Core Viewpoint - The performance of major state-owned banks in China showed improvement in the first half of 2025, with total operating income exceeding 1.8 trillion yuan and net profit reaching 682.5 billion yuan, indicating a positive trend in revenue growth [1] Group 1: Revenue Performance - The six major state-owned banks achieved a year-on-year increase in operating income, with non-interest income becoming increasingly significant in their revenue structure [1] - China Bank reported an operating income of 329 billion yuan, a year-on-year growth of 3.76%, with non-interest income growing by 26.43%, which was a key driver for its revenue increase [1] Group 2: Non-Interest Income Contributions - Non-interest income accounted for over 30% of total operating income, with contributions steadily increasing [2] - China Bank's non-interest income growth was attributed to wealth management, stable fee income, and financial market opportunities, with significant increases in various fee categories [2] - Construction Bank's non-interest net income reached 99.2 billion yuan, a year-on-year increase of 25.93%, with non-interest income making up 25.7% of total operating income [3] Group 3: Other Major Banks' Performance - Agricultural Bank's non-interest income grew by 12.1% to 87.3 billion yuan, with fee income increasing by 10.1% [4] - Postal Savings Bank's intermediary business income returned to double-digit growth at 11.59%, with significant contributions from non-interest income [4] - Industrial and Commercial Bank reported an operating income of 409.1 billion yuan, a 1.8% increase, with non-interest income contributing positively despite a slight decline in interest income [5]

公司报告 | 半年报点评 中国银行（601988） 证券研究报告 营收稳步向上提速 事件： 中国银行发布 2025 半年度财报。2025 上半年，公司营业收入、归母净利润分别 同比+3.76%、-0.85%；不良率、拨备覆盖率分别为 1.24%、197%。 点评摘要： 营收稳步改善。2025 上半年，中国银行实现营收约 3290.03 亿元，同比增长 3.76%，环比一季度增速提升 1.2pct。营收结构上，净利息收入 2148.16 亿元 （YoY-5.27%），占总营收 65.29%；非息净收入 1141.87 亿元，同比增长 26.43%，结构占比与一季度持平。拨备前利润 25Q1、25H1 增速分别为-1.15%、 0.35%,归母净利润同比增速分别为-2.90%、-0.85%。拨备计提规模较去年同期 释放约 30.77 亿元利润空间，有效支持利润增速向上改善。 2025 上半年，中国银行净息差录得 1.26%，较 25Q1 下行 3bp。生息资产收益率 录得 2.96%，较 2024 年末-38bp；计息负债成本率显著改善，较 2024 年末压降 26bp 至 1.86%。 分细项来看，公司 25H ...

Core Viewpoint - The performance of major state-owned banks in China has shown signs of improvement in the first half of the year, with a notable increase in investment income and non-interest income, despite ongoing pressure on net interest margins [1][2]. Group 1: Financial Performance - The six major banks reported a total operating income of 1.83 trillion yuan, a slight increase from approximately 1.8 trillion yuan in the same period last year [1]. - The net profit attributable to shareholders reached 682.52 billion yuan, compared to about 683.39 billion yuan in the previous year, indicating mixed results with three banks showing positive growth and three negative [1][2]. - The operating income of all six banks experienced year-on-year growth, with China Bank leading at 3.76%, followed by Construction Bank at 2.15% and Industrial and Commercial Bank at 1.57% [2][3]. Group 2: Interest Income and Net Interest Margin - The net interest income for the six banks totaled 1.32 trillion yuan, reflecting a decline of approximately 2% compared to the previous year [3][4]. - The decline in interest income is primarily attributed to a decrease in loan yields, which outweighed the positive impact of lower deposit interest rates [4]. - The net interest margin continued to decline, with five banks experiencing a drop of over 10 basis points compared to the previous year, although the rate of decline has shown signs of slowing [12][13]. Group 3: Provisioning and Impairment Losses - The total provision for impairment losses across the six banks was approximately 422.7 billion yuan, an increase of about 22 billion yuan year-on-year [5][6]. - Notably, Construction Bank and Postal Savings Bank increased their provisioning efforts significantly, with year-on-year increases of 22.85% and 34.62%, respectively [5][7]. Group 4: Investment Income and Non-Interest Income - Investment income has become a key support factor for bank performance, with significant growth in bond investment income, although this was partially offset by declining bond market yields [8][10]. - Non-interest income, particularly from investment gains, saw substantial increases, with some banks reporting growth rates exceeding 50% [9][10]. - The recovery in fee and commission income was also notable, with four banks reporting positive year-on-year growth, particularly Postal Savings Bank and Agricultural Bank, which both exceeded 10% [11]. Group 5: Outlook on Net Interest Margin - Management from various banks expressed optimism regarding the stabilization of net interest margins in the second half of the year, despite ongoing downward pressures from market conditions [12][14]. - Factors such as the adjustment of loan pricing and the gradual impact of deposit rate reductions are expected to contribute to a narrowing of the decline in net interest margins [15].

净息差率先企稳 交通银行是否成功"过冬"？ 2020年以来持续收窄的净息差，一直是是银行业的"难以承受之痛"； 但随着信贷需求的修复，净息差的下降正在呈现企稳迹象，一些国有大行的财报就释放了这种信号。 2024年，交通银行净息差降幅已由上年同期的20个基点缩至1个基点。 净息差的企稳，直接带动营收、归母净利分别同比增长0.87%、0.93%，增幅高出上年同期0.56个、0.25个百分点，行长张宝江对此评价"非常不容易的增 长"。 在具体业务上的选择，或能为困在周期中的同业们，提供更多参照。 该趋势在国有大行的业绩中，已有体现： 2024年三季度，工农中建交以及邮储六大行，净息差同比降幅分别为24个、17个、23个、23个、2个、16个基点； 但与上半年相比，工行、农行数据已然持平，中行、建行、邮储则小幅下滑3个、2个、2个基点。 但在市场调整与监管压力共振下，交行同期的中收下滑同样是行业面对的共同问题。 在此关头，逆势发展的零售贷款能否成为支撑交行主营反弹的胜负手，正在受到更多关注。 息差向右 中收向左 2019年四季度至今，我国银行业净息差从2.2%逐步走低至1.53%。 交通银行发展研究部课题组2025年 ...