银行研思录 19 上市银行"十四五回望"之盈利结构变迁 总量研究/银行 本报告为"十四五"期间银行经营回顾与"十五五"规划展望系列第二篇《盈 利结构变迁》，我们将系统展示对于 42 家 A 股上市银行在"十四五"期间的 ROE 结构拆分以及相对行业优势的变化，以表征各银行板块和单家银行盈利结 构和盈利质量的变迁逻辑、驱动因素与结构性特征，为衔接"十五五"战略布 局提供镜鉴。 证券研究报告 | 行业深度报告 2025 年 09 月 26 日 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 41 | 0.8 | | 总市值（十亿元） | 10527.7 | 10.1 | | 流通市值（十亿元） | 9870.5 | 10.4 | 行业指数 % 1m 6m 12m 绝对表现 -6.8 3.6 23.4 相对表现 -9.6 -13.2 -11.6 资料来源：公司数据、招商证券 -10 0 10 20 30 40 Sep/24 Jan/25 May/25 Sep/25 (%) 银行 沪深300 相关报告 1、《上市银行债市浮盈余额有多少？ —银行研思录 1 ...

Core Viewpoint - The six major state-owned banks in China have collectively announced the abolition of their supervisory boards, transitioning the responsibilities to the audit committees under the board of directors, which is seen as a move to enhance governance efficiency and effectiveness [3][4][6]. Group 1: Announcement of Abolishment - On September 25, major banks including Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications announced that they will no longer establish supervisory boards following regulatory approval for their articles of association [1][4]. - Postal Savings Bank is set to discuss a similar proposal at its upcoming shareholder meeting on October 9, indicating a trend among banks to eliminate supervisory boards [2][6]. Group 2: Implementation Details - The reform steps taken by the banks are consistent, with all five major banks approving the abolishment of supervisory boards during their 2024 annual shareholder meetings held on June 27, 2025 [4]. - The new governance structure will take effect immediately for Bank of China and Agricultural Bank, while China Construction Bank and Bank of Communications will implement it on September 23 and September 25, 2025, respectively [4]. Group 3: Personnel Changes - With the abolishment of the supervisory boards, the positions of existing supervisors will be terminated, including notable figures from each bank [5]. - The announcement from ICBC also indicated updates to various governance documents, including the abolishment of the supervisory meeting rules [5]. Group 4: Broader Industry Trends - Analysts suggest that the simultaneous cancellation of supervisory boards by major banks aligns with modern corporate governance trends, aiming to enhance decision-making efficiency and strengthen board accountability [6]. - Other banks, including China Merchants Bank and Huaxia Bank, have also moved to abolish their supervisory boards, indicating a wider industry shift [7]. Group 5: Regulatory Context - The new provisions in the Company Law, effective from July 2024, allow companies to establish audit committees within the board of directors to perform the functions of supervisory boards, reflecting a regulatory shift towards more flexible governance structures [8]. - The China Banking and Insurance Regulatory Commission has stated that these changes will help financial institutions create governance frameworks that suit their specific needs, reduce management costs, and enhance operational flexibility [8].

2025.09. 26 本文字数：563，阅读时长大约1分钟 来源 | 央视财经 微信编辑 | 格蕾丝 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 捷豹路虎3.3万名员工被告知"停工停产" 9月25日晚间， 工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行发布公告，宣布 不再设立监事会 。 公告显示，工商银行、农业银行、中国银行、建设银行、交通银行五家国有大行于近日收到国家金融 监督管理总局的有关批复，核准修订后的公司章程，银行监事会及监事依法撤销。银行表示，相关人 员不再担任该行监事，已确认与银行无不同意见，亦无任何其他相关事项需要通知银行股东及债权 人。邮储银行同日发布的《2025年第二次临时股东大会会议资料》也表示，该行拟不再设立监事会 及下设专门委员会。 据悉，监事会是股份公司的监督机构，主要负责监督检查公司的财务会计活动、管理人员执行职务时 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601288 农业银行 | | 2.00亿 | 7.58% | -1.74亿 | -6.60% | -2580.26万 | -0.98% | | 601398 工商银行 | | 8962.28万 | 4.45% | -1.48亿 | -7.34% | 5826.47万 | 2.89% | | 601328 交通银行 | | 2646.71万 | 3.20% | -6353.29万 | -7.68% | - 3706.58万 | 4.48% | | 601658 邮储银行 | | 2153.66万 | 3.93% | -552.23万 | -1.01% | -1601.43万 | -2.92% | | 601939 建设银行 | | 294.89万 | 0.44% | -190.64万 | -0.28% | -104.25万 | -0.15% | | 601988 中国 ...

每经记者|张寿林 每经编辑|陈旭 9月25日晚，工商银行、农业银行、建设银行、中国银行和交通银行集体发布公告，近日收到监管相关 核准批复，自核准之日起，不再设立监事会。 《每日经济新闻》记者注意到，新修订的公司法于2024年7月1日正式实施，对监事会、职工董事设置等 方面提出新的要求。有限责任公司可在董事会中设置由董事组成的审计委员会，行使监事会职权，不设 监事会或者监事。 五大行撤销监事会已获监管核准 9月25日晚，工商银行披露，中国工商银行股份有限公司于2025年6月27日召开的2024年度股东年会审议 批准了《关于审议<中国工商银行股份有限公司章程（2025年版）>及撤销监事会相关事项的议案》。 近日收到《国家金融监督管理总局关于工商银行修改公司章程的批复》（金复〔2025〕564号）。国家 金融监督管理总局已核准该行修订后的公司章程。 同日，建设银行披露，该行2025年6月27日召开的2024年度股东大会审议批准了《关于不再设立监事会 的议案》和《关于修订<中国建设银行股份有限公司章程>的议案》。近日，国家金融监督管理总局已 核准修订后的公司章程。该行自2025年9月23日起，按照公司章程规定，不再设 ...

Core Viewpoint - The six major banks in China have decided to abolish their supervisory boards, opting for their audit committees to assume the supervisory functions, which is seen as a move to enhance corporate governance efficiency and reduce governance costs [1][2]. Group 1: Announcement Details - On September 25, the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications announced they would no longer establish supervisory boards [1]. - These banks indicated that the decision was approved at the 2024 annual shareholders' meeting held on June 27, 2025, and they have received approval from the National Financial Regulatory Administration for the amendments to their articles of association [1]. - The current supervisors will no longer hold their positions, and the audit committee of the board will take over the responsibilities previously held by the supervisory board [1]. Group 2: Industry Implications - Experts suggest that the functions of the supervisory board overlap with those of the board of directors, particularly the audit committee, which can lead to reduced governance costs and increased flexibility in corporate governance [2]. - The recent revision of the Company Law allows companies to establish audit committees composed of directors to exercise the powers of the supervisory board, which supports the decision to eliminate supervisory boards [2]. - Other banks, including several nationwide joint-stock banks and local commercial banks, have also announced plans to abolish their supervisory boards, indicating a broader trend in the banking industry [2].

金融安全是维护金融消费者权益的第一道防线，更是社会稳定发展的坚实基础。近年来，随着金融产品日趋复 杂、诈骗手段不断翻新，提升公众金融素养和风险防范能力已成为金融机构的重要社会责任。 2025年"金融消费者权益保护教育宣传周"期间，中国建设银行深圳市分行（以下简称"深圳建行"）以"保障金 融权益 助力美好生活"为核心主题，充分发挥金融机构专业优势，创新构建线上线下全覆盖、多场景深融合、 重点群体精准触达的"陆空一体"金融教育传播体系，将金融知识送进社区、企业、校园与交通枢纽，切实提升 广大群众的金融素养与风险防范能力，助力市民筑牢金融安全"防火墙"。 构建"陆空一体"传播网：线上线下全覆盖提升金融素养 传统的单向灌输式教育已难以适应当前金融知识普及的需求，为此，该行创新推出多种沉浸式教育活动，让金 融知识在互动体验中入脑入心。 举办"理财三适当原则"大讲堂是该行的宣传周的活动之一。活动邀请行业专家现场解读适当性原则，通过"知 识传导+案例情景模拟"的形式，帮助社会大众树立正确的投资理念。参与活动的市民纷纷表示，通过情景模 拟真正理解了风险匹配的重要性，对选择投资产品很有帮助。 针对老年群体，该行特别设计了"银龄 ...

Core Points - Major Chinese banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, have announced the approval of amendments to their articles of association, eliminating the supervisory board [2] - The trend of abolishing supervisory boards is also seen in city commercial banks, with Qilu Bank recently voting to no longer establish a supervisory board [2] - Over 20 of the 42 listed banks have either announced the cancellation or are in the process of abolishing their supervisory boards, including several joint-stock banks and local banks [2] - The removal of supervisory boards is driven by the new Company Law effective from July 1, 2024, allowing companies to set up an audit committee within the board of directors to exercise the powers of the supervisory board [2] - The China Securities Regulatory Commission has indicated that listed companies must establish an audit committee by January 1, 2026, to replace the supervisory board [3] - The industry believes that replacing supervisory boards with audit committees will enhance corporate governance efficiency and reduce operational costs, while ensuring independence and professionalism in supervision [3]

Core Viewpoint - The banking sector is experiencing a rise in stock prices despite market conditions, driven by recent adjustments in deposit rates by local small and medium-sized banks to alleviate pressure on their liabilities and improve net interest margins [1] Group 1: Stock Performance - Chongqing Rural Commercial Bank (03618) increased by 4.62%, reaching HKD 6.12 [1] - Qingdao Bank (03866) rose by 1.88%, reaching HKD 4.34 [1] - China Construction Bank (00939) saw a 1.1% increase, reaching HKD 7.38 [1] - Bank of China (03988) grew by 0.96%, reaching HKD 4.21 [1] Group 2: Deposit Rate Adjustments - Since September, the number of local small and medium-sized banks reducing deposit rates has been increasing [1] - On September 25, several banks, including Henan Luoyang Rural Commercial Bank, announced reductions in RMB deposit rates, with the maximum cut reaching 35 basis points [1] - The purpose of these adjustments is to alleviate pressure on the liability side and mitigate the negative impact of narrowing net interest margins [1] Group 3: Market Outlook - China Galaxy Securities indicates that the adjustment of the 14-day reverse repurchase operation aims to enhance the position of the 7-day reverse repurchase policy rate, improving liquidity management precision [1] - The benefits for small and medium-sized banks from these changes are expected to be less significant compared to larger banks [1] - Continued positive factors in the banking fundamentals, along with increased consumer policies, suggest potential mid-term performance improvements and a possible turning point [1] - The focus remains on the effectiveness of policies, retail business demand, risk improvement, and reform measures [1] - The institution maintains a positive outlook on the banking sector's valuation and continues to recommend investment in this area [1]

Group 1: Green Development Initiatives - The Construction Bank of Jiangsu Province is promoting green development by innovating financial products and services to support waste and wastewater treatment, transforming waste into valuable resources [1][2] - The bank has provided significant financial support to companies like Nanjing Jiayi Digital Additive Technology Research Institute, which converts industrial waste into high-strength recycled concrete, and Jiangsu Xiangcheng Environmental Technology Co., which processes 300,000 tons of renovation waste annually [2][3] Group 2: Waste Management and Recycling - The concept of a "waste-free city" focuses on resource recycling, reduction, and harmless treatment of waste, with waste classification being a key component [3] - Companies like Taizhou Yicheng Environmental Technology Co. and Nanjing Huihe Environmental Engineering Technology Co. are receiving tailored financial solutions from the Construction Bank to enhance their operations in waste classification and medical waste disposal [3][4] Group 3: Wastewater Treatment - Urban wastewater management is crucial for building a "waste-free city," with companies like Nanjing Xiwang Wastewater Treatment Co. receiving financial support for capacity upgrades and equipment improvements [4] - The Construction Bank has facilitated the financing of a new industrial wastewater treatment plant in Changzhou, with a total investment of 450 million yuan, to address wastewater management needs [4] Group 4: Battery Recycling and Biomass Energy - Jiangsu Huayou Energy Technology Co. is focusing on lithium battery lifecycle management and has received 30 million yuan in loans to support its battery recycling initiatives [6] - Xuzhou Zhongsheng Clean Energy Co. is converting agricultural waste into biomass energy, with the Construction Bank providing 290 million yuan in loans for infrastructure development and additional 20 million yuan for operational support [6][7]