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]

Core Insights - The total assets of China's banking financial institutions reached 474.3 trillion yuan by the end of Q3 2025, reflecting a year-on-year growth of 7.9% [1] - Large commercial banks accounted for 208.1 trillion yuan of the total assets, with a year-on-year increase of 10%, representing 43.9% of the total [1] - The net interest margin for commercial banks remained stable at 1.42% compared to the previous quarter [1] Asset Quality - The non-performing loan (NPL) balance for commercial banks was 3.5 trillion yuan, an increase of 883 billion yuan from the previous quarter [1] - The NPL ratio rose to 1.52%, up by 0.03 percentage points from the previous quarter [1] - The normal loan balance stood at 228.8 trillion yuan, with 223.7 trillion yuan in normal loans and 5.1 trillion yuan in special mention loans [1] Risk Compensation Capacity - Commercial banks achieved a cumulative net profit of 1.9 trillion yuan in the first three quarters of 2025 [1] - The average return on equity was 8.18%, while the average return on assets was 0.63% as of the end of Q3 2025 [1] - The loan loss provision balance was 7.3 trillion yuan, increasing by 174 billion yuan from the previous quarter, with a provision coverage ratio of 207.15% and a loan provision ratio of 3.14% [1]

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]

Core Insights - Institutions are actively researching the operational status of listed banks in the second half of the year, with 748 institutions conducting 133 investigations into 23 listed banks, primarily focusing on city commercial banks and rural commercial banks [1][2] Group 1: Institutional Research - The majority of institutions conducting research are fund companies and securities firms, accounting for 53% of the total [2] - Jiangsu Bank is 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 leads in total investigation counts with 22 [2] Group 2: Net Interest Margin Trends - Net interest margin (NIM) has stabilized for some listed banks, with a slight year-on-year recovery noted [2] - Several banks have reported success in reducing funding costs, which alleviates downward pressure on NIM by exiting high-cost deposits and enhancing low-cost deposit absorption [2][3] - Xiamen Bank reported a 4 basis point increase in NIM 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 volatility this year, impacting investment income for some banks, particularly city and rural commercial banks [4] - Banks are adjusting their investment strategies in response to market conditions, with a focus on defensive strategies and selective trading opportunities [4] - Shanghai Bank aims to enhance market analysis and maintain flexibility in its investment strategies while managing interest rate risks [4] Group 4: Non-Interest Income and Capital Supplementation - Non-interest income, particularly from fees and commissions, has been affected by regulatory requirements on self-managed wealth management products [5] - Banks are exploring ways to supplement capital through internal accumulation and external sources to strengthen their capital base [5] - Qingdao Bank focuses on standardized fixed-income securities and emphasizes duration management to ensure steady growth in bond investment income [5]

Core Viewpoint - The recent cancellation of 5-year deposit products by several village banks has raised concerns among depositors, indicating a shift in the banking sector's strategy to manage deposit competition amid narrowing net interest margins [2][3][10]. Summary by Sections Deposit Rate Adjustments - The Tongyu Mongolian Village Bank announced the cancellation of 5-year fixed deposit products effective November 5, 2025, becoming the first commercial bank to do so [3]. - Other banks, such as the Kundu Lun Mongolian Village Bank, have also quietly removed 5-year fixed deposit products from their offerings [4]. - A total of seven banks, including private banks, have removed 5-year fixed deposits from their pages, with some also eliminating 3-year fixed deposits [5][6]. Market Trends - The disappearance of 5-year fixed deposits is not limited to village banks; major commercial banks have also seen a collective absence of 5-year large denomination certificates of deposit [9]. - Some city commercial banks have categorized 5-year large denomination certificates of deposit as limited sales, available only for new customers or private banking clients [10]. Impact of Net Interest Margin - The retreat from 5-year deposits is a response to the ongoing pressure of narrowing net interest margins, with the net interest margin for commercial banks reported at 1.42% in Q2 2025, down from earlier levels [10][12]. - Analysts suggest that banks are adjusting their deposit strategies to lower long-term liabilities and manage costs effectively, especially as the market anticipates further declines in interest rates [11][12]. Customer Preferences - The general trend shows that 5-year deposit rates are often lower than 3-year rates, leading to decreased customer interest in long-term deposits [11].