Core Insights - China Construction Bank (CCB) reported positive year-on-year growth in operating income, non-interest net income, pre-provision profit, and net profit for the first three quarters of 2025 [1] Financial Performance - CCB achieved operating income of 560.28 billion yuan, an increase of 1.44% compared to the same period last year [1] - Pre-provision profit reached 411.36 billion yuan, up 1.03% year-on-year [1] - Net profit was 258.45 billion yuan, reflecting a 0.52% increase from the previous year [1] - Net profit attributable to shareholders was 257.36 billion yuan, marking a 0.62% year-on-year growth, with an acceleration in growth rate over the last two quarters [1] - Net fee and commission income amounted to 89.67 billion yuan, a rise of 5.31% compared to the same period last year [1] Asset and Liability Overview - As of September 30, total assets reached 45.37 trillion yuan, an increase of 11.83% from the end of the previous year [1] - Total loans and advances stood at 27.68 trillion yuan, growing by 7.10% since the end of last year [1] - Total liabilities were 41.71 trillion yuan, up 12.05% from the end of the previous year, with total deposits amounting to 30.65 trillion yuan, reflecting a 6.75% increase [1] Asset Quality and Risk Management - CCB maintained a stable asset quality with a non-performing loan (NPL) ratio of 1.32%, a decrease of 0.02 percentage points from the end of the previous year [1] - The provision coverage ratio improved to 235.05%, an increase of 1.45 percentage points from the end of last year [1] - Capital adequacy ratio stood at 19.24% [1]

Core Insights - Minsheng Bank reported a revenue of approximately 108.51 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.74% [1][2] - The net profit attributable to shareholders reached 28.54 billion yuan, showing a decline of 6.38% year-on-year [1][2] Revenue Performance - The bank's revenue maintained a high level, with a slight decrease in growth rate compared to the first half of 2025, down by 1.09 percentage points [2] - Net interest income was 75.51 billion yuan, up 2.4% year-on-year, accounting for 69.59% of total revenue [2] - Non-interest income was 32.99 billion yuan, increasing by 18.20% year-on-year, but its proportion of total revenue decreased by 1.6 percentage points compared to the first half of 2025 [2] Profitability Metrics - The net interest margin improved to 1.42%, an increase of 3 basis points compared to the first half of 2025 [3] - The bank's pre-provision profit growth rates for the first half and first three quarters of 2025 were 11.43% and 10.91% respectively, while the net profit growth rates were -4.87% and -6.38% [2] Asset and Liability Management - As of the end of the third quarter of 2025, the total interest-earning assets amounted to 7.51 trillion yuan, reflecting a quarter-on-quarter increase of 1.60% and a year-on-year growth of 2.11% [3] - The total interest-bearing liabilities reached 6.82 trillion yuan, showing a year-on-year increase of 1.80% and a quarter-on-quarter increase of 2.24% [4] - The non-performing loan ratio stood at 1.48%, remaining stable compared to the previous quarter, with a loan provision coverage ratio of 143.0% [4] Future Outlook - The bank's revenue remains stable at a high level, and asset quality is robust. Forecasts for net profit growth from 2025 to 2027 are -3.89%, +0.15%, and +1.71% respectively [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has shown an upward trend in performance with a revenue decline of only 0.5% year-on-year for the first three quarters, while net profit attributable to shareholders increased by 0.5% [2][6]. - Wealth management income has accelerated, growing by 18.8% year-on-year, which has positively impacted the growth of non-interest income [2][6]. - Asset quality has improved, with a non-performing loan (NPL) ratio of 0.94% at the end of Q3, and a provision coverage ratio of 406% [2][6]. Summary by Sections Revenue and Profitability - Revenue for the first three quarters decreased by 0.5% year-on-year, with a Q3 single-quarter revenue growth of 2.1% [6]. - Net profit attributable to shareholders increased by 0.5%, with a Q3 single-quarter growth of 1.0% [6]. - Net interest income grew by 1.7% year-on-year, maintaining positive growth [2][6]. Asset Quality - The NPL ratio at the end of Q3 was 0.94%, a decrease of 1 basis point from the beginning of the year [6]. - The provision coverage ratio was 406%, reflecting a strong buffer against potential losses [6]. - The new NPL generation rate for the core bank improved to 0.96%, nearing levels seen in 2021 [2][6]. Wealth Management and Non-Interest Income - Wealth management income surged by 18.8% year-on-year, contributing to a positive turnaround in non-interest income growth [2][6]. - The net fee income grew by 0.9% year-on-year, marking the end of a 13-quarter decline [2][6]. Cost of Liabilities - The net interest margin for the first three quarters was 1.87%, with a Q3 single-quarter margin of 1.83%, showing a narrowing decline [2][6]. - Deposit costs decreased significantly by 10 basis points to 1.13% in Q3 [2][6]. Loan and Deposit Growth - Total assets grew by 4.0% from the beginning of the year, with loans increasing by 3.6% [2][6]. - Retail loans grew by 1.4%, with specific segments like housing loans and consumer loans showing positive growth [2][6]. Investment Recommendations - The company is viewed as a strong candidate for investment due to its robust growth potential, improved asset quality, and strong wealth management capabilities [2][6]. - Current valuations indicate a price-to-book (PB) ratio of 0.95x for A-shares and 1.02x for H-shares, with a price-to-earnings (PE) ratio of 7.2x for A-shares and 7.8x for H-shares [2][6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained rating) with a target price not specified [6]. Core Views - The company's revenue growth is gradually recovering, with a reported revenue of approximately 161.23 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 1.82% but an improvement of 0.47 percentage points compared to the first half of 2025 [2][4]. - The net interest income for the same period was 110.96 billion yuan, down 0.56% year-on-year, accounting for 68.82% of total revenue, while non-interest income was 50.28 billion yuan, down 4.47% year-on-year [2]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.08% as of the third quarter of 2025, unchanged from the previous quarter [3][19]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 63.08 billion yuan, a slight increase of 0.12% year-on-year [1][4]. - The bank's net interest margin recorded at 1.72%, a decrease of 3 basis points from the first half of 2025 [2]. - The bank's total interest-earning assets reached 10.29 trillion yuan, with a year-on-year growth of 3.59% [3]. Asset and Liability Structure - As of the third quarter of 2025, the bank's interest-bearing liabilities amounted to 9.43 trillion yuan, reflecting a year-on-year increase of 3.18% [3]. - The structure of interest-bearing liabilities includes deposits (61.85%), bond issuance (9.80%), interbank liabilities (27.25%), and borrowing from the central bank (1.10%) [3][18]. Profitability Forecast - The company is projected to see a slight increase in net profit attributable to shareholders for 2025-2027, with expected growth rates of +0.09%, +2.51%, and +3.90% respectively [4][20]. - The estimated book value per share (BPS) for 2025, 2026, and 2027 is 37.77 yuan, 39.56 yuan, and 41.21 yuan respectively [4].

Investment Rating - The industry rating is maintained as "Positive" [3] Core Views - The performance of listed banks in Q1-Q3 2025 shows resilience, with state-owned banks achieving positive results across the board, and the improvement in net interest margins for joint-stock and city commercial banks exceeding expectations [4] - The revenue growth rate for listed banks is stable at 0.9% year-on-year, while profit growth has increased to 1.6% [4] - The non-interest income growth rate for listed banks has narrowed, with a year-on-year increase of 5.0% [4] Summary by Sections Performance Overview - Listed banks' revenue growth is stable at 0.9%, and net profit growth has improved to 1.6% in Q1-Q3 2025, slightly slowing from H1 [4] - The net interest margin for listed banks has shown marginal improvement, with a quarterly increase of 0.3 basis points to 1.37% [4] Revenue and Profit Drivers - The asset scale growth for listed banks is 9.3% year-on-year, with a decrease in loan growth to 7.7% and an increase in financial investment growth to 15.8% [4][11] - The non-interest income growth rate has decreased by 2.0 percentage points compared to the previous quarter [4] Risk and Asset Quality - The average non-performing loan (NPL) ratio for 42 sample banks remains stable at 1.23%, while the average attention rate has increased by 2 basis points to 1.69% [5] - Retail loan risks continue to rise, with notable increases in NPL ratios for retail loans at certain banks [5] Dividend Trends - More banks have disclosed mid-term dividend plans for 2025, with some banks increasing their mid-term dividend rates compared to 2024 [6] Investment Recommendations - The report suggests that bank stocks may rebound in Q4, with a focus on small and medium-sized banks in economically developed regions and stable high-dividend large banks [6]

Core Insights - Suzhou Bank reported a year-on-year increase in net profit and operating income of 7.1% and 2.0% respectively for the first nine months of 2025, with growth rates improving compared to the first half of the year [1] - The bank's annualized ROE and ROA decreased by 0.83 percentage points and 0.06 percentage points to 12.03% and 0.84% respectively [1] Group 1: Financial Performance - As of September 2025, Suzhou Bank's total assets, loans, and deposits grew by 14.6%, 11.6%, and 12.9% respectively, showing slight improvements compared to June [2] - The bank's net interest margin for Q3 2025 was 1.34%, a slight increase from the first half of the year, primarily due to improved funding costs [3] - Interest income for the first three quarters of 2025 increased by 8.9% year-on-year, benefiting from the stabilization of the net interest margin [3] Group 2: Asset Quality and Capital - The non-performing loan (NPL) ratio remained stable at 0.83% as of Q3 2025, with a provision coverage ratio of 421%, indicating strong asset quality [4] - The capital adequacy ratio and core tier 1 capital ratio were reported at 13.57% and 9.79% respectively, showing slight declines from June [4] - The bank declared a mid-term dividend of 2.1 yuan per share, totaling 939 million yuan, which represents 32.36% of net profit attributable to ordinary shareholders [4] Group 3: Future Outlook - The bank maintains a profit forecast of 5.4 billion yuan, 5.8 billion yuan, and 6.2 billion yuan for 2025-2027, with a consistent growth rate of approximately 7.1% [5] - The estimated book value per share (BVPS) for 2025 is projected at 10.60 yuan, with a target price of 10.07 yuan based on a price-to-book (PB) ratio of 0.95 [5]

证券研究报告 | 2025年11月02日 杭州银行（600926.SH2025 年三季报点评 优于大市 扩表略有提速，资产质量稳健 业绩增速有所下降，ROE 处在高位。2025 年前三季度实现营收 288.80 亿元， 同比增长 1.4%，第三季度同比下降 4.0%。实现归母净利润 158.84 亿元，同 比增长 14.5%，第三季度同比增长 9.0%。年化 ROE16.91%，同比下降 1.11 个 百分点。 非息收入下降拖累业绩增速放缓，净利息收入实现较好增长。2025 年前三季 度净利息收入同比分别增长 10.0%，较上半年同比增速提升了 0.6 个百分点， 主要是规模扩张略有提速以及净息差环比企稳；前三季度非息收入同比下降 14.03%，主要是其他非息收入同比大幅下降了 25%，较上半年同比降幅扩大 了 14 个百分点，是拖累营收增速下滑的主要因素。公司处置了部分 AC 账户 资产兑现了浮盈，不过由于债市波动较大,交易账户资产公允价值变动出现 了明显的亏损，使得其他非息收入降幅进一步扩大。 对公贷款维持高增，零售贷款延续压降态势。期末资产总额 2.30 万亿元， 贷款总额 1.03 万亿元，存款总额 ...

Core Insights - The performance of Zhejiang Commercial Bank in Q3 2025 is generally in line with expectations, with cumulative operating income and net profit attributable to shareholders declining by 6.8% and 9.6% year-on-year respectively [1][2] Financial Performance - Cumulative operating income and net profit for the first three quarters of 2025 decreased by 6.8% and 9.6% year-on-year, while Q3 2025 saw a single-quarter operating income and net profit decline of 8.9% and 18.4% respectively [1] - The net interest margin for Q3 2025 was 1.56%, a year-on-year decrease of 10 basis points, with the decline narrowing compared to the 17 basis points drop in Q2 [1] - The cost of liabilities improved, with a year-on-year decrease of 37 basis points to 1.8%, while the yield on interest-earning assets fell by 45 basis points to 3.46% [1] - Non-interest income decreased by 18.5% year-on-year in Q3 2025, with net fees down 33.6% and other non-interest income down 14.1%, impacting revenue by 2 percentage points and 3 percentage points respectively [1] Asset Quality - The non-performing loan ratio at the end of Q3 2025 was 1.36%, unchanged from the end of Q2, with a cumulative non-performing loan generation rate of 1.5% for the first three quarters, down 17 basis points year-on-year [2] - The credit cost decreased by 10 basis points year-on-year to 0.71%, supporting net profit [2] - The provision coverage ratio at the end of Q3 2025 was 159.56%, a decrease of 10 percentage points from the end of Q2 [2] Capital Adequacy - The core capital adequacy ratio and total capital adequacy ratio at the end of Q3 2025 were 8.4% and 12.15% respectively, with a 1 basis point increase and a 16 basis point decrease from the previous quarter [2] Profit Forecast and Valuation - The profit forecast and outperform industry rating remain unchanged, with the A-share trading at 0.40x P/B for 2025E/2026E and a target price of 3.55 yuan, indicating a 17.6% upside [2] - The H-share is trading at 0.28x P/B for 2025E/2026E, with a target price of 3.01 HKD, reflecting a 14.4% upside [2]

Core Viewpoint - The company has shown a recovery in both revenue and profit growth in the first three quarters of 2025, with a year-on-year increase in revenue and net profit attributable to shareholders of 1.80% and 1.90% respectively, indicating a positive trend in performance [1] Revenue and Profit Growth - In the first three quarters of 2025, the company achieved revenue of 1996.45 billion yuan and net profit attributable to shareholders of 699.94 billion yuan, with growth rates improving compared to the first half of the year [1] - In Q3 alone, the company reported revenue of 662.77 billion yuan, a year-on-year increase of 3.92%, and net profit of 239.78 billion yuan, up 2.46% year-on-year [1] - The annualized weighted ROE for the first three quarters was 8.48%, a decrease of 0.58 percentage points year-on-year [1] Asset Growth - As of September 2025, total assets grew by 6.2% year-on-year to 15.50 trillion yuan, with loans (excluding accrued interest) increasing by 7.5% to 9.07 trillion yuan [2] - The company added a total of 516.3 billion yuan in new credit in the first three quarters, with corporate loans increasing by 415.4 billion yuan, while personal loans decreased by 106.1 billion yuan [2] - In Q3, new credit was 72.9 billion yuan, a decrease of 101.5 billion yuan year-on-year, indicating weak retail credit demand [2] Net Interest Margin and Non-Interest Income - The net interest margin for the first nine months was 1.20%, showing a slight decline of 1 basis point from Q2 and a decrease of 7 basis points from the previous year [3] - Net interest income increased by 1.5% year-on-year to 1286.48 billion yuan, with growth accelerating compared to the first half of the year [3] - Non-interest income from fees and commissions rose to 293.98 billion yuan, a year-on-year increase of 0.15%, while other non-interest income surged by 25.4% to 255.85 billion yuan [3] Asset Quality - The non-performing loan ratio as of September was 1.26%, a slight improvement from June, while the provision coverage ratio increased to 209.97% [3] - The attention rate was 1.57%, also showing a decrease from June, indicating overall stable asset quality [3] Investment Recommendations - The company's fundamentals are stable, leading to a slight upward adjustment in profit forecasts for 2025-2027, with expected net profits of 957 billion yuan, 988 billion yuan, and 1032 billion yuan respectively [4] - The corresponding year-on-year growth rates are projected at 2.2%, 3.3%, and 4.4%, with diluted EPS of 1.19, 1.23, and 1.29 yuan [4] - Current stock price corresponds to PE ratios of 7.1, 6.9, and 6.6, and PB ratios of 0.61, 0.58, and 0.54, maintaining an "outperform" rating [4]

Core Viewpoint - Changshu Bank reported a revenue of 9M25 at 9.05 billion yuan, a year-on-year increase of 8.2%, with net profit attributable to shareholders at 3.36 billion yuan, up 12.8% year-on-year, indicating stable growth despite challenges in non-interest income [1][2]. Financial Performance - Revenue for 9M25 reached 9.05 billion yuan, reflecting an 8.2% increase year-on-year, with a deceleration in growth compared to 1H25 by 1.9 percentage points [1]. - Net profit attributable to shareholders was 3.36 billion yuan, marking a 12.8% year-on-year increase, with a slight deceleration of 0.7 percentage points compared to 1H25 [1]. - Net interest income for 9M25 was 7.07 billion yuan, up 2.4% year-on-year, with growth accelerating compared to 1H25 by 1.6 percentage points [1]. - Non-interest income for 9M25 was 1.68 billion yuan, a 20.0% increase year-on-year, but growth slowed by 24.7 percentage points compared to 1H25 due to bond market adjustments [1]. Loan Growth and Quality - As of the end of 9M25, the loan balance was 256.8 billion yuan, a year-on-year increase of 7.1%, with growth accelerating by 1.9 percentage points compared to 1H25 [2]. - Small and micro loans saw a net increase of 0.9 billion yuan in Q3 25, nearing the net increase of 1 billion yuan in the first half of the year [2]. - The non-performing loan ratio remained stable at 0.76% as of the end of 9M25, indicating strong asset quality [3]. Profitability and Cost Management - The net interest margin for 9M25 was 2.57%, down 18 basis points year-on-year, but the decline was less severe than the 21 basis points drop in 1H25 [2]. - The company’s interest-earning asset yield was 4.29%, showing a slight recovery from 4.26% in 1H25, while the cost of interest-bearing liabilities improved to 1.92% from 1.94% in 1H25 [2]. Investment Outlook - Changshu Bank is focused on serving small and micro enterprises, maintaining a robust and controllable risk profile, which positions it well for continued performance in a challenging industry environment [3]. - The bank is expected to maintain a leading position in the industry, with projected net profits for 2025-2027 at 4.29 billion, 4.78 billion, and 5.26 billion yuan, representing year-on-year growth rates of 12.6%, 11.3%, and 10.1% respectively [3].