来源：行长研究 二十年前开创城商行联合组建先河的徽商银行，在成立二十周年之际，面对的不只是庆祝的掌声，还有 来自监管的千万元罚单和一把空置了五个月的第一把交椅。 2025年最后一个月，徽商银行连续收到来自金融监管机构的三张罚单，合计罚款880万元。其中两张罚 单指向总行层面，合计815万元。这已是该行2025年内收到的多张大额罚单之一。 另一张罚单则指向该行在贷款管理、信用卡业务和理财产品方面的多重问题，包括违规发放贷款、贷后 管理不到位、信用卡业务管理不到位、理财业务不审慎等。 进入2025年下半年以来，徽商银行已多次因各类违法违规行为受到监管处罚。10月24日，该行因贷款产 品管理不审慎、贷款三查不到位被安徽金融监管局处罚240万元。 同一日，一名相关负责人被禁止从事银行业工作十年。据不完全统计，年内该行累计罚款金额已超1500 万元。 治理空悬 就在罚款频发的同时，徽商银行的董事长职位已空悬五月有余。2025年7月31日，徽商银行公告称，董 事长严琛因工作调动辞去一切职务。 此前一日，他已被任命为河南省工业和信息化厅厅长。 据公开信息显示，截至2025年12月，徽商银行的董事长职位空缺已超过五个月。在银 ...

作为河南省属法人银行的标杆，中原银行自2014年12月成立以来，成长步伐堪称迅猛。2017年7月，该 行成功登陆香港联交所主板；2022年5月，在原中国银保监会批准下，中原银行吸收合并洛阳银行、平 顶山银行及焦作中旅银行，一举跻身"万亿城商行俱乐部"，稳坐河南最大城商行的宝座。截至去年6月 30日，该行资产总额为14079.27亿元，较上年末增幅3.1%；核心一级资本充足率为8.67%，一级资本充 足率为11.18%，资本充足率为13.29%。 然而，规模的快速扩张的背后，则是问题风险不断暴露。据媒体统计，2025年全年，中原银行曾收到9 张"罚单"，总罚款额约440万元。 公告显示，周锋的行长任期自监管核准日——2025年12月31日起生效，至该行第三届董事会换届。此 外，公告还披露，周锋已于2025年11月10日的董事会会议上被选举为该行第三届董事会副董事长，目前 该任职资格尚待监管部门核准。 该行此前发布的公告披露，新任行长周锋出生于1977年1月，拥有华中科技大学管理科学与工程专业博 士学位，履职经历横跨金融监管机构与地方政府部门。 在加入中原银行之前，他曾于2005年至2022年期间在原中国银行保险 ...

作者 | 刘银平 编辑 | 付影 来源 | 独角金融 管理资产规模超过1700亿元的泉州银行，董事长、行长迎来迭代。 7月份，泉州银行原董事长林阳发到龄退休后，原行长江文鹏被提名为新任董事长，10月其任职资格获 核准。行长一职空缺两个月后，泉州银行近日迎来新任行长，由华夏银行（600015.SH）福州分行副行 长李明钦出任。 新任行长李明钦、前任及现任董事长的履历有着相似之处：都有国有银行、股份制银行的管理经验，且 深耕福建本地金融体系。这种兼具"大行视野"与"本土深耕"的复合背景，为泉州银行在复杂市场环境中 稳舵前行、创新发展提供了宝贵经验与战略定力。 在完成董事长、行长"双核"更换后，泉州银行却面临一场"压力测试"——在连续四年利润稳健增长后， 今年前三季度营收与利润出现"双降"，利息净收入与投资收益同步收缩，资产质量压力隐现。 1 图源：罐头图库 担任行长2年后，2025年7月，随着林阳发到龄退休，江文鹏被提名为泉州银行董事长人选，10月其任职 资格获监管核准，不再担任行长一职。江文鹏2024年的薪酬为139.28万元，在所有董监高中位居首位。 董事长、行长先后更迭， 新行长李明钦来自华夏银行 泉州银行 ...

【 导读 】泉州银行行长李明钦任职资格获批，资产质量问题仍未明显改善 据悉，今年7月，泉州市人民政府发布通知，鉴于林阳发已达到退休年龄，免去其泉州银行董事长职务。同时，泉州市人民政府提名江文鹏 为泉州银行董事长人选，江文鹏不再担任泉州银行行长职务。10月9日，江文鹏任泉州银行董事长的任职资格正式获得监管批复。至此之 后，泉州银行行长一职便处于"空缺"状态。 李明钦泉州银行行长资格获批 福建金融监管局批复公告显示，核准李明钦泉州银行董事、行长的任职资格。同时，该局要求，上述核准任职资格人员严格遵守金融监管 总局有关监管规定，自行政许可决定作出之日起3个月内到任，并按要求及时报告到任情况。 从过往履历来看，泉州银行的新任行长李明钦具备较为丰富的银行从业经验，其曾历任农业银行泉州分行副行长、华夏银行福州分行副行 长等职务。 李明钦获批出任泉州银行行长，意味着该行核心高管层再次迎来调整。 简历显示，江文鹏历任平安银行泉州分行副行长、广发银行泉州分行行长；2023年5月受聘担任泉州银行行长（试用期一年），同年8月其 董事、行长任职资格获得监管核准。 前三季度归母净利润下滑超23% 中国基金报记者 嘉合 12月15日，福 ...

21世纪经济报道记者林汉垚 见习记者冯紫彤 随着 2026 年日益临近，银行股的业绩走向与结构分化逻辑再次成为机构研报的核心议题。 作为"十五五"规划的开局之年，银行业的经营环境与投资逻辑将如何演变？对于投资者而言，机会藏于何处？ 近期，多家券商密集发布年度展望，普遍认为在宏观政策托底、息差有望筑底以及存量风险持续缓释的背景下，2026年上市银行整体业绩大概率将步入温和 修复通道。 然而，几乎所有机构都同时强调，行业内部的结构性分化将成为未来一年的主旋律，马太效应加剧，具备独特客户优势、负债成本管控能力或特定区域禀赋 的银行，将有望领跑新一轮周期。 业绩温和修复成共识，内部分化已成定局 对于2026年的行业整体业绩走势，机构观点呈现出显著共识。多数研报判断，得益于息差收窄压力的缓解和财富管理等中收业务的增长，上市银行营收与净 利润将告别低迷，实现小幅正增长，步入温和的修复通道。 然而，这并非一次普惠式的回暖，"分化"成为各机构策略报告中最高频的关键词之一。 机构普遍指出，银行业增长驱动逻辑正在发生根本性转变，从同质化的规模扩张，转向依赖客户粘性、业务结构和经营效率的差异化竞争。那些在结算业 务、财富管理领域建 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [4] Core Viewpoints - The banking sector is experiencing a significant divergence in credit growth, with state-owned banks increasing their share of new credit while smaller banks are seeing a decline [1][2] - The net interest margin for commercial banks has stabilized, with a slight increase observed in shareholding banks [3] - The report emphasizes the importance of increasing bond allocations to drive total asset growth, particularly for state-owned and city commercial banks [2] - The overall asset quality of banks remains stable, but there is a noticeable divergence, with non-listed banks experiencing a rise in non-performing loans [9][20] - The report suggests that the banking sector is currently undervalued, with A-share banks trading at a price-to-book ratio of 0.73 and Hong Kong-listed state-owned banks at 0.55 [10][11] Summary by Sections Section 1: Credit Growth and Market Dynamics - Recent financial data indicates that new RMB loans and social financing are significantly lower than the same period last year, reflecting weak financing demand [1] - The decline in real estate loans and the low credit dependence of light asset industries are impacting the competitive landscape among banks [1] Section 2: Asset Growth and Bond Allocation - State-owned and city commercial banks have shown a notable increase in total asset growth compared to joint-stock banks, attributed to their stronger liability bases and increased bond allocations [2] - The report anticipates a continued trend of credit expansion among banks with strong credit growth potential and increased bond allocations [2] Section 3: Net Interest Margin and Profitability - The net interest margin for commercial banks was reported at 1.42% for the first three quarters of the year, indicating stabilization [3] - The report notes that banks with a higher proportion of credit business and better middle-income advantages are likely to perform better in terms of fundamentals [10] Section 4: Asset Quality and Non-Performing Loans - The non-performing loan ratio for commercial banks was reported at 1.52%, with a slight increase observed [9][20] - State-owned and shareholding banks maintained stable non-performing loan ratios, while city and rural commercial banks experienced a faster increase [9][20] Section 5: Market Valuation and Investment Opportunities - The report highlights that the current valuation of the banking sector is significantly lower than that of banks in major international economies, suggesting potential for valuation recovery [10][11] - The report recommends focusing on state-owned banks, China Merchants Bank, and Ningbo Bank as investment opportunities [12]

Core Viewpoint - The recent personnel adjustments at Bank of Communications involve several key appointments and changes in leadership across various branches, indicating a strategic focus on enhancing management and operational efficiency within the organization [1][2][3]. Personnel Changes - Tang Shuo has been officially appointed as the Director of Corporate and Institutional Business, having previously served as the President of the Beijing Branch [1]. - Qiao Hongjun, former President of the Anhui Branch, has been appointed as the General Manager of the Financial Institutions Department at the headquarters [1]. - Xie Jinhai has taken over as the President of the Anhui Branch, previously serving as the President of the Jiangxi Branch [1]. - Yue Mengxi, former Deputy General Manager of the Corporate and Institutional Business Department, is now the Party Secretary of the Wuxi Branch and a member of the Jiangsu Provincial Party Committee [1]. Financial Performance - As of September 30, 2025, the total assets of Bank of Communications reached 15.50 trillion yuan, reflecting a year-on-year growth of 4.02% [5]. - The bank reported operating income of 199.645 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.80% [5]. - The net profit attributable to shareholders for the same period was 69.994 billion yuan, up by 1.90% year-on-year [5]. Asset Quality - As of September 30, 2025, the non-performing loan balance stood at 114.551 billion yuan, an increase of 2.57% from the end of the previous year, with a non-performing loan ratio of 1.26%, down by 0.05 percentage points [5]. - The provision coverage ratio improved to 209.97%, an increase of 8.03 percentage points from the end of the previous year [5]. - The bank is facing challenges with rising retail loan non-performing rates, particularly in credit cards, which reached 2.91%, an increase of 0.57 percentage points year-on-year [5]. Future Strategy - The bank plans to strengthen control over retail loans, focusing on new customer entry criteria to enhance asset quality from the outset [6]. - There will be a precise analysis of evolving trends and risk factors, with attention to key regional risk conditions [6].

Summary of China Regional Banks 3Q25 Review Industry Overview - The report focuses on the performance of China Regional Banks (CRBs) in the third quarter of 2025 (3Q25) - Overall profits for CRBs grew by 6% year-over-year (y/y), a decrease from 9% y/y in 2Q25, primarily due to a decline in non-fee income [1][3] Core Earnings and Profitability - CRBs demonstrated a core earnings recovery of 12% y/y, outperforming large banks which only saw a 1% y/y increase in core earnings [1][3] - Net Interest Income (NII) for CRBs grew by an average of 7% y/y, improving from 5% y/y in 2Q25, while large banks averaged only 0.4% growth [3][7] - Fee income increased by 16% y/y, reversing a contraction trend, supported by agency fee growth as market sentiment improved [3][7] - Non-fee income saw a significant decline of 32% y/y, primarily due to fair value losses in bond investments [3][7] Asset Quality - Asset quality remained stable, with the average Non-Performing Loan (NPL) ratio declining by 1 basis point (bps) q/q to 0.96% in 3Q25 [1][21] - The Special Mention Loan (SML) ratio increased by 3 bps q/q, indicating some pressure on asset quality compared to large banks [21] - The NPL coverage ratio decreased slightly by 1 bps q/q, suggesting a cautious approach to provision releases [21] Capital and Growth Constraints - The Common Equity Tier 1 (CET1) ratio for CRBs decreased by 11 bps q/q, raising concerns about growth constraints due to lower capital levels [3][21] - CRBs reported a 2% q/q loan growth, consistent with industry trends, but with significant variations among banks [20] - Deposit growth was flat on average, with BoNB experiencing the highest contraction at -1.4% q/q [20] Investment Recommendations - Top picks among regional banks include BoNB and BoNJ, both showing double-digit growth in core earnings and stable asset quality [1][3] - BoBJ's performance was the weakest, with a profit contraction of 2% y/y and a low CET1 ratio, although its high dividend yield of 5.8% provides some downside protection [1][3] - Caution is advised regarding CSRCB until clearer signs of improvement in SME asset quality are observed [1][3] Valuation Insights - The report includes a valuation comparison of various regional banks, highlighting differences in price-to-earnings (P/E) ratios, price-to-book (P/B) ratios, and return on equity (ROE) [5] - The average P/E for CRBs is projected at 6.1 for FY25E and 5.7 for FY26E, with an average dividend yield of 5.0% for FY25E [5] Conclusion - The overall performance of China Regional Banks in 3Q25 indicates a steady recovery in core earnings, although challenges remain in non-fee income and capital levels. The investment outlook is cautiously optimistic for select banks, particularly BoNB and BoNJ, while caution is warranted for others like CSRCB and BoBJ.

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company shows strong certainty in performance growth, with a significant increase in scale [12] - Revenue growth for the first three quarters is 7.8%, with net interest income growth at 19.6% and net profit growth at 8.3% [5][12] - Total assets increased by 24.7% compared to the beginning of the year, with loans growing by 17.9% [5][12] - The non-performing loan (NPL) ratio remains stable at 0.84%, with a provision coverage ratio of 323% [5][12] Summary by Sections Performance - Net interest income continues to grow significantly, with a 19.6% increase in the first three quarters [12] - Non-interest income decreased by 16.0%, primarily due to adjustments in the bond market [12] - The effective tax rate has decreased, which has positively impacted profitability [12] Scale - Total assets grew by 24.7% compared to the beginning of the year, with a quarter-on-quarter increase of 2.9% [12] - Corporate loans saw a substantial increase of 26.3% compared to the beginning of the year [12] - Retail loans increased by 1.7%, although there was a quarter-on-quarter decrease of 1.3% [12] Interest Margin - The net interest margin for the first three quarters is estimated at 1.68%, with a narrowing decline compared to the previous period [12] - The cost of interest-bearing liabilities has decreased significantly, which is expected to continue improving [12] Asset Quality - The NPL ratio is stable at 0.84%, with a provision coverage ratio of 323% [12] - Retail asset quality shows signs of improvement, with a decrease in the NPL generation rate [12] Investment Recommendation - The company presents a strong certainty in performance growth, with significant expansion in credit scale and improvement in deposit costs [12] - The stock price has corrected, leading to a projected dividend yield of 5.0% for 2025, highlighting its investment value [12]

Core Insights - The six major state-owned banks in China reported a total operating income of 27,205.35 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.87% [1] - The total net profit attributable to shareholders reached 10,723.43 billion yuan, with a year-on-year increase of 1.22%, equivalent to an average daily profit of 39.14 billion yuan [1] - Agricultural Bank led in net profit growth at 3.03%, while China Bank had the highest revenue growth at 2.69% [1][4] Financial Performance - The total asset size of the six banks reached 217.97 trillion yuan by the end of Q3 2025, marking a 9.16% increase from the previous year [2][9] - Total loans amounted to 127.14 trillion yuan, up 8.54%, while total deposits were 149.76 trillion yuan, reflecting a 6.92% growth [2][12] - The net interest margin for the banks faced pressure, with a decline noted across the board, although non-interest income showed growth, with five banks achieving double-digit increases [1][7] Revenue and Profit Breakdown - In terms of revenue, the banks achieved the following figures: Industrial Bank (6,400.28 billion yuan), Construction Bank (5,737.02 billion yuan), and Agricultural Bank (5,508.76 billion yuan) [4][5] - Non-interest income for the banks was as follows: Industrial Bank (1,666.12 billion yuan), Construction Bank (1,460.96 billion yuan), and Agricultural Bank (1,235.68 billion yuan), with Agricultural Bank showing the highest growth rate at 20.65% [7] - Investment income also saw significant growth, with Construction Bank leading at 150.55% year-on-year [8] Asset Quality and Capital Adequacy - The overall asset quality remained stable, with five banks reporting a decrease in non-performing loan ratios compared to the end of the previous year [15] - The highest non-performing loan ratio was recorded by Postal Savings Bank at 0.94%, while Agricultural Bank had the highest provision coverage ratio at 295.08% [16][17] - Core Tier 1 capital adequacy ratios were robust, with Construction Bank at 14.36%, the highest among the six banks [18] Dividend and Shareholder Returns - The rolling dividend yield for the banks was above 2.5%, significantly higher than the 5-year fixed deposit rates, with the highest yield from the Transportation Bank at 4.10% [1][18]