银行：深度综述与拆分｜42家上市银行三季报：增速边际小幅提高、息差降幅收窄、资产质量平稳

Investment Rating - The report maintains an "Overweight" rating for the banking sector [1] Core Insights - The report indicates a marginal improvement in revenue and profit growth, with a notable differentiation in individual stock performance [2][4] - The overall industry revenue decreased by 1.5% year-on-year in Q3 2024, showing a narrowing decline compared to Q2 2024 [7] - Net profit increased by 1.4% year-on-year in Q3 2024, continuing the upward trend primarily due to revenue and cost improvements [4][7] Summary by Sections Q3 Performance - Revenue for Q3 2024 showed a year-on-year decline of 1.5%, which is an improvement from a 2.2% decline in the first half of 2024 [7] - Net profit for Q3 2024 increased by 1.4%, driven by improvements in revenue and cost management [4][7] Revenue Breakdown - Net interest income decreased by 3.2% week-on-week, while non-interest income increased by 4%, indicating marginal improvements [4] - The contribution from net interest income and fees has been a drag, but other non-interest income has provided some support [8] Asset Quality - The overall asset quality remains stable, with non-performing loans at historical lows and sufficient provisioning [4] - The non-performing loan ratio is stable, and future pressure on asset quality is expected to be limited [4] Performance Analysis - The report highlights that the performance drivers include net interest margin, non-interest income, and cost contributions, with scale and provisioning support showing a declining trend [4] - Future revenue growth is anticipated to improve in Q4, contingent on demand recovery [4] Other Financial Metrics - The cost-to-income ratio increased slightly by 0.4 percentage points year-on-year [4] - The capital situation shows a continued slowdown in risk-weighted asset growth, with a slight increase in the core Tier 1 capital adequacy ratio [4] Investment Recommendations - The report recommends focusing on high-quality city and rural commercial banks with strong fundamentals and attractive valuations, such as Jiangsu Bank and Chongqing Rural Commercial Bank [2] - If economic expectations continue to improve, core assets among banks like Ningbo Bank and China Merchants Bank are recommended [2]