三季报业绩呈现筑底企稳态势

Investment Rating - The industry rating is maintained at "Overweight" [10] Core Insights - The third quarter performance of listed banks shows signs of stabilization, with revenue growth remaining relatively steady and net profit growth improving [8][10] - For the first three quarters, the revenue growth rate of listed banks decreased by 0.1 percentage points to 0.9%, while the net profit growth rate increased by 0.7 percentage points to 1.5% compared to the mid-term [8][10] - Large banks showed improved performance growth, while revenue and profit growth for joint-stock banks and regional banks declined [8][10] Summary by Sections Revenue and Profit Trends - Listed banks' net interest income decline continues to narrow, with a decrease of 0.6% in the first three quarters, an improvement from a 1.3% decline in the mid-term [8][10] - Non-interest income growth decreased by 2 percentage points to 5.0%, while fee income growth increased by 1.5 percentage points to 4.6% [8][10] Asset and Loan Growth - Total asset growth of listed banks slightly slowed to 9.3%, while financial investment growth remained strong at 15.8% [9][10] - Loan growth decreased by 0.3 percentage points to 7.7%, and deposit growth fell to 7.9% [9][10] Investment Recommendations - The report suggests focusing on state-owned banks for stable high dividend yields, recommending Industrial and Commercial Bank of China and Bank of China, as well as joint-stock and regional banks for valuation recovery opportunities [10]