◎记者 马慜 10月30日，国有六大行2025年三季报全部出炉，集体交出稳健答卷。 今年前三季度，国有六大行以"头雁"之势，保持稳健的扩表增速。其中，工商银行以超8%的资产规模 增速，稳坐"宇宙行"头把交椅，而资产规模增速超过10%的农业银行、建设银行资产规模总量排名紧随 其后。 从盈利表现看，六大行前三季度合计盈利1.07万亿元，净利润全部实现正增长，业绩有所改善。其中， 工商银行、建设银行、中国银行利润增速环比二季度由负转正。 从总市值排位看，三季度农业银行凭借持续上涨的股价表现，超过工商银行，冲上市值榜首。截至10月 30日，农业银行总市值（A+H股）达到2.74万亿元。 从净利润看，工商银行、农业银行、建设银行、中国银行、邮储银行和交通银行分别实现归母净利润 2699.08亿元、2208.59亿元、2573.60亿元、1776.60亿元、765.62亿元和699.94亿元，同比增长0.33%、 3.03%、0.62%、1.08%、0.98%和1.9%。其中，农业银行的净利润增速最快。 就第三季度来看，中国银行单季归母净利润同比增长5.1%。国信证券研报分析称：一是中国银行在资 产质量持续稳健的基础上降 ...

Core Insights - The overall performance of listed banks in China has shown signs of recovery, with many banks reporting improved profitability in the third quarter of 2025, supported by a stabilization in net interest margins [1][2][3]. Group 1: Financial Performance - The six major banks reported varying net profits and revenue growth rates for the first three quarters of 2025, with Industrial and Commercial Bank of China leading in net profit at 269.91 billion yuan, a year-on-year growth of 0.33% [1]. - Several banks, including China Merchants Bank and Huaxia Bank, demonstrated positive revenue growth in the third quarter, with China Merchants Bank achieving a revenue growth rate of 2.11% [3]. - Regional banks like Nanjing Bank and Chongqing Bank exhibited robust performance, with both reporting revenue and net profit growth rates exceeding 8% for the first three quarters [3]. Group 2: Asset Quality and Stability - The asset quality of listed banks has generally improved, with banks like Chongqing Bank and Shanghai Pudong Development Bank reporting declines in non-performing loan ratios [4]. - The stability of net interest income and the recovery of non-interest income are identified as key factors supporting the banks' profitability [4]. Group 3: Net Interest Margin - The net interest margin has shown signs of stabilization and recovery, which is a critical highlight in the current performance cycle of the banking sector [5]. - Regional banks such as Jiangyin Bank and Ruifeng Bank reported increases in their net interest margins, indicating effective management of asset-liability structures [5]. Group 4: Impact of Bond Market Volatility - The volatility in the bond market has emerged as a significant variable affecting non-interest income for some banks, leading to revenue pressures [6]. - For instance, China Merchants Bank reported a decline in revenue due to losses in fair value changes, attributed to fluctuations in the bond market [6]. - Huaxia Bank also experienced a substantial drop in fair value gains, which negatively impacted its revenue performance [6][7].

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) reported its Q3 2025 results, showing modest growth in revenue and net profit compared to the previous year [1] Financial Performance - The company achieved a revenue of 640.28 billion yuan for the first three quarters, representing a year-on-year increase of 2.17% [1] - The net profit attributable to shareholders reached 269.91 billion yuan, reflecting a year-on-year growth of 0.33% [1] - The non-recurring net profit was 269.40 billion yuan, with a year-on-year increase of 0.67% [1] - Basic earnings per share stood at 0.73 yuan [1]

Core Insights - The six major state-owned banks in China have reported stable growth in net profit and operating income for the first three quarters of 2023, collectively achieving a net profit of 1.07 trillion yuan [1][2] - All six banks maintained a non-performing loan (NPL) ratio below 1.34%, indicating strong asset quality [2] Group 1: Financial Performance - In the first three quarters of 2023, Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Agricultural Bank of China (ABC) each reported net profits exceeding 200 billion yuan, with ICBC leading at 269.91 billion yuan [1] - The operating income for ICBC reached 640.03 billion yuan, followed by CCB at 573.70 billion yuan and ABC at 550.88 billion yuan [1] - China Bank reported the highest growth rate in operating income at 2.69%, totaling 491.20 billion yuan [1] Group 2: Asset Growth - As of September 2023, the asset scale of the six major banks showed steady growth, with CCB and ABC achieving double-digit growth rates of 11.83% and 11.33%, respectively [2] - The total assets for ICBC, ABC, and CCB were 52.81 trillion yuan, 48.14 trillion yuan, and 45.37 trillion yuan, respectively [2] Group 3: Risk Management - The NPL ratios for the six banks remained below 1.34%, with five banks showing a decrease compared to the end of 2024 [2] - Postal Savings Bank had the lowest NPL ratio at 0.94%, maintaining a long-standing low level [2] Group 4: Lending and Financial Services - The six major banks have focused on enhancing financial services in key areas, with loan growth rates generally exceeding the average [3] - ICBC's loan and bond investments increased by over 400 billion yuan, marking a new high for the year [3] - ABC's loans in rural areas surpassed 1 trillion yuan, while China Bank's inclusive finance loans reached 2.71 trillion yuan, growing by 18.99% year-on-year [3]

Core Viewpoint - The six major state-owned banks in China reported strong growth in revenue and net profit for the first three quarters, with total revenue exceeding 2.7 trillion yuan and net profit surpassing 1 trillion yuan, despite the pressure from narrowing net interest margins [1][3][4]. Financial Performance - The total revenue of the six major banks reached 27,205.35 billion yuan, and the net profit attributable to shareholders exceeded 1 trillion yuan at 10,723.43 billion yuan [3]. - Industrial and Commercial Bank of China (ICBC) maintained its leading position with a revenue of 6400.28 billion yuan, up 2.17% year-on-year, and a net profit of 2699.08 billion yuan, up 0.33% [3]. - China Construction Bank (CCB) reported revenue of 5737.02 billion yuan, a 0.82% increase, and a net profit of 2573.6 billion yuan, a 0.62% increase [3]. - Agricultural Bank of China (ABC) achieved revenue of 5508.76 billion yuan, up 1.97%, and a net profit of 2208.59 billion yuan, up 3.03% [3]. - Other banks like Bank of China, Postal Savings Bank, and Bank of Communications also reported revenue and profit growth [3]. Net Interest Margin Trends - The net interest margin (NIM) is under pressure across the industry, primarily due to the decline in market interest rates and the rigidity of deposit costs [5][6]. - Postal Savings Bank reported a NIM of 1.68%, down 21 basis points from the previous year, while Bank of Communications had the smallest decline at 1.2%, down 8 basis points [6][7]. - Other banks, including ICBC, ABC, and Bank of China, saw their NIMs decline by 15 basis points, with levels at 1.28%, 1.3%, and 1.26% respectively [7]. Economic and Structural Support - The steady recovery of the Chinese economy has supported the expansion of bank credit, which is crucial for performance growth [4]. - Banks are actively adjusting their business structures and exploring non-interest income areas, such as wealth management, to enhance growth potential [4][9]. - The downward adjustment of deposit rates is gradually showing effects, which may help stabilize NIMs in the future [8]. Strategic Recommendations - Banks are encouraged to diversify their income sources by developing wealth management and other non-interest businesses to reduce reliance on interest income [9]. - There is a need to optimize asset-liability structures and enhance cost management efficiency to improve profitability during the NIM contraction period [9].

Core Viewpoint - The six major state-owned banks in China have reported stable performance in their Q3 2025 results, showcasing robust asset growth and positive profit growth across the board [1][2]. Group 1: Profit Performance - The six major banks achieved a total net profit of 1.07 trillion yuan in the first three quarters, with all banks reporting positive growth in net profit [1][2]. - Individual net profits for the banks are as follows: Industrial and Commercial Bank of China (ICBC) 269.91 billion yuan, Agricultural Bank of China (ABC) 220.86 billion yuan, China Construction Bank (CCB) 257.36 billion yuan, Bank of China (BOC) 177.66 billion yuan, Postal Savings Bank of China (PSBC) 76.56 billion yuan, and Bank of Communications (BoCom) 69.99 billion yuan, with year-on-year growth rates of 0.33%, 3.03%, 0.62%, 1.08%, 0.98%, and 1.9% respectively [2]. - In Q3 alone, BOC's net profit grew by 5.1% year-on-year, attributed to improved asset quality and reduced provision for credit losses [2]. Group 2: Revenue Growth - All six banks reported revenue growth, with total revenues as follows: ICBC 640.03 billion yuan, ABC 550.88 billion yuan, CCB 573.70 billion yuan, BOC 491.20 billion yuan, PSBC 265.08 billion yuan, and BoCom 199.64 billion yuan, reflecting year-on-year growth rates of 2.17%, 1.97%, 0.82%, 2.69%, 1.82%, and 1.80% respectively [2]. - BOC recorded the fastest revenue growth among the banks [2]. Group 3: Net Interest Margin - The net interest margin (NIM) for the six banks has been narrowing, with the following NIMs reported: ICBC 1.28%, ABC 1.30%, CCB 1.36%, BOC 1.26%, PSBC 1.68%, and BoCom 1.20%, all showing a year-on-year decline [3]. - PSBC maintains the highest NIM, reflecting strong performance in the industry [3]. Group 4: Asset Quality - The asset quality of the six banks remains stable, with non-performing loan (NPL) ratios improving as of the end of September: ICBC 1.33%, ABC 1.27%, CCB 1.32%, BOC 1.24%, PSBC 0.94%, and BoCom 1.26%, all showing improvement compared to the end of the previous year [4]. - PSBC continues to have the lowest NPL ratio in the industry [4]. Group 5: Dividend Distribution - Several banks have announced interim dividend plans, pending shareholder approval, with proposed dividends per 10 shares as follows: ICBC 1.414 yuan, ABC 1.195 yuan, CCB 1.858 yuan, BOC 1.094 yuan, PSBC 1.230 yuan, and BoCom 1.563 yuan, totaling a dividend payout of 204.66 billion yuan [4].

Group 1: China National Offshore Oil Corporation (CNOOC) - CNOOC reported a net profit of 101.97 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.6% [1][2] - The company's operating income for the third quarter was 104.89 billion yuan, an increase of 5.7% year-on-year, while the net profit attributable to shareholders was 32.44 billion yuan, down 12.2% [1][2] - CNOOC's oil and gas net production reached 578.3 million barrels of oil equivalent in the first three quarters, a year-on-year increase of 6.7% [2] Group 2: BYD - BYD's net profit for the first three quarters of 2025 was 233.33 billion yuan, a decrease of 7.55% year-on-year [4][5] - The company's operating income for the third quarter was 1949.85 billion yuan, down 3.05% year-on-year, with a net profit of 78.23 billion yuan, a decline of 32.60% [4][5] Group 3: Industrial and Commercial Bank of China (ICBC) - ICBC reported a net profit of 269.91 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.33% [6][7] - The bank's operating income for the third quarter was 212.93 billion yuan, up 3.41% year-on-year, with a net profit of 101.80 billion yuan, an increase of 3.29% [6][7] Group 4: China Construction Bank (CCB) - CCB's net profit for the first three quarters of 2025 was 257.36 billion yuan, a year-on-year increase of 0.62% [9][10] - The bank's operating income for the third quarter was 179.43 billion yuan, down 1.98% year-on-year, while the net profit was 95.28 billion yuan, an increase of 4.19% [9][10] Group 5: Agricultural Bank of China (ABC) - ABC reported a net profit of 220.86 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.03% [14][15] - The bank's operating income for the third quarter was 1809.39 billion yuan, up 4.36% year-on-year, with a net profit of 813.49 billion yuan, an increase of 3.66% [14][15] Group 6: Ping An Insurance - Ping An Insurance's net profit for the first three quarters of 2025 was 147.79 billion yuan, a year-on-year increase of 41.01% [16][17] - The company's operating income for the third quarter was 353.27 billion yuan, down 11.48% year-on-year, with a net profit of 42.49 billion yuan, a decline of 55.98% [16][17] Group 7: Luxshare Precision - Luxshare Precision reported a net profit of 115.18 billion yuan for the first three quarters of 2025, a year-on-year increase of 26.92% [18][19] - The company's operating income for the third quarter was 964.11 billion yuan, up 31.03% year-on-year [18][19] Group 8: GF Securities - GF Securities achieved a net profit of 109.34 billion yuan for the first three quarters of 2025, a year-on-year increase of 61.64% [20][21] - The company's operating income for the third quarter was 107.66 billion yuan, up 51.82% year-on-year [20][21] Group 9: China Southern Airlines - China Southern Airlines reported a net profit of 18.70 billion yuan for the first three quarters of 2025, a year-on-year increase of 37.31% [22][23] - The company's operating income for the third quarter was 490.69 billion yuan, up 0.90% year-on-year, while the net profit was 36.76 billion yuan, down 11.31% [22][23] Group 10: China Galaxy Securities - China Galaxy Securities reported a net profit of 109.68 billion yuan for the first three quarters of 2025, a year-on-year increase of 57.51% [35][36] - The company's operating income for the third quarter was 90.04 billion yuan, up 55.94% year-on-year [35][36]

具体来看，截至10月30日收盘，农行、工行、建行、中行的总市值分别为2.74万亿元、2.59万亿元、1.92万亿元和1.69万亿元。 10月30日，四大国有银行今年前三季度的业绩悉数出炉。 | | 总资产 | | 营收 | | 净利润 | | | --- | --- | --- | --- | --- | --- | --- | | | 规模(万亿元) | 增速(较上年末) | 规模(亿元) | 増速 | 规模(亿元) | 增速 | | 工商银行 | 52.81 | 8.18% | 6400.28 | 2.17% | 2718.82 | 0.52% | | 农业银行 | 48.14 | 11.33% | 5508.76 | 1.97% | 2223.23 | 3.28% | | 建设银行 | 45.37 | 11.83% | 5737.02 | 0.82% | 2584.46 | 0.52% | | 中国银行 | 37.55 | 7.10% | 4912.04 | 2.69% | 1895.89 | 1.12% | 工行、农行新增贷款超2万亿元 从总资产规模来看，工行仍位居四大行首位，截至今年9月末，工行资产 ...

Core Insights - The four major state-owned banks in China have shown significant growth in total assets, revenue, and net profit for the first three quarters of 2025, with a focus on loan issuance to support this growth [2][6]. Asset Growth - As of September 2023, Industrial and Commercial Bank of China (ICBC) leads with total assets of 52.81 trillion yuan, an increase of 8.18% from the end of the previous year. Agricultural Bank of China (ABC) and China Construction Bank (CCB) follow with 48.14 trillion yuan and 45.37 trillion yuan, both exceeding 11% growth [2][3]. - China Bank (BOC) reported total assets of 37.55 trillion yuan, growing by 7.1% [2]. Loan Issuance - ABC and ICBC each issued over 2 trillion yuan in new loans, with ABC at 2.08 trillion yuan (8.36% growth) and ICBC at 2.08 trillion yuan (7.33% growth). CCB and BOC issued 1.84 trillion yuan and 1.76 trillion yuan, with growth rates of 7.1% and 8.15%, respectively [2][3]. Loan Focus Areas - Key loan sectors include manufacturing, strategic emerging industries, private enterprises, agriculture, and green finance. ICBC's manufacturing loans exceeded 5 trillion yuan, while ABC's county-level loans reached 10.90 trillion yuan, growing by 10.57% [3][6]. Market Performance - The stock prices of the four major banks have increased this year, with ABC leading at a 57.72% rise, followed by ICBC at 18.05%, CCB at 10.06%, and BOC at 7.12%. ABC's market capitalization has risen to second globally among banks, only behind JPMorgan Chase [3][4]. Revenue and Profit Growth - All four banks achieved growth in both revenue and net profit, with BOC showing the fastest revenue growth at 2.69%. ABC led in net profit growth among the four banks [6][7]. Asset Quality - The non-performing loan (NPL) ratios for the banks are as follows: ICBC at 1.33%, ABC at 1.27%, CCB at 1.32%, and BOC at 1.24%, all showing slight decreases from the beginning of the year [6][7]. Interest Income Trends - The net interest income for all four banks has declined, with ICBC at 4.73 trillion yuan (down 0.7%), ABC at 4.27 trillion yuan (down 2.4%), CCB at 4.28 trillion yuan (down 3%), and BOC at 3.26 trillion yuan (down 3.04%) [7][8]. Non-Interest Income Growth - Non-interest income has increased for the banks, with ICBC, CCB, and BOC reporting growth rates exceeding 11%, reaching 1.67 trillion yuan, 1.46 trillion yuan, and 1.65 trillion yuan, respectively [9][10].

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) is a leading player in the banking industry, showcasing strong financial performance and a solid market position in terms of revenue and net profit [2][3]. Financial Performance - For Q3 2025, ICBC reported operating revenue of 6400.28 billion yuan, ranking first in the industry, significantly above the industry average of 4534.23 billion yuan and the median of 5210.4 billion yuan [2]. - The net profit for the same period was 2718.82 billion yuan, also leading the industry, surpassing the average of 1816.58 billion yuan and the median of 2059.56 billion yuan [2]. Profitability and Debt Ratios - ICBC's debt-to-asset ratio stood at 92.06% in Q3 2025, slightly up from 91.89% year-on-year, but lower than the industry average of 92.36% [3]. - The gross profit margin for Q3 2025 was 49.77%, an increase from 49.09% year-on-year, exceeding the industry average of 43.66% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 15.27% to 657,900, while the average number of circulating A-shares held per shareholder decreased by 13.25% to 409,800 [5]. Executive Compensation - The chairman of ICBC, Liao Lin, received a salary of 908,300 yuan in 2024, which is a decrease of 233,600 yuan compared to 2023 [4]. Future Outlook - East China Securities forecasts that ICBC will achieve operating revenues of 829.2 billion yuan, 834.4 billion yuan, and 887.3 billion yuan for 2025 to 2027, with net profits of 369.5 billion yuan, 375.8 billion yuan, and 383.5 billion yuan respectively [6]. - Guotai Junan Securities anticipates a recovery in revenue growth for the first half of 2025, with net profit growth rates of 2.53% and 4.05% for 2025 and 2026 respectively [6].