上海银行（601229）：业绩稳健有亮点，社会责任担当显初心

Investment Rating - The report maintains a "Buy" rating for Shanghai Bank [6] Core Views - Shanghai Bank achieved a total operating income of 41.14 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 4.0%, and a net profit attributable to shareholders of 18.08 billion yuan, up 2.8% year-on-year [1] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.18% and a provision coverage ratio of 254.92% as of the end of Q3 2025, indicating a solid risk buffer [4] - The bank's wealth management business showed positive momentum, with a significant increase in non-interest income, particularly from investment gains which surged by 58.5% year-on-year [2] Financial Performance - For the first three quarters of 2025, net interest income was 25.12 billion yuan, with a year-on-year growth rate of 0.5%, reflecting a slight slowdown compared to the first half of the year [2] - The bank's total assets, total loans, and total deposits reached 3.3 trillion yuan, 1.4 trillion yuan, and 1.8 trillion yuan respectively, with year-on-year growth rates of 2.5%, 2.0%, and 3.0% [3] - The bank's net profit forecasts for 2025, 2026, and 2027 are 24.265 billion yuan, 25.451 billion yuan, and 26.783 billion yuan, with growth rates of 2.99%, 4.89%, and 5.23% respectively [10] Social Responsibility - Shanghai Bank demonstrated its commitment to social responsibility by quickly responding to a fire incident in Hong Kong, donating 10 million HKD to a charity fund and mobilizing volunteers for relief efforts [5]