丨证券研究报告丨 公司研究丨点评报告丨南京银行（601009.SH） [Table_Title] 单季度业绩增速上双，成本可持续下行 ——2025 年中报点评 报告要点 [Table_Summary] 2025 中报业绩延续双 U 型高质量发展，上半年营业收入同比增速 8.6%，归母净利润同比增速 8.8%，Q2 单季营收、净利润增速上双。上半年总资产、信贷增速较去年同期提升，其中贷款 增长 10.4%，同比多增，对公贷款高增长 12.7%拉动。上半年净息差 1.86%，较 2024 全年下 降 8BP，负债成本加速改善，预计支撑息差企稳。资产质量稳健向好，上半年末不良率为 0.84%， 拨备覆盖率 312%，绝对水平较优。目前可转债已完成转股，转股影响消除，配置价值突出。 目前 2025 年 PB 估值 0.76x，预期股息率 4.8%。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 南京银行（601 ...

格隆汇8月28日丨西安银行(600928.SH)发布中报，2025上半年实现营业总收入52.05亿元，同比增长 43.7%；归属母公司股东净利润14.52亿元，同比增长8.59%；基本每股收益为0.33元。 ...

Core Viewpoint - The banking industry is showing signs of stabilization and recovery in the first half of 2025, with improvements in revenue and profit growth expected as net interest margins stabilize and non-interest income pressures ease [1][2][3]. Group 1: Performance Overview - Hangzhou Bank reported a 3.89% year-on-year increase in revenue and a 16.67% increase in net profit attributable to shareholders for the first half of 2025 [2]. - Changshu Bank achieved a revenue of 6.062 billion yuan, a 10.10% year-on-year growth, and a net profit of 1.969 billion yuan, reflecting a 13.55% increase [2]. - Analysts predict that the overall performance of A-share listed banks will show stabilization and recovery, with a projected revenue decline of only 1.6% year-on-year for the first half of 2025, a significant improvement compared to the previous year [2][3]. Group 2: Revenue and Profit Trends - Analysts expect that the revenue and profit growth rates for listed banks will improve in the second quarter compared to the first quarter, with a forecast of a 0.6% year-on-year revenue growth in Q2 [2][3]. - The net profit for listed banks is anticipated to show a slight decline of 0.3% year-on-year for the first half, with a positive growth of 0.8% expected in Q2 [2][3]. Group 3: Net Interest Margin and Income - The net interest margin is expected to stabilize, with a projected decrease of 3-4 basis points in Q2 due to the impact of LPR adjustments [5]. - Non-interest income is anticipated to recover, with fee income expected to improve as the previous year's low base effects diminish [5][6]. Group 4: Asset Quality - Both Hangzhou Bank and Changshu Bank reported a non-performing loan (NPL) ratio of 0.76%, indicating strong asset quality [6]. - The overall asset quality of banks is expected to show a trend of improvement, with public sector loans performing better than retail loans [6][7]. Group 5: Credit Growth Dynamics - The credit growth remains skewed towards corporate loans, which accounted for over 75% of new loans in Q2, while retail loans contributed only about 4% [7]. - The overall credit issuance by listed banks is expected to outperform the national average, maintaining a stable year-on-year growth [7].

Investment Rating - The industry investment rating is "Positive" and maintained [12]. Core Insights - The Yangtze Bank Index increased by 3.8% this week, outperforming the CSI 300 Index by 2.2% and the ChiNext Index by 2.3%. The bank index has accelerated its rise since July, indicating that the brief adjustment at the end of June was mainly due to institutional rebalancing, with solid fundamentals and core investment logic for bank stocks [2][6][18]. - The performance of city commercial banks exceeded expectations, primarily due to improved net interest margins and stable non-interest income amid bond market impacts. Overall, bank performance is expected to remain stable, with narrowing declines in net interest margins being a key highlight [8][36]. Summary by Sections Market Performance - The Yangtze Bank Index has shown a significant increase, reflecting a strong market sentiment towards bank stocks, particularly those with low price-to-book ratios such as Zheshang Bank, Minsheng Bank, and Pudong Development Bank [2][6][18]. - As of July 4, the average dividend yield of the five major state-owned banks' A-shares has decreased to 3.94%, with a spread of 229 basis points over the 10-year government bond yield. The average dividend yield for H-shares is 5.08%, indicating a more pronounced advantage for H-shares [20][23]. Earnings Outlook - The overall performance of banks is expected to remain stable, with city commercial banks maintaining their strong performance due to improved net interest margins and stable non-interest income. The decline in net interest margins is anticipated to narrow, supporting stable or improved interest income in the first half of the year [8][36][37]. - The asset quality of listed banks is expected to remain stable, with the overall non-performing loan ratio stabilizing due to rapid balance sheet expansion and write-offs. The retail loan non-performing pressure is expected to remain stable compared to last year [9][39][42]. Trading Dynamics - The trading congestion indicators for bank stocks have remained stable compared to the previous week, with a notable rotation towards low PB valuation stocks. The market's overall risk appetite has strengthened compared to previous quarters, indicating a recognition of the core investment logic [28][29].