[ 金融监管总局日前发布2025年三季度银行业保险业主要监管指标数据显示，三季度末商业银行净息差 1.42%。 ] 2025年三季度银行业运行呈现"息差阶段性企稳、不良小幅双升"的鲜明特征。 金融监管总局日前发布2025年三季度银行业保险业主要监管指标数据显示，三季度末商业银行净息差 1.42%，环比终结持续收窄态势实现企稳，带动行业盈利降幅收窄；但不良贷款余额增至3.5万亿元、不 良率微升至1.52%，拨备覆盖率同步下滑。 净息差与不良贷款率的动态变化，正深刻折射出当前银行业面临"收益端收缩、风险端承压"的双重挑 战。与此同时，贷款利率已贴近银行经营成本下限的背景下，银行业如何在支持实体经济与稳健经营间 实现平衡成为市场关注的核心议题。 不良双升 2025年三季度商业银行不良贷款余额与不良率双双小幅上升，拨备覆盖率同步下滑，反映出经济环境下 部分领域风险持续暴露，行业资产质量反弹压力仍存。 息差阶段性企稳 银行业持续下行的息差趋势在2025年三季度迎来阶段性企稳。 数据显示，截至三季度末，商业银行净息差为1.42%，环比保持稳定，同比虽下降11个基点，但已终结 此前持续收窄态势。 分银行类型来看，三季度息差 ...

Core Insights - The banking sector in China reported a slight decline in net profit for the first three quarters of 2025, with a total of 1.87 trillion yuan, representing a year-on-year decrease of 0.02%, although the decline has narrowed compared to the first half of the year [1][6] Profitability - State-owned banks, city commercial banks, and private banks saw an increase in net profit, with private banks leading at a growth rate of 7.09% [1][3] - The net profit for state-owned banks was 1.00 trillion yuan, while city commercial banks and private banks reported 252.3 billion yuan and 15.1 billion yuan, respectively [3] - In contrast, joint-stock banks, rural commercial banks, and foreign banks experienced declines in net profit, with decreases of 2.1%, 7.36%, and 19.34%, respectively [1][3] Net Interest Margin - The net interest margin (NIM) for commercial banks remained stable at 1.42% in Q3, with private banks having the highest NIM at 3.83% [1][8] - State-owned banks had the lowest NIM at 1.31%, while joint-stock banks saw a slight increase of 0.01 percentage points to 1.56% [8][9] - Year-on-year, all types of banks experienced a decline in NIM, with state-owned and rural commercial banks both down by 0.14 percentage points [9][10] Asset Quality - As of the end of Q3 2025, the non-performing loan (NPL) balance for commercial banks was 3.5 trillion yuan, with an NPL ratio of 1.52%, reflecting a slight increase of 0.03 percentage points from the previous quarter [13][14] - Foreign banks had the lowest NPL ratio at 1.06%, while rural commercial banks had the highest at 2.82% [14] - Only state-owned banks saw a decrease in NPL ratios compared to the end of the previous year, while other types of banks experienced varying degrees of increase [14] Provision Coverage - The loan loss provision balance for commercial banks was 7.3 trillion yuan, with a provision coverage ratio of 207.15%, both showing a decrease from the previous quarter [16]

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 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Viewpoints - The overall operating income, pre-provision profit, and net profit growth rates for listed banks in the first three quarters of 2025 are 0.91%, 0.56%, and 1.48% respectively, indicating a recovery in performance driven by scale and an ongoing improvement in fee income [4][12] - The growth rate of interest-earning assets for listed banks is 9.40% year-on-year, with loans and debt investments increasing by 7.83% and 13.94% respectively [4][5] - The net interest margin for listed banks is stable at 1.35%, with a slight decline in state-owned banks, while other types of banks have stabilized [5] - Non-interest income has increased by 5.02% year-on-year, although it has seen a quarter-on-quarter decline due to adjustments in the bond market [5] - The asset quality is improving, with the non-performing loan ratio at 1.23%, showing a slight decrease from the previous half-year [5] Summary by Sections 1. Performance Recovery Driven by Scale and Fee Improvement - In the first three quarters of 2025, listed banks showed a growth in operating income, pre-provision profit, and net profit, with respective growth rates of 0.91%, 0.56%, and 1.48% [12] - City commercial banks outperformed other types of banks, while state-owned banks also showed positive growth [12] 2. Growth of Interest-Earning Assets and Slower Expansion of Liabilities - The year-on-year growth rate of interest-earning assets for listed banks is 9.40%, with loans and debt investments increasing by 7.83% and 13.94% respectively [4][5] 3. Stabilization of Net Interest Margin - The net interest margin for listed banks is stable at 1.35%, with a slight decline in state-owned banks [5] 4. Non-Interest Income Performance Affected by Bond Market Adjustments - Non-interest income increased by 5.02% year-on-year, but saw a quarter-on-quarter decline due to bond market adjustments [5] 5. Improvement in Asset Quality and Declining Credit Costs - The non-performing loan ratio for listed banks is 1.23%, showing a slight decrease from the previous half-year, with a significant decline in credit costs [5][12] 6. Investment Recommendations - Focus on banks with significant deposit maturities and potential for interest margin improvement, such as Chongqing Bank, China Merchants Bank, and Bank of Communications [6] - Attention to city commercial banks that will benefit from improvements in fixed asset investment, such as Jiangsu Bank, Qilu Bank, and Qingdao Bank [6]

Core Viewpoint - The performance of A-share listed joint-stock banks in the third quarter of 2025 shows a mixed picture, with seven banks experiencing a year-on-year decline in operating income and five banks reporting a drop in net profit. Only Shanghai Pudong Development Bank achieved growth in both metrics [1][2][3]. Group 1: Revenue Performance - Among the nine listed joint-stock banks, only Shanghai Pudong Development Bank and Minsheng Bank reported year-on-year revenue growth, with Minsheng Bank achieving the highest growth rate of 6.74% [2]. - China Merchants Bank led in revenue scale with 2,514.20 billion yuan, followed by Industrial Bank and CITIC Bank with 1,612.34 billion yuan and 1,565.98 billion yuan, respectively [2][3]. - Ping An Bank experienced the most significant revenue decline at -9.78%, while several other banks, including Everbright Bank and Huaxia Bank, also saw declines exceeding 6% [2][3]. Group 2: Net Profit Analysis - China Merchants Bank maintained the highest net profit at 1,137.72 billion yuan, with a slight increase of 0.52% year-on-year. Shanghai Pudong Development Bank saw a notable increase of 10.21% in net profit [3]. - The banks that reported a decline in net profit include Zhejiang Commercial Bank, which had the largest drop at -9.59%, along with Minsheng Bank, Ping An Bank, and others experiencing varying degrees of decline [3]. Group 3: Interest Income and Net Interest Margin - Interest income growth varied significantly, with China Merchants Bank leading at 1,600.42 billion yuan and a 1.74% increase. Shanghai Pudong Development Bank had the highest growth rate in interest income at 3.93% [5]. - The net interest margin faced pressure across the industry, with CITIC Bank experiencing the largest decline of 16 basis points. Only Minsheng Bank reported a slight increase of 2 basis points [5][6]. Group 4: Asset Quality and Provision Coverage - The asset quality of joint-stock banks showed resilience, with a mixed performance in non-performing loan (NPL) ratios. China Merchants Bank had the best NPL ratio at 0.94%, while several banks saw slight increases in their NPL ratios [8]. - Provision coverage ratios decreased for most banks, with China Merchants Bank still leading at 405.93%, despite a decline of 6.05 percentage points [9][10]. Group 5: Loan Structure - The loan structure indicates a shift towards corporate loans, with all five banks reporting growth in corporate loans, while personal loan growth was weak for several banks [11][12]. - China Merchants Bank led in personal loan balance with nearly 3.7 trillion yuan, while corporate loan growth was particularly strong for CITIC Bank, which saw a 10.45% increase [11][12].

Core Insights - The overall performance of the nine listed joint-stock banks in China showed a decline in both revenue and net profit for the first three quarters of the year, with total operating income at 1.12 trillion yuan, down 2.56% year-on-year, and net profit at 406.1 billion yuan, down nearly 1% [1][3] Group 1: Performance Overview - Among the nine banks, four experienced declines in both revenue and net profit, while some banks managed to achieve growth in both metrics [1][4] - The top joint-stock banks by asset size are China Merchants Bank (12.64 trillion yuan), Industrial Bank (10.67 trillion yuan), and CITIC Bank, with Shanghai Pudong Development Bank showing the fastest growth rate at 4.55% [1][2] Group 2: Revenue and Profit Analysis - Only Minsheng Bank and Shanghai Pudong Development Bank reported year-on-year revenue growth, with increases of 6.74% and 1.88%, respectively; the remaining seven banks saw revenue declines, with Ping An Bank experiencing the largest drop at 9.8% [3][4] - In terms of net profit, only four banks, including Shanghai Pudong Development Bank, reported growth, with the latter achieving a 10.21% increase, making it the leader in profit growth among joint-stock banks [4] Group 3: Net Interest Income and Margin - Net interest income, a key indicator of banks' operating income, showed mixed results, with only three banks reporting growth; China Merchants Bank led with 160.04 billion yuan, up 1.74% [5][6] - The net interest margin (NIM) faced pressure, with most banks experiencing declines; China Merchants Bank maintained the highest NIM at 1.87%, while CITIC Bank saw the largest drop of 16 basis points [7] Group 4: Asset Quality and Risk Management - The non-performing loan (NPL) ratio improved for most banks, with China Merchants Bank having the lowest NPL ratio at 0.94% [9][10] - However, the provision coverage ratio decreased for seven banks, with Ping An Bank showing the largest decline of 21.11 percentage points; Shanghai Pudong Development Bank's coverage ratio increased by 11.08 percentage points, indicating enhanced risk mitigation [10][11]

Core Viewpoint - The overall performance of the nine listed joint-stock banks in China showed a decline in both revenue and net profit for the first three quarters, indicating a challenging environment for the banking sector [2][5]. Group 1: Overall Performance - The nine joint-stock banks collectively achieved an operating income of 1.12 trillion yuan, a year-on-year decrease of 2.56%, and a net profit of 406.1 billion yuan, down nearly 1% year-on-year [2][5]. - There is a notable divergence in performance among the banks, with four banks experiencing declines in both revenue and profit, while others managed to achieve growth [2][5]. Group 2: Individual Bank Performance - As of the end of Q3, China Merchants Bank led with total assets of 12.64 trillion yuan, followed by Industrial Bank at 10.67 trillion yuan, with Shanghai Pudong Development Bank showing the fastest growth rate of 4.55% [3][4]. - Only Minsheng Bank and Shanghai Pudong Development Bank reported year-on-year revenue growth of 6.74% and 1.88%, respectively, while the remaining seven banks saw declines, with Ping An Bank experiencing the largest drop at 9.8% [7][8]. Group 3: Net Interest Income - Among the nine banks, only three reported an increase in net interest income, with China Merchants Bank leading at 160.04 billion yuan, a growth of 1.74% [11][12]. - The net interest margin pressure remains a common challenge, with most banks experiencing a decline in this metric, except for Minsheng Bank, which saw a slight increase [13][14]. Group 4: Asset Quality - Most banks reported a decrease in non-performing loan (NPL) ratios, with China Merchants Bank having the lowest at 0.94%, while the others ranged between 1% and 1.5% [15][16]. - The provision coverage ratio decreased for most banks, with Ping An Bank showing the largest decline of 21.11 percentage points [17]. Group 5: Future Outlook - The banks face challenges in narrowing net interest margins in a low-interest-rate environment, and the potential impact of "deposit migration" due to stock market recovery will test their adaptability [17].

Core Insights - The overall performance of the nine listed joint-stock banks in China showed a decline in both revenue and net profit for the first three quarters, with total operating income of 1.12 trillion yuan, down 2.56% year-on-year, and net profit of 406.1 billion yuan, down nearly 1% [1][4] Group 1: Performance Overview - Four banks experienced a decline in both revenue and net profit, while two banks, Minsheng Bank and Pudong Development Bank, achieved revenue growth [1][4] - Among the nine banks, only Pudong Development Bank reported both revenue and net profit growth, with a net profit increase of 10.21%, making it the leader in profit growth among joint-stock banks [5][11] Group 2: Asset Scale and Growth - As of the end of Q3, China Merchants Bank led with total assets of 12.64 trillion yuan, followed by Industrial Bank at 10.67 trillion yuan, with Pudong Development Bank showing the fastest growth rate of 4.55% [2][3] Group 3: Revenue and Profit Analysis - Revenue performance varied significantly, with only Minsheng Bank and Pudong Development Bank achieving positive year-on-year growth rates of 6.74% and 1.88%, respectively [4][5] - The largest revenue declines were observed in Ping An Bank and Everbright Bank, with decreases exceeding 6%, and Ping An Bank experiencing a 9.78% drop [4][5] Group 4: Net Interest Income and Margin - Net interest income showed a mixed performance, with only three banks reporting growth, while six banks saw declines, the largest drop being 8.25% at Ping An Bank [6][7] - The net interest margin pressure remains a challenge for all listed joint-stock banks, with only Minsheng Bank showing a slight increase in net interest margin [8] Group 5: Asset Quality - Most banks reported a decrease in non-performing loan (NPL) ratios, with China Merchants Bank having the lowest NPL ratio at 0.94% [9][10] - The provision coverage ratio declined for seven banks, with Ping An Bank experiencing the largest drop of 21.11 percentage points [10][11] Group 6: Future Outlook - The banks face challenges in narrowing net interest margins in a low-interest-rate environment, and the upcoming year-end performance will be critical for their strategies [11]

Core Viewpoint - The performance of nine A-share listed joint-stock banks in the third quarter of 2025 shows a mixed picture, with seven banks experiencing a year-on-year decline in operating income and five banks seeing a drop in net profit. Only Shanghai Pudong Development Bank achieved growth in both metrics [1][2]. Financial Performance - Among the nine banks, only Shanghai Pudong Development Bank and Minsheng Bank reported year-on-year growth in operating income, while four banks, including China Merchants Bank and Industrial Bank, saw an increase in net profit [2][3]. - China Merchants Bank led in operating income with CNY 251.42 billion, followed by Industrial Bank and CITIC Bank with CNY 161.23 billion and CNY 156.60 billion, respectively. Zhejiang Commercial Bank ranked last with CNY 48.93 billion [2]. - Minsheng Bank recorded the highest operating income growth rate at 6.74%, while Ping An Bank experienced the most significant decline at -9.78% [2]. Net Profit Analysis - China Merchants Bank maintained the highest net profit at CNY 113.77 billion, with a slight increase of 0.52%. Shanghai Pudong Development Bank saw a notable increase of 10.21% in net profit [3]. - The only bank to achieve growth in both operating income and net profit was Shanghai Pudong Development Bank, which reported a 1.88% increase in operating income [3]. Interest Income and Net Interest Margin - Six banks reported a year-on-year decline in net interest income, with the overall industry facing pressure on net interest margins, although the rate of decline has narrowed [4][6]. - China Merchants Bank led in net interest income with CNY 160.04 billion, showing a 1.74% increase, while Ping An Bank faced the largest decline at -8.25% [5][6]. Asset Quality - The asset quality of the banks showed mixed results, with five banks reporting a decline in non-performing loan (NPL) ratios, while three banks saw an increase [7][9]. - China Merchants Bank maintained the best asset quality with an NPL ratio of 0.94%, while Ping An Bank's NPL ratio was 1.05% [8][9]. Retail and Corporate Loan Trends - The third quarter of 2025 revealed a shift in loan structure, with corporate loans expanding while retail loans showed weakness. Three banks reported negative growth in retail loans [10][12]. - Among the banks, only Shanghai Pudong Development Bank, China Merchants Bank, and CITIC Bank saw growth in personal loans, while others experienced declines [11][12]. Retail Asset Under Management (AUM) - Several banks reported strong growth in retail AUM, with China Merchants Bank managing CNY 16.60 trillion in retail customer assets, an increase of 11.19% [12][14]. - Shanghai Pudong Development Bank's retail AUM reached CNY 4.62 trillion, reflecting a growth of 19.07% [13].

Core Insights - The six major state-owned banks in China reported steady growth in asset scale, operating income, and net profit for the third quarter of 2025, demonstrating strong operational resilience [1] Group 1: Asset Scale - As of the end of Q3 2025, Industrial and Commercial Bank of China (ICBC) leads with total assets of 52.81 trillion yuan, followed by Agricultural Bank of China (ABC) and China Construction Bank (CCB) with 48.14 trillion yuan and 45.37 trillion yuan respectively [2] - The asset growth rates for ABC and CCB were notable at 11.33% and 11.83%, while ICBC and Postal Savings Bank of China (PSBC) showed growth in the 8%-9% range [3] Group 2: Revenue and Profit - In the first three quarters of 2025, ICBC achieved operating income of 6400.28 billion yuan and net profit of 2699.08 billion yuan, maintaining its leading position among the six banks [4] - Agricultural Bank of China reported a net profit growth rate of 3.03%, the highest among the banks, while other banks showed varying growth rates, with some needing to enhance their profit growth momentum [5] Group 3: Asset Quality - The non-performing loan (NPL) ratios for the six major banks mostly declined, with PSBC having the lowest NPL ratio at 0.94%, indicating effective credit risk management [6] - The provision coverage ratios varied significantly, with ABC at 295.08% and PSBC at 240.21%, reflecting strong risk resistance capabilities [7] Group 4: Net Interest Margin - The net interest margins (NIM) for all six banks decreased compared to the end of 2024, with PSBC leading at 1.68% and CCB at 1.36% [8][9] - The overall trend indicates industry-wide pressure on NIM due to deepening interest rate marketization and intensified market competition [9]