转自：新华财经 中国工商银行贺州分行（以下简称"工行贺州分行"）积极践行国有大行责任，将支持居民合理住房需求 作为服务民生的重要抓手，全面提升个人贷款服务可获得性与满意度。截至2025年10月末，该行个人住 房贷款余额超31亿元，年度累计投放近3亿元，持续为贺州市安居工程建设注入金融动能。 深化银企协作，拓展服务覆盖面 工行贺州分行高度重视住房金融生态建设，持续加强与本地优质房地产项目的战略合作，在巩固现有合 作基础上主动对接市场新动态，积极联系"金投国宾府""东城雅苑"等新开盘项目，通过全面考察开发企 业资质与项目进展，前置服务沟通、定制融资方案，为购房群体提供高效、专业的住房按揭支持，助力 新建楼盘销售与住房贷款业务协同发展。 为破解贷款办理周期长的痛点，工行贺州分行多措并举提升服务体验：深化与口碑良好的二手房中介常 态化合作，及时响应交易双方融资需求；为重点合作项目开通绿色通道，提供优先受理、材料精简及流 程加速服务；同步建立贷款进度台账，明确各环节时效责任，确保业务高效衔接。相关举措显著缩短业 务周期，有效提升一二手房贷款服务满意度。 创新服务模式，破解民生痛点 针对住房交易中的难点问题，工行贺州分行 ...

| | 特定对象调研 分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 路演活动 | | | □新闻发布会 | | 投资者关系活动类别 | □现场参观 | | | （投行会议） 其他 | | 参与单位名称及人员姓名 | 境内投资者 | | 时间 | 2025 年 11 月 18 日 | | 地点 | 深圳 | | 形式 | 现场会议 | | | 介绍公司发展战略、经营业绩，回答投资者提问 | | | 1. 请问贵行存款成本优化情况？ | | | 2025年1-9月，我行吸收存款平均付息率1.70%，较去年同期下 | | | 降43个基点，较去年全年下降37个基点。我行强化客户拓展和经营， | | | 加强低成本存款的吸收，存款结构和成本持续优化。 | | | 零售方面，9月末，我行零售存款余额12,796.30亿元，较上年 | | | 末下降0.6%；1-9月个人存款日均余额13,075.79亿元，较去年同期 | | | 增长4.2%，其中个人活期存款日均余额较去年同期增长15.8%；9月 | | | 末代发及批量业务带来客户存款余额3,835.58亿元，较上年末增长 | ...

Core Insights - Shanghai Bank reported positive growth in both revenue and net profit for the first three quarters of 2025, with operating income reaching 41.14 billion yuan, a year-on-year increase of 4.04%, and net profit of 18.08 billion yuan, up 2.77% [1] Financial Performance - As of the end of September 2025, the non-performing loan ratio stood at 1.18%, unchanged from the end of the previous year, while the provision coverage ratio was 254.92%, indicating sufficient overall provisioning [1] - The first major shareholder, Shanghai Lianhe Investment Co., Ltd., increased its holdings to 2.092 billion shares by the end of September 2025, an increase of 6.97 million shares since the end of June 2025 [1] Sector-Specific Developments - Shanghai Bank has focused on deepening connections with technology innovation channels and enhancing service capabilities across key industrial chains, with technology loan disbursements amounting to 166.29 billion yuan, a year-on-year increase of 33.83% [1] - The bank has also made strides in supporting small and micro enterprises, with inclusive loan disbursements reaching 139.32 billion yuan, up 2.93% year-on-year [1] - Manufacturing loan disbursements totaled 86.51 billion yuan, reflecting an 8.89% year-on-year growth, supporting high-quality development in the manufacturing sector [1] Retail Banking and Customer Growth - Shanghai Bank has enhanced its retail financial services, focusing on pension finance, wealth management, and consumer finance, with retail customers reaching 21.50 million and managing over 1 trillion yuan in assets under management (AUM), a 5.50% increase from the previous year [2] - The bank leads in pension customer share in Shanghai, with 1.60 million pension clients and a 6.21% increase in AUM for pension clients [2] Loan Products Performance - Auto consumer loan disbursements grew by 40.16% year-on-year, with the balance of auto consumer loans increasing by 16.95% compared to the previous year, and loans for new energy vehicles surged by 63.08% [2] - Housing mortgage loan disbursements increased by 5.47% year-on-year, with a balance of 162.12 billion yuan as of September 2025, reflecting a 1.47% growth, and a 5.47% increase in the Shanghai region [2]

Core Viewpoint - Ping An Bank reported a decline in revenue and net profit for the first nine months of 2025, but the rate of decline has narrowed compared to the first half of the year, indicating some stabilization in performance [1][2]. Financial Performance - Revenue for 9M25 was CNY 100.67 billion, down 9.8% year-on-year, with the decline narrowing by 0.3 percentage points compared to 1H25 [1]. - Net profit attributable to shareholders was CNY 38.34 billion, down 3.5% year-on-year, with the decline narrowing by 0.4 percentage points compared to 1H25 [1]. - Net interest income decreased by 8.2% year-on-year, but the decline rate improved by 1.1 percentage points compared to 1H25, primarily due to a reduction in the drag from interest margins [2]. - Non-interest income from fees and commissions fell by only 0.1% year-on-year, an improvement from a 2.0% decline in 1H25, driven by strong growth in wealth management fees [2]. Asset Quality and Loan Performance - The bank's loan balance at the end of 9M25 was CNY 3.4178 trillion, up 1.0% year-on-year, marking a recovery from a decline of 0.1% at the end of 1H25 [3]. - Retail loans showed a positive trend, with a quarterly increase of CNY 3.2 billion, ending an eight-quarter decline, supported by a reduction in high-risk loans and growth in mid-risk products [3]. - The bank's non-performing loan (NPL) ratio remained stable at 1.05%, with retail NPLs improving and corporate NPLs also under control [6]. Strategic Outlook - The bank's retail strategy transformation has shown significant results, with improvements in asset quality and a stabilization in retail loan growth [4]. - The bank is expected to benefit from policy support for retail credit demand, with projections for net profit attributable to shareholders of CNY 43.24 billion, CNY 44.49 billion, and CNY 46.52 billion for 2025-2027, reflecting a slight decline followed by growth [4].

报告期内，平安银行经营策略转型持续进阶，核心板块协同效果凸显。贷款端，截至今年9月末，该行 住房按揭贷款余额3523.50亿元，较上年末增长8.1%，汽车金融贷款余额3003亿元，较上年末增长 2.2%；财富管理领域，截至今年9月末，该行财富客户达149.11万户，较上年末增长2.4%，其中私行客 户10.33万户，较上年末增长6.7%，私行客户AUM余额1.97万亿元，客户分层经营价值持续释放。 平安银行相关人士表示，该行将持续落实监管要求，提升金融服务实体经济能力，加大对重点领域支持 力度，强化风险管控，践行金融高质量发展。 该行资产负债结构持续优化，服务实体经济力度不减。截至今年9月末，该行资产总额5.77万亿元，发 放贷款和垫款本金总额3.42万亿元，较上年末增长1.3%；吸收存款本金余额3.55万亿元，较上年末增长 0.6%。 前三季度，该行通过强化低成本存款吸收与负债节奏调控，计息负债平均付息率同比下降47个基点至 1.73%；吸收存款平均付息率下降43个基点至1.70%，负债成本优化成效显著。 风险管控方面，平安银行持续优化资产和客群结构。截至今年9月末，该行不良贷款率为1.05%，较 2024 ...

Core Viewpoint - Ping An Bank reported a steady business performance in its Q3 2025 results, focusing on enhancing retail, corporate, and interbank operations while strengthening risk management and digital transformation efforts [1] Business Performance Summary - For the first nine months of 2025, Ping An Bank achieved operating income of CNY 100.668 billion, a year-on-year decrease of 9.8%, primarily due to declining loan interest rates and structural adjustments [2] - The net interest margin was 1.79%, down 14 basis points from the previous year, while non-interest income from bond investments decreased due to market volatility [2] - Net profit for the period was CNY 38.339 billion, a decline of 3.5% year-on-year [2] - Total assets reached CNY 5,766.764 billion, with loans and advances totaling CNY 3,417.753 billion, reflecting a 1.3% increase from the end of the previous year [2] Retail Business - The retail strategy remains a priority, with personal loans totaling CNY 1,729.192 billion, down 2.1% from the previous year [4] - Mortgage loans increased by 8.1% to CNY 352.350 billion, while credit card receivables and consumer loans saw declines [4] - Personal deposits stood at CNY 1,279.630 billion, a slight decrease of 0.6%, but the average daily balance increased by 4.2% year-on-year [5] Corporate Business - Corporate loans reached CNY 1,688.561 billion, up 5.1% from the previous year, with corporate deposits growing by 1.3% to CNY 2,275.325 billion [6][7] - The bank focused on supporting key industries, with new loans in infrastructure, automotive, and public utilities increasing by 11.8% [7] - Strategic customer segments were developed, with the number of corporate clients rising by 9.7% to 935,700 [7] Interbank Business - The interbank business is driven by investment and trading, with a focus on enhancing investment capabilities and capturing structural trading opportunities [8][9] - The number of value clients in interbank institutions reached 1,438, with a significant increase in trading volumes [9] Sustainable Development and Social Responsibility - Ping An Bank is committed to green finance, with green loans totaling CNY 261.280 billion, a 10.0% increase from the previous year [10] - The bank supports rural revitalization with CNY 43.295 billion allocated for related initiatives, contributing to a cumulative total of CNY 195.542 billion [10] - The bank aims to enhance financial services for the real economy, focusing on consumer finance and manufacturing sectors [11]

Investment Rating - The report maintains a recommendation for the banking industry [3] Core Insights - The report provides a comprehensive analysis of the asset-liability structure and interest margin changes of 42 A-share listed banks during the "14th Five-Year Plan" period, highlighting a shift towards corporate loans on the asset side and a stronger retail focus on the liability side [12][14] - The asset-liability structure indicates a significant increase in the proportion of corporate loans, rising from 57.02% to 63.22% from the end of 2020 to mid-2025, while the proportion of demand deposits decreased from 41.94% to 30% [12][14] - The report notes a decline in both asset yield and interest margin, with the yield on interest-earning assets dropping from 4.43% to 3.32% and the net interest margin decreasing from 2.23% to 1.53% during the same period [14][15] Summary by Sections Overall Asset-Liability Structure and Interest Margin Changes - The asset-liability structure shows an increase in loan-to-earning asset ratio from 54.19% to 56.49%, with corporate loans making up a larger share of total loans [14][15] - The average yield on interest-earning assets decreased significantly, with the loan yield falling from 5.34% to 3.82% [15] - The net interest margin for listed banks remains higher than that of commercial banks, despite a decline [14][15] Changes in Each Banking Sector's Asset-Liability Structure and Interest Margin - City commercial banks experienced a more significant increase in the proportion of corporate loans, with their interest margin narrowing less compared to other banks [18] - The report highlights that the proportion of deposits in interest-bearing liabilities for state-owned banks decreased, while it increased for rural commercial banks [18] - The decline in interest-bearing liabilities' cost rate was most pronounced in city commercial banks, leading to a smaller reduction in their interest margin [18]

Core Viewpoint - Shanghai Bank aims to enhance its financial services and expand its loan offerings, particularly in inclusive finance, with an expected increase of over 8 billion yuan in loans in the second half of the year [1] Group 1: Financial Performance - In the first half of 2025, Shanghai Bank's net interest margin slightly decreased by 4 basis points year-on-year, with a smaller decline of 13 basis points compared to the previous year, indicating a stable trend [3] - The bank has optimized its asset structure and increased the proportion of interest-earning assets while dynamically adjusting deposit pricing strategies to improve the cost of interest-bearing liabilities [3] Group 2: Loan Growth Strategy - Shanghai Bank plans to focus on key areas such as technology, green finance, and inclusive finance, with expectations of a 10 billion yuan increase in technology finance loans and an 8 billion yuan increase in inclusive finance loans in the second half of the year [4] - The bank will enhance its service capabilities in key sectors and regions, particularly in the Yangtze River Delta and the Greater Bay Area, to support the national strategy [4] Group 3: Retail Lending Focus - In retail lending, Shanghai Bank will prioritize housing mortgages and auto loans, with a significant increase in mortgage lending in major cities, totaling 11.093 billion yuan in the first half of the year, a year-on-year increase of 16.98% [5] - The bank is actively entering the new energy vehicle market, with auto loan balances reaching 14.642 billion yuan, a growth of 12.78% compared to the end of the previous year [5] Group 4: Asset Quality Management - The retail business's asset quality has weakened due to macroeconomic cycles, with an increase in non-performing loans, particularly from internet platform loans [6] - Shanghai Bank plans to strengthen risk management for retail loans by implementing differentiated control strategies to maintain stable asset quality [6]

Core Viewpoint - Shanghai Bank is focusing on sustainable growth through diversified revenue streams and strategic investments, particularly in retail and corporate lending, while adapting to market fluctuations and enhancing communication with investors [3][4][5][9]. Group 1: Revenue and Investment Strategy - The bank aims to achieve sustainable growth by enhancing the collaboration of its three main revenue streams, focusing on interest income, intermediary business, and non-interest income [3]. - The bank plans to optimize its bond investment strategy by serving the real economy, diversifying its asset allocation, and maintaining a balance between risk and return [4]. Group 2: Retail Lending - In 2023, Shanghai Bank has increased its retail lending, particularly in housing mortgages and auto loans, with a total mortgage issuance of 148.65 billion yuan, a year-on-year increase of 6.44% [5]. - The bank anticipates continued growth in retail credit demand in the second half of the year, driven by favorable policies and market recovery [5]. Group 3: Corporate Lending - The bank will continue to focus on serving key sectors and regions, aiming for a dual increase in the proportion of lending to priority areas [6]. - Strategies include developing specialized services for technology finance and enhancing support for small and micro enterprises [7][8]. Group 4: Convertible Bonds and Market Management - Shanghai Bank issued 20 billion yuan in convertible bonds in January 2021, which will mature in January 2027, and is focused on converting these bonds to strengthen its core capital [9]. - The bank has increased its cash dividend payout ratio to 32.22%, reflecting a commitment to enhancing shareholder value and market perception [9].

Core Viewpoint - Shanghai Bank is focusing on increasing retail credit lending, particularly in housing mortgages and automotive consumption loans, to promote growth and consumption in the current economic environment [2]. Group 1: Retail Lending Strategy - Shanghai Bank has intensified its lending efforts in first-tier cities, with a total mortgage loan issuance of 110.93 billion yuan in Shanghai, Beijing, and Shenzhen during the first half of the year, representing a year-on-year increase of 16.98% [2]. - Overall mortgage loan issuance reached 148.65 billion yuan, showing a year-on-year growth of 6.44% [2]. - The bank is actively engaging in the new energy vehicle market, with the balance of loans for new energy vehicles reaching 146.42 billion yuan, a growth of 12.78% compared to the end of the previous year [2]. Group 2: Future Outlook and Market Opportunities - The bank anticipates a continued increase in residential credit demand in the second half of the year due to favorable policies and market recovery [2]. - Shanghai Bank plans to focus on the housing and automotive ecosystems, aiming to accelerate mortgage loan issuance and strengthen its position in automotive consumption loans, particularly in the new energy vehicle sector [2]. Group 3: Revenue Management and Investment Strategy - The bank acknowledges that fluctuations in the bond market can impact its operating income, emphasizing the importance of diversifying revenue sources to achieve sustainable growth [3]. - Shanghai Bank has maintained stable net interest income despite a slight narrowing of net interest margins, while also expanding its intermediary business through wealth management and trade settlement [3]. - The bank's investment strategy includes optimizing asset allocation, exploring credit spread opportunities, and enhancing trading capabilities to adapt to market fluctuations [3].