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。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 關於召開 2025 年第三季度業績說明會的公告 重要內容提示： 中國工商銀行股份有限公司（「本行」）擬於2025年10月30日披露2025年第三季度業績。 為了便於廣大投資者全面深入地了解本行2025年第三季度業績和經營情況，本行擬於 2025年10月30日召開業績說明會。 一、業績說明會類型 本次業績說明會將通過電話會議的方式召開。 1 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED 董事會秘書、高級業務總監田楓林先生，相關業務部門負責人。 四、投資者參加方式 五、聯繫人及諮詢方式 本行投資者關係管理團隊 • 會議召開時間：2025年10月30日（星期四）17:00-18:00 • 會議召開方式：電話會議 • 會議接入方式： 【中文線路】 中國內地：+86-4001 ...

Core Viewpoint - The banking sector is actively implementing regulatory measures for pre-collected funds in elderly care institutions, with several banks establishing platforms to enhance oversight and ensure the safety of funds for the elderly [1][2][3]. Group 1: Regulatory Developments - The Ministry of Civil Affairs and seven other departments issued guidelines to strengthen the regulation of pre-collected funds in elderly care institutions, prompting banks to respond quickly and develop necessary systems [1][3]. - As of September, Industrial Bank has obtained regulatory qualifications in multiple regions, including Shanghai and Guangdong, to manage pre-collected funds [1]. Group 2: Banking Initiatives - Banks like Everbright Bank and Industrial Bank have developed platforms for managing pre-collected funds, enhancing efficiency and risk management in the elderly care sector [1][2]. - Everbright Bank has successfully secured regulatory qualifications in over 20 provinces and cities, establishing cooperative models with local civil affairs departments [2]. Group 3: Market Potential - The pre-collected funds regulatory business is in its early stages but is seen as a valuable opportunity for banks to penetrate the elderly care industry and access low-cost funding [3][4]. - Major commercial banks are exploring various strategies to collaborate with elderly care institutions, leveraging their digital capabilities to optimize service delivery [3]. Group 4: Operational Considerations - Banks must obtain the necessary qualifications and comply with regulatory requirements to engage in this business effectively [4]. - Establishing a robust internal control system and optimizing business processes are crucial for enhancing risk management and service efficiency in the pre-collected funds regulatory business [4].

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。 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 大小均分为12期（每期为一个月），分期成功后，每期按消费金额的0.8%收取手续费，每期手续费最低1 元人民币或等值外币，实际收取情况以账单显示为准。在实际执行过程中，该行将根据政策制定差异化费 率，浮动区间为每期0.5%—0.8%。 对于此次下线自选分期业务的具体原因，北京商报记者致电光大银行信用卡中心，客服人员回应称，"此 次调整主要是对分期业务的优化调整，我行早在今年7月25日起就已停止支持客户 ...

Core Insights - The 15th National Games is leveraging financial services to enhance various aspects of the event, including the introduction of a digital RMB hard wallet themed around the event's mascots [1][2] - The event marks the first large-scale sports event jointly hosted by Guangdong, Hong Kong, and Macau, raising the bar for cross-border payment solutions [2] Group 1: Digital RMB Initiatives - A digital RMB hard wallet keychain themed on the mascots "Xi Yang Yang" and "Le Rong Rong" will be launched, allowing for convenient payments and interactive AR experiences [1] - The digital RMB aims to facilitate easier transactions for both domestic and foreign participants, with foreign visitors able to apply for the wallet using cash and passports [1] Group 2: Financial Products and Services - During the National Games, the Industrial and Commercial Bank of China (ICBC) will offer themed credit and debit cards, precious metal products, and digital collectibles, along with region-specific financial products [1] - ICBC will also provide a one-stop service for ticket purchasing, enhancing the overall experience for attendees [1] Group 3: Financing and Support for Small Enterprises - ICBC plans to establish a special credit line to support small and micro enterprises involved in the event, along with consumer subsidies to promote local attractions and businesses [2] - The bank's "Cross-Border Payment Pass" service allows for instant remittances between Hong Kong and mainland users via mobile banking, addressing traditional cross-border payment challenges [2]

Core Viewpoint - Recent increases in gold prices have led multiple domestic banks in China to raise the minimum investment thresholds for gold accumulation products, reflecting a shift in market dynamics and risk management strategies [1][3]. Group 1: Changes in Investment Thresholds - Several banks, including Bank of China, Industrial and Commercial Bank of China, Ping An Bank, and Industrial Bank, have raised the minimum investment amounts for gold accumulation products to between 950 yuan and 1200 yuan, an increase of 300 yuan to 550 yuan compared to the beginning of the year [1]. - Ping An Bank increased its regular investment plan minimum from 900 yuan to 1100 yuan starting October 24, while Industrial Bank raised its single purchase and new regular investment minimum from 1000 yuan to 1200 yuan on October 21, making it one of the banks with the highest threshold [1]. - Bank of China adjusted its minimum purchase amount from 850 yuan to 950 yuan on October 15, marking the fourth adjustment this year, having previously raised it from 650 yuan to 850 yuan in February and April [1]. - Industrial and Commercial Bank of China raised its "Ruyi Gold Accumulation" minimum investment from 850 yuan to 1000 yuan on October 13, stating that existing plans would not be affected unless they were automatically renewed [1]. - Ningbo Bank announced an increase in the minimum investment for gold accumulation from 900 yuan to 1000 yuan effective October 11, with applications below this amount being rejected [1]. Group 2: Market Analysis and Outlook - The gold accumulation business has gained popularity among small and medium investors due to its support for physical redemption, low investment thresholds, and flexible operations [3]. - Analysts suggest that the increase in investment thresholds by banks is aimed at controlling customer structure and mitigating potential complaints and disputes arising from significant fluctuations in gold prices [3]. - Despite the increased thresholds, some institutions remain optimistic about the long-term value of gold investments, with CITIC Securities noting that while short-term price increases may be driven by risk aversion, gold retains strong anti-inflation and asset preservation characteristics in the medium to long term [3]. - This year, gold prices have risen over 40%, with major commercial banks having previously adjusted their "gold purchase points" twice, first in February and again in April [3].