Core Insights - The state-owned large bank sector experienced a decline of 1.01% on October 31, with Postal Savings Bank leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Bank Performance Summary - **Bank of Communications (601328)**: Closed at 7.18, up 1.27%, with a trading volume of 2.2054 million shares and a transaction value of 1.571 billion [1] - **Bank of China (601988)**: Closed at 5.61, down 0.71%, with a trading volume of 4.8845 million shares and a transaction value of 2.717 billion [1] - **Industrial and Commercial Bank of China (601398)**: Closed at 7.78, down 0.77%, with a trading volume of 3.6933 million shares and a transaction value of 2.862 billion [1] - **China Construction Bank (601939)**: Closed at 9.13, down 1.19%, with a trading volume of 1.3 million shares and a transaction value of 1.188 billion [1] - **Agricultural Bank of China (601288)**: Closed at 7.96, down 1.24%, with a trading volume of 3.8286 million shares and a transaction value of 3.036 billion [1] - **Postal Savings Bank (601658)**: Closed at 5.75, down 2.71%, with a trading volume of 2.3636 million shares and a transaction value of 1.361 billion [1] Capital Flow Analysis - The state-owned large bank sector saw a net outflow of 116 million in main funds, while retail funds experienced a net outflow of 8.1972 million [1] - **Bank of Communications**: Main funds net inflow of 224 million, retail funds net outflow of 63.839 million [2] - **Bank of China**: Main funds net outflow of 760.85 thousand, retail funds net outflow of 1.64165 million [2] - **China Construction Bank**: Main funds net outflow of 310.645 thousand, retail funds net inflow of 2.39997 million [2] - **Industrial and Commercial Bank of China**: Main funds net outflow of 519.931 thousand, retail funds net inflow of 1.39323 million [2] - **Postal Savings Bank**: Main funds net outflow of 893.268 thousand, retail funds net outflow of 1.0489 million [2] - **Agricultural Bank of China**: Main funds net outflow of 1.607 million, retail funds net inflow of 4.46154 million [2]

Investment Rating - The report maintains a "Buy" rating for China Construction Bank (601939.SH) with a current price of 9.24 CNY [1]. Core Views - The bank's performance is showing a return to positive growth, with a stable revenue increase and a recovery in profit growth. The bank's three major strategies are being effectively implemented, contributing to its performance [4][10]. Financial Performance Summary - For the first three quarters of 2025, the bank achieved a revenue of 573.7 billion CNY, a year-on-year growth of 0.8%, and a net profit attributable to shareholders of 257.4 billion CNY, with a year-on-year growth of 0.6%. The annualized weighted average return on equity (ROAE) was 10.32%, a decrease of 0.71 percentage points year-on-year [3][4]. - The net interest income and non-interest income growth rates for the first three quarters were -3% and 14%, respectively, indicating a strong performance in non-interest income despite a decline in net interest income [4][8]. - The bank's cost-to-income ratio and credit impairment losses as a percentage of revenue were 24.8% and 21.2%, respectively, both showing year-on-year increases [4]. Loan and Deposit Growth Summary - As of the end of Q3 2025, the bank's interest-earning assets and loans grew by 10.4% and 7.5% year-on-year, respectively, indicating steady credit growth [5]. - The bank's deposits increased at a rate of 11.4% year-on-year, with a total of 191.4 billion CNY added in the third quarter alone [6]. Asset Quality and Capital Adequacy Summary - The non-performing loan (NPL) ratio was 1.32% at the end of Q3 2025, down 1 basis point from the previous quarter, indicating improved asset quality [9]. - The bank's capital adequacy ratios were robust, with a core Tier 1 capital ratio of 14.36% and a total capital adequacy ratio of 19.24% as of Q3 2025, providing a strong buffer for future growth [9][27]. Earnings Forecast and Valuation Summary - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 1.29 CNY, 1.32 CNY, and 1.35 CNY, respectively. The current stock price corresponds to a price-to-book (PB) ratio of 0.71 and a price-to-earnings (PE) ratio of 7.14 [10][11].

Core Insights - The six major state-owned banks in China reported growth in both operating income and net profit for the first three quarters of 2025, with total assets also showing steady growth [1][2][3] Group 1: Bank Performance - Industrial and Commercial Bank of China (ICBC) achieved operating income of 640.03 billion yuan, a year-on-year increase of 2.17%, and net profit of 269.91 billion yuan, up 0.33% [1] - Agricultural Bank of China (ABC) reported operating income of 550.88 billion yuan, a 1.97% increase, and net profit of 220.86 billion yuan, growing by 3.03% [1] - Bank of China (BOC) recorded operating income of 491.20 billion yuan, a 2.69% increase, and net profit of 177.66 billion yuan, up 1.08% [2] - China Construction Bank (CCB) posted operating income of 573.70 billion yuan, a 0.82% increase, and net profit of 257.36 billion yuan, growing by 0.62% [2] - Bank of Communications (BCOM) achieved operating income of 199.64 billion yuan, a 1.80% increase, and net profit of 69.99 billion yuan, up 1.90% [2] - Postal Savings Bank of China (PSBC) reported operating income of 265.08 billion yuan, a 1.82% increase, and net profit of 76.56 billion yuan, growing by 0.98% [3] Group 2: Asset and Loan Quality - ICBC's total assets reached 52.81 trillion yuan, an increase of 399.17 billion yuan or 8.18%, with a non-performing loan (NPL) ratio of 1.33%, down 0.01 percentage points [1] - ABC's total assets were 48.14 trillion yuan, up 489.73 billion yuan or 11.33%, with an NPL ratio of 1.27%, down 0.03 percentage points [1] - BOC's total assets amounted to 37.55 trillion yuan, increasing by 248.89 billion yuan or 7.10%, with an NPL ratio of 1.24%, down 0.01 percentage points [2] - CCB's total assets reached 45.37 trillion yuan, up 479.79 billion yuan or 11.83%, with an NPL ratio of 1.32%, down 0.02 percentage points [2] - BCOM's total assets were 15.50 trillion yuan, increasing by 59.91 billion yuan or 4.02%, with an NPL ratio of 1.26%, down 0.05 percentage points [2] - PSBC's total assets reached 18.61 trillion yuan, up 152.07 billion yuan or 8.90%, with an NPL ratio of 0.94%, up 0.04 percentage points [3] Group 3: Provision Coverage - ICBC's provision coverage ratio stood at 217.21%, an increase of 2.30 percentage points [1] - ABC's provision coverage ratio was 295.08%, down 4.53 percentage points [1] - BOC's provision coverage ratio was 196.60%, down 4.00 percentage points [2] - CCB's provision coverage ratio was 235.05%, up 1.45 percentage points [2] - BCOM's provision coverage ratio was 209.97%, an increase of 8.03 percentage points [2] - PSBC's provision coverage ratio was 240.21%, down 45.94 percentage points [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained rating) with a target price not specified [7] Core Views - The company's profitability has shown signs of recovery, with a revenue of approximately 573.7 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 0.82% [2] - The net profit attributable to shareholders reached 257.36 billion yuan, reflecting a year-on-year increase of 0.62% [2] - The net interest margin recorded at 1.36%, down 4 basis points from the first half of 2025 [2] - Non-interest income increased significantly, with net investment income rising by 150.55% year-on-year to 36.76 billion yuan, accounting for 6.41% of total revenue [2] Financial Performance Summary - For the first three quarters of 2025, the company achieved a net interest income of 427.61 billion yuan, which is a decrease of 3% year-on-year, making up 74.53% of total revenue [2] - Non-interest income was 146.10 billion yuan, showing a year-on-year growth of 13.95% [2] - The company's total interest-earning assets amounted to 44.48 trillion yuan, with a year-on-year growth of 10.89% [3] - The non-performing loan ratio decreased to 1.32%, with a provision coverage ratio of 235.1% [4] Asset and Liability Structure - As of the third quarter of 2025, the company's interest-bearing liabilities totaled 41.23 trillion yuan, reflecting a year-on-year increase of 15.28% [3] - The structure of interest-bearing liabilities includes deposits (73.25%), bond issuance (6.39%), interbank liabilities (17.65%), and borrowing from the central bank (2.71%) [3] - The loan structure shows that loans accounted for 60.31% of interest-earning assets, with a year-on-year growth of 7.59% [3] Profitability Forecast and Valuation - The company is expected to see a net profit growth of 0.87%, 2.15%, and 3.28% for the years 2025, 2026, and 2027 respectively [5] - The book value per share (BPS) is projected to be 13.01 yuan, 14.12 yuan, and 15.27 yuan for the years 2025, 2026, and 2027 respectively [5]

瑞银发布研报称，建设银行（601939）(00939)今年首三季纯利为2,574亿元人民币，同比微升0.6%，扭 转了上半年同比下跌1.4%的下行趋势。单计第三季，纯利同比增长4.2%，增幅与四大行平均水平(4.1%) 相若。然而该行第三季收入由升转跌，主要受到期内净利息收入同比跌2.7%、净息差同比收窄21个基 点，以及其他非利息收入转弱等拖累。瑞银预期，市场对建行上季业绩反应将略为负面，仍给予"买 入"评级，目标价10.2港元。 ...

智通财经APP获悉，瑞银发布研报称，建设银行(00939)今年首三季纯利为2,574亿元人民币，同比微升 0.6%，扭转了上半年同比下跌1.4%的下行趋势。单计第三季，纯利同比增长4.2%，增幅与四大行平均 水平(4.1%)相若。然而该行第三季收入由升转跌，主要受到期内净利息收入同比跌2.7%、净息差同比收 窄21个基点，以及其他非利息收入转弱等拖累。瑞银预期，市场对建行上季业绩反应将略为负面，仍给 予"买入"评级，目标价10.2港元。 ...

格隆汇10月31日｜瑞银发表研究报告指，建设银行今年首三季纯利为2574亿元，按年微升0.6%，扭转 了上半年按年下跌1.4%的下行趋势。单计第三季，纯利按年增长4.2%，增幅与四大行平均水平(4.1%)相 若。然而第三季收入由升转跌，主要受到期内净利息收入按年跌2.7%、净息差按年收窄21个基点，以 及其他非利息收入转弱等拖累。瑞银预期市场对建行上季业绩反应将略为负面，仍给予"买入"评级，目 标价为10.2港元。 ...

Core Viewpoint - The six major state-owned banks in China reported positive year-on-year growth in both operating income and net profit for the first three quarters of 2025, despite a decline in net interest margins [3][4]. Financial Performance - The six major banks achieved approximately 2.73 trillion yuan in operating income, a year-on-year increase of 1.87%, and a net profit attributable to shareholders of about 1.72 trillion yuan, up 1.22% year-on-year [3][4]. - Among these banks, Bank of China and Industrial and Commercial Bank of China led in revenue growth rates at 2.69% and 2.17%, respectively, while Agricultural Bank of China had a net profit growth rate exceeding 3% at 3.03% [5][6]. - The absolute profit figures for the banks were as follows: Industrial and Commercial Bank earned approximately 269.9 billion yuan, Construction Bank 257.4 billion yuan, and Agricultural Bank 220.9 billion yuan [6]. Net Interest Margin and Income Structure - Net interest income continued to decline, with only the Transportation Bank showing a year-on-year increase of 1.46% in net interest income; the other five banks experienced varying degrees of decline, with Construction Bank and Bank of China seeing declines exceeding 3% [6][7]. - The net interest margin for the banks showed a downward trend, with the decline in margin narrowing significantly compared to the first half of the year [6][7]. Asset Quality and Growth - As of the end of the third quarter, total assets of the six banks approached 218 trillion yuan, reflecting a growth of approximately 1.85% since mid-year [3][8]. - The total loan amount exceeded 127 trillion yuan, with a growth of around 9 trillion yuan compared to the end of the previous year, and the fastest loan growth was seen in Bank of China, Postal Savings Bank, and Agricultural Bank, all exceeding 8% [8][9]. - Asset quality showed an overall improvement, with five banks reporting a decrease in non-performing loan ratios compared to the end of the previous year, while Postal Savings Bank saw a slight increase [9][10]. Market Capitalization - As of October 30, Agricultural Bank led in total market capitalization at 2.74 trillion yuan, followed by Industrial and Commercial Bank at 2.59 trillion yuan [10].

Core Viewpoint - China Construction Bank (CCB) reported solid performance in Q3 2025, focusing on enhancing its capabilities to support the real economy and maintain financial stability, while exploring high-quality development paths [1] Financial Performance - Operating income reached 560.281 billion RMB, a year-on-year increase of 1.44% [2] - Pre-provision profit was 411.360 billion RMB, up 1.03% year-on-year [2] - Net profit amounted to 258.446 billion RMB, reflecting a 0.52% increase compared to the previous year [2] - Net profit attributable to shareholders was 257.360 billion RMB, with a growth of 0.62%, marking an acceleration in growth over two consecutive quarters [2] - Non-interest income from fees and commissions rose to 89.668 billion RMB, a 5.31% increase year-on-year [2] - Total assets reached 45.37 trillion RMB, growing 11.83% from the end of the previous year [2] - Total loans and advances amounted to 27.68 trillion RMB, up 7.10% from the end of the previous year [2] - Total liabilities were 41.71 trillion RMB, increasing by 12.05% [2] - Non-performing loan ratio stood at 1.32%, down 0.02 percentage points from the end of the previous year [2] Business Development - CCB actively supports the real economy, with manufacturing loans exceeding 3.5 trillion RMB and private sector loans surpassing 6.7 trillion RMB [3] - The bank has issued green loans totaling 5.89 trillion RMB, reflecting an 18.38% increase year-to-date [3] - The pension fund management scale reached 700.899 billion RMB, growing 11.78% from the end of the previous year [3] - Digital financial services are expanding, with mobile banking users totaling 542 million [3] Risk Management - CCB emphasizes a comprehensive risk management approach, enhancing integrated risk control capabilities across its subsidiaries and branches [4] - The bank is focused on improving its risk monitoring and early warning systems through intelligent risk control measures [4]

Core Insights - The six major state-owned banks in China reported a year-on-year increase in both operating income and net profit for the first three quarters of 2025, with operating income reaching approximately 2.73 trillion yuan and net profit around 1.72 trillion yuan, reflecting growth rates of 1.87% and 1.22% respectively [1][2] Financial Performance - All six banks achieved positive year-on-year growth in revenue and net profit, with Bank of China and Industrial and Commercial Bank of China leading in revenue growth rates of 2.69% and 2.17% respectively [2] - Agricultural Bank of China reported a net profit growth rate exceeding 3%, specifically at 3.03%, while other banks like Bank of Communications and Bank of China also showed net profit growth above 1% [2] - The absolute profit figures for the banks were significant, with Industrial and Commercial Bank of China earning approximately 269.9 billion yuan, followed by China Construction Bank at 257.4 billion yuan and Agricultural Bank of China at 220.9 billion yuan [2] Net Interest Margin - The net interest margin (NIM) for most banks continued to decline, with only Bank of Communications showing a year-on-year increase in net interest income of 1.46% [3] - The decline in NIM was less severe compared to the first half of the year, with quarterly declines ranging from 0.01 to 0.04 percentage points [3] Asset Quality and Growth - By the end of the third quarter, total assets of the six banks approached 218 trillion yuan, marking a growth of approximately 1.85% since mid-year [1][4] - The total loan amount exceeded 127 trillion yuan, with a growth of around 9 trillion yuan compared to the end of the previous year, particularly driven by Bank of China, Postal Savings Bank, and Agricultural Bank of China, all showing growth rates above 8% [4] Provision Coverage - The overall asset quality showed improvement, with five banks reporting a decrease in non-performing loan ratios compared to the end of the previous year, while Postal Savings Bank experienced a slight increase [4] - The provision coverage ratio for Agricultural Bank of China remained the highest among the banks, although it decreased from approximately 299.61% to 295.08% [5] Market Capitalization - As of October 30, Agricultural Bank of China led in market capitalization at approximately 2.74 trillion yuan, followed by Industrial and Commercial Bank of China at about 2.59 trillion yuan [5] - Agricultural Bank of China was noted as the only major state-owned bank with a price-to-book (PB) ratio recovering to above 1 [5]