银行业研究框架及25H1业绩综述：营收及利润增速双双转正—如何看财务报表、经营情况、识别风险

银 行 研 究 框 架 及 2 5 H 1 业 绩 综 述 ：营 收 及 利 润 增 速 双 双 转 正证券研究报究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 09 042上市银行25H1业绩概览25H1上市银行整体营业收入、归母净利润增速分别为1.0%、0.8%，分别较25Q1增速提升2.8pc、提升2.0pc，营收及利润增速双双转正。1）利息净收入：同比减少1.3%，较25Q1降幅收窄0.4pc，25H1净息差为1.42%，较24A下降10bp（上年同期下降14bp），息差降幅有所收窄，主要得益于负债端成本改善力度加大。2）手续费及佣金净收入：同比增长3.1%，较25Q1增速提升3.8pc，或主要源于保险“报行合一”政策影响逐步消化，同时港股市场活跃、投资市场转暖机遇，财富管理收入增长提速。3）其他非息收入：同比增长10.7%，较25Q1增速提升13.9pc，主要源于二季度债市利率整体下行，公允价值变动损益转亏为盈。4）资产质量：25Q2不良率、拨备覆盖率分别为1.23%、239%，较上季度末持平、提升1pc，25H1信用成本为0.81%，同比下降5bp。资产质量相对稳健的情况下，拨备同比少计提，支撑业绩改善。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，资产质量整体保持平稳，信用成本计提压力不大，全年利润增速有望保持稳定。资料来源：Wind资讯，国盛证券研究所图表1：上市银行25H1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1.6%1.4%-1.4%+4.8pc+5.0pc+2.6pc-0.1%-0.6%18.8%+2.7pc+0.6pc+29.2pc1.33%持平218%+2建设银行2.2%3.4%-1.4%+7.6pc+9.2pc+2.6pc-3.2%4.0%55.6%+2.1pc+8.7pc+66.0pc1.33%持平239%+3农业银行0.8%0.0%2.7%+0.5pc+0.3pc+0.5pc-2.9%10.1%23.2%-0.1pc+13.6pc-22.1pc1.28%持平295%-3中国银行3.8%0.4%-0.9%+1.2pc+1.5pc+2.1pc-5.3%9.2%42.0%-0.8pc+7.1pc+4.7pc1.24%-1197%-1交通银行0.8%-1.1%1.6%+1.8pc+3.1pc+0.1pc1.2%-2.6%2.0%-1.3pc-0.2pc+12.6pc1.28%-2210%+9邮储银行1.5%14.6%0.8%+1.6pc+8.4pc+3.5pc-2.7%11.6%25.2%+1.1pc+2.8pc+3.5pc0.92%+1260%-6招商银行-1.7%-2.6%0.3%+1.4pc+1.4pc+2.3pc1.6%-1.9%-12.9%-0.3pc+0.6pc+9.3pc0.93%-1411%+1中信银行-3.0%-2.5%2.8%+0.7pc+1.4pc+1.1pc-1.9%3.4%-12.0%-4.0pc+2.7pc+14.6pc1.16%持平208%+0浦发银行2.6%4.2%10.2%+1.3pc+2.7pc+9.2pc0.4%-1.0%12.1%-0.0pc-1.0pc+7.7pc1.31%-2194%+7民生银行7.8%11.4%-4.9%+0.4pc+1.4pc+0.3pc1.3%0.4%51.6%-1.2pc+4.4pc+7.8pc1.48%+2145%+1兴业银行-2.3%-3.1%0.2%+1.3pc+1.3pc+2.4pc-1.5%2.6%-7.0%-2.8pc-5.9pc+14.5pc1.08%持平229%-5光大银行-5.6%-7.0%0.6%-1.5pc-2.6pc+0.2pc-5.6%-0.9%-10.0%+1.3pc-4.1pc-11.6pc1.25%持平172%-2华夏银行-5.9%-9.4%-7.9%+11.9pc+7.1pc+6.1pc-3.6%2.6%-13.0%-1.0pc-8.9pc+65.9pc1.60%-1157%-0平安银行-10.0%-10.4%-3.9%+3.0pc+2.5pc+1.7pc-9.3%-2.0%-19.3%+0.1pc+6.2pc+13.4pc1.05%-1238%+2浙商银行-5.8%-6.8%-4.2%+1.3pc-1.5pc-4.8pc-2.5%-17.6%-10.7%-3.9pc-4.5pc+14.2pc1.36%-2170%-1北京银行1.0%0.1%1.1%+4.2pc+2.3pc+3.6pc1.2%20.4%-4.5%+2.6pc-4.0pc+13.2pc1.30%持平196%-2南京银行8.6%9.6%8.8%+2.1pc+3.4pc+1.8pc22.1%6.7%-6.9%+4.3pc-11.3pc+3.8pc0.84%+1312%-12宁波银行7.9%11.8%8.2%+2.3pc+1.8pc+2.5pc11.1%4.0%0.5%-0.5pc+5.4pc+7.7pc0.76%持平374%+4上海银行4.2%5.5%2.0%+0.3pc-0.7pc-0.3pc1.7%-6.0%12.1%-2.9pc+2.2pc+6.0pc1.18%持平244%-28贵阳银行-12.2%-16.0%-7.2%+4.7pc+5.6pc-0.4pc-15.3%5.7%-2.1%-0.6pc+55.3pc+18.6pc1.70%+4239%+2杭州银行3.9%4.7%16.7%+1.7pc+1.7pc-0.6pc9.4%10.8%-11.3%+2.5pc-11.4pc+6.7pc0.76%持平521%-9江苏银行7.8%7.9%8.0%+1.6pc+0.0pc-0.1pc19.1%5.1%-20.1%-2.8pc-16.6pc+12.6pc0.84%-2331%-12成都银行5.9%6.8%7.3%+2.7pc+3.3pc+1.6pc7.6%-45.1%9.7%+3.8pc-12.8pc+2.9pc0.66%持平453%-3郑州银行4.6%8.3%2.1%+2.4pc+6.0pc-2.9pc1.0%-11.9%32.9%+7.4pc-4.2pc-28.5pc1.76%-3179%-12长沙银行1.6%1.9%5.1%-2.2pc-5.4pc+1.2pc-1.7%25.6%7.4%-3.6pc-27.5pc+12.8pc1.17%-1310%-0青岛银行7.5%13.4%16.0%-2.2pc+1.0pc-0.4pc12.2%-13.3%5.3%+0.2pc+4.3pc-15.8pc1.12%-1253%+1西安银行43.7%56.