证券研究报告 | 公司点评 | 股份制银行Ⅱ 平安银行(000001) 报告日期：2025 年 04 月 19 日 经营地基显著夯实 ——平安银行 2025 年一季报点评 投资要点 ❑ 平安银行 2025Q1 核心营收改善、负债量价双优、不良生成下行，显示当前平安 银行的经营地基已显著夯实。 ❑ 数据概览 平安银行 2025Q1 营收同比下降 13.1%，降幅较 24A 扩大 2.1pc；利润同比下降 5.6%，降幅较 24A 扩大 1.4pc。2025Q1 末不良率 1.06%，持平于 24A 末水平； 2025Q1 末拨备覆盖率 237%，较 24A 末下降 14pc。 ❑ 盈利地基夯实——核心营收改善 2025Q1 营收同比下降 13.1%，降幅较 24A 扩大 2.1pc，主要归因受市场扰动，其 他非息收入由 24A 的同比高增 68.7%，转为 25Q1 同比负增 32.7%，大幅拖累盈 利。值得注意的是，平安银行 25Q1 核心营收降幅已显著改善，盈利动能改善趋 势延续。①利息净收入同比下降 9.4%，降幅较 24A显著改善 11.4pc，得益于息差 环比回升。25Q1 息差（日均，下同）环比 2 ...

Group 1 - The core viewpoint of the articles highlights the significant presence and strategic investments of the national team in the stock market, particularly in key sectors such as banking, materials, and public utilities [1][2][3] - As of April 19, the national team has emerged as a major shareholder in 10 stocks, holding a total of 15.69 billion shares valued at 305.52 billion yuan, with a focus on stable assets [2] - The top three holdings by quantity are Zijin Mining, Ping An Bank, and Chuanwei Energy, with respective holdings of 6.91 billion shares, 4.29 billion shares, and 1.61 billion shares [2] Group 2 - The national team's investments are concentrated in three main sectors: materials, technology hardware and equipment, and public utilities, indicating a long-term positive outlook on the real economy and infrastructure [2] - In terms of market value, Zijin Mining leads with a holding value of 125.24 billion yuan, followed by Wanhua Chemical and Ping An Bank with 49.30 billion yuan and 48.33 billion yuan, respectively [2] - The national team's overall holdings across 192 stocks amount to 5.29 trillion shares with a market value of 35.85 trillion yuan, with banking stocks being a significant focus [3]

Core Viewpoint - Ping An Bank reported a decline in both revenue and net profit for Q1 2025, while also announcing plans to issue capital bonds totaling up to RMB 100 billion to strengthen its capital structure [2][3]. Financial Performance - For Q1 2025, Ping An Bank achieved operating revenue of RMB 33.709 billion, a year-on-year decrease of 13.1%, and a net profit of RMB 14.096 billion, down 5.6% year-on-year [2]. - The net interest margin fell to 1.83%, a decrease of 18 basis points compared to the same period last year [2]. - The non-performing loan ratio remained stable at 1.06%, unchanged from the end of the previous year [2]. Retail Business Adjustments - The bank's retail loan scale continued to shrink, with personal loan balances at RMB 1,729.046 billion, down 2.2% from the end of the previous year [3]. - High-risk loans decreased, with credit card receivables down 7.9% to RMB 400.638 billion and consumer loans down 3.2% to RMB 459.315 billion [3]. - The quality of retail assets improved, with the personal loan non-performing rate at 1.32%, a decrease of 0.07 percentage points from the end of the previous year [3]. Corporate Lending Growth - Corporate loans increased to RMB 1,682.667 billion, a growth of 4.7% from the end of the previous year [4]. - The bank's focus on four major industries (infrastructure, automotive ecosystem, public utilities, and real estate) resulted in new corporate loans of RMB 123.571 billion, a year-on-year increase of 13.3% [5]. - New loans in emerging industries reached RMB 73.956 billion, growing by 32.7% year-on-year [5]. Cost Management and Efficiency - The bank's operating costs decreased, with business and management expenses at RMB 9.055 billion, down 13.2% year-on-year [5]. - Credit and other asset impairment losses were RMB 7.430 billion, a reduction of 20.9% compared to the previous year [5].

平安银行发布2025年第一季度报告，实现营业收入337.09亿元，同比下降13.1%。净利润为140.96亿 元，同比下降5.6%。2025年一季度，吸收存款平均付息率1.81%，较去年同期下降41个基点，较去年全 年下降26个基点，存款成本持续优化。2025年3月末，不良贷款率1.06%，与上年末持平；拨备覆盖率 236.53%；核心一级资本充足率9.41%，较上年末上升0.29个百分点。 山东华鹏：公司股票可能被实施其他风险警示 山东华鹏公告称，根据《上海证券交易所股票上市规则》，公司可能因最近连续三个会计年度扣除非经 常性损益前后净利润孰低者均为负值，且最近一个会计年度财务会计报告的审计报告显示公司持续经营 能力存在不确定性，被上海证券交易所实施其他风险警示。主要原因包括公司2024年年度报告可能被出 具包含与持续经营相关的重大不确定性段的无保留意见审计报告，以及公司累计逾期的有息债务本金约 7.91亿元，对应债务利息、违约金等约0.86亿元。如被实施其他风险警示，公司股票将于年度报告披露 日开始停牌，并在5个交易日内由上海证券交易所决定。 纳睿雷达：一季度净利润同比增长412% 纳睿雷达发布2025年 ...

Core Viewpoint - Ping An Bank reported a net profit of 14.096 billion yuan for Q1 2025, a decrease of 5.6% year-on-year, influenced by market changes and business structure optimization [1] Financial Performance - The bank achieved an operating income of 33.709 billion yuan in Q1 2025 [1] - Total assets reached 5,777.858 billion yuan, a growth of 0.1% compared to the end of the previous year [1] - The total amount of loans and advances was 3,411.713 billion yuan, increasing by 1.1% year-on-year [1] - Deposits amounted to 3,667.108 billion yuan, up 3.8% from the end of the previous year [1] - The average interest rate on deposits was 1.81%, down 41 basis points year-on-year [1] Retail Banking and Customer Metrics - Personal deposits stood at 1,330.883 billion yuan, a growth of 3.4% from the end of the previous year [2] - The number of retail customers increased to 126.0443 million, a rise of 0.4% [2] - Assets under management (AUM) for retail customers reached 4,245.491 billion yuan, up 1.2% [2] - The bank issued 14.512 billion yuan in new personal loans for electric vehicles, a significant increase of 61.4% year-on-year [2] Loan Portfolio and Asset Quality - Personal loan balance was 1,729.046 billion yuan, down 2.2% from the end of the previous year [2] - The non-performing loan (NPL) ratio remained stable at 1.06% [2] - The provision coverage ratio was reported at 236.53% [2] Strategic Initiatives - The bank is focusing on retail strategy and digital transformation, enhancing customer-centric services and product upgrades [3] - As of March 2025, Ping An Bank had 110 branches and a total of 1,145 operating institutions [3] - The bank aims to strengthen its loan, deposit, and wealth management sectors while promoting sustainable growth in retail banking [3]

2025年，平安银行上海分行迎来了立行的第27个年头。1998年4月20日，正值浦东开发热潮席卷黄浦江 畔，平安银行在这片热土播下了第一粒金融火种。二十七载春秋更迭，平安银行上海分行以躬耕者的姿 态深深扎根申城热土，从初创机构的单点破局，到如今63家网点串联城市动脉，2200名金融"将士"共筑 金融服务网络，7万公司客户、415万零售客户从外滩遍布至临港新片区。这组跳动的数字不仅丈量着机 构发展的历程，更镌刻着平安银行与上海这座城市同频成长的轨迹。 强根铸魂，以党建引领高质量发展 坚持党的领导、加强党的建设是平安银行上海分行发展的"根"，也是立业的"魂"。成立二十七年来，分 行始终坚持党的领导，深度融合党建工作与经营实践，通过思想铸魂、组织强基、党业融合、活动创 新"四维驱动"，以高质量党建引领高质量发展。2025年，通过深化"党建+"模式，打造"平安心向党"党 建品牌，为服务实体经济、助力五个中心建设注入红色动能。 服务国家战略，助力实体经济，奋力谱写金融"五篇大文章" "经济是肌体，金融是血脉。"作为银行业金融机构，平安银行上海分行始终践行金融工作的政治性、人 民性，厚植科创特色、淬炼惠企成色、坚守为民本 ...

平安银行股份有限公司监事会决议公告 证券代码：000001 证券简称：平安银行 公告编号：2025-022 优先股代码：140002 优先股简称：平银优 01 三、审议通过了《平安银行股份有限公司 2024 年度监事履职评价报告》。 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 平安银行股份有限公司（以下简称本行）第十一届监事会第十四次会议于 2025 年 4 月 18 日在南京召开。本次会议的召开符合有关法律、法规、规章和公 司章程的规定。会议应到监事 6 人（包括外部监事 2 人），监事长叶望春，监事 车国宝、王春汉、韩小京、孙永桢和邓红共 6 人到现场或通过电话参加了会议。 会议由本行监事长叶望春主持。会议审议通过了如下议案： 一、审议通过了《平安银行股份有限公司 2025 年第一季度报告》。 经审核，监事会认为董事会编制和审议本行 2025 年第一季度报告的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了本 行的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 以上议案同意票 6 票，反对票 0 票，弃权票 0 票。 ...

本行第十一届监事会监事长叶望春，监事车国宝、王春汉、韩小京、孙永桢 和邓红到现场或通过电话列席了会议。 会议由本行董事长谢永林主持。会议审议通过了如下议案： 一、审议通过了《平安银行股份有限公司 2025 年第一季度报告》。 本行董事会审计委员会已审议通过本议案。 证券代码：000001 证券简称：平安银行 公告编号：2025-021 优先股代码：140002 优先股简称：平银优 01 平安银行股份有限公司董事会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 平安银行股份有限公司（以下简称本行）第十二届董事会第三十九次会议通 知以书面方式于 2025 年 4 月 8 日向各董事发出。会议于 2025 年 4 月 18 日在南 京召开。本次会议的召开符合有关法律、法规、规章和本行公司章程的规定。会 议应到董事 13 人（包括独立董事 5 人），董事长谢永林，董事冀光恒、郭晓涛、 付欣、蔡方方、郭建、项有志、杨志群、杨军、艾春荣、吴志攀、刘峰和潘敏共 13 人到现场或通过视频等方式参加了会议。 本议案同意票 13 票，反对票 0 票，弃权票 0 票。 具 ...

智通财经4月18日电，平安银行(000001.SZ)发布2025年第一季度报告，实现营业收入337.09亿元，同比 下降13.1%。净利润为140.96亿元，同比下降5.6%。 平安银行：一季度净利润140.96亿元 同比下降5.6% ...

Financial Performance - Total operating revenue for Q1 2025 was RMB 33,709 million, a decrease of 13.1% compared to RMB 38,770 million in Q1 2024[8] - Net profit attributable to shareholders for Q1 2025 was RMB 14,096 million, down 5.6% from RMB 14,932 million in Q1 2024[8] - The weighted average return on equity (annualized) decreased to 12.07% in Q1 2025 from 13.36% in Q1 2024[8] - The bank's basic earnings per share for Q1 2025 was RMB 0.62, down 6.1% from RMB 0.66 in Q1 2024[8] - Operating income for Q1 2025 was RMB 33,709 million, a decrease of 13.3% from RMB 38,770 million in Q1 2024[117] - Total net profit for Q1 2025 was RMB 14,096 million, a decline of 5.6% compared to RMB 14,932 million in Q1 2024[117] - Net interest income decreased to RMB 22,788 million, down 9.0% from RMB 25,157 million year-over-year[117] - The bank's fee and commission income decreased to RMB 7,450 million, down from RMB 8,216 million year-over-year[117] - Credit impairment losses for Q1 2025 were RMB 7,430 million, a decrease from RMB 9,395 million in Q1 2024[117] Assets and Liabilities - Total assets as of March 31, 2025, were RMB 5,777,858 million, reflecting a 0.1% increase from RMB 5,769,270 million at the end of 2024[9] - Total liabilities decreased to RMB 5,271,746 million from RMB 5,274,428 million, indicating a reduction in overall debt[112] - The total balance of credit-related real estate business was CNY 267.72 billion, a decrease of CNY 5.615 billion from the end of the previous year[86] - The total amount of loans and advances issued was CNY 3,411.71 billion, with a non-performing loan rate of 1.06% as of March 31, 2025, unchanged from the end of the previous year[91] - The total risk-weighted assets amount to RMB 4,436,527 million as of March 31, 2025[97] Deposits and Loans - Total deposits reached RMB 3,667,108 million, an increase of 3.8% from RMB 3,533,678 million at the end of 2024[11] - Total loans and advances amounted to RMB 3,411,713 million, a slight increase of 1.1% from RMB 3,374,103 million at the end of 2024[11] - The average daily balance of corporate loans was RMB 1,460,941 million, with interest income of RMB 11,524 million and an average yield of 3.20% in Q1 2025[81] - The balance of personal loans was CNY 1,729.05 billion, with a non-performing loan rate of 1.32%, a decrease of 0.07 percentage points from the end of the previous year[94] - The number of loans to small and micro enterprises (with credit of CNY 10 million or less) reached 766,900, with a loan balance of CNY 496.33 billion, an increase of CNY 0.62 billion year-on-year, and new loans issued in Q1 2025 amounted to CNY 61.40 billion, a year-on-year growth of 22.5%[65] Capital Adequacy and Ratios - The capital adequacy ratio was reported at 13.44%, above the regulatory minimum of 10.75%[15] - The core tier 1 capital adequacy ratio is 9.41%, up from 9.12% at the end of 2024[97] - The leverage ratio increased to 6.73% as of March 31, 2025, compared to 6.47% at the end of 2024, primarily due to growth in tier 1 capital[99] - The liquidity coverage ratio decreased to 110.89% as of March 31, 2025, down from 136.15% at the end of 2024[101] Cash Flow - Net cash flow from operating activities for Q1 2025 was RMB 162,946 million, a significant improvement from a negative RMB 21,382 million in the same period last year[8] - The total cash inflow from operating activities reached RMB 416,949 million, up from RMB 225,077 million in the same period last year, marking an increase of approximately 85.5%[123] - The net cash flow from investment activities was RMB 13,953 million, compared to RMB 4,990 million in Q1 2024, reflecting a year-over-year increase of about 179.5%[123] - The bank recorded a net increase of RMB 206,387 million in deposits and interbank placements, up from RMB 79,784 million in the previous year, indicating a growth of approximately 158.5%[123] Customer and Client Metrics - The number of wealth management clients reached 1.4761 million, growing 1.4% from the end of the previous year[30] - The registered user count for the Ping An Pocket Bank APP was 175.7127 million, a 1.0% increase from the end of the previous year[32] - The number of corporate clients for the digital financial management platform reached 3,389, a 13.9% increase from the end of the previous year[41] - The bank's foreign exchange spot and derivative hedging business served 9,692 clients in Q1 2025, reflecting a year-on-year growth of 15.2%[53] Wealth Management and Investment - The total balance of wealth management products managed by Ping An Wealth Management reached RMB 11,773.79 billion as of March 2025, with cooperation established with over 50 peer banks[75] - Wealth management service fee income for Q1 2025 was CNY 1.208 billion, a year-on-year increase of 12.5%[30] - The average daily assets under management (AUM) for private banking clients was CNY 1,991.169 billion, a 0.8% increase from the end of the previous year[30] Risk Management - The non-performing loan ratio remained stable at 1.06% as of March 31, 2025, unchanged from the end of 2024[15] - The provision coverage ratio was 236.53%, down by 14.18 percentage points compared to the end of the previous year[91] - The non-performing loan (NPL) ratio for corporate real estate loans was 2.25%, an increase of 0.46 percentage points from the end of the previous year[86] Digitalization and Innovation - The bank's centralized operation center achieved a digitalization rate of 91% by the end of March 2025[59] - The bank's AI code adoption rate reached 24%, with 80% of programmers using AI code assistants by Q1 2025[61] - Over 400 new data labels were added, with nearly 17,000 data tables stored in the data lake by Q1 2025[62]