Core Viewpoint - The announcement highlights a partnership between Industrial and Commercial Bank of China (ICBC) and Everbright Wealth Management to enhance wealth management services for institutional investors [1] Group 1 - ICBC has signed a cooperation agreement with Everbright Wealth Management for the agency sales of wealth management products [1] - The collaboration aims to provide better financial services to a wide range of institutional investors [1]

Core Points - The announcement from Industrial and Commercial Bank of China (ICBC) regarding system upgrades scheduled from October 25 to October 26, 2025, aims to enhance service quality [1] - During the upgrade, various banking services will be temporarily suspended, while others will remain operational [1] Summary by Category System Upgrade Details - The system upgrade will take place from October 25 to October 26, 2025, to improve service quality [1] - Online banking, mobile banking, self-service terminals, telephone banking, and corporate connectivity will continue to operate, but some specific services will be temporarily unavailable [1] Suspended Services - Personal mobile banking will suspend credit card issuance, limit adjustments, and installment services from October 25, 22:30 to 23:30 [1] - ICBC e-Life will halt asset diagnosis, rights exchange, personal risk assessment, and private banking client information queries from October 25, 23:00 to October 26, 01:00 [1] - Personal online banking will pause wish investment, automatic purchases, and other related services from October 25, 22:30 to 23:15 [1] - Corporate mobile banking will suspend various services including settlement package inquiries and fund aggregation from October 26, 04:00 to 06:00 [1] - Telephone banking for corporate clients will be unavailable for authentication and information queries from October 26, 04:00 to 06:00 [1] - Other services such as livelihood fund supervision and smart legal services will be suspended on October 25, 20:00 to 21:30 [1] - Maintenance of ICBC's service agreements across all channels will occur from October 26, 02:00 to 03:20 [1]

商业银行信用卡业务正经历存量竞争与转型调整期。近期，光大银行、工商银行等多家银行密集对 信用卡分期业务"出招"，从特定分期功能下线到调整分期期数，一系列调整动作引发市场广泛关注。 分析人士称，此类调整有助于银行集中资源发展更标准化、风险更可控的分期产品，这也是响应监 管对消费者适度负债引导的举措。长期而言，此举将推动消费金融行业从过去追求分期业务规模转向更 加注重资产质量与服务实质，促进行业整体向合规、审慎和稳健的方向发展。 信用卡分期业务迎来调整 近期，多家银行信用卡分期业务迎来调整。10月23日，北京商报记者注意到，光大银行近日发布公 告称，为优化分期业务，该行将于2025年12月9日（含）起下线自选分期业务。届时，该行将对该日期 前已申请开通"自选分期"功能的信用卡统一关闭该功能，新入账交易不再进行自动分期处理。公告同时 明确，未结清的分期交易不受影响，用户仍需按原分期还款计划履约，具体应还款额以账单展示为准。 根据2022年1月版《自选分期业务协议》，光大银行信用卡自选分期业务是指为持卡人提供的分期 付款服务，持卡人对本人指定的信用卡开通自选分期业务后，该卡消费交易均采用分期方式还款，不论 交易金额大 ...

本报讯 （记者袁传玺）天眼查工商信息显示，近日，工银金融租赁有限公司发生工商变更，注册资本 由180亿元增至330亿元。股东信息显示，该公司由工商银行（601398）全资持股。 ...

Industrial and Commercial Bank of China | Asia Pacific Research Tactical Idea We believe the share price will rise in absolute terms over the next 60 days. We expect banks' share prices to be supported by seasonal fund inflows and see more upside towards end-2025. Moderate but steady credit demand should stabilize financial asset yields and bank NIM, and support revenue and profit growth in the coming quarters. We see another quarter of positive profit growth at ICBC in 3Q25 and attractive return opportunit ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Banking Sector - **Context**: The conference call discusses the upcoming Q3 earnings results for large state-owned enterprises (SOE) banks, joint stock banks (JSBs), and regional banks in China, highlighting expected performance trends and key metrics. Core Insights and Arguments - **Positive Growth Momentum**: Large SOE banks are expected to continue showing positive year-over-year (YoY) growth in revenue, profit before provisions (PPOP), and net profit, driven by strong non-interest income, particularly from investment and trading activities. However, net interest income (NII) may decline on average YoY [2][3][4] - **Joint Stock Banks Performance**: Select JSBs are anticipated to report positive net profit growth, aided by reduced impairment charges, although revenue and PPOP growth may remain subdued [2][3] - **Regional Banks Challenges**: Most regional banks are likely to experience a slowdown in both revenue and net profit growth, attributed to weakened investment and trading income [2][3] - **Key Operating Metrics**: - NIM (Net Interest Margin) is projected to decline slightly by 2 basis points (bps) on average across all bank types. - Loan growth YoY is expected to remain stable for large SOE and regional banks, while select JSBs may see a slight increase of 3.6% YoY. - Credit costs are expected to decline YoY, with large SOE banks, JSBs, and regional banks recording reductions of 8, 11, and 6 bps respectively [2][3] Investment Sentiment - **Market Performance**: MSCI China Banks and MSCI China Banks-A have gained 21.3% and 12.4% year-to-date as of October 17, 2025, but have underperformed the broader MSCI China index, which rose by 32.7% [3] - **Investor Preferences**: Investors are likely to favor banks with sustained positive YoY net profit growth and improving NIM and asset quality trends. The performance of investment and trading income, along with credit costs, will be critical differentiators in the upcoming earnings season [3][4] Bank-Specific Expectations - **ICBC**: Expected to show the largest improvement in net profit growth, with a YoY increase of 2.5% in Q3 compared to 1.4% in Q2. It is highlighted as a preferred stock with a dividend yield of 5.8% for 2025E [4] - **ABC**: Anticipated to have the highest YoY net profit after tax (NPAT) growth among large SOE banks at 3.6% in Q3, outperforming the average of 2.1% [4] - **CITIC**: Expected to lead JSBs with a YoY NPAT growth of 6.6% in Q3, significantly above the average of 2.1% for select JSBs [4] - **Regional Banks**: BONJ is flagged for robust growth, while BOCD may face notable deceleration [4] Defensive Investment Strategy - **Defensive Names**: Given the soft macro conditions and trade uncertainties, there is a constructive outlook on defensive bank stocks. Dividend yields have become attractive, exceeding 5% for H-shares and 4% for A-shares [6] Financial Forecasts - **Q325E Forecasts**: - Core earnings for major banks show varied performance, with ICBC expected to decline by 2.7%, CCB increasing by 2.1%, and ABC decreasing by 1.5% YoY. - NII is projected to decline for most banks, with ICBC at -4.5% and ABC at -3.7% YoY. - Non-interest income is expected to see significant growth for some banks, with estimates of 110% for certain institutions [7] Additional Insights - **Credit Cost Trends**: The average credit cost across banks is expected to decline, with ICBC at 0.43% and CCB at 0.56% for 2025E, indicating improved asset quality [9] - **NIM Trends**: The quarterly NIM for major banks is projected to decline, with ICBC at 1.24% and CCB at 1.36% for Q325E, reflecting ongoing pressure on interest margins [8] This summary encapsulates the key points discussed in the conference call, providing insights into the performance expectations and investment sentiment within the Chinese banking sector.

Investment Rating - The report maintains a "Positive" investment rating for the banking sector as of October 23, 2025 [6]. Core Insights - The external environment's uncertainty has increased, leading to a temporary decline in market risk appetite. However, the report is optimistic about the relative performance of the banking sector in Q4 2025 [3]. - The report identifies two main investment themes: the ongoing demand for financial investments and the motivation behind realizing unrealized gains in bank assets [4][9]. Summary by Sections 1. Investment Assets Driving Bank Expansion - Financial investment growth has accelerated to 15%, with significant performance differentiation across sectors. In H1 2025, financial investments were the core driver of asset expansion, with a year-on-year growth of 14.9% [14]. - The structure of financial investments shows that interest-bearing bonds continue to dominate, with their proportion increasing to 60.2% by mid-2025. The growth rates for state-owned banks and city commercial banks were 8% and 11%, respectively [16]. 2. Changes in How Banks Smooth Earnings Volatility - Banks are increasingly shifting from using the income statement to the balance sheet to smooth earnings volatility. The report highlights that the contribution of investment income, particularly from the amortized cost (AC) assets, has been rising significantly [9][10]. - The unrealized gains in the Other Comprehensive Income (OCI) account were estimated at CNY 438.4 billion, representing 7.8% of annual revenue as of H1 2025 [9]. 3. Motivation for Realizing Unrealized Gains - Smaller banks exhibit a stronger motivation to realize unrealized gains compared to larger banks, which need to balance performance and interest rate risk management (IRRBB) assessments [9]. - The report anticipates continued demand for realizing unrealized gains in Q3 2025, although the intensity may weaken compared to mid-year [9][10]. 4. Investment Recommendations - The report recommends focusing on fundamentally strong small and medium-sized banks, such as Chongqing Rural Commercial Bank (601077, Buy) and Nanjing Bank (601009, Buy) [9]. - For state-owned banks with solid fundamentals and defensive value, the report mentions Industrial and Commercial Bank of China (601398, Not Rated) and Agricultural Bank of China (601288, Not Rated) as potential investment targets [9].

证券代码：601398 证券简称：工商银行 公告编号：临 2025-038 号 中国工商银行股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 中国工商银行股份有限公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 【中文线路】中国内地：+86-4001510269，中国香港：+852-51089680 全球：+86-1021377168 参会密码：601398 【英文线路】中国内地：+86-4001510269，中国香港：+852-51089680 全球：+86-1021377168 参会密码：001398 ● 投资者可于 2025 年 10 月 28 日（星期二）17:00 前将相关问题通过电子 邮件的形式发送至本行邮箱：QA@icbc.com.cn，或在会议召开时提问。 中国工商银行股份有限公司（简称本行）拟于 2025 年 10 月 30 日披露 2025 年第三季度业绩。为了便于广大投资者全面深入地了解本行 2025 年第三季度业 绩和经营情况，本行拟于 2025 年 10 月 30 日召开业绩 ...

格隆汇10月23日｜工商银行：2025年10月30日(星期四)17:00-18:00召开2025年第三季度业绩说明会。 ...

工商银行公告称，公司拟于2025年10月30日披露2025年第三季度业绩，并于同日17:00-18:00以电话会议 形式召开业绩说明会。 ...