华泰证券研报指出，展望5月，推荐供需改善的航空、运价有望抬升的油运、在红利板块中具备业绩优 势的公路以及部分业绩稳健的个股：1)航空：中期看好供给放缓带来的潜在盈利弹性，暑运旺季或催化 行情；2)油运：OPEC+增产有望提振5月运价；3)公路：一季度业绩稳健，在红利板块中具有比较优 势。避险情绪与利率均支撑红利估值，建议参与分红填权行情。 NO.2中金公司：中期维度下，政策有望刺激高端白酒需求企稳 中金公司（601995）研报认为，1)当前白酒需求景气度已处历史底部(过去五年景气度分位数28%)，向 下风险或有限。2)政策较宽松为消费回暖提供基础，1—3月份经济数据已有表现，预计更多托底政策出 台将助力白酒需求稳步筑底回升。3)未来白酒需求或以较慢斜率小幅回升，从消费场景看，短期大众需 求偏刚性，且同期低基数下，宴席需求或有望有所表现；中期维度下，政策刺激有望刺激高端白酒需求 企稳。全年白酒业绩在三四季度低基数支撑下或呈先抑后扬的走势。 NO.3中国银河（601881）证券：继续看好银行板块配置价值 ｜2025年5月9日星期五｜ NO.1华泰证券：交运板块关注航空、油运、公路 中国银河证券指出，一揽子金融政策 ...

Core Insights - In Q1 2025, 42 A-share listed banks reported mixed performance, with 26 banks showing revenue growth and 30 banks maintaining profit growth, indicating a challenging operating environment [1][3] - The net interest margin (NIM) continued to decline, posing challenges for future operations, although it showed signs of stabilization with reduced volatility [1][9] - Many banks opted to release provisions to offset profit shortfalls, leading to a noticeable decrease in provision coverage ratios [1][7][8] Revenue Performance - Four banks reported revenues exceeding 100 billion yuan: Industrial and Commercial Bank of China (ICBC) at 212.77 billion yuan, China Construction Bank at 190.07 billion yuan, Agricultural Bank of China at 186.67 billion yuan, and Bank of China at 164.93 billion yuan [2][3] - Five banks had revenues between 50 billion and 100 billion yuan, including Postal Savings Bank at 89.36 billion yuan and China Merchants Bank at 83.75 billion yuan [4] - 26 banks achieved year-on-year revenue growth, with Changshu Bank being the only one to exceed double-digit growth at 10.04% [4][5] Profit Performance - 30 banks reported positive net profit growth, with four banks achieving double-digit growth: Hangzhou Bank at 17.3%, Qilu Bank at 16.47%, Qingdao Bank at 16.42%, and Changshu Bank at 13.81% [6] - 12 banks experienced a decline in net profit, with Huaxia Bank and Xiamen Bank seeing significant drops of 14.04% and 14.21%, respectively [6] Asset Quality - The overall non-performing loan (NPL) ratio for listed banks remained stable, with most banks maintaining levels below 1.5% [1][7] - Banks with higher NPL ratios included Huaxia Bank at 1.61% and Zhengzhou Bank at 1.79% [7] Provision Coverage - Significant declines in provision coverage ratios were noted, with Postal Savings Bank dropping by 20.02 percentage points and Xiamen Bank by 78.38 percentage points, although still above regulatory requirements [7][8] Net Interest Margin - The average NIM for the 42 listed banks was around 1.6%, below the industry warning line of 1.8%, indicating a need for improved profitability [9][10] - Concerns were raised about the long-term implications of a low NIM environment on banks' profitability and risk management capabilities [9][10] Future Outlook - The banking sector may face a transitional period regarding profitability models, with potential opportunities in asset allocation and credit asset securitization [10][11]

作 者丨余纪昕 边万莉 编 辑丨周炎炎 4月底，4 2家A股上市银行集体"交卷"了2 0 2 5年一季度业绩报告。 2 1 世 纪 经 济 报 道 记 者 梳 理 发 现 ， 4 2 家 上 市 银 行 中 有 2 6 家 营 业 收 入 实 现 正 增 长 ， 3 0 家 净利润保持增长，"增收不增利" "增利不增收"现象并存。1 0家银行出现营收、净利润 双双下滑，经营状况显示出一定的承压态势，反映"开门红"的业绩目标实现情况较去 年同期或有些不及预期。 2 0 2 5年一季度，银行净息差下行趋势虽未扭转，给不少银行未来的经营带来一定的考验和挑 战；但已有所企稳，变动幅度显著收窄。值得关注的是，在经营压力之下，不少银行选择以释 放拨备来"以丰补歉"，因而拨备覆盖率有明显降幅。从资产质量来看，4 2家A股上市银行不良 率整体维持了去年年末的水平，绝大部分位于1 . 5%之下。 | | 营业收入 | | 归母净利润 | | | --- | --- | --- | --- | --- | | | 2025年一季度 | 同比变化 | 2025年一季度 | 同比变化 | | | (亿元) | | (亿元) | | ...

Core Viewpoint - The performance of 42 A-share listed banks in Q1 2025 shows mixed results, with 26 banks achieving revenue growth and 30 banks maintaining profit growth, indicating operational pressure and challenges in meeting performance targets compared to the previous year [1][4]. Revenue Performance - In Q1 2025, four banks reported revenues exceeding 100 billion yuan: Industrial and Commercial Bank of China (ICBC) at 212.77 billion yuan, China Construction Bank (CCB) at 190.07 billion yuan, Agricultural Bank of China (ABC) at 186.67 billion yuan, and Bank of China (BOC) at 164.93 billion yuan [1]. - Five banks reported revenues between 50 billion and 100 billion yuan, with Postal Savings Bank at 89.36 billion yuan and China Merchants Bank at 83.75 billion yuan [2]. - 26 banks achieved year-on-year revenue growth, with Changshu Bank leading at 10.04% growth, while 16 banks experienced negative revenue growth, with Xiamen Bank declining by 18.42% [2][3]. Profitability - 30 banks reported positive net profit growth in Q1 2025, with four banks achieving double-digit growth: Hangzhou Bank at 17.3%, Qilu Bank at 16.47%, Qingdao Bank at 16.42%, and Changshu Bank at 13.81% [4]. - Notably, Huaxia Bank and Xiamen Bank saw significant declines in net profit, with decreases of 14.04% and 14.21%, respectively [4]. Asset Quality - The overall non-performing loan (NPL) ratio for the listed banks remained stable, with most banks maintaining levels below 1.5% [1][4]. - Banks with higher NPL ratios included Huaxia Bank at 1.61% and Zhengzhou Bank at 1.79%, while banks like Ningbo Bank and Hangzhou Bank maintained lower ratios around 0.76% [4]. Provision Coverage - Several banks experienced significant declines in provision coverage ratios, with Postal Savings Bank dropping by 20.02 percentage points and Xiamen Bank decreasing by 78.38 percentage points, although still above regulatory requirements [5]. - The reduction in provision coverage is attributed to banks releasing provisions to compensate for weaker revenue and profit growth [5]. Net Interest Margin - The average net interest margin for the 42 listed banks was approximately 1.6%, below the industry warning line of 1.8%, indicating challenges in profitability [6]. - The low net interest margin reflects a weakened ability to withstand risks, with concerns about the long-term implications for banks' profitability and capital adequacy [6]. Investment Strategies - In Q1 2025, banks faced losses in long-term bond trading, prompting a focus on asset-backed securities (ABS) as a potential growth area [7]. - The current revenue and risk pressures are concentrated in corporate and retail banking, with expectations for limited short-term improvements in credit yields [7][8].

国际金融论坛（IFF）顾问、中国人民银行原副行长李东荣周日在IFF科技金融委员会启动大会暨首届科 技金融圆桌会议上表示，当前科技金融发展仍面临一系列困难和挑战，接下来应构建与科技创新相适应 的科技金融生态体系。"机制不适应，服务创新体系方面肯定是被动的，肯定是乏力，加快构建和国家 创新体系相适应的科技金融体制，是我们当前最紧迫的任务。"他强调。 李东荣还提出多项建议，包括继续发展银行信贷，支持科技创新；重视保险工具应用；引入更多长期资 本和耐心资本；完善数据要素市场建设，促进数据合规，高效流通使用；切实加强大数据、物联网的应 用水平；金融机构要做好自身数字化水平。 ...

文/中国社会科学院金融研究所研究员，中国社会科学院投融资研究中心主任 黄 国平 1984年，英国央行在伦敦创建的"自动清算支付系统"，目前，仍然为全球金融体系提供以英镑和欧元计 值的两种独立性清算服务。金融市场创新方面，20世纪80年代以来，金融工程依托计算机和通信技术发 展，推动金融衍生工具和量化金融蓬勃发展，为粮食、能源、贵金属等大宗商品套期保值、风险对冲提 供现代化金融工具手段。 20世纪90年代以来，互联网开始普及应用，早期网页技术（Web1.0）和电子 商务发展，为互联网经济和社会发展在技术发展与数据累积上奠定基础。 世纪之交，交互式动态网页技术（Web2.0）和移动互联网兴起，电子商务（如eBay、淘宝等）、社交 网络（Facebook、Twitter、腾讯）、 搜索引擎（如Google、百度）等互联网商业模式与平台相继涌现， 为互联网金融发展在供给侧奠定技术支撑，在需求端提供广阔市场空间。 例如互联网银行（如SFNB银行、网商银行、微众银行）依托互联网和现代数字通信技术实现信贷业务 完全线上化，服务便捷高效，流程简单可靠；还有，网络借贷平台（如英国的Zopa平台、美国的 Lending Club ...