证券研究报告 | 2025年08月24日 江苏银行（600919.SH）2025 年半年报点评 优于大市 信贷投放强劲，资产质量优质 盈利能力维持在高位，营收增长强劲。2025 年上半年实现营收 448.6 亿元， 归母净利润 202.4 亿元，同比分别增长 7.8%和 8.0%；其中，二季度营收和 归母净利润同比分别增长 9.4%和 7.9%。年化 ROE 为 15.64%，处于同业前列。 规模扩张驱动净利息收入延续高增，其他非息收入因高基数延续下降态势， 但降幅大幅收窄。2025 年上半年净利息收入同比增长 19.1%，手续费净收入 同比增长 5.1%，其他非息收入同比下降 20%，其中二季度同比分别增长 16.4%、-8.3%和-4.6%。其他非息收入同比下降主要是债市波动导致公允价 值变动净亏损出现了净亏损，且投资收益同比也有所下降。 存贷款均延续高增，存款利率下降缓解净息差下行压力。期末资产总额 4.79 万亿元，贷款余额 2.43 万亿元，存款余额 2.54 万亿元，较年初分别增长了 21.2%、16.0%和 20.2%。其中，零售和对公贷款较年初分别增长了 3.1%和 23.3%，期末对公贷款占 ...

公司点评报告 · 银行业 规模加速扩张，零售资产质量边际改善 —— 江苏银行 2025 年半年报业绩点评 2025 年 8 月 24 日 核心观点 江苏银行（股票代码：600919） 推荐 维持 ：yuanshilin_yj@chinastock.com.cn | 市场数据 | 2025-08-22 | | --- | --- | | 股票代码 | 600919 | | A 股收盘价(元) | 11.15 | | 上证指数 | 3825.76 | | 总股本（万股） | 1835132.45 | | 实际流通 A 股(万股) | 1835132.45 | | 流通 A 股市值(亿元) | 2046.17 | 相对沪深 300 表现图 2025-08-22** 资料来源：ifind，中国银河证券研究院 -10% 10% 30% 50% 70% 江苏银行 沪深300 相关研究 分析师 张一纬 ：010-8092-7617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 www.chinastock.com.cn 证券研究报告 请务必 ...

证券研究报告 | 2025年08月23日 平安银行（000001.SZ）2025 年中报点评 中性 收入利润降幅收窄，资产质量稳定 收入利润降幅收窄。2025 上半年实现营业收入 694 亿元，同比下降 10.0%， 降幅较一季报收窄 3.0 个百分点；上半年实现归母净利润 249 亿元，同比下 降 3.9%，降幅较一季报收窄 1.7 个百分点。上半年年化加权平均 ROE10.7%， 同比下降 1.1 个百分点。 资产规模及零售 AUM 保持增长。2025 年二季末总资产同比增长 2.1%至 5.87 万亿元，较年初增长 1.8%。二季度末存款本金较年初增长 4.6%至 3.69 万亿 元，贷款总额较年初增长 1.0%至 3.41 万亿元。其中对公贷款投放较好，较 年初增长 8.3%，零售贷款规模较年初下降 2.3%。二季度末核心一级资本充 足率 9.31%，较年初略有回升。表外方面，二季度末零售 AUM 为 4.21 万亿元， 较年初增长 0.4%，同比增长 2.2%。 净息差收窄。上半年日均净息差 1.80%，同比降低 16bps，主要受市场利率 下行、贷款结构调整等因素影响。环比来看，二季度日均净息差 ...

净息差收缩、非息收入下滑，以及零售业务利润大幅减少，是业绩续跌的主要因素。上半年，该行的净 息差、净利差为1.8%、1.76%，同比分别下降16个、15个基点。而贷款占比超过50%的零售业务，仅实 现了10亿元左右的净利润，在全部净利润的占比仅有4%。 营收净利降幅收窄 半年报显示，截至今年6月底，平安银行总资产为5.87万亿元，同比增长1.8%；存、贷款余额分别为 3.69万亿元、3.4万亿元，同比分别增长4.6%、10%。 净息差收缩、非息收入下滑，以及零售业务利润大幅减少，是业绩续跌的主要因素。 营业收入、净利润降幅收窄，平安银行的业绩出现了下跌放缓的势头。 平安银行8月22日晚间披露的半年报显示，今年上半年，该行的营业收入、净利润同比分别下降10%、 3.9%，虽然未能扭转跌势，但比一季度分别收窄了3.1个、1.7个百分点，营收降幅同比也收窄了3个百 分点。 监管数据显示， 2024年上半年，商业银行累计净利润为1.3万亿元，平均资产利润率0.69%。今年同期 则为1.2万亿元、0.63%，同比分别减少了1000亿元、0.06个百分点。 在这种情况下，平安银行的营收、净利润延续了去年以来的下滑态势。今 ...

Investment Rating - The industry investment rating is "Outperform the Market" which indicates that the industry index is expected to perform better than the market by more than 5% over the next six months [16]. Core Viewpoints - The report highlights a continuous internal differentiation within the banking sector, with an overall improvement in asset quality [3][5]. - The net profit growth rate for commercial banks in the first half of 2025 has turned negative at -1.2%, but the decline in profit has narrowed compared to the previous quarter [5]. - The net interest margin for commercial banks has decreased slightly to 1.42%, showing resilience despite the decline [5]. - The non-performing loan ratio has improved, decreasing to 1.49%, indicating a manageable risk level [5][3]. - The report suggests a strategic shift towards reallocation rather than trading, driven by changes in funding structures and stable inflows from passive indices [5]. Summary by Sections Regulatory Indicators - As of the end of Q2 2025, the total assets of banking institutions reached 403 trillion yuan, reflecting a year-on-year growth of 8.9% [3]. - The non-performing loan ratio decreased by 2 basis points from the previous quarter to 1.49%, with a provision coverage ratio of 212% [3]. Profitability Analysis - The net profit growth rate for large banks, joint-stock banks, and city commercial banks improved compared to Q1, while rural commercial banks saw a decline of 7.9% [5]. - The report notes that the profitability of large banks is stabilizing, while rural banks are facing increased credit costs due to ongoing reforms [5]. Asset Quality - The report indicates a continuous improvement in asset quality, with the non-performing loan ratio decreasing across various bank types [5]. - The provision coverage ratio has increased by 3.84 percentage points to 212%, indicating a stable risk mitigation capacity [5][3]. Investment Recommendations - The report recommends focusing on the A-share joint-stock bank sector and certain high-quality regional banks, while also considering Hong Kong-listed large banks for their dividend advantages [5].

近日，珠海华润银行因"反洗钱业务管理规定"等多项违规，被警告并罚款334.75万元，4名时任高管连带受罚。 记者注意到，2024年以来，珠海华润银行及分支机构、相关责任人因违法违规受到5次行政处罚。近一年半的时间，珠海华润银行被罚超千万元，究竟发 生了什么？ 因违反多项管理规定受罚 图片来自：中国人民银行广东省分行 珠海华润银行方面对记者表示，对此不作回应。 不过，记者从珠海华润银行2024年年报看到，该银行正在进行整改。 珠海华润银行在年报中提到，对于反洗钱工作方面，该行紧盯整改落实，持续推进监管部门检查反洗钱方面的整改，同时启动整改检视工作。2025年重点 评估和优化反洗钱内控制度，全面检视问题整改有效性，全面开展机构洗钱风险自评估。 一年半内累计罚款超千万元 近日，中国人民银行广东省分行披露了多张罚单，剑指珠海华润银行股份有限公司及其相关责任人。 具体来看，珠海华润银行的主要违法违规事实包括：违反支付结算业务、货币金银业务、国库业务、征信业务、反洗钱业务管理规定。针对上述行为，中 国人民银行广东省分行对其作出警告，并处以334.75万元的罚款。 4名责任人也一同受罚，珠海华润银行时任个人信贷部总经理、个 ...

Investment Rating - The report maintains an "Accumulate" rating for Changshu Bank [1] Core Views - Changshu Bank's revenue and profit continue to show double-digit growth, with a 5.5 percentage point increase in the dividend payout ratio [6][21] - The bank's operating income for 2025 is projected to be 12,465 million yuan, with a year-on-year growth rate of 12.0% [1] - The net profit attributable to shareholders is expected to reach 3,280 million yuan in 2025, reflecting a year-on-year growth of 9.5% [1] Summary by Sections Financial Performance - In the first half of 2025, Changshu Bank's revenue increased by 10.1% year-on-year, while net profit rose by 13.6% [6] - Net interest income grew by 0.8% year-on-year, and non-interest income surged by 57.2% [6] - The annualized net interest margin decreased by 10 basis points to 2.45% [6] Asset and Liability Management - The bank's credit demand remains weak, with new loans in Q2 2025 totaling 1.83 billion yuan, a decrease of 1.86 billion yuan year-on-year [6] - Total deposits increased by 1.7 billion yuan in Q2 2025, with a year-on-year increase of 2.49 billion yuan [6] Asset Quality - The non-performing loan ratio remains stable at 0.76%, with a slight increase in the overdue rate to 1.62% [20] - The provision coverage ratio stands at 489.32%, indicating strong asset quality management [20] Dividend Policy - The interim dividend for 2025 is set at 0.15 yuan per share, totaling 497 million yuan, which is 25.27% of the net profit attributable to shareholders [6][21] Valuation Metrics - The projected price-to-earnings (P/E) ratio for 2025 is 6.56, with a price-to-book (P/B) ratio of 0.85 [1] - The bank's return on equity (ROE) is expected to be 14.31% in 2025 [1]

Investment Rating - The report maintains a "Recommend" rating for Changshu Bank, with a target price of 9.59 CNY, compared to the current price of 7.87 CNY [2][7]. Core Views - Changshu Bank's performance remains strong, with a year-on-year revenue growth of 10.10% to 6.062 billion CNY and a net profit growth of 13.51% to 1.969 billion CNY in the first half of 2025 [2][6]. - The bank's non-performing loan ratio remains stable at 0.76%, with a provision coverage ratio of 489.53% [2][6]. - The bank has initiated a mid-term dividend with a payout ratio of 25.3%, reflecting a commitment to returning value to shareholders [2][6]. Financial Performance Summary - Revenue for 2025 is projected to reach 12.028 billion CNY, with a year-on-year growth rate of 10.20% [8]. - Net profit for 2025 is estimated at 4.320 billion CNY, with a growth rate of 13.30% [8]. - The bank's total assets are expected to grow to 406.872 billion CNY by 2025, with a loan total of 255.314 billion CNY [9][12]. Asset Quality Summary - The non-performing loan ratio is projected to remain stable at 0.77% for 2025, with a provision coverage ratio expected to decrease to 441.60% [10][11]. - The bank's credit impairment losses are anticipated to increase by 11.2% to 1.494 billion CNY [6][10]. Dividend and Capital Management - The bank has announced a cash dividend of 0.15 CNY per share, totaling 4.97 billion CNY, which represents 25.27% of the net profit for the first half of 2025 [6][7]. - The bank's capital management strategy includes a potential redemption of convertible bonds, which could support capital replenishment and facilitate healthy credit issuance [6][7].

证券研究报告 | 半年报点评 gszqdatemark 2025 08 08 年 月 日 常熟银行（601128.SH） 三年期及以上存款占比下降明显，负债成本改善力度加大 事件：常熟银行披露 2025 年中报，2025 年上半年实现营收 61 亿元，同 比增长 10.10%，归母净利润 20 亿元，同比增长 13.51%。2025Q2 末不 良率、拨备覆盖率分别为 0.76%、489.5%，较上季度末均基本持平。此 外常熟银行披露 2025 年中期利润分配方案，每股派发现金红利 0.15 元， 占 2025 年半年度归母净利润比例为 25.27%。 1、业绩表现：负债成本改善力度加大 25H1 营业收入、归母净利润增速分别为 10.10%、13.51%，分别较 25Q1 增速提升 0.1pc、下降 0.3pc，业绩维持高增，主要得益于规模增长提速、 其他非息收入增加对营收增长形成正向贡献，具体来看： 1）利息净收入：同比增长 0.83%，较 25Q1 增速下降 0.1pc，25H1 净息 差为 2.58%，较 24A 下降 13bp（（其中 25Q1、25Q2 分别环比下降 10bp、 下降 3bp），上半 ...

此外，截至6月末，浦发银行不良贷款率为1.31%，较上年末下降了0.05个百分点，较一季度末下降了0.02个百分点。与此同时，拨备覆盖率进一步提升至 193.97%，较上年末上升7.01个百分点，较一季度末上升6.98个百分点。 | 项目 | 本报告期 | 上年同期 | 増減变动幅度( | | --- | --- | --- | --- | | | (未经审计) | (未经审计) | | | 营业收入 | 90. 559 | 88. 248 | | | 营业利润 | 33. 498 | 30. 228 | 1( | | 利润总额 | 33. 138 | 30, 170 | | | 归属于母公司股东的净利润 | 29.737 | 26, 988 | ] ( | | 归属于母公司股东的扣除非经常性 | 29, 984 | 26, 806 | l | | 损益的净利润 | | | | | 基本每股收益(元/股) | 0. 99 | 0. 89 | l i | | 稀释每股收益(元/股) | 0. 90 | 0. 82 | | | 加权平均净资产收益率(%) | 4. 33 | 4. 17 | 上升 0.16个百· ...