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 ...

| | | | 上市银行2024年至2025年度信息披露工作评价结果 | | | --- | --- | --- | --- | --- | | 序号 | 证券代码 | 证券简称 | 考评结果 | 变动方向 | | 1 | 000001.SZ | 平安银行 | A | 不变 | | 2 | 001227.SZ | 兰州银行 | B | 不变 | | 3 | 002142.SZ | 宁波银行 | A | 不变 | | 4 | 002807.SZ | 江阴银行 | B | 不变 | | 5 | 002839.SZ | 张家港行 | A | 开 38 | | 6 | 002936.SZ | 郑州银行 | B | 不要 | | 7 | 002948.SZ | 青岛银行 | A | 不变 | | 8 | 002958.SZ | 青农商行 | B | 不变 | | 9 | 002966.SZ | 苏州银行 | A | 不变 | | 10 | 600000.SH | 浦发银行 | A | 不变 | | 11 | 600015.SH | 卡夏银行 | A | 开学级 | | 12 | 600016.SH | 民生银行 | B ...

随着A股上市银行2025年三季报披露完毕，股东结构变化也随之曝光。 经历去年以来的银行股强势行情后，A股上市银行板块在今年三季度大幅回调，单季度整体最大跌幅超 过13%。但同时，作为长线资金的代表，保险资金继续增持银行股。 数据显示，三季度共有6家险企新进6家A股上市银行前十大股东序列。此外，此前已进入上市银行前十 大股东的多家险企三季度继续增持，提升持股比例，甚至争取董事席位。 据券商中国记者不完全统计，截至9月末，已有12家上市银行的前十大股东名单中出现至少两家险资。 其中，浙商银行云集4家险资股东以自有资金入股。 新进十大股东 10月30日，工商银行披露2025年第三季度报告显示，"中国人寿保险股份有限公司-传统-普通保险产 品"于三季度新进该行前十大股东，至9月末持有7.57亿股，持股比例为0.21%。 无锡银行、南京银行、常熟银行的前十大股东名单也在三季度分别迎来新的险资身影。 其中，除工商银行外，"中国人寿保险股份有限公司-传统-普通保险产品"还在三季度新进南京银行前十 大股东序列。截至9月末，其持股数量约2.568亿股，持股比例为2.08%。 利安人寿也在三季度新进无锡银行前十大股东序列，至9月 ...

净息差降幅收窄，其他非息收入表现亮眼。我们测算的公司2025 年三季度单季度净息差1.22%，较二季 度下降5bps，但息差降幅有所收窄。受净息差持续下降等因素影响，公司前三季度净利息收入同比下降 3.8%至20.58 亿元，增速较上半年下滑0.93pct。此外，手续费及佣金净收入0.68 亿元，同比增长 21.3%；其他非息收入9.35 亿元，同比增长20.8%，表现亮眼。成本收入比同比下降2.99pct 至29.9%，成 本控制效果显著。 业绩平稳增长，拨备反哺利润。公司2025 年前三季度分别实现营收、归母净利润32.21 亿元、17.08 亿 元，分别同比增长0.08%、5.01%，增速较上半年分别下滑0.13pct、0.21pct。其中三季度单季实现营收 9.41 亿元，同比下降0.23%；实现归母净利润5.30 亿元，同比上升4.54%。公司2025 年前三季度年化加 权ROE12.03%，同比下降0.88pct。从业绩增长归因来看，主要是净息差拖累营收增长，不过公司延续 了拨备反哺利润的趋势，另外其他非息收入贡献回暖。 规模扩张提速，结构以对公为主。公司2025 年9 月末总资产同比增长7.9% ...

Core Viewpoint - Su Nong Bank, established in 2004 and listed in 2016, is a leading rural commercial bank in Suzhou, offering diversified financial services and ranking 9th in revenue and 6th in net profit within its industry as of Q3 2025 [1][2]. Financial Performance - For Q3 2025, Su Nong Bank reported revenue of 3.221 billion yuan, ranking 9th in the industry, with the top performer, Chongqing Rural Commercial Bank, generating 21.658 billion yuan [2]. - The bank's net profit for the same period was 1.708 billion yuan, placing it 6th in the industry, with the leading bank achieving 10.925 billion yuan [2]. Profitability and Debt Ratios - As of Q3 2025, Su Nong Bank's asset-liability ratio was 91.75%, slightly higher than the industry average of 91.45% [3]. - The bank's gross profit margin was 65.50%, exceeding the industry average of 51.47% [3]. Executive Compensation - The chairman, Xu Xiaojun, received a salary of 1.813 million yuan in 2024, an increase of 71,600 yuan from the previous year [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.87% to 32,000, while the average number of shares held per shareholder increased by 2.95% to 63,200 [5]. - The top ten shareholders include Hong Kong Central Clearing Limited, which holds 94.107 million shares, a decrease of 19.348 million shares from the previous period [5]. Business Highlights - The bank's revenue growth is stable, with strong resilience in profit growth driven by scale, non-interest income, and provisions [5]. - Loan growth has accelerated, with increased credit issuance and interbank asset allocation [5]. - Deposit growth is also on the rise, with a trend towards more fixed-term deposits [5]. - Non-performing loan ratios remain low, and the provision coverage ratio is high, indicating strong risk management [5]. Analyst Ratings - According to Everbright Securities, the bank's earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.00, 1.05, and 1.11 yuan, with corresponding price-to-book (PB) ratios of 0.53, 0.48, and 0.45, and price-to-earnings (PE) ratios of 5.15, 4.92, and 4.68 [5]. - Huatai Securities noted that cost improvements are supporting steady profit growth, with projected net profits of 2.0, 2.2, and 2.3 billion yuan for 2025-2027, reflecting growth rates of 5.1%, 5.3%, and 5.5% respectively [6].

存款增长提速，定期化趋势延续。3Q25 末，苏农银行付息负债、存款同比增速分别为8.7%、7.1%，分 别较年中提升6.4、2.9pct，季末存款占付息负债比重较年中提升0.5pct 至88.2%。3Q 单季存款新增40 亿，同比多增48 亿，其中季内定期、活期存款分别新增22、-1 亿，同比多增9、23 亿，季末定期存款 占比较年初提升1.8pct 至65.3%，定期化趋势延续。市场类负债方面，3Q 单季应付债券、金融同业负债 分别新增-35、30 亿，同比少减15 亿、多增53 亿，季内同业业务规模扩张提速，3Q 末市场类负债占付 息负债比重较上年末下降0.9pct 至11.7%。 NIM 仍面临一定收窄压力。我们测算公司前三季度息差较上半年下降3bp，较去年全年下降12bp，息差 运行仍承压。其中，生息资产收益率测得较上半年下降6bp，有效需求不足、同业竞争加剧、存量贷款 到期重定价等因素影响下，贷款定价仍处在下行通道，尚未企稳。测算付息负债成本率较上半年下降 3bp，后续伴随存量定期存款到期重定价，存款成本率将有进一步下行，叠加公司业务结构调优、存款 久期管控等成本管控举措持续，综合负债成本仍有压降空 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company demonstrates strong resilience in profit growth and robust risk compensation capabilities, with a slight increase in net profit and stable revenue [4][5] - The bank's non-interest income has accelerated, contributing positively to overall performance despite pressure on net interest income [5][8] - The asset quality remains stable with a low non-performing loan ratio and a high provision coverage ratio, indicating solid risk management [9][10] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating income of 3.22 billion, a year-on-year increase of 0.1%, and a net profit attributable to shareholders of 1.71 billion, up 5% year-on-year [4] - The annualized weighted average return on equity for the first three quarters was 12.03%, a decrease of 0.88 percentage points year-on-year [4] - The growth rates for net interest income and non-interest income were -3.8% and 7.9%, respectively, indicating a shift towards more reliance on non-interest income [5] Asset and Liability Management - As of the end of Q3 2025, the growth rates for interest-earning assets and loans were 9.7% and 8.7%, respectively, showing an acceleration in credit deployment [6] - Deposit growth has also accelerated, with a year-on-year increase of 7.1% in deposits, reflecting a trend towards more term deposits [7] - The net interest margin (NIM) is under pressure, with a decline of 3 basis points compared to the first half of the year, influenced by competitive pricing and demand factors [8] Capital Adequacy and Risk Management - The bank's capital adequacy ratios remain robust, with a core Tier 1 capital ratio of 10.76% and a total capital adequacy ratio of 12.88% as of Q3 2025 [9][10] - The provision coverage ratio stands at 355.9%, indicating a strong buffer against potential loan losses [9] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 1.00, 1.05, and 1.11 yuan, respectively, reflecting a cautious outlook on revenue growth [10] - The current price-to-book (PB) and price-to-earnings (PE) ratios suggest the stock is undervalued, with PB ratios of 0.53, 0.48, and 0.45 for the next three years [10]

Investment Rating - The report maintains a "Buy" rating for Su Nong Bank [3] Core Views - Su Nong Bank reported a revenue of 3.22 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 0.1%, and a net profit attributable to shareholders of 1.71 billion yuan, up 5.0% year-on-year [1] - The bank's non-performing loan (NPL) ratio remained stable at 0.90% quarter-on-quarter, while the provision coverage ratio decreased by 31 percentage points to 356% [1] - The management's focus on steady profit growth is evident despite challenges such as revenue pressure and VAT adjustments [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 4,045.97 million yuan in 2023 to 4,620.52 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 4.5% [2] - The net profit attributable to shareholders is expected to increase from 1,742.59 million yuan in 2023 to 2,264.95 million yuan in 2027, with a CAGR of about 7.0% [2] - The bank's return on equity (ROE) is forecasted to decline from 11.62% in 2023 to 9.98% in 2027 [2] Performance Analysis - The bank's net interest income decreased by 3.8% year-on-year in the first nine months of 2025, primarily due to a narrowing interest margin [6] - Non-interest income grew by 7.9% year-on-year, contributing positively to revenue growth [6] - The bank's loan growth accelerated to 8.7% in the third quarter of 2025, driven by increased demand from small and medium-sized enterprises [6][10] Risk Management - The bank's management has adopted a cautious approach to credit expansion, particularly in urban areas, to mitigate risks while maintaining profitability [6] - The NPL generation rate is estimated to stabilize at around 0.8% for the first nine months of 2025, indicating effective risk management practices [9] Market Data - As of October 30, 2025, the closing price of Su Nong Bank's shares was 5.17 yuan, with a price-to-book (PB) ratio of 0.6 and a dividend yield of 5.22% [3] - The bank's market capitalization is approximately 10.436 billion yuan [3]

证券研究报告 苏农银行 (603323 CH) 成本改善助力利润稳健增长 2025 年 10 月 30 日│中国内地 10 月 29 日，苏农银行披露 2025 年三季报，9M25 公司归母净利润、营收、 PPOP 分别同比+5.0%、+0.1%、+4.3%，增速较 25H1-0.2pct、-0.1pct、 +1.1pct。9M25 年化 ROA、ROE 分别同比-2bp、-27bp 至 1.03%、12.64%。 公司信贷投放稳健，息差降幅逐步收窄，推动营收平稳增长。成本端免税收 入减少带来一定拖累，但公司降本增效成效显著，成本收入比持续优化，且 拨备释放进一步反哺利润增长。公司经营稳健，城区战略持续深化，维持买 入评级。 信贷增长提速，区域战略深化 苏农银行 25Q3 末总资产、贷款、存款增速为 7.9%、8.7%、7.3%，增速分 别较 Q2 末+5.3pct、+4.5pct、+2.8pct，去年同期低基数下扩表速度提升。 三季度新增贷款 16 亿元（去年同期-39 亿元），结构上主要对公为主，零 售需求仍待修复，对公、零售、票据分别占比 98%、-1%、3%。前三季度 合计新增贷款 86 亿元（去年同 ...

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]