资金面上看，两市主力资金全天净流入54.06亿元，今日有12个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨4.79%，全天净流入资金161.32亿元，其次是有色金属行业， 日涨幅为4.28%，净流入资金为59.97亿元。 主力资金净流出的行业有19个，电子行业主力资金净流出规模居首，全天净流出资金65.40亿元，其次 是通信行业，净流出资金为47.36亿元，净流出资金较多的还有国防军工、银行、食品饮料等行业。 沪指10月29日上涨0.70%，申万所属行业中，今日上涨的有24个，涨幅居前的行业为电力设备、有色金 属，涨幅分别为4.79%、4.28%。跌幅居前的行业为银行、食品饮料，跌幅分别为1.98%、0.56%。银行 行业位居今日跌幅榜首位。 银行行业资金流向排名 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600036 | 招商银行 | -2.00 | 0.44 | -77299.50 | | 600016 | 民生银行 | -1.49 | 1.47 | -417 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][4][8] Core Views - The company has shown a positive year-on-year growth in net profit of 1.1% for the first three quarters of 2025, reversing the previous negative trend [4][7] - The total assets of the company reached 37.6 trillion yuan, reflecting a year-on-year increase of 10.2% [4][7] - The company continues to focus on internationalization and has maintained a stable dividend policy, making it an attractive option for investors seeking stable returns [8][7] Financial Performance Summary - For the first three quarters of 2025, the company achieved an operating income of 491.2 billion yuan, up 2.7% year-on-year [4][7] - The annualized weighted average ROE for the first three quarters of 2025 was 8.98% [4][7] - The net interest margin for the third quarter of 2025 was 1.26%, with a year-on-year decline of 15 basis points, but the decline has narrowed compared to the first half of the year [7][8] - The non-performing loan (NPL) ratio remained stable at 1.24% as of the end of the third quarter of 2025 [8][9] Future Projections - The report projects the company's earnings per share (EPS) for 2025 to be 0.74 yuan, with expected growth rates of 0.2% for 2025, 1.4% for 2026, and 3.2% for 2027 [6][8] - The price-to-earnings (P/E) ratio is expected to be 7.6x for 2025, while the price-to-book (P/B) ratio is projected to be 0.68x [6][8] - The company is expected to maintain a stable growth trajectory in total assets, loans, and deposits over the next few years [10][12]

证券之星消息，10月29日国有大型银行板块较上一交易日下跌1.62%，邮储银行领跌。当日上证指数报 收于4016.33，上涨0.7%。深证成指报收于13691.38，上涨1.95%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 601988 | 中国银行 | 5.60 | 0.00% | 395.09万 | | 22.21 乙 | | 666109 | 建设银行 | 9.23 | -1.70% | 111.71万 | | 10.35 Z | | 601288 | 农业银行 | 8.15 | -1.93% | 406.45万 | | 33.29 Z | | 601328 | 交通银行 | 7.13 | -1.93% | 249.11万 | | 17.89亿 | | 601398 | 工商银行 | 7.83 | -2.00% | 368.30万 | | 29.02亿 | | 601658 | 邮储银行 | 5.94 | -2.14% | 177.6 ...

详解中国银行 2025 年三季报：营收利润增速双正，息差环比抬升 国有大型银行Ⅱ 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 执业证书编号：S0740524090004 Email：yangcl@zts.com.cn | 总股本(百万股) | 322,212.41 | | --- | --- | | 流通股本(百万股) | 294,387.79 | | 市价(元) | 5.60 | | 市值(百万元) | 1,804,389.51 | | 流通市值(百万元) | 1,648,571.63 | 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师：邓美君 润同比+2.6%，负债端支撑单季净息 差回升》2025-03-27 中国银行（601988.SH） 证券研究报告/公司点评报告 2025 年 10 月 29 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 ...

证券研究报告 | 2025年10月29日 中国银行（601988.SH）2025 年三季报点评 中性 净息差企稳，业绩持续改善 净利润累计增速由负转正。2025 年前三季度实现营收 4912 亿元，同比增长 2.69%，较上半年增速回落了 1.1 个百分点。实现归母净利润 1777 亿元，同 比增长 1.08%，较上半年增速提升了 1.9 个百分点。前三季度 ROA 和 ROE 分 别为 0.70%和 8.98%。 规模扩张稳健，净息差企稳。期末资产总额 37.55 万亿元，贷款总额 23.35 万亿元，存款总额 25.68 万亿元，较年初分别增长了 7.10%、8.15%和 6.10%。 其中，对公贷款余额 16.44 万亿元，个人贷款余额 6.86 万亿元，较年初分 别增长 11.71%和 0.56%，零售信贷需求依然疲软，静待政策进一步发力。 公司披露的前三季度净息差 1.26%，与上半年持平，同比下降 15bps，较上 半年同比降幅收窄了 3bps。新发放贷款利率降幅逐步收窄，存款重定价以及 公司积极加强存款成本管控有效缓解了资产端收益率下行。 资产质量稳健，拨备覆盖率稳定。期末不良率 1.24%，与 ...

Group 1 - The company Wuxi East Heavy Machinery Co., Ltd. has announced that its wholly-owned subsidiary, Wuxi East Intelligent Equipment Co., Ltd., will provide a mortgage guarantee for the company's credit debt to China Bank, with a maximum guarantee amount of 700 million RMB [2] - Recently, the guarantee amount has been increased from 700 million RMB to 1 billion RMB while maintaining the same collateral [3] - As of the announcement date, the company and its subsidiaries have no other external guarantees, overdue guarantees, or guarantees involved in litigation [5] Group 2 - The company was established on January 9, 2004, with a registered capital of 1,007.69 million RMB and is engaged in the manufacturing of various types of cranes and related equipment [4] - The company is not listed as a dishonest executor [4]

Core Viewpoint - Bank of China (601988)(03988) announced the resignation of Mr. Zhuo Chengwen from his position as the company secretary and board secretary due to job changes, effective from October 30, 2025 [1] Company Summary - Mr. Zhuo Chengwen will no longer serve as the company secretary and board secretary of Bank of China starting from October 30, 2025 [1]

Core Points - China Bank announced the resignation of Zhuo Chengwen as the board secretary and company secretary effective October 30, 2025 due to job changes [1] - Liu Chenggang has been appointed as the new board secretary and company secretary, pending approval of his qualifications by the National Financial Regulatory Administration [1] Summary of Liu Chenggang's Background - Liu Chenggang, born in 1972, joined China Bank in 1994 and has held various senior positions including Vice President and Chief Financial Officer at Bank of China Hong Kong (Holdings) Limited from April 2024 to August 2025 [2] - He served as General Manager of the Equity Investment and Comprehensive Management Department from October 2018 to January 2022 and as General Manager of the Financial Management Department from January 2017 to October 2018 [2] - Liu holds a Bachelor's degree in Economics from Renmin University of China, a Master's degree in Economics from the People's Bank of China Research Institute, and a Master's degree in Applied Finance from Macquarie University, Australia [2]

Investment Rating - The report maintains an "Accumulate/Buy" rating for both A and H shares of the company [7] Core Views - The company's net profit for the first nine months of 2025 increased by 1.1% year-on-year, with revenue growth of 2.7% and a slight decline in PPOP of 0.2% [1] - The report highlights stable credit growth and a marginal stabilization in interest margins, contributing to a recovery in profit growth momentum [1][2] - The effective tax rate has improved marginally, aiding profit growth [3] Summary by Sections Financial Performance - For the first nine months of 2025, the annualized ROA and ROE were 0.70% and 8.98%, respectively, showing a year-on-year decline of 0.06 percentage points and 0.57 percentage points [1] - The company reported a net interest margin of 1.26% for the first nine months of 2025, remaining stable compared to the first half of 2025 [2] Income Sources - Net fee and commission income increased by 8.1% year-on-year for the first nine months of 2025, while other non-interest income grew by 22.2% [3] - Investment income for Q3 was 231 billion yuan, up from 176 billion yuan in the same period last year, despite some pressure on investment-related income due to market volatility [3] Asset Quality and Capital - The non-performing loan ratio was stable at 1.24% as of Q3 2025, with a provision coverage ratio of 197% [4] - The company maintained a strong capital position, with a core Tier 1 capital adequacy ratio of 12.58% [4] Valuation and Forecast - The report forecasts net profit for 2025 to be 241.3 billion yuan, with a projected growth rate of 1.5% [5] - The target price for 2026 is set at 6.70 yuan for A shares and 5.86 HKD for H shares, with corresponding price-to-book ratios of 0.78 and 0.63 [5]

证券研究报告 | 2025年10月29日 中国银行（601988.SH）2025 年三季报点评 中性 净息差企稳，业绩持续改善 净利润累计增速由负转正。2025 年前三季度实现营收 4912 亿元，同比增长 2.69%，较上半年增速回落了 1.1 个百分点。实现归母净利润 1777 亿元，同 比增长 1.08%，较上半年增速提升了 1.9 个百分点。前三季度 ROA 和 ROE 分 别为 0.70%和 8.98%。 第三季度营收同比增长 0.58%，归母净利润同比增长 5.1%，一是公司在资产 质量持续稳健的基础上降低了拨备计提力度，三季度信用资产减值损失同比 下降 8.8%；二是公司实际所得税率有所下降，前三季度所得税率 16.1%，较 上半年下降了 1.5 个百分点。 三季度净利息收入由负转正，其他非息收入下降拖累三季度营收增速。前三 季度净利息收入同比下降 3.0%，第三季度同比增长 1.6%，主要受益于净息 差企稳。前三季度手续费净收入累计同比增长 8.1%，其他非息收入累计同比 增长 22%，其中第三季度其他非息收入下降了 5.2%，主要是去年金融投资收 益基数较高，但今年债市以及汇率市场波动都比较 ...