证券之星消息，10月31日国有大型银行板块较上一交易日下跌1.01%，邮储银行领跌。当日上证指数报 收于3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。国有大型银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) | | | --- | --- | --- | --- | --- | --- | --- | | 601328 | 交通银行 | 7.18 | 1.27% | 220.54万 | | 15.71亿 | | 601988 | 中国银行 | 5.61 | -0.71% | 488.45万 | 27.17亿 | | | 601398 | 工商银行 | 7.78 | -0.77% | 369.33万 | 28.62 Z | | | 666109 | 建设银行 | 9.13 | -1.19% | 130.00万 | 11.88 Z | | | 601288 | 农业银行 | 7.96 | -1.24% | 382.86万 | | 30.36亿 | | 601658 | 邮储银行 | 5.75 | -2.71% | 236.3 ...

截至10月30日晚间，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）等六家国有大行均已公布2025年前三季度经营 业绩。 工商银行前三季度实现营业收入6400.28亿元，同比增长2.17%；实现归母净利润2699.08亿元，同比增 长0.33%。截至报告期末，工商银行总资产528134.21亿元，较上年末增加39916.75亿元，增长8.18%； 不良贷款率1.33%，较上年末下降0.01个百分点；拨备覆盖率217.21%，较上年末上升2.30个百分点。 建设银行前三季度实现营业收入5737.02亿元，同比增长0.82%；实现归母净利润2573.60亿元，同比增 长0.62%。截至报告期末，建设银行总资产453690.94亿元，较上年末增加47979.45亿元，增长11.83%； 不良贷款率1.32%，较上年末下降0.02个百分点；拨备覆盖率为235.05%，较上年末上升1.45个百分点。 交通银行前三季度实现营业收入1996.45亿元，同比增长1.80%；实现归母净利润699.94亿元，同比增长 1 ...

Core Viewpoint - The article discusses the significant investment opportunities in China as highlighted by the "14th Five-Year Plan," emphasizing the strategic focus on technology, consumption, green initiatives, and security as key investment themes for global capital [3][14]. Group 1: Investment Opportunities - The "14th Five-Year Plan" is seen as a guiding framework for China's development over the next five years, attracting global capital interest [14]. - Experts agree that the shift from "going out" to becoming "global enterprises" represents a major investment opportunity, with Chinese companies achieving world-leading capabilities in industrial and technological sectors [14]. - The demand for risk asset allocation has notably increased, as evidenced by the rapid growth of multi-asset allocation strategies [9]. Group 2: Market Dynamics - The relationship between Hong Kong and A-share markets is characterized by a complementary and mutually beneficial development pattern, with Hong Kong's ECM financing reaching $76 billion since 2025, making it the largest globally [12]. - The current bull market is transitioning from being liquidity-driven to being supported by institutional reforms and fundamental improvements [12]. - The "capital bridge" strategy is emphasized, showcasing the role of foreign institutions in facilitating cross-border investments and enhancing market connectivity [9][10]. Group 3: Strategic Insights - The decline of "American exceptionalism" is prompting global capital to focus on China, with concerns about U.S. fiscal deficits and regulatory uncertainties [6]. - The strategic partnership between foreign and Chinese financial institutions is crucial for promoting the development of capital markets and enhancing financial infrastructure connectivity [10]. - A clear and sustainable planning approach is highlighted as a unique advantage for both enterprises and governments, reinforcing the attractiveness of the Chinese market [15]. Group 4: Recommendations for Investors - Experts recommend a long-term investment philosophy to navigate market volatility, advocating for diversified strategies to mitigate risks [16]. - The low percentage of stock allocation among Chinese households (11%) indicates significant potential for growth in equity investments [16]. - The emphasis on consumer spending and the creation of new consumption scenarios is seen as a key driver for economic growth under the "14th Five-Year Plan" [15].

记者采访了解到，"随金价浮动"的模式具有三个特点，即动态化、灵活性与风险分散性。该方式使得起 投门槛能够随金价波动自动调整，避免了传统"固定金额+不定期调整"模式中，因金价剧烈波动导致的 定价滞后问题。 业内分析认为，未来，积存金业务将面临更为复杂的市场环境。短期看，黄金价格受国际政治局势、经 济数据及美元走势等多重因素影响，波动性可能进一步加剧。为应对这一挑战，银行应持续优化业务模 式。 强化响应市场实时性 交通银行（601328.SH）近日公告表示："根据中国人民银行《黄金积存业务管理暂行办法》（银办发 〔2018〕222号）的相关要求，为顺应市场变化，我行将对贵金属钱包业务进行调整。自2025年10月27 日9:30起，我行贵金属钱包积存计划起点金额将调整为随金价浮动的方式，积存金额需大于等于实时金 价，且符合积存交易递增单位要求（100的整数倍）。例如：积存时的贵金属钱包业务金价923元/克， 积存计划交易递增单位为100元，则可申请积存计划的最低金额为1000元。调整前已设置成功并有效的 积存计划将继续执行，不受影响。调整后，新建、修改、恢复已暂停的积存计划需满足我行最新起点金 额要求。" 此前，农 ...

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 - The financial reports of state-owned banks for the third quarter of 2025 indicate a steady improvement in key financial indicators and asset quality, laying a solid foundation for better service to the real economy [1] Financial Performance - Bank of China reported a revenue of 492.1 billion yuan for the first three quarters, a year-on-year increase of 2.72%, while net profit reached 189.6 billion yuan, reflecting a growth of 1.12% [3][4] - In Q3 alone, Bank of China achieved a revenue of 162.2 billion yuan, up 0.58% year-on-year, with a net profit of 60.1 billion yuan, marking a significant increase of 5.09% [4] - The net interest margin for the first three quarters was 1.26%, remaining stable compared to the first half of the year [4] Asset Quality - The overall asset quality of Bank of China remained stable, with a non-performing loan ratio of 1.24%, a slight decrease of 0.01 percentage points from the beginning of the year, and a provision coverage ratio of 196.60% [4] Support for Real Economy - Bank of China has increased financial resource allocation to key sectors, with domestic RMB loans rising by 1.67 trillion yuan, a growth of 9.15% year-to-date [6] - Loans to the manufacturing sector reached 3.34 trillion yuan, up 12.10% from the end of the previous year, while loans to strategic emerging industries grew by 26.29% to 3.12 trillion yuan [6] - Personal consumption loans increased by 26.11%, and the transaction volume of debit card quick payment exceeded 6 trillion yuan [6] Green and Technological Finance - Bank of China has maintained a leading position in green finance, with green loan balances exceeding 4.66 trillion yuan, a year-on-year growth of 20.11% [8] - The bank's technology loans reached approximately 4.7 trillion yuan, supporting over 160,000 clients, and has provided over 830 billion yuan in comprehensive technology financial services [8] Globalization and Cross-Border Services - Bank of China has strengthened its global presence, with international trade settlement business growing steadily and cross-border RMB settlement reaching 13.2 trillion yuan, a year-on-year increase of over 17% [10][11] - The bank's cross-border e-commerce settlement business reached nearly 850 billion yuan, growing by over 47% [11]

格隆汇10月31日｜华泰证券发表报告指，中国银行今首九个月归母净利润、营收、拨备前经营溢利按年 升1.1%、升2.7%及跌0.2%，增速分别较今年上半年升1.9百分点、跌1.1百分点及跌0.7百分点。首九个月 年化ROA、ROE分别按年跌0.06百分点、跌0.57百分点至0.7%和8.98%。信贷平稳增长，息差边际企 稳，利息净收入降幅收窄，但非息收入增速有所波动。利润增速边际提升，主要得益于有效税率边际改 善。 鉴于其他非息高基数下有一定增长压力，该行预测中行2025至2027年归母净利润分别为2413亿、2467亿 及2529亿元，按年增速升1.5%、2.2%及2.5%。中行国际化、综合化特色突出，应享有一定估值溢价， 但鉴于近期海外银行信贷风险波动，对市场情绪有一定影响，给予2026年A/H目标市账率0.78/0.63倍 (2025年前值0.83/0.66倍)，H股目标价由5.84港元上调至5.86港元，评级"买入"；A股目标价由6.68元上 调至6.7元，评级"增持"。 ...

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]

自2018年以来，中国银行与中国国际进口博览局、国家会展中心（上海）联合主办进博会贸易投资对接 会，着力推动各国企业共享中国高质量对外开放的发展机遇和广阔市场。七年来，累计招募企业超3.1 万家，促成合作意向约5300项、意向金额超500亿美元。 值得一提的是，本届对接会将创新组建未来产业和金融两大主题观展团，围绕代表新质生产力方向的高 端装备、医疗设备、新材料、生物技术等诸多科技前沿领域，从产业与金融双视角开展专业观摩，助 力"科技-产业-金融"良性循环，进一步促进展会成交。 下一步，中行上海市分行将全面学习贯彻党的二十届四中全会精神，充分发挥跨境服务专业优势，持续 推动创新升级、优化现场服务、促进成交对接，为扩大高水平对外开放，开创合作共赢新局面贡献中行 力量。 开展"惠客厅"投融资促进专场活动，助力高水平对外开放 本届贸易投资对接会将搭建投资促进"惠客厅"，开展近百场投资促进、产业对接等专场活动，通过招商 路演、产业推介、洽谈签约等多种形式，为中外来宾、全球投资者提供思想交流、务实合作的平台，助 力中外企业在产业链、供应链、创新链、资金链等多方面达成合作。 同时，为助力"展商变投资商"，本届贸易投资对接 ...

Group 1 - The six major state-owned banks in China reported revenue and net profit growth for the first three quarters of the year, with a total profit of 1.07 trillion yuan [1] - Revenue figures for the six banks are as follows: ICBC 640.03 billion yuan, ABC 550.88 billion yuan, CCB 573.70 billion yuan, BOC 491.20 billion yuan, PSBC 265.08 billion yuan, and CMB 199.65 billion yuan, with year-on-year growth rates of 2.17%, 1.97%, 0.82%, 2.69%, 1.82%, and 1.80% respectively [1] - Net profit figures are: ICBC 269.91 billion yuan, ABC 220.86 billion yuan, CCB 257.36 billion yuan, BOC 177.66 billion yuan, PSBC 76.56 billion yuan, and CMB 69.99 billion yuan, with year-on-year growth rates of 0.33%, 3.03%, 0.62%, 1.08%, 0.98%, and 1.90% respectively [1] Group 2 - The net interest margin, a key indicator of bank profitability, has been narrowing for the six major banks, with margins reported as follows: ICBC 1.28%, ABC 1.30%, CCB 1.36%, BOC 1.26%, PSBC 1.68%, and CMB 1.20%, all showing a year-on-year decline [1] - As of the end of September, the non-performing loan ratios for the banks were: ICBC 1.33%, ABC 1.27%, CCB 1.32%, BOC 1.24%, PSBC 0.94%, and CMB 1.26%, all showing improvement compared to the end of the previous year [2] - The total dividend payout proposed by the banks amounts to 204.66 billion yuan, with individual payouts per 10 shares as follows: ICBC 1.414 yuan, ABC 1.195 yuan, CCB 1.858 yuan, BOC 1.094 yuan, PSBC 1.230 yuan, and CMB 1.563 yuan [2]