39家上市銀行半年報總結(jié)

整體不良率為1.28比升基在2014年低位1H23注占比較20237bp到有所下降。，20225bp1.26了歷較水。1H23期占良98.4，初降2.1百點良認定趨嚴3）1H23撥備覆率環(huán)比抬升0.9個點至245.4，安全邊際進一步升。銀行半年報增速分化的驅(qū)動因素分析：杭州成都蘇州以及商行中的無錫與常銀均實現(xiàn)了20+的業(yè)績增體增速也均在10銀行主要由規(guī)模高增速支撐，常熟銀行主要是規(guī)模支撐、同時特色微貸優(yōu)勢下息差也有相對優(yōu)勢。投資建議：。風險提示事件：經(jīng)濟下滑超預期。公司經(jīng)營業(yè)績不及預期。內(nèi)容目錄一、中報業(yè)績情況營持平、凈利潤+3.3；規(guī)與撥備仍是增長主因 .-5-5-3.3..-6-二、營業(yè)收入拆分：凈利息收入同比-1.4，凈非息同比+4.1..........................-8-2.182.2+4.1%......-18-三、資產(chǎn)質(zhì)量：整體穩(wěn)??；存量不良、逾期處在歷史低位；撥備充分.............-21-..........-21-1H2390...-24-3.31H23+0.9245.4，安全邊際進一步提升27-3.4資產(chǎn)質(zhì)量優(yōu)異和改善較多個股............................................................-29-3033-5.1.............-33-5.234六、板塊投資建議.............................................................................................-36-圖表目錄圖表1：上市銀行營收、PPOP同比增速 .-6-圖表2：上市銀行歸母凈利潤同比增速7-圖表319-圖表4210-圖表5-圖表612-圖表713-圖表8：上市銀行生息資產(chǎn)結(jié)構14-圖表9：上市銀行貸款結(jié)構15-圖表10：上市銀行計息負債結(jié)構16-圖表17-圖表1218-圖表13：上市銀行凈非息收入同比增速19-圖表14：上市銀行手續(xù)費結(jié)構占比21-圖表15：上市銀行累積年化不良凈生成率情況22-圖表1622-圖表17：上市銀行關注類占比總貸款情況23-圖表1825-圖表19：上市銀行逾期90天以上占比貸款情況26-圖表20：上市銀行對不良認定情況27-圖表21：上市銀行撥備覆蓋率和撥貸比28-圖表2228-圖表23：資產(chǎn)質(zhì)量優(yōu)異的個股篩選29-圖表24：資產(chǎn)質(zhì)量改善較多的個股篩選30-圖表2531-圖表26：上市銀行業(yè)績增長累積同比拆解33-圖表27：上市銀行費用支出情況34-圖表28：上市銀行資本情況34-圖表29ROE情況35-一中報業(yè)績情況營收持平凈利潤+33規(guī)模與撥備仍是增長主因營收同比增速情況：上市銀行上半年累積營收同比持平（1Q23同比+0.6大股商農(nóng)行別增0.7-.9.8和1.3（1Q23比+1.8、-3、+3.8+1.8股份增低1季度回升0.2-1.10.6IFRS171營收高增長個股：勢位的城農(nóng)商行依然眼同比增速超10的上到10模動的以補仍今上年支板高長的）圖表1：上市銀行營收、PPOP同比增速工商銀行建設銀行農(nóng)業(yè)銀行中國銀行交通銀行郵儲銀行招商銀行中信銀行浦發(fā)銀行民生銀行興業(yè)銀行光大銀行華夏銀行平安銀行浙商銀行北京銀行南京銀行寧波銀行江蘇銀行貴陽銀行杭州銀行上海銀行成都銀行長沙銀行青島銀行鄭州銀行西安銀行蘇州銀行廈門銀行齊魯銀行重慶銀行江陰銀行無錫銀行常熟銀行蘇農(nóng)銀行張家港行青農(nóng)商行紫金銀行渝農(nóng)商行上市銀行國有行股份行城商行農(nóng)商行

營收7.8 5.0 4.0 1.1 -2.2 -2.7 -3.1 -0.37.2 2.0 2.4 0.7 -0.9 1.1 -0.5 -1.69.3 4.5 5.1 3.0 0.2 2.1 0.8 -1.36.9 0.9 2.6 2.4 1.9 7.6 5.9 -1.710.3 2.7 5.2 3.5 0.1 4.2 4.1 -0.211.4 10.1 10.0 7.8 5.1 3.5 2.0 -1.513.9 8.3 5.8 5.0 3.7 -1.8 -0.5 1.35.0 4.1 2.7 3.4 3.3 -4.9 -2.0 2.9-2.9 0.8 1.2 0.1 -1.4 -4.0 -7.7 -3.7-8.9 -15.5 -15.9 -17.3 -16.0 -0.1 -3.9 -3.88.7 6.9 6.5 4.2 0.9 -6.8 -4.1 2.67.1 0.2 1.7 0.3 -0.8 -1.6 -2.5 -0.90.6 1.6 0.7 0.7 -2.1 -3.7 -2.8 0.910.3 10.6 8.7 8.7 6.2 -2.4 -3.7 -1.314.2 18.3 22.5 18.0 12.1 2.4 4.6 2.23.0 2.0 1.7 3.2 0.0 -6.9 -1.5 5.418.8 20.5 16.4 16.2 9.0 5.5 3.3 -2.228.4 15.4 17.6 15.2 9.7 8.4 9.3 0.822.6 11.0 14.1 14.8 10.5 10.3 10.6 0.3-6.7 2.5 9.5 10.5 4.3 3.1 -3.1 -6.318.4 15.7 16.3 16.5 12.2 7.5 6.1 -1.510.8 2.9 0.9 0.5 -5.5 -7.1 -5.6 1.522.5 17.6 17.0 16.1 13.1 9.7 11.2 1.515.8 12.0 8.7 10.2 9.6 12.9 12.1 -0.75.7 -5.7 16.6 16.3 4.5 15.5 2.0 -13.51.3 7.2 8.9 12.3 2.0 -3.1 -8.5 -5.40.9 -18.7 -8.6 -8.4 -8.9 17.2 5.3 -11.94.5 5.2 8.2 11.6 8.7 5.8 5.5 -0.3-4.3 18.3 18.1 15.4 10.9 5.0 3.5 -1.528.2 18.0 19.2 17.2 8.8 8.7 10.9 2.211.1 -13.0 -7.0 -4.8 -7.2 1.4 3.0 1.60.4 22.3 26.3 21.9 12.3 4.1 1.1 -3.011.6 9.2 6.6 6.6 3.1 3.5 2.8 -0.716.3 19.4 18.9 18.6 15.0 13.4 12.3 -1.02.2 6.4 6.5 6.7 5.2 1.5 0.3 -1.210.0 11.8 5.8 7.0 4.6 -0.7 1.3 2.07.6 -6.5 -3.1 -4.8 -3.4 7.3 4.9 -2.50.6 3.5 2.7 2.1 0.0 1.6 0.4 -1.29.3 1.2 0.9 -2.3 -6.0 -3.3 -3.1 0.27.8 4.1 4.2 2.8 0.6 0.6 0.0 -0.68.3 3.8 4.3 2.4 0.1 1.8 0.7 -1.15.3 3.5 2.7 1.8 0.4 -3.0 -2.9 0.213.4 8.9 10.0 10.4 5.4 3.8 3.8 0.08.5 4.5 4.5 2.6 -0.1 1.8 1.3 -0.6

PPOP環(huán)比變動5.5 6.1 3.4 -0.9 -3.6 -5.5 -5.2 0.33.9 1.8 1.1 -0.3 -1.8 0.6 -1.2 -1.87.4 5.3 4.8 1.5 -2.2 1.1 -1.2 -2.44.2 -1.0 1.3 2.2 2.0 8.7 5.7 -3.09.2 1.2 3.8 0.7 -1.3 3.3 4.2 0.98.1 10.5 6.1 4.0 -1.1 -5.7 -7.2 -1.514.4 8.7 5.8 4.1 3.8 -3.9 -2.4 1.51.2 2.8 1.0 1.5 1.6 -8.8 -5.0 3.8-6.0 -0.3 0.2 -2.8 -3.8 -5.3 -10.4 -5.1-12.9 -20.3 -23.0 -25.2 -24.3 -2.4 -6.1 -3.76.7 -0.2 1.8 -1.3 -4.6 -7.3 -6.5 0.85.2 0.0 4.2 0.6 -1.1 -1.0 -3.8 -2.8-1.1 -3.5 -0.6 -2.3 -3.8 -3.5 -3.1 0.411.7 13.3 9.9 10.7 7.4 -2.0 -3.5 -1.515.3 20.7 25.3 19.2 9.2 -4.8 -0.8 4.0-1.1 -2.8 0.8 1.6 -1.8 -13.3 -6.2 7.118.0 22.4 17.0 15.3 7.9 3.1 -0.9 -4.030.7 17.8 18.0 15.4 8.8 6.4 7.7 1.324.6 14.0 15.6 14.0 7.3 10.5 9.8 -0.7-11.3 3.4 13.1 14.5 5.3 3.6 -4.7 -8.317.1 13.9 16.7 15.6 8.4 3.7 4.1 0.57.0 2.0 0.7 -0.7 -7.3 -10.5 -10.2 0.324.4 14.9 15.4 13.0 10.6 9.0 9.4 0.317.9 13.6 7.2 8.8 9.7 16.6 13.8 -2.85.1 -12.0 15.8 16.0 2.9 17.6 4.0 -13.60.5 15.4 11.3 15.9 1.9 -7.1 -12.9 -5.70.0 -21.2 -10.3 -11.4 -12.6 18.5 3.8 -14.70.9 1.3 4.1 8.4 6.1 2.8 2.9 0.2-12.2 14.3 14.9 15.6 10.9 -0.1 -1.7 -1.532.0 18.4 22.5 19.7 8.5 10.6 11.6 1.010.1 -18.0 -10.9 -8.7 -12.1 -2.2 1.3 3.5-3.2 31.7 36.0 27.7 18.1 5.1 12.9 7.88.9 12.3 4.5 5.4 0.1 1.8 2.4 0.619.1 23.9 20.6 22.0 20.9 9.8 8.4 -1.41.7 9.2 8.0 9.0 4.0 2.3 -2.4 -4.79.7 29.6 11.5 10.0 5.2 -12.9 -6.9 6.06.2 -6.8 -4.5 -7.6 -4.8 6.1 4.9 -1.1-8.8 4.0 -2.1 -3.3 -4.2 0.1 0.3 0.28.8 -0.3 0.1 -6.3 -12.0 -11.0 -8.4 2.75.5 3.4 3.0 1.0 -1.4 -1.2 -2.1 -0.95.7 3.7 3.0 0.6 -1.7 0.1 -1.2 -1.33.3 1.6 1.2 -0.6 -1.9 -4.6 -4.9 -0.211.9 8.4 9.9 9.4 3.4 1.3 1.1 -0.27.1 5.6 4.1 0.3 -3.2 -3.3 -1.7 1.6資料來源：公司財報，中泰證券研究所；優(yōu)勢區(qū)位城農(nóng)商行營收和撥備共同支撐同比+2.3。和別同比增長2.6、2.0、11.8和11.8（1Q23分別同比1.2、1.512和11.4的業(yè)績增速；成本和稅收貢獻下國股行與城農(nóng)商行的業(yè)績增速差距也較一季度有所收窄。1個百分1.32+0.5+0.3-0.4個百分點。獻。行均了20+業(yè)速具來述均為有位勢的10圖表2：上市銀行歸母凈利潤同比增速歸母凈利潤20211Q221H223Q2220221Q231H23環(huán)比變動兩年復合增速工商銀行10.35.15.05.63.50.01.21.23.1建設銀行11.66.55.66.57.10.33.43.14.5農(nóng)業(yè)銀行11.76.85.55.87.41.83.31.64.4中國銀行12.36.35.65.85.00.50.80.33.2交通銀行11.96.34.85.55.25.64.5-1.14.7郵儲銀行18.617.814.914.511.95.25.20.09.9招商銀行23.212.513.514.215.17.89.11.311.3中信銀行13.610.912.012.811.610.310.90.611.5浦發(fā)銀行-9.13.71.1-2.6-3.5-18.3-23.3-5.0-11.9民生銀行0.2-6.9-7.2-4.82.63.7-3.5-7.2-5.4興業(yè)銀行24.115.611.912.110.5-8.9-4.94.03.2光大銀行14.72.03.84.33.25.33.3-2.03.6華夏銀行10.65.15.05.46.44.15.11.05.0平安銀行25.626.825.625.825.313.614.91.320.2浙商銀行2.811.81.89.17.79.911.01.16.3北京銀行3.56.67.96.511.41.94.93.06.4南京銀行21.122.320.121.316.08.25.3-3.012.4寧波銀行29.920.818.420.218.115.314.9-0.416.6江蘇銀行30.726.031.231.328.924.827.22.429.2貴陽銀行2.11.10.50.91.01.1-2.3-3.4-0.9杭州銀行29.831.431.731.826.128.126.3-1.829.0上海銀行5.55.43.23.11.13.21.3-2.02.2成都銀行30.028.931.531.628.217.525.17.628.3長沙銀行18.113.02.96.28.08.710.61.96.7青島銀行22.121.912.27.35.515.815.80.014.0鄭州銀行1.83.63.12.1-24.91.9-19.1-21.0-8.7西安銀行1.7-14.1-13.5-12.5-13.68.28.60.4-3.0蘇州銀行20.820.625.125.926.120.821.00.223.0廈門銀行19.016.515.019.015.515.015.90.915.5齊魯銀行20.520.118.119.918.112.315.53.216.8重慶銀行5.40.64.74.24.42.74.31.64.5江陰銀行20.520.622.122.426.812.714.11.418.0無錫銀行20.422.330.320.826.623.220.7-2.525.4常熟銀行21.423.420.025.225.420.620.70.120.4蘇農(nóng)銀行22.021.320.920.629.516.215.2-1.018.0張家港行30.329.627.930.129.017.613.6-3.920.5青農(nóng)商行3.63.15.12.4-24.45.68.22.56.6紫金銀行5.110.610.07.25.65.55.70.27.8渝農(nóng)商行13.811.411.35.65.89.29.50.310.4上市銀行12.68.37.58.07.52.33.31.05.4國有行11.86.96.06.56.01.22.61.34.3股份行13.79.48.69.49.81.52.00.55.2城商行16.515.515.115.613.912.011.8-0.213.2農(nóng)商行14.413.514.210.98.911.411.80.313.0資料來源：公司財報，中泰證券研究所二、營業(yè)收入拆分：凈利息收入同比-1.4，凈非息同比+4.12.1.11Q23幅邊際收斂凈利息收入同比增速情況：上半年行業(yè)凈利息收入同比-1.4。總體來看，業(yè)上年凈利入同比-1.4其中息產(chǎn)同比速12.1，凈息同下降23bp（比1度凈息入比-1.8生資產(chǎn)同比長2.7息比降25p規(guī)擴難以全沖差收窄影分板塊來看城商表最半年利息入比+3.3，股行（-3.2。升0.40.40.62b0.70.20.70.7收入比速到10上市行波行都銀沙行、1H231H22圖表3：上市銀行累積凈利息收入同比增長拆解-1工商銀行建設銀行農(nóng)業(yè)銀行中國銀行交通銀行郵儲銀行招商銀行中信銀行浦發(fā)銀行民生銀行興業(yè)銀行光大銀行華夏銀行平安銀行浙商銀行北京銀行南京銀行寧波銀行江蘇銀行貴陽銀行杭州銀行上海銀行成都銀行長沙銀行青島銀行鄭州銀行西安銀行蘇州銀行廈門銀行齊魯銀行重慶銀行江陰銀行無錫銀行常熟銀行蘇農(nóng)銀行張家港行青農(nóng)商行紫金銀行渝農(nóng)商行上市銀行國有行股份行城商行農(nóng)商行

1H22 1H236.8 6.2 4.3 3.2 0.4 -4.8 -3.9 0.95.1 8.5 7.3 7.7 6.2 -4.1 -1.7 2.46.0 7.7 5.9 4.3 2.1 -3.5 -3.3 0.32.2 5.3 7.0 8.5 8.4 7.0 4.8 -2.35.5 10.3 8.4 7.4 5.1 -4.4 -3.1 1.36.3 4.1 3.8 2.3 1.6 1.0 2.3 1.310.2 10.0 8.4 7.6 7.0 1.7 1.2 -0.5-1.7 -1.2 -0.3 0.6 1.9 -0.9 -0.9 0.0-1.9 2.5 1.5 0.2 -1.7 -12.0 -12.0 0.0-7.0 -18.7 -16.6 -16.8 -14.6 -7.9 -6.4 1.51.5 2.4 0.7 1.0 -0.3 -6.2 -0.8 5.41.3 0.1 1.4 1.5 1.3 -1.8 -3.4 -1.6-2.9 -7.5 -7.3 -6.9 -6.7 -6.3 -9.0 -2.66.1 7.3 7.9 8.7 8.1 0.5 -2.2 -2.813.1 14.2 14.0 14.4 12.2 2.2 3.2 1.0-0.4 0.7 0.5 1.9 0.1 -3.4 -3.9 -0.514.4 -0.9 -0.6 0.3 -0.5 4.8 0.6 -4.217.4 12.6 8.3 11.3 14.8 8.0 16.6 8.623.0 13.7 14.1 12.8 14.9 10.3 6.4 -3.9-5.3 0.9 10.2 11.5 6.5 7.2 -2.7 -9.89.1 1.4 3.5 7.5 8.7 13.6 8.5 -5.111.1 9.1 5.7 1.7 -6.0 -11.7 -10.4 1.321.9 19.4 18.7 16.6 14.5 11.6 12.5 1.07.7 8.7 7.0 8.9 11.5 15.9 16.8 0.9-6.2 -4.7 1.7 6.1 8.4 14.7 13.4 -1.26.3 12.5 8.3 8.2 2.6 -4.4 -5.1 -0.7-3.5 -9.8 -9.9 -10.0 -8.1 -1.7 -1.6 0.10.1 -1.0 4.0 7.9 10.7 11.1 7.3 -3.8-3.9 10.5 7.7 7.4 8.1 0.8 -1.6 -2.416.7 14.3 16.1 12.7 14.5 12.7 11.6 -1.14.9 -6.6 -4.3 -4.9 -6.8 -5.2 0.6 5.810.6 22.1 20.3 18.2 12.8 2.4 -2.3 -4.76.9 5.5 2.5 1.0 -0.4 -4.9 -1.7 3.312.1 24.0 20.9 18.7 13.7 17.7 14.8 -2.91.1 5.5 4.5 -0.5 3.4 0.1 -2.1 -2.22.5 5.7 6.5 5.7 6.1 6.1 3.5 -2.6-0.4 -6.2 -5.2 -4.8 -2.6 0.2 -1.7 -1.93.1 -2.1 -1.9 3.2 1.9 0.3 0.8 0.58.2 -0.8 -2.4 -5.0 -3.2 -6.1 -5.9 0.24.6 5.1 4.5 4.2 3.0 -1.8 -1.4 0.45.4 6.9 5.9 5.4 3.7 -2.0 -1.3 0.71.6 0.7 0.7 0.8 0.6 -3.3 -3.2 0.29.4 6.3 6.1 6.7 5.8 4.1 3.3 -0.76.3 3.1 2.0 0.6 1.1 -0.2 -0.9 -0.7

1H22 1H23同比環(huán)比變動6.0 8.5 10.2 11.5 13.7 13.6 13.4 -0.27.6 8.9 12.9 14.0 15.1 16.2 14.1 -2.17.4 8.7 13.6 16.8 16.9 19.5 17.6 -1.910.2 6.4 6.4 8.9 8.8 11.8 11.8 0.09.4 10.5 9.9 9.6 11.3 10.4 9.3 -1.110.8 11.1 10.0 10.7 12.0 10.7 12.5 1.810.4 8.8 9.3 8.9 10.4 11.8 10.8 -1.07.3 5.4 5.7 8.7 6.1 6.9 6.2 -0.72.7 4.7 4.7 3.5 7.5 5.0 4.6 -0.40.3 1.7 3.6 1.0 4.2 6.2 4.3 -1.99.7 10.2 10.6 6.4 7.7 11.5 9.9 -1.610.4 12.0 8.1 9.6 6.7 6.8 8.2 1.48.2 10.1 9.2 7.4 5.5 4.8 5.6 0.810.8 12.5 8.6 7.1 8.4 6.9 7.1 0.212.7 20.4 16.9 16.1 14.3 10.7 14.8 4.15.0 3.0 4.5 3.9 10.4 11.4 13.0 1.615.8 16.2 15.4 13.6 18.0 14.6 16.1 1.525.7 30.8 23.3 20.4 18.7 15.0 16.4 1.411.9 10.1 12.4 13.2 13.8 15.2 14.4 -0.93.0 4.4 5.6 7.3 6.2 6.8 6.9 0.119.4 18.6 19.3 17.1 16.0 16.4 13.4 -2.98.4 8.3 7.2 7.5 8.8 7.0 6.9 -0.118.0 17.7 21.8 21.9 19.7 17.8 15.2 -2.613.0 12.6 13.2 11.7 13.6 15.5 16.2 0.614.1 12.8 6.3 4.7 0.6 4.4 5.7 1.24.0 3.4 1.6 5.9 2.9 5.2 5.6 0.412.4 9.2 9.5 7.5 16.9 21.8 19.5 -2.316.9 14.6 14.7 14.1 15.6 11.7 15.3 3.516.4 20.1 14.4 12.8 12.6 6.6 0.8 -5.820.6 20.1 17.4 18.0 17.1 17.0 17.0 0.110.2 9.8 9.6 9.4 10.3 10.0 9.3 -0.77.3 9.8 10.0 12.7 10.6 12.0 10.0 -1.912.6 9.3 5.9 3.6 5.0 8.9 9.0 0.118.1 17.9 19.4 17.7 17.0 18.0 15.9 -2.114.6 15.5 13.3 15.1 13.9 16.3 17.5 1.314.6 18.1 14.4 15.3 14.3 11.1 12.7 1.65.9 4.4 2.8 1.3 1.1 4.9 4.9 0.0-5.2 -0.1 -0.2 2.5 8.8 11.5 9.1 -2.411.6 10.3 7.9 6.7 6.9 9.3 9.1 -0.28.3 8.8 10.0 10.9 11.8 12.7 12.1 -0.68.0 8.6 10.7 12.4 13.4 14.5 13.7 -0.87.5 8.2 7.7 6.9 7.5 8.0 7.6 -0.412.3 12.1 11.8 11.3 13.0 12.6 12.9 0.210.0 9.7 8.0 7.5 7.9 10.2 9.9 -0.4資料來源：公司財報，中泰證券研究所23bp26、20、1418bp半年生息資產(chǎn)收益率同比下行13bp。從邊際變動來看，度。具體來看，p（1Q3-11大行、股份行、城商行、農(nóng)商行1H23生息資產(chǎn)收益率同比分別為-6bp、-13bp13bp-24bp1238bp、-5bp16bp、-7b5b（1Q31b1H2321bp、+6bp-3bp、-8bp1Q321b、+4b、-b-12圖表4：上市銀行累積凈利息收入同比增長拆解-2累積年化凈息差同比變動20211Q221H223Q2220221Q231H231Q231H23工商銀行2.082.031.971.941.891.701.67-0.33-0.30建設銀行2.112.112.042.032.001.751.74-0.36-0.30農(nóng)業(yè)銀行2.072.041.981.921.871.671.62-0.38-0.36中國銀行1.731.711.721.741.741.661.62-0.05-0.09交通銀行1.541.531.501.501.471.321.32-0.21-0.19郵儲銀行2.342.262.232.212.182.052.04-0.21-0.19招商銀行2.482.472.412.412.392.272.20-0.20-0.21中信銀行2.041.981.971.951.971.841.84-0.13-0.13浦發(fā)銀行1.851.841.811.791.751.541.53-0.29-0.28民生銀行1.961.701.681.661.641.501.50-0.20-0.17興業(yè)銀行2.011.961.861.841.841.681.68-0.28-0.19光大銀行2.142.002.012.001.991.831.81-0.17-0.20華夏銀行2.382.152.142.152.121.981.91-0.17-0.23平安銀行2.812.812.802.812.802.632.55-0.18-0.24浙商銀行2.182.172.142.152.121.971.98-0.20-0.16北京銀行1.841.821.781.811.761.621.56-0.20-0.22南京銀行1.911.841.771.761.721.721.60-0.12-0.17寧波銀行2.262.201.952.012.042.001.95-0.20-0.01江蘇銀行2.062.102.122.102.132.102.020.00-0.09貴陽銀行2.432.312.542.542.452.342.330.03-0.21杭州銀行1.811.711.671.701.681.661.57-0.06-0.10上海銀行1.791.691.651.591.531.401.40-0.28-0.25成都銀行2.172.062.012.022.021.891.91-0.16-0.10長沙銀行2.422.342.352.392.412.352.350.010.01青島銀行1.781.721.771.801.821.851.870.140.10鄭州銀行2.452.472.502.512.432.282.26-0.20-0.24西安銀行1.951.751.721.671.631.461.43-0.30-0.29蘇州銀行2.061.931.961.992.001.881.85-0.04-0.11廈門銀行1.531.411.411.411.441.291.30-0.12-0.11齊魯銀行2.001.871.891.911.931.811.81-0.06-0.08重慶銀行2.041.771.741.761.721.531.60-0.24-0.14江陰銀行2.052.162.152.142.102.031.95-0.12-0.20無錫銀行1.891.811.781.751.751.611.62-0.21-0.16常熟銀行3.053.033.033.042.953.022.95-0.01-0.07蘇農(nóng)銀行2.162.152.031.991.961.891.73-0.26-0.30張家港行2.482.322.302.312.292.162.11-0.16-0.19青農(nóng)商行2.141.931.972.002.011.871.87-0.06-0.10紫金銀行1.831.841.781.841.831.671.64-0.17-0.15渝農(nóng)商行2.222.092.052.012.021.841.82-0.24-0.23上市銀行2.052.001.961.951.921.751.73-0.25-0.23國有行2.001.971.931.911.871.701.67-0.28-0.26股份行2.172.092.062.052.041.891.86-0.21-0.20城商行1.991.931.891.901.881.801.76-0.13-0.14農(nóng)商行2.232.132.112.102.091.961.93-0.17-0.18資料來源：公司財報，中泰證券研究所圖表5：上市銀行累積資負收益付息率同比增長拆解生息資產(chǎn)收益率同比變動計息負債付息率同比變動20211Q221H223Q2220221Q231H231Q231H2320211Q221H223Q2220221Q231H231Q231H23工商銀行3.493.503.483.503.493.453.45-0.05-0.031.561.631.661.721.771.931.960.300.30建設銀行3.683.683.643.653.643.433.44-0.26-0.201.761.761.771.801.831.881.890.120.12農(nóng)業(yè)銀行3.613.623.583.543.513.383.36-0.24-0.221.701.751.771.791.811.881.900.140.14中國銀行3.213.213.223.273.323.513.520.310.301.601.611.621.651.722.022.060.410.44交通銀行3.603.583.583.623.633.623.650.050.072.162.152.182.212.252.402.440.250.26郵儲銀行3.923.843.833.813.773.583.56-0.26-0.261.621.601.621.621.611.541.54-0.06-0.08招商銀行3.973.923.873.883.883.833.79-0.09-0.081.601.571.591.611.611.681.720.110.13中信銀行4.224.104.114.084.093.983.99-0.13-0.122.252.182.192.182.182.182.200.010.01浦發(fā)銀行4.094.013.973.973.933.803.81-0.21-0.162.292.222.202.232.222.272.280.050.07民生銀行4.334.034.034.044.023.873.90-0.16-0.132.422.402.402.432.432.412.440.020.03興業(yè)銀行4.354.224.174.174.163.963.99-0.26-0.172.302.242.282.312.302.262.310.020.02光大銀行4.384.204.194.224.234.154.13-0.05-0.062.302.242.232.252.292.372.370.130.14華夏銀行4.574.384.364.354.324.234.23-0.15-0.122.322.302.292.262.242.242.30-0.060.02平安銀行4.994.964.924.934.924.814.75-0.15-0.182.242.202.192.192.192.252.270.050.08浙商銀行4.824.624.584.614.584.474.46-0.15-0.122.632.422.422.432.442.432.400.01-0.02北京銀行4.093.953.893.913.863.753.71-0.20-0.172.322.252.222.202.182.172.20-0.08-0.02南京銀行4.534.454.414.424.404.514.390.06-0.012.492.382.402.422.432.472.470.080.07寧波銀行4.694.434.254.274.274.194.21-0.24-0.042.212.052.132.112.092.052.110.00-0.03江蘇銀行4.754.684.694.674.714.684.63-0.01-0.062.612.532.502.502.492.432.46-0.11-0.04貴陽銀行5.405.095.265.235.124.924.89-0.18-0.362.962.812.732.712.692.602.60-0.20-0.14杭州銀行4.204.144.084.084.053.993.95-0.15-0.122.372.372.362.332.322.302.34-0.07-0.02上海銀行4.113.923.853.773.723.643.66-0.27-0.192.262.222.182.162.162.192.21-0.030.03成都銀行4.384.254.184.194.204.094.11-0.16-0.072.242.242.242.252.262.292.300.050.06長沙銀行4.894.784.794.814.804.644.67-0.15-0.122.402.352.352.332.302.212.25-0.15-0.10青島銀行4.254.244.344.344.354.224.24-0.02-0.092.352.362.402.412.402.292.30-0.07-0.10鄭州銀行5.255.115.095.084.974.764.73-0.35-0.362.692.582.532.512.472.382.38-0.19-0.15西安銀行4.524.274.184.164.093.953.96-0.32-0.232.732.652.592.612.582.562.60-0.090.01蘇州銀行4.704.584.564.554.544.354.31-0.22-0.252.492.482.422.392.362.312.29-0.16-0.14廈門銀行3.933.833.783.743.703.583.61-0.26-0.172.532.532.482.442.362.392.42-0.14-0.05齊魯銀行4.244.034.044.054.063.883.88-0.15-0.172.302.222.212.192.172.112.10-0.12-0.11重慶銀行4.824.474.434.434.384.114.18-0.36-0.262.952.862.862.832.812.702.71-0.16-0.15江陰銀行4.204.214.204.194.134.023.96-0.19-0.242.282.182.182.192.162.062.08-0.12-0.10無錫銀行4.204.074.033.993.973.813.82-0.25-0.202.452.412.402.392.382.392.39-0.01-0.01常熟銀行5.245.245.245.225.135.185.15-0.06-0.092.342.362.362.332.342.322.38-0.040.01蘇農(nóng)銀行4.114.043.953.943.913.863.73-0.17-0.222.072.022.062.092.092.092.110.070.05張家港行4.794.604.574.564.554.414.37-0.18-0.202.512.472.472.462.462.452.45-0.02-0.02青農(nóng)商行4.424.224.244.264.254.064.08-0.16-0.152.222.242.222.212.202.152.17-0.09-0.05紫金銀行3.943.943.883.943.923.793.81-0.15-0.072.282.292.292.302.302.302.380.010.08渝農(nóng)商行4.394.234.164.114.073.813.80-0.42-0.362.322.282.252.222.182.062.07-0.22-0.18上市銀行3.823.783.753.753.753.663.66-0.11-0.091.891.891.901.921.952.032.050.140.15國有行3.553.553.523.533.533.473.46-0.08-0.061.691.721.741.771.801.931.950.210.21股份行4.324.194.164.174.154.044.03-0.15-0.132.212.152.162.172.172.192.220.040.06城商行4.464.324.274.274.244.154.14-0.16-0.132.432.362.352.332.322.292.32-0.06-0.03農(nóng)商行4.414.294.254.234.204.034.01-0.27-0.242.312.282.272.252.232.162.18-0.12-0.08資料來源：公司財報，中泰證券研究所2.1.2凈利息收入環(huán)比情：業(yè)整體單2季度凈息入環(huán)比+0.3，規(guī)模20.3息產(chǎn)模比長2.4凈差比窄6bp分塊看，大行是一實現(xiàn)利息入環(huán)比升的子塊，利息收環(huán)比+1.1，其中息產(chǎn)比+3差環(huán)股行城商商規(guī)模長均未抵消差收，凈利息入環(huán)分別-1.0、-2.、-1.8，其中息產(chǎn)比+1.0+3.0+0.6息分別-6bp-9bp-9bp。成都、沙、青、齊、重慶無錫銀實現(xiàn)利息收環(huán)比4+增圖表6：上市銀行單季凈利息收入環(huán)比增長凈利息收入環(huán)比生息資產(chǎn)環(huán)比增速單季年化凈息差2Q232Q231Q232Q23環(huán)比變動工商銀行0.13.81.701.63-0.08建設銀行3.93.41.751.73-0.02農(nóng)業(yè)銀行-0.53.21.671.57-0.10中國銀行-0.61.91.661.59-0.07交通銀行2.70.81.321.31-0.01郵儲銀行2.22.92.052.02-0.03招商銀行-3.32.22.272.14-0.13中信銀行-0.1-0.11.841.82-0.02浦發(fā)銀行-0.90.81.541.52-0.02民生銀行2.30.21.501.50-0.01興業(yè)銀行2.80.51.681.66-0.02光大銀行-0.31.11.831.78-0.05華夏銀行-6.01.31.981.83-0.15平安銀行-5.0-0.12.632.46-0.17浙商銀行4.15.71.971.980.01北京銀行-3.83.61.621.51-0.11南京銀行-11.53.31.721.47-0.25寧波銀行-3.22.12.001.87-0.13江蘇銀行-1.83.22.101.95-0.14貴陽銀行0.61.02.342.31-0.03杭州銀行-8.02.71.661.48-0.18上海銀行0.72.01.401.39-0.02成都銀行7.94.41.891.920.03長沙銀行5.44.52.352.350.00青島銀行5.12.91.851.870.02鄭州銀行1.31.72.282.25-0.03西安銀行-2.01.71.461.40-0.05蘇州銀行0.35.01.881.80-0.08廈門銀行-1.6-3.51.291.300.01齊魯銀行4.14.31.811.810.00重慶銀行11.52.51.531.660.12江陰銀行-7.80.02.031.86-0.17無錫銀行4.10.41.611.620.01常熟銀行-0.50.53.022.86-0.17蘇農(nóng)銀行-12.55.01.891.58-0.31張家港行-2.03.42.162.05-0.11青農(nóng)商行1.90.31.871.85-0.02紫金銀行-2.0-2.31.671.57-0.11渝農(nóng)商行-1.80.51.841.78-0.07上市銀行0.32.41.751.69-0.06國有行1.13.01.701.64-0.06股份行-1.01.01.891.83-0.06城商行-2.03.01.801.71-0.09農(nóng)商行-1.80.61.961.88-0.09資料來源：公司財報，中泰證券研究所①總體來看，行業(yè)凈息差環(huán)比下降6bp3bp，計息負債成本率環(huán)比上升3bp。②分板塊來看，國股行息差環(huán)比下行幅度小于城農(nóng)商行，大行在信貸靠前發(fā)力的情況下1Q息差已有較大幅度下行，二季度相應降幅收窄；股份行二季度規(guī)模擴張速度相對較慢，受新增貸款利率下行的影響相對較小，存量貸款重定價已基本在一季度反映，二季度息差降幅也相對不大。-6b-6b99b-2b、3bp3bp4bp2bp。圖表7：上市銀行單季年化凈息差、生息資產(chǎn)收益率、計息負債成本率單季年化凈息差生息資產(chǎn)收益率計息負債付息率1Q232Q23環(huán)比變動1Q232Q23環(huán)比變動1Q232Q23環(huán)比變動工商銀行1.701.63-0.083.453.43-0.021.931.980.05建設銀行1.751.73-0.023.433.430.011.881.890.01農(nóng)業(yè)銀行1.671.57-0.103.383.31-0.071.881.910.02中國銀行1.661.59-0.073.513.51-0.012.022.090.07交通銀行1.321.31-0.013.623.650.032.402.440.04郵儲銀行2.052.02-0.033.583.53-0.051.541.53-0.01招商銀行2.272.14-0.133.833.75-0.081.681.740.06中信銀行1.841.82-0.023.984.000.022.182.210.02浦發(fā)銀行1.541.52-0.023.803.800.002.272.280.01民生銀行1.501.50-0.013.873.890.022.412.440.03興業(yè)銀行1.681.66-0.023.963.990.042.262.320.06光大銀行1.831.78-0.054.154.08-0.072.372.35-0.02華夏銀行1.981.83-0.154.234.230.002.242.360.12平安銀行2.632.46-0.174.814.65-0.152.252.280.03浙商銀行1.971.980.014.474.46-0.012.432.37-0.05北京銀行1.621.51-0.113.753.69-0.062.172.230.05南京銀行1.721.47-0.254.514.28-0.232.472.470.01寧波銀行2.001.87-0.134.194.190.002.052.150.10江蘇銀行2.101.95-0.144.684.58-0.092.432.470.05貴陽銀行2.342.31-0.034.924.87-0.042.602.58-0.03杭州銀行1.661.48-0.183.993.89-0.102.302.360.06上海銀行1.401.39-0.023.643.670.022.192.220.03成都銀行1.891.920.034.094.110.022.292.300.01長沙銀行2.352.350.004.644.710.072.212.280.07青島銀行1.851.870.024.224.250.022.292.300.01鄭州銀行2.282.25-0.034.764.72-0.042.382.38-0.01西安銀行1.461.40-0.053.953.960.012.562.630.06蘇州銀行1.881.80-0.084.354.22-0.142.312.26-0.06廈門銀行1.291.300.013.583.650.072.392.460.08齊魯銀行1.811.810.003.883.87-0.012.112.10-0.01重慶銀行1.531.660.124.114.230.122.702.710.01江陰銀行2.031.86-0.174.023.89-0.132.062.080.02無錫銀行1.611.620.013.813.79-0.032.392.35-0.04常熟銀行3.022.86-0.175.185.07-0.112.322.390.07蘇農(nóng)銀行1.891.58-0.313.863.59-0.272.092.130.03張家港行2.162.05-0.114.414.32-0.102.452.450.00青農(nóng)商行1.871.85-0.024.064.060.012.152.160.01紫金銀行1.671.57-0.113.793.76-0.032.302.380.08渝農(nóng)商行1.841.78-0.073.813.77-0.042.062.060.00上市銀行1.751.69-0.063.663.64-0.032.032.060.03國有行1.701.64-0.063.473.44-0.021.931.960.03股份行1.891.83-0.064.044.01-0.022.192.230.03城商行1.801.71-0.094.154.11-0.042.282.320.04農(nóng)商行1.961.88-0.094.033.97-0.062.162.180.02資料來源：公司財報，中泰證券研究所①行業(yè)生息資產(chǎn)收益率環(huán)比下降3bp。農(nóng)商行環(huán)比降幅最大、環(huán)比下降6bp，其次為城商行、股份行和大行，分別環(huán)比下降4bp、2bp和2bp。LPR③生息資產(chǎn)結(jié)構基本保持穩(wěn)定，結(jié)構因素對收益率影響有限。從生息資產(chǎn)結(jié)來1H23末與Q3末相市行體款占穩(wěn)在581；，1H231Q231圖表8：上市銀行生息資產(chǎn)結(jié)構貸款債券投資同業(yè)資產(chǎn)存放央行1Q231H23環(huán)比變動1Q231H23環(huán)比變動1Q231H23環(huán)比變動1Q231H23環(huán)比變動工商銀行59.158.7-0.426.626.1-0.55.86.80.98.58.4-0.1建設銀行61.160.7-0.424.124.30.25.96.10.28.98.90.1農(nóng)業(yè)銀行57.357.1-0.226.426.50.07.78.60.98.57.8-0.7中國銀行62.463.40.922.122.20.17.36.7-0.68.27.8-0.5交通銀行57.557.90.430.129.9-0.26.36.2-0.16.16.0-0.1郵儲銀行51.851.7-0.134.534.5-0.15.35.70.48.48.1-0.2招商銀行60.859.7-1.128.528.2-0.45.06.71.75.65.4-0.2中信銀行61.762.20.528.628.80.24.44.0-0.45.45.0-0.3浦發(fā)銀行57.857.3-0.530.830.90.26.77.10.44.74.7-0.1民生銀行59.259.80.631.831.2-0.64.54.3-0.24.54.70.2興業(yè)銀行52.953.40.634.133.3-0.89.19.10.14.04.20.2光大銀行56.356.2-0.232.533.10.66.15.8-0.35.15.0-0.2華夏銀行58.957.8-1.034.435.51.02.42.40.04.44.3-0.1平安銀行63.863.90.024.724.6-0.15.65.3-0.35.86.20.3浙商銀行60.058.9-1.230.332.42.24.13.3-0.75.65.4-0.3北京銀行55.055.30.334.934.5-0.45.55.90.34.54.3-0.2南京銀行47.848.10.242.942.4-0.63.84.30.55.45.2-0.2寧波銀行43.845.71.947.947.1-0.83.32.4-0.95.04.9-0.2江蘇銀行54.154.30.336.736.3-0.44.74.80.14.54.60.1貴陽銀行46.848.92.146.344.9-1.40.80.6-0.16.15.6-0.6杭州銀行44.344.50.245.946.70.83.63.3-0.36.25.5-0.7上海銀行46.145.7-0.441.141.30.18.18.0-0.24.65.10.4成都銀行54.855.60.831.329.0-2.38.38.1-0.25.67.41.7長沙銀行47.847.80.042.441.8-0.64.35.41.15.55.0-0.5青島銀行53.352.8-0.538.438.50.12.84.21.45.54.5-1.0鄭州銀行60.260.70.532.932.6-0.32.82.3-0.44.14.30.2西安銀行47.547.3-0.244.443.0-1.43.03.80.95.25.90.7蘇州銀行50.951.20.338.038.00.07.37.1-0.23.83.7-0.1廈門銀行55.557.21.730.829.4-1.57.07.30.46.76.1-0.6齊魯銀行51.951.4-0.539.840.00.22.02.20.16.36.40.1重慶銀行51.752.00.337.036.9-0.26.56.4-0.14.84.8-0.1江陰銀行61.463.42.133.331.3-2.10.80.80.04.54.50.0無錫銀行59.260.51.331.431.80.44.83.1-1.74.64.60.0常熟銀行64.567.32.927.924.6-3.31.82.20.45.95.90.0蘇農(nóng)銀行59.160.51.532.432.2-0.23.22.4-0.75.44.8-0.5張家港行61.460.9-0.532.332.90.61.21.40.25.14.8-0.3青農(nóng)商行52.854.11.336.936.4-0.55.54.9-0.64.84.6-0.2紫金銀行65.868.93.121.721.70.08.04.8-3.24.54.60.1渝農(nóng)商行46.246.60.443.242.5-0.76.97.20.33.73.70.0上市銀行58.158.10.028.628.5-0.16.16.40.37.27.0-0.2國有行59.058.90.026.226.1-0.16.56.90.48.38.1-0.3股份行58.858.6-0.230.630.60.05.75.80.25.04.90.0城商行49.850.30.440.339.8-0.44.95.00.05.05.00.0農(nóng)商行53.855.01.136.535.8-0.75.24.9-0.34.44.4-0.1資料來源：公司財報，中泰證券研究所2.83.10.18.88.70.02.83.10.18.88.70.038.438.50.052.752.8農(nóng)商行1.06.85.80.033.633.6-1.159.660.6城商行-0.65.66.2-0.346.546.81.048.047.0股份行0.14.03.9-0.637.337.90.558.758.2國有行0.14.44.3-0.638.238.70.557.456.9上市銀行-0.27.88.00.143.843.70.1448.48.3渝農(nóng)商行0.58.47.9-0.34.524.82-0.267.067.3紫金銀行0.19.19.10.143.243.2-0.1647.47.8張家港行0.714.213.5-0.44.324.72-0.461.561.9蘇農(nóng)銀行0.04.44.40.659.358.8-0.66.236.83常熟銀行0.212.512.4-0.39.419.710.168.067.9無錫銀行0.313.613.3-0.60.521.120.465.965.5江陰銀行-2.011.413.40.0832.832.2.055.853.8西安銀行0.35.85.5-0.33.523.820.070.770.7鄭州銀行-0.12.32.4-1.015.216.21.182.681.4貴陽銀行1.36.04.80.0336.336.-1.357.759.0江蘇銀行1.88.87.00.4737.337.-2.253.555.7寧波銀行-0.36.06.30.260.159.80.03.933.83平安銀行-0.95.36.1-0.6537.138.1.457.255.8興業(yè)銀行-0.45.66.1-0.255.155.30.69.338.73郵儲銀行0.4-0.1031.131.-0.365.966.1交通銀行0.33.63.2-0.9537.338.0.559.058.4農(nóng)業(yè)銀行0.14.24.1-0.7533.234.0.762.361.7工商銀行環(huán)比變動1H231Q23環(huán)比變動1H231Q23環(huán)比變動1H231Q23票據(jù)零售貸款對公貸款①行業(yè)計息負債成本率環(huán)比上升3bp。城商行環(huán)比升幅最大，環(huán)比上升4bp3bp、3bp2bp二202296從主動負債來看，行。0.5從存款結(jié)構來看，20221.9個百分至31.7，行、城商、股行和行個人存占比別提升3.02.6、2.0和1.6個分至57.526.8、19.3和35.4。圖表10：上市銀行計息負債結(jié)構存款同業(yè)負債發(fā)債1Q231H23環(huán)比變動1Q231H23環(huán)比變動1Q231H23環(huán)比變動工商銀行85.385.70.410.810.3-0.53.94.00.1建設銀行83.080.5-2.511.814.22.45.25.30.1農(nóng)業(yè)銀行82.281.1-1.112.213.10.95.65.80.2中國銀行81.682.20.513.013.10.15.44.8-0.7交通銀行69.269.20.016.317.31.014.513.4-1.1郵儲銀行96.694.2-2.32.63.71.00.82.11.3招商銀行84.785.81.212.411.3-1.12.92.8-0.1中信銀行68.970.21.319.617.5-2.211.512.40.9浦發(fā)銀行61.962.70.821.921.3-0.616.216.0-0.2民生銀行61.562.20.730.628.6-2.07.99.21.3興業(yè)銀行55.758.32.630.729.2-1.513.512.5-1.1光大銀行68.167.8-0.316.717.10.415.215.1-0.1華夏銀行60.057.6-2.424.926.71.815.115.70.6平安銀行72.570.7-1.813.914.60.813.614.71.1浙商銀行67.268.10.917.819.31.515.012.6-2.4北京銀行64.664.60.021.921.3-0.613.414.10.7南京銀行71.368.1-3.219.921.92.18.810.01.1寧波銀行69.967.1-2.814.116.32.115.916.60.7江蘇銀行62.962.1-0.821.622.71.115.515.2-0.3貴陽銀行68.065.3-2.717.919.71.814.115.10.9杭州銀行64.463.5-0.916.717.00.218.919.60.6上海銀行61.760.1-1.626.326.70.412.013.21.2成都銀行77.878.30.46.85.5-1.315.316.20.9長沙銀行69.567.6-1.811.011.40.419.621.01.4青島銀行71.371.70.413.913.90.114.914.4-0.5鄭州銀行64.763.9-0.917.117.40.318.218.70.6西安銀行74.873.3-1.56.57.61.018.619.10.5蘇州銀行70.570.0-0.516.017.51.513.512.4-1.0廈門銀行60.558.2-2.316.517.61.023.024.31.3齊魯銀行78.877.9-0.813.714.40.87.67.60.1重慶銀行61.460.7-0.817.716.5-1.220.922.92.0江陰銀行84.687.53.012.49.4-3.03.03.10.0無錫銀行91.193.22.16.94.7-2.22.02.10.1常熟銀行85.186.61.511.17.3-3.83.86.12.3蘇農(nóng)銀行86.685.7-0.97.98.91.05.65.4-0.1張家港行86.987.60.78.46.3-2.14.76.11.4青農(nóng)商行72.572.70.27.38.91.620.218.4-1.8紫金銀行85.186.81.69.38.1-1.35.55.2-0.4渝農(nóng)商行69.469.50.118.619.30.712.011.2-0.8上市銀行77.877.5-0.414.414.80.37.77.80.0國有行83.382.5-0.711.412.10.85.45.40.0股份行67.167.80.721.320.5-0.811.611.70.1城商行66.865.5-1.318.719.40.714.515.10.6農(nóng)商行76.977.60.613.212.9-0.39.99.6-0.3資料來源：公司財報，中泰證券研究所圖表11：上市銀行存款結(jié)構企業(yè)活期個人活期企業(yè)定期個人定期20221H23環(huán)比變動20221H23環(huán)比變動20221H23環(huán)比變動20221H23環(huán)比變動工商銀行27.524.0-3.520.418.2-2.122.426.33.929.130.81.7建設銀行27.325.9-1.422.220.5-1.718.920.01.231.633.61.9農(nóng)業(yè)銀行22.121.2-0.926.323.5-2.814.917.02.134.335.91.6中國銀行26.625.7-0.818.616.8-1.822.123.41.326.728.21.5交通銀行25.425.2-0.211.310.5-0.836.836.0-0.826.428.31.8郵儲銀行7.37.30.025.122.4-2.74.03.7-0.363.766.62.9招商銀行36.734.8-1.826.323.7-2.622.123.91.714.917.62.7中信銀行38.040.12.16.86.3-0.536.433.4-3.018.519.91.4浦發(fā)銀行34.336.11.78.68.1-0.538.035.9-2.119.019.90.9民生//銀行25.425.70.37.37.60.448.946.0-2.918.320.42.1興業(yè)銀行29.329.90.58.27.1-1.240.439.0-1.314.717.22.5光大銀行21.025.44.46.56.50.139.635.6-4.020.622.72.1華夏銀行27.629.41.96.77.00.336.238.11.916.417.10.7平安銀行26.528.82.39.08.5-0.442.237.2-5.022.325.43.1浙商銀行37.042.45.43.83.2-0.650.044.1-6.09.110.31.2北京銀行33.032.4-0.68.68.0-0.630.631.91.319.620.10.6南京銀行20.219.3-0.93.93.2-0.753.751.9-1.822.225.73.5寧波銀行29.329.70.46.65.5-1.043.542.1-1.315.218.43.2江蘇銀行21.822.70.96.75.2-1.532.528.8-3.727.530.83.4貴陽銀行23.722.8-0.912.111.3-0.828.426.4-2.032.336.34.1杭州銀行42.544.41.95.95.4-0.634.431.5-2.913.615.41.8上海銀行28.231.33.18.07.1-0.940.336.0-4.323.525.62.1成都銀行32.330.6-1.77.76.8-0.922.322.50.235.037.62.6長沙銀行28.227.6-0.615.514.3-1.221.219.8-1.431.535.03.6青島銀行26.926.5-0.48.77.6-1.029.928.1-1.834.537.83.3鄭州銀行24.923.9-1.110.810.3-0.422.220.5-1.631.035.04.0西安銀行25.422.4-3.09.26.9-2.319.920.30.443.548.55.0蘇州銀行23.522.4-1.011.69.4-2.123.322.7-0.635.239.24.0廈門/銀行24.721.3-3.46.46.90.631.535.44.020.725.75.1齊魯銀行25.925.4-0.510.88.2-2.626.326.2-0.134.938.03.1重慶銀行16.016.50.55.24.8-0.435.232.1-3.139.142.53.4江陰銀行19.820.20.412.210.8-1.414.714.60.043.346.12.8無錫銀行17.115.5-1.610.68.9-1.725.322.8-2.542.948.55.6常熟銀行13.814.50.811.89.6-2.29.810.10.354.258.13.9蘇農(nóng)銀行27.625.3-2.211.09.0-2.015.013.7-1.439.346.06.7張家港行16.515.5-1.09.38.7-0.618.616.8-1.848.550.52.0青農(nóng)商行18.518.80.213.412.9-0.411.411.1-0.354.455.10.7紫金銀行22.121.2-0.98.87.5-1.319.919.4-0.545.448.63.2渝農(nóng)商行12.710.9-1.817.715.2-2.54.45.91.564.466.92.5上市銀行25.724.9-0.818.216.6-1.724.024.70.729.831.71.9國有行23.922.5-1.421.619.5-2.119.120.91.833.835.41.6股份行31.432.71.311.210.4-0.837.035.2-1.917.319.32.0城商行28.228.50.27.96.9-1.034.733.1-1.624.226.82.6農(nóng)商行16.515.4-1.013.812.0-1.811.211.40.154.657.53.0資料來源：公司財報，中泰證券研究所2.1.3凈息差未來展望：息差底部基本呈現(xiàn)2023Q28182020ROE凈非息收入：同比+4.1%行業(yè)整體非息收入速所回落、同比增4.1（VS1Q23同比增821.5（VS同比增45.6營收2516和10一季百點行息續(xù)費和他息別比收2216和6股為3218和14。城商為30、9和21農(nóng)商為21、5和16其中份和商。城農(nóng)商比營收較高，超35圖表12：上市銀行凈非息收入占比營收情況非利息收入占比凈手續(xù)費收入占比凈其他非息占比20221Q231H2320221Q231H2320221Q231H23工商銀行17.723.121.715.318.517.12.34.64.6建設銀行15.223.819.515.321.418.2-0.12.41.3農(nóng)業(yè)銀行14.422.519.911.817.314.02.65.15.9中國銀行18.824.222.212.717.015.46.