Core Points - China Construction Bank announced the suspension of certain gold investment services starting from November 3, 2025 [1] - The affected services include real-time purchases, new investment plans, and physical gold exchanges, while existing clients' investment plans and redemptions will remain unaffected [1] - The bank will also pause personal gold accumulation exchanges for physical precious metals, but other personal gold accumulation services will continue [1] - Further announcements regarding the resumption of these services will be made in the future [1]

Core Points - China Construction Bank (CCB) announced the suspension of certain gold-related services due to market volatility and risk management considerations [1][2] - The suspension affects the real-time purchase, new investment plans, and physical gold exchange for the "Easy Storage Gold" product starting from November 3, 2025 [2] - Existing customers will not be impacted in terms of their ongoing investment plans, redemptions, or account closures [2] Summary by Categories Company Actions - CCB will suspend the acceptance of applications for real-time purchases, new investment plans, and physical gold exchanges for the "Easy Storage Gold" service [2] - The suspension is effective from November 3, 2025, and is a response to market fluctuations and risk management requirements [2] Customer Impact - Existing customers' investment plans, redemptions, and account closures will remain unaffected by the suspension [2] - Other personal gold accumulation services will continue to operate without interruption [2] Future Communications - CCB will provide updates regarding the resumption of the suspended services in future announcements [2]

Core Insights - The company is implementing a comprehensive AI-driven credit approval process to enhance financial services and risk management, aligning with the government's "Artificial Intelligence+" initiative [1] - The AI model aims to improve decision-making efficiency and accuracy in credit resource allocation, significantly reducing the time required for financial analysis [2] - The bank has reported substantial growth in loans to the manufacturing sector and strategic emerging industries, while also achieving a reduction in approval times despite an increase in manual approval volume [3] Group 1 - The company is focusing on transforming risk management from human-based to technology-driven and intelligent control, utilizing AI to support decision-making [1] - A new paradigm for intelligent credit approval is being established, integrating public and private data with AI models to enhance risk prevention [1] - The AI model is designed to streamline the entire credit approval process, from client rating to compliance checks, promoting a human-machine collaboration approach [1][2] Group 2 - AI financial analysis has improved the foundational judgment capabilities for credit resource allocation, reducing analysis time from hours to minutes [2] - The AI system extracts expert experiences to unify risk preferences, enhancing the efficiency of credit resource allocation [2] - The bank has automated compliance checks and report generation for credit approvals, achieving a 90% automation rate in overseas institutions [2] Group 3 - In the first half of 2025, the bank supported 1.79 trillion yuan in medium to long-term loans to the manufacturing sector, a 10.25% increase from the previous year [3] - Loans to strategic emerging industries reached 3.39 trillion yuan, marking an 18.92% increase year-on-year [3] - Despite a 17.67% increase in manual approval volume, the total approval time decreased by 24.38% [3]

Core Viewpoint - China Construction Bank (CCB) reported a mixed performance in its Q3 2025 results, with a slight decline in revenue but an increase in net profit, leading to a positive market reaction with a stock price increase of over 3% [1] Financial Performance - For the three months ending September 30, 2025, CCB achieved operating income of 174.38 billion yuan, a year-on-year decrease of 1.77% [1] - The net profit attributable to shareholders was 95.28 billion yuan, reflecting a year-on-year increase of 4.19% [1] - Basic earnings per share stood at 0.35 yuan [1] Capital Adequacy - As of September 30, 2025, the bank's capital adequacy ratio was 19.24%, with a Tier 1 capital ratio of 15.19% and a core Tier 1 capital ratio of 14.36% [1] - The leverage ratio was reported at 7.64% [1] - The liquidity coverage ratio for the third quarter was 132.40%, indicating strong liquidity position [1] Analyst Insights - Goldman Sachs noted that CCB's pre-provision profit was 6% lower than expected, primarily due to a weaker net interest margin and an increase in the cost-to-income ratio [1] - The common equity Tier 1 capital ratio was 14.4%, up 26 basis points year-on-year but 32 basis points below expectations [1] - Investors are expected to focus on trends in net interest margin, non-interest income outlook, asset quality trends following a decrease in non-performing loan generation, and cost control guidance [1]

近日，建设银行发布2025年第三季度报告，截至2025年9月30日止3个月，该行取得营业收入1743.76亿元（人民币，单位下同），同比减少1.77%；归属于该行股东的净利润952.84亿元，同 瑞银发布研报称，建设银（00939）今年首三季纯利为2，574亿元人民币，同比微升0.6%，扭转了上半年同比下跌1.4%的下行趋势。单计第三季，纯利同比增长4.2%，增幅与四大行平均水平 责任编辑：卢昱君 建设银行（00939）早盘涨超3%，截至发稿，股价上涨2.99%，现报7.93港元，成交额11.70亿港元。 ...

每经AI快讯，建设银行(00939.HK)涨超3%，截至发稿，涨3.12%，报7.94港元，成交额10.36亿港元。 （文章来源：每日经济新闻） ...

高盛指出，建设银行上季拨备前利润较预测低6%，主要是由于净息差逊于预期及成本收入比率上升； 普通股权一级资本比率为14.4%，同比增26个基点，但较预测低32个基点。该行预计，接下来投资者将 重点关注建行的净息差趋势；非净利息收入前景；不良贷款生成率下降后，导致大幅拨备解除后的资产 质量趋势；及成本控制指引。 消息面上，近日，建设银行发布2025年第三季度报告，截至2025年9月30日止3个月，该行取得营业收入 1743.76亿元(人民币，单位下同)，同比减少1.77%；归属于该行股东的净利润952.84亿元，同比增加 4.19%；基本每股收益0.35元。2025年9月30日，本集团按照《商业银行资本管理办法》计量的资本充足 率为19.24%，一级资本充足率为15.19%，核心一级资本充足率为14.36%，杠杆率为7.64%。2025年第三 季度，本集团流动性覆盖率为132.40%。上述指标均满足监管要求。 智通财经APP获悉，建设银行(00939)涨超3%，截至发稿，涨3.12%，报7.94港元，成交额10.36亿港元。 ...

Core Insights - China Construction Bank (CCB) reported positive year-on-year growth in operating income, non-interest net income, pre-provision profit, and net profit for the first three quarters of 2025 [1] Financial Performance - CCB achieved operating income of 560.28 billion yuan, an increase of 1.44% compared to the same period last year [1] - Pre-provision profit reached 411.36 billion yuan, up 1.03% year-on-year [1] - Net profit was 258.45 billion yuan, reflecting a 0.52% increase from the previous year [1] - Net profit attributable to shareholders was 257.36 billion yuan, marking a 0.62% year-on-year growth, with an acceleration in growth rate over the last two quarters [1] - Net fee and commission income amounted to 89.67 billion yuan, a rise of 5.31% compared to the same period last year [1] Asset and Liability Overview - As of September 30, total assets reached 45.37 trillion yuan, an increase of 11.83% from the end of the previous year [1] - Total loans and advances stood at 27.68 trillion yuan, growing by 7.10% since the end of last year [1] - Total liabilities were 41.71 trillion yuan, up 12.05% from the end of the previous year, with total deposits amounting to 30.65 trillion yuan, reflecting a 6.75% increase [1] Asset Quality and Risk Management - CCB maintained a stable asset quality with a non-performing loan (NPL) ratio of 1.32%, a decrease of 0.02 percentage points from the end of the previous year [1] - The provision coverage ratio improved to 235.05%, an increase of 1.45 percentage points from the end of last year [1] - Capital adequacy ratio stood at 19.24% [1]

Core Viewpoint - The performance of the company meets expectations, with a slight year-on-year increase in net profit and operating income for the first three quarters of 2025 [1][2] Financial Performance - The company's net profit and revenue for the first three quarters increased by 0.5% and 0.8% year-on-year, respectively, showing an improvement from the first half of the year [1] - In Q3 alone, net profit and revenue grew by 4.1% and declined by 2.0% year-on-year, respectively, indicating a recovery in profit growth compared to Q2 [1] - The slowdown in asset impairment losses, which increased by 11.2% year-on-year in Q3 compared to 22.8% in the first half, contributed to the positive net profit growth [1] - The decline in revenue growth is attributed to a slowdown in other non-interest income, which grew by 31% year-on-year in the first three quarters, down from 55.6% in the first half [1] - Net interest income decreased by 3.0% year-on-year, showing a slight improvement from a 3.2% decline in the first half, primarily due to a slight decrease in interest margins and slower loan growth [1] Asset Growth - Total assets grew by 10.9% year-on-year in the first three quarters, an increase from 10.3% in the first half, driven by rapid growth in interbank assets [2] - The company's loan balance increased by 7.5% year-on-year, slightly down from 7.9% in the first half, with double-digit growth in key sectors such as "Five Major Articles" [2] Profit Forecast and Valuation - The profit forecast remains unchanged, with the current A-share price corresponding to 0.7x/0.6x P/B for 2025/2026 and H-share price corresponding to 0.5x P/B for both years [2] - The target price for A-shares is maintained at 11.01 yuan, representing a 19.2% upside potential, while the target price for H-shares is 8.91 yuan, indicating a 13.4% upside potential [2]

Investment Rating - The report maintains a strong buy recommendation for the company [5] Core Insights - The company has shown stable asset quality with a positive trend in overall performance, driven by growth in scale, middle-income, and other non-interest income, while effective tax rates have decreased [1][2] - Investment assets have been increased, with a stable credit growth rate of 7.5% and a nearly 20% year-on-year increase in investment assets [2] - The net interest margin has decreased, with a reported value of 1.36%, down 4 basis points from the first half of 2025 [3] Performance Summary - For the first three quarters of 2025, the company's operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders have shown year-on-year growth rates of 0.82%, 1.03%, and 0.62% respectively [1] - The loan non-performing ratio at the end of Q3 2025 was 1.32%, showing a slight decrease, while the provision coverage ratio stood at 235.05% [2][3] - The company’s total assets reached approximately 45.37 trillion yuan by the end of Q3 2025, with total loans at 27.68 trillion yuan [12] Non-Interest Income - The net fee income growth rate has improved, reaching 5.3% for the first three quarters of 2025, driven by the recovery in wealth management services [2][3] - Other non-interest income has seen a year-on-year growth of 31% in the first three quarters of 2025, although this growth rate has decreased compared to the first half of the year [3][31] Financial Data and Valuation - The projected net profit for 2025 is approximately 341.22 billion yuan, with a year-on-year growth of 1.7% [4] - The price-to-earnings (PE) ratio is projected to be 6.8 for 2025, while the price-to-book (PB) ratio is expected to be 0.7 [4][5] - The company’s return on equity (ROE) is projected to be 10.32% for 2025, reflecting a stable performance [29]