Core Insights - The company achieved a revenue of 265.1 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.8%, with an increase of 0.3 percentage points compared to the first half of the year [1] - The net profit attributable to shareholders reached 76.6 billion yuan, growing by 1.0% year-on-year, with a 0.2 percentage point increase from the first half of the year [1] - The annualized weighted average ROE was 10.7%, a decrease of 1.1 percentage points year-on-year [1] Financial Performance - Total assets grew by 11.1% year-on-year to 18.6 trillion yuan, an increase of 8.9% from the beginning of the year [1] - Customer deposits increased by 6.1% year-to-date to 16.2 trillion yuan, while total loans rose by 8.3% to 9.7 trillion yuan [1] - Corporate loans surged by 17.9% year-to-date, driven by increased credit allocation to advanced manufacturing, green finance, technology finance, and inclusive finance [1] - Personal loans grew by 1.9% year-to-date, while bill discounting slightly decreased [1] Capital and Asset Quality - The company completed capital replenishment, with a core Tier 1 capital adequacy ratio of 10.65% at the end of Q3, up by 1.09 percentage points from the beginning of the year [1] - The average net interest margin for the first three quarters was 1.68%, down by 21 basis points year-on-year, with net interest income decreasing by 2.1% [1] - The non-interest income from fees grew by 11.5% year-on-year to 23.1 billion yuan, supported by rapid development in investment banking, transaction banking, custody, and wealth management [2] - Other non-interest income increased by 27.5% year-on-year to 31.5 billion yuan, mainly due to gains from bond and bill trading [2] - The annualized non-performing loan generation rate was 0.93%, up by 0.14 percentage points year-on-year, with a non-performing loan ratio of 0.94% at the end of Q3, an increase from the beginning of the year [2] - The coverage ratio for provisions was 240%, down by 46 percentage points from the beginning of the year [2] Investment Outlook - The company maintained its profit forecast, expecting net profits attributable to shareholders of 86.6 billion yuan, 87.2 billion yuan, and 88.3 billion yuan for 2025-2027, with year-on-year growth rates of 0.2%, 0.7%, and 1.2% respectively [2] - The diluted EPS is projected to be 0.67, 0.67, and 0.68 yuan for the same period, with current stock prices corresponding to PE ratios of 8.9, 8.8, and 8.7 times, and PB ratios of 0.72, 0.68, and 0.65 times [2]

Group 1 - The core viewpoint emphasizes the role of finance in directing capital towards a green low-carbon circular economy, highlighting the need for robust legal support to guide financial resources into green sectors [1] Group 2 - The Supreme People's Court has introduced judicial rules to facilitate the smooth flow of production factors, including the issuance of guidelines on carbon emissions trading and related disputes, thereby supporting the transition to ecological assets [1] - The court aims to clarify legal boundaries for green investments through the adjudication of environmental public interest litigation and damage compensation cases, thus providing clearer investment expectations [2] Group 3 - The court is actively exploring green bankruptcy models to assist struggling green low-carbon industries by optimizing debt structures and attracting external investment, thereby fostering a stable and predictable legal business environment [2]

Core Viewpoint - The report highlights Beijing Bank's financial performance and strategic initiatives for the third quarter of 2025, emphasizing growth in assets, loans, and deposits while maintaining asset quality and focusing on high-quality development in key financial sectors. Financial Performance - As of the end of the reporting period, the total assets of the company reached 48,922.27 billion RMB, an increase of 15.95% from the beginning of the year [6] - The total liabilities amounted to 45,050.82 billion RMB, reflecting a growth of 16.62% year-to-date [6] - The company achieved operating income of 515.88 billion RMB, a year-on-year decrease of 1.08%, while net profit attributable to shareholders was 210.64 billion RMB, up 0.26% [6] - The weighted average return on equity stood at 9.86%, indicating stable profitability [6] Asset Quality - The non-performing loan ratio was reported at 1.29%, a decrease of 0.02 percentage points from the beginning of the year, showcasing improved asset quality [7] Retail Business - Retail business saw steady growth, with personal loan balances reaching 7,056.84 billion RMB, a year-on-year increase of 1.99% [8] - The number of retail customers surpassed 31 million, with significant growth in high-end customer segments [8] - The average interest rate on personal savings decreased by 32 basis points compared to the beginning of the year [8] Corporate Business - Corporate deposits grew to 18,255 billion RMB, an increase of 7.12% year-to-date, while corporate loans reached 14,341 billion RMB, up 11.98% [14] - The company focused on enhancing service capabilities for strategic clients, particularly in key sectors such as clean energy and high-end manufacturing [15] Financial Market Operations - The financial market business saw a total scale of 59.4 trillion RMB, a growth of 28.09% from the beginning of the year [19] - The bank's foreign currency assets increased by 43.41%, with interest income from these assets rising by 41.06% [19] Strategic Initiatives - The company is committed to high-quality development, focusing on technology finance, green finance, and inclusive finance, with significant growth in these areas [5][6] - The bank has implemented a digital transformation strategy to enhance customer service and operational efficiency [10][18] Shareholder Information - The board of directors approved a cash dividend of 4.67 RMB per share for the "North Silver Preferred 1" shareholders, totaling 228.83 million RMB [29][46] Related Transactions - The bank approved a credit limit of 10 billion RMB for North Silver Consumer Finance Co., with a special liquidity support limit of 7 billion RMB [50][51] - A credit limit of 17.5 billion RMB was also approved for Beijing Financial Holdings Group and its subsidiaries [59][60]

| 主要会计数据 | 2025 年 | 同比增减 | 2025 年 | ロ | | --- | --- | --- | --- | --- | | | 7至9月 | (%) | 1至9月 | | | 营业收入 | 66.277 | 3.92 | 199. 645 | | | 净利润(归属于母公司股 东) | 23,978 | 2. 46 | 69.994 | | | 扣除非经常性损益的净利 润(归属于母公司股东) | 23.670 | 2. 70 | 69.572 | | 资料来源：截取自交通银行2025年第三季度报告，单位为人民币百万元 10月30日晚间，交通银行发布2025年第三季度报告。 数据显示，今年第三季度，交通银行单季度经营表现稳健向好，整体盈利动能保持充足。7-9月，交行共实现营业收入662.77 亿元，同比增长3.92%；实现归 母净利润239.78 亿元，同比增长2.46%。 | 今年以来，交行盈利保持韧性、营收稳中向好。2025年前三季度共实现营业收入1,996.45亿元，同比增长1.80%；实现归母净利润699.94亿元，同比增长 | | --- | | 1.90%。 | 净息差站稳脚跟 ...

人民财讯10月31日电，近日出版发行的《党的二十届四中全会〈建议〉学习辅导百问》，对"如何理解 大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融"作出回答。 该解答指出，下一步，需要完善政策体系，强化正向激励，提升服务能力，进一步增强金融支持的强 度、可持续性和专业化水平。其中，强化对金融机构的正向激励。要科学设计、精准实施再贷款等结构 性货币政策工具，研究建立金融"五篇大文章"综合考核评价制度，加大专项金融债券发行，引导金融机 构加大信贷资源投入和优化信贷结构。加强金融政策与科技、产业、财政等政策协同，健全标准体系和 信息共享、融资对接等支持配套机制，优化金融"五篇大文章"领域贷款风险分担机制，发挥政府性融资 担保体系增信分险作用。 ...

10月31日，国新办举行国务院政策例行吹风会，介绍拓展绿色贸易相关情况。 商务部国际贸易谈判代表兼副部长李成钢表示，近日，商务部印发了《关于拓展绿色贸易的实施意 见》，作为绿色贸易领域首个专项政策文件，充分体现了创新引领的鲜明特点。 绿色产品标准、认证、标识体系 李成钢表示，将持续提升高标准自贸区网络"绿色含量"。在已经签署的自贸协定中，推动纳入了贸易与 环境的相关内容。商务部将持续推进自贸谈判，大力推动双向市场开放、削减非关税壁垒、提升规则承 诺水平，推动标准与合格评定合作，为企业创造公平、透明、可预期的市场环境。 降低轻资产、绿色服务贸易企业的融资门槛和成本 谈及金融支持绿色服务贸易发展，中国人民银行研究局局长王信表示，金融部门主要通过绿色信贷、绿 色债券、绿色股权基金等工具，赋能绿色服务贸易发展。 王信说，下一步，人民银行将继续在以下方面重点发力，支持绿色服务贸易发展：推动绿色金融、转型 金融标准应用，支持创新信贷、债券、股权等融资方式。鼓励金融机构围绕研发设计、物流运维、碳排 放认证和评价、废旧资源回收等生产性服务环节，加大融资支持，降低轻资产、绿色服务贸易企业的融 资门槛和成本。支持在全球金融市场发 ...

央行：支持金融机构开发更多符合绿色贸易需求的金融产品 中新网10月31日电 国新办31日举行国务院政策例行吹风会。中国人民银行研究局局长王信在会上表 示，将继续完善可持续金融标准，进一步修订《多边可持续金融共同分类目录》。强化政策激励，支持 金融机构开发更多符合绿色贸易需求的金融产品，提供更多针对性金融服务，为绿色贸易发展、实现可 持续发展目标作出贡献。 会上，有记者问，近年来，我国绿色金融体系不断健全，在支持绿色贸易发展方面发挥了积极作用。请 介绍一下支持绿色贸易的具体举措和取得的成效，下一步会有怎样的打算？ 对此，王信表示，做好绿色金融大文章，支持绿色贸易发展，是近年来人民银行的一项重点工作。 编辑：张嘉怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 在政策设计和标准制定方面，2024年2月，人民银行配合国家发改委出台了《绿色低碳转型产业指导目 录(2024年版)》，有利于明确绿色贸易认定，推动降低绿色贸易的关税和 ...

Core Viewpoint - The People's Bank of China is leveraging green financial tools such as green credit, green bonds, and green equity funds to empower the development of green service trade [1][2]. Group 1: Importance of Green Service Trade - Green service trade is becoming a significant driver of global economic growth and structural adjustment, focusing on the green transformation of traditional service trade and the development of digital delivery services with low-carbon characteristics [2]. - The development of emerging service industries, such as carbon emission certification and carbon finance, is reshaping global production and consumption networks, significantly impacting high-quality international economic and trade development [2]. Group 2: Financial Tools Supporting Green Service Trade - Green credit is being utilized to support shipping service entities in reducing carbon emissions, exemplified by a 273 million yuan transformation loan provided to COSCO Shipping Energy by the Bank of Communications [2][3]. - Green bonds are facilitating the research and application of low-carbon technologies in shipping, with companies like China Shipbuilding (Hong Kong) issuing green and blue bonds to support energy efficiency upgrades and sustainable transportation [3]. - Green shipping funds and equity financing are providing medium to long-term funding for green service trade projects, addressing funding challenges and mitigating risks during the green transition in the shipping industry [3]. Group 3: Future Directions for Support - The People's Bank of China will focus on promoting the application of green finance and transition finance standards, supporting innovative financing methods such as credit, bonds, and equity [4]. - Financial institutions are encouraged to increase financing support for productive service sectors, including research and design, logistics operations, and waste resource recovery, thereby lowering financing thresholds and costs for asset-light green service trade enterprises [4]. - There is a commitment to support the issuance of green financial products in global markets, providing more Chinese green assets to global investors and enhancing the innovative development of green service trade through the opening of the financial sector [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][8] Core Views - The company has shown positive growth in revenue and profit, with a revenue of 265.1 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.8% [1] - The net profit attributable to shareholders for the same period was 76.6 billion yuan, also reflecting a year-on-year growth of 1.0% [1] - The company's total assets increased by 11.1% year-on-year to 18.6 trillion yuan, with corporate loans growing significantly by 17.9% [1] - The net interest margin has decreased to 1.68%, down 21 basis points year-on-year, while non-interest income has seen a robust growth of 11.5% [2] - Asset quality pressures have increased, with a non-performing loan ratio of 0.94% at the end of the third quarter [2] Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 86.6 billion yuan, with a slight growth rate of 0.2% [3][4] - The diluted EPS is expected to remain stable at 0.67 yuan for 2025, with a PE ratio of 8.9x [3][4] - The core Tier 1 capital adequacy ratio improved to 10.65%, up 1.09 percentage points from the beginning of the year [1] - The company’s total assets are forecasted to reach 18.79 trillion yuan by 2025, with a year-on-year growth of 10.0% [6]

Core Viewpoint - The financial reports of state-owned banks for the third quarter of 2025 indicate a steady improvement in key financial indicators and asset quality, laying a solid foundation for better service to the real economy [1] Financial Performance - Bank of China reported a revenue of 492.1 billion yuan for the first three quarters, a year-on-year increase of 2.72%, while net profit reached 189.6 billion yuan, reflecting a growth of 1.12% [3][4] - In Q3 alone, Bank of China achieved a revenue of 162.2 billion yuan, up 0.58% year-on-year, with a net profit of 60.1 billion yuan, marking a significant increase of 5.09% [4] - The net interest margin for the first three quarters was 1.26%, remaining stable compared to the first half of the year [4] Asset Quality - The overall asset quality of Bank of China remained stable, with a non-performing loan ratio of 1.24%, a slight decrease of 0.01 percentage points from the beginning of the year, and a provision coverage ratio of 196.60% [4] Support for Real Economy - Bank of China has increased financial resource allocation to key sectors, with domestic RMB loans rising by 1.67 trillion yuan, a growth of 9.15% year-to-date [6] - Loans to the manufacturing sector reached 3.34 trillion yuan, up 12.10% from the end of the previous year, while loans to strategic emerging industries grew by 26.29% to 3.12 trillion yuan [6] - Personal consumption loans increased by 26.11%, and the transaction volume of debit card quick payment exceeded 6 trillion yuan [6] Green and Technological Finance - Bank of China has maintained a leading position in green finance, with green loan balances exceeding 4.66 trillion yuan, a year-on-year growth of 20.11% [8] - The bank's technology loans reached approximately 4.7 trillion yuan, supporting over 160,000 clients, and has provided over 830 billion yuan in comprehensive technology financial services [8] Globalization and Cross-Border Services - Bank of China has strengthened its global presence, with international trade settlement business growing steadily and cross-border RMB settlement reaching 13.2 trillion yuan, a year-on-year increase of over 17% [10][11] - The bank's cross-border e-commerce settlement business reached nearly 850 billion yuan, growing by over 47% [11]