（原标题：平安银行优化资产负债 中期分红拟10派2.36元） 21世纪经济报道记者 曹媛 深圳报道 8月22日，平安银行（000001.SZ）公布2025年中期业绩报告。 整体业绩方面，2025年上半年，平安银行营业收入693.85亿元，同比下降10.0%，但下滑幅度有所收 窄；净利润248.70亿元，同比下降3.9%，降幅较第一季度有所收窄；净息差1.80%，较去年同期下降16 个基点。 今年上半年，平安银行净息差为1.80%，较去年同期下降16个基点，主要受市场利率下行、贷款重定价 效应及资产结构调整影响。 拆分来看，在资产端，上半年平安银行发放贷款和垫款平均收益率4.03%，较去年同期下降76个基点， 其中个人贷款平均收益率降幅较大，同比下降86个基点；负债端，上半年吸收存款平均付息率1.76%， 较去年同期下降42个基点。 同时，非利息净收入承压明显。上半年非利息净收入248.78亿元，同比下降11.3%。在非息收入中，有 两个降幅较大的指标值得关注：一是因去年同期理财老产品收入较大，理财管理费收入同比下降，拖累 了其他手续费及佣金收入同比下降28.7%；二是受市场波动影响，债券投资等业务非利息净收入 ...

公 华福证券 司 研 究 浦发银行（600000.SH） 2025 年半年度业绩快报点评—利润增速显著提升 投资要点： 财务指标全面改善，利润增速显著提升 公 司 动 态 跟 踪 浦发银行发布 2025 年半年度业绩快报，公司上半年财务指标全面 向好，体现为营收和利润增速提升、不良改善，其中尤以利润增速提 升最为显著。公司 2025H1 营业收入、归母净利润增速分别为 2.6%、 10.2%。Q2 营收、归母净利润分别同比增长 4.0%、26.9%，增速较 2025Q1 提升 2.7pct、25.9pct。 风险指标继续向好，打开利润释放空间 浦发银行 Q2 利润的高水平释放，一方面得益于 Q2 营收端的贡献 边际提升，预计更多来自拨备计提压力减轻。 公司坚持风险"控新降旧"并举，风险压降成效显著。2025Q2 末 不良贷款余额、不良贷款率较 Q1 末实现"双降"，不良率为 1.31%， 较 Q1 末下降 2bp；不良贷款余额为 736.7 亿元，较 Q1 末下降 6.1 亿元。 拨备计提方面，公司一季度集中进行了拨备计提，预计二季度拨备计 提压力减轻。公司风险抵补能力继续增强，2025Q2 末拨备覆盖率 1 ...

Core Viewpoint - Several listed banks reported positive performance for the first half of 2025, with both operating income and net profit increasing year-on-year, while maintaining steady asset growth [1][2]. Group 1: Financial Performance - Five banks reported year-on-year growth in both operating income and net profit, with Ningbo Bank and Hangzhou Bank each exceeding 200 million yuan in operating income [2]. - Ningbo Bank's total assets reached 3.47 trillion yuan, growing by 11.04% year-on-year, while Hangzhou Bank's total assets were 2.24 trillion yuan, up by 5.83% [2]. - The net profit attributable to shareholders for Ningbo Bank and Hangzhou Bank exceeded 100 million yuan, with figures of 147.72 million yuan and 116.62 million yuan respectively [2][3]. Group 2: Asset Quality - The non-performing loan (NPL) ratios for the five banks remained stable, with Qilu Bank reporting an NPL ratio of 1.09%, down by 0.1 percentage points from the beginning of the year [3]. - Changshu Bank's NPL ratio was 0.76%, also showing a slight decrease, while both Ningbo Bank and Hangzhou Bank maintained an NPL ratio of 0.76% [3]. Group 3: Service to the Real Economy - Banks have increased credit support to key sectors such as small and micro enterprises, manufacturing, and infrastructure, enhancing their service to the real economy [4]. - Hangzhou Bank reported that its credit issuance had exceeded 50% of its annual target by mid-year [4]. Group 4: Market Performance and Investment Trends - Bank stocks have performed well in 2025, with nine stocks in the A-share market showing a cumulative increase of over 20% [6]. - Public funds have increased their holdings in bank stocks, with the proportion reaching 4.85%, the highest since Q2 2021 [6]. - Analysts suggest that the appeal of bank stocks lies in their high dividend yields and stable performance, making them attractive to long-term investors [6].

Group 1 - Haier Consumer Finance successfully issued 1 billion yuan in financial bonds at a record low interest rate of 2.20%, following a previous issuance of 1.5 billion yuan in ABS with a rate as low as 2.03% [1] - In the first half of 2025, seven licensed consumer finance institutions raised a total of 12.1 billion yuan through financial bonds, with the issuance amount being less than half of the 25.5 billion yuan raised in the same period of 2024 [2] - The financial bond market is becoming a key tool for leading consumer finance companies to optimize their asset-liability structure, with Haier Consumer Finance indicating that the funds will be used to supplement long-term financing [2] Group 2 - Asset-backed securities (ABS) have become an important tool for consumer finance companies to improve capital turnover efficiency, with several companies issuing nearly 10 billion yuan in ABS this year [3][4] - The continuous decline in ABS issuance rates reflects market recognition of quality consumer credit assets, with rates dropping from 2.50% to 2.04% within a year for Zhongyuan Consumer Finance [3] - The funds raised through ABS are primarily used for new personal consumption loans, targeting underserved customer segments [3] Group 3 - Despite the expansion of financing channels and decreasing costs, the consumer finance industry faces challenges, including a decline in short-term consumer loans, which fell below 10 trillion yuan [5] - In May 2025, eight consumer finance institutions transferred over 8 billion yuan in non-performing assets, indicating a focus on asset disposal [6] - Companies are also seeking to replace high-cost liabilities with low-cost financing to strengthen their financial positions [7] Group 4 - The financing market in the first half of 2025 exhibited a "Matthew effect," with several institutions building competitive barriers through diversified financing channels [8] - Haier Consumer Finance raised a total of 12.2 billion yuan through six ABS and two financial bond issuances, with financing costs decreasing significantly [8] Group 5 - The financing environment for the consumer finance industry is expected to continue improving, with more companies likely to issue ABS and financial bonds regularly [9] - Regulatory focus is shifting towards enhancing consumer finance companies' customer acquisition and risk control capabilities, emphasizing the need for reasonable loan interest rates [9] - The future competition in the consumer finance sector will shift from scale expansion to refined operations, necessitating a transformation in business philosophy to effectively utilize low-cost funds [10]

Group 1 - Central state-owned real estate companies are initiating the divestiture of their real estate development businesses, with recent examples including *ST Zhongdi and *ST Nanzhi, which are transferring related assets and liabilities to their parent companies [1][2] - The primary motivations for these divestitures are asset-liability structure optimization and strategic transformation, as the real estate development business has been under pressure, negatively impacting overall performance and increasing debt repayment pressures [1] - The shift towards light asset operations aims to focus on property services and asset management, which could help mitigate delisting risks, protect minority shareholder interests, and enhance operational efficiency [1][2] Group 2 - Other state-owned and large enterprises are also adopting similar divestiture strategies, such as Huayuan Real Estate, which has transferred its real estate development assets to its parent company to concentrate on construction and hotel operations [2] - The divestiture model poses challenges for listed companies, including potential asset and revenue shrinkage, especially for those without new asset injections, leading to uncertainties in establishing new growth points [2] - Companies must address new operational and management models as they transition from heavy to light asset structures, which includes nurturing new growth curves while shedding burdens [2]