业绩有望迎来企稳 作者 | 胜马财经 诸城 编辑 | 欧阳文 面对行业性的息差挑战，这家中国资产规模最大的银行凭借多元收入结构与精准资产负债管理，实现了营收与净 利润的双双转正。 近日，工商银行召开了2025年第三季度业绩说明会，向市场交出了一份营收与净利润双双回归正增长的季度成绩 单。在业绩说明会上，工商银行管理层表示，过去四个季度中有三个季度实现了单季营收正增长，标志着该行营 收增长已"迎来企稳并转向的信号"。同时，该行资产质量保持稳健，非息收入成为本季度业绩亮点，对业绩增长 贡献显著。 业绩企稳回升、非息收入亮眼 三季度业绩说明会披露，工商银行在前三季度实现营业收入6400亿元，同比增长2.2%。更值得关注的是，净利润 达到2699亿元，同比增长0.3%，成功实现了从上半年负增长向正增长的转变。单季度来看，第三季度实现营收 2129亿元，同比增长3.41%，归属于母公司股东的净利润1018亿元，同比增长3.29%。工商银行行长刘珺在业绩说 明会上表示，综合过去四个季度的表现来看，当前工商银行的营收增长迎来企稳并向好的信号。 在息差普遍收窄的行业背景下，工商银行的非息收入表现出色，成为营收增长的重要推动力 ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) reported positive growth in both revenue and net profit for the first three quarters of 2025, indicating a clear recovery in operational efficiency [1]. Group 1: Revenue and Profit Growth - For the first three quarters of 2025, ICBC achieved revenue of 611 billion yuan, a year-on-year increase of 2%, with four out of the last five quarters showing positive growth [2]. - Net profit reached 271.9 billion yuan, up 0.5% year-on-year, marking a successful turnaround from negative growth in the first half of the year [2]. - The cost-to-income ratio stood at 26.55%, maintaining a strong efficiency level, with a slight decline in net profit margin in the first half of the year [2]. Group 2: Asset Scale and Support for the Real Economy - As of the end of September, ICBC's total assets exceeded 52.81 trillion yuan, growing by 8.2% compared to the end of the previous year [2]. - The bank provided over 4 trillion yuan in incremental funding to the real economy during the first three quarters, with customer loan balances reaching 30.45 trillion yuan, a 7.3% increase from the end of last year [2]. - The number of corporate clients reached 14.43 million, while individual clients surpassed 780 million, solidifying the customer base for long-term business expansion [2]. Group 3: Non-Interest Income and Risk Management - Non-interest income became a key driver of revenue growth, with net fee income reaching 90.9 billion yuan, a 0.6% year-on-year increase [3]. - Wealth management business showed strong performance, with corporate and personal financial management income growing by 25% and 3%, respectively [3]. - The non-performing loan (NPL) ratio was 1.33% as of the end of September, down 1 basis point from the end of the previous year, indicating improved asset quality [3]. Group 4: Outlook on Net Interest Margin - ICBC's management expressed optimism regarding the net interest margin (NIM), which was 1.28% for the first three quarters, with an expectation to maintain around 1.26% for the full year [5]. - The management noted that the decline in interest rates for newly issued corporate and retail loans has slowed, signaling potential stabilization in interest income [5][6]. - The bank's assessment is based on regulatory focus on NIM and signs of improvement in the spread between deposit and loan rates [6].

Group 1 - The core point of the article is that Taiping Pension has received approval from the financial regulatory authority to increase its registered capital by 333 million yuan, raising it from 3 billion yuan to 3.333 billion yuan, and Belgium's Ageas Insurance International has acquired a 10% stake, becoming the second-largest shareholder [2] - Taiping Pension, established in 2004, is a subsidiary of China Taiping Insurance Group and is the first state-owned professional pension insurance company in China [2] - The strategic cooperation between China Taiping and Ageas was formalized in May 2022, with Ageas planning to invest 1.075 billion yuan for a 10% stake in Taiping Pension [2] Group 2 - In the second quarter solvency report, Taiping Pension reported an insurance business income of 1.447 billion yuan and a net profit of 55.279 million yuan for the first half of the year [3] - As of the end of the second quarter of 2025, Taiping Pension's core solvency adequacy ratio was 160.80%, and the comprehensive solvency adequacy ratio was 217.93% [3]

Core Viewpoint - The article discusses the approval of a capital increase for Taiping Pension, a subsidiary of China Taiping, which will enhance its capital base and strategic partnership with Belgium's Fidea Group in the Chinese pension finance market [1][2]. Summary by Sections Capital Increase Approval - Taiping Pension received approval from the financial regulatory authority to increase its registered capital by 333 million yuan, changing the total from 3 billion yuan to 3.333 billion yuan [1]. - Fidea Group will acquire a 10% stake in Taiping Pension as part of this capital increase, investing 1.075 billion yuan [1][2]. Shareholder Structure - Post-capital increase, the shareholder structure will be as follows: - China Taiping Insurance Holdings Limited: 89.99% (299,970,000 shares) - Longbi Industrial Zone Management (Shenzhen) Co., Ltd.: 0.01% (30,000 shares) - Fidea Insurance International: 10% (33,333,330 shares) [3]. Background and Strategic Context - Taiping Pension, established in 2004, is a key player in China's pension insurance sector, with a nationwide service network [3]. - The capital increase aligns with China's national strategy to address population aging, positioning pension finance as a critical area for development [3]. Historical Relationship with Fidea Group - Fidea Group has a long-standing partnership with China Taiping, holding stakes in several subsidiaries, including 12.45% in Taiping Life and 20% in Taiping Asset [4]. - Fidea was one of the founding shareholders of Taiping Pension in 2004, initially holding a 10% stake [5]. Market Potential and Future Outlook - The Chinese pension market is one of the largest globally, with significant growth potential, making Taiping Pension an ideal platform for Fidea to leverage its expertise [7]. - Regulatory changes since 2021 have encouraged pension companies to focus on high-quality development, with new guidelines issued in 2023 to strengthen oversight [7]. Performance Metrics - For the first half of 2025, Taiping Pension reported insurance revenue of 1.447 billion yuan and a net profit of 55.279 million yuan [7]. - As of the second quarter of 2025, the core solvency adequacy ratio was 160.80%, and the comprehensive solvency adequacy ratio was 217.93%, indicating strong financial health [7].

Core Viewpoint - The article highlights the importance of customer service in banking, particularly how small gestures can significantly enhance the experience of elderly customers [1] Group 1: Customer Service Initiatives - The bank branch provides practical assistance to elderly customers, such as offering reading glasses and magnifying glasses to help them with paperwork [1] - Staff members proactively assist customers who are unfamiliar with self-service equipment, ensuring a supportive environment [1] - Simple actions, like writing down account balances in a clear format, contribute to a more comfortable and reassuring experience for customers [1]