证券研究报告 金融行业周报 ——银行1季报整体稳健，推动供应链金融更好服务中小企业 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 韦霁雯S1060524070004（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2025年5月5日 1 核心观点 银行1季报整体稳健，推动供应链金融更好服务中小企业 行业新闻 行业数据 • 银行1季报整体稳健，个体分化持续 • 规范供应链金融，更好服务中小企业融资 • 银行卡清算机构管理办法重修订，强调运营监督管理 • 银行：中国人民银行召开落实金融"五篇大文章"总体统计制度动员部署会议 • 证券：《中华人民共和国民营经济促进法》出台 • 保险：发改委：推动稳就业稳经济 • 金融科技：中国支付清算协会发布收单外包风险提示 • 本周银行、证券、保险、金融科技指数分别变动-1.48%、-0.73%、-1.64%、+0.15% • 银行：公开市场操作实现净投 ...

Investment Rating - The report maintains a recommendation for the banking sector, indicating a positive outlook for investment in this industry [1]. Core Insights - The report highlights that the average interest rate for banks remains at 4.6%, despite a slowdown in revenue and profit growth for listed banks in Q1 2025 [1][8]. - The overall market performance of the banking sector has shown resilience, with a 0.3% increase over the past month and a 26.5% increase over the past year, outperforming the benchmark index [2][5]. - The report notes a shift in asset allocation by insurance companies towards FVOCI (Fair Value Through Other Comprehensive Income) assets, which is expected to stabilize net investment income under new financial regulations [8]. Summary by Sections 1. Information from Annual and Quarterly Reports - In Q1 2025, listed banks experienced a revenue decline of 1.7% and a net profit decline of 1.2% year-on-year, primarily due to decreased contributions from non-interest income and provisions [8][9]. - The average non-performing loan ratio remained stable at 1.16%, while the average attention ratio increased to 1.88%, indicating ongoing risks in retail and small micro sectors [8][9]. 2. Dynamics of Insurance Asset Allocation - Insurance companies are increasing their allocation to long-term bonds to mitigate the pressure on net investment returns, with significant increases in FVOCI asset proportions across major insurers [8]. 3. Monthly Market Performance - In April 2025, the banking sector outperformed the index with a decline of only 0.47%, ranking 6th among 31 industry categories [5]. - The average price-to-book (PB) ratio for state-owned banks was around 0.69, while joint-stock banks saw a decrease from 0.6 to 0.58 [5]. 4. Banking Fundamentals Tracking - The report indicates that 13 listed banks are expected to have a dividend yield exceeding 5% in 2025, with an average dividend payout ratio of 26.1%, reflecting a slight increase from the previous year [9]. 5. Investment Recommendations - The report suggests focusing on state-owned banks and stable joint-stock banks, as well as high-quality regional banks with strong provisioning coverage, in light of the ongoing economic recovery [5].

Core Viewpoint - The article discusses the valuation of various banking sectors in China, highlighting that the six major banks and rural commercial banks are generally overvalued, while joint-stock banks and city commercial banks are seen as undervalued [2][4]. Group 1: Market Valuation - The "Market Earnings Ratio" (市赚率) is introduced as a valuation parameter, calculated as Market Price to Earnings Ratio (PE) divided by Return on Equity (ROE), with a specific formula: PR = PE / (ROE / 100) [2][3]. - The average valuation of the six major banks' A-shares has reached above 1.0 PR, indicating overvaluation, while their H-shares average above 0.8 PR [4][5]. - The Postal Savings Bank is noted as the least favored among the six major banks, with a valuation below 1.0 PR in the A-share market [4]. Group 2: Joint-Stock Banks - Joint-stock banks are not generally overvalued, with an average A-share valuation of over 0.9 PR and H-share valuation at 0.8 PR [5][6]. - The disparity in valuation between A-shares and H-shares is highlighted, with examples such as China Merchants Bank showing stronger performance in H-shares compared to A-shares [5]. Group 3: City Commercial Banks - City commercial banks are identified as undervalued, with average A-share valuations around 0.8 PR, and specific banks like Jiangsu Bank and Hangzhou Bank noted as significant value opportunities with valuations of 0.65 PR [7][8]. Group 4: Rural Commercial Banks - The article suggests that rural commercial banks are not as clear-cut in terms of valuation, as they are generally seen as growth banks with lower dividend payout ratios, leading to higher correction coefficients [9][10]. - Only one rural commercial bank, Changshu Bank, is noted to have a valuation below 0.4 PR, indicating limited undervaluation compared to city commercial banks [9][10]. Group 5: Growth Banks - Four banks are identified as growth stocks with improving ROE: Hangzhou Bank, Qilu Bank, Qingdao Bank, and Changshu Bank [11][12]. - The article emphasizes that the valuation of these growth banks may not reflect their potential due to their lower dividend payout ratios [11][12]. Group 6: Market Environment - The article discusses the impact of a low-interest environment on stock valuations, suggesting that while valuations should theoretically rise, the relationship is not strictly inverse [12]. - It is recommended that banks with high valuations should be sold as they rise, particularly in the A-share market above 1.0 PR and H-share market above 0.8 PR [12].

| 节前一起 | 2016/4/20 | 2017/4/19 | 2018/4/18 | 2019/4/19 | 2020/4/21 | 2021/4/21 | 2022/4/20 | 2023/4/19 | 2024/4/19 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2016/5/1 | 2017/5/1 | 2018/5/1 | 2019/5/1 | 2020/5/1 | 2021/5/1 | 2022/5/1 | 2023/5/1 | 2024/5/1 | | TOP1 | 食品饮料 | 非银行金融 | 医药 | 食品饮料 | 消费者服务 | 医药 | 食品饮料 | 传媒 | 房地产 | | TOP2 | 银行 | 电子 | 煤炭 | 农林牧渔 | 银行 | 电新 | 家电 | 建筑 | 医药 | | TOP3 | 家电 | 银行 | 钢铁 | 银行 | 家电 | 有色金属 | 建筑 | 纺织服装 | 综合金融 | | TOP4 | 煤炭 | 家电 | 银行 | 非银行金融 | 食品饮料 | 消费者服务 | ...

近日，又有两家消费金融机构的2024年度业绩出炉。据披露，盛银消费金融2024年实现营业收入2.93亿 元，同比增长20.23%；净利润0.86亿元，同比增长4.88%。锦程消费金融2024年营业收入10.80亿元，同 比微增1.31%；净利润2.07亿元，同比减少21.07%，降幅超过两成。 数据显示，截至2024年末，盛银消费金融资产总额79.02亿元，同比增幅为19.97%；贷款余额72.87亿 元，同比增长25.8%。不良贷款率1.31%，保持在同业较低水平。 盛银消费金融相关负责人对记者表示："2024年，公司面向转型发展，以'平台生态+自营生态'双轮驱 动，聚焦核心风控能力提升，着力调整业务结构，创新产品模式，深化科技赋能，以资产质量控制与合 规安全为根基保障，认真履行社会责任，各项工作持续走深走实。" 另外，依据成都银行（601838）发布的2024年度报告，截至2024年末，锦程消费金融总资产规模达 159.16亿元，净资产为19.35亿元。 公开资料显示，锦程消费金融成立于2010年，由成都银行与马来西亚丰隆银行联合发起设立，注册资本 4.2亿元。截至2024年末，成都银行持股比例为38.8 ...

Investment Rating - The investment rating for Chengdu Bank is "Accumulate" (maintained rating) with a target price not specified [7] Core Views - Chengdu Bank reported a revenue of approximately 5.8 billion yuan for Q1 2025, representing a year-on-year increase of 3.17%. The net profit attributable to shareholders was 3 billion yuan, up 5.64% year-on-year. The non-performing loan ratio stood at 0.66%, with a provision coverage ratio of 456% [1][2] - The bank's net interest income for Q1 2025 was 4.8 billion yuan, accounting for 82.6% of total revenue, with a year-on-year growth of 3.75%. Non-interest income reached 1 billion yuan, showing a significant increase of 17.43% [2] - The net interest margin recorded for Q1 2025 was 1.62%, down 4 basis points quarter-on-quarter, primarily due to adjustments in the Loan Prime Rate (LPR) affecting the re-pricing of existing loans [3] - Chengdu Bank's total interest-earning assets amounted to 1.32 trillion yuan, reflecting a year-on-year growth of 13.3%, with loans and financial investments being the main growth drivers [3][4] - The bank's total interest-bearing liabilities reached 1.24 trillion yuan, up 12.5% year-on-year, with deposits growing by 15.4% [4] - The non-performing loan balance was 530 million yuan, with the non-performing loan ratio remaining stable compared to 2024 [4] Financial Data Summary - Chengdu Bank's projected net profit growth for 2025-2027 is estimated at 9.18%, 8.84%, and 6.48% respectively, with corresponding book values per share (BPS) of 23.20, 27.66, and 32.29 yuan [5] - The financial forecast indicates that operating revenue is expected to grow from 217 billion yuan in 2023 to 275 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.30% [6][12] - The bank's core Tier 1 capital adequacy ratio for Q1 2025 was recorded at 8.84%, reflecting a decrease of 22 basis points [4]

一边加码科技与营销人才的高成本投入，一边通过智能化与流程优化压缩低效岗位，银行业正通过"结构性调 整"重塑人力成本逻辑。 人力成本支出普涨，员工总量逆势增长 2024年，围绕银行员工降薪的传闻屡屡牵动市场神经，而2024年年报则显示，2024年42家A股上市银行员工薪酬 总额、员工人均薪酬均值整体在上涨。 华夏时报（www.chinatimes.net.cn）记者 卢梦雪 北京报道 在"降薪""裁员"的传闻中，银行"打工人"薪资的实际情况随上市银行年报的披露而揭开了真实面纱。 随着A股42家上市银行2024年年报披露收官，《华夏时报》记者梳理发现，2024年上市银行人力成本支出显著增 加，42家银行职工薪酬总额同比增幅超3%。 值得关注的是，42家银行员工总数较2023年末同比增加了约1.04万人，仅有14家"减员"。而2024年银行新增人力 投入聚焦于业务营销与信息科技领域，传统柜员及教育背景不占优势的员工岗位则持续精简。 从月薪来看，2024年42家银行员工人均月薪（未考虑年终奖分期支付的情况）均在2万元以上，但大多数银行（有 21家）人均月薪在3万元到4万元之间，另有12家银行人均月薪在4万元到5万元之 ...

公 司 报 告 银行 2025 年 4 月 30 日 成都银行(601838.SH) 扩表积极，资产质量优异 强烈推荐（维持） 股价：17.26 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.bocd.com.cn | | 大股东/持股 | 成都交子金融控股集团有限公司 | | | /20.00% | | 实际控制人 | 成都市人民政府 | | 总股本(百万股) | 4,238 | | 流通 A 股(百万股) | 4,231 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 732 | | 流通 A 股市值(亿元) | 730 | | 每股净资产(元) | 19.50 | | 资产负债率(%) | 93.4 | 行情走势图 相关研究报告 【平安证券】成都银行（601838.SH）*季报点评*盈利 稳健增长，资产质量保持优异*强烈推荐20241030 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | ...

Core Insights - The overall asset quality of city commercial banks in A-shares has improved, with a notable decrease in non-performing loan (NPL) ratios, particularly in the southeastern coastal region compared to the central and western regions [2][3][6] - Despite the overall decline in NPL ratios, there is a significant increase in personal loan NPL ratios, indicating a shift in the quality of loan portfolios [2][6][8] - The pressure on net interest margins is expected to increase in 2025, leading to greater provisioning pressures for city commercial banks [2][9] Summary by Category Asset Quality - As of the end of 2024, the NPL ratio for A-share listed city commercial banks was reported at 1.7% or higher for three banks, namely Lanzhou Bank and Zhengzhou Bank, which exceeded the national average NPL ratio of 1.76% [3][4] - A total of 11 out of 17 listed city commercial banks reported a decrease in NPL ratios, while three banks saw their ratios remain stable and three experienced increases [4][6] Regional Differences - City commercial banks in the southeastern coastal regions generally reported lower NPL ratios, with most banks maintaining ratios below 1% [5][6] - In contrast, banks in the western regions, such as Lanzhou Bank and Zhengzhou Bank, reported higher NPL ratios, indicating a stark contrast in asset quality between regions [3][5] Loan Types - The NPL ratio for corporate loans has generally decreased across the majority of city commercial banks, with significant reductions noted for Chongqing Bank and Qilu Bank [7][8] - Conversely, personal loan NPL ratios have increased for most banks, with several banks reporting ratios of 2% or higher, highlighting a growing concern in this segment [8][9] Asset Disposal Challenges - The methods employed by banks for disposing of non-performing assets include collection, restructuring, write-offs, and asset transfers, with retail loans posing higher costs for collection due to their smaller, more dispersed nature [9] - The current environment suggests that city commercial banks will face significant provisioning pressures due to the high costs associated with disposing of personal non-performing loans and the immature state of bulk disposal methods for retail loans [9]

文/曹萌 4月30日，A股上市公司年报披露接近尾声，从各家银行披露的2024年财报获悉，处在行业腰部的 城商行，整体资产质量有所提升，且在不良贷款率上，东南沿海地区城商行依旧明显低于中西部地区 城商行。 虽然2024年末11家A股上市城商行的不良贷款率较2023年末实现下降，但须格外注意的是整体不良 贷款率的下降源于加大了公司类不良贷款的处置力度，而与此同时城商行的个人贷款不良率却明显增 加。 在处置不良资产方面，对于城商行等中小银行而言，处置个人不良贷款的成本相对较高，且批量处置 难度较大。这就意味着，在净息差进一步收窄的2025年，城商行不仅要面临利息收入压力的增加， 同时还要面对较大的拨备计提压力。 01 两家上市城商行不良贷款率超平均水平 目前，A股上市城商行共17家，其中，沿海省份的商行9家，西部地区的城商行5家，而两者在资产 质量上对比鲜明。 财报显示，截至2024年末，A股上市城商行不良贷款率在1.7%以上的共有三家，分别为兰州银行、 郑州银行和西安银行。其中，兰州银行和郑州银行 的不良贷款率均超过了金融监管总局公布的2024 年末全国城商行平均不良贷款率1.76%。 02 个人贷款不良率普遍提 ...