格隆汇11月11日｜申万宏源研究指出，工商银行披露2025年三季报，9M25实现营收6400亿元，同比增 长2.2%，实现归母净利润2699 亿元，同比增长0.3%。3Q25不良率季度环比持平于1.33%，拨备覆盖率 季度环比下降0.5pct至217%。非息支撑营收提速，业绩增速回正、略好于预期。资产质量整体稳健，也 是工行业绩可持续正增的底气所在。银行业"哑铃"格局愈发明朗，作为金融稳定的压舱石，"做强做 优"国有大行是明确方向，而工行三季报交出业绩转正、资产质量平稳的成绩单也验证这一趋势；短期 来看，在农行估值迈过1倍PB大关后，其余大行亦有补涨潜力，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company's revenue growth has turned positive, slightly exceeding expectations, with a 2.2% year-on-year increase in revenue for the first nine months of 2025, and a 0.3% increase in net profit attributable to shareholders [6] - Non-interest income has significantly improved, contributing to revenue growth, while interest income remains under pressure [6] - The bank's asset quality remains stable, with a non-performing loan ratio holding steady at 1.33% [6] Financial Data Summary - Revenue for 2023 is projected at 843,070 million, with a year-on-year decline of 3.73%, while 2024 is expected to see a slight decline of 2.52% [5] - Net profit attributable to shareholders is forecasted to be 363,993 million in 2023, with a modest growth of 0.79% [5] - The bank's return on equity (ROE) is expected to decline from 10.67% in 2023 to 8.74% by 2027 [5] Loan and Deposit Trends - Loan growth remains stable, with a year-on-year increase of 8.4% in Q3 2025, primarily driven by a significant rise in bill financing [6][9] - Deposits grew by 7.8% year-on-year in Q3 2025, with total deposits exceeding 30 trillion in the first three quarters [6] Interest Margin and Cost of Liabilities - The net interest margin for the first nine months of 2025 is reported at 1.28%, showing a slight decline compared to previous periods [6] - The cost of interest-bearing liabilities has decreased, which has helped stabilize the interest margin [6] Asset Quality and Provision Coverage - The non-performing loan ratio remains stable at 1.33%, with a provision coverage ratio of 217.2% as of Q3 2025 [6] - The bank's ability to absorb risks is supported by its strong provision coverage [6]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has successfully issued its second phase of perpetual bonds for 2025, raising a total of RMB 40 billion to supplement its Tier 1 capital [2] Group 1: Bond Issuance Details - The bond issuance was approved by relevant regulatory authorities and completed on November 10, 2025 [2] - The total issuance size of the bonds is RMB 40 billion, with a fixed interest rate of 2.21% for the first five years [2] - The interest rate will be adjusted every five years, and the issuer has the conditional redemption right on each interest payment date after the fifth year [2] Group 2: Fund Utilization - The funds raised from this bond issuance will be used in accordance with applicable laws and regulatory approvals to enhance the bank's other Tier 1 capital [2]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has successfully issued its second phase of perpetual capital bonds for 2025, with a total issuance size of RMB 40 billion, aimed at supplementing its other Tier 1 capital [1] Group 1: Bond Issuance Details - The bond was recorded on November 6, 2025, and the issuance was completed on November 10, 2025 [1] - The initial coupon rate for the first five years is set at 2.21%, with adjustments every five years thereafter [1] - The issuer retains the conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used in accordance with applicable laws and regulatory approvals to enhance the bank's other Tier 1 capital [1]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has successfully issued its second phase of perpetual capital bonds for 2025, amounting to RMB 40 billion, aimed at supplementing its other Tier 1 capital [1] Group 1: Bond Issuance Details - The bond issuance was approved by relevant regulatory authorities and completed in the interbank bond market [1] - The bonds were recorded on November 6, 2025, and the issuance was finalized on November 10, 2025 [1] - The initial coupon rate for the first five years is set at 2.21%, with adjustments every five years thereafter [1] Group 2: Use of Proceeds - The funds raised from this bond issuance will be utilized in accordance with applicable laws and regulatory approvals to enhance the bank's other Tier 1 capital [1]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) announced the issuance of perpetual bonds, aimed at supplementing its other Tier 1 capital, with a total issuance size of RMB 40 billion [1] Group 1: Bond Issuance Details - The second phase of the perpetual capital bonds will be completed on November 10, 2025 [1] - The initial coupon rate for the first five years is set at 2.21%, with adjustments every five years thereafter [1] - The issuer retains a conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - Proceeds from the bond issuance will be used in accordance with applicable laws and regulatory approvals [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 特此公告。 中國工商銀行股份有限公司 董事會 中國，北京 2025年11月10日 股份代號：1398 關 於 2025 年 無 固 定 期 限 資 本 債 券（ 第 二 期 ） （ 債 券 通 ）發 行 完 畢 的 公 告 經相關監管機構批准，中國工商銀行股份有限公司（「本行」）2025年無固定期限資本債 券（第二期）（債券通）（「本期債券」）已於近日在全國銀行間債券市場發行完畢。 本期債券於2025年11月6日簿記建檔，並於2025年11月10日完成發行。本期債券發行規 模為人民幣400億元，前5年票面利率為2.21%，每5年調整一次，在第5年及之後的每個 付息日附發行人有條件贖回權。 本期債券募集資金將依據適用法律和主管部門的批准，用於補充本行其他一級資本。 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註 ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has successfully issued its second tranche of perpetual capital bonds for 2025, with a total issuance size of RMB 40 billion, aimed at supplementing its other Tier 1 capital [1] Group 1: Bond Issuance Details - The bond issuance was approved by relevant regulatory authorities and completed on November 10, 2025 [1] - The bonds were recorded on November 6, 2025, with a fixed interest rate of 2.21% for the first five years, after which the rate will be adjusted every five years [1] - The issuer retains the conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used in accordance with applicable laws and regulatory approvals to enhance the bank's other Tier 1 capital [1]

证券代码：601398 证券简称：工商银行 公告编号：临 2025-043 号 中国工商银行股份有限公司 关于 2025 年无固定期限资本债券（第二期）（债券通） 发行完毕的公告 中国工商银行股份有限公司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。 经相关监管机构批准，中国工商银行股份有限公司（简称本行）2025 年无 固定期限资本债券（第二期）（债券通）（简称本期债券）已于近日在全国银行间 债券市场发行完毕。 本期债券于 2025 年 11 月 6 日簿记建档，并于 2025 年 11 月 10 日完成发行。 本期债券发行规模为人民币 400 亿元，前 5 年票面利率为 2.21%，每 5 年调整一 次，在第 5 年及之后的每个付息日附发行人有条件赎回权。 本期债券募集资金将依据适用法律和主管部门的批准，用于补充本行其他一 级资本。 1 特此公告。 中国工商银行股份有限公司董事会 二〇二五年十一月十日 ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has successfully issued its second phase of perpetual capital bonds for 2025, with a total issuance scale of RMB 40 billion, aimed at supplementing its other Tier 1 capital [1] Group 1: Bond Issuance Details - The bond was recorded on November 6, 2025, and the issuance was completed on November 10, 2025 [1] - The coupon rate for the first five years is set at 2.21%, with adjustments every five years thereafter [1] - The issuer retains a conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - Proceeds from the bond issuance will be used to supplement ICBC's other Tier 1 capital, subject to applicable laws and regulatory approvals [1]