证券研究报告 | 行业深度报告 2025 年 05 月 05 日 正负之间的约束与希望 银行 24A&25Q1 业绩综述 总量研究/银行 截至 4 月 30 日，42 家 A 股银行 24 年年报以及 25 年一季报披露完毕， 25Q1 上市银行营收、PPOP、归母净利润同比增速分别为-1.72%、-2.15%、-1.20%， 分别较 24A 变动-1.80pct、-1.45pct、-3.55pct，营收增速下滑，利润增速由正 转负。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 41 | 0.8 | | 总市值（十亿元） | 9518.2 | 11.4 | | 流通市值（十亿元） | 9429.2 | 12.4 | 行业指数 % 1m 6m 12m 绝对表现 1.1 10.2 24.4 相对表现 4.1 13.3 19.8 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 May/24 Aug/24 Dec/24 Apr/25 (%) 银行 沪深300 相关报告 1、《等候政策加力—银行资负跟踪 20250427》2025- ...

Investment Rating - The report maintains a strong buy recommendation for Jiangsu Bank (600919.SH) [4] Core Views - Jiangsu Bank's net interest income saw a significant increase of 22% year-on-year in Q1 2025, reaching 16.6 billion yuan, driven by rapid asset growth and optimized liability costs [2][3] - The bank's asset quality remains robust, with a non-performing loan ratio of 0.86% and a provision coverage ratio of 343.51% as of Q1 2025 [2][3] - The bank's non-interest income experienced a decline of 32.72% year-on-year, primarily due to a significant drop in fair value changes, although investment income increased by 30.1% [3] Summary by Sections Performance - In Q1 2025, Jiangsu Bank reported a revenue growth of 6.21%, PPOP growth of 7.88%, and a net profit growth of 8.16% compared to the previous year [1][11] - The bank's total assets reached 4.46 trillion yuan, with total deposits of 2.46 trillion yuan [11] Non-Interest Income - The bank's net fee and commission income grew by 21.77% year-on-year in Q1 2025, benefiting from a recovery in the capital market and macroeconomic conditions [2][3][29] Interest Margin and Asset Quality - The bank's interest-earning assets grew by 27.82% year-on-year, with loans increasing by 18.83% [2] - The net interest margin showed a slight decline but was supported by effective cost management on liabilities [2][3] Capital and Shareholder Information - Jiangsu Bank's return on equity (ROE) was reported at 16.50% for Q1 2025, with a target price of 10.13 yuan per share [4][27] - The bank's major shareholder is Jiangsu International Trust Co., holding a 6.98% stake [4]