Zhong Guo Zheng Quan Bao·2025-09-01 15:16Group 1 - The core viewpoint is that the performance of listed banks has significantly improved in the first half of 2025, with total operating income exceeding 2.9 trillion yuan and net profit exceeding 1.1 trillion yuan [1][2] - Non-interest income has played a crucial role in supporting the improvement of bank performance, with notable growth in banks like Jiangyin Bank and Changshu Bank, which achieved double-digit year-on-year growth in both operating income and net profit [1][2][3] - The net interest margin (NIM) remains a concern for the banking sector, with management from various banks indicating that while there is still downward pressure on NIM, the rate of decline is expected to gradually stabilize [1][4] Group 2 - Major banks such as Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Postal Savings Bank of China reported the highest operating incomes in the first half of the year, with figures of 427.09 billion yuan, 394.27 billion yuan, 369.94 billion yuan, 329.00 billion yuan, and 179.45 billion yuan respectively [2] - In terms of net profit, the top five banks were also led by Industrial and Commercial Bank of China, with a net profit of 168.10 billion yuan, followed by China Construction Bank at 162.08 billion yuan, Agricultural Bank of China at 139.51 billion yuan, Bank of China at 117.59 billion yuan, and China Merchants Bank at 74.93 billion yuan [2] - Jiangyin Bank and Changshu Bank reported impressive growth rates in their financial performance, with Jiangyin Bank's operating income growing by 10.45% and net profit by 16.63%, while Changshu Bank's operating income increased by 10.10% and net profit by 13.51% [2][3] Group 3 - The "anti-involution" policy is seen as an opportunity for banks, with expectations that it will help stabilize the decline in net interest margins [4] - The policy is expected to alleviate the downward pressure on asset yields in the banking sector, although it may also present challenges due to varying implementation across different regions and banks [4] - Long-term, the "anti-involution" policy is anticipated to improve supply-demand relationships, benefiting corporate profitability and driving financial resources towards high-end manufacturing and green economy sectors, which could help banks optimize their asset and client structures [4]