报告导读： 2025 年银行业扩张指标分化、风险指标趋同改善，折射出"量力而行"的经营 特征。 2025 年银行业经营呈现扩张指标分化、风险指标趋同的鲜明特征。 大行与城商行扩张动能相对领先，盈利修复分化明显；而不良率、拨备覆盖率等风险指标 整体向好，行业风险趋于一致收敛。背后折射出 "量力而行" 的逻辑：大行风险底盘稳固，具备主动扩张条件；中小行风险缓释但受制于风控，扩张节奏放 缓，呈现强者主动扩张、弱者缩表降险的运行态势。 银行业信贷规模稳增，大行城商行增长领先。 2025 年四季度末，银行业金融机构本外币资产总额 480 万亿元，同比增长 8.0% 。其中大型商业银行总资产 210.8 万亿元，同比增长 10.8% ，占比 43.9% ；股份行、城商行、农商行总资产分别同比增长 4.8% 、 9.7% 、 5.2% 。 商业银行不良贷款量率双降、关注类贷款占比回落，行业资产质量呈现边际改善态势。 2025 年四季度末商业银行不良贷款余额 3.5 万亿元，较上季末减少 241 亿元。商业银行不良贷款率 1.50% ，较上季末减少 0.02pct ；其中农村商业银行不良贷款率降幅较大，较上季度末减少 0.1 ...

2025 银行经营指标拆解：分层扩张 vs 趋同修复 [Table_Authors] 唐元懋(分析师) ——监管数据的时间序列分析 本报告导读： 2025 年银行业扩张指标分化、风险指标趋同改善，折射出"量力而行"的经营特征。 投资要点： 债券研究 /[Table_Date] 2026.02.25 | | 0755-23976753 | | --- | --- | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | | 登记编号 | S0880525070031 | [Table_Report] 相关报告 票息行情未止：接续力量和可挖掘的标的 2026.02.24 节前蓄势，节后可期 2026.02.23 节前冲高回落，多头趋势还在吗？ 2026.02.23 交易盘续接行情，可以持续多久 2026.02.23 春节期间需关注的几件事 ——海外篇 2026.02.22 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 债 券 研 究 ...

Core Insights - The company has experienced fluctuations in revenue and net profit growth rates over the years, with significant changes noted in 2025 [11][12][18]. Financial Performance - In the first half of 2025, the company's average return on equity was 4.19%, a decrease of 0.28 percentage points compared to the same period last year [18]. - The company's operating cash flow net amount was 786.317 billion, while financing cash flow net amount was 536.328 billion, and investment cash flow net amount was -1,177.672 billion [21]. Asset Changes - As of the first half of 2025, the company's monetary funds decreased by 8.04%, and the proportion of total assets fell by 0.97 percentage points [26]. - Financial assets purchased under resale agreements increased by 46.47%, with its proportion of total assets rising by 0.91 percentage points [26]. - Loans and advances increased by 6.37%, but its proportion of total assets decreased by 0.42 percentage points [26]. - Derivative financial assets decreased by 42.33%, with its proportion of total assets falling by 0.21 percentage points [26]. Liability Changes - As of the first half of 2025, the company's bonds payable increased by 28.13%, raising its proportion of total assets by 0.81 percentage points [30]. - Deposits and interbank deposits increased by 6.71%, but its proportion of total assets decreased by 0.34 percentage points [30]. - Derivative financial liabilities decreased by 41.75%, with its proportion of total assets falling by 0.18 percentage points [30]. - Financial assets sold under repurchase agreements increased by 13.33%, raising its proportion of total assets by 0.18 percentage points [30]. Historical Trends - The company has shown a trend in revenue and net profit growth rates, with notable fluctuations in the years 2020 to 2025 [11][12][18]. - The historical asset-liability ratio has been tracked, showing variations compared to industry averages and medians [32].