Investment Rating - The report maintains an "Accumulate/Buy" rating for both A and H shares of the company [7] Core Views - The company's net profit for the first nine months of 2025 increased by 1.1% year-on-year, with revenue growth of 2.7% and a slight decline in PPOP of 0.2% [1] - The report highlights stable credit growth and a marginal stabilization in interest margins, contributing to a recovery in profit growth momentum [1][2] - The effective tax rate has improved marginally, aiding profit growth [3] Summary by Sections Financial Performance - For the first nine months of 2025, the annualized ROA and ROE were 0.70% and 8.98%, respectively, showing a year-on-year decline of 0.06 percentage points and 0.57 percentage points [1] - The company reported a net interest margin of 1.26% for the first nine months of 2025, remaining stable compared to the first half of 2025 [2] Income Sources - Net fee and commission income increased by 8.1% year-on-year for the first nine months of 2025, while other non-interest income grew by 22.2% [3] - Investment income for Q3 was 231 billion yuan, up from 176 billion yuan in the same period last year, despite some pressure on investment-related income due to market volatility [3] Asset Quality and Capital - The non-performing loan ratio was stable at 1.24% as of Q3 2025, with a provision coverage ratio of 197% [4] - The company maintained a strong capital position, with a core Tier 1 capital adequacy ratio of 12.58% [4] Valuation and Forecast - The report forecasts net profit for 2025 to be 241.3 billion yuan, with a projected growth rate of 1.5% [5] - The target price for 2026 is set at 6.70 yuan for A shares and 5.86 HKD for H shares, with corresponding price-to-book ratios of 0.78 and 0.63 [5]

国家金融监管总局日前发布今年二季度银行业主要监管指标数据显示，上半年商业银行净利润同比下降 1.2%，降幅较一季度收窄1.1个百分点；上半年净息差为1.42%，环比收窄1bp，息差收窄显著放缓；截 至二季度末，不良贷款余额3.4万亿元，较上季末减少24亿元，不良贷款率1.49%，较上季末下降2bp， 风险持续改善。 盈利修复态势显现 净息差收窄幅度趋缓 国家金融监管总局的数据显示，今年上半年，商业银行净息差为1.42%，较一季度收窄1bp，降幅较一 季度的9bp显著回落。分 银行类 型看，国有大行、股份行、城商行、农商行息差分别为1.31%、 1.55%、1.37%、1.58%，国有大行、股份行较一季度分别收窄2bp、1bp，城商行、农商行较一季度持 平。 国家金融监管总局披露数据显示，2025年上半年，商业银行累计实现净利润1.2万亿元，同比下降 1.20%，降幅较一季度的-2.3%显著收窄1.1个百分点。 中信证券 银行业首席分析师肖斐斐团队测算，今年二季度单季银行业净利润同比增速转正至0.1%。 从营收构成来看，非息收入贡献提升，呈现更快修复态势。数据显示，二季度商业银行非利息收入占比 较一季度提升0. ...