上市银行业1H25业绩综述：业绩增速转正，息差降幅收窄

分析师联系人许旖珊登记编号：S1220523100003林宇轩登记编号：S1220524110001杨皓然上市银行1H25业绩综述：业绩增速转正，息差降幅收窄金 融 团 队 • 行 业 专 题 报 告证券研究报告 | 银行 | 2025年09月12日综述：非息收入驱动业绩增速回正✓ 上市银行1H25营业收入/归母净利润同比+1.0%/+0.8%，较1Q25 +2.8pct/+2.0pct。其中：1）净利息收入：1H25同比-1.3%，降幅较1Q25收窄0.4pct ；2）净手续费及佣金收入：1H25同比+3.1%，增速较1Q25提升3.8pct；3）净其他非息收入：1H25同比+10.8%，增速较1Q25提升13.9pct 。✓ 1H25上市银行业绩回升主要得益于其他非息支撑，规模、中收、成本费用也有一定贡献。1）净其他非息：1H25贡献业绩1.64pct，较1Q25 +1.87pct,二季度债市表现回暖，其他非息收入大幅改善，是驱动1H25业绩回升的主要因素；2）量：1H25生息资产规模同比+8.22%，较1Q25 +0.79pct,资产增速稳中有升，仍是上市银行业绩增长的主要支撑；3）成本费用：1H25贡献业绩0.24pct，较1Q25 +0.55pct,降本增效推进，成本费用影响由拖累转为贡献；4）中收：1H25贡献业绩0.70pct，较1Q25 +0.53pct。量：规模扩张稳健，对公端支撑增长✓ 上市银行1H25贷款余额同比+7.96%，增速环比基本持平。增量上看，1H25贷款增长10.25万亿元，对公/零售/票据分别贡献9.05万亿元/1.09万亿元/1129亿元,新增对公贷款中，制造业占比23.11%，租赁和商务服务业、其他基建类分别占比25.09%、22.18%。价：净息差持续收窄，负债成本优化提速✓ 1H25上市银行平均净息差1.53%，较2024年-8bp，同比-11bp，降幅较2024年的同比-17bp有所收窄。1H25上市银行平均资产收益率/负债成本率分别较2024年-35bp/-28bp至3.33%/1.85%，其中负债端降幅较2024年的同比-14bp明显加大，支撑息差降幅收窄。投资建议：看好板块绝对收益和补涨行情，维持“推荐”评级✓ 近期市场风险偏好提升，银行板块受资金抽水影响有一定回调，但板块股息率水平也有所回升，低利率环境下，银行股中长期投资性价比仍具有优势，险资等中长期资金对银行板块的配置规模仍有望持续提升，板块进一步下行空间有限，看好绝对收益；✓ 市场进入牛市行情以来，银行板块相对收益有限，若行业间轮动进一步扩散，银行板块有望迎来补涨。✓ 建议关注：平安银行、中信银行、成都银行、上海银行、招商银行、重庆银行等。✓ 风险提示：政策效果不及预期；息差收窄超预期；资产质量波动。核心观点：业绩增速转正，息差降幅收窄2核心指标概览：资产质量稳健，营收、利润增速改善3资料来源：Wind，方正证券研究所20241Q251H2520241Q251H2520241Q251H2520241H2520241Q251H2520241Q251H25工商银行-2.52%-3.22%1.57%0.51%-3.99%-1.39%8.76%8.45%8.44%1.42%1.30%1.34%1.33%1.33%9.88%9.06%8.82%农业银行2.26%0.35%0.85%4.72%2.20%2.66%10.16%9.78%9.63%1.42%1.32%1.30%1.28%1.28%10.46%10.82%10.16%建设银行-2.54%-5.40%2.15%0.88%-3.99%-1.37%8.33%7.97%7.89%1.51%1.40%1.34%1.33%1.33%10.69%10.42%10.08%中国银行1.16%2.56%3.76%2.56%-2.90%-0.85%8.22%8.26%9.09%1.40%1.26%1.25%1.25%1.24%9.50%9.09%9.11%交通银行0.87%-1.02%0.77%0.93%1.54%1.61%7.52%8.72%8.84%1.27%1.21%1.31%1.30%1.28%9.08%10.35%9.16%邮储银行1.83%-0.07%1.50%0.24%-2.62%0.85%9.38%9.79%10.13%1.87%1.70%0.90%0.91%0.92%9.84%11.33%10.91%招商银行-0.48%-3.09%-1.72%1.22%-2.08%0.25%5.83%4.54%5.47%1.98%1.88%0.95%0.94%0.93%14.49%14.13%13.85%兴业银行0.66%-3.58%-2.29%0.12%-2.22%0.21%5.05%4.83%4.13%1.82%1.75%1.07%1.08%1.08%9.89%12.24%10.12%中信银行3.76%-3.72%-2.99%2.33%1.66%2.78%4.03%5.08%3.72%1.77%1.63%1.16%1.16%1.16%9.79%11.42%9.70%浦发银行-1.55%1.31%2.62%23.31%1.02%10.19%7.45%7.59%6.02%1.42%1.41%1.36%1.33%1.31%6.28%10.20%8.66%光大银行-7.05%-4.06%-5.57%2.22%0.31%0.55%3.88%5.24%4.90%1.54%1.40%1.25%1.25%1.25%7.93%9.11%9.13%平安银行-10.93%-13.05%-10.04%-4.19%-5.60%-3.90%-0.98%-2.02%-0.15%1.87%1.80%1.06%1.06%1.05%10.08%11.20%10.50%民生银行-3.21%7.41%7.83%-9.85%-5.13%-4.87%1.50%0.48%1.05%1.39%1.39%1.47%1.46%1.48%5.18%9.22%7.14%华夏银行4.23%-17.73%-5.86%4.98%-14.04%-7.95%2.46%2.72%2.31%1.59%1.54%1.60%1.61%1.60%8.84%6.68%6.84%浙商银行6.19%-7.07%-5.76%0.92%0.61%-4.15%8.20%6.85%4.20%1.71%1.69%1.38%1.38%1.36%8.49%13.57%8.68%宁波银行8.19%5.63%7.91%6.23%5.76%8.23%17.83%20.41%18.72%1.86%1.76%0.76%0.76%0.76%13.59%14.18%13.80%江苏银行8.78%6.21%7.78%10.76%8.16%8.05%16.28%18.83%18.33%1.86%1.78%0.89%0.86%0.84%13.59%16.50%15.64%上海银行4.79%3.85%4.18%4.50%2.30%2.02%2.09%0.51%0.88%1.17%1.15%1.18%1.18%1.18%10.01%10.64%11.00%北京银行