银行 2025 年 2 季度经营数据： 净息差环比微降 1bp 至 1.42%；净利润增速边际向上 银行 证券研究报告/行业专题报告 2025 年 08 月 18 日 评级： 增持（维持） | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分析师：戴志锋 | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740517030004 | 江苏银行 渝农商行 | 10.98 | 1.69 | 1.65 | 1.91 | 2.03 | 2.15 | 6.50 | 6.65 | 5.75 | 5.41 | 5.10 | 买入 买入 | | | | 6.55 | 0.94 | 0.99 | 1.07 | 1.12 | 1.16 | 6.97 | 6.62 ...

Core Insights - The report emphasizes that the structure of bank credit is more important than the total amount, indicating a potential adjustment in the credit structure of banks [1][7] - The report suggests that the effective credit demand from enterprises is expected to recover as the adjustment of excess production capacity comes to an end [2] Industry Overview - The report highlights the need for industry structure optimization to accelerate the elimination of excess capacity, particularly in sectors like automotive, photovoltaic, lithium batteries, steel, and cement [2] - The central bank has increased the quota for re-loans for technological innovation and technical transformation by 300 billion yuan, with the balance of technology loans reaching 44.1 trillion yuan, growing by 12.5% year-on-year [2] - The loan structure has shifted from over 60% in real estate and infrastructure loans in 2016 to approximately 70% in the "five major articles" of finance currently [2] Market Performance - The report notes that during the week of August 11 to August 17, 2025, the major indices saw significant increases, with the Shanghai Composite Index rising by 1.70% and the ChiNext Index by 8.58% [7] - The banking index experienced a weekly decline of 3.19%, underperforming the CSI 300 index by 5.57 percentage points [7] Investment Recommendations - The report recommends focusing on the banking sector for medium to long-term investments, highlighting that the overall allocation to banks has increased but remains insufficient [3][8] - Specific banks recommended for investment include state-owned banks (A+H) and stable joint-stock banks such as China Merchants Bank (A+H), CITIC Bank (A+H), and Industrial Bank, as well as high-quality regional banks with strong provisioning coverage [8] Profit Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several banks, indicating a positive outlook for banks like Ningbo Bank, Jiangsu Bank, and China Merchants Bank, with recommendations to buy [9]

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating a positive outlook for the industry. Core Insights - The banking sector is experiencing a narrowing decline in profit growth, with a cumulative net profit of 1.24 trillion yuan in the first half of 2025, representing a year-on-year decrease of 1.2%, which is an improvement from the 2.3% decline in the first quarter [1][2] - The asset growth rate of commercial banks accelerated to 8.88% year-on-year in Q2 2025, up 1.7 percentage points from Q1 2025, driven by a low base effect from the previous year [1][2] - The report highlights a continuous optimization of credit structure, with significant increases in loans to technology, green, inclusive, and digital sectors, which now account for approximately 70% of new loans [7] Summary by Sections Banking Sector Performance - Profit growth decline narrowed to 1.2% in H1 2025, with non-interest income rising to 25.8% [1] - Asset growth rate reached 8.88% in Q2 2025, with state-owned banks showing a 10.4% growth [1][2] - Net interest margin slightly decreased to 1.42%, with state-owned banks at 1.31% [2] - Non-performing loan (NPL) ratio improved to 1.49%, with a notable decrease in rural commercial banks' NPL ratio to 2.77% [2] - Capital adequacy ratio increased to 15.58%, with all bank types showing improvements [2] Monetary Policy Execution - New loan interest rates decreased to 3.29% in June 2025, with significant drops in various loan categories [3] - The central bank's outlook on the macro economy has become more positive, indicating solid support for stable growth in the second half of 2025 [3] - The monetary policy remains moderately accommodative, focusing on maintaining stability and flexibility [3][6] Credit Structure Optimization - The report emphasizes the need for continuous optimization of credit structure, with a significant shift in loan distribution over the past decade [7] - Small and micro-enterprise loans have seen an annual growth rate of about 15%, increasing their share in corporate loans from 30.4% in 2014 to 38.2% in 2025 [7] - Technology loans reached a balance of 44.1 trillion yuan, growing by 12.5% year-on-year, with an average interest rate of 2.90% [7] Sector Outlook - The banking sector is expected to benefit from policy catalysts, with a focus on stocks that show positive fundamental changes and continuous improvement in financial statements [8] - Specific banks such as Ningbo Bank are recommended for their positive fundamental changes, while Jiangsu Bank and others are highlighted for their dividend strategies [8]

Group 1 - The latest LPR values for 1-year and 5-year loans will be announced on August 20, with the current rates at 3.0% and 3.5% respectively, unchanged from June [2] - A total of 711.8 billion yuan in reverse repos will mature next week, with specific maturities scheduled from Monday to Friday [3] - The Hang Seng Index Company will announce the results of the second quarter index review on August 22, with changes effective from September 8, 2025 [4] Group 2 - The Jackson Hole Global Central Bank Conference will take place from August 21 to 23, featuring a speech by Federal Reserve Chairman Jerome Powell on August 22 [5] - The Federal Reserve will release the minutes of its monetary policy meeting on August 21, amid a pause in interest rate cuts since early this year, with current rates between 4.25% and 4.5% [6] - Nearly 100 billion yuan in market value of restricted stocks will be unlocked next week, with 35 stocks facing unlocks, including 29.54 billion yuan from United Imaging Healthcare [7][8] Group 3 - One new stock, Balanshi, is set to be issued next week on August 19, with approximately 19 million shares expected to raise nearly 300 million yuan [11]

伴随银行业数字化转型进入快车道，近年银行纷纷加大科技人才储备。日前，多家银行开启秋招和社 招，科技岗位仍是"主角"之一。 "此前我们有部分非核心业务是外包的，现在行里加速数字化转型，要提高业务的自主可控性，今后科 技岗位招聘将常态化。"一家农商银行信息科技部负责人告诉《财经》。该行于8月11日启动科技条线人 员社招，青睐既懂技术、又懂金融业务的复合型人才。 "高薪挖人"是银行抢夺科技人才的一个表现。今年上半年，有上市地方银行开出最高80万元年薪招聘人 工智能（AI）高层次人才，这一上限水平高于该行所有董监高管2024年的薪酬。前述负责人也透露， 该行对招聘岗位开出的薪酬"比省内同业都有竞争力"。 在业内人士看来，银行对科技人才的争抢大战愈演愈烈，是行业数智化转型的必然结果。虽然众多银行 加速自身科技队伍建设，不过，由于在资本实力、技术禀赋等方面存在差异，中小银行与大型银行在数 字化能力上仍有距离。 高薪抢人 近段时间，多家银行发布2026届校园招聘公告，科技人才依旧是抢夺的对象。 上海农商银行在2026届FINTECH培训生提前批招聘中，设置软件开发、人工智能、系统测试、数据治 理等多个与科技相关的岗位，偏好 ...

证券之星消息，8月15日农商行板块较上一交易日下跌0.82%，沪农商行领跌。当日上证指数报收于 3696.77，上涨0.83%。深证成指报收于11634.67，上涨1.6%。农商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) | | --- | --- | --- | --- | --- | --- | | 601528 | 瑞丰银行 | 5.57 | 0.54% | 21.11万 | 1.17 乙 | | 601860 | 紫金银行 | 2.94 | 0.34% | 77.84万 | 2.27亿 | | 600908 | 无锡银行 | 6.10 | 0.16% | 25.48万 | 1.54亿 | | 002839 | 张家港行 | 4.43 | -0.45% | - 45.71万 | 2.02亿 | | 601128 | 常熟银行 | 7.62 | -0.52% | 79.25万 | 5.99亿 | | 603323 | 苏农银行 | 5.31 | -0.56% | 36.83万 | 1.94亿 | | 002958 | 青农商行 | 3.45 | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 上海农村商业银行股份有限公司 首次公开发行部分限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次股票上市类型为首发股份；股票认购方式为网下，上市股数为57,857,794股。 本次股票上市流通总数为57,857,794股。 ● 本次股票上市流通日期为2025年8月19日。 一、本次限售股上市类型 证券代码：601825 证券简称：沪农商行 公告编号：2025-030 上海农村商业银行股份有限公司（以下简称"本公司"或"沪农商行"）于2021年6月15日经中国证券监督 管理委员会《关于核准上海农村商业银行股份有限公司首次公开发行股票的批复》（证监许可〔2021〕 2038号）核准，向社会公众首次公开发行人民币普通股（A股）股票964,444,445股，并于2021年8月19 日在上海证券交易所挂牌上市。首次公开发行后，本公司总股本为9,644,444,445股，其中有限售条件流 通股8,680,000,000股，占本公司总股本的90% ...

证券代码：601825 证券简称：沪农商行 公告编号：2025-030 上海农村商业银行股份有限公司 首次公开发行部分限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发股份；股票认购方式为网下，上市股 数为57,857,794股。 本次股票上市流通总数为57,857,794股。 一、本次限售股上市类型 上海农村商业银行股份有限公司（以下简称"本公司"或"沪农 商行"）于 2021 年 6 月 15 日经中国证券监督管理委员会《关于核准 上海农村商业银行股份有限公司首次公开发行股票的批复》（证监许 可〔2021〕2038 号）核准，向社会公众首次公开发行人民币普通股（A 股）股票 964,444,445 股，并于 2021 年 8 月 19 日在上海证券交易所 挂牌上市。首次公开发行后，本公司总股本为 9,644,444,445 股，其 中有限售条件流通股 8,680,000,000 股，占本公司总股本的 90%，无限 售条件流通股 964,444,445 股，占本公司 ...

至此，待党委副书记汪明的行长任职资格获批后，上海农商银行新一届领导班子基本成型。该行官网信 息显示，徐力担任党委书记、董事长、执行董事；汪明担任党委副书记（行长任职资格待监管批复）； 应长明担任党委副书记、工会主席、职工董事。共有副行长5名，包括张红彪、顾贤斌、沈栋、占玲 灵、张跃红等，其中沈栋兼任首席信息官。此外，赵立新担任该行党委委员、市纪委监委派驻上海农商 银行纪检监察组组长。 责任编辑：秦艺 公开资料显示，张跃红出生于1977年8月，在升任副行长之前担任上海农商银行公司金融部总经理，曾 担任该行公司金融部副总经理、投资银行部总经理，徐汇支行党委副书记、副行长，徐汇支行党委书 记、行长，公司金融部总经理兼普惠金融部总经理。 而占玲灵则是一位"80后"，出生于1981年9月，在升任副行长之前，在上海农商银行青浦支行担任党委 书记、行长，曾任国际业务部副总经理、贸易金融部副总经理、风险管理部副总经理、闵行支行副行 长。 21世纪经济报道记者李览青 上海报道 8月6日晚间，沪农商行（601825.SH）发布公告，国家金融监督管理总局上海监管局已核准张跃红女士 的公司副行长任职资格，后者成为上海农商银行五位副行 ...

公开资料显示，张跃红出生于1977年8月，在升任副行长之前担任上海农商银行公司金融部总经理，曾 担任该行公司金融部副总经理、投资银行部总经理，徐汇支行党委副书记、副行长，徐汇支行党委书 记、行长，公司金融部总经理兼普惠金融部总经理。 而占玲灵则是一位"80后"，出生于1981年9月，在升任副行长之前，在上海农商银行青浦支行担任党委 书记、行长，曾任国际业务部副总经理、贸易金融部副总经理、风险管理部副总经理、闵行支行副行 长。 至此，待党委副书记汪明的行长任职资格获批后，上海农商银行新一届领导班子基本成型。该行官网信 息显示，徐力担任党委书记、董事长、执行董事；汪明担任党委副书记（行长任职资格待监管批复）； 应长明担任党委副书记、工会主席、职工董事。共有副行长5名，包括张红彪、顾贤斌、沈栋、占玲 灵、张跃红等，其中沈栋兼任首席信息官。此外，赵立新担任该行党委委员、市纪委监委派驻上海农商 银行纪检监察组组长。 （文章来源：21世纪经济报道） 8月6日晚间，沪农商行（601825.SH）发布公告，国家金融监督管理总局上海监管局已核准张跃红女士 的公司副行长任职资格，后者成为上海农商银行五位副行长之一。 值得关注的是 ...