Investment Rating - The report maintains an "Accumulate/Buy" rating for the company’s A/H shares [1][5][7] Core Views - The company's core profitability is steadily recovering, with a year-on-year increase in net profit, revenue, and pre-provision operating profit of 1.9%, 1.8%, and 0.7% respectively for the first nine months of 2025 [1] - The asset quality indicators remain robust, with a declining non-performing loan ratio and stable capital adequacy ratios, indicating a positive trend in asset quality [4] Summary by Sections Financial Performance - For the first nine months of 2025, the annualized ROA and ROE were 0.62% and 8.48%, showing slight declines of 0.02 percentage points and 0.58 percentage points year-on-year [1] - The net interest margin for the first nine months of 2025 was 1.20%, a decrease of 1 basis point from the first half of 2025, but the decline in the cost of liabilities is narrowing [2] Revenue and Income - Net interest income increased by 1.5% year-on-year for the first nine months of 2025, while net fee and commission income turned positive with a growth of 0.2% [3] - Other non-interest income showed resilience with a year-on-year increase of 4.1%, driven by favorable performance in wealth management-related income [3] Asset Quality and Capital - The non-performing loan ratio at the end of Q3 2025 was 1.26%, with a provision coverage ratio of 210%, indicating a marginal decline in non-performing loans [4] - The core Tier 1 capital adequacy ratio was 11.37%, reflecting a slight decrease but still maintaining a relatively ample level of capital [4] Valuation and Forecast - The report forecasts net profits of 956 billion, 982 billion, and 1,016 billion RMB for 2025, 2026, and 2027 respectively, with a target price of 8.76 RMB for A shares and 9.23 HKD for H shares in 2026 [5][11]

Core Viewpoint - The Bank of Communications Hainan Branch has launched an innovative "Finance + Cultural Tourism" initiative to celebrate the Chongyang Festival, aiming to promote respect for the elderly while providing financial education and cultural experiences for senior clients [1][3]. Group 1: Event Overview - From October 27 to 29, the bank organized four themed events titled "Tea Rhythm Chongyang - Bus Journey," inviting elderly clients to enjoy a specially designed sightseeing bus tour, where they could taste local Hainan dad tea and enjoy performances of local songs [3]. - The activities included sightseeing, cultural introductions, and quiz games, allowing participants to appreciate Hainan's intangible cultural heritage in a relaxed atmosphere [3]. Group 2: Financial Services Integration - During the events, bank staff acted as guides and financial advisors, addressing seniors' concerns about retirement financial products and risk prevention, thereby enhancing their understanding and application of financial knowledge [3][5]. - The successful execution of these activities exemplifies the bank's innovative approach to retirement financial services, addressing the challenges posed by an aging population [5]. Group 3: Future Plans and Services - The bank has developed a comprehensive retirement financial service system, branded as "Wealth Abundance, Happy Retirement, Enjoying Four Seasons," tailored to the local characteristics of Hainan [5]. - Under the "Bank of Communications Hainan Branch Retirement Financial Action Plan (2024-2025)," the bank has introduced specialized loan products such as "Elderly Business Development Loan" and "Elderly Assistance Loan," along with subsidies to meet diverse client needs [5]. - The bank is also enhancing its online and offline financial services, including a senior-friendly mobile banking interface and personalized pension planning based on clients' financial situations [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4] Core Views - The company's revenue and profit growth rates have rebounded, with total revenue and net profit for the first three quarters of 2025 reaching 199.645 billion yuan and 69.994 billion yuan, respectively, representing year-on-year growth of 1.80% and 1.90% [1] - The company's asset growth remains stable, with total assets increasing by 6.2% year-on-year to 15.50 trillion yuan as of September 2025 [2] - The net interest margin has narrowed its decline, with a reported net interest margin of 1.20% for the first nine months, down 1 basis point from the second quarter and 7 basis points from the previous year [3] - The overall asset quality is stable, with a non-performing loan ratio of 1.26% as of September, showing improvement from June [3] Summary by Sections Revenue and Profit - For the first three quarters of 2025, the company achieved revenue of 199.645 billion yuan and net profit of 69.994 billion yuan, with growth rates of 1.80% and 1.90% year-on-year, respectively [1] - In Q3 alone, revenue was 66.277 billion yuan, up 3.92% year-on-year, and net profit was 23.978 billion yuan, up 2.46% year-on-year [1] Asset Growth - As of September 2025, total assets reached 15.50 trillion yuan, a 6.2% increase year-on-year, with loans (excluding accrued interest) growing by 7.5% to 9.07 trillion yuan [2] - The company added 516.3 billion yuan in new credit in the first three quarters, with corporate loans increasing by 415.4 billion yuan [2] Interest Income and Non-Interest Income - The net interest income for the first three quarters was 128.648 billion yuan, reflecting a year-on-year increase of 1.5% [3] - Non-interest income from fees and commissions was 29.398 billion yuan, showing a slight year-on-year increase of 0.15%, while other non-interest income surged by 25.4% to 25.585 billion yuan [3] Asset Quality - The non-performing loan ratio improved to 1.26% as of September, down 2 basis points from June, and the provision coverage ratio increased to 209.97% [3] - The company’s core tier 1 capital adequacy ratio stood at 11.37%, slightly down by 0.05 percentage points from June [2] Profit Forecast - The profit forecast for the company has been slightly adjusted upwards, with expected net profits for 2025-2027 at 95.683 billion yuan, 98.849 billion yuan, and 103.224 billion yuan, respectively, indicating year-on-year growth rates of 2.2%, 3.3%, and 4.4% [4][5]

10月30日，交通银行公布三季度财报。前三季度，该行营收和归母净利润均实现了增长，分别同比增长 1.80%和1.90%。截至9月末，该行不良贷款率较上年末下降了0.05个百分点，显示其资产质量延续改善 势头。不过，其个人贷款不良率较上年末增长了0.34个百分点，其中信用卡不良率增幅较高，较上年末 增长了0.57个百分点。 营收和净利润双双增长 增速较上半年有所提升 三季报显示，交通银行截至9月末的资产总额达154997.83亿元，较上年末增长4.02%；负债总额 142083.15亿元，较上年末增长3.37%。 资产质量方面，报告期末，交通银行不良贷款余额1145.51亿元，较上年末增加28.74亿元，增幅 2.57%；不良贷款率1.26%，较上年末下降0.05个百分点；拨备覆盖率209.97%，较上年末上升8.03个百 分点；拨备率2.65%，较上年末上升0.01个百分点。 按照业务类型，截至报告期末，交通银行公司类贷款不良率为1.24%，较上年末下降了0.23个百分点； 个人贷款不良率为1.42%，较上年末增长了0.34个百分点。 在交通银行个人贷款中，住房贷款不良率为0.81%，较上年末增长了0.23个 ...

Core Insights - The new display industry in Anhui Province is projected to account for 10% of global capacity in 2024, with revenue reaching nearly 75 billion yuan in the first half of this year, marking a year-on-year growth of 9.8% and contributing nearly 30% to the electronic information manufacturing sector [1] Group 1: Industry Development - The new display industry has become a significant driver of high-quality development in Anhui Province [1] - Financial support from institutions like the Bank of Communications has been crucial in facilitating the growth of the new display industry through technology innovation and advanced manufacturing [1] Group 2: Company Case Study - Yingri Technology - Yingri Technology has increased its R&D investment, enhancing the purity of target materials and reducing production costs through technological upgrades [2] - The company has established stable partnerships with leading firms in the display sector, such as BOE, and is projected to achieve revenue exceeding 646 million yuan in 2024 [2] - Yingri Technology's growing scale has led to increased funding needs for raw materials, technological innovation, and equipment updates [2] Group 3: Financial Support Initiatives - The Bank of Communications provided a 40 million yuan unsecured comprehensive credit approval to Yingri Technology in early 2023, addressing the funding challenges faced by tech enterprises [3] - The bank has implemented an "active credit" model to support tech companies, offering products like "talent loans" and "R&D loans" to alleviate financing difficulties [3][4] - The bank aims to enhance its support for tech enterprises by establishing a network of specialized branches and implementing a full lifecycle service model [4] Group 4: Growth Partnerships - The Bank of Communications has signed growth partnership agreements with over 1,000 tech companies, issuing loans totaling nearly 6.7 billion yuan as of the first half of this year [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][10] Core Views - The company's revenue and profit growth rates have rebounded, with total revenue and net profit for the first three quarters of 2025 reaching 199.645 billion yuan and 69.994 billion yuan, respectively, reflecting year-on-year growth of 1.80% and 1.90% [1] - The company's asset growth remains stable, with total assets increasing by 6.2% year-on-year to 15.50 trillion yuan as of September 2025 [2] - The net interest margin has narrowed its decline, with a reported net interest margin of 1.20% for the first nine months, down 1 basis point from the second quarter [3] - The overall asset quality is stable, with a non-performing loan ratio of 1.26% as of September, showing improvement from the previous quarter [3] Summary by Sections Revenue and Profit Performance - For the first three quarters of 2025, the company achieved revenue of 1996.45 billion yuan and net profit of 699.94 billion yuan, with growth rates of 1.80% and 1.90% year-on-year, respectively [1] - In Q3 alone, revenue was 662.77 billion yuan, up 3.92% year-on-year, and net profit was 239.78 billion yuan, an increase of 2.46% [1] Asset Growth - As of September 2025, total assets grew by 6.2% year-on-year to 15.50 trillion yuan, with loans (excluding accrued interest) increasing by 7.5% to 9.07 trillion yuan [2] - The company added 516.3 billion yuan in new credit in the first three quarters, with corporate loans increasing by 415.4 billion yuan [2] Interest Income and Non-Interest Income - The net interest income for the first three quarters was 1286.48 billion yuan, reflecting a year-on-year increase of 1.5% [3] - Non-interest income from fees and commissions was 293.98 billion yuan, showing a slight year-on-year increase of 0.15%, while other non-interest income surged by 25.4% to 255.85 billion yuan [3] Asset Quality - The non-performing loan ratio improved to 1.26% as of September, down 2 basis points from June, and the provision coverage ratio increased to 209.97% [3] - The company’s core tier 1 capital adequacy ratio stood at 11.37%, slightly down by 0.05 percentage points from June [2] Profit Forecast and Valuation - The profit forecast for the company has been slightly adjusted upwards, with expected net profits for 2025-2027 at 95.683 billion yuan, 98.849 billion yuan, and 103.224 billion yuan, respectively [4] - The current stock price corresponds to a PE ratio of 7.1 for 2025, with a PB ratio of 0.61 [4][5]

智通财经APP讯，交通银行(601328.SH)披露2025年第三季度报告，公司前三季度实现营收1996.45亿 元，同比增长1.80%;归母净利润699.94亿元，同比增长1.9%;扣非净利润695.72亿元，同比增长2.07%;基 本每股收益0.80元。 ...

Core Viewpoint - The article provides an overview of the financial performance and operational metrics of Bank of Communications, highlighting its position in the industry and recent trends in revenue and profit growth. Group 1: Financial Performance - In Q3 2025, Bank of Communications reported revenue of 199.645 billion, ranking 6th in the industry, with the top performer, Industrial and Commercial Bank of China, generating 640.028 billion [2] - The net profit for the same period was 70.913 billion, also ranking 6th, with the leading bank achieving a net profit of 271.882 billion [2] - The bank's main business segments include corporate finance (64.594 billion, 48.43%), personal finance (49.573 billion, 37.17%), and funding business (18.589 billion, 13.94%) [2] Group 2: Financial Ratios - As of Q3 2025, the bank's debt-to-asset ratio was 91.67%, slightly down from 92.19% year-on-year, and below the industry average of 92.36% [3] - The gross profit margin was reported at 37.58%, an increase from 37.11% year-on-year, but still lower than the industry average of 43.66% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 24.78% to 292,400, while the average number of shares held per shareholder decreased by 19.86% to 89,200 [5] - Major shareholders include China Securities Finance Corporation, holding 1.892 billion shares, and Hong Kong Central Clearing Limited, holding 1.021 billion shares, with the latter reducing its holdings by 375 million shares [5] Group 4: Management Compensation - The chairman of Bank of Communications, Ren Deqi, received a salary of 944,600 in 2024, a decrease of 189,800 from 2023 [4] Group 5: Future Outlook - Analysts expect the bank's net profit for 2025-2027 to be 93.4 billion, 96.5 billion, and 100.5 billion respectively, with projected year-on-year growth rates of -0.2%, 3.3%, and 4.1% [6] - The bank's asset quality remains stable, with a decrease in non-performing loan rates and an increase in provision coverage [6]

北京商报讯（记者 宋亦桐）10月30日，交通银行发布2025年三季度报告，数据显示，2025年1—9月， 该行实现营业收入1996.45亿元，同比增长1.80%；实现净利润（归属于母公司股东）699.94亿元，同比 增长1.90%；年化平均资产回报率和年化加权平均净资产收益率分别为0.62%和8.48%，同比分别下降 0.03个百分点和下降0.58个百分点。 资产质量方面，截至报告期末，交通银行不良贷款余额1145.51亿元，较上年末增加28.74亿元，增幅 2.57%；不良贷款率1.26%，较上年末下降0.05个百分点；拨备覆盖率209.97%，较上年末上升8.03个百 分点；拨备率2.65%，较上年末上升0.01个百分点。 细分来看，2025年1—9月，交通银行实现利息净收入1286.48亿元，同比增加18.52亿元，增幅1.46%； 在营业收入中的占比64.44%，同比下降0.21个百分点。2025年1—9月，交通银行净利息收益率1.20%， 同比下降8个基点。 ...

股票代码：601328 股票简称：交通银行 编号：临 2025-069 交通银行股份有限公司 第十一届董事会第二次会议决议公告 交通银行股份有限公司（以下简称"交通银行"或"本行"）董事会及全体董事保证本 公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 一、董事会会议召开情况 本行第十一届董事会第二次会议于 2025 年 10 月 30 日以现场和视频相结合 的方式，在上海和北京召开。任德奇董事长主持会议。会议应出席董事 15 名， 亲自出席董事 13 名，殷久勇执行董事、艾栋非执行董事因公务原因无法出席会 议，分别书面委托任德奇董事长、穆国新非执行董事代为参会。部分高管列席会 议。会议召开符合《中华人民共和国公司法》和《交通银行股份有限公司章程》 的规定。 二、董事会会议审议情况 （一）关于 2025 年第三季度报告及业绩公告的决议 会议审议批准了《关于 2025 年第三季度报告及业绩公告的议案》，同意按照 有关监管规定予以公开披露。 6 名独立董事发表如下独立意见：同意。 （同意 15 票，反对 0 票，弃权 0 票） 1 该议案已经董事会审计委员会 ...