另外，经过几年降费让利和高基数压力消化，手续费收入增速有望企稳回升。虽然小微企业和零售客户 相关敞口仍是不良生成主要来源，但公司业务敞口保持稳定，净不良生成率趋势甚至有所改善。该行亦 预计行业供给侧改革加速，银行牌照数量快速减少，行业竞争和经营格局改善。 中金发布研报称，继续看好内银股的绝对收益与相对收益表现，预期其覆盖的上市银行，2026及27年营 业收入将同比升2.5%及3.6%，归母净利润同比升1.9%及2.6%，因净息差压力进一步收窄，信贷投放减 量提质，主要源自信贷需求较弱以及风险补偿不足，投放的区域、行业特征更加明显。 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Viewpoints - The overall operating income, pre-provision profit, and net profit growth rates for listed banks in the first three quarters of 2025 are 0.91%, 0.56%, and 1.48% respectively, indicating a recovery in performance driven by scale and an ongoing improvement in fee income [4][12] - The growth rate of interest-earning assets for listed banks is 9.40% year-on-year, with loans and debt investments increasing by 7.83% and 13.94% respectively [4][5] - The net interest margin for listed banks is stable at 1.35%, with a slight decline in state-owned banks, while other types of banks have stabilized [5] - Non-interest income has increased by 5.02% year-on-year, although it has seen a quarter-on-quarter decline due to adjustments in the bond market [5] - The asset quality is improving, with the non-performing loan ratio at 1.23%, showing a slight decrease from the previous half-year [5] Summary by Sections 1. Performance Recovery Driven by Scale and Fee Improvement - In the first three quarters of 2025, listed banks showed a growth in operating income, pre-provision profit, and net profit, with respective growth rates of 0.91%, 0.56%, and 1.48% [12] - City commercial banks outperformed other types of banks, while state-owned banks also showed positive growth [12] 2. Growth of Interest-Earning Assets and Slower Expansion of Liabilities - The year-on-year growth rate of interest-earning assets for listed banks is 9.40%, with loans and debt investments increasing by 7.83% and 13.94% respectively [4][5] 3. Stabilization of Net Interest Margin - The net interest margin for listed banks is stable at 1.35%, with a slight decline in state-owned banks [5] 4. Non-Interest Income Performance Affected by Bond Market Adjustments - Non-interest income increased by 5.02% year-on-year, but saw a quarter-on-quarter decline due to bond market adjustments [5] 5. Improvement in Asset Quality and Declining Credit Costs - The non-performing loan ratio for listed banks is 1.23%, showing a slight decrease from the previous half-year, with a significant decline in credit costs [5][12] 6. Investment Recommendations - Focus on banks with significant deposit maturities and potential for interest margin improvement, such as Chongqing Bank, China Merchants Bank, and Bank of Communications [6] - Attention to city commercial banks that will benefit from improvements in fixed asset investment, such as Jiangsu Bank, Qilu Bank, and Qingdao Bank [6]