上 市 公 司 公 司 研 究 / 公 司 深 银行 2025 年 09 月 26 日 上海银行 (601229) ——重塑信贷结构，化风险夯实基本面 报告原因：首次覆盖 增持（首次评级） | 市场数据： | 2025 年 09 月 25 日 | | --- | --- | | 收盘价（元） | 8.95 | | 一年内最高/最低（元） | 11.47/7.06 | | 市净率 | 0.5 | | 股息率%（分红/股价） | 5.59 | | 流通 A 股市值（百万元） | 127,170 | | 上证指数/深证成指 | 3,853.30/13,445.90 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 17.11 | | 资产负债率% | 91.99 | | 总股本/流通 A 股（百万） | 14,209/14,209 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-25 10-25 11-25 12-25 01-25 02-25 03-25 04-25 05 ...

4. 房地产贷款不良率变动的原因？ 我行高度重视房地产行业授信的风险防范和质量管控，持续加强房 地产贷款管控，坚持"以项目为中心"，做好项目封闭管理、贷管并重， 实现对客户经营、项目进度、资产状态、资金流向的全方位监控。 2025年6月末，我行对公房地产贷款不良率2.21%，较上年末上升 0.42个百分点，主要是受外部环境影响，房地产市场仍在止跌回稳过程 中，部分房企去化周期变长、资金面持续紧张，我行已审慎计提拨备， 总体风险可控。 5. 零售贷款业务的具体发展思路？ 证券代码：000001 证券简称：平安银行 优先股代码：140002 优先股简称：平银优 01 平安银行股份有限公司投资者关系活动记录表 投资者关系活动类别 特定对象调研 分析师会议 □媒体采访 业绩说明会 □新闻发布会 路演活动 □现场参观 □其他 （投行会议） 活动参与人员 境内投资者 时间 2025 年 8 月 28-29 日 地点 北京、上海 形式 实地调研 交流内容及具体问答记 录 介绍公司发展战略、经营业绩，回答投资者提问 1. 当前资本充足率情况和后续资本补充计划？ 2025年6月末，我行各级资本充足率均满足监管达标要求，核心一 ...

Core Viewpoint - The overall performance of the banking industry in the first half of the year is better than expected, with key characteristics including revenue and profit exceeding expectations, a focus on urban renewal for lending, and a stable overall non-performing loan (NPL) ratio, with corporate loans performing significantly better than personal loans [1][2][6]. Group 1: Revenue and Profit Performance - Many banks report that their revenue and profit for the first half of the year are better than expected, despite a slowdown in revenue growth and a decline in profit indicators [2][3]. - A regional bank indicated that its revenue and profit exceeded original expectations due to increased credit lending and resilience in various industries [2][3]. - Among the five listed city commercial banks that have released performance reports, four achieved double-digit growth in net profit attributable to shareholders, with three showing a year-on-year growth rate exceeding 16% [2][3]. Group 2: Lending Trends - Urban renewal has become a new focus for corporate real estate lending, with banks increasing support for government-led urban renewal and affordable housing projects [4][5]. - Some banks have reported a rebound in personal mortgage loans in the second quarter, with one bank indicating that its mortgage loan issuance remained stable against market trends [5]. - Overall, banks are cautious about personal mortgage loans while prioritizing corporate lending, particularly in urban renewal projects [5][4]. Group 3: Asset Quality and Non-Performing Loans - The non-performing loan ratio has remained stable, with no significant increase observed in the first half of the year [6][7]. - Among the five listed banks, the non-performing loan ratios have either remained flat or decreased compared to the beginning of the year, with specific banks reporting ratios of 0.76% and 1.12% [6]. - Corporate loans have shown significantly better non-performing loan ratios compared to retail and personal loans, attributed to stronger asset quality in corporate sectors [6][7].

Retail Strategy and Performance - The bank maintains a steadfast retail strategy, focusing on customer-centric approaches to drive high-quality and sustainable development in retail business [1] - As of the end of 2024, personal loan balance reached CNY 17,671.68 billion, with a significant reduction in high-risk loans and an increase in the proportion of mortgage loans by 4.0 percentage points to 62.8% [3] - The bank's net interest margin for 2024 was 1.87%, a decrease of 51 basis points year-on-year, primarily due to market interest rate declines and proactive reduction of high-risk retail assets [1] Corporate Business Overview - By the end of 2024, corporate loan balance was CNY 16,069 billion, reflecting a growth of 12.4% year-on-year, while corporate deposit balance was CNY 22,465 billion, up 2.1% [2] - The bank aims to enhance support for key sectors such as advanced manufacturing, green finance, and rural revitalization through focused financing efforts [2] Financial Performance - In 2024, the bank reported operating income of CNY 1,466.95 billion, a decline of 10.9% year-on-year, with net profit at CNY 445.08 billion, down 4.2% [4] - The bank's management expenses decreased by 11.7% to CNY 405.82 billion, while credit and other asset impairment losses fell by 16.4% to CNY 494.28 billion [4] Asset Quality and Risk Management - The personal loan non-performing loan (NPL) ratio decreased by 0.04 percentage points by the end of 2024, with specific NPL ratios for housing loans at 0.47%, credit card loans at 2.56%, and consumption loans at 1.35% [5] - The bank emphasizes differentiated risk management policies and proactive asset structure adjustments to enhance asset quality and support sustainable retail business development [5] Real Estate Loan Management - The bank's corporate real estate loan NPL ratio was 1.79% at the end of 2024, an increase of 0.93 percentage points year-on-year, primarily due to external environmental pressures [6] - Continuous monitoring and management of real estate loans are prioritized to mitigate risks associated with project financing [6] Dividend Policy - The bank plans to distribute cash dividends of CNY 6.08 per 10 shares for the year 2024, totaling CNY 117.99 billion, which represents 28.32% of the net profit attributable to ordinary shareholders [7] - The bank aims to enhance the stability and predictability of dividends while ensuring compliance with capital adequacy requirements [7]