银行业研究框架及24A-25Q1业绩综述：负债成本改善力度加大，息差降幅有望继续收窄—如何看财务报表、经营情况、识别风险

银行研究框架及24A&25Q1业绩综述：负债成本改善力度加大，息差降幅有望继续收窄打造极致专业与效率分析师 马婷婷分析师 陈惠琴执业证书编号：S0680519040001执业证书编号：S0680524010001邮箱：matingting@gszq.com邮箱：chenhuiqin@gszq.com— 如 何 看 财 务 报 表 、 经 营 情 况 、 识 别 风 险年 月 日2025 05 0522025Q1上市银行整体营收、利润同比增速分别为-1.7%、-1.2%，分别较24A降幅扩大1.8pc、3.5pc。1）利息净收入：受一季度贷款重定价、新发放贷款利率持续走低、同业竞争加剧等多因素影响，利息净收入同比下降1.7%，但得益于负债端成本改善力度加大，25Q1息差降幅明显收敛，25Q1息差相较24A下降9bps（24Q1下降13bps，25家银行季度数据）。2）手续费及佣金净收入：上市银行整体收入同比下降0.7%，降幅速较24A收窄8.7pc，主要源于上年同期低基数以及代理保险、基金费率政策调整的影响逐渐减退。3）其他非息收入：上市银行整体收入（主要是债券投资相关收入）同比下降3.2%（较24A明显下降29pc），主要是一季度债市波动明显加大，使得公允价值变动损益出现浮亏。4）资产质量：上市银行整体不良率1.23%，较24Q4末下降1bp，拨备覆盖率238%，较上年末略微下降2pc。资产质量相对稳健的情况下，拨备同比少计提，支撑归母净利润增速好于营收。综合来看，受益于存款到期后重定价、银行加强负债成本管控等因素影响，息差降幅收敛趋势有望持续，后续来看，债市波动影响减小、资产质量整体保持平稳，信用成本计提压力不大，预计全年利润增速仍将延续季度改善的趋势。资料来源：Wind资讯，国盛证券研究所图表1：上市银行24A&25Q1业绩情况营收PPOP利润营收PPOP利润利息净收入手续费及佣金净收入其他非息收入利息净收入手续费及佣金净收入其他非息收入不良率环比（bp）拨备覆盖率环比（pc）工商银行-3.2%-3.6%-4.0%-0.7pc+0.7pc-4.5pc-2.9%-1.2%-10.4%-0.2pc+7.2pc-19.6pc1.33%-1216%+1建设银行-5.4%-5.8%-4.0%-2.9pc-1.8pc-4.9pc-5.2%-4.6%-10.3%-0.8pc+4.7pc-60.9pc1.33%-1237%+3农业银行0.4%-0.3%2.2%-1.9pc-1.8pc-2.5pc-2.7%-3.5%45.3%-4.3pc+2.1pc+19.0pc1.28%-2298%-2中国银行2.6%-1.2%-2.9%+1.4pc-0.0pc-5.5pc-4.4%2.1%37.3%-0.6pc+5.0pc+2.3pc1.25%持平198%-3交通银行-1.0%-4.2%1.5%-1.9pc-4.3pc+0.6pc2.5%-2.4%-10.6%-1.0pc+11.8pc-15.8pc1.30%-1200%-2邮储银行-0.1%6.2%-2.6%-1.9pc+1.7pc-2.9pc-3.8%8.8%21.7%-5.3pc+19.3pc+6.5pc0.91%+1266%-20招商银行-3.1%-4.0%-2.1%-2.6pc-4.6pc-3.3pc1.9%-2.5%-22.2%+3.5pc+11.8pc-56.3pc0.94%-1410%-2中信银行-3.7%-3.9%1.7%-7.5pc-7.4pc-0.7pc2.1%0.7%-26.6%-0.1pc+4.7pc-46.3pc1.16%持平207%-2浦发银行1.3%1.4%1.0%+2.9pc+1.2pc-22.3pc0.5%0.0%4.5%+3.6pc+6.7pc-4.3pc1.33%-3187%+0民生银行7.4%10.0%-5.1%+10.6pc+15.4pc+4.7pc2.5%-3.9%43.8%+6.1pc+1.2pc+42.7pc1.46%-1144%+2兴业银行-3.6%-4.3%-2.2%-4.2pc-5.6pc-2.3pc1.3%8.5%-21.5%+0.2pc+21.7pc-30.9pc1.08%+1233%-4光大银行-4.1%-4.4%0.3%+3.0pc+5.3pc-1.9pc-6.8%3.3%1.5%+3.2pc+22.8pc-34.1pc1.25%持平174%-6华夏银行-17.7%-16.5%-14.0%-22.0pc-21.8pc-19.0pc-2.6%11.4%-78.9%+9.3pc+26.4pc-160.0pc1.61%+1157%-5平安银行-13.1%-12.9%-5.6%-2.1pc-2.1pc-1.4pc-9.4%-8.2%-32.7%+11.4pc+9.9pc-101.5pc1.06%持平237%-14浙商银行-7.1%-5.3%0.6%-13.3pc-10.3pc-0.3pc1.4%-13.2%-24.9%+6.4pc-2.2pc-86.6pc1.38%持平171%-7北京银行-3.2%-2.2%-2.4%-8.0pc-6.7pc-3.2pc-1.4%24.4%-17.7%-4.5pc+32.3pc-33.1pc1.30%-1198%-11南京银行6.5%6.2%7.1%-4.8pc-8.8pc-2.0pc17.8%18.0%-10.8%+13.2pc+46.5pc-41.7pc0.83%持平324%-12宁波银行5.6%10.0%5.8%-2.6pc-3.9pc-0.5pc11.6%-1.3%-7.2%-5.7pc+18.0pc-1.0pc0.76%持平371%-19上海银行3.8%6.2%2.3%-0.9pc+0.5pc-2.2pc4.7%-8.2%6.0%+12.3pc+11.3pc-51.7pc1.18%持平271%+1贵阳银行-16.9%-21.5%-6.8%-15.8pc-20.0pc+0.3pc-14.6%-49.6%-20.6%+3.5pc-73.8pc-199.9pc1.66%+8237%-21杭州银行2.2%3.0%17.3%-7.4pc-6.5pc-0.8pc6.8%22.2%-18.0%+2.5pc+30.2pc-53.4pc0.76%持平530%-11江苏银行6.2%7.9%8.2%-2.6pc+0.3pc-2.6pc21.9%21.8%-32.7%+15.7pc+18.5pc-50.4pc0.86%-3344%-7成都银行3.2%3.6%5.6%-2.7pc-3.5pc-4.5pc3.7%-32.4%6.8%-0.8pc-39.6pc-5.7pc0.66%持平456%-23郑州银行2.2%2.3%5.0%+8.0pc+10.9pc+3.6pc-6.4%-7.8%61.4%+5.3pc+10.6pc+10.1pc1.79%持平191%+8长沙银行3.8%7.2%3.8%-0.8pc+3.5pc-1.1pc1.8%53.1%-5.4%-0.9pc+62.2pc-28.2pc1.18%+1310%-3青岛银行9.7%12.3%16.4%+1.5pc+5.