EBSCN·2025-10-26 11:11Investment Rating - The report maintains a "Buy" rating for the banking industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [1]. Core Insights - The report highlights that the banking sector is experiencing pressure on residential loan growth, while corporate loans continue to play a stabilizing role. Key sectors such as manufacturing, technology, and green finance maintain high levels of investment [1][4][6]. - As of the end of Q3 2025, the total new RMB loans added in the first three quarters reached 14.75 trillion, a year-on-year decrease of 1.27 trillion. The year-on-year growth rate of RMB loans was 6.6%, down 0.5 percentage points from the end of Q2 [3][4]. Summary by Sections Corporate Loans - Corporate loans continue to serve as a stabilizing force, with a year-on-year growth of 8.2% as of Q3 2025. The new corporate loans added in Q3 amounted to 1.83 trillion, accounting for 100% of all new loans [4][5]. - Key sectors such as manufacturing, technology, and green finance are seeing sustained high investment levels, supported by new policy financial tools [4][6]. Real Estate Loans - Real estate loans have shown a negative growth of 0.1% year-on-year, with a total balance of 52.8 trillion as of Q3 2025. The report indicates that the real estate market may face greater uncertainties in Q4, with mortgage loans likely to continue their negative trend [7][17]. - The report notes a significant decrease in mortgage loans, with a reduction of 2.9 trillion in the first three quarters compared to the previous year [7][17]. Household Loans - Household loans grew by 2.3% year-on-year as of Q3 2025, with a total balance of 82.05 trillion. The growth rate has decreased by 0.7 percentage points from Q2 [8][18]. - Business loans for households are a key driver of credit expansion, with a year-on-year growth of 4.8%. However, non-housing consumer loans are experiencing slower growth, indicating a lack of driving force for expansion [9][18].