Core Insights - The overall asset quality of banks is good, but there is still weakness in the commercial real estate investment portfolio [1] - The number of "problem banks" has decreased by three, totaling 63 banks currently [1] Summary by Category Asset Quality - Banks are reported to have a generally good asset quality, indicating stability in the banking sector [1] Commercial Real Estate - There remains a persistent weakness in the commercial real estate investment portfolio, which could pose challenges for banks [1] Problem Banks - The count of problem banks has reduced by three, now standing at 63, suggesting an improvement in the banking sector's health [1]

Group 1: Financial Investment Trends - The financial investment growth rate for listed banks showed divergence, with rural commercial banks rebounding to 8.30% in Q1 2025 after a decline in 2024[2] - State-owned banks' financial investment growth was weaker compared to other types of banks due to liability pressures[2] - The average contribution of investment net income to revenue increased, with contributions for state-owned, joint-stock, city commercial, and rural commercial banks at 6.95%, 18.56%, 25.86%, and 28.85% respectively in Q1 2025[2][31] Group 2: OCI Account and Profit Realization - The average proportion of OCI accounts increased to 32.5%, while the average AC proportion decreased to 47.5% in Q1 2025, indicating a greater reliance on OCI accounts for profit adjustment[2][28] - Estimated remaining sellable old bonds for listed banks is approximately 4.5 trillion yuan, with state-owned banks holding about 2.8 trillion yuan[4] - The pressure to sell bonds may re-emerge in Q2, raising questions about the remaining space for selling old bonds[3] Group 3: Profitability and Cost Management - The average net profit growth rate for listed banks declined from 4.83% in 2024 to 2.29% in Q1 2025, with some banks experiencing negative growth[19] - Average interest margin narrowed to 1.58% in Q1 2025, down from 1.61% in 2024, indicating ongoing profitability pressure[21] - Interest income remains the primary revenue source, but the average interest net income for state-owned banks decreased by 2.75% year-on-year[23] Group 4: Asset Quality and Risk - Overall asset quality improved, but potential risks accumulated, particularly with an increase in the proportion of special mention loans for rural commercial banks[5] - The capital adequacy ratio for various banks declined, with state-owned banks experiencing the most significant drop, indicating pressure on capital retention capabilities[5]

Core Viewpoint - Huishang Bank has shown steady growth in total assets while experiencing a slowdown in revenue growth and moderate profit growth, positioning itself favorably among urban commercial banks in China [2][3][7]. Group 1: Company Overview - Huishang Bank was established in 1997 and has undergone several name changes and mergers, currently operating 21 branches and 464 outlets, primarily in Anhui province [1]. - As of the end of 2024, Huishang Bank's loans in Anhui accounted for 88.87% of its total loans, indicating a strong regional focus [1]. Group 2: Financial Performance - By the end of 2024, Huishang Bank's total assets exceeded 2 trillion yuan, reaching 2.01 trillion yuan, with a year-on-year growth of 11.49% [2]. - The bank achieved operating income of 37.175 billion yuan, a year-on-year increase of 1.62%, and a net profit attributable to shareholders of 15.414 billion yuan, up 6.80% year-on-year [2]. Group 3: Comparative Analysis - Huishang Bank ranks approximately seventh among urban commercial banks in terms of total assets, surpassing Hengfeng Bank and Bohai Bank in total assets, operating income, and net profit [7]. - In 2024, Huishang Bank's net interest margin was 1.71%, a decrease of 17 basis points from 2023, which is considered moderate among major commercial banks [12]. Group 4: Asset Quality - As of the end of 2024, Huishang Bank's non-performing loan (NPL) ratio was 0.99%, down 27 basis points from the previous year, with a provision coverage ratio of 286.47%, an increase of 14.53 percentage points [14]. - The bank's corporate loan NPL ratio improved to 0.86%, while the personal loan NPL ratio rose to 1.51%, indicating a divergence in asset quality between corporate and personal loans [16].

Overall Review - The banking sector is currently under pressure, with a decline in both revenue and profit. In Q1 2025, the total operating income of listed banks decreased by 1.7% year-on-year, while net profit attributable to shareholders fell by 1.2%. The decline in net profit is primarily due to a slowdown in the growth of other non-interest income and reduced provisioning efforts [1] Net Interest Margin - The year-on-year decline in net interest margin has narrowed, with listed banks experiencing a decrease of 13 basis points to 1.43% in Q1. This is an improvement from a 17 basis point decline in the previous year. A slight reduction in the annual net interest margin is expected to be between 10-15 basis points due to lower deposit rates [2] Asset Quality - Overall asset quality pressure has slightly eased, with major banks having sufficient provisioning space to support profits. The non-performing loan ratio, attention rate, and overdue rate are all showing a stable decline. Major banks still have ample provisioning to support profits, while smaller banks may face limitations [3] Asset Scale - The overall growth rate of total assets has returned to normal levels, with city commercial banks maintaining a higher growth rate. As of the end of Q1 2025, the total assets of listed banks grew by 7.5% year-on-year, aligning with the current industry return on equity (ROE) and dividend rates [4] Non-Interest Income - Net fee income has reached a bottom level, while other non-interest income has negatively impacted performance. In Q1, the growth rate of other non-interest income for smaller banks significantly declined due to rising market interest rates, becoming a major drag on revenue and net profit growth [5]

Investment Rating - The report maintains a positive outlook on the banking sector, highlighting it as a low-volatility dividend play in a counter-cyclical environment and a strong performer in absolute returns during a pro-cyclical phase [6]. Core Insights - The first quarter of 2025 saw a decline in both revenue and net profit for listed banks, with revenue and net profit down 1.7% and 1.2% year-on-year, respectively. The main reasons for this decline were the expected decrease in interest margins and pressure from non-interest income [3][12]. - Loan growth has remained stable, with a year-on-year increase of 7.9% in the first quarter. Notably, banks in Jiangsu and Zhejiang, as well as Chengdu, continue to show strong economic performance, while Chongqing has emerged as a new growth area with loan growth exceeding 16% [3][4]. - The average net interest margin for listed banks was 1.54% in the first quarter, reflecting a slight quarter-on-quarter increase of 2 basis points, supported by a decrease in the cost of interest-bearing liabilities [4][12]. - The non-performing loan (NPL) ratio for listed banks decreased to 1.23%, with an estimated annualized NPL generation rate of approximately 0.63% [5][19]. - The report emphasizes the importance of focusing on high-dividend yield banks, particularly those with solid provisions and growth opportunities in favorable policy environments [6][19]. Summary by Sections Performance Overview - The first quarter of 2025 saw a significant impact from the decline in interest margins and non-interest income, leading to a negative growth in both revenue and profit for listed banks [10][12]. - The report indicates that the performance of state-owned banks was below expectations, while city and rural commercial banks generally met expectations [3][19]. Loan and Credit Analysis - Loan growth has been stable, with a year-on-year increase of 7.9% in the first quarter. The report highlights that the demand for loans from small and medium-sized enterprises has weakened, affecting the growth rates of rural commercial banks [3][4]. Interest Margin and Cost Analysis - The report notes that the average net interest margin for listed banks improved slightly, with a quarter-on-quarter increase attributed to a reduction in the cost of interest-bearing liabilities [4][12]. Asset Quality and Risk Management - The NPL ratio for listed banks decreased to 1.23%, with proactive measures taken to manage and dispose of non-performing assets [5][19]. - The report indicates that the retail sector is experiencing some risk exposure, but overall asset quality remains stable [5][19]. Investment Recommendations - The report recommends focusing on banks with high dividend yields and solid fundamentals, particularly those that are well-positioned to benefit from favorable policy changes [6][19].

丨证券研究报告丨 %% %% [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨厦门银行（601187.SH） [Table_Title] 分红比例新高，利息压力改善 ——2024 年年报&2025 年一季报点评 报告要点 [Table_Summary] 厦门银行 2024 全年分红比例同比提升近 1pct 至 31.5%（占归母净利润比例），2024 年度股息 率 5.38%，在 A 股上市银行中位居前列。从长期角度，考虑厦门银行目前的资产规模基数并不 庞大，且底层资产质量没有历史包袱，新一届董事长履新后，有望在未来提升扩表速度，具备 成长空间。短期一季度业绩下滑主要受到投资收益波动影响，今年后续关注负债成本及利息净 收入改善趋势，以及银行业整体零售风险改善节奏。目前估值仅 0.57x2025PB，维持"买入" 评级。 分析师及联系人 厦门银行（601187.SH） cjzqdt11111 [Table_Title 分红比例新高，利息压力改善 2] —— ...

Core Viewpoint - The article analyzes the Q1 performance of three banks (China Merchants Bank, Ping An Bank, and Industrial Bank) from five perspectives: asset quality, liability structure and interest rate, asset structure and yield, profitability, and valuation and margin of safety [1]. Asset Quality - The focus is primarily on loan quality, with detailed statistics provided for each bank's normal, attention, and non-performing loans [2][3][4][5]. - China Merchants Bank has a non-performing loan ratio of 0.94%, while Ping An Bank and Industrial Bank have ratios of 1.06% and 1.08%, respectively, indicating that China Merchants Bank maintains better asset quality [3][4][6]. - The 90-day delinquency rate is lowest for Ping An Bank (0.68%), followed by China Merchants Bank (0.73%) and Industrial Bank (0.92%), suggesting that Ping An Bank has the most robust asset quality [8]. - The attention loan ratio is lowest for China Merchants Bank (1.36%), while Ping An Bank's ratio has decreased by 15 basis points, indicating an improvement in asset quality [9][10]. - The unified caliber non-performing loan ratio shows Ping An Bank at 1.35%, China Merchants Bank at 1.46%, and Industrial Bank at 1.83%, further confirming Ping An Bank's stronger asset quality [11]. Liability Structure and Interest Rate - China Merchants Bank has a significantly lower average interest rate on deposits (1.29%) compared to Ping An Bank (1.81%) and Industrial Bank (1.79%), indicating a substantial cost advantage [20][21][26]. - The total interest-bearing liabilities' interest rate for China Merchants Bank is also lower than that of its peers, reinforcing its competitive edge in funding costs [22][26]. Asset Structure and Yield - Ping An Bank's yield on interest-earning assets is 3.61%, which is higher than China Merchants Bank's 3.23% and Industrial Bank's 3.49%, indicating better asset yield management [33]. - The article notes that Ping An Bank's retail loan yield has shown positive growth, although the reasons remain unclear due to lack of disclosure from competitors [27][33]. Profitability - In Q1 2025, the net interest margin for Ping An Bank is 1.83%, China Merchants Bank is 1.91%, and Industrial Bank is 1.80%, with Ping An Bank and Industrial Bank benefiting from a faster decline in funding costs [37]. - The total assets and liabilities of Ping An Bank have not expanded significantly, but its deposit growth is strong, indicating a stable liability structure [35]. - China Merchants Bank shows synchronized growth in total assets and liabilities, reflecting a robust performance [36]. Valuation and Margin of Safety - The article does not provide specific details on valuation metrics or margin of safety for the banks, focusing instead on the operational performance indicators discussed above.

Investment Rating - The report maintains a "Recommendation" rating for CITIC Bank, with a target price of 8.23 CNY / 6.78 HKD [2][6]. Core Views - CITIC Bank's core revenue growth remains stable, with a balanced development strategy. The bank reported a revenue of 51.77 billion CNY in Q1 2025, a year-on-year decrease of 3.72%. However, operating profit increased by 4.22% to 22.805 billion CNY, and net profit attributable to shareholders rose by 1.66% to 19.509 billion CNY. The non-performing loan ratio remained stable at 1.16%, while the provision coverage ratio decreased by 2.3 percentage points to 207.1% [2][6]. Financial Performance Summary - **Revenue and Profitability**: In Q1 2025, CITIC Bank's core revenue showed a decline of 3.72% year-on-year, with net interest income and net fee income still achieving positive growth of 2.1% and 0.7%, respectively. The net profit growth of 1.66% indicates effective cost management, with business and management expenses down by 3.3% [6][7]. - **Loan and Deposit Growth**: The bank's interest-earning assets and loans grew by 8.2% and 5.1% year-on-year, respectively. The growth in corporate loans was particularly strong, with general corporate loans increasing by 10.6% [6][7]. - **Asset Quality**: The non-performing loan ratio remained stable at 1.16%, with improvements noted in corporate loans. However, retail loan quality faced some pressure, particularly in credit card loans [6][10]. - **Future Projections**: The report adjusts the revenue growth forecasts for 2025-2027 to 0.6%, 4.1%, and 5.7%, respectively, and net profit growth to 1.5%, 3.0%, and 5.0%. The target price reflects a price-to-book ratio of 0.62X for 2025E [6][7][8].

Group 1 - The overall performance of the nine A-share listed joint-stock banks in the first quarter is generally unsatisfactory, with four banks experiencing a decline in both revenue and net profit, while only Shanghai Pudong Development Bank achieved growth in both metrics [1][2][3] - Among the banks with declining performance, Huaxia Bank reported the largest drop in both revenue and net profit, with declines of 17.73% and 14.04% respectively, contrasting sharply with its previous year's growth [2][3][4] - The decline in Huaxia Bank's performance is attributed to a significant drop in other non-interest income, which fell by 78.9% due to the bond market's downturn and a high base from the previous year [4] Group 2 - In terms of interest income, six banks reported a year-on-year increase, while Huaxia Bank, Ping An Bank, and Everbright Bank saw declines in net interest income [7] - The net interest margin and net interest spread continued to narrow, further compressing profit margins, although some banks managed to maintain positive growth in interest income through increased credit issuance and cost control [7] - Fee and commission income showed significant variation, with some banks like Huaxia Bank experiencing an increase of 11.45%, while others like Zheshang Bank saw a decline of 13.15% [8] Group 3 - Asset quality remained resilient, with most banks reporting a stable or declining non-performing loan (NPL) ratio compared to the end of the previous year, except for Huaxia Bank and Industrial Bank, which saw slight increases [9] - Huaxia Bank had the highest NPL ratio among the nine banks at 1.61%, exceeding the 1.5% threshold [9] - The provision coverage ratio decreased for seven banks, with Ping An Bank experiencing the largest drop of 14.18 percentage points, indicating potential adjustments in provisioning strategies [10]

4月25日，沪农商行（601825）2024年度业绩说明会在全景网成功举行。首席风险官朱卫对银行资产质 量状况及未来展望进行了深入阐述，他将银行整体资产质量概括为"总体稳健""挑战加大""风险可控"。 2024年末，沪农商行不良贷款率维持在0.97%，与2023年末持平，除一季度有小幅波动外，全年保持稳 定；拨备覆盖率高达352%，处于行业较高水平。这一稳定局面得益于银行长期稳健经营策略， 然而，外部经济环境的复杂性也不容忽视。朱卫指出，当前国内外经济形势给银行资产质量带来一定挑 战。国外关税及国际贸易不利变化冲击外向型企业及国内产业链，国内需求不足导致部分企业经营困 难、群众就业增收压力增大，风险隐患增多。尽管如此，朱卫强调，银行资产质量风险仍在可控范围 内。 对于风险可控的信心来源，朱卫从多个方面进行了说明。一方面，基于对中国经济基本面的长期信心， 中国经济的广阔市场、强韧性和潜力为银行稳健发展提供了有力支撑。另一方面，银行自身的稳健展业 模式也发挥了关键作用。 具体来看，在审批架构上，作为本地法人银行，授信审批层级少、效率高，对重点产品设置专业集中审 批，确保风险偏好有效执行。投向政策方面，坚持服务实体 ...