Investment Rating - The report maintains an "Overweight" rating for the banking sector [6] Core Insights - The overall performance of state-owned banks in the first half of 2025 shows improved revenue and profit growth, driven by significant increases in non-interest income and cost reductions. The net interest income growth has also shown a marginal upward trend [8][14] - The asset quality of state-owned banks remains strong, with non-performing loan ratios stable or declining, and the provision coverage ratio increasing, enhancing the banks' risk resilience [8][14] - The investment logic for bank stocks has shifted from "pro-cyclical" to "weak-cyclical," indicating that during periods of economic stagnation, high dividend yields from bank stocks will be attractive [8][14] Summary by Sections 1. Revenue and Profit Performance - In 1H25, the overall revenue of state-owned banks increased by 1.5% year-on-year, with a turnaround from negative to positive growth compared to the previous quarter [11][13] - The net profit for the same period decreased by 0.1% year-on-year, with the decline narrowing compared to the previous quarter [14][15] 2. Income Breakdown - Net interest income showed a year-on-year decline of 2.4%, while non-interest income grew by 15.5%, with both metrics improving quarter-on-quarter [18][19] - The growth in net interest income was supported by an increase in interest-earning assets, which rose by 10.4% year-on-year [18][19] 3. Asset Quality - The non-performing loan ratio remained stable at 1.27%, with a slight improvement in the attention loan ratio [8][14] - The provision coverage ratio increased by 1.04 percentage points to 237.50%, further enhancing the safety margin [8][14] 4. Other Financial Indicators - The cost-to-income ratio decreased year-on-year, while the capital adequacy ratio for major banks improved, indicating a solid capital position [8][14] - The report highlights two main investment themes: regional banks with strong advantages and high dividend yields from large banks [8][14]

Core Insights - The six major state-owned banks in China demonstrated strong operational resilience amid the pressure of narrowing net interest margins, achieving a steady expansion in asset scale and a significant increase in non-interest income during the first half of 2025 [1][2]. Financial Performance - The total assets of the six banks increased, with Industrial and Commercial Bank of China (ICBC) leading at 52.32 trillion yuan, a 7.2% increase year-on-year [2]. - Agricultural Bank of China (ABC) followed with 46.86 trillion yuan, up 8.37%, and China Construction Bank (CCB) at 44.43 trillion yuan, up 9.52% [2]. - In terms of revenue, all six banks reported year-on-year growth, with China Bank leading at a 3.76% increase, while the others had growth rates ranging from 0.77% to 2.15% [3]. Profitability - Agricultural Bank of China reported the fastest profit growth with a net profit of 139.51 billion yuan, up 2.66% year-on-year [3][4]. - In contrast, ICBC, CCB, and China Bank experienced declines in net profit, with ICBC's net profit at 168.10 billion yuan, down 1.39% [3][4]. Asset Quality - The overall asset quality remained stable, with ICBC and CCB reporting a non-performing loan (NPL) ratio of 1.33%, a slight decrease from the previous year [7]. - Postal Savings Bank had the lowest NPL ratio at 0.92%, although it increased by 0.02 percentage points [7][8]. Non-Interest Income - The banks actively adjusted their business structures to enhance non-interest income, with significant growth observed across most banks [9][10]. - China Bank's non-interest income rose by 26.43% to 114.19 billion yuan, increasing its share of total revenue from 28.48% to 34.71% [9][10]. Future Outlook - The banks expressed cautious optimism regarding the future trajectory of net interest margins, with strategies in place to optimize asset-liability structures and enhance high-yield asset proportions [12][13]. - A total dividend plan exceeding 200 billion yuan was announced, reflecting confidence in future performance despite ongoing challenges [13].

Core Viewpoint - The six major state-owned banks in China demonstrated strong operational resilience in the face of narrowing net interest margins, achieving steady asset growth and a significant increase in non-interest income during the first half of 2025 [1][2]. Group 1: Financial Performance - The total operating income of the six major banks reached approximately 1.83 trillion yuan, showing positive year-on-year growth [1]. - By the end of June 2025, the Industrial and Commercial Bank of China (ICBC) led the industry with total assets of 52.32 trillion yuan, a 7.2% increase from the previous year [2]. - Agricultural Bank of China (ABC) followed with 46.86 trillion yuan, up 8.37%, and China Construction Bank (CCB) with 44.43 trillion yuan, up 9.52% [2]. - The net profit attributable to shareholders showed divergence, with ABC reporting the fastest growth at 1,395.1 billion yuan, a 2.66% increase [3][4]. Group 2: Net Interest Margin - All six banks experienced a decline in net interest margin, but with signs of marginal improvement [6][7]. - The net interest margin for Postal Savings Bank dropped significantly to 1.7%, down 0.17 percentage points from the end of 2024 [7]. - ICBC's net profit decreased by 1.39% to 1,681.03 billion yuan, while CCB and Bank of China also reported declines [3][4]. Group 3: Asset Quality - The overall asset quality remained stable, with ICBC and CCB reporting a non-performing loan (NPL) ratio of 1.33%, a slight decrease from the previous year [7][8]. - The NPL ratio for Bank of China was 1.24%, also showing a decrease [7][8]. Group 4: Non-Interest Income - The banks actively adjusted their business structures to increase non-interest income, achieving notable results [10]. - Bank of China reported a 26.43% increase in non-interest income, reaching 1141.87 billion yuan, with its share of total operating income rising from 28.48% to 34.71% [12][13]. - ICBC's non-interest income grew by 6.5% to 1135.16 billion yuan, increasing its share of total income to 26.58% [14]. Group 5: Future Outlook - The banks expressed cautious optimism regarding the future trajectory of net interest margins, with strategies in place to optimize asset-liability structures and enhance income from non-interest sources [14][15]. - The total dividend payout plan for the six banks exceeded 200 billion yuan, indicating confidence in their financial stability [15].

具体来看，农业银行、交通银行、邮储银行实现营收和净利润指标双增，但工商银行、建设银行、中国银行归属于母公司股东的净利 润同比有所下降，降幅分别为1.39%、1.37%和0.85%。 今年以来，银行股表现强势，银行业业绩也备受瞩目。近日，国有六大行集中公布2025年上半年财报，交出亮眼成绩单。 统计显示，2025年上半年，国有六大行营收均实现正增长，合计达1.8万亿元；归属于母公司股东的净利润合计6825.24亿元。这也意味 着，六大行上半年日赚37.7亿元。 | 证券代码 | 证券名称 营业收入(亿元) | | | 营收增速(%) 归属于母公司股东的净利润(亿元) 归属于母公司股东的净利润增速(%) | | | --- | --- | --- | --- | --- | --- | | 601398. SH | 工商银行 | 4270. 92 | 1. 5679 | 1681.03 | -1. 3868 | | 601939. SH | 建设银行 | 3942. 73 | 2. 1525 | 1620. 76 | -1. 3692 | | 601288. SH | 农业银行 | 3699. 37 | 0. 8 ...

统计显示，2025年上半年，国有六大行营收均实现正增长，合计达1.8万亿元；归属于母公司股东的净 利润合计6825.24亿元。这也意味着，六大行上半年日赚37.7亿元。 | 证券代码 | | | | 证券名称 [[业收入《亿元) 营收增达《*》 归属于母公司股东的净利润(亿元) 归属于母公司股东的净利润增速《x) | | | --- | --- | --- | --- | --- | --- | | 601398. SH | 工商银行 | 4270.92 | 1,5679 | 1681.03 | -1. 3868 | | 601939. SH | 建设银行 | 3942. 73 | 2. 1525 | 1620. 76 | -1. 3692 | | 601288. SH | 农业银行 | 3699. 37 | 0. 8456 | 1395. 10 | 2.6624 | | 6019BB. SH 中国银行 | | 3290.03 | 3. 7616 | 1175.91 | -0. 8516 | | 601658. SH | 邮储银行 | 1794. 46 | 1.5029 | 492.28 | 0. 8461 ...

从资金流向上来看，当日国有大型银行板块主力资金净流入1.22亿元，游资资金净流出2.66亿元，散户资 金净流入1.44亿元。国有大型银行板块个股资金流向见下表： 证券之星消息，9月1日国有大型银行板块较上一交易日下跌0.04%，交通银行领跌。当日上证指数报收 于3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。国有大型银行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601658 | 邮储银行 | 6.09 | 0.83% | 195.75万 | | 11.93 Z | | 666109 | 建设银行 | 9.04 | 0.44% | 176.31万 | | 15.98 Z | | 601288 | 农业银行 | 7.05 | 0.43% | 459.12万 | | 32.27亿 | | 601988 | 中国银行 | 5.52 | 0.00% | 340.60万 | | 18.84亿 | | 601398 | 工商银行 | ...

Core Insights - The six major state-owned banks in China reported mixed performance in their mid-year results for 2025, with total assets exceeding 200 trillion yuan and a combined net profit of 693.9 billion yuan, averaging 3.8 billion yuan per day [1][2] Financial Performance - All six banks achieved revenue growth year-on-year, with China Bank leading at 3.76% and Construction Bank following at 2.15%, while net profit showed a "three up, three down" trend [2][3] - Agricultural Bank recorded the highest net profit growth at 2.53%, while Industrial and Commercial Bank, Construction Bank, and China Bank experienced declines in net profit [2][3] Asset Quality and Risk Management - The non-performing loan (NPL) ratio decreased for five banks, with Postal Savings Bank being the only one to see an increase, maintaining the lowest NPL ratio at 0.92% [6][7] - The provision coverage ratio for non-performing loans varied, with China Bank's ratio dropping below 200%, while Agricultural Bank maintained the highest at 295% [7] Capital Adequacy and Dividends - The core Tier 1 capital adequacy ratio showed mixed results, with three banks increasing their ratios and three decreasing, while all banks maintained a ratio above 10% [8] - The six banks proposed a total interim dividend of 204.66 billion yuan, with each bank distributing 30% of their net profit as cash dividends [8][9] Interest Margin and Fee Income - Net interest margins continued to decline, with Postal Savings Bank having the highest margin at 1.7%, despite a year-on-year decrease [3][4] - Fee and commission income showed a mixed performance, with Postal Savings Bank achieving the highest growth at 11.59%, while Industrial and Commercial Bank and Traffic Bank saw declines [5] Asset Growth - By the end of June 2025, total assets of the six banks reached 214 trillion yuan, with Construction Bank showing the largest growth rate at 9.52% [6]

美银证券发布研报称，邮储银行(01658,601658.SH)上半年净利润同比增长0.8%，较该行预期低0.9%。 拨备前利润同比增长14.6%，高于首季的6.2%，较预期高出8.3%，主要得益于员工成本同比下降7%。 股东权益回报率(ROE)同比下跌1.5个百分点至9.5%。一级资本充足率按季升131个基点至10.52%，因有 注资支持。受股权稀释影响，中期股息同比跌16.7%至0.123元人民币。该行微调2025至27年盈利预测， 分别下调1%至上调4%;目标价上调4%，H股目标价升至4.86港元，维持"跑输大市"评级;A股目标价升至 5.86元人民币，维持"中性"评级。 ...

美银证券发布研报称，邮储银行（601658）(01658,601658.SH)上半年净利润同比增长0.8%，较该行预 期低0.9%。拨备前利润同比增长14.6%，高于首季的6.2%，较预期高出8.3%，主要得益于员工成本同比 下降7%。股东权益回报率(ROE)同比下跌1.5个百分点至9.5%。一级资本充足率按季升131个基点至 10.52%，因有注资支持。受股权稀释影响，中期股息同比跌16.7%至0.123元人民币。该行微调2025至27 年盈利预测，分别下调1%至上调4%;目标价上调4%，H股目标价升至4.86港元，维持"跑输大市"评级;A 股目标价升至5.86元人民币，维持"中性"评级。 ...

Core Viewpoint - Bank of America Securities reports that Postal Savings Bank's net profit for the first half of the year grew by 0.8% year-on-year, which is 0.9% lower than the bank's expectations [1] Financial Performance - Pre-provision profit increased by 14.6% year-on-year, surpassing the first quarter's growth of 6.2% and exceeding expectations by 8.3%, primarily due to a 7% year-on-year decrease in employee costs [1] - Return on equity (ROE) declined by 1.5 percentage points to 9.5% year-on-year [1] - The Tier 1 capital adequacy ratio increased by 131 basis points quarter-on-quarter to 10.52%, supported by capital injections [1] Dividend and Stock Price Adjustments - Due to equity dilution, the interim dividend decreased by 16.7% year-on-year to 0.123 yuan [1] - The bank has adjusted its earnings forecasts for 2025 to 2027, with a downward revision of 1% and an upward revision of 4% [1] - The target price for H-shares has been raised to 4.86 HKD, maintaining an "underperform" rating, while the target price for A-shares has been increased to 5.86 yuan, maintaining a "neutral" rating [1]