区域信贷需求旺盛，对公业务引领信贷高增，零售业务结构分化。公司信贷投放延续"同比多增"的良好 态势，上半年信贷新增3348 亿，同比多增1744 亿，25H1 末各项贷款余额较年初高增15.98%。1）对公 端：作为规模扩张主动力，对公贷款（不含贴现）较年初增长23.30%，上半年一般对公贷款新增3071 亿。 公司立足江苏经济沃土，持续加大对实体经济的支持力度，制造业贷款较年初增长18.90%，基础设施 贷款较年初高增31%。在巩固江苏省内（占比总贷款84.06%）根据地的同时，公司在长三角（不含江 苏）、粤港澳大湾区、京津冀三大经济圈的贷款占比均较年初有所提升，区域布局持续深化。2）零售 端： 事项： 8 月22 日，江苏银行披露2025 年中报，2025 上半年实现营业收入448.64 亿元，同比增长7.78%；实现 归母净利润202.38 亿元，同比增长8.05%。2Q25末不良贷款率0.84%，较年初下降5bp，拨备覆盖率较年 初下降19.08pct 至331.02%。 评论： 营收增速稳健，负债成本优势凸显，驱动净利息收入高增，利润增长保持韧性。1）25H1 营收同比增长 7.78%，归母净利润同 ...

公司报告 | 半年报点评 平安银行（000001） 证券研究报告 零售贷款质量大幅改善，营收增速出现向上拐点 事件： 平安银行发布 2025 半年度财报。2025 上半年，公司营业收入、归母净利润分别 同比-10.04%、-3.90%；不良率、拨备覆盖率分别为 1.05%、238.5%。 点评摘要： 营收增速出现向上改善拐点。2025 上半年，平安银行实现营收约 694 亿元，同比 -10.04%，环比提升 3.01pct，继 24H1 以来再现营收增速的向上拐点。营收结构 上，净利息收入 445 亿元（YoY-9.33%），占总营收 64.1%；非息净收入 249 亿 元，同比增长-11.30%，结构占比较一季度提升 3.5pct。拨备前利润 25Q1、25H1 增速为-12.92%、-10.43%，归母净利润同比增速分别为-5.60%、-3.90%。拨 备方面较去年同期释放约 37.03 亿元空间，反哺利润支持向上改善。 息差水平整体较为稳定。2025 上半年，平安银行净息差录得 1.80%，较 25Q1 小 幅下行 3bp。生息资产收益率录得 3.55%，较 2024 年末下行 42bp；计息负债成 本 ...

文 | WEMONEY研究室，作者 | 王彦强 近日，第二家上市农商行——江阴银行（002807.SZ）披露了上半年业绩报告。 据中报显示，2025年上半年，江阴银行实现营业收入24.01亿元，同比增长10.45%；实现归母净利润8.46亿元，同比增长16.63%。 从资产质量来看，2025年上半年，江阴银行的不良贷款率为0.86%，与上年末持平；而拨备覆盖率为381.22%，较上年末增加11.9个百分点。 整体来看，江阴银行业绩实现双增，但净息差依然承压，2024年上半年，该行的净息差为1.54%，同比下降0.22个百分点。 而值得注意的是，江阴银行上半年的投资净收益为8.82亿元，同比大增81.44%，占营收的36.72%。同期，该行经营活动产生的现金流净额为-58.50亿元，同 比下降621.51%。 WEMONEY研究室注意到，近年来，江阴银行的利息净收入占营收的比重在不断下降，而投资净收益占营收的比重却在持续攀升。 数据显示，2022年—2024年，江阴银行的利息净收入分别为31.93亿元、29.82亿元、28.03亿元，占营收的比重分别为84.49%、77.15%、70.75%。投资净收益 分别为 ...

Core Viewpoint - The overall performance of China's banking industry shows strong operational resilience and development momentum, with stable growth in scale, profitability, and improving asset quality as of the second quarter of this year [1][7]. Group 1: Financial Indicators - As of the end of Q2, the total assets of China's banking financial institutions reached 467.34 trillion yuan, a year-on-year increase of 7.9% [1]. - The non-performing loan (NPL) ratio for commercial banks was 1.49%, a decrease of 0.02 percentage points from the previous quarter [1][3]. - In the first half of the year, commercial banks achieved a cumulative net profit of 1.2 trillion yuan [1]. Group 2: Net Interest Margin - The net interest margin (NIM) for commercial banks was 1.42% at the end of Q2, down by 0.01 percentage points from the end of Q1 [2]. - Different types of banks experienced varying degrees of NIM decline, with private banks seeing the largest drop [2]. - The NIMs for large commercial banks, joint-stock commercial banks, and private banks were 1.31%, 1.55%, and 3.91%, respectively [2]. Group 3: Asset Quality - The non-performing loan balance for commercial banks was 3.4 trillion yuan, a decrease of 2.4 billion yuan from the previous quarter [3]. - The provision coverage ratio for commercial banks was 211.97%, an increase of 3.84 percentage points from the previous quarter [4]. Group 4: Asset Growth by Bank Type - As of the end of Q2, the total assets of large commercial banks, joint-stock commercial banks, urban commercial banks, rural financial institutions, and other financial institutions were 204.22 trillion yuan, 75.73 trillion yuan, 64.32 trillion yuan, 60.16 trillion yuan, and 62.91 trillion yuan, respectively [5]. - Large commercial banks and urban commercial banks had total asset growth rates exceeding the industry average of 7.9% [5]. - The asset share of large commercial banks and urban commercial banks increased compared to the previous quarter, reaching 43% and 14.0%, respectively [5][6]. Group 5: Market Structure and Future Outlook - The current structure of China's banking industry is characterized by a multi-tiered development pattern, with large commercial banks leading, medium-sized banks developing unique features, and small banks competing differently [7]. - The concentration of asset share among large commercial banks is expected to strengthen this layered competitive structure [7]. - Large commercial banks are well-positioned to meet the financing needs of major national strategies and the real economy due to their strong capital and risk resistance capabilities [7].

Core Insights - The banking sector in China has shown a steady growth in total assets, reaching 467.3 trillion yuan, with a year-on-year increase of 7.9% as of Q2 2025 [1] - Large commercial banks are leading the way in supporting the real economy, with a significant portion of loans directed towards small and micro enterprises [2] Group 1: Banking Sector Performance - As of Q2 2025, total assets of large commercial banks reached 204.2 trillion yuan, growing by 10.4% year-on-year [1] - The balance of inclusive small and micro enterprise loans stood at 36 trillion yuan, reflecting a year-on-year growth of 12.3% [1] - The balance of inclusive agricultural loans reached 13.9 trillion yuan, with an increase of 1.1 trillion yuan since the beginning of the year [1] Group 2: Loan Distribution by Bank Type - By Q2 2025, large commercial banks held approximately 16.2 trillion yuan in inclusive small and micro loans, while other bank types had lower balances [2] - The inclusive agricultural loan balances for different bank types were: 5.2 trillion yuan for large commercial banks, 0.4 trillion yuan for joint-stock commercial banks, 1.0 trillion yuan for urban commercial banks, and 7.2 trillion yuan for rural financial institutions [2] Group 3: Profitability and Interest Margin - In the first half of 2025, commercial banks achieved a cumulative net profit of 1.2 trillion yuan, with an average capital return rate of 8.19% [3] - The net interest margin for commercial banks was recorded at 1.42%, with a slight decrease of 0.01 percentage points from the previous quarter [3] - Net interest margins varied by bank type, with private banks showing the highest at 3.91% [3] Group 4: Asset Quality and Capital Adequacy - The overall quality of credit assets remained stable, with non-performing loans totaling 3.4 trillion yuan, a decrease of 24 billion yuan from the previous quarter [4] - The non-performing loan ratio was 1.49%, down by 0.02 percentage points from the previous quarter [4] - As of Q2 2025, the capital adequacy ratio for commercial banks was 15.58%, reflecting an increase of 0.30 percentage points from the previous quarter [4]

Core Insights - The banking industry in China has shown resilience and stability in the first half of the year, with total assets reaching 467.3 trillion yuan, a year-on-year increase of 7.9% [1] - Major commercial banks have played a significant role in supporting the real economy, with inclusive small and micro enterprise loans growing by 12.3% year-on-year [2] - The overall asset quality of commercial banks remains stable, with non-performing loan (NPL) ratios decreasing slightly [4] Group 1: Banking Industry Performance - As of mid-year, total assets of banking financial institutions reached 467.3 trillion yuan, with large commercial banks accounting for 204.2 trillion yuan, reflecting a growth of 10.4% [1] - The non-performing loan balance stood at 3.4 trillion yuan, with an NPL ratio of 1.49%, showing a slight decrease from the previous quarter [4] - Capital adequacy ratios improved, with the overall capital adequacy ratio at 15.58%, up 0.30 percentage points from the previous quarter [4] Group 2: Support for the Real Economy - Inclusive small and micro enterprise loans reached 36 trillion yuan, marking a 12.3% increase year-on-year, with large commercial banks holding over 16 trillion yuan of this total [2] - Agricultural loans also saw growth, with a balance of 13.9 trillion yuan, increasing by 1.1 trillion yuan since the beginning of the year [2] Group 3: Operational Efficiency and Profitability - The cost-to-income ratio for commercial banks improved to 30.2%, a decrease of 5.3 percentage points from the previous year [3] - Non-interest income as a percentage of total income rose to 25.75%, an increase of 3.33 percentage points since the end of last year [3] - The net interest margin remained stable at 1.42%, with a slight decrease of 0.01 percentage points from the first quarter [3] Group 4: Capital and Risk Management - The banking sector has been actively expanding its capital base, with over 1 trillion yuan raised through subordinated debt and perpetual bonds this year [5] - Major banks have issued total loss-absorbing capacity (TLAC) bonds to meet regulatory requirements, with issuance amounts of 800 billion yuan for Bank of China and Agricultural Bank of China, and 700 billion yuan for Bank of Communications [5]

Core Viewpoint - Agricultural Bank of China has shown strong performance in the banking sector, with a significant increase in stock price and asset scale, driven by both market demand and solid fundamentals [1][4][8]. Group 1: Stock Performance and Valuation - On August 14, the Agricultural Bank's A-shares rose by 1.76%, leading the banking sector, with a year-to-date increase of 35%, making it the second-best performing bank [1]. - As of August 14, the bank's price-to-book ratio (PB) reached 0.93, which is higher than other major banks by 24%-52% [1][4]. - The bank's stock valuation has improved significantly since the second half of 2024, with a notable increase in PB compared to other major banks [5]. Group 2: Asset Scale and Growth - Agricultural Bank's total assets surpassed those of China Construction Bank, making it the second-largest bank in China, with assets reaching 44.8 trillion yuan, exceeding Construction Bank by 2 trillion yuan [10][12]. - The bank's financial investments have grown rapidly, with a 6 trillion yuan increase from 2020 to 2024, primarily driven by government bond holdings [10][12]. Group 3: Profitability and Stability - The bank's net profit growth is stable, with an average annual growth rate of 5.9% from 2020 to 2024, leading among major banks [13]. - As of the end of 2024, the bank's provision coverage ratio was 300%, significantly higher than its peers, indicating strong risk management capabilities [14]. - The bank's government bond holdings exceeded 9 trillion yuan, accounting for 21.3% of total assets, providing a buffer against declining interest income [14][16]. Group 4: Market Position and Strategy - Agricultural Bank's extensive rural network allows it to maintain a stable deposit base and low-cost funding, which is crucial for its growth strategy [12][16]. - The bank's focus on personal loans, particularly in rural areas, has led to a significant increase in loan balances, with personal loans surpassing 9 trillion yuan [12][16]. - The bank's county-level operations have shown positive contributions to overall profitability, with revenue and pre-tax profit growth rates exceeding the bank's average [17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights strong growth in non-interest income and an increase in cash dividend payout ratio [1] - The company achieved operating revenue of 6.062 billion yuan (up 10.10% YoY) and net profit attributable to shareholders of 1.969 billion yuan (up 13.51% YoY) in the first half of 2025 [2] - Total assets exceeded 400 billion yuan, reaching 401.227 billion yuan (up 9.24% YoY) by the end of June [2] - The non-performing loan (NPL) ratio remained stable at 0.76%, while the NPL coverage ratio was 489.53% [2] Summary by Sections Financial Performance - In Q2, the net interest margin was 2.55%, a decrease of 20 basis points YoY, but the decline was narrower than in Q1 [2][4] - The company reported a significant increase in investment income and commission income, with Q2 investment income at 546 million yuan (up 10.53% YoY) and commission income at 71 million yuan (up 869% YoY) [4][5] Asset Quality - The company maintained a prudent approach to asset quality management, with an increase in the proportion of non-performing loans and overdue loans compared to the end of the previous year [4] - The company increased efforts in bad debt disposal, achieving a bad debt write-off ratio of 36.33% and a recovery ratio of 171.56% [4][5] Future Outlook - The report adjusts profit forecasts for 2025-2027, expecting operating revenues of 11.966 billion yuan, 13.214 billion yuan, and 14.551 billion yuan respectively [6][8] - The net profit attributable to ordinary shareholders is projected to be 4.326 billion yuan, 4.934 billion yuan, and 5.598 billion yuan for the same period [6][8] - The company is expected to maintain a stable asset quality while actively expanding non-interest income streams [8]

Core Viewpoint - Xiamen International Bank, established in 1985, transitioned from a Sino-foreign joint venture to a city commercial bank in 2013, reflecting its local state-owned nature despite its initial foreign investment [2][29]. Shareholding Structure - The top ten shareholders of Xiamen International Bank as of the end of 2024 include: - Fujian Provincial Investment Co., Ltd. (11.82%) - Minxin Group Co., Ltd. (8.69%) - Zhuhai Xianchuang Investment Management Co., Ltd. (4.96%) - Industrial and Commercial Bank of China (4.25%) - Fujian Investment Enterprise Group Co., Ltd. (4.12%) - Xiamen Guomao Holding Group Co., Ltd. (3.85%) - Xiamen Jianfa Group Co., Ltd. (3.83%) - Fujian Development Expressway Co., Ltd. (3.16%) - Suzhou Sugaoxin Technology Industry Development Co., Ltd. (2.99%) - Huali Family Co., Ltd. (2.87%) [3]. Business Operations - Xiamen International Bank operates 12 branches in mainland China and holds controlling stakes in two overseas banks: Macau International Bank and Chiyou Bank, forming a strategic presence in both mainland and Hong Kong/Macau markets [2][4]. Financial Performance - As of the end of 2024, Xiamen International Bank's consolidated total assets reached 1.14 trillion yuan, with a year-on-year growth rate of only 1.84%, marking a significant slowdown [6]. - The bank's operating income in 2023 was 125.13 billion yuan, a decrease of 26.95% year-on-year, and the net profit dropped by 81.39% to 8.79 billion yuan [10][14]. Profitability and Income Sources - The net interest margin for Xiamen International Bank fell below 1% to 0.90% in 2024, indicating a heavy reliance on investment income rather than traditional interest income [15][20]. - In 2024, the interest income accounted for only 42% of total operating income, significantly lower than the investment income [17]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio increased to 2.12% by the end of 2024, with a declining provision coverage ratio of 105.47%, approaching regulatory danger levels [21][24]. - The overdue loan ratio was reported at 3.29%, and the attention loan ratio at 4.99%, indicating rising asset quality concerns [23]. Regional Diversification - The bank's loan balance shows that only 31.27% of loans are concentrated in Fujian province, which is low for a city commercial bank primarily serving a local market [25][26]. - The high cost-to-income ratio of 46.71% in 2023 reflects inefficiencies likely due to its dispersed operational strategy [29].

Core Viewpoint - The article compares two city commercial banks in Shaanxi Province, Chang'an Bank and Xi'an Bank, highlighting their differences in ownership structure, financial performance, and operational focus [2][3][5]. Ownership and Structure - Chang'an Bank was established in 2009 through the merger of several city commercial banks and is primarily state-owned, with over 50% of shares held by provincial state-owned enterprises [2]. - Xi'an Bank was founded in 1997 and has a more diversified ownership structure, with significant foreign investment from the Canadian Imperial Bank of Commerce and local state-owned enterprises [4][5]. Capital Market Presence - Chang'an Bank has not yet listed on any stock exchange, while Xi'an Bank went public in 2019 on the Shanghai Stock Exchange [5]. Operational Scope - Chang'an Bank operates across all 10 cities in Shaanxi Province with a total of 260 branches, while Xi'an Bank also covers the entire province but has a more concentrated revenue base from Xi'an city, accounting for 97.90% of its income [5][6]. Financial Performance - As of the end of 2024, Chang'an Bank reported total assets of 542.29 billion yuan and net profit of 2.176 billion yuan, while Xi'an Bank had total assets of 480.37 billion yuan and net profit of 2.559 billion yuan [7][8]. - Chang'an Bank's revenue heavily relies on net interest income, which constituted 95.30% of its total revenue, compared to Xi'an Bank's 67.44% [15][20]. Asset Quality - Both banks have faced challenges with asset quality, with Chang'an Bank's non-performing loan (NPL) ratio at 1.85% and Xi'an Bank's at 1.72% as of 2024 [23][30]. - Xi'an Bank has a higher provision coverage ratio of 184.06%, indicating better asset quality management compared to Chang'an Bank's 173.44% [7][30]. Employee Compensation - Chang'an Bank's employee costs are higher, with total expenditures of 1.924 billion yuan and an average salary of approximately 380,000 yuan per employee, compared to Xi'an Bank's 1.126 billion yuan and an average salary of about 330,000 yuan [31]. Long-term Trends - Over the past decade, Chang'an Bank's total assets have consistently surpassed those of Xi'an Bank since 2019, indicating a stronger growth trajectory [9]. - Despite fluctuations, Xi'an Bank's net profit has historically been higher, but the gap is narrowing as Chang'an Bank's profitability stabilizes [13][33].