研报掘金丨中金：维持兴业银行“跑赢行业”评级，预告四季度营收高增

Core Viewpoint - The report from CICC indicates that Industrial Bank is expected to see a slight year-on-year growth in revenue and profit of 0.2% and 0.3% respectively for 2025, with a significant revenue increase of 7.3% year-on-year in Q4 2025 [1] Revenue Performance - The positive revenue performance is primarily attributed to accelerated balance sheet expansion, sustained fee income growth, and a narrowing decline in other non-interest income [1] - Both annual and quarterly revenue growth rates for Q4 2025 have turned positive [1] Wealth Management and Fee Income - With favorable conditions in the capital markets and the narrative of deposit migration, the wealth management business is expected to maintain its robust performance, driving net fee income to continue showing good growth [1] Risk Management - In the first three quarters, the company achieved significant risk reduction in the real estate, credit card, and local government financing platform sectors: new non-performing loans in corporate real estate decreased by 53% year-on-year, new non-performing loans in credit cards decreased by 11% year-on-year, and no new non-performing loans were generated from local government financing platforms [1] Rating - The company maintains an "outperforming the industry" rating [1]