证券研究报告 | 公司点评报告 2025 年 11 月 02 日 长沙银行（601577.SH） 拨备提升，非息高增 总量研究/银行 长沙银行披露 2025 年三季报。25Q1~3 营业收入、PPOP、归母利润同比增速 分别为 1.29%、1.26%、6.00%，增速分别较 25H1 变动-0.30pct、-0.61pct、 +0.94pct。累计业绩驱动上，规模、中收、其他非息、拨备计提、有效税率下 降形成正贡献，息差收窄形成负贡献。边际来看，公司 25Q3 单季度中收对业 绩拖累边际有所扩大，其他非息业绩贡献有所提升。 核心观点： （1）规模扩张放缓。资产端，25Q3 末公司总生息资产同比增长 11.69%，增 速环比回升 0.88pct，其中贷款同比增长 11.65%，增速环比回落 1.30pct，单季 度贷款同比少增 58 亿元，风险暴露承压背景下主动放缓规模扩张。投资类资产 单季度负增长，主要是债市波动下 TPL 规模压降，AC 收益兑现带动相关规模 同样负增，OCI 规模依旧保持稳健扩张。负债端，25Q3 末计息负债同比增长 9.04%，环比下降 3.56pct，其中存款同比增长 8.73%，降速 ...

息差趋势好于同业 总量研究/银行 齐鲁银行披露 2025 三季报，25Q1~3 营业收入、PPOP、归母利润同比增速分 别为 4.63%、4.01%、15.14%，增速分别较 25H1 变动-1.13pct、-1.99pct、 -1.35pct，业绩增速延续高位。累计业绩驱动上，规模扩张、净息差、拨备计 提、有效税率下降形成正贡献，净息差、其他非息、成本收入比形成负贡献。 从单季度业绩驱动来看，25Q3 规模扩张有所加快，净息差和拨备计提正贡献提 升，中收对业绩拖累加大。 核心观点： 亮点：（1）资负扩表继续提速。资产端，25Q3 末总资产同比增长 16.55%， 增速环比回升 0.53pct，其中贷款同比增长 15.20%，增速环比回升 1.49pct，个 人贷款增长依旧偏弱，增速进一步回落，但对公贷款增长强劲，增速高位继续 提速 2.47%至 23.09%，对公贷款 25Q2 末增速进一步提升至 20.62%。另外， 公司投资类资产 25Q3 末同比增长 16.55%，增速有所回落，同业资产同比大幅 扩张，与行业趋势一致。负债端，25Q2 末总负债同比增长 16.57%，增速环比 提升 0.40pct，其 ...

证券研究报告 | 公司点评报告 2025 年 11 月 02 日 苏州银行（002966.SZ） 业绩稳步提升 总量研究/银行 苏州银行披露 2025 三季报，25Q1~3 营业收入、PPOP、归母利润同比增速分 别为 2.02%、7.74%、7.12%，增速分别较 25H1 提高 0.21pct、0.37pct、0.97pct， 营收、PPOP、归母净利润增速均稳步继续上升。累计业绩驱动上，规模、成 本收入比下降、有效税率下降形成正贡献，净息差、中收、其他非息、拨备计 提形成负贡献。 核心观点： 亮点：（1）规模稳步扩张。资产端，25Q3 末公司总资产同比增速为 14.6%， 较半年末继续提高 0.12pct。其中贷款同比增长 11.6%，主要以公司贷款为主， 零售贷款仍继续压降。同时公司投资类资产保持 17%以上的增速，在利率波动 期增配 OCI 资产，降低 TPL 比重，减少利润波动的同时为未来留出空间。负债 端，25Q3 末总负债同比增长 14%，其中存款同比增长 12.9%，增速较半年度 提高了 1.3pct，继续稳步扩张为资产端提供支持。 （2）息差企稳回升。25Q3 公司净息差 1.34%，环比 ...

Investment Rating - The report maintains a strong buy recommendation for Jiangyin Bank [5] Core Views - The bank's performance in the first half of 2025 shows significant recovery, with revenue, PPOP, and net profit growth rates of 10.45%, 14.68%, and 16.63% respectively, indicating a substantial rebound compared to the first quarter of 2025 [1] - The net interest margin has improved to 1.54% in the first half of 2025, reflecting a decrease in the cost of interest-bearing liabilities and a stabilization in deposit costs, which is expected to support a steady recovery in net interest margin [2] - Non-interest income has seen a remarkable increase of 37.65%, primarily driven by an 81.4% rise in investment net income, indicating effective asset management and realization of gains [2] - Asset quality has improved, with a non-performing loan (NPL) ratio of 0.86% and a significant increase in the provision coverage ratio to 381.22%, suggesting a healthier credit environment [3] - The bank is considering a mid-term dividend proposal, which is expected to enhance shareholder returns [4] Performance Summary - The bank's total assets reached 207.577 billion, with total loans at 131.420 billion and total deposits at 164.828 billion as of the first half of 2025 [14] - The year-on-year growth rates for operating income, pre-provision profit, and net profit for the first half of 2025 were 10.45%, 14.68%, and 16.63% respectively, showcasing strong operational performance [15] - The bank's return on equity (ROE) for the first half of 2025 was 8.98%, reflecting effective capital utilization [14] Non-Interest Income - Non-interest income has shown a robust growth of 37.65% in the first half of 2025, with significant contributions from investment income, which increased by 146.90% year-on-year [2][15] Interest Margin and Asset Quality - The net interest margin has improved to 1.54%, with a decrease in the cost of interest-bearing liabilities by 4 basis points compared to the first quarter of 2025 [2] - The NPL ratio remained stable at 0.86%, while the overdue loan ratio decreased to 1.06%, indicating improved asset quality [3] Capital and Shareholder Returns - The bank's board has proposed a mid-term dividend plan, which is pending approval from the shareholders' meeting, indicating a commitment to returning value to shareholders [4] - The dynamic dividend yield based on the latest stock price and dividend rate is 4.31%, highlighting the bank's attractive investment proposition [9]