智通财经APP获悉，东方证券发布研报称，截至25H1，A股上市银行营收、PPOP和归母净利润增速(累 计同比增速，后同)为1.0%/1.1%/0.8%，环比+2.8pct/+3.3pct/2.0pct。分板块看，非息收入驱动下，国有 行业绩改善最为明显；资产扩张偏乏力的背景下，股份行核心营收表现略显逊色。截至25H1，上市银 行总资产、生息资产、贷款总额同比增速环比+2.1pct/+2.1pct/+0.04pct。25H1对公和零售贷款贡献度大 概为9：1，决定了国有和城商行贷款增速边际表现强于股份和农商行；金融投资结构上进一步相对增配 OCI、减配AC。 东方证券主要观点如下： 业绩增长全面回暖，国有行改善最为明显 截至25H1，A股上市银行营收、PPOP和归母净利润增速(累计同比增速，后同)为1.0%/1.1%/0.8%，环比 +2.8pct/+3.3pct/2.0pct。拆分来看，利息净收入增速环比+0.4pct，手续费净收入增速环比+3.8pct，其他 非息收入增速环比+13.9pct。分板块看，非息收入驱动下，国有行业绩改善最为明显；资产扩张偏乏力 的背景下，股份行核心营收表现略显逊色；城商行保持良 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 齐鲁银行(601665) | 投资评级 | 增持 | | --- | --- | | 上次评级 | 增持 | [Table_Author] 张晓辉 银行业分析师 执业编号：S1500523080008 邮 箱：zhangxiaohui@cindasc.com 相关研究 [Table_OtherReport] 齐鲁银行2024 年报&2025 一季报点评： 业绩表现持续不俗，Q1 开启扩表新篇 章 齐鲁银行 2024 业绩快报点评：年末收 官业绩亮眼，资产质量持续向好 齐鲁银行 2024 三季报点评：利润增速 再提升，资本边际更为充足 [Table_Title] 齐鲁银行 2025 半年度业绩快报点评：营收利 润稳步增长，资产质量持续优化 [Table_ReportDate] 2025 年 07 月 26 日 [Table_S 事件： ummar 7 月 25y] 日晚，齐鲁银行发布 2025 年半年度业绩快报：2025 上半 年，实现营业收入 67.82 亿元，同比增长 5.76%；实现归母净 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a strong performance in Q1 2025, with operating income of 18.495 billion, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 7.417 billion, up 5.8% year-on-year [4][5]. - The annualized weighted average return on equity (ROE) was 14.18%, a decrease of 1.33 percentage points year-on-year [4]. Financial Performance - Q1 revenue and profit growth rates were both above 5%, indicating strong resilience in the fundamentals. The year-on-year growth rates for revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders were 5.6%, 10%, and 5.8%, respectively [5]. - The net interest income and non-interest income growth rates were 11.6% and -5.8%, respectively, compared to the previous year [5]. - The loan growth rate was over 20%, with a significant increase in loans to corporate clients, which accounted for nearly 86% of new loans in Q1 [6]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a coverage ratio of 370.5% [10]. - The company increased its credit impairment losses in Q1 to 4.94 billion, up 10.3% year-on-year [10]. Capital Adequacy - The core Tier 1 capital ratio, Tier 1 capital ratio, and total capital ratio were 9.32%, 10.44%, and 14.94%, respectively, all showing a decline compared to the previous year [10]. Earnings Forecast and Valuation - The company aims to maintain stable profitability, with EPS forecasts for 2025, 2026, and 2027 at 4.44, 4.82, and 5.27 yuan, respectively. The current stock price corresponds to a price-to-book (PB) ratio of 0.71, 0.64, and 0.58 for the respective years [11][12].