INDUSTRIAL BANK(SH:601166) 华尔街见闻·2025-11-16 12:05Core Viewpoint - The article discusses the resilience and long-term investment value of bank stocks, particularly focusing on Industrial Bank's recent performance amidst external challenges, highlighting its differentiated operations and strong core competitiveness [1]. Group 1: Operating Performance - Industrial Bank reported a revenue of 161.23 billion yuan for the first three quarters, a year-on-year decrease of 1.82%, but achieved a net profit of 63.08 billion yuan, indicating positive growth in net profit despite a challenging environment [2]. - The bank's net interest margin stood at 1.72%, maintaining a relatively leading position among joint-stock banks, and it aims to implement effective strategies to stabilize net interest income [3]. Group 2: Differentiated Competitive Advantage - Industrial Bank continues to enhance its "green bank," "wealth bank," and "investment bank" identities, with green finance financing balance reaching 2.47 trillion yuan, a 12.8% increase from the beginning of the year [4]. - The bank's asset management scale reached 3.51 trillion yuan, growing by 20.62% year-on-year, with retail wealth AUM at 3.95 trillion yuan, reflecting its strong market position [5]. Group 3: Risk Management and Asset Quality - The bank has seen a decrease in new non-performing loans and non-performing loan ratios, with the non-performing loan rate at 1.08%, indicating stable asset quality [6]. - The bank has established agile teams for risk management in key areas, enhancing its ability to address potential risks effectively [7]. Group 4: Shareholder Returns and Valuation - Industrial Bank has a history of significant shareholder returns, with cumulative dividends of 216.1 billion yuan since its listing, and recently announced a mid-term dividend of 5.65 yuan per 10 shares [8]. - The bank's static dividend yield is 5.29%, and its price-to-book ratio is 0.53, positioning it as a high-quality dividend stock for long-term investors [9].