21世纪经济报道记者林汉垚 见习记者冯紫彤 在银行业整体估值长期承压的背景下，2025年，农业银行以强劲表现成为市场关注的焦点。 回顾历史，自2014年以来，银行业估值普遍陷入"破净"状态。虽在2018年曾有短暂回暖，但此后多数银行股长期处于市净率低于1的区间。农行此次率先实 现PB回归1倍，不仅体现其自身资产质量与盈利能力的认可，也被市场视为银行业估值系统性修复的重要信号。 股价与估值强势的背后，是农行扎实的业绩支撑。截至2025年9月末，农行实现净利润2223亿元，同比增长3.28%，增速在六大行中位居前列。其不良贷款 率1.27%，拨备覆盖率达295.08%，资产质量保持稳健。在"城乡联动"的业务格局下，农行在县域金融领域的持续深耕，为其在行业分化中构筑了差异化的 竞争力。 2025年的银行股市场，呈现明显的"大盘占优"风格。在利率下行、宏观不确定性犹存的背景下，利润稳定、分红可期的国有大行成为资金青睐的"压舱石"。 除农行外，工商银行全年涨幅也超过21%，建设银行、中国银行股价多数时间运行在历史高位区间。市场向确定性倾斜的趋势，使得四大行集体成为年内行 情的主角。 展望未来，随着经济持续复苏与政策效应 ...

Core Viewpoint - The report from Kaiyuan Securities indicates that the banking sector is expected to stabilize in performance by 2025, with revenue and net profit growth gradually recovering, driven by stable dividend strategies and supportive growth policies [1][2]. Group 1: 2025 Q1 Performance Overview - In Q1 2025, listed banks experienced a slight pressure on performance, with revenue showing a year-on-year decline of 1.72%, compared to a growth of 0.08% in 2024 [2]. - The net profit attributable to shareholders also saw a year-on-year decrease of 1.20%, down from a growth of 2.35% in 2024 [2]. - Revenue growth varied by bank type: state-owned banks at -1.51%, joint-stock banks at -3.91%, city commercial banks at +2.96%, and rural commercial banks at +0.21% [2]. - Net profit growth by bank type was: state-owned banks at -2.90%, joint-stock banks at -2.05%, city commercial banks at +5.49%, and rural commercial banks at +4.77% [2]. Group 2: Revenue Structure and Challenges - The income structure reflects a "volume-price balance" as a key theme, with net interest income growth marginally improving for all bank types except state-owned banks [2]. - Non-interest income remains weak overall, although wealth management sales have shown significant growth [2]. - The contribution of financial investment performance is expected to increase in 2024, with Q1 2025 showing reduced impact from the bond market [2]. Group 3: Asset Quality and Credit Trends - The credit quality of banks is showing improvement, with the non-performing loan (NPL) ratio at 1.23% in Q1 2025, a slight decrease from the end of 2024 [3]. - The NPL ratio for corporate loans decreased to 1.32%, improving by 20 basis points from 2023, particularly in the real estate sector [3]. - Retail NPLs increased to 1.13%, marking a 25 basis point rise compared to 2023, continuing a three-year upward trend [3]. - The overall credit cost for listed banks is at a historical low of 0.65%, with state-owned banks at 0.50% [3].