银行净息差降幅趋缓，行业探寻“稳息差”新路径

Core Viewpoint - The net interest margin (NIM) of listed banks is in a downward trend, but the rate of decline is slowing, becoming a focal point for the industry. The average NIM for listed banks in the first half of 2025 is approximately 1.33%, a year-on-year decrease of 13 basis points, which is a significant reduction from the 19 basis points decline in the same period last year. Banks are actively seeking effective paths to stabilize NIM through optimizing asset-liability structures, managing costs finely, and leveraging policy benefits [1]. Group 1: Asset-Liability Structure Optimization - Optimizing the asset-liability structure is the primary choice for banks to stabilize earnings amidst NIM pressure. For instance, China Merchants Bank reported a NIM of 1.88%, significantly above the industry average, attributed to its unique asset and liability structure, with over 50% of deposits being demand deposits and strict control over high-cost deposits [2]. - Minsheng Bank, despite having a lower absolute NIM of 1.39%, achieved a year-on-year increase of 1 basis point, credited to balancing "volume and price" on the asset side and enhancing low-cost deposit ratios on the liability side [2]. Group 2: Cost Management and Profit Space - Banks are focusing on extracting profit space from the liability side to stabilize NIM. Ping An Bank effectively managed its NIM through a combination of cost reduction and efficiency improvement, with operating expenses down by 9% year-on-year and a significant reduction in retail deposit costs [3]. - Industrial Bank is capitalizing on the opportunity of maturing high-cost deposits, expecting to save approximately 1.54 billion yuan in interest expenses by re-pricing these deposits at current lower rates [3]. Group 3: Industry Consensus on NIM Trends - The industry consensus is that while NIM pressures remain, the rate of decline is expected to gradually narrow. Construction Bank's CFO noted that the impact of LPR and deposit rate cuts has a lag effect, indicating continued downward pressure on NIM, but improvements in monetary policy are anticipated to ease this decline [4]. - Securities research institutions are optimistic, with Dongguan Securities suggesting that as banks lower deposit rates and manage costs effectively, the speed of NIM decline is likely to slow. Guosen Securities predicts that 2025 will mark the end of the current earnings downturn cycle, with expectations for a narrowing of NIM declines and potential improvements in retail loan quality by 2026 [6].