近期，"反内卷" 成为银行业发展进程中的核心议题，一场重塑行业生态的变革正加速推进。 2024年7月中央政治局会议明确提出"强化行业自律，防止内卷式恶性竞争"，同年 11 月人民 银行《2024 年第三季度中国货币政策执行报告》首次用"内卷"形容银行业，直指存贷偏离度 较大影响货币效能。 近期，上市银行二季度数据陆续披露，市场关注点正发生显著转变。招商证券银行首席分析 师王先爽在《银行反内卷：方向与希望 —2025 年中报综述》中指出，相较于今年银行业一季 报前后聚焦关税冲击，当下行业的核心关注点已转向"反内卷"。这一转变背后，是市场视角 从外部环境冲击向内部结构性调整的迁移。 21世纪经济报道记者梳理了部分银行高管在2025年中期业绩会上的表态，有银行高管明确 提出了要"反内卷"，更多的银行管理层虽未直接提到"反内卷"，但字字句句都离不开"反 内卷"的内涵："高质量发展""扎实""稳""合理控制规模"都是高频词。 银行业反内卷，亟需政策引导建立正确价值观，聚焦信贷真实需求与流向，防范道德风险。 在服务实体经济时，除规模与利率外，结算、中收等非信贷服务的重要性日益凸显。值得欣 慰的是，从这次中期业绩会上我们可 ...

Core Viewpoint - The banking industry is undergoing a transformation focused on "anti-involution," emphasizing high-quality development and structural adjustments rather than mere scale expansion [1][14]. Group 1: Industry Trends - The central government has called for enhanced industry self-discipline to prevent vicious competition, with the term "involution" being officially used to describe the banking sector's challenges [1][2]. - Market focus has shifted from external shocks to internal structural adjustments, with banks increasingly recognizing the importance of non-credit services and high-quality development [2][10]. Group 2: Bank Strategies - Various banks are adopting differentiated paths to "anti-involution," optimizing asset structures, and implementing rational pricing mechanisms to enhance service quality [3][4]. - The concept of "balanced pricing" has been highlighted by several bank leaders, indicating a strategic approach to maintaining stable interest margins while supporting market operations [4][9]. Group 3: Non-Interest Income Growth - Non-interest income is becoming a critical focus for banks, with many expanding into wealth management, investment banking, and other services to reduce reliance on traditional credit [10][11]. - For instance, Industrial and Commercial Bank of China reported a significant increase in non-interest income, contributing to overall revenue growth [10][11]. Group 4: High-Quality Development - There is a consensus among banks to prioritize quality over scale, with frequent references to "stability," "solid," and "high-quality" in their mid-year performance meetings [7][8]. - Banks are increasingly focusing on optimizing their asset-liability structures and enhancing service efficiency to achieve sustainable growth [6][8]. Group 5: Policy Implications - The government's emphasis on regulating market order and promoting supply-side reforms is seen as a positive signal for the banking sector's transition towards higher quality and sustainable development [5][14]. - Bank leaders have expressed a commitment to avoiding "involution-style" competition, aligning their strategies with national policy directions [14].

（原标题：不再"规模至上"，银行行长纷纷表态"反内卷"） 21世纪经济报道记者张欣 北京报道 近期，"反内卷" 成为银行业发展进程中的核心议题，一场重塑行业生态的变革正加速推进。2024年7月中央政治局会议明确提出"强化行业自律， 防止内卷式恶性竞争"，同年 11 月人民银行《2024 年第三季度中国货币政策执行报告》首次用"内卷"形容银行业，直指存贷偏离度较大影响货币 效能。 近期，上市银行二季度数据陆续披露，市场关注点正发生显著转变。招商证券银行首席分析师王先爽在《银行反内卷：方向与希望 —2025 年中报 综述》中指出，相较于今年银行业一季报前后聚焦关税冲击，当下行业的核心关注点已转向"反内卷"。这一转变背后，是市场视角从外部环境冲 击向内部结构性调整的迁移。 本报记者梳理了部分银行高管在2025年中期业绩会上的表态，有银行高管明确提出了要"反内卷"，更多的银行管理层虽未直接提到"反内卷"，但 字字句句都离不开"反内卷"的内涵："高质量发展""扎实""稳""合理控制规模"都是高频词。 银行业反内卷，亟需政策引导建立正确价值观，聚焦信贷真实需求与流向，防范道德风险。在服务实体经济时，除规模与利率外，结算、 ...

其中，2Q25公司财富管理非息收入同比增长23.1%，基本延续1Q强势表现，主要由于中国香港本地、 中东、印度客户需求持续向好;交易银行与投行业务非息收入分别同比增长6.0%、18.3%，主要由于全球 市场波动背景下外汇对冲需求和股债市场业务需求维持高位。 经调净利息收入同比下降2%、季度环比上升1%，结构性对冲工具的受益以及负债成本下行对冲了资产 收益下行的影响，也受益于汇率计算。经调2Q25净息差1.96%，季度环比下降6bp，主要由于Hibor下 行。账面贷款和存款增长较快主要由于汇率波动，若按固定汇率基准计算，则存贷款规模环比基本持 平，贷款增长来自于英国市场，存款增长来自于中国香港市场。 资产减值损失同比大幅增加，主要来自香港商业地产和低基数 1)2Q25公司针对新增香港商业地产违约敞口增加减值准备，也针对商业地产供给过剩导致租金及价格 下行而增加减值准备。2)2Q24低基数，主要由于当时部分英国资产减值准备拨回、某CIB客户坏账收 回。 智通财经APP获悉，中金发布研报称，考虑汇丰控股(00005)非息业务表现强劲，上调公司2025E/2026E 营业收入预测3.1%、3.6%至681、690亿美 ...

2Q25业绩小幅高于该行预期 汇丰控股发布2Q25业绩，经调税前利润92亿美元，同比增长1%，超出市场预期，主要由于经调非息收 入增速较快且净利息收入韧性较强。报告口径税前利润同比下降29%至63亿美元，主要由于交行再融资 带来股权稀释及减值损失合计21亿美元，其中11亿美元的再融资稀释符合预期，10亿美元的减值计提未 有预期。 经调非息收入同比增长20%，是税前利润超预期的主要原因 其中，2Q25公司财富管理非息收入同比增长23.1%，基本延续1Q强势表现，主要由于中国香港本地、 中东、印度客户需求持续向好;交易银行与投行业务非息收入分别同比增长6.0%、18.3%，主要由于全球 市场波动背景下外汇对冲需求和股债市场业务需求维持高位。 经调净利息收入同比下降2%、季度环比上升1%，结构性对冲工具的受益以及负债成本下行对冲了资产 收益下行的影响，也受益于汇率计算。经调2Q25净息差1.96%，季度环比下降6bp，主要由于Hibor下 行。账面贷款和存款增长较快主要由于汇率波动，若按固定汇率基准计算，则存贷款规模环比基本持 平，贷款增长来自于英国市场，存款增长来自于中国香港市场。 资产减值损失同比大幅增加，主要 ...

Core Viewpoint - The banking industry is experiencing stable growth in credit, with a significant portion directed towards corporate loans, indicating strong support for the real economy amidst external pressures and interest margin constraints [1][4]. Credit Growth and Structure - In the first half of 2025, total credit in China increased by 12.92 trillion yuan, with corporate loans accounting for 89.5% of new loans, reflecting a 6.6 percentage point increase from the previous year [1]. - The growth in medium to long-term loans for the manufacturing sector was 8.7% year-on-year, while infrastructure loans grew by 7.4%, indicating a focus on effective investment and high-quality development [2][5]. - The banking sector is expected to continue optimizing its credit structure, with new loans increasingly directed towards innovative and strategic industries, contributing to sustained asset growth [3]. Support for the Real Economy - Corporate loans are highlighted as a stabilizing force for the banking sector, with a significant increase in medium to long-term loans supporting the real economy [4]. - The emphasis on inclusive finance has led banks to enhance support for small and micro enterprises, addressing their financing challenges through various measures [5]. Non-Interest Income Opportunities - The banking sector is facing a long-standing trend of strong corporate credit and weaker retail credit, prompting banks to seek differentiated advantages in service offerings [6][7]. - Despite competitive pressures and potential profit challenges, there are positive indicators for non-interest income growth, particularly in wealth management and investment services [7]. Future Outlook - The outlook for non-performing loans (NPLs) remains optimistic, with expectations of low growth rates for NPL balances compared to overall loan growth, supported by improved repayment capabilities and enhanced risk management practices [8].