来源：长江商报 记者：徐佳 A股上市银行迎来最年轻行长。 日前，常熟银行（601128.SH）宣布，该行执行董事、行长包剑因工作变动原因辞任，该行董事会已同意聘任陆鼎昌为新任行长兼首席合规官。 长江商报记者注意到，年仅39岁的陆鼎昌是常熟银行从内部培养的老将，也是目前A股上市银行中年龄最小的行长。 执掌超4000亿规模的农商行优等生，陆鼎昌难言轻松。2025年前三季度，常熟银行实现营业收入90.52亿元，同比增长8.15%；归属于该行股东的净利润（以下简称"归母净利润"）33.57亿元 随着加速整合村镇银行、资产规模扩张，截至2025年9月末，常熟银行资本充足率由2024年末的14.19%下降至13.66%。 而在陆鼎昌获任的同时，常熟银行也披露了新一轮的资本补充计划，该行拟发行50亿元规模二级资本债券，用于补充二级资本。 "85后"陆鼎昌成A股最年轻行长 11月13日，常熟银行宣布高层人事变动。该行执行董事、行长包剑因工作变动，向该行董事会提交书面辞呈，申请辞去该行执行董事、董事会战略与三农金融服务委员会委员及行长职务，自20 此前在2023年末，包剑接棒薛文成为常熟银行行长，薛文升任该行董事长。 包剑辞任 ...

Core Viewpoint - Everbright Bank has announced a mid-term profit distribution plan for 2025, proposing a cash dividend of 1.05 yuan per 10 shares, totaling 6.204 billion yuan, which accounts for 25.2% of its net profit attributable to shareholders. This marks the second consecutive mid-term dividend after its first in 2024 [2][4]. Group 1: Dividend Distribution - Seven out of nine listed commercial banks have either implemented or are planning to implement mid-term dividends, with a cumulative payout amounting to 66.973 billion yuan [5]. - Minsheng Bank has already completed its mid-term dividend distribution, amounting to 5.954 billion yuan, while China Merchants Bank and Industrial Bank have initiated their first mid-term dividends, with amounts of 26.226 billion yuan and 11.957 billion yuan respectively [3][4]. Group 2: Net Interest Margin Trends - The net interest margin (NIM) for Everbright Bank in the first three quarters of 2025 was 1.34%, a decrease of 0.2 percentage points from 1.54% in 2024 [6][7]. - Despite the pressure on NIM, the overall decline is expected to narrow for the year, with management anticipating a stabilization in the banking sector's NIM and a potential recovery in net interest income growth [8][9]. Group 3: Financial Performance - The operating revenues of major banks have generally declined, with Everbright Bank reporting a 7.94% decrease in revenue to 94.27 billion yuan for the first three quarters of 2025 [6]. - In contrast, Minsheng Bank and Shanghai Pudong Development Bank reported revenue growth of 6.74% and 1.88% respectively, indicating a divergence in performance among the banks [8].

以下文章来源于一丰看金融 ，作者光大证券银行组 一丰看金融 . 分享经济金融领域大事小情，路边新闻 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 商业银行1-3Q净息差为1.42%，较25H1持平，较去年同期下降11bp。分银行类型看，国有行、股份行、城 商行、农商行息差分别为1.31%、1.56%、1.37%、1.58%，股份行净息差较25H1略升1bp，其他类型银行 息差较25H1持平。 四、资产质量总体稳健，不良率较2Q末略升3bp，拨备覆盖率保持200%以上 不良率较上季末提升3bp至1.52%。25Q3末，商业银行不良贷款余额3.52万亿，较2Q末增加883亿；商业银 行不良贷款率为1.52%，较2Q末提升3bp；关注贷款率为2.2%，较2Q末提升3bp ...

Core Insights - The banking and insurance sectors in China have shown stable performance, with significant growth in total assets and improvements in liquidity indicators [1][4] Banking Sector Performance - As of the end of Q3 2023, the total assets of China's banking institutions reached 474.3 trillion yuan, a year-on-year increase of 7.9%, with large commercial banks holding 208.1 trillion yuan, up 10% [1] - The net profit of commercial banks for the first three quarters of the year was 1.9 trillion yuan, remaining stable compared to the same period last year [2] - The net interest margin (NIM) for commercial banks was 1.42% at the end of Q3, stable compared to Q2 but down 11 basis points year-on-year [2] - The non-performing loan (NPL) balance for commercial banks was 3.5 trillion yuan, increasing by 883 billion yuan from the previous quarter, with an NPL ratio of 1.52%, up 0.03 percentage points [2] Insurance Sector Performance - The total assets of insurance companies and insurance asset management companies reached 40.4 trillion yuan, an increase of 4.5 trillion yuan since the beginning of the year, representing a growth of 12.5% [1] - Property insurance companies reported total assets of 3.2 trillion yuan, up 9.9% year-to-date, while life insurance companies reached 35.4 trillion yuan, growing by 12.3% [1] Liquidity Indicators - The liquidity coverage ratio for commercial banks was 149.73% at the end of Q3, up 0.48 percentage points from the previous quarter [4] - The net stable funding ratio stood at 127.67%, increasing by 0.08 percentage points, while the liquidity ratio was 80.10%, up 0.21 percentage points [4] Market Trends - The proportion of large commercial banks in the total assets of the banking sector reached a new high of 43.88% by the end of Q3, indicating their growing dominance in serving the real economy [3]

Core Viewpoint - The financial regulatory authority has reported stable growth in the banking and insurance sectors, with significant increases in assets and loans, indicating a robust financial environment in China [1][2][7]. Banking Sector Summary - As of the end of Q3, the total assets of China's banking institutions reached 474.3 trillion yuan, a year-on-year increase of 7.9%, with large commercial banks holding 208.1 trillion yuan, up 10% [1]. - The net profit of commercial banks for the first three quarters was 1.9 trillion yuan, roughly unchanged from the previous year, while the net interest margin stood at 1.42%, stable quarter-on-quarter but down 11 basis points year-on-year [3]. - The non-performing loan balance for commercial banks was 3.5 trillion yuan, with a non-performing loan ratio of 1.52%, reflecting a slight increase from the previous quarter [6]. Insurance Sector Summary - The total assets of insurance companies and insurance asset management companies reached 40.4 trillion yuan, an increase of 4.5 trillion yuan or 12.5% since the beginning of the year [2]. - Life insurance companies accounted for 35.4 trillion yuan, growing 12.3%, while property insurance companies had assets of 3.2 trillion yuan, up 9.9% [2]. Loan Growth and Structure - The balance of inclusive small and micro enterprise loans was 36.5 trillion yuan, with a year-on-year growth of 12.1%, indicating strong support for small businesses [7]. - The proportion of large commercial banks in the total assets of the banking sector reached a new high of 43.88%, up 4.74 percentage points since the end of 2019, highlighting their increasing dominance [7]. Liquidity Indicators - The liquidity coverage ratio for commercial banks was 149.73%, up 0.48 percentage points from the previous quarter, indicating stable liquidity conditions [8]. - Other liquidity metrics, such as the net stable funding ratio and loan-to-deposit ratio, also showed slight improvements, reflecting a solid liquidity position across the banking sector [8].

Core Insights - The banking sector in China has shown signs of stabilization in net interest margins, with a slight recovery observed in the third quarter of this year [2][3] - The total assets of banking institutions reached 474.3 trillion yuan, marking a year-on-year growth of 7.9% [1] - The insurance sector also demonstrated growth, with total assets increasing by 12.5% year-on-year to 40.4 trillion yuan [1] Banking Sector Performance - As of the end of Q3, commercial banks reported a net interest margin of 1.42%, stable compared to Q2 but down 11 basis points year-on-year [2] - The net profit for commercial banks in the first three quarters was 1.9 trillion yuan, roughly unchanged from the previous year [2] - The cost-to-income ratio for commercial banks increased compared to the end of the first half of the year but decreased by 3.74 percentage points compared to the end of last year, indicating improved operational efficiency [4] Asset Quality and Loan Growth - By the end of Q3, the non-performing loan balance for commercial banks was 3.5 trillion yuan, with a non-performing loan ratio of 1.52%, reflecting a slight increase from the previous quarter [7] - The balance of inclusive small and micro enterprise loans reached 36.5 trillion yuan, growing by 12.1% year-on-year, highlighting the sector's commitment to supporting small businesses [7] - Large commercial banks have seen their asset share rise to 43.88% of the total banking sector assets, the highest in recent years [8] Liquidity Indicators - Liquidity indicators for commercial banks remained stable, with the liquidity coverage ratio at 149.73%, up 0.48 percentage points from the previous quarter [10] - The net stable funding ratio was 127.67%, increasing by 0.08 percentage points, while the loan-to-deposit ratio stood at 80.46%, up 0.11 percentage points [10]

Core Viewpoint - The banking and insurance sectors in China have shown signs of stability and growth, with improvements in net interest margins and asset quality, indicating a potential recovery phase for the industry [2][4][5]. Banking Sector Overview - As of the end of Q3 this year, the total assets of China's banking institutions reached 474.3 trillion yuan, a year-on-year increase of 7.9%. Large commercial banks accounted for 208.1 trillion yuan, growing by 10% [2]. - The net profit of commercial banks for the first three quarters was 1.9 trillion yuan, remaining stable compared to the same period last year. The net interest margin stood at 1.42%, stable compared to Q2 but down by 11 basis points year-on-year [4][5]. - The net interest margin for joint-stock commercial banks increased by 1 basis point compared to the end of Q2, indicating a trend towards stabilization [3][5]. Asset Quality and Loan Growth - By the end of Q3, the non-performing loan balance for commercial banks was 3.5 trillion yuan, with a non-performing loan ratio of 1.52%, reflecting a slight increase from the previous quarter [9]. - The balance of inclusive small and micro enterprise loans reached 36.5 trillion yuan, growing by 12.1% year-on-year, while inclusive agricultural loans increased to 14.1 trillion yuan [11]. Liquidity Indicators - The liquidity coverage ratio for commercial banks was 149.73%, up by 0.48 percentage points from the previous quarter, indicating stable liquidity conditions [13]. - Other liquidity metrics, such as the net stable funding ratio and loan-to-deposit ratio, also showed slight improvements, reflecting a healthy liquidity position across the banking sector [13]. Market Position of Large Commercial Banks - The asset share of large commercial banks has risen to 43.88%, marking a new high in recent years, underscoring their dominant role in serving the real economy [10][11].

Group 1: Market Performance - The A-share banking sector has shown a continuous recovery since the fourth quarter, with bank stocks, including ICBC and ABC, reaching new highs on November 14. The China Securities Banking Index rose by 0.25%, with a cumulative increase of 1.69% over four trading days this week [1] - Institutional attention towards listed banks has increased significantly, with 23 listed banks being investigated by 891 institutions from July 1 to November 14, totaling 139 investigations [1] Group 2: Focus of Institutional Research - The main focus of institutional research includes the phase trends of net interest margins, changes in asset quality, and optimization of non-interest income structures [1] - Among the banks investigated, city commercial banks and rural commercial banks have become the focal point, with 14 out of 23 listed banks located in the Jiangsu, Zhejiang, and Shanghai regions [2] Group 3: Key Banks Under Investigation - Jiangsu Bank received the highest number of investigations at 83, followed by Chongqing Rural Commercial Bank, Ningbo Bank, and Shanghai Bank with 76, 75, and 70 investigations respectively [3] - Foreign institutions have shown a preference for Ningbo Bank, which attracted 47 foreign institutions for research, along with significant interest in Hangzhou Bank, Jiangsu Bank, and Ruifeng Bank [2] Group 4: Net Interest Margin and Asset Quality - Net interest margin remains a core concern for institutions, with many banks reporting signs of stabilization in their net interest margins in their semi-annual and quarterly reports [4] - Banks have successfully alleviated the downward pressure on interest margins by adjusting their liability pricing structures and expanding low-cost deposits [4][5] Group 5: Asset Quality Management - Institutions are closely monitoring asset quality, with banks like Ningbo Bank emphasizing a prudent risk preference and strict credit risk management to maintain asset quality within industry-leading levels [5][6] - Guizhou Bank reported a decrease in its non-performing loan ratio to 1.63%, with a robust provision coverage ratio of 239.59% [6] Group 6: Non-Interest Income and Market Strategies - As net interest margins face structural pressure, the importance of non-interest income has increased, with banks focusing on bond investment strategies and the recovery of intermediary business income [7] - Banks are adjusting their fee and commission income structures, with some smaller institutions experiencing declines in self-operated wealth management income due to regulatory impacts [8] Group 7: Future Outlook - Analysts predict that the influx of incremental funds will continue to support the banking sector, with expectations of increased demand for bank stocks from passive ETFs and insurance funds [9]

北京商报讯（记者 宋亦桐）11月14日，国家金融监督管理总局发布2025年三季度银行业保险业主要监 管指标数据情况显示，截至2025年三季度末，我国银行业金融机构本外币资产总额474.3万亿元，同比 增长7.9%。其中，大型商业银行本外币资产总额208.1万亿元，同比增长10%，占比43.9%；股份制商业 银行本外币资产总额76.2万亿元，同比增长4.7%，占比16.1%。商业银行净息差1.42%，较上季末持平。 风险抵补能力整体充足，2025年前三季度，商业银行累计实现净利润1.9万亿元。2025年三季度末，平 均资本利润率为8.18%，平均资产利润率为0.63%。2025年三季度末，商业银行贷款损失准备余额为7.3 万亿元，较上季末增加174亿元；拨备覆盖率为207.15%，贷款拨备率为3.14%。 资产质量方面，截至2025年三季度末，商业银行不良贷款余额3.5万亿元，较上季末增加883亿元；商业 银行不良贷款率1.52%，较上季末上升0.03个百分点。2025年三季度末，商业银行正常贷款余额228.8万 亿元，其中正常类贷款余额223.7万亿元，关注类贷款余额5.1万亿元。 ...

Core Insights - In the second half of this year, institutions have actively researched and tracked the operational status of listed banks, with 748 institutions conducting 133 investigations into 23 listed banks as of November 13 [1][2] - The focus of these investigations has been primarily on city commercial banks and rural commercial banks, with key areas of interest including net interest margin trends, non-interest income trends, and capital replenishment [1][2] Group 1: Institutional Research - The majority of institutions conducting research on listed banks are fund companies and securities firms, accounting for 53% of the total [2] - Jiangsu Bank emerged as the most popular among institutions, receiving 83 investigations, followed by Chongqing Rural Commercial Bank and Ningbo Bank with 76 and 75 investigations respectively [2] - Ruifeng Bank had the highest number of total investigations at 22 [2] Group 2: Net Interest Margin Trends - Net interest margin has been a focal point for institutions, with some listed banks showing signs of stabilization or slight recovery compared to the previous year [2] - Several banks reported successful measures to reduce funding costs, such as exiting high-cost deposits and enhancing the absorption of low-cost current deposits [3] - Xiamen Bank reported a 4 basis point increase in net interest margin to 1.08% in the first half of the year, with continued stabilization in the third quarter [3] Group 3: Debt Market Analysis - The bond market has shown a volatile trend this year, impacting the investment income of some listed banks, particularly city and rural commercial banks [4] - Banks are focusing on their investment strategies in the bond market, with a cautious approach to market trends and adjustments in trading positions [4] - Shanghai Bank plans to enhance its market analysis capabilities and maintain flexibility in its investment strategies to mitigate risks from market interest rate fluctuations [4] Group 4: Non-Interest Income and Capital Replenishment - Many banks noted changes in non-interest income, particularly in net income from fees and commissions, which have been affected by regulatory requirements on self-managed wealth management [6] - Banks are exploring various methods for capital replenishment, combining internal capital accumulation with external sources to strengthen their capital base [6]