● 本报记者吴杨 金融监管总局最新发布的数据显示：三季度末银行业金融机构普惠型小微企业贷款余额36.5万亿元，同 比增长12.1%；普惠型涉农贷款余额14.1万亿元，较年初增加1.2万亿元。在普惠金融快速发展的当下， 武汉众邦银行、北京农商行等机构积极发挥银政协同、数字赋能的作用，促使金融资源有效突破传统服 务边界的制约，对接小微企业、涉农主体等重点群体的融资需求，实现了金融服务对薄弱环节的精准覆 盖与有效支持。 于缝隙中挖掘潜在需求 普惠金融的难点在于触达缝隙市场，这些市场的主体分散、信息匮乏，常处于传统金融服务的盲区。北 京农商行以银政协同为核心抓手，成立由行长牵头的小微企业融资协调工作专班，与北京市各区政府建 立"周沟通、月复盘"机制，针对复杂融资需求还会召开专题协调会。"银行客户经理+区专班工作人 员"联合走访的模式，构建起直达企业的服务通道，今年以来已完成超1500家企业走访，落地融资支持 超25亿元。 "接下来，我行将继续深化银政协同，进一步推动数据共享升级，强化资源整合。"北京农商行相关人士 表示。 面对农业等领域的缝隙需求，数字化手段是有效的解决工具。"我们借助金融科技优势，搭建起覆盖全 产业 ...

日前，山东省委金融办召开新闻发布会表示，截至2025年5月，全省社会融资规模迈过25万亿元台阶， 本外币贷款余额早在2024年11月便突破15万亿元大关。两大核心指标实现"双突破"，标志着山东金 融"十四五"规划主要任务目标提前兑现，为区域经济高质量发展筑牢坚实资金根基，在"走在前、挑大 梁"的征程上交出亮眼金融答卷。 金融资源的精准滴灌，让重点领域和薄弱环节持续受益。山东金融聚焦科技创新、乡村振兴等关键赛 道，累计对接争取资金8644.45亿元；精准服务文旅项目343个，投放融资378亿元，为扩内需、促消费 注入动力；开展个体工商户"育苗"行动，为1.51万户个体工商户发放贷款58.7亿元，激活微观主体活 力。在普惠金融领域，"十四五"期间普惠型小微企业贷款增加1.27万亿元，年均增长24.69%；普惠型涉 农贷款增加4802.36亿元，年均增长15.67%，让金融服务触达更广泛群体。 改革创新的纵深推进，为金融发展注入持久活力。山东充分发挥三大金融改革试验区"试验田"作用，济 南科创金融改革试验区科创企业贷款余额较获批前增长176.7%；青岛财富管理金融综合试验区形成100 余项示范性改革创新成果；临沂普 ...

金融监管总局公布三季度银行业保险业主要监管指标数据情况。三季度末，银行业金融机构普惠型小微 企业贷款余额36.5万亿元，同比增长12.1%。普惠型涉农贷款余额14.1万亿元，较年初增加1.2万亿元。 银行业和保险业总资产保持增长。三季度末，我国银行业金融机构本外币资产总额474.3万亿元，同比 增长7.9%。 （文章来源：人民日报） 前三季度，保险公司原保险保费收入5.2万亿元，同比增长8.5%；赔款与给付支出1.9万亿元，同比增长 7.6%；新增保单件数846亿件，同比增长7.9%。保险业偿付能力充足。 商业银行信贷资产质量总体稳定，风险抵补能力整体充足。前三季度，商业银行累计实现净利润1.9万 亿元。 ...

Core Viewpoint - The banking and insurance sectors in China have shown signs of stability and growth, with improvements in net interest margins and asset quality, indicating a potential recovery phase for the industry [2][4][5]. Banking Sector Overview - As of the end of Q3 this year, the total assets of China's banking institutions reached 474.3 trillion yuan, a year-on-year increase of 7.9%. Large commercial banks accounted for 208.1 trillion yuan, growing by 10% [2]. - The net profit of commercial banks for the first three quarters was 1.9 trillion yuan, remaining stable compared to the same period last year. The net interest margin stood at 1.42%, stable compared to Q2 but down by 11 basis points year-on-year [4][5]. - The net interest margin for joint-stock commercial banks increased by 1 basis point compared to the end of Q2, indicating a trend towards stabilization [3][5]. Asset Quality and Loan Growth - By the end of Q3, the non-performing loan balance for commercial banks was 3.5 trillion yuan, with a non-performing loan ratio of 1.52%, reflecting a slight increase from the previous quarter [9]. - The balance of inclusive small and micro enterprise loans reached 36.5 trillion yuan, growing by 12.1% year-on-year, while inclusive agricultural loans increased to 14.1 trillion yuan [11]. Liquidity Indicators - The liquidity coverage ratio for commercial banks was 149.73%, up by 0.48 percentage points from the previous quarter, indicating stable liquidity conditions [13]. - Other liquidity metrics, such as the net stable funding ratio and loan-to-deposit ratio, also showed slight improvements, reflecting a healthy liquidity position across the banking sector [13]. Market Position of Large Commercial Banks - The asset share of large commercial banks has risen to 43.88%, marking a new high in recent years, underscoring their dominant role in serving the real economy [10][11].

Core Insights - The report highlights the significant growth and development of inclusive finance in China, particularly focusing on small and micro enterprises and rural areas, with a notable annual growth rate of over 20% in inclusive micro loans during the 14th Five-Year Plan period [1][2] - As of June 2025, the balance of inclusive micro loans reached 36 trillion yuan, which is 2.3 times that of the end of the 13th Five-Year Plan, with a decrease in interest rates by 2 percentage points [1][2] - The average interest rate for newly issued inclusive micro loans was 3.48% as of June 2025, reflecting a decrease of 66 basis points year-on-year [1][2] Group 1: Digital Empowerment - Digital technology has been a key driver for the development of inclusive finance, with banks utilizing big data and AI to enhance loan approval efficiency and reduce financing costs [2][7] - The market structure among banks is changing, with large commercial banks holding a 45.11% share of inclusive micro loans, while rural financial institutions have seen a decline in their market share [2][3] - The average growth rate of inclusive micro loans has been slowing down, with a decrease from 30.9% in 2020 to 12.3% by mid-2025 [2][3] Group 2: Performance of Listed Banks - Among listed banks, Agricultural Bank of China, Industrial and Commercial Bank of China, and Beijing Bank reported the highest growth rates in inclusive micro loans at 18.50%, 17.30%, and 17.27% respectively [3][4] - In contrast, some banks, including Shanghai Bank and Zhengzhou Bank, experienced negative growth rates of -3.97% and -2.06% [3][4] - The performance of different banks varies significantly, with state-owned banks generally showing stronger growth in inclusive micro loans compared to smaller banks [3][4] Group 3: Interest Rates and Risk Management - The interest rates for newly issued inclusive micro loans have decreased across various banks, with the highest rate at 4.20% and the lowest at 2.94% [7][8] - The gap in interest rates between large and small banks is narrowing, with some large banks' rates aligning closely with those of smaller banks [8][9] - The report emphasizes the importance of risk management in the inclusive finance sector, with several banks focusing on improving asset quality and managing non-performing loans [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][17] Core Insights - The company's operating income for Q1-Q3 2025 increased by 0.82% year-on-year, while the net profit attributable to the parent company grew by 0.62% year-on-year. The non-performing loan ratio remained stable, and asset growth accelerated, with significant progress in pension finance [4][6] - The year-on-year growth rate of net profit attributable to the parent company turned positive, primarily driven by net interest margin and provisioning factors. In Q3 2025, the net profit attributable to the parent company increased by 4.19% year-on-year, an improvement of 5.6 percentage points compared to the first half of the year [4][6] - The total assets of the company grew by 10.9% year-on-year as of the end of Q3 2025, with loans and deposits increasing by 7.6% and 7.3% year-on-year, respectively. The balance of inclusive small and micro enterprise loans reached 3.81 trillion yuan, up 16% year-on-year [4][6] - The company is steadily advancing towards its goal of becoming a "pension finance professional bank," with the corporate annuity custody scale reaching 770 billion yuan, a growth of 12.64% compared to the end of the previous year [4][6] Summary by Sections Financial Performance - The company forecasts revenue for 2025-2027 to be 721.6 billion, 761.3 billion, and 811.7 billion yuan, with year-on-year growth rates of -3.80%, 5.50%, and 6.62%, respectively. The net profit attributable to the parent company is projected to be 338.5 billion, 346.2 billion, and 363.0 billion yuan, with growth rates of 0.89%, 2.27%, and 4.84% [4][6][17] - Earnings per share (EPS) are expected to be 1.27, 1.30, and 1.36 yuan for the years 2025, 2026, and 2027, respectively [4][6][17] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 7.54, 7.37, and 7.02 for 2025, 2026, and 2027, while the price-to-book (P/B) ratio is expected to be 0.73, 0.69, and 0.64 for the same years [4][6][17]

Core Viewpoint - China Construction Bank (CCB) has demonstrated strong performance in supporting the real economy, with significant growth in various loan categories and positive financial results for the first three quarters of the year [1] Financial Performance - CCB reported operating income of 560.281 billion yuan, an increase of 1.44% year-on-year [1] - The net profit attributable to shareholders reached 257.36 billion yuan, reflecting a year-on-year growth of 0.62% [1] Loan Growth - As of the end of September, CCB's manufacturing loan balance exceeded 3.5 trillion yuan [1] - Loans to the private economy surpassed 6.7 trillion yuan [1] - The balance of inclusive loans for small and micro enterprises reached 3.81 trillion yuan, an increase of 397.69 billion yuan from the end of last year [1] Investment in Innovation and Sustainability - CCB's investment in technology innovation bonds increased by over four times year-on-year [1] - The balance of green loans was 5.89 trillion yuan, representing a year-to-date growth of 18.38% [1] Asset Quality and Risk Management - CCB maintained a stable asset quality with a non-performing loan ratio of 1.32%, a decrease of 0.02 percentage points from the end of last year [1] - The provision coverage ratio stood at 235.05%, an increase of 1.45 percentage points from the end of last year [1] - The capital adequacy ratio was reported at 19.24% [1]

Core Insights - The Chinese banking industry has transitioned from a traditional model reliant on infrastructure and real estate to a new model focused on technology, industry, and finance, enhancing its comprehensive strength and achieving high-quality development during the "14th Five-Year Plan" period [1][2]. Group 1: Industry Growth and Structure - As of mid-2025, the total assets of banking financial institutions in China reached 467.3 trillion yuan, a year-on-year increase of 7.9%, with large commercial banks holding 204.2 trillion yuan, up 10.4% [2]. - China holds six positions in the top ten of the global 1,000 banks, with 143 Chinese banks listed overall, indicating a strong presence in the global banking sector [2]. - The banking sector is increasingly focusing on capital returns, asset quality, and operational efficiency rather than merely expanding asset and liability scales [3]. Group 2: Risk Management and Reform - Significant achievements have been made in risk prevention and resolution, with non-performing loan balances at 3.4 trillion yuan and a non-performing loan ratio of 1.49% as of mid-2025 [4]. - The capital adequacy ratio for commercial banks stands at 15.58%, with a provision coverage ratio of 211.97%, indicating a robust financial position [4]. - The number of high-risk small and medium-sized banks has significantly decreased, with some regions achieving "dynamic zero" for high-risk institutions [5]. Group 3: Digital Transformation - The banking sector is undergoing a transformation from digitization to intelligent finance, with significant investments in technology, totaling 125.46 billion yuan in 2024, a 2.15% increase from 2023 [6]. - The number of technology personnel in major banks has surpassed 100,000, reflecting a commitment to enhancing operational efficiency through digital means [6]. - The period has seen a historic breakthrough in inclusive finance, with the balance of loans to small and micro enterprises reaching 36 trillion yuan, 2.36 times that of the end of the "13th Five-Year Plan," with an average interest rate reduction of 2 percentage points [7].

Core Viewpoint - Inclusive finance is playing a crucial role in supporting China's economic micro-circulation, enhancing the financing experience for small and micro enterprises, and contributing to high-quality economic development during the "14th Five-Year Plan" period [1][2][3]. Group 1: Development of Inclusive Finance - During the "14th Five-Year Plan," inclusive finance has achieved significant progress, with the balance of loans to inclusive small and micro enterprises reaching 36 trillion yuan, 2.3 times that of the end of the "13th Five-Year Plan," and interest rates decreasing by 2 percentage points [1][2]. - Large commercial banks have increased their inclusive small and micro enterprise loan balance to 16.23 trillion yuan by June 2025, which is 3.36 times that of the end of the "13th Five-Year Plan," with an average annual growth rate of about 30% [2]. - The balance of inclusive loans for small and micro enterprises is growing rapidly, with an average annual increase of approximately 20%, reaching 2.36 times that of the end of the "13th Five-Year Plan" [3]. Group 2: Financial Services Accessibility - Financial services are increasingly accessible, with banks establishing service stations in rural areas, allowing farmers to obtain loans conveniently [4][5]. - The coverage rate of rural bank branches exceeds 98%, and various financial service points are established in rural areas, ensuring that financial services reach every village [5]. - The use of digital technologies has significantly improved the efficiency of inclusive loan disbursement, enabling some loans to be approved and disbursed almost instantly [6]. Group 3: Sustainable Financial Ecosystem - Financial management departments are enhancing the sustainability of inclusive finance by improving risk assessment and credit technology, and establishing a long-term service mechanism for small and micro enterprises [7][8]. - Policies and institutional innovations are effectively stimulating the internal motivation for the development of inclusive finance within banks, establishing a long-term mechanism for "daring to lend, willing to lend, able to lend, and knowing how to lend" [8]. - The average interest rate for newly issued inclusive loans for small and micro enterprises decreased by 2 percentage points compared to the end of the "13th Five-Year Plan," alleviating the financial burden on these enterprises [8].

Core Insights - The "14th Five-Year Plan" marks a significant year for China's financial development, with a focus on inclusive finance and digital finance leading globally [1] - The People's Bank of China emphasizes the importance of inclusive finance in empowering small and micro enterprises, individual businesses, and farmers, effectively addressing the last mile of financial services [1] Group 1: Inclusive Finance Growth - Since the beginning of the "14th Five-Year Plan," financial regulatory bodies have optimized the supply of inclusive funds, significantly enhancing the effectiveness of financial services to the real economy [2] - The banking and insurance sectors have provided an additional 170 trillion yuan to the real economy over the past five years, with the balance of inclusive small and micro enterprise loans reaching 36 trillion yuan, 2.3 times that of the end of the "13th Five-Year Plan" [2] - The average annual growth rate of loans to technology-based small and medium enterprises, inclusive small and micro loans, and green loans has exceeded 20% during the "14th Five-Year Plan" [2] Group 2: Policy Support and Market Dynamics - Strong policy support has been a key factor in the growth of inclusive small and micro loans, with multiple initiatives introduced to increase funding for these enterprises [2][3] - Financial management departments have set "two increases" assessment targets for commercial banks regarding inclusive small and micro enterprise loans, effectively directing credit resources to this sector [3] - The establishment of a coordination mechanism to support financing for small and micro enterprises has been initiated, enhancing the precision of financial services [3][4] Group 3: Digital Transformation and Technology Empowerment - The development of inclusive finance is closely linked to the digital transformation, with financial technology significantly reducing service costs and improving efficiency [5][6] - Digital finance helps address financial exclusion by providing new financing channels and products, thus increasing access to financial services for underserved rural populations [5] - The integration of big data and digital capabilities is essential for enhancing the value creation of data elements and improving the convenience and accessibility of inclusive finance [7] Group 4: Service System Improvement - The inclusive finance service system has become more comprehensive, with a focus on building a multi-layered, widely covered, and differentiated service framework [8] - Despite progress, challenges remain in integrating inclusive finance with digital finance and addressing the sustainability of business models [8][9] - Financial institutions are encouraged to avoid homogenization and explore unique, orderly competitive supply patterns to enhance the quality of inclusive financial services [9]