万联证券研究报告显示，本次降息是利率中枢的普降，将带动社会综合融资成本稳中有降，预计后续存 款利率调降或跟进，以缓解银行净息差压力。 上海金融与法律研究院研究员杨海平表示，央行实施降准降息等货币政策后，全国性银行新一轮集体下 调存款利率的可能性上升。 5月10日，聊城沪农商村镇银行、海伦惠丰村镇银行也调整了人民币存款挂牌利率水平。未调整前，聊 城沪农商村镇银行2年期、3年期、5年期存款利率分别为2.1%、2.16%、2.16%，调整后该行长期限定期 存款利率均进入"1时代"，分别为1.89%、1.98%、1.98%。海伦惠丰村镇银行5年期整存整取利率暂未调 整，仍为1.9%；1年期、2年期、3年期则分别下调至1.8%、1.85%、2.05%，降幅均为5个基点。 此次调整力度显著，部分银行中长期存款利率陆续向"1时代"靠拢。事实上，自今年4月份以来，已有多 家中小银行陆续下调存款利率。进入5月份，这一调整节奏进一步加快，部分银行自4月份启动本轮利率 调整周期以来，已累计四次调降存款利率。 东方金诚金融业务部执行总监李柯莹对《证券日报》记者表示，此次中小银行密集调降利率主要是因为 银行净息差持续承压。2024年四 ...

一、资产增速较低快，利润超过浙商银行 2024 年末，徽商银行总资产突破 2 万亿元，达到 2.01 万亿元 ，同比增长 11.49% 。当年实现营业 收入 371.75 亿元 ，同比增长 1.62% ；实现归母净利润 154.14 亿元 ，同比增长 6.80% 。 徽商银行前身是 1997 年在安徽省合肥市 31 家城市信用合作社基础上合并而成，设立时公司名称为 合肥城市合作银行 ， 1998 年更名为合肥市商业银行股份有限公司， 2005 年更名为徽商银行股份有限 公司并进一步吸收合并了安徽省内芜湖、马鞍山、安庆、淮北和蚌埠 5 家城市商业银行和六安、淮南、 铜陵、阜阳等地的 7 家城市信用社。 徽商银行总资产保持高速增长，营收增速连续多年放缓，利润增速适中。 截至 2024 年末，徽商银行拥有 21 家分行 及 464 个对个营业机构，主要集中在安徽（ 省内 16 个地 级市全覆盖 ），另在南京、北京、深圳、成都和宁波也有分行（ 2020 年徽商银行收购包商银行的北 京、深圳、成都和宁波分行，跨区域发展取得重要突破）。但公司 主要经营仍是集中在安徽地区， 2024 年贷款金额在安徽地区的占比高达 88. ...

新华财经北京5月9日电（记者吴丛司）A股42家上市银行2025年一季报日前已披露完毕。一季报显示， 上市银行合计实现营业收入1.45万亿元，同比下降1.7%；合计实现归母净利润0.56万亿元，同比下降 1.2%。 "展望全年，我们认为受LPR下调以及存量按揭利率调整影响，全年净息差同比仍将收窄，但受益于存 款挂牌利率下降以及政策呵护净息差等，预计净息差降幅将小幅收窄至10-15bps。"陈俊良表示。 业内专家表示，总体来看，净息差持续收窄、其他非息收入负增长双双拖累营收，但在年初开门红支撑 下，规模扩张对盈利仍起到重要贡献，上市银行核心营收能力边际改善。此外，资产质量压力边际减 轻，但仍需警惕零售、小微风险。 | 证券代码 | 证券简称 | 营业收入(国比增长室) [报告期] 2025一季 | 营业收入(同比增长率) [报告期] 2024一季 | 归属母公司股东的净利润 (目比增长军) | 归属母公司股东的净利润 (目比增长军) | | --- | --- | --- | --- | --- | --- | | | | [单位] % | [单位] % | 【报告期 2025一手 | 【报告期 2024一季 | ...

Financial Data and Key Metrics Changes - First quarter GAAP earnings per common share were $0.47, while distributable earnings were a loss of $0.09 per common share [15] - Net interest income declined to $14.6 million, primarily due to non-core assets moving to nonaccrual status, generating a cash yield of 1.3% [15] - Book value per share remained flat at $10.61, with total leverage declining to 3.5 times [18] Business Line Data and Key Metrics Changes - The total CRE loan portfolio was bifurcated into $5.9 billion core loans and $1.2 billion non-core loans, with a 5% decline in the core portfolio due to payoffs [7][8] - The core portfolio generated a levered yield of 10.2%, resulting in $43.4 million of net interest income, with 80% being current pay [10] - The non-core portfolio was reduced by 6% to $740 million, with expectations to further reduce it to approximately $270 million in the second quarter [10] Market Data and Key Metrics Changes - The multifamily sector showed resilience, with a 1% increase in rents in Q1 2025 despite macroeconomic pressures [5] - The twelve-month default rate for the SBA business was 3.2%, slightly better than the industry average of 3.4% [12] - The company anticipates SBA volume to be below $1.5 billion in 2025 due to current capital constraints and policy changes [13][52] Company Strategy and Development Direction - The company initiated a balance sheet repositioning plan in Q4 2024, focusing on liquidating non-core assets to reinvest in the core portfolio [14] - The strategy aims to restore net interest margin (NIM) to peer group levels by 2026, assuming stable macroeconomic conditions [14] - The company remains committed to supporting the Portland mixed-use asset project, which is expected to stabilize over time [11][42] Management's Comments on Operating Environment and Future Outlook - Management noted that the recovery in the commercial real estate (CRE) market has been affected by tariffs and recession risks, but the multifamily sector remains strong [5] - The company expects to maintain its current dividend level until the earnings profile warrants an increase [14] - Management expressed confidence in navigating the shifting policy landscape in the SBA business, despite potential short-term volume declines [12][50] Other Important Information - The company completed the UDF merger, resulting in a bargain purchase gain of $102.5 million, which added $167.1 million of equity to the balance sheet [17] - Liquidity remains healthy with unrestricted cash exceeding $200 million and $1 billion of total unencumbered assets [20] Q&A Session Summary Question: Impact of April's volatility on non-core book expectations - Management indicated that ongoing conversations with various parties regarding liquidations are progressing well, and they do not expect significant impact from April's volatility [23][24] Question: Near-term expectations for distributable earnings trajectory - Management expects the second quarter earnings profile to be similar to Q1, with upward movement anticipated post-reinvestment of equity [30] Question: Current views on share repurchases - Management is balancing the benefits of share repurchases with upcoming debt maturities and the need to reestablish net interest income [31] Question: Catalyst for CLO interest coverage issues - Management noted that elevated rates are impacting NOIs, leading to increased modifications in the portfolio [38] Question: Status of the Portland asset and stabilization timeline - The Portland asset is currently levered, and management plans to stabilize and sequentially exit its components over the next few years [42][45] Question: Expected moderation in SBA volumes - Management anticipates SBA volumes to be below $1.5 billion for at least a couple of quarters due to policy changes and administrative delays [52] Question: Freddie Mac business outlook - Management reported a decrease in Freddie Mac volume due to tightened processes and competition from banks and credit unions [56]

自年报季"鸣哨"以来，第一梯队农商行2024年业绩报告已陆续出炉。 截至2024年末，重庆农商行、上海农商行、广州农商行、北京农商行四家"万亿级"农商行的 总资产已普遍达到1.26万亿元至1.51万亿元。经营业绩方面，四家农商行中，仅广州农商行 营业收入及归母净利润双双下降，分别同比下降12.79%、21.02%，其他均为正增长。 从资产质量看，上海农商行和北京农商行的不良贷款率均低于1%，广州农商行和重庆农商 行则高于1%。其中，广州农商行不良率最高，达1.66%，与此同时，该行拨备覆盖率在四家 银行中最低，仅184.34%。 | 名称 | 2024资产总额 | 2023资产总额 | 增速 | | --- | --- | --- | --- | | | (亿元) | (亿元) | (%) | | 重庆农商行 | 15149. 42 | 14410. 82 | 5.13 | | 上海农商行 | 14878.09 | 13922. 14 | 6.87 | | 广州农商行 | 13624.08 | 13140. 42 | 3.68 | | 北京农商行 | 12652. 15 | 12391.31 | 2.11 | ...

Core Viewpoint - The bank reported a slight increase in revenue for Q1 2025, driven by strong non-interest income, but net profit experienced a decline due to rising costs and taxes [1][2]. Revenue and Profit Analysis - Q1 2025 revenue reached 164.93 billion yuan, up 2.56% year-on-year, with non-interest income contributing significantly at 57.20 billion yuan, a year-on-year increase of 18.91% [1][2] - The net profit attributable to shareholders was 54.36 billion yuan, down 2.90% year-on-year, impacted by increased costs and tax expenses [1][2] - The cost-to-income ratio for Q1 2025 was 26.17%, an increase of 0.8 percentage points compared to the same period last year [2] Loan and Deposit Growth - The total loans and advances reached 22.61 trillion yuan by the end of Q1 2025, an increase of 1.01 trillion yuan, or 4.7% year-to-date [3] - Corporate loans grew by 966.36 billion yuan, a 6.6% increase, while personal loans saw a modest increase of 48.89 billion yuan, or 0.72% [3] - Total deposits amounted to 25.61 trillion yuan, up 1.41 trillion yuan, or 5.82% from the end of the previous year, with personal deposits growing by 6.6% [3] Asset Quality and Interest Margin - The non-performing loan (NPL) ratio remained stable at 1.25%, with the NPL balance increasing to 281.2 billion yuan [4] - The provision coverage ratio was 198%, down 2.6 percentage points from the end of the previous year, indicating a stable asset quality [4] - The net interest margin for Q1 2025 was 1.29%, a decrease of 11 basis points from the end of 2024, primarily due to downward pressure on asset pricing [4] Investment Outlook - The bank plans to raise up to 165 billion yuan through a targeted A-share issuance to strengthen its core tier one capital [5] - Revenue growth forecasts for 2025-2027 have been adjusted to 2.2%, 3.7%, and 4.3%, while net profit growth forecasts are set at 0.4%, 3.2%, and 3.4% [5] - The target price is set at 6.36 yuan, with a corresponding target price-to-book ratio of 0.75x for 2025 [5]

| 行业基本情况 | | --- | | 收盘点位 | | 4023.93 | | --- | --- | --- | | 52 | 周最高 | 4069.2 | | 52 周最低 | | 3132.76 | 行业相对指数表现（相对值） 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 银行 沪深300 证券证研券究研报究告报：告银：行银业行|点|点评评报报告告 发布时间：2025-05-08 行业投资评级 强于大市 |维持 资料来源：聚源，中邮证券研究所 研究所 分析师:张银新 SAC 登记编号:S1340525040001 Email:zhangyinxin@cnpsec.com 近期研究报告 《银行资负观察第一期：如何理解银行 体系低超储高融出》 - 2025.04.16 降息降准落地，息差影响中性偏积极，银行股价值 凸显 l 投资要点： l 降息降准落地，对息差影响中性偏积极 下调 7 天逆回购利率 0.1 个百分点，预计将带动贷款市场报价利 率 LPR 同步下行 ...

Core Viewpoint - The 10 A-share listed rural commercial banks achieved growth in both revenue and net profit attributable to shareholders in 2024, despite challenges such as a slowing loan growth rate and declining net interest margins [1][5][9]. Financial Performance - Ruifeng Bank was the only institution among the 10 to exceed a 10% growth in total assets, reaching 220.5 billion yuan, with a revenue increase of 15.29% to 4.385 billion yuan and a net profit rise of 10% to 1.922 billion yuan [2]. - Changshu Rural Commercial Bank reported the highest net profit growth at 16.2%, reaching 3.813 billion yuan, and surpassed 10 billion yuan in revenue, totaling 10.909 billion yuan [3]. - Overall, the net interest margin for A-share listed rural commercial banks continued to narrow, with Zhangjiagang Rural Commercial Bank experiencing the largest decline of 37 basis points to 1.62% [3][4]. Non-Interest Income - Non-interest income growth became a significant driver for revenue improvement, with Qingdao Rural Commercial Bank achieving a 28.37% increase in non-interest income to 3.812 billion yuan [4]. - Zhangjiagang Rural Commercial Bank reported a 176.81% increase in investment income, contributing positively to its revenue [4]. Risk Management and Asset Quality - Despite external economic challenges, the asset quality of A-share listed rural commercial banks remained high, with eight out of ten banks reporting stable or improved non-performing loan (NPL) ratios [9][12]. - Jiangyin Rural Commercial Bank showed the most significant improvement in NPL ratio, decreasing by 0.12 percentage points to 0.86% [9]. - The overall capital adequacy ratio for these banks improved, reflecting effective risk management practices [9]. Strategic Focus and Service Differentiation - Banks are enhancing their service models and product systems to adapt to market changes, focusing on their unique competitive advantages [5][6]. - Changshu Rural Commercial Bank is deepening its focus on retail, small and micro enterprises, and innovative business areas, establishing 24 growth centers to explore new growth paths [7]. - Qingdao Rural Commercial Bank has innovated its product offerings to meet local needs, launching a series of financial products tailored to rural revitalization [4][6].

Core Viewpoint - The continuous reduction of deposit interest rates by private banks indicates a shift in their strategy due to narrowing net interest margins, regulatory constraints, and downward pressure on market interest rates [2][6][9] Group 1: Deposit Rate Adjustments - In May, Huatuo Bank and Yilian Bank announced further reductions in deposit rates, with Huatuo Bank lowering personal notice deposit rates to 0.8% and 1% for 1-day and 7-day deposits respectively [3] - Huatuo Bank has made multiple adjustments since April, with the maximum reduction for unit products reaching 90 basis points and for personal products 45 basis points [4] - Yilian Bank adjusted its fixed deposit rates for 2-year, 3-year, and 5-year terms down by 20 basis points, reflecting a broader trend among private banks to lower rates [4][5] Group 2: Competitive Landscape - The current highest deposit rates for some private banks have fallen to 1.6%, which is lower than many joint-stock banks and some state-owned banks [5] - The competitive advantage of private banks in attracting deposits through high interest rates is diminishing, leading to a shift towards wealth management products [6][7] Group 3: Financial Performance and Strategy - Private banks are facing slowing net profit growth and declining net interest margins, with a reported net profit of 18.8 billion yuan in Q4 2024, down 7.84% year-on-year [7][8] - Many private banks are now focusing on wealth management as a key growth area, with significant increases in fee and commission income reported [8] - The trend of lowering deposit rates is expected to continue as banks seek to manage funding costs and maintain stable interest margins [9]

国信证券主要观点如下： 智通财经APP获悉，国信证券发布研报称，2025年或是银行业此轮业绩下行周期的尾声。基于前述分 析，该行认为当前银行基本面仍然承压，主要是债市波动带来的其他非息收入减少压力，以及中小银行 拨备平滑利润空间不够充裕的压力。不过该行认为，受益于净息差和其他非息收入带来的低基数，该行 估计2026年行业收入和利润增速有望拐点向上，因此2025年或是此轮业绩下行周期尾声。 资产规模 整体增速回落至正常水平，城商行仍保持较高增速。2025年一季度末上市银行合计总资产同比增长 7.5%，与当前行业ROE及分红率所对应的内生增速接近。分类型银行来看，城商行仍保持较高的资产 增速。 非息收入 手续费净收入见底，其他非息收入拖累业绩。手续费净收入在低基数下收入规模见底。今年一季度受市 场利率上升影响，中小银行的其他非息收入增速明显下降，成为收入和净利润增长的主要拖累项。 同比降幅收窄，各类型银行趋势一致。一季度上市银行整体净息差同比下降13bps至1.43%，降幅较去年 的17bps有所收窄。一季度环比去年四季度下降6bps。受益于存款挂牌利率下调，预计全年净息差降幅 将小幅收窄至10-15bps。分类 ...