上海银行（601229）：盈利增速环比修复，资产质量稳健

Investment Rating - The report maintains a "Recommended" investment rating for Shanghai Bank (601229.SH) [1][9] Core Views - Shanghai Bank's operating income for the first three quarters of 2025 reached 41.1 billion yuan, a year-on-year increase of 4.0%, while the net profit attributable to shareholders was 18.1 billion yuan, up 2.8% year-on-year [4][7] - The bank's total asset scale grew by 2.5% year-on-year, with loan growth at 2.0% and deposit growth at 3.3% [4][9] - The bank's non-performing loan (NPL) ratio remained stable at 1.18%, with a provision coverage ratio of 255% [9] Summary by Sections Financial Performance - For 2025, the projected operating income is 53.3 billion yuan, with a year-on-year growth of 0.5% [6] - The net profit attributable to shareholders is expected to be 24.4 billion yuan in 2025, reflecting a growth of 3.6% [6] - The bank's return on equity (ROE) is projected to be 10.2% in 2025 [6] Revenue Breakdown - Net interest income for the first three quarters of 2025 increased by 0.5% year-on-year, while non-interest income grew by 10.1% [7] - The bank's fee and commission income saw a decline of 6.9% year-on-year, indicating a need for improvement in wealth management services [7] Asset Quality - The NPL ratio remained stable at 1.18%, with a slight increase in the attention ratio to 2.08% [9] - The provision coverage ratio increased by 11.3 percentage points to 255%, indicating a solid provisioning level [9] Market Position and Strategy - Shanghai Bank continues to focus on key regions such as the Yangtze River Delta, Guangdong-Hong Kong-Macau, and Beijing-Tianjin-Hebei, benefiting from a favorable credit environment [9] - The current stock price corresponds to a price-to-book (PB) ratio of 0.56x for 2025, suggesting a margin of safety in valuation [9]