| 银行名称 | 2024年资产 总计(亿元) | 2025年中报 资产总计 | 同比变化 | 2024年报贷款 | 2025中报贷款 总额(亿元) | 同比变化 | 202 存款 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | (%) | 总额(亿元) | | (%) | (12 | | 北京银行 | 42215.42 | 47478.19 | 12.47 | 22099.75 | 23908.56 | 8.18 | 248: | | 长沙银行 | 11467.48 | 12473.85 | 8.78 | 5451.09 | 6026.92 | 10.56 | 736 | | 成都银行 | 12501.16 | 13722.25 | 9.77 | 7413.19 | 8334.15 | 12.42 | 882 | | 甘肃银行 | 4147.08 | 4274.82 | 3.08 | 2248.60 | 2348.29 | 4.43 | 321 | | 贵阳银行 | 7056.69 | 7415.36 | 5.08 | 339 ...

据了解，为提升"白名单"项目落地时效，中国银行黑龙江省分行成立工作专班，开辟绿色通道，制定专 属服务方案，开展前、中、后台平行作业，快速响应并保障城市房地产融资协调机制落地见效。 下一步，中国银行黑龙江省分行将继续贯彻落实黑龙江省委、省政府战略决策部署，在符合监管要求的 基础上，持续推动"白名单"项目加快建设交付，积极为推动城市房地产融资协调机制扩围增效贡献力 量。（郭御凤） 编辑：穆皓 转自：新华财经 城市房地产融资协调机制是促进房地产市场平稳健康发展、金融与房地产良性循环的重要部署，是坚持 以人民为中心的发展思想、回应群众关切的具体行动。中国银行黑龙江省分行不断加大推动"白名单"项 目审批投放力度，于今年9月成功为哈尔滨某房企新发放贷款1亿元，有力有序有效支持黑龙江省"白名 单"项目稳步推进。 ...

Group 1: Overall Asset Quality - As of August 31, 2023, the asset quality of 42 listed banks in A-shares shows a stable improvement, with some banks experiencing a slight increase in non-performing loan (NPL) ratios compared to the end of the previous year [1] - The overall NPL ratio for commercial banks was 1.49% at the end of Q2 2023, improving by 0.02 percentage points from the end of Q1 [3] - The provision coverage ratio for state-owned banks and rural commercial banks increased to 249.16% and 161.87%, respectively, while the ratios for joint-stock banks and city commercial banks decreased [4] Group 2: Non-Performing Loan Trends - The NPL ratio for corporate loans is improving, while the NPL ratio for retail loans is on the rise, indicating a structural change in asset quality [5][6] - For example, Industrial and Commercial Bank of China (ICBC) reported a decrease in corporate loan NPL ratio from 1.58% to 1.47%, while the personal loan NPL ratio increased from 1.15% to 1.35% [5] - The rise in retail loan NPLs is attributed to factors such as market conditions, increased flexible employment, and changes in industry environments affecting borrower income [6] Group 3: Real Estate Loan Performance - The real estate sector remains a significant source of NPLs, with some banks reporting an increase in real estate loan NPL ratios, while others have seen improvements [7][8] - For instance, Qingnong Commercial Bank's real estate NPL ratio rose to 21.32%, an increase of 14.15 percentage points from the end of the previous year [7] - The overall decline in real estate sales and the high leverage of real estate companies are fundamental reasons for the rising NPL ratios in this sector [8]

Core Insights - The People's Bank of China reported a total loan balance of 268.56 trillion yuan at the end of Q2 2025, reflecting a year-on-year growth of 7.1% and an increase of 12.92 trillion yuan in the first half of the year [1] Loan Growth by Sector - Corporate loans showed stable growth, with a total balance of 182.47 trillion yuan at the end of Q2 2025, up 8.6% year-on-year, adding 11.5 trillion yuan in H1 2025 [1] - Short-term loans and bill financing reached 62.04 trillion yuan, growing 9.4% year-on-year, while medium to long-term loans totaled 116.79 trillion yuan, with an 8.3% increase [1] - Fixed asset loans amounted to 76.82 trillion yuan, up 7.8%, and operational loans reached 75.12 trillion yuan, growing 8% [1] Industry-Specific Loan Trends - Industrial and infrastructure-related medium to long-term loans grew rapidly, with a balance of 26.27 trillion yuan, reflecting a 10.7% increase year-on-year [1] - Service industry medium to long-term loans reached 71.62 trillion yuan, growing 6.8% year-on-year, while loans excluding real estate in the service sector grew by 7.3% [2] - Green loans saw significant growth, with a balance of 42.39 trillion yuan, increasing by 14.4% since the beginning of the year [2] Agricultural and Real Estate Loans - Agricultural loans totaled 53.19 trillion yuan, with a year-on-year growth of 7.4% [3] - Real estate loans showed a slight recovery, with a total balance of 53.33 trillion yuan, up 0.4% year-on-year [3][4] - Personal housing loans decreased slightly to 37.74 trillion yuan, down 0.1% year-on-year [4] Support for Technology and Innovation - Loans to technology-based SMEs reached 3.46 trillion yuan, growing 22.9% year-on-year, with a loan support rate of 50% [4] - High-tech enterprises received 18.78 trillion yuan in loans, reflecting an 8.2% year-on-year increase [5] Consumer Loans - Household loans totaled 84.01 trillion yuan, growing 3% year-on-year, with operational loans at 25.09 trillion yuan, up 5.4% [5]

Core Viewpoint - The People's Bank of China Hainan Branch is implementing a moderately loose monetary policy to support economic recovery, focusing on stabilizing the total amount of loans and optimizing the structure of financial support [1][2] Group 1: Loan Growth and Interest Rates - As of the end of June, the total balance of various loans in Hainan reached 1.407 trillion yuan, an increase of 137.1 billion yuan from the beginning of the year, representing a year-on-year growth of 13.7% [1] - The average interest rate for newly issued corporate RMB loans in Hainan for the first half of the year was 2.94%, a decrease of 79 basis points year-on-year [1] - The lower limit for personal first-home commercial mortgage loan rates was reduced from 3.1% to 3.05% [1] Group 2: Financial Support for High-Quality Development - The balance of technology loans in Hainan reached 159.4 billion yuan by the end of June, with a year-on-year growth of 14.9% [1] - The number of enterprises receiving technology loans was 2,581, an increase of 12.2% year-on-year [1] - The balance of green loans in Hainan was 162 billion yuan, an increase of 22.6 billion yuan since the beginning of the year [1] - The balance of inclusive micro and small enterprise loans reached 127.8 billion yuan, with a year-on-year growth of 11.0% and the number of loan recipients at 142,200, up 9.2% year-on-year [1] Group 3: Real Estate Financing - The balance of real estate loans in Hainan was 392.4 billion yuan by the end of June, with a year-on-year growth of 4.9%, which is higher than the same period last year and the national average by 1.8 and 4.5 percentage points respectively [2] - The balance of personal housing loans was 229.4 billion yuan, with a year-on-year growth of 6.6%, exceeding the growth rate of 4.9% from the same period last year [2]

Investment Rating - The industry investment rating is maintained at "Overweight" [7][10]. Core Insights - The report highlights a marginal recovery in inclusive microfinance and real estate loans, with overall credit growth aligning with expectations. Corporate loans are the main driver of credit growth, while technology sector loans are particularly strong [9][31]. Summary by Sections 1. Industry Performance - As of the end of Q2 2025, the total balance of RMB loans reached 268.56 trillion yuan, reflecting a year-on-year growth of 7.1%. Corporate loans increased by 8.6% to 182.47 trillion yuan, with short-term loans and bill financing growing faster than medium- and long-term loans [7][28]. - Household loans totaled 84.01 trillion yuan, growing by 3%, with operating loans up by 5.4% and consumption loans (excluding housing) up by 6% [30]. 2. Loan Growth Dynamics - Medium- and long-term loans in the industrial and infrastructure sectors continue to grow rapidly, supporting stable credit expansion. Industrial medium- and long-term loans reached 26.27 trillion yuan, up 10.7%, while infrastructure-related loans grew by 7.4% to 43.11 trillion yuan [30]. - Inclusive microfinance loans reached 35.57 trillion yuan, with a year-on-year growth of 12.3%. Loans to technology SMEs grew by 22.9%, significantly above the average [8][30]. 3. Real Estate Loan Trends - Real estate loan growth is recovering, primarily due to a narrowing decline in personal housing loans. The balance of development loans was 13.81 trillion yuan, up 0.3%, while personal housing loans totaled 37.74 trillion yuan, with a decline of only 0.1% [8][30]. 4. Future Outlook - The report anticipates that structural tools and support for micro-enterprise financing will continue to drive loan demand. Policies supporting housing fund loans are expected to aid the recovery of the real estate market, while consumer finance services are likely to strengthen personal loan issuance [9][31]. 5. Investment Recommendations - With supportive fiscal policies and financing arrangements, bank credit supply is expected to remain relatively stable. The report suggests focusing on "high dividend + regional growth" strategies for bank stocks, particularly large state-owned banks and quality regional banks with dividend growth potential [10][33].

Group 1 - As of the end of Q2 2025, the total balance of RMB loans from financial institutions reached 268.56 trillion yuan, with a year-on-year growth of 7.1%, and an increase of 12.92 trillion yuan in the first half of the year [2] - The balance of real estate loans at the end of Q2 2025 was 53.33 trillion yuan, showing a year-on-year growth of 0.4%, with an increase of 416.6 billion yuan in the first half of the year [2] - The balance of personal housing loans was 37.74 trillion yuan, a slight year-on-year decline of 0.1%, but with an increase of 51 billion yuan in the first half of the year [2] Group 2 - The number of technology-based small and medium-sized enterprises receiving loan support reached 274,000, with a loan acquisition rate of 50%, an increase of 3.2 percentage points compared to the same period last year [3] - The balance of loans for technology-based small and medium-sized enterprises was 3.46 trillion yuan, with a year-on-year growth of 22.9%, outpacing the growth of all loans by 16.1 percentage points [3] - The number of high-tech enterprises receiving loan support was 266,800, with a loan acquisition rate of 57.6%, an increase of 1 percentage point compared to the same period last year [3]

Core Viewpoint - The overall balance of RMB loans in financial institutions reached 268.56 trillion yuan by the end of Q2 2025, with a year-on-year growth of 7.1% and an increase of 12.92 trillion yuan in the first half of the year [1] Group 1: Corporate Loans - The balance of corporate loans in both domestic and foreign currencies reached 182.47 trillion yuan by the end of Q2 2025, with a year-on-year growth of 8.6% and an increase of 11.5 trillion yuan in the first half of the year [2] - Short-term loans and bill financing balance was 62.04 trillion yuan, growing by 9.4% year-on-year, with an increase of 4.25 trillion yuan in the first half [2] - Medium and long-term loans balance was 116.79 trillion yuan, with a year-on-year growth of 8.3%, increasing by 7.08 trillion yuan in the first half [2] Group 2: Industrial and Infrastructure Loans - The balance of medium and long-term loans for the industrial sector reached 26.27 trillion yuan, with a year-on-year growth of 10.7%, increasing by 1.74 trillion yuan in the first half [3] - Medium and long-term loans for the service industry reached 71.62 trillion yuan, growing by 6.8% year-on-year, with an increase of 3.99 trillion yuan in the first half [3] - Medium and long-term loans for infrastructure-related industries reached 43.11 trillion yuan, with a year-on-year growth of 7.4%, increasing by 2.18 trillion yuan in the first half [3] Group 3: Inclusive and Green Loans - The balance of inclusive micro and small loans reached 35.57 trillion yuan, with a year-on-year growth of 12.3%, increasing by 2.63 trillion yuan in the first half [4] - The balance of green loans reached 42.39 trillion yuan, growing by 14.4% since the beginning of the year, with an increase of 5.35 trillion yuan in the first half [5] - Loans for infrastructure green upgrades, energy low-carbon transitions, and ecological protection reached 18.75 trillion yuan, 8.25 trillion yuan, and 4.95 trillion yuan respectively, with significant increases in the first half [5] Group 4: Agricultural Loans - The balance of agricultural loans reached 53.19 trillion yuan, with a year-on-year growth of 7.4%, increasing by 3.07 trillion yuan in the first half [6] - Rural loans reached 38.95 trillion yuan, growing by 7.4% year-on-year, with an increase of 2.15 trillion yuan in the first half [6] - Agricultural loans balance was 6.9 trillion yuan, with a year-on-year growth of 8.1%, increasing by 5.451 trillion yuan in the first half [6] Group 5: Real Estate Loans - The balance of real estate loans reached 53.33 trillion yuan, with a year-on-year growth of 0.4%, increasing by 4.166 trillion yuan in the first half [7] - Real estate development loans reached 13.81 trillion yuan, growing by 0.3% year-on-year, with an increase of 2.926 trillion yuan in the first half [7] - Personal housing loans balance was 37.74 trillion yuan, with a slight year-on-year decline of 0.1%, but an increase of 510 billion yuan in the first half [7] Group 6: Support for Technology Enterprises - A total of 27.4 million technology-based SMEs received loan support, with a loan acquisition rate of 50%, up by 3.2 percentage points year-on-year [8] - The balance of loans for technology-based SMEs reached 3.46 trillion yuan, with a year-on-year growth of 22.9%, significantly higher than the overall loan growth [8] - High-tech enterprises received support with a loan balance of 18.78 trillion yuan, growing by 8.2% year-on-year, which is 1.4 percentage points higher than the overall loan growth [9] Group 7: Household Consumption Loans - The balance of household loans reached 84.01 trillion yuan, with a year-on-year growth of 3%, increasing by 1.17 trillion yuan in the first half [10] - Operating loans balance was 25.09 trillion yuan, growing by 5.4% year-on-year, with an increase of 923.8 billion yuan in the first half [10] - Consumption loans excluding personal housing loans reached 21.18 trillion yuan, with a year-on-year growth of 6%, increasing by 195 billion yuan in the first half [10]

Core Insights - The central bank released the loan allocation statistics report for financial institutions for the second quarter of 2025, indicating a total RMB loan balance of 268.56 trillion yuan, which represents a year-on-year growth of 7.1% [1] - In the first half of 2025, the increase in RMB loans amounted to 12.92 trillion yuan [1] Loan Breakdown - As of the end of Q2 2025, the balance of RMB real estate loans reached 53.33 trillion yuan, showing a year-on-year growth of 0.4%, with an increase of 416.6 billion yuan in the first half of the year [1] - The balance of real estate development loans stood at 13.81 trillion yuan, reflecting a year-on-year growth of 0.3%, with an increase of 292.6 billion yuan in the first half of 2025 [1] - The balance of personal housing loans was 37.74 trillion yuan, which represents a year-on-year decline of 0.1%, although the growth rate improved by 1.2 percentage points compared to the end of the previous year, with an increase of 51 billion yuan in the first half of 2025 [1]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - As of the week ending May 30, the banking index has increased by 0.1%, outperforming the CSI 300 index by 1.2% and the ChiNext index by 1.5%. The market's focus on bank stocks has notably increased due to active fund allocation, with a continued upward trend in the sector, particularly for city commercial banks with relatively strong performance [3][14] - The growth rate of real estate loans has turned positive for the first time since the end of Q3 2023, with a year-on-year increase of 0.04% as of the end of March, primarily driven by a recovery in mortgage demand. In Q1, new personal housing loans amounted to 2,144 billion, a year-on-year increase of 2,093 billion, mainly due to a rebound in second-hand housing sales and improved early repayments [4][30] - Recently, the inclusion of Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank into the CSI 300 index is expected to attract more index funds, providing a positive outlook for these constituent stocks [5][44] - The focus on convertible bond banks is increasing, with significant valuation recovery and trading opportunities. Hangzhou Bank's stock price has risen significantly after triggering the strong redemption clause for its convertible bonds, indicating high investor confidence [6][44] Summary by Sections Banking Sector Performance - The banking index has shown a cumulative increase of 0.1% as of May 30, outperforming the CSI 300 index by 1.2% and the ChiNext index by 1.5% [3][14] - Individual stocks such as Hangzhou Bank have led the gains, with its stock price reaching a new high after the convertible bond triggered strong redemption conditions [3][14] Loan Trends - The growth rate of real estate loans has turned positive, with a year-on-year increase of 0.04% as of the end of March, driven by a recovery in mortgage demand [4][30] - In Q1, new personal housing loans totaled 2,144 billion, a year-on-year increase of 2,093 billion, attributed to improved second-hand housing sales and early repayments [4][30] Index Adjustments - Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank have been included in the CSI 300 index, effective June 13, 2025, which is expected to lead to increased capital inflow into these stocks [5][44] Convertible Bonds - The focus on banks issuing convertible bonds has intensified, with Hangzhou Bank's stock price showing significant gains after the strong redemption clause was triggered [6][44]