2026 年 1 月 25 日 公司研究 贷款增速稳中有进，五年规划圆满收官 010-57378035 执业证书编号：S0930521090001 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 72.49 | | 总市值(亿元)： | 1,107.65 | | 一年最低/最高(元)： | 13.04/17.14 | | 近 3 月换手率： | 64.99% | 股价相对走势 资料来源：Wind ——杭州银行（600926.SH）2025 年业绩快报点评 买入（维持） 当前价：15.28 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -1.74 | -4.83 | -14.23 | | 绝对 | -0.26 | -3.93 | 9.40 | | 资料来源：Wind | | | | 要点 事件： 1 月 23 日，杭州 ...

Investment Rating - The report assigns an "Overweight" rating to the banking sector [4]. Core Insights - As of January 23, 2026, eight banks have reported stable growth in performance and maintained asset quality. The outlook for 2026 suggests continued improvement in bank performance, supported by narrowing interest margin declines and decreasing credit costs [2][4]. Summary by Sections 1. Performance Indicators - Eight banks reported their performance for 2025, showing stable growth and asset quality. The revenue growth rates for major banks were as follows: - Shanghai Pudong Development Bank: +1.9% - Industrial Bank: +0.2% - China Merchants Bank: +0.01% - CITIC Bank: -0.6% - Regional banks showed varied performance, with Nanjing Bank at +10.5%, Ningbo Bank at +8.0%, Hangzhou Bank at +1.1%, and Suzhou Rural Bank at +0.4% [4][6]. 2. Scale and Growth - Quality regional banks continued to experience strong credit growth. By the end of 2025, asset growth rates were: - Nanjing Bank: 16.6% - Ningbo Bank: 16.1% - Hangzhou Bank: 12.0% - Loan growth rates were: - Nanjing Bank: 13.4% - Ningbo Bank: 17.4% - Hangzhou Bank: 14.3% - Overall deposit growth remained stable, with city commercial banks maintaining a growth rate of over 10% and joint-stock banks at 7%-8% [4][6]. 3. Asset Quality - The non-performing loan (NPL) ratios showed a stable or declining trend across the eight banks, with Shanghai Pudong Development Bank at 1.26%, Suzhou Rural Bank at 0.88%, and CITIC Bank at 1.15%. The provision coverage ratios remained robust, with Hangzhou Bank and China Merchants Bank showing a decline of over 10 percentage points but still at high absolute levels [4][6]. 4. Outlook for 2026 - The report anticipates continued improvement in bank performance in 2026, driven by: - A narrowing decline in interest margins leading to improved net interest income growth. - Increased fee income from insurance and wealth management channels. - Continued resolution of risks in key corporate sectors and stabilization of retail risk exposure [4][6]. 5. Investment Recommendations - The report suggests focusing on three main investment lines for 2026: 1. Identifying banks with potential for performance growth, recommending Ningbo Bank, China Merchants Bank, and Nanjing Bank. 2. Considering banks with convertible bond expectations, recommending Chongqing Bank and Changshu Bank. 3. Continuing dividend strategies, recommending Bank of Communications, Jiangsu Bank, and Chongqing Rural Commercial Bank [4][6].

证券研究报告 | 2026年01月24日 杭州银行（600926.SH）2025 年业绩快报点评 优于大市 高成长延续，资产质量优质 净利润实现延续两位数高增。公司披露 2025 年业绩快报，2025 年全年实现 营收 387.99 亿元，同比增长 1.1%，较前三季度增速小幅回落 0.3 个百分点。 实现归母净利润 190.30 亿元，同比增长 12.1%，较前三季度增速回落 2.5 个 百分点。 净利息收入增速亮眼，其他非息收入下降拖累营收。2025 年净利息收入同比 增长 12.8%，较前三季度增速提升 2.9 个百分点，表现亮眼，一是公司规模 维持高增，二是净息差企稳。全年非息收入同比下降 19.5%，较前三季度降 幅扩大了 5.5 个百分点，主要受其他非息收入同比大幅下降拖累。其中，手 续费及佣金净收入同比增长 13.1%，较前三季度增速提升了 0.5 个百分点； 其他非息收入同比下降 31%，较前三季度降幅扩大了 6 个百分点。我们判断 主要是今年债市波动较大导致交易账户公允价值出现明显亏损，另外，公司 在净利息收入实现较好增长下兑付存量债券收益的动力下降，因此在 2024 年高基数下出现大幅下降 ...

总资产迈上 3 万亿，营收增速突破 10% 南京银行(601009) 南京银行 2025 年业绩快报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 李润凌(分析师) | 021-23183283 | lirunling@gtht.com | S0880525120003 | 本报告导读： 南京银行发布 2025 年业绩快报，营收增速突破 10%，利润增速维持 8%+，ROE 水 平 12.0%。总资产迈上 3 万亿，零售 AUM 迈上 1 万亿。资产质量指标保持稳定。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 45,160 | 50,273 | 55,567 | 60,637 | 66, ...

上市银行首批2025年业绩快报出炉，多家银行业绩指标明显改善，资产质量保持稳健。1月23日，招商 银行发布2025年度业绩快报显示，该行去年归母净利润达1501.81亿元，同比实现小幅增长，同日杭州 银行业绩快报显示，去年该行净利润同比增长约12%。截至目前，A股已有中信银行、浦发银行、兴业 银行、宁波银行、南京银行、苏农银行等8家银行陆续披露2025年业绩快报，上述机构均实现归母净利 润正增长。记者梳理首批业绩快报各项指标，三大特点值得关注：一是8家上市银行资产规模均实现稳 健扩表，中小行增速领先；二是不良贷款率维持向好，暂未有银行不良率明显反弹；三是多数银行加大 了拨备计提力度，拨备覆盖率仍在下滑。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 招商银行股份有限公司2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本公告所载2025年度主要财务数据为招商银行股份有限公司（简称本公司或本行）初步核算的集团口径 数据，未经会计师事务所审计，具体数据以本公司最终披露的2025年度报告财务数据为准，请投资者注 意投资风险。 一、主要财务数据和指标 ■ 注： 1. 基本每股收益和加权平均净资产收益率根据《公开发行证券的公司信息披露编报规则第9号一一净资 产收益率和每股收益的计算及披露》计算。本公司在计算基本每股收益和加权平均净资产收益率 时，"归属于本行股东的净利润"扣除了当期优先股股息和永续债利息，"加权平均净资产"扣除了优先股 和永续债。 2. 此处金融工具项目的余额未包含应计利息。 3. 归属于本行普通股股东的每股净资产按扣除优先股和永续债后的归属于本行普通股股东的权益除以期 末普通股股本总数计算。 4. 拨备覆盖率=贷款损失准备／不良贷款余额。 5. 贷款拨备率=贷款损失准备／贷款和垫款总额。 ...

[Table_Page] 公告点评|股份制银行Ⅱ 证券研究报告 | [Table_Title] 兴业银行（601166.SH） | | --- | | 营收利润双增，业绩筑底回升 | [Table_Summary] 1核心观点： | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 19.61 元 | | 合理价值 | 22.99 元 | | 前次评级 | 买入 | | 报告日期 | 2026-01-22 | [Table_PicQuote] 相对市场表现 -10% -2% 7% 15% 24% 32% 01/25 03/25 05/25 07/25 09/25 11/25 01/26 兴业银行 沪深300 | [分析师： Table_Author]倪军 | | --- | | SAC 执证号：S0260518020004 | | 021-38003646 | | nijun@gf.com.cn | | 分析师： 林虎 | | SAC 执证号：S0260525040004 | | SFC CE No. BWK411 | | 021-38003643 | | g ...

Core Viewpoint - Both China CITIC Bank and Shanghai Pudong Development Bank reported positive growth in net profit for 2025, with differing strategies: CITIC Bank adopted a "steady" approach while Pudong Bank took a more "aggressive" stance [1][3]. Group 1: Financial Performance - CITIC Bank achieved total operating revenue of 212.48 billion yuan, a slight decrease of 0.55% year-on-year, and a net profit attributable to shareholders of 70.62 billion yuan, an increase of 2.98% [3]. - Shanghai Pudong Development Bank reported total operating revenue of 173.96 billion yuan, an increase of 1.88%, and a net profit attributable to shareholders of 50.02 billion yuan, up 10.52% year-on-year [3][4]. - Both banks reached total assets exceeding 10 trillion yuan, joining the "10 trillion club" [5]. Group 2: Asset Quality - CITIC Bank's non-performing loan (NPL) ratio improved slightly to 1.15%, with a provision coverage ratio of 203.61%, down 5.82 percentage points year-on-year [3]. - Pudong Bank's NPL ratio decreased to 1.26%, with a provision coverage ratio of 200.72%, up 13.76 percentage points, indicating a focus on expanding its business [4]. Group 3: Market Outlook - Analysts expect that the banking sector will see a year-on-year increase in net profit and revenue for 2025, with a projected growth rate of 1.2% for revenue and 1.8% for net profit across listed banks [6][7]. - The overall market sentiment for 2026 remains positive, with expectations of stable interest rates and improved net interest income growth due to narrowing interest margin declines [8][9].

Core Viewpoint - In 2025, CITIC Bank reported a net profit of 70.618 billion RMB, reflecting a year-on-year growth of 2.98%, despite a slight decline in total operating revenue by 0.55% to 212.475 billion RMB [3]. Financial Data and Indicators - Basic earnings per share and weighted average return on equity are calculated according to the relevant regulations [2]. - The bank issued dividends of 1.428 billion RMB for preferred shares in October 2025, which impacted the earnings per share and return on equity calculations [2]. - The issuance of perpetual bonds in April 2025 resulted in interest payments totaling 2.406 billion RMB, also affecting the financial metrics [2]. - A convertible bond issued in 2019 matured in March 2025, converting approximately 39.943 billion RMB into common shares, with a total of 6.710 billion shares converted [2]. Operating Performance and Financial Condition - CITIC Bank's total assets reached 10,131.658 billion RMB by the end of 2025, marking a growth of 6.28% from the previous year [3]. - The equity attributable to ordinary shareholders increased by 5.78% to 723.861 billion RMB [3]. - The non-performing loan ratio was reported at 1.15%, a slight decrease of 0.01 percentage points from the previous year [3]. - The provision coverage ratio stood at 203.61%, down by 5.82 percentage points compared to the end of the previous year [3].

（文章来源：证券日报） 证券日报网讯 1月14日，中信银行发布2025年度业绩快报公告称，公司2025年度实现营业总收入2， 124.75亿元，同比下降0.55%；归属于本行股东的净利润706.18亿元，同比增长2.98%。 ...