。客户存款37.31万 亿元，增加2.47万亿元，增长7.09%。从结构上看，定期存款22.50万亿元，活期存款14.05万亿元，其他 存款2586.69亿元，应计利息4970.09亿元。股东权益合计4.19万亿元，比上年末增加2065.17亿元，增长 5.18%。 按照贷款质量五级分类，截至三季度末，工商银行不良贷款余额4048.38亿元，比上年末增加253.80亿 元，不良贷款率1.33%，下降0.01个百分点。拨备覆盖率217.21%，上升2.30个百分点。核心一级资本充 足率13.57%，一级资本充足率14.80%，资本充足率18 ...

工商银行 1-9 月归母净利润、营业收入、PPOP 分别同比+0.3%、+2.2%、 +2.0%，增速较 1-6 月+1.7pct、+0.6pct、+0.4pct。 公司业绩边际改善，非 息收入增速回升，中收增速由负转正，资产质量稳健。我们认为龙头地位稳 固，A/H 股维持买入/买入评级。 证券研究报告 工商银行 (601398 CH/1398 HK) 港股通 非息增速改善助力业绩回稳 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 国有大型银行 聚焦支持"四稳"，服务实体提质扩面。公司靠前对接各项存量和增量政策， 承销首批股权投资机构科技创新债券，AIC 股权投资试点业务规模行业领 先。突出"工"的主责主业和"商"的专业特色，做好金融"五篇大文章"，加力支 持国民经济重大战略、重点领域和薄弱环节，制造业、科技创新、绿色发展、 普惠小微等领域贷款增速均高于各项平均；积极支持提振消费、保障民生， 加强消费者权益保护，6 月末个人消费贷款增长 10.2%。 给予 A/H 股 26 年目标 PB0.85/0.65 倍 规模持续增长，息差略有波动 9 月末总资产、贷款、存款增速分别为+9.2 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of A-share listed companies in the third quarter, with nearly 80% achieving profitability and over 50% reporting net profit growth [1][2] - A total of 5,414 listed companies disclosed their third-quarter reports, collectively generating operating revenue of 50.8 trillion yuan and net profit of 4.54 trillion yuan, with median revenue and net profit of 1.301 billion yuan and 64.611 million yuan respectively, reflecting year-on-year growth of 3.46% and 2.86% [1] - Among the listed companies, 58 reported a year-on-year increase in net profit exceeding 10 times, while 679 companies saw their net profit double [1] Group 2 - Industrial and Commercial Bank of China (ICBC) reported the highest net profit among A-share listed companies, with revenue of 610.968 billion yuan and net profit of 269.908 billion yuan, reflecting year-on-year growth of 1.98% and 0.33% respectively [2] - Fangzheng Electric achieved the largest net profit growth, with a net profit of 13.7573 million yuan, a staggering increase of 153,128.6%, marking a significant turnaround in its operational quality due to rapid growth in its new energy motor business [2] - Changsha Bank led the listed companies in Hunan with a net profit of 6.557 billion yuan, while Huayin Power reported the highest growth rate in net profit at 954.94%, driven by an 8.98% increase in power generation and a decrease in coal price [2]

记者采访了解到，"随金价浮动"的模式具有三个特点，即动态化、灵活性与风险分散性。该方式使得起 投门槛能够随金价波动自动调整，避免了传统"固定金额+不定期调整"模式中，因金价剧烈波动导致的 定价滞后问题。 业内分析认为，未来，积存金业务将面临更为复杂的市场环境。短期看，黄金价格受国际政治局势、经 济数据及美元走势等多重因素影响，波动性可能进一步加剧。为应对这一挑战，银行应持续优化业务模 式。 强化响应市场实时性 交通银行（601328.SH）近日公告表示："根据中国人民银行《黄金积存业务管理暂行办法》（银办发 〔2018〕222号）的相关要求，为顺应市场变化，我行将对贵金属钱包业务进行调整。自2025年10月27 日9:30起，我行贵金属钱包积存计划起点金额将调整为随金价浮动的方式，积存金额需大于等于实时金 价，且符合积存交易递增单位要求（100的整数倍）。例如：积存时的贵金属钱包业务金价923元/克， 积存计划交易递增单位为100元，则可申请积存计划的最低金额为1000元。调整前已设置成功并有效的 积存计划将继续执行，不受影响。调整后，新建、修改、恢复已暂停的积存计划需满足我行最新起点金 额要求。" 此前，农 ...

Core Viewpoint - The six major state-owned banks in China reported positive year-on-year growth in both operating income and net profit for the first three quarters of 2025, despite a decline in net interest margins [3][4]. Financial Performance - The six major banks achieved approximately 2.73 trillion yuan in operating income, a year-on-year increase of 1.87%, and a net profit attributable to shareholders of about 1.72 trillion yuan, up 1.22% year-on-year [3][4]. - Among these banks, Bank of China and Industrial and Commercial Bank of China led in revenue growth rates at 2.69% and 2.17%, respectively, while Agricultural Bank of China had a net profit growth rate exceeding 3% at 3.03% [5][6]. - The absolute profit figures for the banks were as follows: Industrial and Commercial Bank earned approximately 269.9 billion yuan, Construction Bank 257.4 billion yuan, and Agricultural Bank 220.9 billion yuan [6]. Net Interest Margin and Income Structure - Net interest income continued to decline, with only the Transportation Bank showing a year-on-year increase of 1.46% in net interest income; the other five banks experienced varying degrees of decline, with Construction Bank and Bank of China seeing declines exceeding 3% [6][7]. - The net interest margin for the banks showed a downward trend, with the decline in margin narrowing significantly compared to the first half of the year [6][7]. Asset Quality and Growth - As of the end of the third quarter, total assets of the six banks approached 218 trillion yuan, reflecting a growth of approximately 1.85% since mid-year [3][8]. - The total loan amount exceeded 127 trillion yuan, with a growth of around 9 trillion yuan compared to the end of the previous year, and the fastest loan growth was seen in Bank of China, Postal Savings Bank, and Agricultural Bank, all exceeding 8% [8][9]. - Asset quality showed an overall improvement, with five banks reporting a decrease in non-performing loan ratios compared to the end of the previous year, while Postal Savings Bank saw a slight increase [9][10]. Market Capitalization - As of October 30, Agricultural Bank led in total market capitalization at 2.74 trillion yuan, followed by Industrial and Commercial Bank at 2.59 trillion yuan [10].