转自：新华财经 新华财经北京8月29日电（记者翟卓 余蕊）"预计下半年净息差下行仍然是行业共性，但降幅将进一步 收窄。工商银行始终精准对接国家战略、积极优化信贷结构、持续做好五篇大文章，不断提升资产组合 的整体收益和抗风险能力。基于以上判断，我们对未来净息差边际企稳的趋势抱有坚定信心。"中国工 商银行副行长姚明德说。 他是在29日举行的工商银行2025年中期业绩发布会上作出上述表述。 "我们更关注价的边际改善，坚持风险定价原则，遵守监管部门遏制价格无序竞争的系列要求，防范贷 款利率非理性下行。更关注险的精准防控，坚持统筹发展和安全，'三道防线'耦合力持续增强，信贷资 产质量稳健改善，为稳息差提供了坚实的安全底座。"姚明德说。 编辑：刘润榕 据姚明德介绍，2025年上半年，工商银行的净息差为1.3%，虽然仍然处于下行通道，但是边际降幅已 出现收窄。"我们认为，上半年净息差降幅同比收窄企稳的态势具有可持续性。这主要得益于我行对低 息差环境下银行经营策略的综合研判，以及基于此采取了切实、主动、有效的资产负债管理措施。" "具体来看，一是更注重资产负债组合的久期管理，增强了应对外部冲击的韧性；二是更注重负债成本 管理 ...

证券研究报告 | 2025年08月29日 营收增速环比提升，归母净利润增速稳健。2025年上半年实现营业收入65.04 亿元，同比增长 1.8%，较一季度增速提升 1.0 个百分点；实现归母净利润 31.34 亿元，同比增长 6.2%，较一季度增速下降 0.6 个百分点。 净利息收入增速由负转正，其他非息收入降幅收窄。2025 年上半年净利息收 入同比 2.7%，一季度同比下降 0.6%，受益于总资产同比增速提升以及净息 差降幅收窄。上半年非息收入同比增长 0.1%，较一季度增速下降了 3.2 个百 分点；其中，手续费净收入同比增长 9.0%；其他非息收入同比下降 4%，降 幅较一季度增速收窄了 4 个百分点。由于交易金融资产公允价值变动在高基 数下出现亏损，公司或兑现了部分 OCI 和 AC 账户浮盈，投资收益实现不错 增长，其他综合收益则下降了 27.6%。 积极拓展苏州市以外区域信贷投放，净息差有企稳迹象。期末资产总额 7550 亿元，贷款总额 3508 亿元，较年初分别增长 8.8%和 9.5%。贷款行业分布上， 对公贷款和个人贷款较年初分别增长 18.7%和 0.6%，期末对公贷款份额达 75.4% ...

行业报告 | 行业专题研究 银行 证券研究报告 25H1 商业银行主要监管指标数据点评 金融监管总局发布 2025 年二季度银行业主要监管指标数据情况。 ➢ 保持货币信贷合理增长指导思想下，25H1 银行业资产与信贷扩张再提速 ➢ 净息差企稳拐点可能已至 ➢ 资产质量稳步向好 风险提示：宏观经济震荡、不良风险大幅上升、净息差下行压力加大。 -10% -4% 2% 8% 14% 20% 26% 32% 2024-08 2024-12 2025-04 银行 沪深300 资料来源：聚源数据 相关报告 1 《银行-行业专题研究:"反内卷"下的 信贷投放》 2025-08-19 2 《银行-行业专题研究:从银行视角聊聊 买断式逆回购》 2025-08-16 3 《银行-行业深度研究:险资对银行股的 增持空间还有多少？》 2025-08-10 2025 年 08 月 19 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 刘杰 分析师 SAC 执业证书编号：S1110523110002 liujiea@tfzq.com 行业走势图 ⚫ ...

Core Viewpoint - The banking industry is showing signs of stabilization and recovery in the first half of 2025, with improvements in revenue and profit growth expected as net interest margins stabilize and non-interest income pressures ease [1][2][3]. Group 1: Performance Overview - Hangzhou Bank reported a 3.89% year-on-year increase in revenue and a 16.67% increase in net profit attributable to shareholders for the first half of 2025 [2]. - Changshu Bank achieved a revenue of 6.062 billion yuan, a 10.10% year-on-year growth, and a net profit of 1.969 billion yuan, reflecting a 13.55% increase [2]. - Analysts predict that the overall performance of A-share listed banks will show stabilization and recovery, with a projected revenue decline of only 1.6% year-on-year for the first half of 2025, a significant improvement compared to the previous year [2][3]. Group 2: Revenue and Profit Trends - Analysts expect that the revenue and profit growth rates for listed banks will improve in the second quarter compared to the first quarter, with a forecast of a 0.6% year-on-year revenue growth in Q2 [2][3]. - The net profit for listed banks is anticipated to show a slight decline of 0.3% year-on-year for the first half, with a positive growth of 0.8% expected in Q2 [2][3]. Group 3: Net Interest Margin and Income - The net interest margin is expected to stabilize, with a projected decrease of 3-4 basis points in Q2 due to the impact of LPR adjustments [5]. - Non-interest income is anticipated to recover, with fee income expected to improve as the previous year's low base effects diminish [5][6]. Group 4: Asset Quality - Both Hangzhou Bank and Changshu Bank reported a non-performing loan (NPL) ratio of 0.76%, indicating strong asset quality [6]. - The overall asset quality of banks is expected to show a trend of improvement, with public sector loans performing better than retail loans [6][7]. Group 5: Credit Growth Dynamics - The credit growth remains skewed towards corporate loans, which accounted for over 75% of new loans in Q2, while retail loans contributed only about 4% [7]. - The overall credit issuance by listed banks is expected to outperform the national average, maintaining a stable year-on-year growth [7].

Investment Rating - The report gives a "Buy" rating for Nanjing Bank [3][10]. Core Views - Nanjing Bank is entering a new five-year planning cycle, with three major turning points driving value reassessment: 1) Market share enhancement cycle, 2) Interest rate decline cycle, and 3) Cost-to-income ratio improvement cycle [3][10]. - The bank's current PB valuation is 0.81x for 2025, with a dividend yield of 4.5%, making it a strong investment recommendation [3][10]. Market Share Enhancement Cycle - The management team, led by Chairman Xie Ning, is driving operational efficiency through comprehensive reforms and management optimization, following a significant expansion of branch networks [7][21]. - By the end of 2024, Nanjing Bank will have 290 branches, with a focus on increasing market share through a "three-year customer doubling action plan" [7][22]. - The favorable economic environment in Jiangsu province, with a credit growth rate close to 10% as of May, supports sustainable revenue growth for Nanjing Bank [7][25]. Interest Rate Decline Cycle - Nanjing Bank benefits from a favorable asset-liability structure in a low-interest-rate environment, with a high proportion of time deposits (78%) compared to peers [8][10]. - The bank has already passed the peak pressure on net interest margin (NIM) in 2023, and NIM is expected to stabilize as deposit costs decline [8][10]. Cost-to-Income Ratio Improvement Cycle - The cost-to-income ratio has risen to 30.5% from 2019 to 2023, but is projected to decrease to 28.1% in 2024 due to operational efficiencies and a three-year financial management plan [9][10]. - The bank's asset quality is stabilizing, with a focus on government-related loans, while retail loan risks are expected to improve in the coming years [9][10]. Investment Recommendations - Nanjing Bank is expected to maintain a leading position in ROE and performance growth among listed banks, with a dividend payout ratio above 30% [10]. - The completion of a 20 billion yuan convertible bond conversion enhances capital, supporting the bank's growth trajectory [10].