招商银行（H股）：2026年三季报——隐性超预期，拨备前利润（PPoP）增长提速，拨备安全垫进一步增厚

3Q26 - a hidden beat. CMB's net profit grew modestly y/y and was broadly in line with JPMe, but underlying operating trends were stronger than the headline suggests: revenue and PPOP accelerated y/y from previous quarters and beat expectations, while impairment charges rose sharply, lifting NPL coverage q/q and further thickening the provision buffer. NIM remained stable as liability repricing offset lower asset yields, supporting solid net interest income; non-fee income was very strong on valuation gains from bond and non-money-market fund investments; fee income held up on settlement, clearing and custody, though wealth management fees fell on weak insurance and fund distribution. Asset quality saw a stable NPL ratio but intensifying retail pressure, with special-mention and overdue indicators deteriorating;