【导读】陈海强获提名任浙商银行董事长，今年4月刚获聘升任行长 中国基金报记者 马嘉昕 陈海强将擢升董事长 今年7月，陈海强任浙商银行行长的任职资格获得国家金融监督管理总局核准。同月，在浙商银行前任董事长陆建强因到龄退休辞任后，陈海强便代为 履行该行董事长职责。 11月17日晚间，浙商银行发布公告称，根据中共浙江省委决定，提名陈海强任该行董事长。同时，该行董事会将尽快完成董事长的选举工作。 更早前，陈海强曾任国家开发银行浙江省分行副主任科员，招商银行宁波北仑分理处副主任（主持工作）、宁波北仑支行行长、宁波分行党委委员、 行长助理、副行长。 在业内看来，陈海强出任浙商银行董事长，有助于浙商银行实现更为稳健的发展。有相关银行业内人士对记者透露："陈海强是浙商银行内部培养起来 的高管，不仅对银行业的发展有前瞻性的认识，对该行内部也非常了解，在浙商银行战略转型、风险化解和科技布局中发挥了非常关键的引领作用， 同时他还非常具有人文关怀，非常关心、关爱员工。" "浙商银行此番人事任命系内部提拔而来，此举也有助于该行继续保持战略的稳定性，实现一张蓝图绘到底、一任接着一任干，推动该行业务创新与变 革。"上述业内人士称，此也将有 ...

Core Viewpoint - Zhejiang Zheshang Bank reported a decline in both revenue and net profit for the first three quarters of 2025, with revenue down 6.8% year-on-year and net profit down 9.6% year-on-year, indicating pressure on profitability and a need to monitor changes in wealth management demand [1][2]. Financial Performance - The bank achieved operating income of 48.9 billion yuan and a net profit attributable to shareholders of 11.7 billion yuan for the first three quarters of 2025 [1]. - The annualized net interest margin for the first three quarters was 1.67%, with a slight increase in the third quarter compared to the second quarter [2]. - Net interest income decreased by 3.2% year-on-year, while non-interest income fell by 14.3% year-on-year, primarily due to fluctuations in the bond market [1][2]. Asset Quality and Growth - Total assets grew by 3.4% year-on-year, with loans increasing by 3.8% and deposits by 7.6% [1][2]. - The non-performing loan ratio remained stable at 1.36%, indicating steady asset quality [2]. - The bank's provisioning coverage ratio decreased to 160%, but the risk compensation ability remains robust [2]. Investment Outlook - The bank is expected to enter an asset quality improvement cycle, with a new strategy aimed at enhancing profitability [3]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.57, 0.61, and 0.66 yuan, with corresponding profit growth rates of 3.7%, 5.9%, and 8.4% [3]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.46x, 0.43x, and 0.40x for 2025-2027, suggesting a favorable investment opportunity [3].

Core Viewpoint - Nanjing Bank shows continuous improvement in revenue growth, while the growth rate of net profit attributable to shareholders has slightly declined, primarily due to increased provisioning for bad debts [1][2]. Revenue and Profitability - As of Q3 2025, Nanjing Bank's revenue, PPOP, and net profit attributable to shareholders have increased year-on-year by 8.8%, 11.7%, and 8.1% respectively, with slight improvements from H1 2025 [1]. - Net interest income growth has risen by 6.4 percentage points from H1 2025 to 28.5%, supported by a stable net interest margin [1]. - Fee income has increased by 8.5% year-on-year, with a quarter-on-quarter growth of 1.8 percentage points, while retail customer AUM has grown by 17.1% since the beginning of the year [1]. Asset Quality and Provisioning - The asset quality remains stable, with a non-performing loan (NPL) ratio decreasing by 1 basis point quarter-on-quarter, and the provisioning coverage ratio at 313%, up by 1.6 percentage points [2]. - The company has seen a significant increase in credit costs compared to H1 2025, indicating ongoing efforts to manage non-performing assets [2]. Growth Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is projected to grow by 8.3%, 7.9%, and 8.3% respectively, with BVPS expected to be 14.99, 16.38, and 17.88 yuan [2]. - The current stock price corresponds to a PB ratio of 0.74X, 0.68X, and 0.62X for the years 2025, 2026, and 2027, respectively, with a target price of 11.99 yuan per share based on a 0.80X PB valuation for 2025 [2].

Investment Rating - The report maintains an "Accumulate/Buy" rating for the company’s A/H shares [1][5][7] Core Views - The company's core profitability is steadily recovering, with a year-on-year increase in net profit, revenue, and pre-provision operating profit of 1.9%, 1.8%, and 0.7% respectively for the first nine months of 2025 [1] - The asset quality indicators remain robust, with a declining non-performing loan ratio and stable capital adequacy ratios, indicating a positive trend in asset quality [4] Summary by Sections Financial Performance - For the first nine months of 2025, the annualized ROA and ROE were 0.62% and 8.48%, showing slight declines of 0.02 percentage points and 0.58 percentage points year-on-year [1] - The net interest margin for the first nine months of 2025 was 1.20%, a decrease of 1 basis point from the first half of 2025, but the decline in the cost of liabilities is narrowing [2] Revenue and Income - Net interest income increased by 1.5% year-on-year for the first nine months of 2025, while net fee and commission income turned positive with a growth of 0.2% [3] - Other non-interest income showed resilience with a year-on-year increase of 4.1%, driven by favorable performance in wealth management-related income [3] Asset Quality and Capital - The non-performing loan ratio at the end of Q3 2025 was 1.26%, with a provision coverage ratio of 210%, indicating a marginal decline in non-performing loans [4] - The core Tier 1 capital adequacy ratio was 11.37%, reflecting a slight decrease but still maintaining a relatively ample level of capital [4] Valuation and Forecast - The report forecasts net profits of 956 billion, 982 billion, and 1,016 billion RMB for 2025, 2026, and 2027 respectively, with a target price of 8.76 RMB for A shares and 9.23 HKD for H shares in 2026 [5][11]

Core Viewpoint - Nanjing Bank's Q3 2025 financial results show strong revenue and net profit growth, with a stable asset scale and improved asset quality, leading to a maintained "Buy" rating [2][3]. Financial Performance - In Q3 2025, Nanjing Bank achieved operating revenue of 41.949 billion yuan, a year-on-year increase of 8.79%, with the growth rate rising by 0.76 percentage points compared to the same period last year [2]. - The net profit attributable to shareholders reached 18.005 billion yuan, reflecting a year-on-year growth of 8.06% [2]. - The net interest income for the first three quarters of 2025 was 25.207 billion yuan, up 28.52% year-on-year, accounting for 60.09% of total operating revenue [2]. Asset Quality and Growth - As of the end of Q3 2025, Nanjing Bank's total assets amounted to 2.96 trillion yuan, representing a 14.31% increase from the end of 2024 [2]. - Customer deposits totaled 1.64 trillion yuan, up 9.65% from the end of the previous year [2]. - The total loan amount reached 1.411481 trillion yuan, a 12.34% increase year-on-year, with corporate loans at 1.07 trillion yuan, growing by 14.63% [2]. Risk Management - The non-performing loan (NPL) ratio for Q3 2025 was 0.83%, a decrease of 1 basis point from H1 2025 [2]. - The provision coverage ratio stood at 313.22%, an increase of 1.57 percentage points from H1 2025 [2]. Profit Forecast and Investment Rating - Nanjing Bank's revenue is projected to be 54.8 billion yuan, 59.9 billion yuan, and 65.6 billion yuan for 2025-2027, with year-on-year growth rates of 8.99%, 9.31%, and 9.51% respectively [3]. - The net profit attributable to shareholders is forecasted to be 21.2 billion yuan, 22.3 billion yuan, and 23.6 billion yuan for the same period, with growth rates of 5.27%, 5.22%, and 5.51% [3]. - Earnings per share (EPS) are expected to be 1.88 yuan, 1.98 yuan, and 2.09 yuan, with price-to-earnings (P/E) ratios of 6.04, 5.74, and 5.43, and price-to-book (P/B) ratios of 0.73, 0.68, and 0.66 [3].

Investment Rating - The report maintains a "Buy" rating for Chongqing Bank, expecting a relative increase of over 20% in stock price compared to the market benchmark index within the next six months [23]. Core Insights - Chongqing Bank has achieved significant growth in both revenue and net profit, with a year-on-year increase of 10.4% in revenue and 10.2% in net profit for the first three quarters of 2025, marking an improvement from the first half of 2025 [2][5]. - The bank's asset quality continues to improve, with a non-performing loan ratio of 1.14% as of Q3 2025, down 3 basis points from Q2 2025, indicating four consecutive quarters of improvement [4][5]. - The bank's loan growth remains robust, with a loan growth rate of 20.5% as of Q3 2025, and new loans added in Q3 amounting to 19.8 billion yuan, primarily in corporate loans [3][5]. Revenue and Profitability Forecast - The report projects revenue growth rates of 10.6%, 9.8%, and 9.6% for 2025, 2026, and 2027 respectively, with net profit growth rates of 11.0%, 9.6%, and 9.1% for the same years [5][11]. - The bank's net interest income is expected to grow significantly, driven by improved net interest margins and asset scale expansion [5][11]. Financial Metrics - As of the report date, Chongqing Bank's total assets have surpassed 1 trillion yuan, with a total loan amount of 438.3 billion yuan [3][11]. - The bank's capital adequacy ratio stands at 14.5%, with a core tier one capital ratio of 9.9% [17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 2025 performance shows a sequential improvement, with sufficient cash reserves and continued debt reduction [1] - For the first three quarters of 2025, the company reported a revenue of 9.325 billion yuan, a year-on-year decrease of 16.99%, and a net profit attributable to shareholders of 1.277 billion yuan, down 40.65% year-on-year [5][6] - The company has a strong cash position with 13.942 billion yuan in cash as of the end of Q3 2025, and a significant reduction in the debt-to-asset ratio by 8.88 percentage points to 21.17% [7] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.360 billion yuan, a sequential decrease of 5.12%, while the net profit attributable to shareholders was 401 million yuan, an increase of 10.08% sequentially [5] - The company’s coal production for the first three quarters was 26.1851 million tons, up 1.52% year-on-year, while the sales volume of commercial coal was 20.8564 million tons, down 5.50% year-on-year [6] - The average selling price of coal was 422.84 yuan per ton, a decrease of 14.44% year-on-year, while the cost per ton was 262.22 yuan, a slight increase of 0.14% year-on-year [6] Cost Management - The company has effectively managed its costs, with a significant reduction in management expenses by 22.35% year-on-year and financial expenses decreasing by 144.70% year-on-year [7] - The gross profit per ton of coal has declined by 30.87% year-on-year to 160.62 yuan [6] Future Projections - Revenue projections for 2025-2027 are estimated at 12.244 billion yuan, 12.840 billion yuan, and 13.465 billion yuan respectively, with net profits expected to be 1.908 billion yuan, 2.141 billion yuan, and 2.391 billion yuan [9][10] - The earnings per share (EPS) are projected to be 1.14 yuan, 1.28 yuan, and 1.43 yuan for the years 2025, 2026, and 2027 respectively [10]

Core Insights - The company achieved revenue and net profit attributable to shareholders of 4.64 billion and 2.45 billion CNY respectively for the first three quarters of 2025, representing a year-on-year increase of 17% and 10% [1] - The company's asset scale reached 162.01 billion CNY, an increase of 18% compared to the end of 2024, and a year-on-year increase of 20% [2] - The company reported a net interest income of 4.72 billion CNY, up 21% year-on-year, with a rental business net interest margin of 3.75%, an increase of 0.08 percentage points [2] Financial Performance - In Q3 2025, the company recorded revenue and net profit attributable to shareholders of 1.63 billion and 0.88 billion CNY respectively, with a quarter-on-quarter increase of 12% and 11%, and a year-on-year increase of 22% and 11% [1] - The company’s impairment provision increased to 860 million CNY, a year-on-year increase of 55%, which is greater than the revenue growth, resulting in a profit growth of 10% being lower than the revenue growth of 17% [3] - Operating lease income slightly increased by 4% year-on-year to 90 million CNY, while net income from fees and commissions saw a significant loss of 200 million CNY, leading to total revenue growth of 17% being lower than the net interest income growth of 21% [4] Asset Quality and Leverage - The company’s non-performing financing lease asset ratio improved to 0.90% by the end of Q3 2025, down from 0.91% in previous periods [3] - The provision coverage ratio increased to 403.01% by the end of Q3 2025, indicating a strong buffer against potential losses [3] - The leverage ratio stood at 6.36 times, an increase of 0.71 times year-on-year, indicating sufficient room for leveraging [5] Dividend and Investment Outlook - The current dividend yield is 4.49%, based on the annual dividend for 2024 [6] - The company maintains its revenue forecasts for 2025-2027 at 6.261 billion, 6.902 billion, and 7.516 billion CNY, with EPS estimates remaining at 0.56, 0.62, and 0.67 CNY respectively [7]

Core Viewpoint - Bohai Bank plans to publicly transfer debt assets totaling approximately RMB 499.37 billion in principal, with interest and penalties amounting to RMB 104.36 billion and RMB 93.34 billion respectively, and judicial expenses of RMB 1.26 million, aiming to improve asset quality and capital utilization [1] Group 1: Asset Transfer Details - The total book value of the assets to be transferred is approximately RMB 483.1 billion as of December 31, 2024 [1] - The initial minimum total transfer price is set at no less than approximately RMB 488.83 billion, which is about 70% of the total debt amount [1] Group 2: Strategic Implications - The sale is expected to clear long-standing, low-liquidity assets, significantly improving the bank's asset quality and optimizing its asset structure [1] - The transaction aims to save on risk asset occupation, enhance capital adequacy ratio, and improve capital utilization and profitability [1] - This move is anticipated to strengthen the bank's risk resistance capabilities, thereby enhancing its overall competitiveness and promoting sustainable development [1]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company reported a revenue growth of +0.8% in the first half of the year, with a net profit growth of +1.6%, ranking among the top two state-owned banks in terms of net profit growth [2][6]. - The non-performing loan (NPL) ratio at the end of the first half was 1.28%, a decrease of 2 basis points from the previous quarter and 3 basis points from the beginning of the year, indicating a significant improvement in asset quality compared to peers [2][6]. - The provision coverage ratio increased by 9 percentage points to 210%, reaching a ten-year high, which supports the stability of net interest margin and profitability [2][6]. Summary by Sections Financial Performance - Revenue growth for the first half was +0.8%, with Q1 showing a decline of -1.0% and Q2 recovering to +2.6%. Net profit growth was +1.6%, with Q1 at +1.5% [2][6]. - The net interest margin decreased by 2 basis points to 1.21% in the first half, with a total decline of 6 basis points expected for the year, the smallest drop among state-owned banks [2][6]. Asset Quality - The NPL ratio at the end of the first half was 1.28%, down 2 basis points from the previous quarter and 3 basis points from the start of the year, showing the most significant decline among state-owned banks [2][6]. - The NPL net generation rate was 0.49%, down 4 basis points from the previous year, indicating a positive trend in asset quality [2][6]. Investment Valuation - The current valuation for the company's A-shares and H-shares is approximately 0.56x and 0.47x price-to-book (PB) ratio, respectively, indicating that the stock is significantly undervalued [2][6]. - The company ranks among the top five banks in terms of A-share index weight, with a low institutional allocation ratio, supporting the recommendation to maintain a "Buy" rating [2][6].