中国银行业（HA 股）_ 2025 年第三季度表现分化，上行空间有限但下行支撑稳固-Banks - China (H_A)_ 3Q25 mixed, upside limited but good for downside support

Accessible version Banks - China (H/A) 3Q25 mixed, upside limited but good for downside support Earnings Review 3Q25 results a mixed bag, focus on relative value The H-share banks' 3Q25 results showed mixed signals. Net profit growth increased from +0.4% YoY in 1H25 to +0.5% in 9M25, with the big six state banks all reporting positive YoY growth. However, core earnings (PPOP) growth slowed from +1.6% YoY in 1H to +0.8% by 9M. 9M25 accounted for 79-80% of our FY25E PPOP and net profits on average – largely i ...