长江商报消息 ●长江商报记者 徐佳 作为首家由民营资本发起设立的全国性股份制商业银行，民生银行（600016.SH、01988.HK）正面临合 规和业绩的双重挑战。 10月31日，国家金融监管总局开出罚单，五家银行合计被罚2.15亿元，引发市场高度关注。 此张罚单中，民生银行因相关贷款、票据、同业等业务管理不审慎以及监管数据报送不合规等多项违法 违规行为，被罚款5865万元，六名相关责任人合计被罚36万元。 不仅仅是合规方面屡现漏洞，民生银行业绩疲态延续。2025年前三季度，民生银行实现营业收入 1085.09亿元，同比增长6.74%；归属于该行股东的净利润（下称"归母净利润"）285.42亿元，同比减少 6.38%。其中，2024年一季度以来，民生银行连续七个季度归母净利润负增长。 截至2025年9月末，民生银行资产总额7.87万亿元，较上年末仅增长0.74%，其中发放贷款和垫款总额 4.44万亿元，比上年末下降137.21亿元，降幅0.31%。 而截至2025年9月末，民生银行不良贷款率再次回升至1.48%。 多项业务管理不审慎被罚5865万元 根据国家金融监管总局10月31日发布的行政处罚信息公示列表， ...

Core Viewpoint - Minsheng Bank's Q3 2025 performance aligns with expectations, showing a revenue growth of 4.6% year-on-year, while net profit decreased by 10.6% due to proactive risk management efforts [1][2]. Financial Performance - Q3 2025 revenue increased by 4.6% year-on-year, with a cumulative revenue growth of 6.7% for the first three quarters [1]. - Q3 2025 net profit attributable to shareholders decreased by 10.6%, with a cumulative decrease of 6.4% for the first three quarters [1]. - Net interest margin (NIM) improved significantly to 1.47% in Q3 2025, up 5 basis points year-on-year, and increased from 1.39% in the first half of the year [1]. - Interest income for Q3 2025 and the first three quarters grew by 4.6% and 2.4% year-on-year, respectively [1]. Non-Interest Income - Other non-interest income rose by 8.2% year-on-year in Q3 2025, with a cumulative increase of 36.6% for the first three quarters [2]. - Retail and private banking assets under management (AUM) reached 3.2 trillion yuan, growing by 9.5% and 17.2% year-to-date, respectively [2]. - Net fee income increased by 1.3% year-on-year in Q3 2025, with a cumulative growth of 0.7% for the first three quarters [2]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.48% at the end of Q3 2025, with a slight increase in the attention rate to 2.74% [2]. - Provision coverage ratio decreased by 2.1 percentage points to 143.0% [2]. - The bank is actively addressing risks related to related parties and the real estate sector, with improvements in risk management and compliance over the past five years [2]. Profit Forecast and Valuation - The profit forecast and outperform industry rating remain unchanged, with A and H shares trading at 0.3x 2025E/2026E P/B [2]. - Target prices for A and H shares are maintained at 6.4 yuan and 6.31 HKD, respectively, indicating a potential upside of 62% and 53.5% [2].

Core Insights - Minsheng Bank reported a net interest margin (NIM) of 1.47% for Q3 2025, showing a recovery compared to previous periods, driven by improved asset-liability management and customer operations [1][3] - The bank's total operating income reached 108.5 billion yuan for the first three quarters, marking a year-on-year growth of 6.74%, with both net interest income and non-interest income contributing to this increase [1][5] Group 1: Net Interest Margin Improvement - The NIM increased due to a combination of factors, including a decline in deposit rates, effective management of interbank liabilities, and stable investment yields [3][4] - Deposit interest rates fell by 13 basis points in Q3, with a higher proportion of low-cost demand deposits contributing to this decline [3] - Interbank liability rates decreased by 14 basis points, aided by improved management of interbank funding and an increase in demand deposits [3] Group 2: Revenue Growth Drivers - The growth in operating income was primarily driven by sustainable expansion of core business, with significant increases in customer scale and quality [5][6] - The number of retail customers grew by 5.38%, while private banking clients increased by 18.21%, indicating a solid customer base for future growth [5] - Net interest income rose to 75.51 billion yuan, reflecting a year-on-year increase of 2.40%, supported by a 0.73% growth in average interest-earning assets [5] Group 3: Future Outlook - The bank anticipates a continuation of a loose market funding environment, which will support further declines in funding costs [4] - Strategies will focus on enhancing customer service and expanding product offerings, particularly in payment settlement and wealth management, to drive fee and commission income [6] - The bank aims to maintain asset quality while promoting steady profit growth through effective management of non-performing loans [6]

民生银行10月31日大宗交易平台出现一笔成交，成交量80.00万股，成交金额312.80万元，大宗交易成交 价为3.91元。该笔交易的买方营业部为华泰证券股份有限公司总部，卖方营业部为华泰证券股份有限公 司北京苏州街证券营业部。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是中金公司证券，10月31日中金公 司证券发布的研报预计公司目标价为6.40元。 据天眼查APP显示，中国民生银行股份有限公司成立于1996年02月07日，注册资本4378241.8502万人民 币。（数据宝） 10月31日民生银行大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 80.00 | 312.80 | 3.91 | 0.00 | 华泰证券股份有 | 华泰证券股份有限公司北京 | | | | | | 限公司总部 | 苏州街证券营业部 | （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生6笔大宗交易 ...

Core Viewpoint - Minsheng Bank reported a significant increase in credit impairment losses for the first three quarters of 2025, indicating challenges in asset quality management and the need for enhanced risk control measures [3][4]. Group 1: Financial Performance - For the first three quarters of 2025, Minsheng Bank recorded credit impairment losses of 40.165 billion yuan, an increase of 8.827 billion yuan year-on-year, representing a growth rate of 28.2% [3]. - As of the end of September, the loan provision balance stood at 94.173 billion yuan, up by 1.044 billion yuan from the end of the previous year, with a provision coverage ratio of 143%, which is an increase of 1.06 percentage points year-on-year [3]. Group 2: Factors Influencing Credit Losses - The increase in credit impairment losses is attributed to external environmental factors, particularly a rise in credit risk associated with retail loans since the second half of 2024, despite a stabilization trend compared to the previous year [3]. - Minsheng Bank has intensified efforts in the recovery and disposal of non-performing loans, with a year-on-year increase of 7.1 billion yuan in the recovery of non-performing loans during the first three quarters [3]. Group 3: Outlook and Future Measures - Looking ahead, Minsheng Bank plans to enhance risk management capabilities and maintain strong efforts in the disposal of non-performing loans, expecting an increase in provision for the full year while aiming for overall stability in asset quality by year-end [3][4]. - The bank anticipates that the level of new non-performing loans will gradually stabilize in the fourth quarter, with specific focus on managing risks in small and micro loans as well as loans to the public rental and business service sectors [4].

Core Viewpoint - Minsheng Bank has launched the "CSI-Minsheng Bank ESG Technology Innovation Bond Index" to promote investment in technology innovation and ESG principles, aiming to enhance the activity of the tech bond market and support high-quality economic development [1] Group 1: Event Overview - On October 29, Minsheng Bank held a technology innovation bond exchange meeting in Beijing, attended by key executives from Minsheng Bank and the China Securities Index Company [1] - The event featured discussions on policies and market environments related to technology innovation bonds, with participation from industry experts and representatives from technology-focused enterprises [1] Group 2: Strategic Focus - Minsheng Bank has prioritized serving technology innovation as a key strategic focus, continuously innovating in its systems and products to support the growth of innovative enterprises with core technologies [1] - The bank aims to channel financial resources towards the forefront of technological innovation, reinforcing its commitment to the national development agenda [1] Group 3: Index Significance - The newly launched index integrates the growth dynamics of technology innovation with ESG investment concepts, selecting bonds that meet specific standards to guide funds towards high-quality issuers with both technological growth potential and social responsibility [1] - The index's application is expected to boost market activity for technology innovation bonds, facilitate investor participation, and provide better services to the real economy [1] Group 4: Future Plans - Minsheng Bank plans to leverage the launch of the index to continuously optimize its financial products and services, contributing to high-quality economic development [1]

Group 1 - On October 31, Minsheng Bank executed a block trade of 800,000 shares, with a transaction amount of 3.128 million yuan, accounting for 0.17% of the total trading volume for the day [1][2] - The transaction price was 3.91 yuan, which remained stable compared to the market closing price of 3.91 yuan [1][2]

Core Insights - Minsheng Bank reported a revenue of 108.509 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 6.74% [1] - The net profit attributable to shareholders reached 28.542 billion yuan [1] Financial Performance - Net interest income for the first three quarters was 75.510 billion yuan, with a year-on-year increase of 2.40% [1] - Average interest-earning assets stood at 7,108.196 billion yuan, showing a year-on-year growth of 0.73% [1] - The net interest margin improved by 2 basis points to 1.42% [1] - Non-interest income totaled 32.999 billion yuan, marking a significant year-on-year increase of 18.20% [1] - Fee and commission income was 14.388 billion yuan, with a slight year-on-year growth of 0.70% [1] - Other non-interest income saw a substantial increase of 4.982 billion yuan, reflecting a growth rate of 36.55% [1]

Core Insights - Minsheng Bank reported a total operating income of 108.51 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 6.74% [2][5] - The net profit attributable to shareholders decreased to 28.54 billion RMB, down 6.38% year-on-year [2][5] - In Q3 2025, the bank's operating income was 36.13 billion RMB, a 4.61% increase compared to the same period last year, while net profit fell by 10.61% to 7.16 billion RMB [2][5] Financial Performance - For the first three quarters, net interest income was 75.51 billion RMB, up 2.40% year-on-year, with an average net interest margin of 1.42%, an increase of 2 basis points [6] - Non-interest income reached 32.99 billion RMB, showing an 18.20% increase year-on-year, driven by growth in trading and capital market activities [6] - The bank's basic earnings per share were 0.14 RMB, a decrease of 12.50% compared to the previous year [3] Asset and Liability Management - Total assets reached 78,728.64 billion RMB, an increase of 0.74% from the end of the previous year, with loans and advances totaling 44,367.59 billion RMB, a slight decrease of 0.31% [4] - Total liabilities were 71,723.16 billion RMB, up 0.19%, with customer deposits amounting to 42,556.02 billion RMB, reflecting a 0.15% increase [4] - The bank's focus on optimizing asset structure has led to a stable growth in general loans, which increased by 898 million RMB [4] Retail Banking and Customer Growth - The bank's retail customer base grew to 141.52 million, a 5.38% increase year-on-year, with private banking clients increasing by 18.21% to 73,409 [7] - Total assets under management (AUM) for retail clients reached 32,255.93 billion RMB, a 9.48% increase from the previous year [7] - Mortgage loans saw a cumulative issuance of 84.18 billion RMB in the first three quarters, a significant year-on-year growth of 24.23% [8] Asset Quality - The total amount of non-performing loans was 65.86 billion RMB, with a non-performing loan ratio of 1.48%, slightly up by 0.01 percentage points [8] - The bank's provision coverage ratio improved to 143.00%, an increase of 1.06 percentage points from the previous year [8] - The bank continues to enhance risk management strategies and monitor key areas to prevent new risks from emerging [8]

Core Viewpoint - Minsheng Bank reported a year-on-year increase in operating income for the first three quarters of 2025, but a decline in net profit attributable to shareholders [1] Financial Performance - The operating income for the first three quarters was 108.509 billion yuan, representing a year-on-year growth of 6.74% [1] - The net profit attributable to shareholders was 28.542 billion yuan, showing a year-on-year decrease of 6.38% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 28.783 billion yuan, down 5.47% year-on-year [1] - The basic earnings per share were 0.59 yuan [1]