中国国有大行三季报综述：业绩稳健超预期，四季度展望具韧性；邮储银行表现落后

SOE banks delivered a solid 3Q26 beat, with revenue, PPOP and profit growth exceeding JPM estimates by a clear margin. ABC reported the fastest revenue and profit growth, although this may have been partly anticipated. PSBC recorded the weakest growth in both revenue and profit, alongside a notable rebound in its SML ratio and a decline in NPL coverage. BOC's profit growth lagged that of the Big Four peers, potentially marking a temporary pause in its strong relative performance among SOE banks. Based on the 3Q print, near-term share price performance is expected to rank as follows: ICBC > CCB > ABC > BoCom > BOC > PSBC;