事件描述 息差：绝对水平领先行业，存款成本率加速下行。Q1 净息差2.61%，较2024 全年下降10BP，绝对值显 著高于银行同业。贷款收益率预计继续下行，测算Q1 生息资产收益率4.52%，较2024 全年下降25BP， 主要反映重定价及零售贷款占比下降影响，未来资产端收益率预计仍将继续下降。负债成本加速下行， 测算Q1 计息负债成本率2.06%，较2024 全年下降17BP，常熟银行零售定期存款占比较高，随着前期存 款到期重定价，以及存款结构将不断优化，预计今年负债成本将持续压降，将有效缓解息差下行的压 力。 资产质量：不良率环比回落，关注零售不良新生成率改善预期。Q1 末不良率环比下降1BP，拨备覆盖 率环比回落，主要反映零售不良生成压力，但预计继续保持上市农商行最高，风险抵补实力雄厚，各项 资产质量指标仍显著优于同业。2024 全年不良净生成率同比上升51BP 至1.43%，反映行业零售产品风 险波动的共性压力。预计随着前期部分风险客户的暴露逐步充分，同时公司内部通过成立风险专班、持 续加大核销处置力度，结合延期还本付息等小微领域扶持政策，今年预计不良生成率有望企稳回落。 投资建议：业绩增速领先，长 ...

Core Viewpoint - The article discusses the performance of private banks in China for the year 2024, highlighting a stark contrast between leading internet banks and mid-tier banks, with the former showing growth while the latter face challenges in profitability and asset quality [3][12]. Group 1: Performance of Leading Private Banks - As of April 30, 2024, 13 out of 19 private banks in China have reported their annual performance, revealing a "frozen and fiery" situation in the industry [3]. - WeBank reported total assets of 651.7 billion yuan, operating income of 38.128 billion yuan, and net profit of 10.903 billion yuan for 2024 [4]. - Ant Bank's total assets reached 471.035 billion yuan, with a year-on-year revenue growth of 13.7%, totaling 21.314 billion yuan, and a net profit of 3.166 billion yuan [4]. Group 2: Asset Scale and Revenue Rankings - Only WeBank and Ant Bank have asset scales exceeding 450 billion yuan, while other private banks have assets below 150 billion yuan [5]. - The revenue ranking for private banks shows WeBank leading with 38.128 billion yuan in operating income, followed by Ant Bank with 21.314 billion yuan [6]. Group 3: Focus on Small and Micro Enterprises - Ant Bank has identified small and micro business owners as a key market, providing tailored financial services to meet their unique needs [7]. - By the end of 2024, Ant Bank served over 68 million small and micro customers, with nearly 80% being first-time bank loan recipients [7]. Group 4: Transformation and Growth Strategies - Both WeBank and Ant Bank are actively seeking transformation to open new growth avenues, with WeBank establishing a subsidiary in Hong Kong and Ant Bank focusing on comprehensive financial services [8][9]. - Ant Bank has developed an AI-driven risk control system to enhance its service capabilities, serving 8 million users and providing credit to 580,000 small tech enterprises [9][10]. Group 5: Performance Disparities Among Mid-Tier Banks - Mid-tier private banks are experiencing significant performance disparities, with some like Su Bank and Zhongbang Bank showing growth, while others like Huazhong Bank and Minshang Bank face declines in revenue and profit [12][13]. - The overall net profit for private banks in 2024 was 18.8 billion yuan, a decline of 7.84% from 2023, indicating increased operational pressure [13]. Group 6: Future Outlook and Strategic Recommendations - The article suggests that private banks need to focus on service and product innovation to enhance market competitiveness, particularly in small and micro enterprise financing [14]. - Emphasizing the importance of building an ecosystem around "inclusive finance," Ant Bank is positioned as an innovative leader in the small and micro finance sector, leveraging technology and comprehensive service capabilities [14].