华夏时报（www.chinatimes.net.cn）记者 刘佳 北京报道 随着42家A股上市银行2025年一季度财报全部出炉，行业整体面临的经营挑战愈发凸显。 据5月13日安永发布的《中国42家A股上市银行2025年一季度业绩概览》中数据显示，截至今年一季度末，42家A 股上市银行净利润同比减少1.09%，营业收入同比减少1.72%。 同时，一季度末资产总额较2024年末增长3.94%；加权平均不良贷款率1.23%，较2024年末下降0.01个百分点；拨 备覆盖率237.99%，较2024年末下降1.98个百分点。 "总体来看，上市银行2025年一季度仍面临较大的经营压力。"安永大中华区金融服务首席合伙人忻怡对《华夏时 报》记者表示。 一季度营收净利双降 今年一季度，我国GDP同比增长5.4%，消费、投资继续保持较快增长。国内需求不断扩大，国民经济实现良好开 局，高质量发展向新向好。 然而，地缘政治紧张局势持续升级， 全球贸易摩擦居高不下，全球经济形势依然严峻复杂，当前经济发展仍面临 诸多挑战。 受多重因素影响，42家A股上市银行一季度净利润相比2024年同期进一步下降。 具体而言，一季度42家A股上市银行 ...

Core Insights - Several private banks have announced a reduction in deposit interest rates to adapt to market changes and lower funding costs, aiming to stabilize net interest margins [1] - The net interest margins of many listed private banks have continued to decline, with significant drops reported by banks such as Blue Ocean Bank and New An Bank [1][2] Group 1: Financial Performance of Private Banks - Micro Bank and Online Merchant Bank lead in total assets with CNY 651.78 billion and CNY 471.03 billion respectively, but Micro Bank's revenue decreased by 3.13% while Online Merchant Bank's profit fell by 24.67% despite a revenue increase of 13.72% [2][3] - New Network Bank's total assets grew at a slower pace, with a significant drop in net profit by 19.7% despite a revenue increase of 16.05% [5] - Among the nine mid-sized banks, Huari Bank showed the most rapid growth with a revenue increase of 41.29% and a net profit increase of 314.62% [8] Group 2: Asset Quality and Complaints - The non-performing loan (NPL) ratio for private banks rose to 1.66%, an increase from 1.55% in the previous year, with nine banks reporting higher NPL ratios [10][12] - Yi Lian Bank's NPL ratio surged to 2.77%, indicating significant asset quality pressure [12][13] - Complaints were notably high for Micro Bank and Online Merchant Bank, with 58,498 and 38,642 complaints respectively, primarily related to their loan products [4][9] Group 3: Management Changes and Strategic Directions - Several private banks experienced management changes in 2024, reflecting the challenging environment for the sector [14] - The industry is exploring new strategies, such as Micro Bank's international expansion and Online Merchant Bank's comprehensive financial services [14]

Group 1 - The A-share banking sector continues to rise, with total market capitalization surpassing 10 trillion yuan, led by Industrial and Commercial Bank of China at 2.4 trillion yuan [1] - In 2023, the banking sector has maintained an upward trend, with the China Securities Banking Index increasing by over 8% [1] - Insurance capital has shown strong interest in bank stocks, contributing to significant inflows into the banking sector [1] Group 2 - Among 42 listed banks, 30 reported year-on-year profit growth, while 12 experienced declines, indicating a divergence in revenue performance [1] - The introduction of comprehensive financial policies, including interest rate cuts, is expected to optimize bank credit structures and enhance the fundamental outlook for banks [1] - The banking sector's asset-liability management is stabilizing, with a focus on maintaining total volume while adjusting structures and promoting loan growth [2]

Core Viewpoint - The report from CITIC Securities indicates that since 2025, the banking sector is stabilizing its asset-liability configuration while actively growing loans and deposits, with a convergence in interbank asset-liability expansion. Although the industry's net interest margin continues to decline, the reduction in funding costs is helping to narrow the margin of decline. The outlook suggests that managing funding costs will be a key focus for banks in the upcoming quarters [1][5][6]. Asset and Liability Management - On the asset side, credit and investment are experiencing high growth, while interbank asset growth is significantly converging. In Q1 2025, the total assets of 42 listed banks increased by 3.9% quarter-on-quarter, consistent with the level in Q1 2024. Both loan and investment asset scales are maintaining high growth, while interbank assets are on a downward trend [2]. - On the liability side, deposit growth is positive, and interbank liability expansion is converging. In Q1 2025, the total liabilities of 42 listed banks increased by 4.2% quarter-on-quarter, slightly higher than the asset expansion rate. The structure shows positive growth in deposits, with a convergence in interbank liabilities [2]. Loan and Deposit Structure - In 2024, the structure of loans and deposits among listed banks shows that the proportion of corporate loans is increasing while retail loans are decreasing. By the end of 2024, the proportion of corporate loans, particularly in government-related sectors, increased to 28.8%, up by 0.6 percentage points from the previous year. Conversely, the proportion of mortgage loans decreased to 18.8%, down by 1.67 percentage points [3]. - On the deposit side, the proportion of retail deposits is increasing, with a continued trend towards term deposits. By the end of 2024, the proportion of retail term deposits rose to 34.7%, an increase of 3.56 percentage points from the previous year, while the proportion of corporate demand deposits decreased to 21.4%, down by 1.94 percentage points [3]. Interest Margin Pricing - The industry’s net interest margin continues to decline. According to data from the National Financial Regulatory Administration, the net interest margin for commercial banks was 1.52% in Q4 2024, a slight decrease of 1 basis point from Q3 2024. In Q1 2025, the net interest margin for 25 banks that disclosed this information decreased by 7 basis points compared to the entire year of 2024 [4]. - The analysis indicates that the asset yield continues to decline while funding costs are significantly reduced. The yield on interest-earning assets was 3.18% in Q4 2024 and 3.04% in Q1 2025, down by 9 and 14 basis points respectively. The cost of interest-bearing liabilities was 1.83% in Q4 2024 and 1.72% in Q1 2025, down by 7 and 12 basis points respectively, benefiting from improved cost management and the gradual effect of deposit rate reductions [4]. - Although net interest margins for listed banks are generally declining, the rate of decline in Q1 2025 shows a narrowing trend. The average net interest margin for 25 banks decreased by 13 basis points year-on-year, which is better than the decline of 22 basis points in Q1 2024 and 18 basis points for the entire year of 2024 [4]. Future Outlook - The reduction in funding costs remains a crucial direction for managing bank interest margins in the upcoming quarters. Since 2024, factors such as rate reductions and regulatory improvements have significantly impacted the decline in funding costs, with many banks taking the opportunity to strengthen their funding pricing management [5]. - With the completion of concentrated repricing at the beginning of the year, it is expected that interest margins will stabilize further. The pace and extent of future policy interest rate and LPR adjustments will be critical for stabilizing bank interest margins [6].

Group 1 - The core viewpoint of the report indicates that since 2025, the banking industry's asset-liability configuration is focused on maintaining total volume, adjusting structure, and actively promoting loan growth, while the expansion of interbank assets and liabilities is converging [1] - Although the industry's net interest margin continues to decline, the reduction in funding costs is helping to narrow the margin of decline [1] - Looking ahead, the reduction in funding costs will remain an important direction for banks' interest margin management in the upcoming quarters [1]

安永大中华区金融服务首席合伙人忻怡表示："当前的低利率环境预计还将持续一段时期。银行业在进 入'低利率、低息差'周期的同时，还面临宏观环境的不确定性加大，国际上主要经济体增长动能偏弱、 地缘政治冲突持续、贸易冲突和金融市场波动加剧，国内有效需求不足、经济回升向好基础还不稳固。 复杂多变的环境对上市银行的经营发展带来重大挑战。面对挑战，上市银行一方面做加法：多元开源拓 展非息收入，优化营收结构；多渠道补充资本，夯实服务实体经济实力；融入国家战略，深耕'五篇大 文章'，寻找业务发展新机遇。另一方面做减法：优化负债结构，降低负债成本；提升运营效率，控制 营业费用增长；加强风险管理，降低信用成本。" 具体来看，工农中建四家大型银行2024年末战略性新兴产业贷款余额合计超过人民币10万亿元，较上年 末增长22.62%；10家股份制银行2024年末对科技型企业贷款余额超人民币4.2万亿元，较上年末增长 21.93%。 北京商报讯（记者 宋亦桐）5月13日，安永发布《中国上市银行2024年回顾及未来展望》报告。该报告 深度分析了中国58家A+H股上市银行2024年度的经营业绩、资产质量、业务发展、经营模式等方面的 最新变化 ...

Core Viewpoint - Bank stocks have shown resilience and have risen against the market trend, with the China Securities Bank Index reaching a new high since February 2018, driven by multiple favorable policies and market conditions [1][2][3]. Market Performance - On May 13, the China Securities Bank Index rose by 1.53% to close at 7629.55 points, marking a new high since February 2018, with many individual stocks hitting historical highs [1][2]. - Over the last five trading days, the bank sector has increased by 5.76%, outperforming the Shanghai Composite Index, which rose by 1.77% [2]. - Notable individual stock performances include Chongqing Bank and Shanghai Bank, both rising over 3%, with Chongqing Bank leading with a 10.9% increase [2]. Policy Impact - Recent monetary policies, including interest rate cuts and reserve requirement ratio reductions, are expected to have a neutral impact on banks' net interest margins, with adjustments on the liability side helping to mitigate pressures [1][6][7]. - The establishment of Financial Asset Investment Companies (AIC) is seen as a significant opportunity for banks to enhance their comprehensive benefits and support technology enterprises [3][4][5]. Earnings and Profitability - Despite the pressure on profitability, bank stocks remain attractive due to their stability and dividend yields, especially as regulatory measures encourage long-term capital inflows [3][4]. - The average net interest margin for listed banks is projected to be 1.52% by the end of 2024, continuing a five-year decline, with a notable decrease in interest income reported for the previous year [6][8]. Strategic Adjustments - Banks are adapting to the low-interest-rate environment by diversifying their income sources and optimizing their operational structures to maintain profitability [8][9]. - The focus on non-interest income generation is becoming increasingly critical for banks to navigate the challenges posed by a shrinking net interest margin [8][9].

南方财经全媒体记者 吴霜 上海报道 随着降准降息政策公布，银行存款利率面临新一轮下调。 5月7日，中国人民银行、国家金融监督管理总局、中国证券监督管理委员会三大金融管理部门负责人齐 聚国新办发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。其中，人民银行行长潘功胜发布 三类十项一揽子货币政策措施，包括降低存款准备金率0.5个百分点、下调公开市场7天期逆回购操作利 率0.1个百分点至1.4%等。与此同时，潘功胜表示，"经过市场化的利率传导，预计将带动贷款市场报价 利率（LPR）随之下行0.1个百分点。同时，我们也将通过利率自律机制引导商业银行相应下调存款利 率"。这意味着，在新一期LPR出炉后，商业银行将迎来新一轮存款利率下调。 回顾过往，每一轮存款利率下调一般由国有大行开启，股份行、地方中小银行依次跟进。 不过，南方财经全媒体记者注意到，近两日，包括上海青浦惠金村镇银行、上海松江富明村镇银行、茌 平沪农商村镇银行、广东清新农村商业银行在内的多家中小银行发布了下调人民币存款挂牌利率的公 告。其中，前两家银行分别已经在3月底和4月底刚刚调降过一轮存款利率。而这背后，则是中小银行迫 于息差收窄压力，对降低负债 ...

降息大环境叠加存款定期化，银行负债端定价管理思路生变。随着近日政策利率中枢再次下 调，存款利率仍有下行空间，不过调降节奏有望趋缓 又一轮银行"降息潮"来袭。4月以来，已有数十家中小银行宣布下调存款利率。调整后，部分银行长期 限存款利率跌破2%，步入"1时代"。 据《财经》不完全统计，在近三年多轮降息后，有地方行个别期限存款利率较三年前已"腰斩"。以10万 元存款、5年存期计算，现在存入后得到的利息不足2022年时一半。 与此同时，伴随本轮降息，不少银行长短期存款利率出现倒挂，"存5年不如存3年，甚至不如存1年"。 业内人士表示，这是净息差收窄压力下，银行加强负债端成本管理、加强自身经营稳定性的表现，也反 映了对未来利率进一步下行趋势的预判。 一位全国性股份行零售业务条线经理告诉《财经》，近年该行对存款增量业务的考核中，一度加大了1 年期以下定期存款的考核权重，"因为我行短期定存利率相对低，银行负债成本压力更小"。 未来，存款利率或还将下行。5月8日，政策利率中枢再度下调，7天期逆回购操作利率由1.5%调整为 1.4%。业内人士表示，在政策利率、LPR（贷款市场报价利率）、银行存款挂牌利率这样的传导链条 下，叠 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company reported a Q1 2025 revenue of 212.77 billion yuan, a decrease of 3.22% year-on-year, and a net profit attributable to shareholders of 84.16 billion yuan, down 3.99% year-on-year [2] - Total assets at the end of Q1 stood at 51.55 trillion yuan, reflecting an increase of 8.29% year-on-year, with a non-performing loan ratio of 1.33%, down 1 basis point quarter-on-quarter [2] - The net interest margin for Q1 was 1.33%, a decline of 15 basis points year-on-year [2] Summary by Sections Financial Performance - Q1 2025 revenue decreased by 3.22% year-on-year to 2127.74 billion yuan, with net profit down 3.99% to 841.56 billion yuan [2] - Total assets increased by 8.29% year-on-year to 51.55 trillion yuan, with a non-performing loan ratio of 1.33% [2] Loan and Deposit Growth - Government financing has driven growth in investment assets, while loan growth has slightly slowed due to demand factors [6] - Deposit growth has shown a slight recovery, influenced by macroeconomic policies [6] Interest Margin and Income - The net interest margin for Q1 was 1.33%, reflecting a decline due to repricing effects [6] - Fee and commission income has seen a narrowing decline, with potential for recovery in the upcoming quarters [6] Asset Quality - The overall asset quality remains stable, with a non-performing loan ratio of 1.33% at the end of 2024 [7] - Individual loan risks are expected to be manageable, supported by a solid customer base and prudent risk management [7] Earnings Forecast and Investment Recommendation - The company is expected to maintain stable operations despite rising pressures, with projected revenues of 817.5 billion yuan, 833 billion yuan, and 880.2 billion yuan for 2025, 2026, and 2027 respectively [8] - The report maintains an "Overweight" rating based on the company's strong customer base, diversified business, and stable dividend policy [8]