事项： 上海银行发布2025 年半年报，25 年上半年实现营业收入273 亿元，对应同比增速为4.2%。25 年上半年 实现归母净利润132 亿元，对应同比增速为2.0%。 上半年归属于母公司普通股股东的年化加权平均ROE 为11.0%，较一季度上升0.36 个百分点。截至2025 年半年末，总资产规模达到3.29 万亿元，同比增速达到2.2%。公司拟向全体普通股股东每10 股派发现 金股利人民币3.00 元（含税），对应分红率为32.22%。 具体来看，非息收入增速上行，成为营收改善因素。公司上半年非息收入同比增长8.1%，增幅较一季 度走阔5.5 个百分点，拆分来看，中收和其他非息均有改善，25 年上半年中收收入降幅的缺口较1 季度 收窄2.2 个百分点至-6.0%，其他非息收入同比增速较1 季度上行6.0 个百分点至12.1%，其中公司投资收 益增长34.4%，表现亮眼，我们认为主要受益于债券市场利率波动。净利息收入方面，公司上半年净利 息收入同比上行1.7%（+4.7%，25Q1），增幅略有收窄，但仍维持正增。 负债成本持续压降，资负扩张稳健。公司25 年半年末净息差为1.15%（1.17%，24A） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company has shown improvement in both revenue and profit, with a year-on-year revenue increase of 1.57% to approximately 427.09 billion yuan in the first half of 2025, and a net profit of 168.10 billion yuan, down 1.39% year-on-year [2][3] - The asset quality remains stable, with a non-performing loan ratio of 1.33% and a provision coverage ratio of 217.71% [4][25] - The bank's net interest margin recorded at 1.3%, with a significant reduction in the decline of net interest income due to easing interest margin pressure [2][16] Financial Performance Summary - Revenue for 2025 is projected to be approximately 816.9 billion yuan, with a growth rate of -0.59% [6] - The net profit attributable to shareholders is expected to be around 364.6 billion yuan for 2025, reflecting a slight decrease of 0.34% [6] - The bank's total assets grew by 11.0% year-on-year, with loans and financial investments increasing by 8.5% and 19.9% respectively [22] Non-Interest Income - Non-interest income has turned positive, with net fee and commission income of 67.02 billion yuan, a decrease of 0.57% year-on-year, while net other non-interest income reached 46.496 billion yuan, with investment net income increasing by 52.00% [3][21] Asset Quality - The non-performing loan ratio remains stable at 1.33%, with a slight improvement from the end of 2024 [25][27] - The provision coverage ratio has increased to 217.7%, providing a solid safety net for asset quality [4][25] Growth and Expansion - The bank continues to expand its scale, with both assets and liabilities achieving double-digit growth [22] - Total liabilities increased by 11.4% year-on-year, with deposits growing by 8.2% [24]

Investment Rating - The report maintains a rating of "Buy" for CITIC Bank (601998.SH) [1] Core Views - CITIC Bank's Q1 2025 report shows a revenue of 51.77 billion, a year-on-year decrease of 3.7%, and a net profit attributable to shareholders of 19.51 billion, a year-on-year increase of 1.7% [3][4] - The bank's annualized weighted average return on equity (ROE) for Q1 2025 is 11.42%, down 1.15 percentage points year-on-year [3] Summary by Sections Financial Performance - Revenue, PPOP, and net profit growth rates for Q1 2025 are -3.7%, -3.9%, and 1.7% respectively, showing a decline compared to 2024 [4] - Net interest income and non-interest income growth rates are 2.1% and -14.4% respectively, with significant declines from 2024 [4] Asset Quality - The non-performing loan (NPL) ratio remains stable at 1.16%, with a provision coverage ratio of 207.1% [9][10] - The bank's NPL balance is 67.85 billion, an increase of 1.36 billion from the beginning of the year [9] Capital Adequacy - As of Q1 2025, the core tier 1 capital ratio, tier 1 capital ratio, and total capital ratio are 9.45%, 10.9%, and 12.9% respectively, all showing a decline from the end of the previous year [10][30] Earnings Forecast and Valuation - The report forecasts EPS for 2025-2027 to be 1.25, 1.29, and 1.33 respectively, with current stock price corresponding to PB valuations of 0.54, 0.51, and 0.47 times [10][11]