证券之星消息，11月5日农商行板块较上一交易日上涨0.09%，沪农商行领涨。当日上证指数报收于 3969.25，上涨0.23%。深证成指报收于13223.56，上涨0.37%。农商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) | | --- | --- | --- | --- | --- | --- | | 601825 | 沪农商行 | 8.86 | 1.26% | 28.55万 | 2.53亿 | | 601528 | 瑞丰银行 | 5.64 | 0.36% | 22.99万 | 1.30 7 | | 002839 | 张家港行 | 4.61 | 0.22% | 44.52万 | 2.05亿 | | 601860 | 紫金银行 | 2.87 | 0.00% | 35.50万 | 1.02亿 | | 603323 | 苏农银行 | 5.29 | -0.19% | 27.49万 | 1.45 Z | | 002958 | 青农商行 | 3.27 | -0.30% | 51.62万 | 1.69亿 | | 601128 | 常熟银行 | 7.19 | - ...

证 券 研 究 报 告 业绩稳健性凸显，引领银行价值回归 银行业2025年三季报综述 证券分析师： 郑庆明 A0230519090001 林颖颖 A0230522070004 冯思远 A0230522090005 李禹昊 A0230525070004 联系人： 冯思远 A0230522090005 2025.11.4 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 风险提示：实体需求不振，经济修复节奏低于预期；息差企稳不及预期；部分房企风险扰动、长尾客群风险暴露超预期。 ◼ 受三季度债市利率上行影响，上市银行营收增速小幅放缓符合预期，但利润延续正增。可以关注到，银行主动稳营收态度明确，这也为业 绩稳中有进奠定基础。9M25上市银行营收同比增长0.8%（1H25为1%），归母净利润同比增长1.5%（1H25为0.8%），核心源自三大驱 动，即"利息净收入企稳、中收低位修复、资产质量平稳确保利润可持续"；部分银行主动兑现债券浮盈以稳定营收表现（尤其国有行和 部分中小银行）。子板块看，国有行稳健性好于预期，股份行分化扩大，优质城商行业绩继续领跑，农商行则延续阶段性承压。 ◼ 三季度以国资和险 ...

证券之星消息，11月4日农商行板块较上一交易日上涨1.31%，江阴银行领涨。当日上证指数报收于 3960.19，下跌0.41%。深证成指报收于13175.22，下跌1.71%。农商行板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601077 | 渝农商行 | 911.25万 | 3.09% | 1674.49万 | 5.68% | -2585.74万 | -8.77% | | 601825 沪农商行 | | 667.91万 | 3.27% | 275.94万 | 1.35% | -943.85万 | -4.62% | | 603323 | 苏农银行 | 118.10万 | 0.58% | -1480.19万 | -7.31% | 1362.08万 | 6.73% | | 002839 | 张家港行 | -352.50万 | -1.48% | -311.18万 | -1.31% | 663.68万 ...

手续费及佣金净收入实现正增长，投资净收益增速放缓 本报记者 熊悦 不同类型银行的非利息收入呈现分化态势。今年前三季度，6家国有大行的非利息收入均实现同比增长，其中5家同比增速 达到两位数；与之形成鲜明对比的是，全国性股份制银行中，仅1家的非利息收入实现同比增长。 具体来看，今年前三季度，农业银行、邮储银行、中国银行、建设银行、工商银行的非利息收入均实现两位数增长，同比 增幅分别为21%、20%、16%、14%、11%；交通银行非利息收入的同比增速为2%。 非利息收入是银行营收结构中的重要组成部分。在当前银行业利息净收入整体承压的背景下，非利息收入可以在一定程度 上反映出银行的经营韧性。目前，A股42家上市银行今年前三季度业绩报告均已出炉，手续费及佣金净收入、投资净收益等非 利息收入状况随之浮出水面。 Wind资讯数据显示，今年前三季度，42家上市银行的非利息收入合计1.22万亿元，同比增加583亿元，增幅为5%。其中， 18家银行实现非利息收入同比增长，16家银行非利息收入在总营收中占比提升。 综合上市银行财务报表来看，受资本市场活跃度提升等因素影响，部分银行财富管理业务实现较好增长，拉动非利息收 入。与此同 ...

证券之星消息，11月3日农商行板块较上一交易日上涨1.58%，渝农商行领涨。当日上证指数报收于 3976.52，上涨0.55%。深证成指报收于13404.06，上涨0.19%。农商行板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601077 | 渝农商行 | 1337.54万 | 2.42% | 5130.09万 | 9.27% | -6467.63万 | -11.69% | | 601825 沪农商行 | | 953.53万 | 7.41% | -863.18万 | -6.71% | -90.35万 | -0.70% | | 002958 青农商行 | | 376.27万 | 2.76% | -885.53万 | -6.50% | - 509.26万 | 3.74% | | 002807 江阴银行 | | 246.76万 | 0.65% | -505.82万 | -1.33% | 259.06 ...

Core Insights - The recent disclosure evaluation results for listed banks in China for the 2024-2025 period show that all listed banks received ratings of B or above, with 22 banks rated A, indicating a strong performance in information disclosure [1] Summary by Category Overall Ratings - All listed banks achieved a rating of B or higher, with 22 banks rated A, reflecting consistent performance compared to the previous year [1] - Only six banks experienced rating changes, with five banks improving their ratings and one bank, Shanghai Bank, experiencing a downgrade [1] Banks with Rating Changes - The following banks improved their ratings: - Zhangjiagang Bank - Hangzhou Bank - Huaxia Bank - Everbright Bank - Zhejiang Commercial Bank [1] - Shanghai Bank was the only bank to see a downgrade in its rating [1] Detailed Ratings - A selection of banks and their ratings includes: - Ping An Bank: A - Ningbo Bank: A - Agricultural Bank of China: A - Industrial and Commercial Bank of China: A - Shanghai Bank: B (downgraded) [2]

Core Viewpoint - The apparent stability of bank non-performing loan (NPL) ratios conceals deeper structural changes, indicating that the era of "soft landing" achieved through provisioning adjustments and risk rotation is nearing its end [2][8] Group 1: Banking Performance - China Construction Bank reported a 1.44% year-on-year increase in operating income to 560.281 billion yuan for the first three quarters of 2025, with net profit rising by 0.52% to 258.446 billion yuan [3] - The bank's asset quality remains robust, with a non-performing loan ratio of 1.32%, down 0.02 percentage points from the end of the previous year, and a provisioning coverage ratio of 235.05%, up 1.45 percentage points [3] - Other major banks, such as China Bank and Postal Savings Bank, also show varying levels of asset quality, with China Bank's NPL ratio at 1.24% and Postal Savings Bank's NPL ratio at 0.94% [4] Group 2: Risk Assessment - Some joint-stock banks are experiencing thinner provisioning buffers, with Everbright Bank's NPL ratio at 1.26% and a provisioning coverage ratio of 168.92%, nearing regulatory warning lines [5] - In contrast, certain regional banks demonstrate stronger risk resilience, such as Chengdu Bank with an NPL ratio of only 0.68% and a provisioning coverage ratio of 433.08% [6] - The focus of risk has shifted from corporate to retail, with banks like China Merchants Bank reporting an increase in attention loans, indicating rising concerns in personal lending sectors [7] Group 3: Future Outlook - The banking industry is expected to face a genuine stress test as excess provisioning space narrows and retail risks continue to emerge, marking a transition from scale expansion to quality prioritization [2][8] - The ability to balance risk clearance and sustainable profits will determine the future restructuring of the industry [8]

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 Insights - On October 30, 2025, Ruifeng Bank executed a block trade of 2.5 million shares, amounting to 12.9 million yuan, which represented 12.3% of the total trading volume for the day [1] - The transaction price was 5.16 yuan per share, reflecting a discount of 5.67% compared to the market closing price of 5.47 yuan [1] Trading Details - The block trade involved a total of 2.5 million shares at a transaction price of 5.16 yuan, resulting in a total transaction value of 12.9 million yuan [2] - The trade was executed by various brokerage firms, indicating institutional interest in Ruifeng Bank's shares [2]

Core Insights - The rural commercial bank sector experienced a slight increase of 0.03% on October 30, with Changshu Bank leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Changshu Bank (601128) closed at 7.04, up 1.73% with a trading volume of 1,123,500 shares and a transaction value of 800 million yuan [1] - Other notable performances include: - Yunnan Rural Commercial Bank (601077) at 6.88, up 0.29% [1] - Wuxi Bank (600908) at 6.06, up 0.17% [1] - Jiangyin Bank (002807) at 4.79, down 0.21% [1] - Shanghai Rural Commercial Bank (601825) at 8.49, down 0.35% [1] Capital Flow - The rural commercial bank sector saw a net outflow of 21.47 million yuan from institutional investors, while retail investors contributed a net inflow of 18.53 million yuan [1] - Specific capital flows for selected banks include: - Jiangyin Bank (002807) with a net outflow of 29.87 million yuan from institutional investors [2] - Yunnan Rural Commercial Bank (601077) with a net inflow of 19.57 million yuan from institutional investors [2] - Shanghai Rural Commercial Bank (601825) with a significant net outflow of 23.35 million yuan from institutional investors [2]