长沙银行（601577）：拨备提升，非息高增

Investment Rating - The report maintains a "Strong Buy" rating for Changsha Bank [5] Core Views - The bank's performance shows a slowdown in asset expansion, with total interest-earning assets growing by 11.69% year-on-year as of Q3 2025, while loans increased by 11.65%, indicating a cautious approach amid risk exposure [2][3] - Risk exposure pressure appears to have eased, with a non-performing loan ratio of 1.18% and a provision coverage ratio of 311.88%, suggesting a solid safety cushion [2][3] - Non-interest income remains robust, growing by 15.03% year-on-year, driven by a significant increase in other non-interest income [3][4] Summary by Sections Performance - For the first three quarters of 2025, operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 1.29%, 1.26%, and 6.00% year-on-year, respectively [1][13] - The bank's total assets reached 1,243.7 billion, with total loans at 606.5 billion and total deposits at 763.4 billion [13] Non-Interest Income - Non-interest income increased by 15.03% year-on-year, with other non-interest income growing by 16.84% [3][14] - The bank has focused on realizing gains from asset management, with a cumulative realized income of 919 million in the first three quarters [3] Asset Quality - The non-performing loan ratio stood at 1.18%, with a slight increase of 1 basis point, while the attention rate decreased by 6 basis points to 3.25% [2][4] - The provision coverage ratio improved by 2.17 percentage points, indicating a stronger buffer against potential loan losses [2][4] Capital and Shareholder Information - The bank's total market capitalization is 38.5 billion, with a dynamic dividend yield of 4.61% based on the latest closing price [5][4] - Major shareholder is the Changsha Municipal Finance Bureau, holding 16.82% of shares [5]