銀行-行業(yè)2023年年報總結(jié)：業(yè)績穩(wěn)定分紅穩(wěn)中有升

證券研究報告證券研究報告行業(yè)投資策略報告wangchenyjy@——銀行業(yè)2023年年報總結(jié)投資要點分紅：大行穩(wěn)定，股份行分紅比例提升。根據(jù)目前已披露年報的上市銀行，部分銀行提升分紅比例，股息率具有吸引力。（1）國有大行分紅比例保持在30%左右，以2024年4月1日收盤價靜態(tài)測算，2023年分紅對應的股息率在5.3%-5.8%區(qū)間。（2）部分股份行提升分位居上市銀行首位，平安銀行分紅比例由12%大幅攀升至30%，興業(yè)銀行由27%提升至28%。（3）區(qū)域性銀行分紅比例相對靈活，監(jiān)管也對中小銀行有審慎指引，部分中小農(nóng)商行采用階段性定額分紅，例如常熟銀行/無錫銀行分紅額保持不變，但分紅率稍有下滑；瑞豐銀行分紅率由15%提升至20%。盈利：大行業(yè)績穩(wěn)健，股份行承壓。統(tǒng)計已披露年報的13家國有大行+股份行，2023年全年營收同比-0.9%，歸母凈利潤同比+1.5%，較前三續(xù)下行拖累凈利息收入同比-2.8%。②手續(xù)費凈收入同比-6.3%，主要受市場波動及客戶投資風險偏好下降，導致理財、代銷基金等收入下降較多。③其他非息收入在2022Q4的低基數(shù)下普遍高增。平穩(wěn)，得益于規(guī)模保持較快增速+非息收入高增支撐；股份行中光大、興業(yè)、平安四季度大幅計提撥備導致利潤增速下行較為明顯。貸款同比+11.6%。分板塊來看，國有大行貸款增速保持強勁，同比+12.9%，企業(yè)端仍占主導；股份行貸款增長相對乏力，同比+7.1%，主要是對公項目受國有大行、城商行擠壓效應，同時零售端需求疲軟。結(jié)構(gòu)上看，對公延續(xù)強勁，零售受按揭及消費貸拖累。2021年以來，對公貸款占比由54.1%提升至57.3%，主要是基建、制造業(yè)、普惠等需求拉動下企業(yè)中長期貸款連續(xù)高增。息差：持續(xù)收窄，未來仍有下行壓力。2023年13家銀行整體凈息差較上半年-8bp，國有大行息差受成本端拖累更為明顯，股份行更多受零售復蘇較弱帶來的資產(chǎn)端定價下滑影響。（1）資產(chǎn)端：LPR連續(xù)下調(diào)，同時有效融資需求仍然不足，高收益零售貸款貢獻度偏低，拖累新發(fā)放貸款定價下行，疊加四季度存量首套按揭利率調(diào)降，生息資產(chǎn)收益率較上半年-7bp。（存款掛牌利率調(diào)整有助于負債成本管控，但存款定期化、長期化趨勢延續(xù)。資產(chǎn)質(zhì)量：不良率保持穩(wěn)定，撥備覆蓋率小幅下降。2023年13家銀行不良率環(huán)比持平于1.27%，撥備覆蓋率小幅下降至241%。對公制造業(yè)、批發(fā)零售業(yè)存量風險逐步出清，不良率延續(xù)下行趨勢，房地產(chǎn)業(yè)不良率仍然偏高。零售不良率普遍上行，信用卡不良率較高，但邊際企穩(wěn)向好，個人經(jīng)營貸不良率波動上行，主因后疫情時代部分區(qū)域小微企業(yè)出現(xiàn)風險暴露。投資建議：展望2024年，預計銀行業(yè)基本面繼續(xù)承壓，營收面臨下滑壓力，一季度預計為年內(nèi)低點，利潤預計維持穩(wěn)定增長。個股方面，重點關注三條主線:（1）業(yè)績估值性價比凸顯的中小銀行，重點推薦南京銀行、江蘇銀行、滬農(nóng)商行、蘇州銀行。（2）高股息策略仍有望持續(xù)演繹，重點推薦交通銀行、農(nóng)業(yè)銀行、北京銀行、渝農(nóng)商行。(3)更受益于經(jīng)濟復蘇主線的銀行，重點推薦寧波銀行、招商銀行。風險提示：金融監(jiān)管超預期變化，息差超預期收窄，資產(chǎn)質(zhì)量超預期下行請務必閱讀正文之后的信息披露和重要聲明行業(yè)投資策略報告請務必閱讀正文之后的信息披露和重要聲明 -4- -5-2.1、業(yè)績驅(qū)動：規(guī)模穩(wěn)步擴張+息差持續(xù)下行+投資收 -9- -14- 4.2、國有行受存款成本拖累，股份行主因定價下滑 -17- -21- -22- 請務必閱讀正文之后的信息披露和重要聲明 請務必閱讀正文之后的信息披露和重要聲明報告正文營收增速歸母凈利潤增速資產(chǎn)質(zhì)量分紅率股息率ROE上市銀行2023A2023Q42023A2023Q4不良率撥備率2021A2022A2023A2022A2023E2023A2023APB工商銀行-3.7%-4.3%0.8%0.8%1.36%214%30.0%30.0%30.0%5.7%5.8%10.7%13.7%0.55建設銀行-1.8%-3.5%2.4%0.3%1.37%240%30.1%30.0%30.1%5.6%5.8%11.6%13.2%0.59農(nóng)業(yè)銀行0.0%1.9%3.9%0.5%1.33%304%30.0%30.0%30.0%5.3%5.5%10.9%10.7%0.61中國銀行6.4%4.5%2.4%5.0%1.27%192%30.0%30.0%30.0%5.2%5.3%10.1%11.6%0.59交通銀行0.3%-4.0%0.7%-2.7%1.33%195%30.1%30.1%30.0%5.8%5.8%9.7%10.2%0.53郵儲銀行2.3%5.6%1.2%-6.7%0.83%348%30.0%30.0%30.0%5.4%5.5%10.9%9.5%0.60招商銀行-1.6%-1.4%6.2%5.2%0.95%438%32.0%31.8%33.9%5.3%6.0%16.2%13.7%0.89中信銀行-2.6%-2.5%7.9%3.9%1.18%208%26.6%25.9%26.0%4.7%5.7%10.8%9.0%0.51興業(yè)銀行-5.2%-3.9%-15.6%-37.9%1.07%245%26.0%27.0%28.0%7.5%6.6%10.6%9.8%0.46平安銀行-8.4%-11.0%2.1%-23.0%1.06%278%12.2%12.2%30.0%2.7%6.8%11.4%9.2%0.51民生銀行-1.2%1.9%1.6%50.6%1.48%150%27.1%26.6%26.4%5.3%5.4%6.1%9.3%0.33光大銀行-3.9%-2.6%-9.0%-62.2%1.25%181%25.0%25.1%25.1%6.1%5.6%8.4%9.2%0.41浙商銀行4.3%4.8%10.5%10.3%1.44%183%0.0%32.8%29.9%5.5%5.5%9.5%8.2%0.51青島銀行7.1%30.8%15.1%14.8%1.18%226%31.9%30.2%26.2%4.8%4.8%10.7%8.4%0.59重慶銀行-1.9%5.5%1.3%5.3%1.34%234%29.1%28.2%28.8%5.3%5.5%10.1%9.8%0.53鄭州銀行-9.5%-5.6%-23.6%-8.2%1.87%175%0.0%0.0%0.0%0.0%0.0%3.3%8.9%0.42渝農(nóng)商行-3.6%-5.9%6.1%-8.3%1.19%367%30.0%30.0%30.1%5.9%6.2%9.6%13.5%0.45常熟銀行12.1%10.5%19.6%14.9%0.75%538%25.1%25.0%20.9%3.5%3.5%13.7%10.4%0.80瑞豐銀行7.9%10.6%13.0%3.9%0.97%304%21.4%14.8%20.4%2.3%3.6%11.0%12.7%0.59無錫銀行1.3%2.6%10.0%-6.0%0.79%523%21.2%21.5%19.9%3.8%3.9%11.5%11.3%0.60江陰銀行2.3%8.9%16.8%19.0%0.98%409%30.7%24.2%24.8%4.1%4.9%12.6%13.1%0.57行業(yè)投資策略報告請務必閱讀正文之后的信息披露和重要聲明大行及招商銀行、興業(yè)銀行、中信銀行、民生銀行、光大銀行、平安銀行、浙商有所擴大3）其他非息收入同比高增+28.8%（前三季度同比+15.8%投資凈收益在2022年四季度的低基數(shù)下普遍高增。成本方面：成本收入比小幅上升至32.2%，信用減值損失同比-8.8%，帶動信用成本同比下行至0.73%，撥備釋放反哺利潤。請務必閱讀正文之后的信息披露和重要聲明2.2、國有大行業(yè)績平穩(wěn)，股份行持續(xù)承壓股份行繼續(xù)承壓，零售端需求疲軟，資產(chǎn)投放抓手有待恢復，財富管理相關收入有待進一步恢復。受到凈利息收入拖累。中國銀行受益于海外加息營收增速領跑，交通銀行、郵儲銀行、農(nóng)業(yè)銀行和浙商銀行營收亦實現(xiàn)正增長，表現(xiàn)相對靠前行、中信銀行、興業(yè)銀行、民生銀行、光大銀行營收降幅收窄。速較前三季度分別-0.4pct和-3.2pct。興業(yè)銀行、光大銀行大幅計提撥備導致利潤增速下行，民生銀行利潤增速由負轉(zhuǎn)正，浙商銀行利行業(yè)投資策略報告請務必閱讀正文之后的信息披露和重要聲明%%8--%%--%----%%8--%%--%----2023A業(yè)績驅(qū)動拆分增速較2023Q3變化營收歸母凈利潤凈利息手續(xù)費其他非息營收歸母凈利潤凈利息手續(xù)費其他非息工商銀行%0.8-7.7%-7.7%2 2-0.2%0.0%-0.6%-1.6%9%建設銀行%2.4-0.5%-0.7%-1.1%-0.3% 13%農(nóng)業(yè)銀行0.03.93.1%1.5%3.0%0.6%-1.1%0.1%-0.6%25%25%中國銀行6.4%2.41.6%-0.6%0.8%-1.6%1.6%3%交通銀行0.3%0.73.4%4.1%2 2-1.4%-1.2%-0.4%-1.9%-4%郵儲銀行2.3%1.23.0%1.0%-1.2%-0.1%-1.0%招商銀行%6.21.6%2 20.1%-0.3%-1.7%0.7%興業(yè)銀行%-15.6%0.8%-0.4%-6.1%-0.2%-8.0%-8.0%17%中信銀行%7.94.7%2 20.0%-1.3%-2.8%-11.4%35%民生銀行%1.62 20.9%2.2%0.5%-9.0%-9.0%19%19%光大銀行% -9.02 20.4%-12.0%-1.2%0.0%19%平安銀行%2.19.3%2.6%-0.8%-6.1%-3.2%-5.0%16%浙商銀行4.310.5%1.0%2 20.2%0.0%-0.5%-4.0%8%合計六大行-0.9%0.0%1.5%2.1%-2.8%-2.5%-6.3%-2.0%28.8%35.4%-0.1%-0.1%-1.1%-0.4%-0.8%-0.6%-2.0%-0.6%13.1%8.1%股份行-3.3%-0.4%-3.5%-14.2%18.4%0.1%-3.2%-1.5%-4.1%18.5%請務必閱讀正文之后的信息披露和重要聲明帶動相關業(yè)務手續(xù)費收入增長較好。+18.4%，均實現(xiàn)較快增長支撐營收表現(xiàn)，主要是利率市場下行對投資相關收行業(yè)投資策略報告請務必閱讀正文之后的信息披露和重要聲明3.1、國有大行維持強勁，股份行相對乏力分機構(gòu)類型來看：2023年國有大行和股份行貸款增速仍占主導，加大對制造業(yè)、基建、綠色、普惠小微等重點領域的支持力度，其中行存款增速領跑，主要是由于居民儲蓄意愿強、理財回流等多因素影響。其中農(nóng)請務必閱讀正文之后的信息披露和重要聲明23AYoY23AQoQ總資產(chǎn)貸款存款總資產(chǎn)貸款存款工商銀行12.8%12.8%12.4%12.4%12.2%12.2%0.5%1.2%-1.4%建設銀行10.8%12.6%12.6%10.5%10.5%1.3% 0.9%-0.8%農(nóng)業(yè)銀行17.5%17.5%14.5%15.0%3.0%1.3%0.3%中國銀行12.2%13.8%13.4%13.4%1.1%交通銀行8.9%8.9%7.6%1.7%0.6%-1.0%郵儲銀行11.8%13.4%9.8%9.8% 2.7%1.7%1.7%3.4%3.4%招商銀行 8.8%7.7%8.6%3.4%3.4% 0.9%2.3%2.3%興業(yè)銀行9.6%9.5%9.5%8.9% 2.4%2.7%-1.4%中信銀行5.9%6.8%1.5%-1.0%民生銀行5.8% 6.2%7.4%0.1% 1.5%光大銀行 6.1%4.5%-0.9%0.2%平安銀行5.0%2.4%3.2%1.3%-0.6%-1.3%浙商銀行19.9%12.6%11.1%11.1%6.3% 1.1%4.2%合計六大行11.7%12.8%11.6%12.9%11.1%12.1%1.8%1.7%1.1%1.1%0.1%0.0%股份行8.0%7.1%7.1%2.1%0.9%0.5%行業(yè)投資策略報告請務必閱讀正文之后的信息披露和重要聲明對公投向拆分零售投向拆分對公零售基建信用卡合計數(shù)較低+戰(zhàn)略重視+提升營銷能力。招商銀行零售貸款增速8.行業(yè)投資策略報告請務必閱讀正文之后的信息披露和重要聲明對公（含票據(jù)）占比零售占比變化變化工商銀行66.5%66.8%66.8%63.2%63.2%64.2%64.2%66.9%66.9%68.9%68.9%45.1%0.3%0.1%0.1%0.9%0.8%-0.1%0.2%33.5% 33.2% 36.8% 35.8% 33.1% 31.1%54.9%54.9%-0.3%-0.1%-0.1%-0.9%-0.8%0.1%-0.2%建設銀行63.1%36.9%農(nóng)業(yè)銀行63.3%36.7%中國銀行66.1%33.9%交通銀行69.0%31.0%郵儲銀行44.9%55.1%招商銀行47.6%47.2%63.8%58.5%59.7%60.1%42.0%72.2%-0.4%1.3%47.2%63.8%58.5%59.7%60.1%42.0%72.2%-0.4%1.3%-0.4%-0.3%0.6%2.0%-0.4%52.4%52.8%36.2%41.5%40.3%39.9%58.0% 27.8%52.8%36.2%41.5%40.3%39.9%58.0% 27.8%0.4%-1.3%0.4%0.3%-0.6%-2.0%0.4%興業(yè)銀行62.5%37.5%中信銀行58.9%41.1%民生銀行60.0%40.0%光大銀行59.5%40.5%平安銀行39.9%60.1%浙商銀行72.6%27.4%合計六大行61.9%63.6%62.3%64.0%0.4%0.4%36.4%36.4%36.0%38.1%37.7%-0.4%-0.4%-0.4%股份行56.0%56.3%0.4%44.0%43.7%-0.4%對公貸款增速零售貸款增速變化變化工商銀行 9.9%0.5%4.1% 6.8% 4.6%0.5%建設銀行20.4%4.3%農(nóng)業(yè)銀行22.0%6.3%中國銀行4.4%交通銀行2.9%郵儲銀行22.0% 20.4%-1.6%9.0%招商銀行 9.4%7.7% 興業(yè)銀行21.6% 20.3%-1.4%0.1%7.9%0.1%7.9%2.3%-10.1%中信銀行6.9% 9.1% 民生銀行7.5%0.0%光大銀行2.6%平安銀行8.7%6.7%浙商銀行8.6%合計六大行 4.9%3.5%-1.4%股份行有明顯改善；另一方面，資本市場震蕩、購房需求減弱、理財回流等因素使得居別貢獻-3%/36%/1%/60%。行業(yè)投資策略報告請務必閱讀正文之后的信息披露和重要聲明存款投向拆分公司存款公司活期公司定期合計蓋面廣，個人儲蓄存款占比近90%；農(nóng)業(yè)銀行受益于縣域?qū)婵钫急葌€人存款占比存款活期率變化變化變化工商銀行49.6%48.4%42.9%36.7%49.0%59.0%10.5%-1.2%-1.4%-1.4%-1.0%-0.1%-1.3%-0.6%48.3%49.4%53.8%59.2%45.6%39.3%89.5%1.1%1.1%1.1%0.7%0.6%1.1%0.6%41.6%40.1%40.1%-1.5%建設銀行44.3%52.6%45.3%43.5%42.2%-1.8%-1.9%農(nóng)業(yè)銀行37.7%58.5%44.1%49.1%45.0%42.5%41.1%41.1% 34.3% 28.9%-1.4%-0.8%-0.8%交通銀行60.2%38.2%35.1%11.0%89.0%29.7%招商銀行58.2%56.6%63.2%71.9%70.5%59.0%63.6%83.9%-1.7%-4.8%-1.1%-0.2%-1.1%-1.6%-1.5%40.9%42.4%26.0%26.8%27.7%29.2%34.9%14.4%1.5%1.5%2.1%0.9%0.1%0.4%1.4%1.1%58.0%54.3%35.4%46.2%30.3%-3.7%-1.1%0.0%54.3%35.4%46.2%30.3%-3.7%-1.1%0.0%-2.5%興業(yè)銀行68.0%23.9%36.5%73.0%25.9%46.2%70.7%27.7%32.9%光大銀行60.1%28.8%31.5% 29.7% 34.5% 37.7%-1.8%-2.4%-2.4%-7.3%平安銀行65.2%33.5%36.9%浙商銀行85.4%13.3%45.0%合計六大行47.4%46.1%-1.3% 49.5%50.6%1.1% 54.2%55.2%1.0%30.0%31.2%1.2% 41.7%40.0%-1.7% 41.5%39.9%-1.6%42.9%40.6%-2.3%41.6%64.7%42.7%41.6%64.7%42.7%66.5%-1.1%-1.8%股份行請務必閱讀正文之后的信息披露和重要聲明2022年以來，銀行業(yè)凈息差持續(xù)收窄。2上半年-8bp，主要受兩方面影響1）資產(chǎn)端：LPR持續(xù)下調(diào)，同時有效融資需期下境外存款業(yè)務付息率上升有關。影響，預計息差仍將面臨下行壓力；但負債成本逐步改善能夠形成一定的對沖。請務必閱讀正文之后的信息披露和重要聲明息差（披露值）23A變動(bp)單季度息差（測算）23Q4單季息差環(huán)比(pct）23Q1-Q3同比環(huán)比走勢圖工商銀行(31)(31)(31)(30)(16) (14)(12)(14)建設銀行2.01%農(nóng)業(yè)銀行中國銀行交通銀行 郵儲銀行2.20%2.09%2.08%2.05%2.01%2.01%2.11%2.09%2.07%(10)招商銀行2.40%2.29%2.23%2.19%2.15%2.15% 2.37%2.29%2.17%2.11%2.03%興業(yè)銀行2.10%中信銀行 2.00%(10)民生銀行 光大銀行2.01%(27)(27)(20)(20)平安銀行2.75%2.63%2.55%2.47%2.38%2.69%2.63%2.47%2.31%2.11%浙商銀行2.21%2.14%2.01%2.01%(20)行業(yè)投資策略報告請務必閱讀正文之后的信息披露和重要聲明4.2、國有行受存款成本拖累，股份行主因定價下滑在于下半年存款成本開始出現(xiàn)下行。且存量占比下降，拖累資產(chǎn)端收益率，疊加存款定期化趨勢下負債成本上行。股22A23H123A22A23H123A22A23H123A (31)(11) 4.05%3.95%3.81% (24)(14) (35)(12) (25)(11)(35)(11)151548442.01%4.17%3.94%3.82%4.09%3.87%3.79%(16)(8)3.90%4.05%3.97%2.04%2.09%2.09% 4.21%4.07%3.95%2.19%2.35%2.33%2.20%2.08%2.01%2.01%4.48%4.24%4.13%4.13%2.40%2.23%2.15%2.15%(25)(8)4.54%4.36%4.26%4.26%(28)(10)1001006232.10%(17)(19)(14)(27)(37)(20)(17)(13)4.81%4.63%4.57%4.57% (23)(26)(10)2.26%2.26%2.24%4.81%4.66%4.56%4.56%2.06%2.14%2.12%4.53%4.41%4.32%4.32% (48)(23)2.29%2.33%2.31%2.01%4.98%4.87%4.75%4.75%2.30%2.35%2.32%2.75%2.55%2.38%5.90%5.65%5.43%2.09%2.20%2.20%2.21%2.14%2.01%2.01%5.12%4.95%4.87%4.87%2.29%2.24%2.24%(25)(8) 4.28%4.10%4.15%3.98%4.03%3.87%(25)(23)(11)(11)002.07%4.88%4.72%4.60%(27)(12)2.04%2.09%2.08%4行業(yè)投資策略報告請務必閱讀正文之后的信息披露和重要聲明減值計提力度整體下降，2022年和2023年減值損失同比增速分別為-11.9%和-良率仍然偏高，預計隨著地產(chǎn)政策暖風頻吹，有助于維穩(wěn)地產(chǎn)銷售、緩釋地產(chǎn)行良率普遍上行，在房地產(chǎn)下行周期大背景下，住房2020年的0.3%左右上升至2023年的0.4覆蓋率小幅下降至241%，環(huán)比-2pct，其中國有大行和股份行分別環(huán)比-3pct和+1.8pct，風險抵補能力夯實；撥貸比環(huán)比小請務必閱讀正文之后的信息披露和重要聲明行業(yè)投資策略報告請務必閱讀正文之后的信息披露和重要聲明5523H123A23H123A23H123A 0.81%0.83%2 0.53%0.55%062 0.66%0.70% 0.61%0.66% 0.66%0.73% 0.75%0.76%0.96%0.81%45713 0.95%0.95% 03 0.97%0.96% 0.84%0.89% 53 0.64%0.74%241單位：%/bps房地產(chǎn)批發(fā)零售業(yè)租賃商務22A23H1HoH23H123AHoH23H123AHoH23H123AHoH6.68%5.37%-132.31%2.35%4.47%4.40%2.12%1建設銀行4.76%5.64%2.15%425-6農(nóng)業(yè)銀行5.79%5.42%-372.22%2.03%92.49%2.48%2445.11%5.51%406---63.39%4.99%2.14%82.43%2.70%260.70%12.45%0.60%0.65%0.96%-470.83%0.74%0招商銀行5.52%5.26%-260.70%0.53%70.73%0.67%0.82%0.76%-60.81%0.84%30.65%0.57%-4.43%3.66%-77-770.52%0.95%435.29%2.59%2.24%9-260.76%0.63%45.13%4.92%00.95%200光大銀行4.22%5.33%2.06%3.00%2.25%-75-750.61%0.55%-60.86%-150.34%0.32%----浙商銀行2.31%2.48%0.82%60.96%-222.46%2.00%6單位：%/bps按揭信用卡消費貸經(jīng)營貸及其他23H123AHoH23H123AHoH23H123AHoH23H123AHoH工商銀行0.42%0.44%222.27%2.45%-500.79%0.86%7建設銀行0.42%0.42%00.67%0.86%0.91%27農(nóng)業(yè)銀行0.50%0.55%-200.99%50.74%0.92%0.49%0.48%-1-10---3交通銀行0.47%0.37%02.44%-52---00.50%0.55%55-122.23%-42-42招商銀行0.35%0.37%227--0.76%0.71%興業(yè)銀行0.51%0.56%553.94%3.93%---0.61%0.79%------------0.57%0.67%02.90%2.98%80.95%63光大銀行------------平安銀行0.32%0.30%--2.88%2.77%-11-0.83%-浙商銀行------------請務必閱讀正文之后的信息披露和重要聲明5.2、郵儲、招行領跑國股行，民生銀行延續(xù)改善態(tài)勢較低的不良生成速度，減值節(jié)約有望持續(xù)反哺利潤。行整體資產(chǎn)質(zhì)量持續(xù)領跑，不良率環(huán)比-1bp至0.95%，撥備覆蓋率高位微降至袱逐步出清，資產(chǎn)質(zhì)量持續(xù)穩(wěn)固向好。0069 0112 8 6 271130115撥備覆蓋率（%/pcts)撥貸比（%/bps）信用成本QoQQoQQoQ工商銀行 214%2.94%2.90%2.90% 0.80% 0.61%建設銀行3.33%3.28%3.28%0.74% 0.61%農(nóng)業(yè)銀行4.11%4.05%0.82% 0.64%中國銀行 2.48%2.44%0.65%交通銀行 2.63%2.59%0.86% 0.76%郵儲銀行2.92%2.88%2.88%0.37%0.34%招商銀行446%438%7064.27%4.14%800.85% 0.66%994興業(yè)銀行2.55%2.63%中信銀行 208%2.56%2.45%民生銀行2.32% 2.22%光大銀行 2.37%2.27%平安銀行2.94%2.94%2.94%浙商銀行 2.65%2.63%請務必閱讀正文之后的信息披露和重要聲明例能否持續(xù)而有效受到盈利能力、風險資產(chǎn)增速以及資本水平的共同制約。規(guī)模增速顯著提升，逆周期政策調(diào)節(jié)下加大對基建、制造業(yè)、普惠等領域的臨下滑壓力，利潤預計穩(wěn)定增長。暴露，同時疫情三年居民資產(chǎn)負債表受損，地產(chǎn)、按揭、消費貸、差異化定位優(yōu)質(zhì)小微及零售業(yè)務，息差表現(xiàn)優(yōu)于國股行；同時資產(chǎn)質(zhì)量