研报掘金丨国海证券：维持长沙银行“买入”评级，净息差降幅逐季收窄

Core Viewpoint - Changsha Bank's operating income for Q1-Q3 2025 increased by 1.29% year-on-year, while net profit attributable to shareholders grew by 6.00%, showing improvement compared to the first half of the year [1] Financial Performance - In Q3 2025, the company's net profit attributable to shareholders increased by 7.88% year-on-year, which is an acceleration of 2.8 percentage points compared to the first half of the year [1] - The growth in performance is primarily attributed to contributions from non-interest income and provisions [1] - Non-interest income for Q1-Q3 2025 rose by 16.8% year-on-year [1] Loan and Provision Management - The balance and proportion of special mention loans both decreased on a quarter-on-quarter basis [1] - Provisions have been increased, indicating a strengthening of the bank's risk management [1] - The decline in net interest margin has been narrowing quarter by quarter [1] Investment Rating - The company maintains a "Buy" rating based on its performance and outlook [1]