丨证券研究报告丨 行业研究丨行业周报丨银行 [Table_Title] 房地产贷款三季度增速转负 ——银行业周度追踪 2025 年第 42 周 报告要点 [Table_Summary] 本周 A 股风险偏好短期重新回升，银行指数相对收益落后，H 股大行涨幅领先，银行股中期分 红陆续启动，近期南下持股比例重新上升，由于 H 股大行具备低估值高股息特征，预计长期维 度南下持股比例仍将持续提升。个股层面，本周农业银行 H 以 7.9%领涨，今年以来农业银行 A/H 涨幅已达到 56.4%/43.6%，邮储银行 H 股、中信银行 H 股也涨幅领先。上周涨幅较大的 重庆银行、渝农商行本周小幅调整。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 房地产贷款三季度增速转负 2] ——银行业周度追踪 2025 年第 42 周 [Table_Summary2] 央行三季度贷款投向：房地产贷款增速 ...

Core Viewpoint - The article discusses the recent meetings held by major banks in China to implement the spirit of the 20th Central Committee of the Communist Party, focusing on the financial service priorities for the "14th Five-Year Plan" period. Group 1: Policy Implementation - Policy banks and major state-owned banks are aligning their strategies with national development goals, emphasizing support for food security, poverty alleviation, rural development, and ecological sustainability [1][2]. - The China Agricultural Development Bank is particularly focused on enhancing financial services in agriculture and rural areas, while the Export-Import Bank of China aims to promote trade innovation and international investment [1][2]. Group 2: High-Quality Development - State-owned banks are committed to serving the real economy while ensuring their own sustainable development, integrating high-quality development into all aspects of management [2]. - The banks are focusing on enhancing international competitiveness, promoting consumption, and ensuring a balance between development and security [2]. Group 3: Strategic Focus of Individual Banks - Industrial and Commercial Bank of China aims to leverage international platforms to support high-level opening-up [3]. - Agricultural Bank of China emphasizes its role in achieving common prosperity and enhancing rural financial services [3]. - Bank of China is focused on improving global service capabilities and supporting the internationalization of the Renminbi [3]. - China Construction Bank is prioritizing infrastructure support and consumer finance initiatives [3]. - Postal Savings Bank of China is committed to high-quality development and implementing its unique financial strategies [3]. Group 4: Future Planning - Agricultural Bank of China plans to align its future strategies with key areas such as economic transformation, regional development, and technological independence [4]. - China Bank's corporate finance division is focused on enhancing service quality for the real economy through innovative service models and credit structure optimization [4]. - China Construction Bank is committed to reforming and optimizing its funding structure while balancing various operational aspects [5].

在9月25日，中国银行研究院发布了2025年第4季度《中国经济金融展望报告》。其中明确谈到，在本年度最后3个月，将有更多银行或将加入存款利率下调 行列，其中中小银行都需补调，尤其是中长期存款利率会下调的更多。 为什么会出现这样的情况呢？其实就是各家银行经营状况不同，吸收居民存款要付利息，对于银行就是负债。现在贷款利率也降下来了，如果存款利率高， 银行赚取的存贷差就少，收入少利润底。越是小银行就越依赖存贷差的收入，所以在银行降低负债成本的压力下，反而存款利率下调更多。 现在上海华瑞银行等等小银行，也开始下调存款挂牌利率了。华瑞银行是我国批准的新型五家民营银行之一，总部在上海，它是由浙江均瑶集团等10家民营 企业发起的。他们的线下营业网点是非常少的，虽然吸收存款难度大，但是吸收吸收存款成本低，所以存款利率原本相对就更高。 在之前第二季度，先是国有6大行率先公布下调存款利率，其中将活期存款利率下调到从未有过的0.05%，也就是存1万元，年利息只有5元钱。定期存款利 率也同时都退缩到"1"时代，1年期定存利率只有0.95%，而三年期定存也仅仅只有1.25%。此时与国外成熟经济体的零利率时代有何异同呢？美国花旗银行 活 ...

中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。全会审议通过 了《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议（讨论 稿）》），擘画了中国未来五年的发展蓝图，提出了"十五五"时期经济社会发展的主要目标，宣示了乘 势而上、接续推进中国式现代化的坚定决心。 10月24日，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）等六家国有大行分别召开了党委（扩大）会议，专题传达学 习党的二十届四中全会精神，贯彻金融系统学习贯彻党的二十届四中全会精神会议要求，研究部署全行 学习宣传贯彻工作。 工商银行：积极支持稳住经济基本盘 工商银行党委在召开扩大会议时表示，要统筹国内国际两个大局，统筹发展和安全，全方位对接《建议 （讨论稿）》重大任务、重大项目，积极服务高质量发展，主动融入新发展格局，全力支持共同富裕。 发挥好金砖国家工商理事会等国际平台作用，助力高水平对外开放。按照"防风险、强监管、促高质量 发展"工作主线，突出主责主业，做精做深"五篇大文章"， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 为更好的满足投资者的理财需求，进一步提升客户体验，根据路博迈基金管理（中国）有限公司（以下 简称"本公司"）与中国邮政储蓄银行股份有限公司签署的开放式证券投资基金销售协议，自2025年10月 27日起，本公司旗下部分基金参加中国邮政储蓄银行股份有限公司（以下简称"邮储银行"）费率优惠活 动。现将有关事项公告如下： 一、适用基金 ■ 投资者可通过邮储银行办理上述列表中对应基金的申购、定期定额申购、赎回、基金转换业务，相关规 则遵照代销机构的有关规定以及基金招募说明书、发售公告、基金合同等法律文件及公司最新公告。如 后续邮储银行新增销售本公司管理的基金产品，将在本公司网站公示。 二、费率优惠活动 在优惠活动期间，投资者通过邮储银行申购本公司上述基金可享有申购（含定期定额申购）业务费率优 惠，同时，投资者通过邮储银行办理本公司上述基金的基金转换业务，基金转换申购补差费率享受费率 优惠，实施费率优惠活动的时间、具体折扣费率以邮储银行的规定为准。适用于固定费用的，则按固定 费用执行，不享有费率折扣优惠。 网址：https://www.psbc.com/cn/ 本公告仅对 ...

近日，政策性银行、国有六大行党委纷纷召开会议，传达学习党的二十届四中全会精神，并根据金融系 统学习贯彻党的二十届四中全会精神会议的工作要求，研究部署"十五五"时期的金融服务重点工作。 政策性银行是落实国家发展战略的重要平台。中国农业发展银行是唯一的农业政策性银行，该行在会议 中要求，聚焦服务国家战略，找准着力点，全力支持国家粮食安全、巩固拓展脱贫攻坚成果、城乡融合 发展、农村生态文明建设、区域协调发展、农业新质生产力等重点领域，扎实做好具有农发行特色的金 融"五篇大文章"。 中国进出口银行会议要求，聚焦服务高水平对外开放，统筹国内国际两个大局，以专业性、特色化金融 服务，促进贸易创新发展，支持拓展双向投资合作空间，推动高质量共建"一带一路"，助力构建人类命 运共同体。 国有大行贯彻落实党的二十届四中全会精神、全面服务好"十五五"重点任务的着力点，主要集中在深入 推进金融"五篇大文章"、落实提振消费专项行动、统筹发展和安全、提升国际竞争力等多个维度。 在遵循共性要求的同时，各家国有大行也注重结合自身资源禀赋和经营特色，实现差异化、精细化发 展。 具体来看，工商银行会议提到"发挥好金砖国家工商理事会等国际平台作用 ...

中国银行：加快提升全球布局能力和国际竞争力 中国银行党委在召开扩大会议时提出，要坚持服务实体经济根本宗旨，优化金融资源配置，提升金融服务 质效，深入推进做好"五篇大文章"，积极支持现代化产业体系智能化、绿色化、融合化发展，因地制宜支 持发展新质生产力。落实提振消费专项行动，扎实做好民生保障，落实区域发展战略，积极服务扩大内需 战略基点。要加快提升全球布局能力和国际竞争力，升级完善全球服务体系，助力推进人民币国际化，高 质量服务共建"一带一路"，以更实举措服务扩大高水平对外开放。要统筹好发展和安全，加强全面风险管 理，防范化解重点领域风险，坚决守住不发生系统性风险的底线。要积极培育和弘扬中国特色金融文化， 传承中国银行红色基因，推动"五要五不"融入经营管理各方面全过程。 建设银行：助力发展新质生产力 10月24日，工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行等六家国有大行分别召开了 党委（扩大）会议，专题传达学习党的二十届四中全会精神，贯彻金融系统学习贯彻党的二十届四中全会 精神会议要求，研究部署全行学习宣传贯彻工作。 工商银行：积极支持稳住经济基本盘 工商银行党委在召开扩大会议时表示，要统筹国内 ...

Core Insights - Postal Savings Bank of China in Longchuan County is leveraging financial innovation to address the financing challenges in agriculture, thereby stimulating local economic development [1][3] Group 1: Agricultural Financing Innovations - The bank has developed a unique assessment model for oil tea plantations, allowing for a credit limit of 4 million yuan for a company based on the potential yield and market conditions [2] - The bank's support has enabled the expansion of oil tea plantations from 2,000 acres to 5,000 acres, resulting in a 50% annual increase in online sales of derived products [2][3] - By September 2025, the bank has provided over 120 million yuan in credit to 20 oil tea enterprises and 26 cooperatives, supporting an annual output value exceeding 1 billion yuan [2][3] Group 2: Support for Technological Innovation - The bank's "Science and Technology Credit Loan" has facilitated a company in the high-end equipment manufacturing sector to secure a 50 million yuan credit line, enabling significant advancements in production capacity and patent development [4][5] - The company’s production capacity increased from 8,000 tons to 12,000 tons, and product quality improved significantly after receiving the loan [5] Group 3: Assistance for Small and Micro Enterprises - The bank has implemented a rapid approval process for small and micro enterprises, reducing loan approval times from 15 days to 7 days, which has been crucial for companies needing to capitalize on market opportunities [6][7] - By September 2025, the bank has provided over 230 million yuan in credit to 26 small and micro enterprises, contributing to a 25% increase in their survival rates and creating over 3,000 jobs [7] Group 4: Overall Impact on Local Economy - The bank's approach emphasizes becoming a growth partner for enterprises and a supportive entity for farmers, thereby enhancing the overall quality of economic development in the region [7]

在河北张家口市阳原县，种粮大户杨先生同样感受到了邮储银行的金融温度。面对农田积水、农机下地 难、潮粮晾晒难的严峻挑战，邮储银行张家口市分行及时为其办理了100万元贷款，支持他购置收割机 和烘干设备。"烘干塔24小时连轴转，每天能处理80吨湿玉米，不仅自家900亩玉米没耽误，还能帮周边 农户保住收成。"杨先生说。 为了抓住雨停间隙抢收，卢军鑫急需新增2台高性能履带式收割机和3台拖拉机，可前期农资储备已经投 入了大量资金，新设备采购的50万元缺口成了"拦路虎"。 得知卢军鑫的困境后，邮储银行周口市分行客户经理主动上门，迅速启动"秋收金融应急服务机制"，开 通绿色通道，安排专人对接资料审核、贷款审批等环节，很快就完成了从申请到放款的全流程。农机购 置贷款顺利到账，为农机采购和秋粮收获按下"加速键"。 "新的履带式收割机不怕地湿积水，工作效率大幅提升。"卢军鑫介绍，如今雨停间隙，合作社的6台农 机同时作业，不仅能高效完成自家负责的农田收割，还主动帮助周边农户抢收，助力颗粒归仓。 高水分的粮食抢收后，必须抓紧烘干晾晒。在山东滨州，滨州市国盛农业科技有限公司的12台烘干机24 小时运转，帮上百户农户解决了潮粮烘干难题。但 ...

Core Insights - The article highlights the success of Song's Cassava Industry Co., Ltd. in Deqing, which has transformed the cassava industry into a local agricultural specialty, supported by financial backing from Postal Savings Bank [1][5] Group 1: Company Overview - Song's Cassava Industry Co., Ltd. is recognized as a national high-tech enterprise and a specialized small and medium-sized enterprise in Jiangxi Province, focusing on the entire cassava industry chain from cultivation to deep processing [1][2] - The company has developed a range of products, including "Sugar No Worries" cassava tablets and "Wang Cassava" drinks, achieving annual sales exceeding 100 million yuan [1][2] Group 2: Financial Support and Growth - Postal Savings Bank provided 5 million yuan in credit support, enabling the expansion of the cassava seed breeding base and the upgrade of deep processing production lines [1][5] - The bank's "Science and Technology Innovation Loan" facilitated a 300,000 yuan credit loan within three working days, allowing the company to expand its breeding base to 1,800 acres, producing over 20 million high-quality cassava seedlings annually [2][3] Group 3: Industry Impact - The company’s growth has positively impacted local farmers, with an average income increase of over 3,000 yuan per acre, contributing to an annual output value of 51 million yuan [4][6] - The company has also addressed the challenge of cassava waste recycling, developing a product that significantly exceeds the polysaccharide content of ordinary wood-based products, enhancing the overall value chain [4][5] Group 4: Future Prospects - The Postal Savings Bank aims to continue supporting local industries with tailored financial products, enhancing the growth of agriculture and rural development [5][6] - The "company + base + farmer" model has successfully increased the income of thousands of farmers, establishing cassava as a vital industry for rural prosperity [6]