手续费及佣金净收入实现正增长，投资净收益增速放缓 本报记者 熊悦 不同类型银行的非利息收入呈现分化态势。今年前三季度，6家国有大行的非利息收入均实现同比增长，其中5家同比增速 达到两位数；与之形成鲜明对比的是，全国性股份制银行中，仅1家的非利息收入实现同比增长。 具体来看，今年前三季度，农业银行、邮储银行、中国银行、建设银行、工商银行的非利息收入均实现两位数增长，同比 增幅分别为21%、20%、16%、14%、11%；交通银行非利息收入的同比增速为2%。 非利息收入是银行营收结构中的重要组成部分。在当前银行业利息净收入整体承压的背景下，非利息收入可以在一定程度 上反映出银行的经营韧性。目前，A股42家上市银行今年前三季度业绩报告均已出炉，手续费及佣金净收入、投资净收益等非 利息收入状况随之浮出水面。 Wind资讯数据显示，今年前三季度，42家上市银行的非利息收入合计1.22万亿元，同比增加583亿元，增幅为5%。其中， 18家银行实现非利息收入同比增长，16家银行非利息收入在总营收中占比提升。 综合上市银行财务报表来看，受资本市场活跃度提升等因素影响，部分银行财富管理业务实现较好增长，拉动非利息收 入。与此同 ...

2025 年 11 月 03 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 徐凝碧 S0350524110001 xunb@ghzq.com.cn [Table_Title] 资产结构持续优化，净息差企稳 ——张家港行（002839）2025 年三季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/10/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 张家港行 | 5.6% | 1.4% | 12.2% | | 沪深 300 | -0.0% | 13.9% | 19.3% | | 市场数据 | 2025/10/31 | | --- | --- | | 当前价格（元） | 4.44 | | 52 周价格区间（元） | 3.93-4.93 | | 总市值（百万） | 10,852.89 | | 流通市值（百万） | 10,842.85 | | 总股本（万股） | 244,434.50 | | 流通股本（万股） | 244,20 ...

编辑丨肖嘉 信息披露质量是上市公司质量的重要体现，也是投资者投资决策的重要依据。上交所、深交所对上市公司信息披露质量高度重 视，每年度组织对上市公司信息披露工作质量进行综合考评。 记者丨唐婧 今年3月，沪深证券交易所分别发布《上海证券交易所上市公司自律监管指引第9号——信息披露工作评价》《深圳证券交易所 上市公司自律监管指引第11号——信息披露工作评价（2025年修订）》（以下统称《评价指引》），聚焦加强信息披露监管、 严惩财务造假、强化现金分红监管、推动上市公司提升投资价值等工作部署，对上市公司信息披露质量提出更高要求。 21世纪经济报道记者对沪深交易所披露的上市银行2024至2025年度信息披露工作评价结果进行了整理，发现42家A股上市银行的 信披评级均在B以上，其中22家上市银行的信息披露评价为A。上市银行的评级普遍与上年保持一致，仅6家出现变动，其中光 大银行、华夏银行、浙商银行、杭州银行和张家港行的考评等级上升，仅上海银行1家下降。 | | | | 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 ...

张家港行所属申万行业为：银行-农商行Ⅱ-农商行Ⅲ。所属概念板块包括：破净股、长期破净、低市盈 率、低价、融资融券等。 11月3日，张家港行盘中上涨2.03%，截至11:01，报4.53元/股，成交1.24亿元，换手率1.13%，总市值 110.73亿元。 资金流向方面，主力资金净流出397.22万元，特大单买入134.40万元，占比1.08%，卖出676.66万元，占 比5.45%；大单买入2700.89万元，占比21.76%，卖出2555.84万元，占比20.59%。 张家港行今年以来股价涨11.30%，近5个交易日跌0.22%，近20日涨7.35%，近60日涨3.42%。 资料显示，江苏张家港农村商业银行股份有限公司位于江苏省苏州市张家港市杨舍镇人民中路66号，成 立日期2001年11月27日，上市日期2017年1月24日，公司主营业务涉及公司业务、个人业务、金融市场 业务等业务。主营业务收入构成为：公司银行业务60.47%，个人银行业务20.05%，资金业务20.00%。 截至9月30日，张家港行股东户数5.33万，较上期增加1.29%；人均流通股45847股，较上期减少1.27%。 2025年1月-9 ...

Core Insights - Zhangjiagang Bank has demonstrated steady growth in scale, improved profitability, and solid asset quality in its Q3 2025 report, reflecting strong cost control and profit conversion capabilities in a complex economic environment [1] Financial Performance - The bank achieved operating income of 3.676 billion yuan, a year-on-year increase of 1.18%, while net profit attributable to shareholders reached 1.572 billion yuan, up 5.79% [2] - The net profit for Q3 alone was 577 million yuan, showing a year-on-year growth of 6.99%, indicating strengthened growth momentum [2] - The annualized return on assets (ROA) improved to 0.96%, indicating effective asset utilization [2] - Net assets attributable to shareholders increased to 20.350 billion yuan, a growth of 3.18% from the beginning of the year, with net asset value per share rising to 7.51 yuan [2] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.94%, significantly better than the industry average, showcasing the bank's strong credit risk management [3] - The provision coverage ratio stood at 355.05%, well above the regulatory requirement of 150%, indicating robust risk mitigation capabilities [3][5] - The bank has prepared over 3.5 times the buffer for potential credit losses, reflecting a strong risk compensation ability [4] Strategic Focus - The bank's total loans reached 146.311 billion yuan, with a growth of 6.55% year-to-date, emphasizing its commitment to serving the real economy [7] - Corporate loans grew by 12.86% to 82.371 billion yuan, driving asset scale growth [8] - The bank's agricultural and small enterprise loans amounted to 124.786 billion yuan, accounting for 90.34% of total loans, reinforcing its focus on inclusive finance [8] - In emerging sectors, green finance and technology finance saw significant growth, with green credit reaching 5.298 billion yuan, up 21%, and loans to tech enterprises growing by 19.42% [8] Wealth Management - The bank's wealth management transformation has shown remarkable results, with agency business scale reaching 4.343 billion yuan, a staggering increase of 162.73% [9] - The rapid growth of intermediary business not only optimized the income structure but also opened new development paths in a market with interest rate liberalization [9] Conclusion - Overall, Zhangjiagang Bank has achieved a balanced performance in scale, profitability, quality, and structure, positioning itself for sustained competitive advantage in the regional financial market [9]

Core Viewpoint - The apparent stability of bank non-performing loan (NPL) ratios conceals deeper structural changes, indicating that the era of "soft landing" achieved through provisioning adjustments and risk rotation is nearing its end [2][8] Group 1: Banking Performance - China Construction Bank reported a 1.44% year-on-year increase in operating income to 560.281 billion yuan for the first three quarters of 2025, with net profit rising by 0.52% to 258.446 billion yuan [3] - The bank's asset quality remains robust, with a non-performing loan ratio of 1.32%, down 0.02 percentage points from the end of the previous year, and a provisioning coverage ratio of 235.05%, up 1.45 percentage points [3] - Other major banks, such as China Bank and Postal Savings Bank, also show varying levels of asset quality, with China Bank's NPL ratio at 1.24% and Postal Savings Bank's NPL ratio at 0.94% [4] Group 2: Risk Assessment - Some joint-stock banks are experiencing thinner provisioning buffers, with Everbright Bank's NPL ratio at 1.26% and a provisioning coverage ratio of 168.92%, nearing regulatory warning lines [5] - In contrast, certain regional banks demonstrate stronger risk resilience, such as Chengdu Bank with an NPL ratio of only 0.68% and a provisioning coverage ratio of 433.08% [6] - The focus of risk has shifted from corporate to retail, with banks like China Merchants Bank reporting an increase in attention loans, indicating rising concerns in personal lending sectors [7] Group 3: Future Outlook - The banking industry is expected to face a genuine stress test as excess provisioning space narrows and retail risks continue to emerge, marking a transition from scale expansion to quality prioritization [2][8] - The ability to balance risk clearance and sustainable profits will determine the future restructuring of the industry [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 5.36 [6][10]. Core Insights - The company reported a year-on-year increase in net profit and revenue of 5.8% and 1.2% respectively for the first nine months of 2025, indicating stable profit growth supported by credit stability and improved capital levels [6][9]. - The company has shown effective business transformation with steady operational efficiency, focusing on credit stability, interest margin stabilization, and robust non-interest income growth [6][8]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024, 2025E, 2026E, and 2027E are RMB 4,711 million, RMB 4,767 million, RMB 4,845 million, and RMB 4,971 million respectively, with growth rates of 3.75%, 1.18%, 1.64%, and 2.61% [5]. - **Net Profit Forecast**: Expected net profits for the same years are RMB 1,879 million, RMB 1,985 million, RMB 2,090 million, and RMB 2,198 million, reflecting growth rates of 5.13%, 5.67%, 5.31%, and 5.16% [5]. - **Asset Quality**: The non-performing loan (NPL) ratio is projected to remain stable at 0.94% through 2027, with a robust provision coverage ratio of 355% as of September [9][32]. Business Operations Summary - **Credit and Deposits**: As of September, total assets, loans, and deposits grew by 2.5%, 7.5%, and 6.3% respectively, indicating a stable credit environment [7]. - **Non-Interest Income**: Non-interest income increased by 22.4% year-on-year, with significant growth in wealth management and other non-interest income streams [8]. - **Capital Adequacy**: The capital adequacy ratio and core tier 1 capital ratio improved to 13.49% and 11.06% respectively, enhancing the company's risk resilience [9].

Core Insights - Zhangjiagang Bank, as the first rural commercial bank established from a rural credit cooperative, maintains a strategic focus on supporting agriculture and small enterprises, showcasing strong operational resilience and growth potential [1] Financial Performance - For the first three quarters of 2025, Zhangjiagang Bank reported operating income of 3.676 billion yuan, a year-on-year increase of 1.18%, and a net profit attributable to shareholders of 1.572 billion yuan, up 5.79% year-on-year, indicating improved profitability and cost control [2] - The bank's wealth management business has seen significant growth, with agency sales reaching 4.343 billion yuan, a 162.73% increase from the beginning of the year, and wealth management balances at 24.434 billion yuan, up 14.85% [2] - The shift towards a more diversified income structure reflects the bank's strategy to reduce reliance on traditional interest margins, enhancing its adaptability in a complex environment [2] Asset and Loan Growth - As of September 2025, Zhangjiagang Bank's total assets reached 221.201 billion yuan, a 1.05% increase from the beginning of the year, with total deposits at 176.346 billion yuan, up 5.83%, and total loans at 146.311 billion yuan, increasing by 6.55% [3] - The bank has maintained a strong focus on agricultural and small enterprise lending, with loans to these sectors totaling 124.786 billion yuan, accounting for 90.34% of total loans, and growing faster than the overall loan portfolio [3] Risk Management and Asset Quality - The bank's non-performing loan ratio stood at 0.94% as of September, unchanged from the beginning of the year, indicating stable asset quality, while the provision coverage ratio was 355.05%, reflecting robust risk resilience [4] - Zhangjiagang Bank has implemented an innovative risk control system, establishing a "1+1+3" risk management team model to ensure stable business operations [4] Strategic Development - The bank is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to solidify its foundation for high-quality development [5] - As of September 2025, the bank's green credit balance was 5.298 billion yuan, a 21% increase, and loans to technology enterprises reached 12.204 billion yuan, up 19.42% [5] Digital Transformation and Shareholder Returns - In the digital finance sector, the bank has introduced local applications of open-source models to enhance internal processes, with transaction volumes exceeding 89 billion yuan since the pilot [6] - The bank's decision to implement a mid-term dividend for the first time in October 2025 reflects its commitment to shareholder returns and signals confidence in its development [6]