公司报告 | 半年报点评 中国银行（601988） 证券研究报告 营收稳步向上提速 事件： 中国银行发布 2025 半年度财报。2025 上半年，公司营业收入、归母净利润分别 同比+3.76%、-0.85%；不良率、拨备覆盖率分别为 1.24%、197%。 点评摘要： 营收稳步改善。2025 上半年，中国银行实现营收约 3290.03 亿元，同比增长 3.76%，环比一季度增速提升 1.2pct。营收结构上，净利息收入 2148.16 亿元 （YoY-5.27%），占总营收 65.29%；非息净收入 1141.87 亿元，同比增长 26.43%，结构占比与一季度持平。拨备前利润 25Q1、25H1 增速分别为-1.15%、 0.35%,归母净利润同比增速分别为-2.90%、-0.85%。拨备计提规模较去年同期 释放约 30.77 亿元利润空间，有效支持利润增速向上改善。 2025 上半年，中国银行净息差录得 1.26%，较 25Q1 下行 3bp。生息资产收益率 录得 2.96%，较 2024 年末-38bp；计息负债成本率显著改善，较 2024 年末压降 26bp 至 1.86%。 分细项来看，公司 25H ...

从顺周期到弱周期》2025-08-31 润增速边际向上》2025-08-18 3、《2Q25 货币政策执行报告点评： 2025-08-18 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 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 | 10.72 | 1.69 | 1.65 | 1.91 | 2.03 | 2.15 | 6.34 | 6.50 | 5.62 | 5.28 | 4.98 | 买入 | | | | 渝农商行 | 6.38 | 0.94 | 0 ...

Core Viewpoint - The implementation of a one-year personal consumption loan interest subsidy policy began on September 1, allowing consumers to enjoy a 1% annual subsidy on eligible loans used for consumption purposes [1][4]. Group 1: Policy Overview - The subsidy applies to loans taken for various consumption purposes, including purchasing electronics, home renovations, and family trips, with a maximum subsidy of 3,000 yuan per loan [4][5]. - To qualify for the subsidy, consumers must apply through designated financial institutions and sign an authorization agreement allowing banks to verify that the loan is used for consumption [2][3]. Group 2: Eligible Institutions - The policy includes major state-owned banks such as ICBC, ABC, and BOC, as well as several joint-stock banks and specialized consumer finance institutions [1][4]. - Different banks have varying implementation timelines and processes for applying for the subsidy, with some already offering streamlined application options [6][8]. Group 3: Existing Customers - Existing customers who took out loans before the policy's implementation can still apply for the subsidy if they meet the consumption criteria during the subsidy period from September 1, 2025, to August 31, 2026 [10][11]. - Some banks, like Citic Bank, allow existing customers to sign the necessary agreements retroactively to qualify for the subsidy [11]. Group 4: Compliance and Risks - Banks emphasize the importance of compliance with lending regulations, warning against fraudulent practices that could disqualify borrowers from receiving the subsidy [13][14]. - Customers are advised to avoid third-party intermediaries when applying for loans and subsidies, as banks will not charge any fees for these services [13].

Bank of China Stock Jumps Amid Rumours of Stablecoin Licensing Plans► https://t.co/dlvUpexuwe https://t.co/dlvUpexuwe ...

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].

记者丨 郭聪聪 编辑丨曾芳 9月第一天，为期一年的个人消费贷款财政贴息政策正式实施！ 无论你是计划换一部新手机、购置家用汽车，还是安排一次家庭旅行、装修新房，只要是通过 正规渠道申请消费贷款并真实用于消费，就有机会享受年化1个百分点的贴息"国补"。 21世纪经济报道记者走访多家经办机构发现，目前多家银行已火速上线个人消费贷款财政贴息 服务端口。更有不少银行明确表示： 哪怕你在政策实施前就已经申请了消费贷款，只要满足 条件，同样可能享受贴息优惠。 不过，不同银行的落地节奏和补贴路径不尽相同——从哪儿申请？如何申请？怎样查询？有哪 些注意事项？本文带你一文读懂，轻松领补贴！ 两个关键条件拿"国补"，最高省3 0 0 0元 很多人看到"财政贴息"会觉得流程复杂，其实政策把门槛放得很低，只要满足两个核心条 件"机构对了、授权签了"，之后银行会自动帮你申请贴息。 首先， 必须是《个人消费贷款财政贴息政策实施方案》中的经办机构。 在这些机构中，既有 大家熟悉的"工农中建交邮"六家国有大行，也包括招商、中信、华夏、浦发等12家股份制银 行，还有招联消费金融、蚂蚁消费金融等5家专门做消费贷的机构。 注：政策覆盖单笔5万元以下 ...

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].

Core Insights - The credit card market is experiencing a significant decline, with various metrics showing a downward trend, including credit card loan balances, transaction volumes, and the number of active cards [1][2][3] Credit Card Loan Balances - The total credit card loan balance of 14 major banks reached 7.52 trillion yuan, a decrease of 197.57 billion yuan or 2.56% compared to the beginning of the year [1][2] - China Bank reported the largest decline in credit card loans, down 13.88% to 522.50 billion yuan, while other banks like Ping An Bank and Industrial Bank saw reductions of 9.23% and 8.07%, respectively [2] Credit Card Transaction Volumes - The total credit card transaction amount for 12 banks was 11.47 trillion yuan, reflecting a year-on-year decrease of 11.05%, equating to a loss of 1.42 trillion yuan [2] - The highest decline was observed in China Bank and Everbright Bank, with transaction volumes dropping over 18% [2] Credit Card Circulation - The total number of circulating credit cards among 10 banks was 890 million, a decrease of 3.91 million cards compared to the previous year [3] - Ping An Bank saw a net reduction of 6.26 million cards, while Citic Bank experienced an increase of 6.37 million cards [3] Credit Card Business Revenue - Credit card business revenue is also on a downward trend, with only four banks disclosing figures. For instance, China Merchants Bank reported a 4.96% decline in interest income to 30.61 billion yuan [4][5] - Other banks like Citic Bank and Everbright Bank reported declines of 14.61% and 21.3%, respectively, in their credit card business revenue [5] Credit Card Non-Performing Loans - The non-performing loan (NPL) ratio for credit cards is rising, with the highest NPL ratio reported by China Merchants Bank at 1.75% [6] - Agricultural Bank and Postal Savings Bank reported the lowest NPL ratios at around 1.5% [6] Changing Consumer Behavior - There is a noticeable shift in consumer attitudes towards credit cards, with many users opting to cancel multiple cards, citing that they only need one or two [7] - The trend of "decluttering" credit cards is evident, as consumers express dissatisfaction with the reduced benefits associated with credit cards [7] Industry Outlook - Despite the overall contraction in the credit card market, there is potential for quality improvement and differentiation in competition [8] - Future strategies for banks include focusing on high-end customer needs and basic customer demands, with various banks launching targeted promotional activities [8][9]

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 ...