Investment Rating - The report maintains an "Accumulate" rating for Wuxi Bank (600908.SH) with a current price of 6.18 yuan [1]. Core Views - Wuxi Bank's revenue and profit have shown steady growth, with a 3.9% year-on-year increase in revenue to 3.77 billion yuan and a 3.8% increase in net profit to 1.83 billion yuan for the first three quarters of 2025 [3][4]. - The bank's non-interest income has accelerated, contributing positively to overall performance despite pressures from interest margin contraction and rising operating costs [4][8]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.78% and a provision coverage ratio of 427.9% as of the end of Q3 2025 [9]. Summary by Sections Revenue and Profitability - For the first three quarters of 2025, Wuxi Bank's revenue reached 3.77 billion yuan, up 3.9% year-on-year, while net profit was 1.83 billion yuan, also up 3.8% [3][4]. - The weighted average return on equity (ROAE) was 11%, a decrease of 0.58 percentage points year-on-year [3]. Loan and Deposit Growth - As of Q3 2025, the bank's interest-earning assets and loans grew by 9.5% and 9.6% year-on-year, respectively [4]. - The growth rate of deposits accelerated to 11.2%, with a significant increase in new deposits of 7.5 billion yuan in Q3 [6]. Interest Margin and Non-Interest Income - The net interest margin continued to narrow, with a decrease of 4 basis points compared to the first half of the year [7]. - Non-interest income grew by 9.6% year-on-year to 1.16 billion yuan, accounting for 31% of total revenue [8]. Asset Quality and Risk Management - The non-performing loan ratio remained low at 0.78%, with a stable performance in core indicators [9]. - The provision coverage ratio improved to 427.9%, indicating strong risk mitigation capabilities [9]. Capital Adequacy and Future Outlook - As of Q3 2025, the bank's capital adequacy ratios were robust, with a core Tier 1 capital ratio of 11.77% [9][21]. - The bank is expected to benefit from regional economic growth and has adjusted its earnings per share (EPS) forecasts for 2025-2026 to 1.07 and 1.11 yuan, respectively [10].

Investment Rating - The report maintains a "Buy" rating for Agricultural Bank with a target price not specified [9] Core Views - Agricultural Bank's revenue and profit have shown improvement in the first half of 2025, with a year-on-year revenue increase of 0.85% and a net profit increase of 2.66% [2][6] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.28% and a provision coverage ratio of 295% [5][28] Revenue and Profitability - In H1 2025, Agricultural Bank achieved a revenue of approximately 369.94 billion yuan, with net interest income of 282.47 billion yuan, accounting for 76.36% of total revenue [2][14] - Non-interest income was strong, reaching 87.46 billion yuan, a year-on-year increase of 15.10% [3][22] - The bank's net interest margin recorded at 1.32%, slightly down by 2 basis points from Q1 2025 [17][19] Asset and Liability Management - As of H1 2025, the total interest-earning assets amounted to 46 trillion yuan, growing by 8.42% from the end of 2024 [4][23] - The total interest-bearing liabilities reached 42.47 trillion yuan, with a year-on-year growth of 13.02% [4][27] Asset Quality - The non-performing loan ratio stood at 1.28%, unchanged from the previous quarter, while the overdue rate increased slightly to 1.22% [5][28] - The provision coverage ratio remains high at 295%, indicating strong risk management [5][29] Future Profitability Projections - The report forecasts Agricultural Bank's net profit growth for 2025-2027 at 1.98%, 3.94%, and 4.63% respectively [6][8]