证券研究报告 渣打集团 (2888 HK) 港股通 25Q4 净利息收入（NII）环比 25Q3 提升 8%，主要源自 25Q4 HIBOR 的暂 时性利好。25Q4 净息差 2.09%，环比 25Q3 提升 15bp。25Q4 生息资产收 益率 4.40%，环比 Q3 下滑 12bp，25Q4 计息负债成本率 2.16%，环比 Q3 下滑 25bp。25A 净利息收入同比上升 1%至 112 亿美元。公司指引 2026 年净利息收入或同比持平。分地区看，25A 中国香港、中国内地、新加坡、 韩国税前利润（经调口径）分别同比+40%、-24%、+39%、-24%，中国香 港及新加坡地区业绩保持快速增长。 财富管理优异，环球市场波动 25Q4 非净利息收入同比 24Q4 提升 2%，环比 25Q3 下降 21%，部分财富 方案业务及环球银行业务的增长被环球市场业务的非经常性收入减少所抵 销。 分业务看， 25Q4 环球 银行 /环球市场 /财富方 案收入分别同 比 +9%/-15%/+20%。环球市场业务波动主因偶发性项目减少。25A 非净利息 收入同比上升 13%至 97 亿美元，主要由财富方案业务、环球银行 ...

Core Viewpoint - China Construction Bank (CCB) reported a mixed performance in its Q3 2025 results, with a slight decline in revenue but an increase in net profit, leading to a positive market reaction with a stock price increase of over 3% [1] Financial Performance - For the three months ending September 30, 2025, CCB achieved operating income of 174.38 billion yuan, a year-on-year decrease of 1.77% [1] - The net profit attributable to shareholders was 95.28 billion yuan, reflecting a year-on-year increase of 4.19% [1] - Basic earnings per share stood at 0.35 yuan [1] Capital Adequacy - As of September 30, 2025, the bank's capital adequacy ratio was 19.24%, with a Tier 1 capital ratio of 15.19% and a core Tier 1 capital ratio of 14.36% [1] - The leverage ratio was reported at 7.64% [1] - The liquidity coverage ratio for the third quarter was 132.40%, indicating strong liquidity position [1] Analyst Insights - Goldman Sachs noted that CCB's pre-provision profit was 6% lower than expected, primarily due to a weaker net interest margin and an increase in the cost-to-income ratio [1] - The common equity Tier 1 capital ratio was 14.4%, up 26 basis points year-on-year but 32 basis points below expectations [1] - Investors are expected to focus on trends in net interest margin, non-interest income outlook, asset quality trends following a decrease in non-performing loan generation, and cost control guidance [1]