1月23日晚间，杭州银行（600926）披露2025年业绩快报，快报显示，2025年该行经营质效稳步提升， 核心经营指标表现稳健，圆满完成了"二二五五"战略主要目标，为下一个五年战略规划顺利实施奠定了 坚实基础。 经营效益稳步提升，盈利保持较高增长 2025年，杭州银行经营效益继续提升。全年实现营业收入387.99亿元，同比增长1.09%，在复杂市场环 境中保持了稳健增长态势；实现归属于上市公司股东的净利润190.30亿元，同比增长12.05%，展现出较 高的盈利能力。 数据显示，该行2025年盈利结构持续优化，核心业务贡献突出。其中，净利息收入275.94亿元，同比增 长12.83%，延续了三季度以来的良好增长态势；手续费及佣金净收入42.07亿元，同比增长13.10%，中 间业务增速稳步提升，成为盈利增长的重要补充，标志着该行多元化盈利格局进一步巩固。 资产质量稳固可控，风险抵补能力行业领先 杭州银行坚持"质量立行、从严治行"方针，资产质量继续保持良好水平，风险抵御能力处于行业前列。 截至2025年末，该行不良贷款率为0.76%，与上年末持平，始终维持在低位水平；逾期贷款与不良贷款 比例、逾期90天以上贷 ...

近期，A股上市银行2025年度业绩快报密集出炉。截至1月29日记者发稿，已有10家上市银行披露了 2025年度业绩快报，包括4家股份制银行，5家城商行，1家农商行。 整体来看，2025年，上述10家上市银行归母净利润均实现同比增长，资产规模稳中有增，多家银行重点 领域贷款余额增速亮眼，增幅甚至达到了两位数；此外，10家银行资产质量稳定，虽拨备覆盖率普遍下 降，但风险缓冲能力充足。 净利润均实现增长 据悉，已披露2025年度业绩快报的10家银行分别为招商银行、中信银行、兴业银行、浦发银行、宁波银 行、南京银行、杭州银行、青岛银行、厦门银行、苏农银行。 具体来看，在4家股份制银行中，招商银行以1501.81亿元的归母净利润位居榜首，同比增长1.21%；兴 业银行、中信银行归母净利润分别为774.69亿元、706.18亿元，同比增幅分别为0.34%、2.98%；浦发银 行表现突出，归母净利润为500.17亿元，同比增长10.52%，增速在股份制银行中领跑。营收方面，招商 银行、兴业银行、浦发银行营收分别达3375.32亿元、2127.41亿元、1739.64亿元，均实现同比增长，仅 中信银行营收同比略有下降。 6家 ...

本报记者 熊悦 近期，A股上市银行2025年度业绩快报密集出炉。截至1月29日记者发稿，已有10家上市银行披露了2025年度业绩快报，包 括4家股份制银行，5家城商行，1家农商行。 整体来看，2025年，上述10家上市银行归母净利润均实现同比增长，资产规模稳中有增，多家银行重点领域贷款余额增速 亮眼，增幅甚至达到了两位数；此外，10家银行资产质量稳定，虽拨备覆盖率普遍下降，但风险缓冲能力充足。 净利润均实现增长 据悉，已披露2025年度业绩快报的10家银行分别为招商银行、中信银行、兴业银行、浦发银行、宁波银行、南京银行、杭 州银行、青岛银行、厦门银行、苏农银行。 具体来看，在4家股份制银行中，招商银行以1501.81亿元的归母净利润位居榜首，同比增长1.21%；兴业银行、中信银行 归母净利润分别为774.69亿元、706.18亿元，同比增幅分别为0.34%、2.98%；浦发银行表现突出，归母净利润为500.17亿元， 同比增长10.52%，增速在股份制银行中领跑。营收方面，招商银行、兴业银行、浦发银行营收分别达3375.32亿元、2127.41亿 元、1739.64亿元，均实现同比增长，仅中信银行营收同比略有 ...

Summary of the Conference Call Transcript Industry Overview - The banking sector is entering a phase of high-quality development, with a focus on absolute and relative returns from bank stocks, driven by high dividend yields and asset quality [3][4][20]. Key Points Financial Performance Projections - Expected revenue growth for listed banks in 2026 and 2027 is +2.5% and +3.6% respectively, with net profit growth of +1.9% and +2.6% [4][20]. - Revenue and profit growth are anticipated to improve due to: 1. Narrowing net interest margin pressure 2. Quality-focused credit issuance amid weak demand [4][20]. 3. Stabilization of fee income growth after several years of fee reductions [4][20]. 4. Stable or improving net non-performing loan generation rates [4][11]. 5. Accelerated supply-side reforms leading to a reduction in the number of bank licenses, improving competition and operational landscape [4][11]. Customer Demand and Market Dynamics - The low-interest-rate environment has shifted customer demand, with government and state-owned enterprises becoming significant contributors to leverage, affecting the structure of new social financing [5][10]. - Regulatory policies are influencing the development of inclusive finance, focusing on risk compensation rather than merely increasing customer numbers [5][10]. Risk Factors - Risks associated with real estate developers and retail sectors are highlighted, with potential for greater-than-expected exposure [6][11]. Profitability and Valuation Adjustments - Adjustments to profitability forecasts for 2025 and 2026 have been made, with a focus on net interest income recovery and fee income growth [20][21]. - The expected net interest margin for 2026 is projected to be approximately 1.34%, a decrease of 6 basis points from 2025 [21][22]. - Fee income is expected to grow by 3.6% and 4.9% in 2026 and 2027 respectively, indicating a positive trend in non-interest income [21][22]. Asset Quality and Credit Costs - The net non-performing loan generation rate is expected to stabilize or slightly decline, with structural characteristics of retail and corporate lending continuing [11][21]. - Credit costs are projected to remain stable at around 0.58% for 2026 and 2027, reflecting the balance between corporate and household debt servicing capabilities [21][22]. Investment Recommendations - The report suggests a continued positive outlook for bank stocks, emphasizing the importance of dividend yield and asset quality in investment decisions [3][4][20]. Additional Insights - The banking sector is undergoing a transformation towards high-quality development, with a shift in focus from scale to quality, driven by macroeconomic pressures and regulatory changes [12][20]. - The reduction in the number of banking licenses over the past five years indicates successful risk management efforts within the sector [11][12]. - The report emphasizes the need for banks to adapt their strategies to maintain competitiveness in a changing regulatory and economic environment [12][20].

Core Viewpoint - The banking sector has entered a stage of high-quality development, with a focus on high dividend investments becoming a primary paradigm. The absolute and relative performance of bank stocks is expected to remain favorable, driven by allocation demand and increasing market recognition of their high dividend characteristics [1]. Group 1: Performance Outlook - The performance characteristics of listed banks in 2026 are expected to show steady progress, with projected revenue growth rates of +2.5% and +3.6% for 2026 and 2027, respectively, and net profit growth rates of +1.9% and +2.6% [2]. - The improvement in revenue and profit growth rates is attributed to several factors, including a narrowing net interest margin, a shift towards quality over quantity in credit issuance, stabilization in fee income growth, and a stable or improving trend in net non-performing loan generation rates [2]. - The acceleration of supply-side reforms in the banking industry is anticipated, characterized by a rapid decrease in the number of bank licenses, leading to improved competition and operational dynamics [2]. Group 2: Regulatory and Market Dynamics - The domestic market is influenced by various regulatory policies, with the development of inclusive finance entering a new phase. The focus has shifted from the quantity of customers to the quality of product service experience [3]. - It is expected that the growth rate of credit and social financing balances will slightly slow down by 2026, with an increasing proportion of exposure to interest rate bonds [3].

Core Viewpoint - The banking industry is expected to maintain stable performance through 2026, with revenue and profit growth remaining steady due to narrowing net interest margin pressure and slowing credit growth driven by weak demand and insufficient risk compensation [2][3]. Group 1: Industry Performance - Revenue and profit for listed banks are projected to remain stable year-on-year, primarily due to a further narrowing of net interest margin, which is expected to decrease by 12 basis points in 2025 and remain within 10 basis points in 2026 [3]. - As of September, the year-on-year growth rate of credit balance is 6.6%, while the social financing balance growth rate is 8.7%, both of which are influenced by fiscal policy [3]. - Fee income growth is expected to stabilize and recover after several years of fee reductions and high base pressure [3]. - Small and micro enterprises, along with retail customer exposures, continue to be the main sources of non-performing loans, while corporate business exposures show stable or improving trends in net non-performing loan generation rates [3][5]. Group 2: Strategic Adjustments - The banking sector is undergoing a transformation towards high-quality development, driven by macroeconomic changes, industrial structure adjustments, technological applications, and regulatory cycles [6]. - Banks are optimizing their operational strategies to focus on high-quality development, utilizing technology and big data to enhance strategic execution efficiency [6]. - There is a shift in focus towards acquiring and managing target customer groups, with operational results observable through indicators such as funding costs and funding structure [6]. Group 3: Investment Perspective - The banking sector has entered a phase of high-quality development, with only a few listed banks achieving double-digit growth, making high-dividend investments a primary strategy [3][6]. - The financial indicators related to high dividends require a focus on high-quality development to sustain performance [3].

Core Viewpoint - The decline of deposit brokers in the banking industry reflects a shift towards stricter financial regulation and a fundamental change in banking institutions' operational philosophies, indicating a transition from chaotic deposit acquisition practices to a more regulated and sustainable model [1][2][6]. Group 1: Reasons for the Decline of Deposit Brokers - The tightening of financial regulations has led to increased scrutiny and enforcement against illegal deposit acquisition practices, causing many small brokers to exit the market [2][3]. - Banks are facing pressure to transform their business models due to narrowing net interest margins, prompting a shift from high-cost liabilities to sustainable growth strategies [2][4]. - A growing consensus among banks to avoid excessive competition has emerged, leading to a reduction in aggressive deposit acquisition practices [2][6]. Group 2: Negative Impacts of Deposit Brokers - The presence of deposit brokers has significantly increased banks' funding costs, undermining their operational strength and pushing them towards high-risk investments [4][5]. - Deposit brokers have distorted market interest rates, leading to higher borrowing costs for businesses and hindering the development of the real economy [4][5]. - The activities of deposit brokers have resulted in widespread false transactions, compromising the integrity of financial statistics and market order [5][6]. Group 3: Positive Effects of the Decline of Deposit Brokers - The reduction of deposit brokers is expected to lower banks' funding costs and improve their overall operational capabilities, alleviating pressure on net interest margins [6][8]. - The decline of brokers will help restore order in the deposit market, promoting a healthier competitive environment focused on quality rather than quantity [7][8]. - The shift away from reliance on deposit brokers will encourage banks to innovate and enhance customer service, leading to sustainable development in the banking sector [8][9].