作者 | 郑理、刘银平 编辑 | 付影 来源 | 独角金融 11月21日，广西壮族自治区纪委监委通报，广西投资集团有限公司（下称"广西投资集团"）副总经理黎 敦满涉嫌严重违纪违法，正接受纪律审查和监察调查。 这一消息很快将总资产达2591.81亿元的柳州银行推上风口浪尖，因为黎郭满正是该行2019年至2021年 期间的董事长。 从业绩方面来看，受信用减值损失大幅上升影响，在连续6年增长之后，2024年柳州银行归母净利润同 比下降22.28%，不过得益于利息净收入、手续费及佣金净收入的增长，以及投资收益的爆发，上半年 营收、净利实现双增长。 黎敦满1971年出生，现年54岁，是柳州银行第三任董事长，他的职业生涯几乎全部扎根广西金融系统。 1991年7月，黎敦满参加工作。早年，他在中国银行柳州分行从业务股股长，一路升到桂林分行党委书 记、行长，2016年转战地方金融平台，2017年3月出任柳州银行行长，2019年8月升任董事长兼任行长， 直到2021年4月才不再兼任行长，由谢斌接任。 短短两年从行长火速升任董事长，黎敦满一度被寄予"救火队长"的厚望，外界期待他能整顿前两任留下 的乱象，但这份期待随着官宣被查最终落 ...

Core Viewpoint - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by securities firms, with a year-to-date issuance exceeding 1.6 trillion yuan, a growth of over 50% year-on-year [1] Group 1: Bond Issuance - As of November 21, 2025, 73 securities firms have issued bonds totaling over 1.6 trillion yuan, marking a year-on-year increase of more than 50% [1] - China Galaxy, Guotai Junan, and Huatai Securities are the top three firms in terms of bond issuance, with amounts of 134.9 billion yuan, 124.3 billion yuan, and 121.9 billion yuan respectively [1] - China Galaxy began its aggressive bond issuance in May 2025, with a monthly issuance exceeding 10 billion yuan, peaking at 21 billion yuan in August [1] Group 2: Financial Performance - China Galaxy's assets have shown a positive trend, with significant increases in customer deposits and lending activities, reflecting a robust market environment [2] - The company's lending amounts were 101 billion yuan and 132.5 billion yuan at the end of Q2 and Q3 respectively, with a quarter-on-quarter growth of 31% in Q3 [2] - Revenue for Q3 2025 reached 9.004 billion yuan, representing a year-on-year growth of 55.94%, driven by significant increases in brokerage, proprietary trading, and net interest income [2] Group 3: Risk Management and Credit Business - The annualized return on investment for China Galaxy in Q3 was 4.49%, an increase of 0.64 percentage points year-on-year, ranking 17th among 43 listed securities firms [3] - The company has maintained a balanced approach to risk management, with no significant shift towards equity assets despite the expansion of proprietary trading [3] - Credit impairment losses for the first three quarters of 2025 were negative, indicating a decrease in expected credit risk, contrasting with a significant impairment loss recorded in Q4 2024 [3][4] Group 4: Overall Assessment - China Galaxy's proactive bond issuance strategy and focus on proprietary business have led to strong performance in Q3 2025 [5] - There are concerns regarding the potential lag in credit impairment loss recognition, suggesting that current performance may not fully reflect operational risks [5]

文丨康康 编辑丨杜海 百进 来源丨正经社（ID：zhengjingshe） （本文约为4300字） 10月30日晚间，民生银行公布的2025年前三季度业绩，亮点是营收终于扭转了自2021年以来持续下降的趋势，实现6.74%的同比增长；但归母净利润仍然延 续了2024年一季度以来的下滑态势，同比降幅达6.38%。 | | 本报告期 2025年7-9月 | 本报告期比 上年同期 | 年初至 期 2025 年 | | --- | --- | --- | --- | | 经营业绩(人民币百万元) | | 增减(%) | | | 营业收入 | 36,125 | 4.61 | 10 | | 利息净收入 | 26.307 | 4.55 | | | 归属于本行股东的净利润 | 7,162 | -10.61 | | | 归属于本行股东的扣除非经常性 损益的净利润 | 7.276 | -8.60 | | | 经营活动产生的现金流量净额 | 不适用 | 不适用 | | 第二天，民生银行收到国家金融监督管理总局开出的一张巨额罚单：因存在部分贷款、票据及同业业务管理不审慎，以及监管数据报送不合规等问题，被处 以罚款5865万元，相关责 ...

Core Viewpoint - The company has been facing challenges with accounts receivable, leading to significant provisions for credit impairment losses, which have impacted net profits despite the expectation of eventual recovery of these amounts [2]. Group 1: Financial Performance - The company reported a provision of 120 million yuan for credit impairment losses in the previous year, 16.71 million yuan in the current interim report, and 28 million yuan in the third quarter, which collectively account for more than half of the profits [2]. - The net credit impairment loss reflects the net amount of bad debt provisions made and reversed during the period, indicating a continuous rolling process of provisions and reversals [2]. Group 2: Accounts Receivable Management - The company emphasizes that the provisions are primarily due to long repayment cycles from large and medium-sized public hospitals, rather than deteriorating creditworthiness of clients [2]. - The management is actively focusing on accounts receivable management and is committed to improving collection efforts [2]. Group 3: Accounting Practices - The company follows the prudence principle as per the Accounting Standards for Enterprises, leading to significant new provisions for bad debts in line with the growth of accounts receivable [2]. - The actual amount of bad debt provisions reversed during the period was lower than the new provisions made, resulting in a net provision status reflected in the profit and loss statement [2].

Core Viewpoint - Minsheng Bank reported a significant increase in credit impairment losses for the first three quarters of 2025, indicating challenges in asset quality management and the need for enhanced risk control measures [3][4]. Group 1: Financial Performance - For the first three quarters of 2025, Minsheng Bank recorded credit impairment losses of 40.165 billion yuan, an increase of 8.827 billion yuan year-on-year, representing a growth rate of 28.2% [3]. - As of the end of September, the loan provision balance stood at 94.173 billion yuan, up by 1.044 billion yuan from the end of the previous year, with a provision coverage ratio of 143%, which is an increase of 1.06 percentage points year-on-year [3]. Group 2: Factors Influencing Credit Losses - The increase in credit impairment losses is attributed to external environmental factors, particularly a rise in credit risk associated with retail loans since the second half of 2024, despite a stabilization trend compared to the previous year [3]. - Minsheng Bank has intensified efforts in the recovery and disposal of non-performing loans, with a year-on-year increase of 7.1 billion yuan in the recovery of non-performing loans during the first three quarters [3]. Group 3: Outlook and Future Measures - Looking ahead, Minsheng Bank plans to enhance risk management capabilities and maintain strong efforts in the disposal of non-performing loans, expecting an increase in provision for the full year while aiming for overall stability in asset quality by year-end [3][4]. - The bank anticipates that the level of new non-performing loans will gradually stabilize in the fourth quarter, with specific focus on managing risks in small and micro loans as well as loans to the public rental and business service sectors [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant reduction in impairment losses, with brokerage and proprietary trading achieving high growth, while asset management business is at a turning point [1][4] - For the first nine months of 2025, the company achieved revenue of 12.71 billion yuan, a year-on-year increase of 39.4%, and a net profit attributable to shareholders of 5.11 billion yuan, up 54.8% year-on-year [4] - The report highlights a strong performance in brokerage and proprietary trading, with brokerage revenue reaching 2.38 billion yuan, up 49.1% year-on-year, and proprietary trading income improving significantly [6] Financial Data and Profit Forecast - The company’s projected revenues and net profits for 2025-2027 are as follows: - Revenue: 24.25 billion yuan (2025E), 25.50 billion yuan (2026E), 26.54 billion yuan (2027E) - Net profit attributable to shareholders: 6.88 billion yuan (2025E), 7.45 billion yuan (2026E), 7.94 billion yuan (2027E) [5][7] - The report indicates a weighted ROE of 6.35% for the first nine months of 2025, an increase of 2.19 percentage points year-on-year [4] Business Performance - The company’s brokerage business revenue exceeded 1 billion yuan in a single quarter, with a continuous increase in client asset scale [6] - The investment banking business showed high growth from a low base, with quarterly average revenue increasing from 2.92 million yuan in 2024 to 3.9 million yuan in 2025 [6] - The asset management business revenue for Q3 2025 was 3.72 million yuan, showing a quarter-on-quarter increase of 24% and a year-on-year increase of 20% [6] Investment Analysis Opinion - The report raises profit forecasts and maintains a "Buy" rating, citing high growth in brokerage and proprietary trading as the main sources of performance increase, along with a recovery in investment banking and a turning point in asset management revenue [6]

Core Insights - The company has experienced an increase in accounts receivable and inventory, primarily due to a significant rise in operating revenue [2] - The increase in credit impairment losses is attributed to a higher provision for bad debts, but the company has established a robust business process and internal control system for order acceptance to sales collection, resulting in a good collection status [2] - The rise in asset impairment losses is mainly due to an increase in provisions for inventory write-downs, influenced by market price fluctuations [2]

Group 1 - The company ST Sike Rui (SH 688053) announced a total credit impairment loss and asset impairment loss of RMB 2.8041 million for the third quarter of 2025, impacting the total profit of the consolidated financial statements by the same amount [1] - For the first half of 2025, the company's revenue composition is entirely from the testing service industry, accounting for 100.0% [1] - As of the report date, ST Sike Rui has a market capitalization of RMB 3.1 billion [1]

Group 1 - The company Tonglian Precision announced a credit impairment loss and asset impairment loss totaling approximately 19.72 million yuan for the third quarter of 2025, which will impact the total profit by the same amount [1] - The revenue composition for Tonglian Precision from January to December 2024 shows that consumer electronics accounted for 96.44%, while other segments contributed 2.11% and 1.45% respectively [1] - As of the report date, the market capitalization of Tonglian Precision is 9.5 billion yuan [1]

Core Viewpoint - The company reported a total of 27.87 million yuan in credit impairment losses and asset impairment losses for the first three quarters of 2025, reflecting a cautious approach to asset valuation and compliance with accounting standards [6][10]. Financial Data - The company did not require retrospective adjustments or restatements of previous accounting data [3]. - The financial report for the third quarter of 2025 was not audited [6]. - The total amount of credit impairment losses was 25.54 million yuan, with 23.80 million yuan attributed to accounts receivable and 1.74 million yuan to other receivables [8]. Impairment Losses - The company conducted a comprehensive review of various assets, including inventory, receivables, and fixed assets, leading to the recognition of impairment losses [7][10]. - The total impairment losses included 2.32 million yuan for contract assets [9]. Shareholder Information - The company confirmed that there were no changes in the number of shareholders or significant shareholders participating in the securities lending business [5].