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工商银行(601398):公司简评报告:息差降幅收窄,资产质量稳定
Donghai Securities· 2025-09-30 09:23
[Table_Reportdate] 2025年09月30日 公 司 简 评 [Table_invest] 增持(维持) 报告原因:业绩点评 [工商银行( Table_NewTitle] 601398):息差降幅收窄,资 产质量稳定 ——公司简评报告 《工商银行(601398):息差和中间 业务收入压力或趋于平缓——公司 简评报告》 2025.05.13 《工商银行(601398):息差压力缓 解,资产质量整体稳定——公司简评 报告》 2025.04.25 《工商银行(601398):付息率明显 改善,资产质量稳定 ——公司简评 报告》 2024.11.01 [table_main] 投资要点 公 司 研 究 王鸿行 S0630522050001 whxing@longone.com.cn | [数据日期 Table_cominfo] | 2025/09/29 | | --- | --- | | 收盘价 | 7.33 | | 总股本(万股) | 35,640,626 | | 流通A股/B股(万股) | 26,961,221/0 | | 资产负债率(%) | 92.09% | | 市净率(倍) | 0.63 | ...
钱该往哪放?美国降息,中国按兵不动!央行信号明确,要走新路子
Sou Hu Cai Jing· 2025-09-27 08:00
9月22日周一,无数人紧盯的LPR报价出炉:1年期维持3.0%,5年期坚守3.5%。这个结果让不少期待降息的购房者、企业主略感失望,但熟悉市场逻辑的人 却早有预判——要知道,就在5天前的9月17日,美联储刚宣布降息25个基点,且年底前还计划再降两次。 一边是美国开启宽松周期,一边是中国货币政策"按兵不动",这看似矛盾的操作背后,藏着对当前经济形势的精准拿捏。今天咱们就从银行、股市、楼市三 个维度,拆解央行的深层考量。 要理解降息放缓,首先得看懂商业银行的"生存困境"。截至2025年二季度末,商业银行净息差已跌至1.42%,这是2005年以来的最低水平,更严峻的是,这 个数字已经低于同期1.49%的不良贷款率。 可能有朋友不懂这组数据的分量——招行行长王良据公开采访报道曾直言,息差低于不良率,意味着银行的收益可能连信用成本、运营成本都覆盖不了。简 单说,银行放出去的贷款赚的钱,快不够填补坏账和运营开支了。 从行业结构看,大型商业银行净息差已低至1.31%,股份制银行1.55%,部分中小银行息差已逼近不良率水平。 从负债端看,降息空间早已见顶:活期存款利率已压至0.05%的"地板价",三年期、五年期定存利率普遍在 ...
全国银行业资产质量大盘点!
券商中国· 2025-09-26 07:27
Core Viewpoint - The overall asset quality of the banking industry in China remained stable in the first half of 2025, with a slight decrease in the overall non-performing loan (NPL) ratio, but significant regional disparities in credit quality persist [1][2][3]. Summary by Sections National Overview - As of June 2025, the national commercial banks' NPL ratio was 1.49%, showing a minor decrease of 0.01 percentage points from the beginning of the year [4]. - Among 25 regions, 16 reported an increase in NPL ratios compared to the start of 2025, although most remained below the national average, indicating overall risk is manageable [2][3]. Regional Performance - Regions like Gansu, Shanghai, Heilongjiang, and Hebei saw improvements in their NPL ratios, with Gansu's ratio dropping from 2.56% at the end of 2024 to 2.31% by mid-2025, a decrease of 0.25 percentage points [7]. - In contrast, provinces such as Guangdong, Zhejiang, and Jiangsu experienced slight increases in their NPL ratios, highlighting a clear divergence in credit quality across regions [10][11]. Specific Regional Data - The NPL ratios for various regions as of June 2025 include: - Gansu: 2.31% (down 0.25) - Shanghai: 0.90% (down 0.12) - Guangdong: 1.62% (up 0.10) - Zhejiang: 0.82% (up 0.07) [4][5][10]. Banking Sector Insights - State-owned banks and joint-stock banks maintained low NPL ratios of 1.21% and 1.22%, respectively, with slight improvements noted [14][15]. - The pressure on asset quality is more pronounced in retail and small micro-enterprise loans, with analysts indicating that the overall risk in corporate loans remains manageable [13]. Trends in Non-Performing Loans - The transfer of non-performing loans has seen significant activity, with the total amount of non-performing loans listed for transfer reaching 667 billion yuan, a year-on-year increase of 108.8% [13]. - The increase in NPL ratios in economically developed regions is attributed to the large credit base and the gradual clearing of risks in certain industries [12].
上半年国有大行、股份制银行不良率较2025年初有所下降或持平
其中,甘肃、上海、黑龙江、河北等地通过持续压降不良,实现不良率与不良贷款规模"双降"或单指标 改善。 2025年上半年,全国多数地区银行资产质量保持稳健,其中国有大行、股份制银行不良率分别为1.21% 和1.22%,较2025年初均有所下降或持平。 人民财讯9月25日电,2025年上半年,全国银行业资产质量总体保持稳定,不良贷款率小幅下降,不同 地区之间信贷质量有所分化。 证券时报记者梳理国家金融监督管理总局网站数据发现,已公布2025年6月末银行业不良贷款数据的25 个地区(含省、自治区、直辖市和计划单列市)中,16个区域不良贷款率较2025年年初有所上升,但相对 于全国商业银行1.49%的平均不良率水平,大多数区域仍低于该指标,反映出风险整体可控,局部压力 仍在持续释放。 ...
贷款利息已创新低!我们借的钱为什么不能再便宜了?背后真相令人意外
Sou Hu Cai Jing· 2025-09-24 23:02
Group 1 - The LPR has remained unchanged for four consecutive months, with the 1-year rate at 3.0% and the 5-year rate at 3.5% [1][3] - Commercial banks' net interest margin has dropped to a historical low of 1.42% as of Q2 2025, down 10 basis points from the previous quarter [3][9] - The traditional banking model of earning interest from loans and deposits is under unprecedented pressure due to declining loan interest rates and limited room for deposit rate cuts [5][9] Group 2 - The current deposit rates for large commercial banks have reached historical lows, with demand deposit rates at 0.05% and 1-year fixed deposit rates at 0.95% [5][9] - The LPR pricing mechanism is influenced by the 7-day reverse repurchase rate, which has remained stable at 1.40%, limiting the potential for LPR decreases [5][7] - The net interest margin has fallen below the non-performing loan rate, indicating a significant imbalance between bank earnings and risks [9][14] Group 3 - Non-interest income from intermediary business has shown signs of recovery, with a 6.97% year-on-year growth in the first half of 2025, indicating banks are seeking new profit growth points [9] - The collaboration between banks and insurance companies has become a key focus, with significant growth in insurance sales through bank channels [9][11] - The global monetary policy landscape is diverging, with some countries maintaining their interest rates while others follow the U.S. Federal Reserve's lead [11][13]
银行业资产质量稳中向好多地区不良率优化成效显著
Zheng Quan Shi Bao· 2025-09-24 18:15
证券时报记者谢忠翔 2025年上半年,全国银行业资产质量总体保持稳定,不良贷款率小幅下降,不同地区之间信贷质量有所 分化。 证券时报记者梳理国家金融监督管理总局网站数据发现,已公布2025年6月末银行业不良贷款数据的25 个地区(含省、自治区、直辖市和计划单列市)中,16个区域不良贷款率较2025年年初有所上升,但相 对于全国商业银行1.49%的平均不良率水平,大多数区域仍低于该指标,反映出风险整体可控,局部压 力仍在持续释放。 其中,甘肃、上海、黑龙江、河北等地通过持续压降不良,实现不良率与不良贷款规模"双降"或单指标 改善。 多地不良率持续改善 2025年上半年,全国多数地区银行资产质量保持稳健,其中国有大行、股份制银行不良率分别为1.21% 和1.22%,较2025年初均有所下降或持平。 从全国不同地区看,各地银行业资产质量仍有所差异。据证券时报记者梳理,全国已公布2025年6月末 数据的25个地区中,若以全国商业银行不良贷款率1.49%为基准,高于该基准的地区有9个。而浙江、 江苏、北京、上海、厦门和安徽6个地区该项指标均低于1%。 今年上半年,甘肃、上海、黑龙江及河北等地不良贷款率实现下降,资产质量 ...
哈尔滨银行上半年净利高增 不良率仍处高位
Xin Lang Cai Jing· 2025-09-23 20:48
Core Viewpoint - Harbin Bank reported a net profit of 915 million yuan for the first half of 2025, marking a year-on-year increase of 19.96%, despite facing challenges such as a declining net interest margin and a relatively high non-performing loan ratio [1][2][6]. Financial Performance - The bank achieved an operating income of 7.386 billion yuan, up 2.59% year-on-year, and a net profit of 999.2 million yuan, reflecting a 17.28% increase [2]. - The average return on total assets was 0.22%, an increase of 0.02 percentage points year-on-year, while the average return on equity rose to 2.07%, up 0.57 percentage points [2]. - Interest income decreased significantly, with net interest income at 4.413 billion yuan, down 11.4% year-on-year [2]. Asset Quality - The non-performing loan ratio stood at 2.83%, only slightly down by 0.01 percentage points from the previous year, which is notably higher than the average of 1.76% for city commercial banks [1][6]. - The bank's non-performing loan balance was 11.27 billion yuan, with a provision coverage ratio of 209.95%, up 7.36 percentage points year-on-year [6]. Capital Adequacy - As of June 30, 2025, the core tier 1 capital adequacy ratio was 8.52%, down 0.16 percentage points from the end of the previous year, indicating pressure on capital replenishment [7]. - The total assets reached 927.528 billion yuan, a 1.23% increase from the end of the previous year, while customer loans and advances rose by 4.87% to 397.566 billion yuan [5]. Future Outlook - The bank anticipates continued pressure on net interest margin and net interest yield due to external uncertainties and intense competition [3]. - Harbin Bank plans to enhance its capital management and diversify its profit channels to improve its internal capital generation capacity [7].
投资收益锐减66%拖累业绩 江西银行上半年营收降近两成
Xi Niu Cai Jing· 2025-09-22 06:42
Core Viewpoint - Jiangxi Bank reported a decline in both revenue and net profit for the first half of 2025, primarily due to a significant drop in investment income [4][5]. Financial Performance - For the first half of 2025, Jiangxi Bank achieved revenue of 4.604 billion yuan, a decrease of 19.91% year-on-year [3]. - The net profit attributable to shareholders was 558 million yuan, down 10.53% compared to the previous year [3]. - Interest income was 377.726 million yuan, a decline of 5.27% year-on-year [3]. - Net commission and fee income increased by 5.27% to 24.558 million yuan [3]. - Investment income plummeted to 461 million yuan, a decrease of 65.88% year-on-year, down 889 million yuan from the previous year [5][6]. Asset Quality - As of June 30, 2025, the non-performing loan (NPL) ratio was 2.36%, an increase of 0.21 percentage points from the end of 2024 [8]. - The total amount of non-performing loans reached 8.617 billion yuan, up 1.029 billion yuan from the end of 2024 [8]. - The overdue loan balance was 13.171 billion yuan, an increase of 3.189 billion yuan from the end of 2024 [8]. - The bank's provision coverage ratio was 154.85%, down 5.2 percentage points from the end of 2024 [8]. Investment Strategy - Jiangxi Bank's financial investment balance as of mid-2025 was 158.014 billion yuan, a decrease of 6.377 billion yuan year-on-year [7]. - The bank reduced its fund investments by 37.79% to 18.430 billion yuan while increasing bond investments by 8.98% to 127.008 billion yuan [6]. Regulatory and Compliance Issues - Jiangxi Bank was rated as "D" class in a recent evaluation of underwriters, indicating weak business capabilities and compliance issues [10][11]. - The bank faced administrative penalties for improper handling of non-performing loans and other regulatory violations [9][12].
哈尔滨银行换帅后稳增 不良率2.83%信用减值损失45亿
Zhong Guo Jing Ji Wang· 2025-09-15 23:10
中国经济网北京9月16日讯 哈尔滨银行(06138.HK)日前发布截至2025年6月30日止六个月中期业 绩。2025年上半年,哈尔滨银行实现营业收入73.86亿元,同比增长2.59%;实现净利润9.92亿元,同比 增长17.28%;实现归属于母公司股东的净利润9.15亿元,同比增长19.96%。 | | 截至2025年6月30日 | | 截至2024年12月31日 | | | --- | --- | --- | --- | --- | | | 金額 | 佔總額百分比 | 金额 | 佔總額百分比 | | | | | (人民幣百萬元,百分比除外) | | | 正常類 | 362,496.9 | 91.2% | 346,268.5 | 91.4% | | 闘注類 | 23,799.7 | 6.0% | 22.068.4 | 5.8% | | 次級類 | 1.575.2 | 0.4% | 1.322.6 | 0.3% | | 可疑類 | 419.0 | 0.1% | 1,337.8 | 0.4% | | 損失類 | 9.275.5 | 2.3% | 8.096.6 | 2.1% | | 客戶貸款及墊款總額 | 39 ...
贷款减值升归母净利降民生银行如何应对业绩挑战?
Xin Lang Cai Jing· 2025-09-15 10:01
原标题:贷款减值升归母净利降,这家上市银行如何应对业绩挑战? 投资时间网、标点财经研究员 田文会 中国民生银行股份有限公司(下称民生银行,600016.SH)近日陆续公告终止该行代销公募基金与多家平台合作。今年上半年,该行代理业务手续费收入同比大幅下滑,支撑营收增长的主要是 9月11日,民生银行官网公告终止该行代销公募基金与"翼支付"平台业务合作。该行将于9月24日起,终止在"翼支付"平台该行代销公募货币基金业务合作。如需购买基金,可登录"民生银行AP 实际上,今年8月以来,民生银行还先后公告终止该行代销公募基金与"宇通生活""华为钱包""网上国网""电e宝""和包"等平台业务合作。 上述公告没有披露终止合作的原因。国家金融监督管理总局今年3月印发并将于10月1日起施行的《商业银行代理销售业务管理办法》规定,商业银行仅限于在本行营业网点、官方网站及互联网 从民生银行半年报看,今年上半年,该行非利息净收入同比增25%,但主要因投资收益与公允价值变动收益合计额同比增长81.62%,这也是该行营收增长的最大影响因素,而投资收益增速的可 民生银行今年上半年营业收入虽然同比增长7.83%,但归母净利润同比降4.87%, ...