Group 1 - The overall revenue and profit growth of state-owned banks improved in 1H25, mainly driven by a significant increase in other non-interest income and cost release. Additionally, market interest rates and deposit rates declined, stabilizing the interest margin, leading to a marginal increase in net interest income growth [2][3]. - The asset quality of state-owned banks is relatively strong, with non-performing loan (NPL) ratios and attention rates remaining low and either stable or decreasing. The provision coverage ratio increased, enhancing the safety margin, and the capital adequacy ratio also improved, strengthening the risk resistance capability of these banks [2][4]. - Investment recommendations suggest a shift in the operating model and investment logic of bank stocks from "pro-cyclical" to "weak cycle." During periods of economic stagnation, high dividend yields from bank stocks will remain attractive, and the report continues to favor the stability and sustainability of bank stocks [2][5]. Group 2 - In terms of revenue, the year-on-year growth for 1H25 was +1.5%, with a turnaround from negative to positive growth compared to 1Q25. The net profit saw a slight decline of -0.1% year-on-year, but the decline narrowed compared to the previous quarter. The increase in revenue was largely attributed to the growth in non-interest income, particularly from the stock market [3][7]. - The asset quality analysis indicates that the overall NPL ratio remained stable at 1.27% in 1H25, with a slight decrease in the attention loan ratio. The overdue loan ratio increased slightly but remains low, and the provision coverage ratio rose to 237.50%, further enhancing the safety margin [4][9]. - The report highlights that the cost-to-income ratio for 1H25 was 29.3%, showing a year-on-year decrease, while the core Tier 1 capital adequacy ratio improved to 12.67%, maintaining a high level of capital strength [4][10].

债市"褪色"之后 证券研究报告/固收专题报告 2025 年 08 月 06 日 执业证书编号：S0740525060003 Email：lvpin@zts.com.cn 分析师：游勇 执业证书编号：S0740524070004 Email：youyong@zts.com.cn 1、《股债比价视角看 A 股行情的起 点与终点——负债驱动资金之二》 2025-08-05 2、《利率策略|利率窄幅修复的三条 主线》2025-08-03 3、《主动权益重返黄金时代——负 债驱动资金之一》2025-07-29 报告摘要 从六月开始，利率开始盘整震荡，基金久期逐步增加，开始酝酿 7 月份的利率下 行。 当时市场逻辑是：虽然看到 Q2 的 GDP 数据不错，但高频数据跟踪下来，依旧对经 济的成色心存疑虑。 分析师：吕品 如果再考虑经济韧性带来的政策定力，那么定下半年经济基调的 7 月政治局会议大 概率表述中性。市场将会重演往年 7 月债市易涨难跌的剧本。 相关报告 所以我们在 7 月初可以看到基金久期整体上行，同时伴随着大量的信用债类 ETF 的 扩容。 然而，基于往年剧情的老剧本并未如期展开，商品和权益市场出现了新的插曲 ...