上 市 公 司 公 司 研 究 / 公 司 深 银行 2025 年 09 月 26 日 上海银行 (601229) ——重塑信贷结构，化风险夯实基本面 报告原因：首次覆盖 增持（首次评级） | 市场数据： | 2025 年 09 月 25 日 | | --- | --- | | 收盘价（元） | 8.95 | | 一年内最高/最低（元） | 11.47/7.06 | | 市净率 | 0.5 | | 股息率%（分红/股价） | 5.59 | | 流通 A 股市值（百万元） | 127,170 | | 上证指数/深证成指 | 3,853.30/13,445.90 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 17.11 | | 资产负债率% | 91.99 | | 总股本/流通 A 股（百万） | 14,209/14,209 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-25 10-25 11-25 12-25 01-25 02-25 03-25 04-25 05 ...

年内多家A股上市银行获得董监高或重要股东"真金白银"的支持！ 9月以来，华夏银行、成都银行等披露了董监高或股东增持计划的最新进展，苏州银行、青岛银行等也 开启了新一轮增持计划。 多家银行在增持公告中普遍表示，增持计划是基于对银行未来发展前景的信心及长期投资价值的认可。 有业内人士接受《每日经济新闻》记者采访时表示，以往增持行为多发生在股价低位以求"护盘"，但今 年增持集中在股价上涨期，是基于对经济复苏、息差企稳的预期，主动引导估值修复的举措。 多家银行获董监高、重要股东出手增持 华夏银行日前公告称，该行部分董事、监事、高级管理人员，部分总行部门、分行、子公司主要负责人 及业务骨干，计划自今年4月11日起6个月内通过上海证券交易所交易系统集中竞价交易方式，以自有资 金共计不低于人民币3000万元自愿增持该行股份。 截至9月9日，增持主体累计增持该行股份422.93万股，累计增持金额3190.2万元，占本次增持股份计划 金额下限的106.34%，本次增持计划实施完毕。 《每日经济新闻》记者注意到，年内已有多家银行董监高计划出手增持自家银行股份，或已在稳步推进 中。 苏州银行于近日发布公告称，该行董事长崔庆军、行长 ...

Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank of China (601658) with a target price yet to be specified [9] Core Views - The bank's revenue shows signs of improvement, with a year-on-year increase of 1.50% in H1 2025, and a sequential growth acceleration of 1.57 percentage points from Q1 2025 [2][14] - Net interest margin is expected to stabilize, recorded at 1.7% in H1 2025, slightly down from Q1 2025 [2][16] - The bank's non-interest income has significantly increased, with net fee and commission income rising by 11.59% year-on-year [3][24] Financial Performance Summary - Revenue for H1 2025 reached approximately 1794.46 billion yuan, with net interest income at 1390.58 billion yuan, accounting for 77.49% of total revenue [2][14] - Non-interest income for H1 2025 was 403.88 billion yuan, showing a year-on-year growth of 19.09% [3][24] - The bank's total interest-earning assets amounted to 17.95 trillion yuan, a year-on-year increase of 10.83% [4][24] - The non-performing loan (NPL) ratio stood at 0.92%, with a provision coverage ratio of 260% [5][29] Asset and Liability Analysis - As of H1 2025, the bank's interest-bearing liabilities totaled 16.92 trillion yuan, reflecting a year-on-year growth of 10.59% [4][28] - The structure of liabilities shows that deposits accounted for 95.21% of total interest-bearing liabilities, with a year-on-year increase of 8.35% [4][28] - The bank's loan portfolio has seen significant growth, particularly in corporate loans, which increased by 18.62% year-on-year [24][25] Provisioning and Asset Quality - The bank maintains a high level of provisioning, with a loan provision rate of 2.39% and a coverage ratio of 260.4% [5][29] - The overall NPL rate for corporate loans improved to 0.49%, while retail loans saw a slight increase to 1.53% [30][31]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue growth in the first half of the year was 3.9%, with a net profit growth of 5.6% and a non-recurring net profit growth of 11.4%. The net interest income growth was 3.4%, with a stable net interest margin of 1.46% [2][6]. - The non-interest income growth was 5.0%, which was lower than the previous year due to a high base from last year's fair value gains. The non-performing loan ratio was 0.98%, with a slight increase of 1 basis point, but the non-performing loan balance decreased [2][6]. - The provision coverage ratio increased to 340%, up 14 percentage points, indicating improved risk coverage [2][6]. Summary by Sections Financial Performance - Revenue growth of 3.9% in H1, with net profit growth of 5.6% and non-recurring net profit growth of 11.4%. Interest income growth was 3.4%, with a stable net interest margin of 1.46% [2][6]. - Non-interest income growth was 5.0%, impacted by a high base from last year. The non-performing loan ratio was 0.98%, with a decrease in non-performing loan balance [2][6]. Loan and Deposit Growth - Total assets grew by 4.3%, with loans increasing by 2.5%. The company reduced its bill financing significantly, with a 38% decrease in bill size [9]. - Corporate loans grew by 9.6%, primarily in manufacturing and wholesale retail sectors, while retail loans saw a modest increase of 0.9% [9]. Interest Margin and Cost Management - The net interest margin stabilized at 1.46%, with a decrease in deposit costs to 1.94%, indicating potential for further cost reductions [9]. - The asset yield decreased, but bond investment yields remained stable, helping to mitigate the impact of declining loan yields [9]. Asset Quality and Provisions - The non-performing loan generation rate decreased to 0.53%, attributed to a higher proportion of corporate loans with better asset quality [9]. - The provision coverage ratio improved significantly, indicating a stronger risk mitigation position [9].

Core Viewpoint - Chongqing Bank reported a year-on-year increase in net profit, revenue, and PPOP for the first half of 2025, indicating a positive trend in financial performance [1][2]. Financial Performance - For the first half of 2025, Chongqing Bank's net profit attributable to shareholders increased by 5.4%, revenue by 7.0%, and PPOP by 7.0%, with growth rates improving compared to Q1 [1]. - The annualized ROA and ROE for the first half of 2025 decreased by 0.08 percentage points and 0.25 percentage points to 0.74% and 11.52%, respectively [2]. Asset and Loan Growth - As of the end of the first half of 2025, total assets, loans, and deposits grew by 22.0%, 19.6%, and 20.9% year-on-year, with loan growth continuing to show strong momentum [3]. - New loans in Q2 2025 amounted to 27.4 billion yuan, significantly higher than the 12.3 billion yuan in the same period last year, with a total of 60.4 billion yuan in new loans for the first half of 2025 [3]. Interest Margin and Non-Interest Income - The net interest margin for the first half of 2025 was 1.39%, showing a marginal recovery due to improved funding costs [4]. - Interest income increased by 12.2% year-on-year, while non-interest income decreased by 7.1%, with the decline in non-interest income narrowing compared to previous quarters [4]. Asset Quality - The non-performing loan (NPL) ratio decreased by 4 basis points to 1.17%, while the provision coverage ratio increased by 1 percentage point to 248% [5]. - The asset quality for corporate loans improved, with the NPL ratio dropping to 0.75%, while the retail sector experienced some fluctuations [5]. Valuation and Target Price - The bank's target price for 2025 is set at 11.48 yuan for A shares and 9.77 HKD for H shares, with a projected price-to-book (PB) ratio of 0.70 for A shares and 0.55 for H shares [6]. - The forecasted net profit for 2025-2027 is 5.4 billion, 5.8 billion, and 6.2 billion yuan, with a year-on-year growth rate of 6.0%, 6.7%, and 7.6% respectively [6].