25年3季度银行业主要监管指标数据点评：息差边际企稳，不良率小幅上行

Investment Rating - The industry investment rating is "Outperform the Market" [8] Core Viewpoints - The overall profitability of the banking sector has stabilized, with net profit for the first three quarters of 2025 remaining flat compared to the same period in 2024, indicating a continuous recovery in profitability [4][3] - The net interest margin for commercial banks in Q3 2025 is 1.42%, showing stability, while the asset quality has improved overall despite a slight increase in the non-performing loan ratio [4][3] - The report highlights a significant change in the funding structure, suggesting a shift towards reallocation rather than trading, with a focus on long-term investments in the banking sector [4] Summary by Sections Regulatory Indicators - As of the end of Q3 2025, the total assets of banking financial institutions reached 410 trillion yuan, a year-on-year increase of 8.8% [3] - The non-performing loan ratio for commercial banks is 1.52%, with a slight increase of 2 basis points from the previous quarter, and the provision coverage ratio stands at 207% [3][4] Profitability Analysis - The net profit growth rate for large banks, city commercial banks, and rural commercial banks has improved compared to Q2 2025, with respective growth rates of +2.3%, +1.7%, and -7.4% [4] - The report indicates that the profitability of the banking sector is expected to improve further as the cost of liabilities decreases and the adjustment of existing interest rates is completed [4] Asset Quality - The report notes a slight increase in the non-performing loan ratio, with large banks and joint-stock banks maintaining stable ratios, while city and rural commercial banks experienced slight increases [4] - The overall risk is considered manageable, with the attention rate remaining stable at 2.17% [4] Investment Recommendations - The report suggests that the banking sector's characteristics of low volatility and high dividends make it attractive for long-term capital, particularly for institutional investors [4] - Specific recommendations include focusing on A-share joint-stock banks and high-quality regional banks in cities like Chengdu, Jiangsu, Shanghai, Suzhou, and Changsha, as well as considering Hong Kong-listed large banks for dividend advantages [4]