Core Viewpoint - The overall credit growth in China's banking sector has slowed from double digits to single digits, primarily due to insufficient demand, especially from the household sector. However, some regional banks in the Yangtze River Delta continue to show robust credit growth due to local economic vitality [1]. Group 1: Credit Demand and Growth - Insufficient credit demand, particularly from the residential sector, has led to a slowdown in overall credit growth in China's banking industry [1]. - Regional banks in the Yangtze River Delta, such as city commercial banks, have maintained stable credit growth due to strong local economic activity [1][2]. Group 2: Asset Scale Changes - The asset scale rankings among city commercial banks in the Yangtze River Delta have shifted, with Jiangsu Bank reaching a scale of 4 trillion yuan, surpassing Beijing Bank to become the second-largest city commercial bank in China [3]. - Ningbo Bank has overtaken Shanghai Bank, with asset totals of 3.4 trillion yuan and 3.27 trillion yuan, respectively, as of the end of Q1 [3][6]. Group 3: Q1 Performance Highlights - Q1 is typically a peak period for commercial bank lending, contributing significantly to overall credit growth. Despite a general slowdown, banks in the Yangtze River Delta achieved an average asset growth rate of 7% in Q1 [4]. - Jiangsu Bank, Ningbo Bank, Shanghai Bank, Nanjing Bank, and Hangzhou Bank reported significant asset growth, with Jiangsu Bank leading with a 12.84% increase [6]. Group 4: Interest Income and Revenue Growth - Net interest income for banks in the Yangtze River Delta has seen substantial growth, with Jiangsu Bank, Ningbo Bank, Shanghai Bank, Nanjing Bank, and Hangzhou Bank all reporting double-digit increases [8]. - The average revenue growth for city commercial banks in the Yangtze River Delta was approximately 5% in Q1, outperforming the average growth of 1.59% for listed city commercial banks [11]. Group 5: Non-Interest Income and Investment Gains - Non-interest income, particularly from investment gains, has also shown strong performance, with Jiangsu Bank, Ningbo Bank, and Nanjing Bank reporting investment income growth around 30% [12]. - Investment income has become a significant contributor to overall revenue, with some banks achieving over 100% growth in this area [13].

Core Viewpoint - The performance of Industrial Bank in the first quarter of 2025 remains stable, but the bank faces certain operational pressures [1] Group 1: Net Interest Margin - The net interest margin for the first quarter is reported at 1.80%, a decrease of 0.07 percentage points year-on-year [2] - The management anticipates a decline of 10 basis points in the net interest margin for the year, which is expected to outperform the industry average [2] - Key strategies to stabilize the net interest margin include promoting low-cost deposits and managing bond issuance effectively [2] Group 2: Credit Structure Adjustment - The bank's loan growth rate is slightly below the industry average, with a focus on adjusting the credit structure towards green finance and technology finance [3] - Green loans and technology loans increased by 9.37% and 9.90% respectively compared to the end of the previous year, both exceeding overall loan growth [3] - The bank aims to support traditional industry upgrades and emerging industries while stabilizing mortgage loans and exploring potential in consumer loans [3] Group 3: Risk Management in Retail Loans - The new non-performing assets in the first quarter are in line with expectations, showing no significant change in risk levels compared to the previous year [4] - The bank is enhancing risk control measures for retail loans, including upgrading risk assessment models and optimizing internal rating standards [4] - A collaborative collection system is being established to improve recovery rates on small, dispersed loans, thereby reducing the pressure from new non-performing assets [4]

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintaining the previous rating [9]. Core Views - The company reported a year-on-year decline in net profit and operating income of 4.0% and 3.2% respectively for Q1 2025, with annualized ROE and ROA decreasing by 1.00 percentage points and 0.09 percentage points to 9.06% and 0.68% respectively. Despite short-term pricing pressure, credit issuance remains stable, and asset quality is steady, reinforcing the company's leading position [2][3]. Summary by Sections Credit and Asset Quality - As of March 2025, total assets, loans, and deposits grew by 8.3%, 8.5%, and 4.0% respectively compared to the end of 2024. The company issued new loans totaling 1.31 trillion yuan, with corporate loans accounting for 85% and retail loans for 14% [3]. - The non-performing loan (NPL) ratio and provision coverage ratio stood at 1.33% and 216% respectively, showing stability compared to the end of 2024. The retail financial NPL ratio saw a slight increase, but the pace of growth has slowed [5]. Income and Expenses - Non-interest income decreased by 4.2% year-on-year in Q1 2025, primarily due to a slowdown in other non-interest income, which fell by 10.4% due to market fluctuations. Fee income accounted for 18.3% of total revenue, with the company focusing on growth in clearing, settlement, payment, and custody services [4]. - The cost-to-income ratio increased by 1.2 percentage points to 22.0%, maintaining a favorable level [4]. Profitability and Valuation - The company forecasts EPS for 2025, 2026, and 2027 to be 1.03, 1.06, and 1.10 yuan respectively, with a target price of 8.76 yuan for A shares and 6.71 HKD for H shares, reflecting a target PB of 0.80 and 0.57 respectively [6]. - The projected PB for 2025 is 0.66 for A shares and 0.46 for H shares, with the company expected to enjoy a valuation premium due to its leading position [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 亿、-39亿。25Q1末，对公贷款（含贴现）、零售贷款同比增速分别为18.2%、6.1%，增速较上年末分别下降 1.6、3.1pct，贷款投放保持较高强度。 利息收入贡献季环比提升，盈利增速维持高位 杭州银行25Q1营收、拨备前利润、归母净利润同比增速分别为2.2%、3%、17.3%，较2024年分别下降7.4、 6.5、0.8pct。其中，净利息收入、非息收入同比增速分别为6.8%、-5.4%，较2024年分别变动+2.4、-25.6pct。 拆分盈利同比增速结构，规模扩张、拨备为主要贡献分项，分别拉动业绩增速20、17.4pct；从边际变化看，规 模正贡献小幅下降但仍维持高位，息差负向拖累收窄，对利息收入形成支撑；非息收入由正向拉动 ...

事件：长沙银行披露2024 年报及2025 年一季报，2024 年实现营收259亿元，同比增长4.57%，归母净利 润78 亿元，同比增长4.87%。2025 年一季度实现营收68 亿元，同比增长3.78%，归母净利润22 亿元， 同比增长3.81%。2025Q1 末不良率、拨备覆盖率分别为1.18%、309.82%，较上季度末分别提升1bp、下 降3pc。此外，2024 年公司以每10 股派发现金股利4.20 元，全年分红比例达22.49%（2023 年为 21.39%）。 1、业绩表现：中收表现亮眼 25Q1 营业收入、归母净利润增速分别为3.78%、3.81%，分别较24A 下降0.8pc、下降1.1pc，中收大幅增 长、成本费用节约预计对业绩形成正向贡献，具体来看： A、24Q4 企业贷款不良率（0.69%）较23Q4 下降12bps，主要源于建筑业、批发零售业、租赁和商务服 务业不良率改善。 B、24Q4 个人贷款不良率（1.87%）较23Q4 提升35bps，个人贷款资产质量波动，或主要源于个人经营 性贷款、信用卡等领域的不良生成压力加大，整体与行业趋势保持一致。 2）24A 不良生成率为1.21 ...

文 ｜ 杨帆 明明 肖斐斐 玛西高娃 章立聪 彭博 王希明 林楠 史雨洁 政府债方面，2 0 2 5年3月政府债净融资额为1 . 5万亿元，实现同比多增1 . 0万亿元，是3月社融增速 的第一大支撑项。今年3月的新增专项债和特殊再融资债分别发行了4 3 7 5亿元和3 8 3 0亿元，合计 为0 . 8 2万亿元，较去年同期超出5 1 2 5亿元，是今年3月政府债同比多增的主要原因。 信贷方面，3月社融口径下的新增人民币贷款为3 . 8 3万亿元，同比多增5 3 5 8亿元，是社融增长的 第二大支撑项。3月下旬票据转贴现利率走高，3月末1个月期的转贴现利率达到2 . 1%，或已反映 信贷投放情况较好。 企业债方面，3月新增企业债融资- 9 0 5亿元，同比少增5 1 4 2亿元，结束连续四个月的同比多增良 好势头。3月份1Y、3Y和1 0Y品种的AAA企业债利率均值分别较2月上行1 3 . 0 b p s、1 6 . 0 b p s和 2 3 . 9 b p s，近期债券利率上行较多，可能导致企业发债意愿下降，部分企业或转向贷款融资。 社融方面，3月社融增速小幅回升，主要受政府债发行提速与信贷需求修复带动。其 ...

以下文章来源于一丰看金融 ，作者王一峰、董文欣 一丰看金融 . 分享经济金融领域大事小情，路边新闻 点击注册小程序 查看完整报告 特别申明： 杭州银行2024年营业收入、PPOP、归母净利润同比增速分别为9.6%、9.5%、18.1%，较1-3Q分别变动 +5.7、+6.1、-0.6pct。营收主要构成上，净利息收入同比增长4.4%，增速较1-3Q提升0.5pct；非息收入同 比增长20.2%，增速较1-3Q大幅提升16.3pct。拆分盈利同比增速结构，规模扩张、非息收入为主要贡献分 项，分别拉动业绩增速21.8、16.1pct；从边际变化看，规模扩张、非息收入正贡献增强，息差、营业费用 负向拖累走阔，所得税负向拖累小幅略升，拨备正贡献显著收窄。 25Q1公司营收及盈利增速分别为2.2%、17.3%，较上年分别下降7.4、0.8pct，营收增速下降预估主要受到 贷款集中重定价、25Q1债市波动加大等行业性因素影响，盈利增速维持高位，或受益资产质量保持优异情 况下，拨备正贡献增强。 扩表速度高于行业，信贷投放实现"开门红" 2024年末，杭州银行生息资产同比增速为14.8%，增速较3Q末提升1.4pct，扩表强 ...