证 券 研 究 报 告 业绩稳健性凸显，引领银行价值回归 银行业2025年三季报综述 证券分析师： 郑庆明 A0230519090001 林颖颖 A0230522070004 冯思远 A0230522090005 李禹昊 A0230525070004 联系人： 冯思远 A0230522090005 2025.11.4 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 风险提示：实体需求不振，经济修复节奏低于预期；息差企稳不及预期；部分房企风险扰动、长尾客群风险暴露超预期。 ◼ 受三季度债市利率上行影响，上市银行营收增速小幅放缓符合预期，但利润延续正增。可以关注到，银行主动稳营收态度明确，这也为业 绩稳中有进奠定基础。9M25上市银行营收同比增长0.8%（1H25为1%），归母净利润同比增长1.5%（1H25为0.8%），核心源自三大驱 动，即"利息净收入企稳、中收低位修复、资产质量平稳确保利润可持续"；部分银行主动兑现债券浮盈以稳定营收表现（尤其国有行和 部分中小银行）。子板块看，国有行稳健性好于预期，股份行分化扩大，优质城商行业绩继续领跑，农商行则延续阶段性承压。 ◼ 三季度以国资和险 ...

证 券 研 究 报 告 银行业深度研究报告 价、质趋稳，核心营收能力增强 推荐（维持） ——上市银行 3Q25 业绩综述 行业研究 银行 2025 年 11 月 03 日 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 银行业深度研究报告 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 42 | 0.01 | | 总市值(亿元) | 156,336.19 | 13.00 | | 流通市值(亿元) | 105,734.46 | 10.90 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 4.4% | 7.5% | 19.8% | | 相对表现 | 4.4% | -15.6% | ...

一、董事会会议召开情况 华联控股股份有限公司（以下简称"公司"）于2025年10月29日采用现场结合通讯方式召开了第十二届董 事会第四次会议。会议通知发出时间为10月20日，会议通知主要以邮件、微信、电话方式送达、通告。 本次会议应出席董事7人，实际出席董事7人。本次会议由公司董事长龚泽民先生主持，会议的召集、召 开及表决和程序符合《中华人民共和国公司法》和《华联控股股份有限公司章程》的有关规定。 二、董事会会议审议情况 登录新浪财经APP 搜索【信披】查看更多考评等级 公司及公司董事保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 详见公司同日刊登于巨潮资讯网（www.cninfo.com.cn）的《募集资金管理制度(2025年10月修订)》及 《关于修订〈募集资金管理制度〉的公告》，公告编号为：2025-063。 1.审议《2025年第三季度报告》 本议案经公司第十二届董事会审计委员会第三次会议审议通过后提交董事会审议。 表决结果：同意7票、反对0票、弃权0票。 本报告的详细内容同日单独公告，公告编号为：2025-061。 2.审议《关于全资子公司向银行借款及为其提供担保的议案》 ...

Core Points - The Shanghai Composite Index closed at 3961.62 points, above the six-month moving average, with a decline of 0.63% [1] - The total trading volume of A-shares reached 157.92 billion yuan [1] - A total of 259 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3961.62 points, indicating a slight decline of 0.63% [1] - The total trading volume for A-shares today is reported at 157.91 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 259 A-shares have broken through the six-month moving average, with the highest deviation rates observed in stocks such as: - Yatong Precision Engineering (8.20%) - Excellent New Energy (7.57%) - Deyuan Pharmaceutical (7.38%) [1] - Other stocks with smaller deviation rates include: - New Hope - Shanghai Phoenix - Angli Education, which have just crossed the six-month line [1] Notable Stocks and Their Metrics - Top stocks with significant price changes and their metrics include: - Yatong Precision Engineering: +9.76%, turnover rate 31.45%, six-month line 23.27 yuan, latest price 25.18 yuan, deviation rate 8.20% [1] - Excellent New Energy: +9.90%, turnover rate 2.44%, six-month line 45.62 yuan, latest price 49.07 yuan, deviation rate 7.57% [1] - Deyuan Pharmaceutical: +11.83%, turnover rate 8.02%, six-month line 38.03 yuan, latest price 40.84 yuan, deviation rate 7.38% [1]

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 半年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 603190 | 亚通精 | 9.98 | 27.37 | 23.27 | 25.23 | 8.41 | | | 工 | | | | | | | 600666 | 奥瑞德 | 9.88 | 8.56 | 3.33 | 3.56 | 6.91 | | 688196 | 卓越新 能 | 8.71 | 1.83 | 45.61 | 48.54 | 6.42 | | 301027 | 华蓝集 团 | 7.58 | 9.79 | 16.83 | 17.75 | 5.49 | | 600715 | 文投控 股 | 5.71 | 2.38 | 2.46 | 2.59 | 5.09 | | | 华联控 | | | | | | | 000036 | 股 | 6.22 | 2.22 | 3.92 | 4.10 | 4.53 | | 920627 | 力王股 份 | ...

Group 1 - Hualian Holdings (000036.SZ) released its Q3 2025 report on October 31, 2025, indicating that as of October 30, 2025, six institutional investors disclosed holdings in Hualian Holdings A-shares, totaling 471 million shares, which represents 33.54% of the total share capital [1] - The institutional investors include Hualian Development Group Co., Ltd., Hong Kong Central Clearing Limited, Industrial and Commercial Bank of China - Southern CSI All Index Real Estate ETF, Liuzhou Ruiheng Electromechanical Co., Ltd., Hangzhou Liren Equity Investment Partnership (Limited Partnership), and China International Capital Corporation, with a total institutional holding ratio increase of 1.96 percentage points compared to the previous quarter [1] - In the public fund sector, one public fund, Southern CSI All Index Real Estate ETF, reduced its holdings by 0.20% compared to the previous quarter, while 23 public funds that did not disclose holdings this period include major funds such as Huaxia CSI All Index Real Estate ETF and Guotai Junan Real Estate Industry Index A [1]

Core Viewpoint - Hualian Holdings (000036) announced that as of the date of the announcement, the company has a guarantee balance of 0 yuan for external units in the consolidated financial statements, indicating a strong position in terms of financial liabilities [1] Summary by Category - **Guarantee Balance**: The company has a guarantee balance of 0 yuan for external units, reflecting no current financial obligations in this regard [1] - **No Overdue Guarantees**: There are no overdue guarantees, suggesting effective management of financial commitments [1] - **Legal Issues**: The company has no guarantees involved in litigation or any losses due to judgments against it, indicating a low risk profile in terms of legal liabilities [1]

Core Insights - Hualian Holdings (000036.SZ) reported a revenue of 324 million yuan for the first three quarters of 2025, representing a year-on-year decline of 2.45% [1] - The net profit attributable to shareholders of the listed company was 35.68 million yuan, down 4.73% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 15.01 million yuan, showing a year-on-year increase of 17.76% [1]

Core Insights - Hualian Holdings (000036) reported that as of October 10, 2025, the total number of shareholders is 38,394, with 3,816 being institutional investors [1] Summary by Categories - **Shareholder Composition** - Total number of shareholders is 38,394 [1] - Number of institutional shareholders is 3,816 [1]

证券代码：000036 证券简称：华联控股 公告编号：2025-064 华联控股股份有限公司董事会 二○二五年十月三十日 2 除上述修订内容外，其他不涉及实质性内容的非重要修订，如条款编号变化、 1 援引条款序号的相应调整、标点符号及格式的调整等，未在上述表格中对比列示。 特此公告 华联控股股份有限公司董事会 关于修订《内部控制制度》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 为进一步强化华联控股股份有限公司(以下简称"公司")内部管理，提高公 司规范治理水平，提高信息披露质量，防范和化解经营风险，实现规范、健康与 稳定发展的治理目标，根据《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作（2025 年修订）》和《公司章程》的有关规定，结合公 司实际情况，修订本制度。本制度适用于公司及公司下属控股子公司。具体内容 如下： | 修订前 | 修订后 | | --- | --- | | 第二十条 内部审计控制的主要内容有： | 第二十条 内部审计控制的主要内容有： | | （一）公司设立审计部。审计部对审计委 | （一）公司设立审计 ...