银行业2025年中报综述：业绩筑底转正的“表”和“里”

Investment Rating - The report maintains a positive outlook on the banking sector, indicating a recovery in earnings and profitability, with a focus on undervalued shares and quality regional banks [4][7]. Core Insights - The banking sector has shown a turnaround in revenue and profit growth, with a 1.0% year-on-year increase in revenue and a 0.8% increase in net profit attributable to shareholders in the first half of 2025 [4][11]. - Non-interest income has contributed positively to the overall performance, with a notable recovery in investment-related non-interest income [11][12]. - The report highlights a trend of banks prioritizing structural optimization over aggressive growth, particularly in the context of credit growth slowing down [4][7]. - Asset quality remains stable, with a slight decrease in non-performing loan ratios, although retail risk management is emphasized as a key area of focus [4][7]. Summary by Sections 1. Performance Overview - Revenue and net profit for listed banks have turned positive, with significant contributions from non-interest income and a recovery in investment-related income [4][11]. - The report notes that the banking sector is entering a new cycle of stable profit growth, supported by regulatory measures [4][7]. 2. Focus Areas - The report identifies several key areas of focus, including the importance of stable profitability and high dividends attracting patient capital [4][7]. - It emphasizes the need for banks to optimize their deposit structures to stabilize net interest margins [4][7]. 3. Credit Growth Trends - A clear trend of declining credit growth is noted, with banks moving away from a "scale obsession" towards optimizing their loan structures [4][7]. - The report indicates that the loan growth rate for listed banks remained stable at 7.9% in the second quarter of 2025 [4][7]. 4. Deposit Management - The report highlights that deposit growth has improved, with a quarterly increase of 1.7 percentage points to 8.1% in the second quarter of 2025 [4][7]. - It notes that the proportion of time deposits has increased significantly, contributing to overall deposit growth [4][7]. 5. Asset Quality - The overall asset quality remains stable, with a slight decrease in the non-performing loan ratio to 1.22% in the second quarter of 2025 [4][7]. - The report stresses the importance of managing retail risks as a core focus for banks moving forward [4][7]. 6. Investment Analysis - The report expresses optimism about the valuation recovery of the banking sector, suggesting that investors are increasingly seeking lower-risk, more predictable returns [4][7]. - It recommends focusing on undervalued shares and quality regional banks, highlighting specific banks such as Industrial Bank, CITIC Bank, and Chongqing Bank as potential investment opportunities [4][7].