评级（增持）深度|39家上市银行一季报综述：利润超预期，城商行高增长
发布时间： 2022年05月07日
作者： xn2oyhja
栏目：行业研报
股票代码 ：
股票简称 ：
报告名称 ：深度|39家上市银行一季报综述：利润超预期，城商行高增长
评级 ：增持
行业：
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| 银行 | 证券研究报告/专题研究报告 | 2022 年 05 月 04 日 | |||||||||||||||
| 评级：增持（维持） | 重点公司基本状况 | ||||||||||||||||
| 分析师戴志锋 | 简称 | 股价 | 2020 | 2021 | EPS | 2023E | 2020 | 2021 | PE | 2023E | PEG | 评级 | |||||
| (元) | |||||||||||||||||
| 执业证书编号：S0740517030004 | 2022E | 2022E | |||||||||||||||
| 电话： | 招商银行 | 39.93 | 3.80 | 4.69 | 5.36 | 6.15 10.5 | 8.51 | 7.45 | 6.49 | 增持 | |||||||
| 平安银行 | 15.32 | 1.45 | 1.83 | 2.10 | 2.42 10.6 2 4.05 15.2 0 1.86 7.19 6 | 8.38 | 7.31 | 6.33 | 增持 | ||||||||
| Email：daizf@r.qlzq.com.cn | |||||||||||||||||
| 宁波银行 | 36.31 | 2.38 | 2.85 | 3.44 | 12.76 10.55 | 8.96 | 增持 | ||||||||||
| 分析师邓美君 | 江苏银行 | 7.33 | 1.02 | 1.33 | 1.55 | 5.50 | 4.74 | 3.94 | 买入 | ||||||||
| 执业证书编号：S0740519050002 | 备注：最新股价对应 2022/4/29 收盘价 | ||||||||||||||||
Email：dengmj@r.qlzq.com.cn
| 分析师贾靖 执业证书编号：S0740520120001 Email：jiajing@r.qlzq.com.cn | 投资要点 | |||||||||
| | 核心要点：银行 1 季报综营收平稳，利润增速好于预期；优质区域银行高成长持续 性突出，规模驱动是主逻辑。资产质量的稳健性超市场预期，细分行业不良有波动， | |||||||||
| 但整体的不良率仍在环比下降的趋势。预计全年营收增速会保持平稳，会好于一季 度增速。重点推荐的是行业和区域布局较好的城农商行板块。 | ||||||||||
| | 银行 1 季度财报综述：营收平稳，利润增速好于预期。优质区域银行高成长持续性 突出。1、营收同比增速情况：上市银行整体营收同比+4.4%。大行、股份行、城商 | |||||||||
| 上市公司数 | 42 | |||||||||
| 行和农商行分别同比 4.3%、3.5%、9%和 4.6%，城商行规模主驱动、维持板块间最高 增速。2、净利润同比增速情况：上市银行整体净利润同比+8.6%。大行、股份行、城商行和农商行分别同比 7.3%、9.4%、15.5%和 13.5%，城商行依旧是业绩增速最 高板块。行业利润增速高于营收（同比+4.4%），在资产质量相对干净的背景下，拨 备有释放利润的空间。3、营收增速超预期个股：邮储银行、平安银行、浙商银行、南京银行、杭州银行、成都银行、厦门银行、齐鲁银行、江阴银行和常熟银行，仍 是中小银行居多。规模和非息超预期：邮储、平安、浙商、南京、杭州、厦门和齐 鲁银行。规模和息差支撑：成都、江阴和常熟银行。区域性银行规模驱动是主逻辑；地区融资需求仍相对旺盛支撑规模高增。 | ||||||||||
| 行业总市值(百万 | 9,529,645 | |||||||||
| 行业流通市值(百 元) | 6,498,561 | |||||||||
| 万元) 行业-市场走势对比 20% 10% 0% -10% | ||||||||||
| | 银行 1 季度的财务拆分分析：息差环比下行、同比降幅收窄；非息增速走弱；资产 质量稳健性超预期。1、净息差拆解：净息差环比下降 5bp。生息资产收益率环比下 | |||||||||
| -20% | 21-01 | 21-03 | 21-05 | 21-07 | 21-09 | 21-11 | 22-01 | 22-03 | 降 7bp；资金成本环比下降 3bp。预计贷款重定价是主要拖累因子。我们在《银行 1 季报前瞻与测算：行业营收同比增 5%；板块分化加大》测算了新发放贷款利率下行、贷款重定价以及资产结构变动三个因素对净息差的影响，测算结果显示贷款重定价 是对 1 季度资产端收益率下行的拖累主因。此次 LPR 下降主要影响的是企业短期贷 款，对中小银行拖累程度较大。2、营业收入拆分：净利息收入同比增 5.2%，其中 生息资产同比增速 8.9%，净息差同比下降 6bp。行业净利息收入同比增速较 2021 年边际走高 0.6 个点，资产规模扩张和净息差同比降幅收窄共同支撑。对比 2021 年 度：净利息收入同比增 4.6%，生息资产同比增长 8.3%，净息差同比下降 8bp。行业 整体非息收入增速有所回落、同比增 2.2%（VS 2021 年同比增 19.5%），手续费和其 他非息共同拖累。净手续费增速回落、同比增 3.5%（VS 2021 年度同比增 8.3%）。城农商行增速回落较多，主要是这两个板块的手续费收入大部分来自代销收入，代 销占比超 70%，而 1 季度资本市场行情低迷，行业整体代理业务收入受到的冲击较 大，因而城农商行增速回落较多。净其他非息收入受大行拖累增速边际走低、同比 增-1.3%（VS 2021 年度同比增 48%）。大行在公允价值和投资损益上有较大的负增。股份行和城商行其他非息收入增速也边际略有走低，21 年受益于 20 年的低基数效 应，增速较高；22 年在资金市场震荡行情中，预计总体增速平稳。3、资产质量拆 分分析：稳健性超市场预期。细分行业不良有波动，但行业资产质量压舱石对公端 基建类贷款保持稳健，零售按揭仍相对稳定，实体制造业存量历史包袱卸下且处于 景气度上行期，因而行业整体呈现出不良率仍在环比下降的趋势。 | |
| -30% | ||||||||||
| 银行(申万) | 沪深300 | |||||||||
| 公司持有该股票比例 | ||||||||||
| | 全年营收增速会保持平稳，会好于一季度增速。净利息收入支撑；同时手续费拖累 程度有所下降。1、净息差预计环比平稳、同比降幅进一步收窄。预计环比平稳：拖 累因子主要冲击 1 季度，往后展望影响幅度将递减。1 季度息差的拖累主因一个是 贷款重定价，一个是存款定期化，而往后季度展望，这两个拖累因素都会减弱。贷 款集中在年初投放，银行的重定价时间主要是在 1 季度，2-4 季度由重定价带来的 收益率冲击将逐步递减。负债端，预计随着经济回暖，M1 增速回升，存款活期情况 会有所好转。息差 2 季度往后大概率保持平稳。同比降幅收窄：去年 1 季度净息差 是高基数，而随着基数效应消除，预计净利息收入同比增速回升可能性较大。2、手 续费预计拖累幅度小于年初。今年 1 季度资本市场行情低迷，叠加去年同期资本市 场表现较好带来的高基数，银行代销基金、代销理财等手续费收入在 1 季度下滑幅 | |||||||||
请务必阅读正文之后的重要声明部分
专题研究报告
度最大。但后续经济逐步企稳复苏，资本市场行情会好于 1 季度，手续费增长往后
展望也会比年初好，拖累程度将递减。
| | 投资建议：看好银行板块；选择成长确定强的标的。市场风险偏好下降利于低估值 的银行板块，稳增长预期会继续推动银行板块。选股要选资产端强、资产质量扎实 的银行（需求下降；经济面临压力）。我们重点推荐的是行业和区域布局较好的城农 商行板块，考虑到估值因素，建议近期关注江苏、南京和苏州。 风险提示事件：经济下滑超预期。疫情影响超预期。 | |
| - 2 - | 请务必阅读正文之后的重要声明部分 | |
专题研究报告
内容目录
一、1 季报业绩：营收同比 4.4%，净利润同比 8.6%；业绩增速好于预期 ........ - 4 -1.1 营收情况：同比+4.4%；超预期个股中小银行居多、规模驱动主逻辑 . - 4 -1.2 净利润情况：同比+8.6%；规模和拨备驱动 ......................................... - 5 -
二、营收同比拆解：净利息收入同比向上；非息收入拖累 ................................. - 6 -2.1 净利息收入拆解：同比增速与环比边际变动 ........................................ - 7 -2、环比拆解：趋势分析 ............................................................................ - 10 -2.2 非息收入同比 2.2%，手续费和其他非息共同拖累 ............................. - 18 -
三、资产质量总体稳健，安全边际继续提升 ..................................................... - 21 -3.1 不良维度：不良生成保持平稳 ............................................................ - 21 -3.2 逾期维度：逾期率微升，不良认定边际有所放松 ............................... - 24 -3.3 拨备维度：行业拨备覆盖率平均在 240%，安全边际进一步提升 ...... - 25 -3.4 银行资产质量稳健性会好于市场预期 ................................................. - 26 -
四、盈利驱动因子：超预期个股和未来趋势展望 .............................................. - 27 -4.1 营收超预期个股盈利驱动因子：规模和非息支撑 ............................... - 27 -4.2 行业全年营收增速展望：增速会保持平稳，预计好于 1 季度 ............. - 29 -
五、其他财务指标分析 ...................................................................................... - 30 -5.1 费用支出情况：增速保持平稳 ............................................................ - 30 -5.2 资本情况跟踪：国内与国际资本要求提升，部分个股资本承压 ......... - 31 -
| - 3 - | 请务必阅读正文之后的重要声明部分 |
专题研究报告
一、1 季报业绩：营收同比 4.4%，净利润同比 8.6%；业绩增速好
于预期
1.1 营收情况：同比+4.4%；超预期个股中小银行居多、规模驱动主逻辑
行业 1 季度营收同比增速情况：上市银行整体营收同比+4.4%；大行、股份行、城商行和农商行分别同比 4.3%、3.5%、9%和 4.6%，城商行规 模主驱动、维持板块间最高增速。行业整体增速和我们预期比较接近，我们在 1 季报前瞻测算行业整体营收同比增 4.7%，详见《银行 1 季报前 瞻与测算：行业营收同比增 5%；板块分化加大》。
营收同比增速的环比变动趋势：增速边际回落 3.4 个点，非息收入是主 要拖累，21 年有非息低基数效应。往后展望，我们判断 1 季度是行业营 收低点，后续大概率逐季回升，下文展开分析。城商行增速回落幅度最 大，其次是大行、农商行和股份行，分别环比回落 4.5、4、3.9 和 1.7 个点。城商行回落主要是去年 1 季度息差高基数拖累，以及今年非息贡 献幅度不及去年。大行和股份行主要是非息拖累。农商行则是规模增速 放缓拖累（无锡和紫金银行规模增速放缓）。
营收增速超预期个股：邮储银行、平安银行、浙商银行、南京银行、杭 州银行、成都银行、厦门银行、齐鲁银行、江阴银行和常熟银行，仍是 中小银行居多。其中浙商、南京、厦门、江阴和常熟银行去年同期是低 基数。邮储、平安、杭州、成都和齐鲁银行营收分别同比增 10%、10.6%、15.7%、17.6%和 18%。邮储是中收超预期支撑。平安是息差环比回升、其他非息超预期。杭州是中收和其他非息共同支撑。成都和齐鲁是规模 主驱动。融资需求旺盛的区域银行，规模贡献业绩同比增长 18%-20%，杭州、成都和齐鲁银行，规模扩张对业绩贡献度分别为 19%、18%和 20%，规模驱动仍是当前支撑板块高成长的主逻辑。
图表：上市银行营收、PPOP 同比增速
| - 4 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 营收 | PPOP | ||||||||||||||||||||||
| 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | 环比变动 | 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | |||||||||||||
| 工商银行 | 4.0% | 6.2% | 7.5% | 7.8% | 5.2% | -2. | 6% | 2.8% | 5.7% | 6.9% | 5.5% | 6.1% | |||||||||||
| 建设银行 | 4.7% | 5.8% | 7.0% | 7.2% | 2.5% | - | 4. | 7% | 3.4% | 4.5% | 5.9% | 3.9% | 2.1% | ||||||||||
| 农业银行 | 3.5% | 7.6% | 9.3% | 9.3% | 5.1% | - | 4. | 3% | 3.8% | 7.7% | 10.0% | 7.4% | 5.8% | ||||||||||
| 中国银行 | 3.5% | 4.5% | 6.0% | 6.9% | 1.6% | - | 5. | 3% | 3.2% | 2.6% | 3.9% | 4.2% | -0.6% | ||||||||||
| 交通银行 | 7.0% | 6.8% | 8.8% | 10.3% | 3.6% | - | 6. | 7% | 10.5% | 9.0% | 11.6% | 9.2% | 1.3% | ||||||||||
| 邮储银行 | 7.2% | 7.7% | 10.2% | 11.4% | 10.1% | -1. | 3% | 7.2% | 7.7% | 11.9% | 8.1% | 10.5% | |||||||||||
| 招商银行 | 10.6% | 13.7% | 13.5% | 13.9% | 8.3% | - | 5. | 6% | 9.7% | 14.4% | 15.0% | 14.4% | 8.7% | ||||||||||
| 中信银行 | 0.8% | 3.5% | 4.0% | 5.0% | 4.1% | -1. | 0% | -1.3% | 2.3% | 2.5% | 1.2% | 2.8% | |||||||||||
| 浦发银行 | -10.7% | -4.0% | -3.6% | -2.9% | 0.8% | 3. | 7 | 7% | -14.9% | -7.4% | -6.0% | -6.0% | -0.3% | ||||||||||
| 民生银行 | -12.8% | -10.6% | -9.0% | -8.9% | -15.5% | - | 6. | 6% | -15.9% | -13.3% | -10.6% | -12.9% | -20.3% | ||||||||||
| 兴业银行 | 10.6% | 8.8% | 7.9% | 8.7% | 6.9% | -1. | 7% | 9.6% | 8.5% | 7.8% | 6.7% | -0.2% | |||||||||||
| 光大银行 | 3.5% | 6.7% | 9.2% | 7.1% | 0.2% | - | 6. | 9% | 3.1% | 6.0% | 9.6% | 5.2% | 0.0% | ||||||||||
| 华夏银行 | 0.0% | 1.1% | 2.6% | 0.6% | 1.6% | 1. | 1% | -1.8% | -1.9% | -1.0% | -1.1% | -3.5% | |||||||||||
| 平安银行 | 10.2% | 8.1% | 9.1% | 10.3% | 10.6% | 0. | 3% | 10.0% | 8.1% | 8.8% | 11.7% | 13.3% | |||||||||||
| 浙商银行 | -3.4% | 3.0% | 14.7% | 14.2% | 18.3% | 4. | 1 | 1% | -2.4% | 0.2% | 18.2% | 15.3% | 20.7% | ||||||||||
| 北京银行 | -3.2% | 0.5% | 3.2% | 3.0% | 2.0% | -1. | 0% | -7.1% | -4.3% | -1.1% | -1.1% | -2.8% | |||||||||||
| 南京银行 | 1.6% | 14.2% | 21.1% | 18.8% | 20.5% | 1. | 6 | 6% | -2.3% | 13.5% | 22.6% | 18.0% | 22.4% | ||||||||||
| 宁波银行 | 21.8% | 25.2% | 28.5% | 28.4% | 15.4% | -13 | .0% | 21.3% | 24.7% | 28.6% | 30.7% | 17.8% | |||||||||||
| 江苏银行 | 17.0% | 22.7% | 24.7% | 22.6% | 11.0% | -11 | .6% | 21.2% | 26.4% | 28.6% | 24.6% | 14.0% | |||||||||||
| 贵阳银行 | -14.7% | -9.4% | -6.7% | -6.7% | 2.5% | 9. | 2% | -18.6% | -12.5% | -10.6% | -11.3% | 3.4% | |||||||||||
| 杭州银行 | 14.2% | 15.7% | 20.0% | 18.4% | 15.7% | -2. | . | 6% | 16.8% | 15.8% | 19.9% | 17.1% | 13.9% | ||||||||||
| 上海银行 | 5.6% | 9.0% | 10.4% | 10.8% | 2.9% | - | 7. | 9% | 3.7% | 6.9% | 8.2% | 7.0% | 2.1% | ||||||||||
| 成都银行 | 20.0% | 25.3% | 26.0% | 22.5% | 17.6% | - | 4. | 9% | 20.4% | 27.9% | 27.9% | 24.4% | 14.9% | ||||||||||
| 长沙银行 | 1.2% | 17.3% | 19.7% | 15.8% | 12.0% | -3. | . | 7% | -2.0% | 19.8% | 21.8% | 17.9% | 13.6% | ||||||||||
| 青岛银行 | -2.5% | -12.5% | -2.7% | 5.7% | -5.7% | -11 | .4% | -6.1% | -18.5% | -9.0% | 5.1% | -12.0% | |||||||||||
| 郑州银行 | -14.4% | -9.9% | -4.5% | 1.3% | 7.2% | 5. | 9% | -17.1% | -11.5% | -5.9% | 0.5% | 15.4% | |||||||||||
| 西安银行 | 7.8% | 5.6% | 3.1% | 0.9% | -18.7% | -19 | .6% | 6.4% | 5.8% | 2.7% | 0.0% | -21.2% | |||||||||||
| 苏州银行 | 7.5% | 1.6% | 2.2% | 4.5% | 5.2% | 0. | 7% | 4.9% | -2.0% | -1.1% | 0.9% | 1.3% | |||||||||||
| 厦门银行 | -16.8% | -10.8% | 3.1% | -4.3% | 18.3% | 22. | 6% | -25.6% | -18.5% | -4.2% | -12.2% | 14.3% | |||||||||||
| 齐鲁银行 | 14.5% | 17.0% | 22.5% | 28.2% | 18.0% | -10 | .2% | 14.5% | 17.2% | 22.8% | 32.0% | 18.4% | |||||||||||
| 重庆银行 | 9.2% | 11.1% | 13.0% | 11.1% | -13.0% | -24 | .1% | 7.4% | 8.4% | 11.0% | 10.1% | -18.0% | |||||||||||
| 江阴银行 | -4.1% | -2.1% | -2.6% | 0.4% | 22.3% | 21. | 8% | -9.4% | -7.6% | -8.7% | -3.2% | 31.7% | |||||||||||
| 无锡银行 | 3.7% | 11.4% | 13.1% | 11.6% | 9.2% | -2. | . | 4% | 5.4% | 11.7% | 11.4% | 8.9% | 12.3% | ||||||||||
| 常熟银行 | 5.0% | 7.7% | 13.0% | 16.3% | 19.4% | 3. | 1 | % | 5.4% | 7.8% | 12.2% | 19.1% | 23.9% | ||||||||||
| 苏农银行 | -1.0% | 1.9% | 2.1% | 2.2% | 6.4% | 4. | 2% | -4.0% | 2.1% | 0.7% | 1.7% | 9.2% | |||||||||||
| 张家港行 | 6.8% | 5.0% | 10.7% | 10.0% | 11.8% | 1. | 8 | 8% | 5.0% | 1.6% | 10.2% | 9.7% | 29.6% | ||||||||||
| 青农商行 | -6.0% | 9.2% | 19.3% | 7.6% | -6.4% | -14 | .0% | -9.4% | 10.1% | 24.1% | 6.1% | -6.7% | |||||||||||
| 紫金银行 | -22.2% | -14.3% | -5.5% | 0.6% | 3.5% | 2. | 9 | % | -32.9% | -24.8% | -14.8% | -8.8% | 4.0% | ||||||||||
| 渝农商行 | 7.4% | 8.9% | 9.9% | 9.3% | 1.2% | - | 8. | 1% | 6.6% | 8.4% | 10.7% | 8.8% | -0.3% | ||||||||||
| 上市银行 | 3.7% | 5.9% | 7.4% | 7.8% | 4.4% | - | 3. | 4% | 2.6% | 4.9% | 6.8% | 5.5% | 3.6% | ||||||||||
| 国有行 | 4.5% | 6.3% | 7.8% | 8.3% | 4.3% | - | 4. | 0% | 3.9% | 5.6% | 7.4% | 5.7% | 3.9% | ||||||||||
| 股份行 | 1.6% | 4.0% | 5.0% | 5.3% | 3.5% | -1. | . | 7% | -0.4% | 2.5% | 4.2% | 3.3% | 1.6% | ||||||||||
| 城商行 | 6.0% | 10.5% | 13.8% | 13.4% | 9.0% | - | 4. | 5% | 4.1% | 8.8% | 12.5% | 11.9% | 8.4% | ||||||||||
| 农商行 | 1.2% | 6.0% | 9.6% | 8.5% | 4.6% | - | 3. | 9% | -1.4% | 4.6% | 9.3% | 7.1% | 5.6% | ||||||||||
| 资料来源：公司财报，中泰证券研究所 1.2 净利润情况：同比+8.6%；规 行业 1 季度净利润同比增 行、股份行、城商行和农商 城商行依旧是业绩增速最高 在资产质量相对干净的背景 净利润同比增速的环比变动 幅度基本匹配。板块间回落 商行和农商行，分别边际回 大多处于东部发达地区，资 最大。 业绩高增长的个股：邮储银 宁波、江苏、杭州、成都、江阴银行、无锡银行、苏农 - 5 - | 模和拨备驱动 速情况：上市银行整体净利润同比+8.6%；大 行分别同比 7.3%、9.4%、15.5%和 13.5%，板块。行业利润增速高于营收（同比+4.4%），下，拨备有释放利润的空间。 趋势：增速边际回落 4 个点，与营收端回落 幅度最大的是大行、其次依次是股份行、城 落 4.4、4.3、1 和 0.8 个点。城农商行由于 产质量仍处于改善通道，拨备反哺利润幅度 行、平安银行和兴业银行；城商行中的南京、青岛、苏州、厦门和齐鲁银行；农商行中的 银行、常熟银行和张家港银行，其中城农商 请务必阅读正文之后的重要声明部分 |
专题研究报告
行业绩同比增速在 20%以上。净利润高增：规模和拨备驱动。三年业绩 复合增速在 15%以上的个股有平安银行、宁波银行、江苏银行、杭州银 行、成都银行、青岛银行、苏州银行和张家港银行。
图表：上市银行归母净利润同比增速
| 归母净利润 | ||||||||||
| 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | 三年复合增速 | |||||
| 工商银行 | 1.5% | 9.9% | 10.1% | 10.3% | 5.7% | 3.4% | ||||
| 建设银行 | 2.8% | 11.4% | 12.8% | 11.6% | 6.8% | 4.9% | ||||
| 农业银行 | 2.6% | 12.4% | 12.9% | 11.7% | 7.4% | 4.9% | ||||
| 中国银行 | 2.7% | 11.8% | 12.2% | 12.3% | 7.0% | 4.3% | ||||
| 交通银行 | 2.3% | 15.1% | 22.1% | 11.9% | 6.3% | 3.5% | ||||
| 邮储银行 | 5.5% | 21.8% | 22.1% | 18.6% | 17.8% | 10.5% | ||||
| 招商银行 | 15.2% | 22.8% | 22.2% | 23.2% | 12.5% | 12.6% | ||||
| 中信银行 | 8.2% | 13.7% | 13.1% | 13.6% | 10.9% | 9.5% | ||||
| 浦发银行 | 7.7% | 3.0% | -7.2% | -9.1% | 3.7% | 5.6% | ||||
| 民生银行 | -11.4% | -6.7% | -4.9% | 0.2% | -6.9% | -4.6% | ||||
| 兴业银行 | 13.7% | 23.1% | 23.4% | 24.1% | 15.6% | 11.9% | ||||
| 光大银行 | 6.3% | 22.2% | 18.5% | 14.7% | 2.0% | 6.5% | ||||
| 华夏银行 | 10.6% | 17.6% | 14.7% | 10.6% | 5.1% | 6.9% | ||||
| 平安银行 | 18.5% | 28.5% | 30.1% | 25.6% | 26.8% | 19.9% | ||||
| 浙商银行 | 1.1% | 1.1% | 4.3% | 2.8% | 11.8% | 4.9% | ||||
| 北京银行 | 3.5% | 9.3% | 9.7% | 3.5% | 6.6% | 5.1% | ||||
| 南京银行 | 9.3% | 17.1% | 22.4% | 21.1% | 22.3% | 14.7% | ||||
| 宁波银行 | 18.3% | 21.4% | 26.9% | 29.9% | 20.8% | 19.1% | ||||
| 江苏银行 | 22.8% | 25.2% | 30.5% | 30.7% | 26.0% | 20.4% | ||||
| 贵阳银行 | 4.4% | 3.3% | 2.0% | 2.1% | 1.1% | 6.8% | ||||
| 杭州银行 | 16.3% | 23.1% | 26.2% | 29.8% | 31.4% | 22.2% | ||||
| 上海银行 | 6.1% | 10.3% | 10.6% | 5.5% | 5.4% | 5.3% | ||||
| 成都银行 | 18.0% | 23.1% | 22.2% | 30.0% | 28.9% | 19.3% | ||||
| 长沙银行 | 5.1% | 21.2% | 18.6% | 18.1% | 13.0% | 10.0% | ||||
| 青岛银行 | 16.2% | 17.4% | 20.4% | 22.1% | 21.9% | 15.7% | ||||
| 郑州银行 | 2.7% | 1.5% | 1.2% | 1.8% | 3.6% | 3.7% | ||||
| 西安银行 | -8.1% | 5.2% | 2.1% | 1.7% | -14.1% | -4.6% | ||||
| 苏州银行 | 14.8% | 16.2% | 17.1% | 20.8% | 20.6% | 15.0% | ||||
| 厦门银行 | 5.3% | 12.6% | 20.7% | 19.0% | 16.5% | |||||
| 齐鲁银行 | 8.2% | 12.0% | 14.0% | 20.5% | 20.1% | 12.6% | ||||
| 重庆银行 | 4.1% | 4.4% | 4.6% | 5.4% | 0.6% | 6.0% | ||||
| 江阴银行 | 8.6% | 15.4% | 15.6% | 20.5% | 20.6% | 12.3% | ||||
| 无锡银行 | 6.1% | 15.8% | 19.3% | 20.4% | 22.3% | 13.6% | ||||
| 常熟银行 | 4.7% | 15.6% | 19.0% | 21.4% | 23.4% | 13.8% | ||||
| 苏农银行 | 4.5% | 17.2% | 17.6% | 22.0% | 21.3% | 12.0% | ||||
| 张家港行 | 14.4% | 20.9% | 27.0% | 30.3% | 29.6% | 18.5% | ||||
| 青农商行 | 6.9% | 12.1% | 10.5% | 3.6% | 3.1% | 7.4% | ||||
| 紫金银行 | 2.2% | 2.7% | 2.6% | 5.1% | 10.6% | 7.7% | ||||
| 渝农商行 | 5.5% | 10.6% | 12.6% | 13.8% | 11.4% | 3.0% | ||||
| 上市银行 | 4.6% | 12.9% | 13.5% | 12.6% | 8.6% | 6. | 3% | |||
| 国有行 | 2.5% | 12.1% | 13.2% | 11.8% | 7.3% | 4.7% | ||||
| 股份行 | 8.4% | 14.5% | 13.5% | 13.7% | 9.4% | 8.6% | ||||
| 城商行 | 10.4% | 15.4% | 17.6% | 16.5% | 15.5% | 11.9% | ||||
| 农商行 | 6.0% | 12.1% | 13.6% | 14.4% | 13.5% | 6.8 | % | |||
| 资料来源：公司财报，中泰证券研究所 二、营收同比拆解：净利息收入 - 6 - | 同比向上；非息收入拖累 请务必阅读正文之后的重要声明部分 |
专题研究报告
2.1 净利息收入拆解：同比增速与环比边际变动
1、同比拆解：净利息收入同比+5.2%，资产规模同比+8.9%；规模扩张、息差同比降幅收窄
行业 1 季度净利息收入同比增 5.2%，其中生息资产同比增速 8.9%，净 息差同比下降 6bp；规模扩张是主要支撑。大行、股份行、城商行和农 商行净利息收入分别同比增 7%、0.7%、6.3%和 3.1%。大行净利息收入 增速最高，主要是净息差同比降幅小于其他板块。大企业定价已经在低 位，资产端下降空间有限。城商行板块则是规模驱动支撑，地区融资需 求仍是相对旺盛支撑城商行板块的利息收入高增长。
行业净利息收入同比增速较 2021 年边际走高 0.6 个点，资产规模扩张 和净息差同比降幅收窄共同支撑。对比 2021 年度：净利息收入同比增 4.6%，生息资产同比增长 8.3%，净息差同比下降 8bp。细分板块看，仅 大行板块净利息收入边际走高，中小银行净息差同比降幅仍未收敛，有 基数和 LPR 下降共同所致。基数来看，大行去年息差低点在 1 季度；中 小银行息差低点在 2 季度。去年底今年初 1 年期的 LPR 下行主要影响企 业短贷，对应主要是中小银行的授信客群。
净利息收入高增个股：交行、招行、浙商、宁波、江苏、成都、郑州、厦门、齐鲁、江阴和常熟银行，均实现同比 10%+的增长。其中郑州、江 阴和常熟银行有去年低基数支撑。浙商、宁波、厦门、齐鲁银行是规模 高增驱动。交行、招行、江苏和成都银行则是净息差同比正增贡献（成 都规模增长也不弱）。
图表：上市银行累积净利息收入同比增长拆解-1
| - 7 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 净利息收入同比增速 | 生息资产同比增速 | |||||||||||||||||||||||||||||||
| 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | 同比环比变动 | 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | 同比环比变动 | |||||||||||||||||||||
| 工商银行 | 3.5% | 5.1% | 5.9% | 6.8% | 6.4% | -0. | 4% | 7.1% | 6.3% | 6.2% | 6.0% | 8.5% | 2.5 | % | ||||||||||||||||||
| 建设银行 | 4.3% | 5.2% | 4.9% | 5.1% | 8.4% | 3. | 3% | 8.1% | 7.9% | 6.6% | 7.6% | 8.9% | 1 | .3% | ||||||||||||||||||
| 农业银行 | 4.8% | 6.1% | 5.9% | 6.0% | 7.7% | 1. | 7% | 9.1% | 8.4% | 6.7% | 7.4% | 8.9% | 1 | .5% | ||||||||||||||||||
| 中国银行 | 3.7% | 1.6% | 1.9% | 2.2% | 5.5% | 3. | 3% | 7.6% | 9.0% | 6.6% | 10.2% | 6.4% | -3.8% | |||||||||||||||||||
| 交通银行 | 4.9% | 6.3% | 4.6% | 5.5% | 10.3% | 4. | 9% | 7.1% | 7.2% | 6.6% | 9.4% | 10.5% | 1 | .2% | ||||||||||||||||||
| 邮储银行 | 5.8% | 6.2% | 6.5% | 6.3% | 4.1% | -2 | . | 2% | 10.7% | 11.4% | 9.9% | 10.8% | 11.1% | 0.3% | ||||||||||||||||||
| 招商银行 | 8.2% | 9.3% | 8.7% | 10.2% | 10.0% | -0. | 2% | 11.1% | 10.4% | 9.1% | 10.4% | 8.8% | -1.7% | |||||||||||||||||||
| 中信银行 | 1.3% | 0.2% | -1.7% | -1.7% | -1.2% | 0. | 5% | 10.9% | 10.3% | 7.6% | 7.3% | 5.4% | -1.9% | |||||||||||||||||||
| 浦发银行 | -8.1% | -3.5% | -1.8% | -1.9% | 2.5% | 4. | 4% | 11.2% | 8.8% | 6.1% | 2.7% | 4.7% | 1.9 | % | ||||||||||||||||||
| 民生/银行 | 0.7% | -4.7% | -6.9% | -7.0% | -18.7% | -11 | .7% | 1.3% | -1.3% | 1.5% | 0.3% | 1.7% | 1 | .4% | ||||||||||||||||||
| 兴业银行 | 12.1% | 6.5% | 0.8% | 1.5% | 2.4% | 0. | 9% | 7.8% | 7.8% | 11.9% | 9.7% | 10.2% | 0.4% | |||||||||||||||||||
| 光大银行 | 2.7% | 2.3% | 2.2% | 1.3% | 0.1% | -1 | . | 2% | 6.8% | 7.1% | 7.5% | 10.4% | 12.0% | 1 | .6% | |||||||||||||||||
| 华夏银行 | 3.9% | 1.0% | -0.3% | -2.9% | -7.5% | -4. | 6% | 11.3% | 7.4% | 6.4% | 8.2% | 10.1% | 1.9 | % | ||||||||||||||||||
| 平安银行 | 8.5% | 6.8% | 5.9% | 6.1% | 7.3% | 1. | 3% | 11.2% | 13.2% | 12.0% | 10.8% | 12.5% | 1 | .7% | ||||||||||||||||||
| 浙商银行 | 7.3% | 10.8% | 12.2% | 13.1% | 14.2% | 1. | 1% | 12.8% | 8.2% | 20.1% | 12.7% | 20.4% | 7.6% | |||||||||||||||||||
| 北京银行 | 0.2% | -0.6% | 0.1% | -0.4% | 0.7% | 1. | 1% | 8.1% | 5.4% | 6.0% | 5.0% | 3.0% | -2.0% | |||||||||||||||||||
| 南京银行 | 17.4% | 17.4% | 16.7% | 14.4% | -0.9% | -15 | .3% | 9.9% | 14.2% | 14.9% | 15.8% | 16.2% | 0.5% | |||||||||||||||||||
| 宁波银行 | 32.1% | 21.9% | 17.8% | 17.4% | 12.6% | -4. | 8% | 19.6% | 21.7% | 24.8% | 25.7% | 30.8% | 5.1% | |||||||||||||||||||
| 江苏银行 | 34.3% | 33.2% | 28.1% | 23.0% | 13.7% | -9. | 3% | 13.8% | 14.5% | 13.8% | 11.9% | 10.1% | -1.8% | |||||||||||||||||||
| 贵阳银行 | -1.2% | -3.2% | -5.3% | -5.3% | 0.9% | 6. | 2% | 5.3% | 3.7% | 3.0% | 3.0% | 4.4% | 1 | .4% | ||||||||||||||||||
| 杭州银行 | 17.1% | 13.4% | 11.2% | 9.1% | 1.4% | -7. | 7% | 17.6% | 20.2% | 19.8% | 19.4% | 18.6% | -0.9% | |||||||||||||||||||
| 上海银行 | 9.7% | 8.3% | 6.9% | 11.1% | 9.1% | -2 | . | 0% | 11.7% | 10.0% | 9.6% | 8.4% | 8.3% | -0.1% | ||||||||||||||||||
| 成都银行 | 19.9% | 19.8% | 22.4% | 21.9% | 19.4% | -2 | . | 5% | 24.7% | 19.8% | 17.0% | 18.0% | 17.7% | -0.3% | ||||||||||||||||||
| 长沙银行 | 10.3% | 13.5% | 11.7% | 7.7% | 8.7% | 1. | 0% | 18.5% | 16.7% | 15.5% | 13.0% | 12.6% | -0.4% | |||||||||||||||||||
| 青岛银行 | 1.4% | -2.1% | -7.0% | -6.2% | -4.7% | 1. | 5% | 20.2% | 14.4% | 13.7% | 14.1% | 12.8% | -1.3% | |||||||||||||||||||
| 郑州银行 | 4.3% | 5.9% | 4.4% | 6.3% | 12.5% | 6. | 1% | 1.2% | 5.2% | 3.9% | 4.0% | 3.4% | -0.6% | |||||||||||||||||||
| 西安银行 | 8.6% | 6.3% | 0.9% | -3.5% | -9.8% | -6. | 3% | 10.2% | 8.2% | 10.5% | 12.4% | 9.2% | -3.2% | |||||||||||||||||||
| 苏州银行 | 6.1% | 2.0% | 0.3% | 0.1% | -1.0% | -1 | . | 1% | 12.8% | 15.2% | 15.0% | 16.9% | 14.6% | -2.2% | ||||||||||||||||||
| 厦门银行 | 9.4% | 13.1% | 11.1% | -3.9% | 10.5% | 14. | 4% | 15.2% | 15.9% | 18.8% | 16.4% | 20.1% | 3.7% | |||||||||||||||||||
| 齐鲁银行 | 14.0% | 14.4% | 17.9% | 16.7% | 14.3% | -2 | . | 4% | 22.0% | 23.0% | 24.6% | 20.6% | 20.1% | -0.5% | ||||||||||||||||||
| 重庆银行 | 10.3% | 4.9% | 5.5% | 4.9% | -6.6% | -11 | .5% | N.A. | 13.9% | 12.0% | 10.2% | 9.8% | -0.5% | |||||||||||||||||||
| 江阴银行 | 0.0% | 4.6% | 7.3% | 10.6% | 22.1% | 11. | 5% | 9.3% | 9.2% | 7.7% | 7.3% | 9.8% | 2.5 | % | ||||||||||||||||||
| 无锡银行 | 6.6% | 8.3% | 7.0% | 6.9% | 5.5% | -1 | . | 4% | 12.6% | 13.6% | 15.0% | 12.6% | 9.3% | -3.3% | ||||||||||||||||||
| 常熟银行 | -0.5% | 3.1% | 8.1% | 12.1% | 24.0% | 11. | 8% | 17.0% | 13.5% | 18.0% | 18.1% | 17.9% | -0.2% | |||||||||||||||||||
| 苏农银行 | 2.9% | 3.9% | 3.8% | 1.1% | 5.5% | 4. | 4% | 8.7% | 14.4% | 15.8% | 14.6% | 15.5% | 0.8% | |||||||||||||||||||
| 张家港行 | -1.0% | 1.4% | 2.6% | 2.5% | 5.7% | 3. | 1% | 16.4% | 17.6% | 18.2% | 14.6% | 18.1% | 3.5% | |||||||||||||||||||
| 青农商行 | 7.3% | 5.8% | 5.2% | -0.4% | -6.2% | -5 | .8% | 20.5% | 14.4% | 9.5% | 5.9% | 4.4% | -1.4% | |||||||||||||||||||
| 紫金银行 | 2.3% | 1.2% | 1.4% | 3.1% | -2.1% | -5. | 1% | 11.0% | 7.7% | -0.2% | -5.2% | -0.1% | 5.0% | |||||||||||||||||||
| 渝农商行 | 9.5% | 8.5% | 8.3% | 8.2% | -0.8% | -9 | .0% | 13.0% | 14.0% | 12.8% | 11.6% | 10.3% | -1.3% | |||||||||||||||||||
| 上市银行 | 4.8% | 4.8% | 4.4% | 4.6% | 5.2% | 0. | 5% | 8.8% | 8.4% | 7.7% | 8.3% | 8.9% | 0.6% | |||||||||||||||||||
| 国有行 | 4.3% | 5.0% | 5.0% | 5.4% | 7.0% | 1. | 6 | 6% | 8.1% | 8.0% | 6.8% | 8.0% | 8.7% | 0.6% | ||||||||||||||||||
| 股份行 | 3.7% | 2.7% | 1.5% | 1.6% | 0.7% | -0 | . | 9% | 8.9% | 7.8% | 8.2% | 7.5% | 8.2% | 0.7% | ||||||||||||||||||
| 城商行 | 13.7% | 11.9% | 10.2% | 9.4% | 6.3% | - | 3 | .1% | 12.8% | 12.6% | 12.7% | 12.3% | 12.1% | -0.2% | ||||||||||||||||||
| 农商行 | 5.8% | 6.0% | 6.6% | 6.3% | 3.1% | - | 3. | 2% | 14.0% | 13.4% | 11.9% | 10.0% | 9.7% | - | -0.2% | |||||||||||||||||
| 资料来源：公司财报，中泰证券研究所 净息差同比拆解：行业年化 有所收敛。资产端降幅收窄 化持续，大行、股份行、城 10 和 13bp（VS 2021 年同 小于其他板块，预计是对大 股份行和农商行板块是息差 的压力，股份行对应的中大 商行则是负债端成本上升的 从边际变动看，仅大行息 主要是基数和 LPR 影响的客 图表：上市银行累积净利息收入同比增长拆解-2 - 8 - | 净息差同比下降 6bp，较 2021 年度 8bp 降幅 是主要支撑；负债端则转为拖累项。板块分 商行和农商行净息差分别同比下降 2、14、比下降 5、14、7 和 12bp）。从降幅看，大行 企业定价已经在低位，资产端下降空间有限。 同比降幅最大的，股份行是资产端定价下行 型企业在利率下行中定价下降空间较大。农 压力，行业存款竞争激烈、揽储压力增大。差降幅在收敛，其他板块则是保持边际平稳。群所致。 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 累积年化净息差 | 同比变动 | |||||||||||
| 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | |||
| 工商银行 | 2.01% | 2.00% | 2.01% | 2.03% | 2.00% | -0.10% | -0.05% | -0.03% | -0.01% | -0.02% | ||
| 建设银行 | 2.07% | 2.05% | 2.05% | 2.07% | 2.07% | -0.10% | -0.07% | -0.06% | -0.06% | 0.00% | ||
| 农业银行 | 2.02% | 2.02% | 2.03% | 2.04% | 2.01% | -0.09% | -0.05% | -0.05% | -0.04% | -0.01% | ||
| 中国银行 | 1.72% | 1.69% | 1.69% | 1.69% | 1.67% | -0.06% | -0.10% | -0.09% | -0.10% | -0.04% | ||
| 交通银行 | 1.44% | 1.44% | 1.45% | 1.46% | 1.45% | -0.03% | -0.01% | -0.04% | -0.03% | 0.00% | ||
| 邮储银行 | 2.27% | 2.23% | 2.24% | 2.23% | 2.13% | -0.11% | -0.10% | -0.09% | -0.09% | -0.14% | ||
| 招商银行 | 2.36% | 2.33% | 2.33% | 2.34% | 2.37% | -0.07% | -0.04% | -0.04% | -0.01% | 0.01% | ||
| 中信银行 | 1.98% | 1.95% | 1.93% | 1.92% | 1.84% | -0.19% | -0.20% | -0.23% | -0.22% | -0.14% | ||
| 浦发银行 | 1.73% | 1.73% | 1.72% | 1.73% | 1.71% | -0.38% | -0.26% | -0.20% | -0.18% | -0.02% | ||
| 民生/银行 | 2.02% | 1.95% | 1.93% | 1.87% | 1.62% | -0.04% | -0.12% | -0.17% | -0.16% | -0.39% | ||
| 兴业银行 | 1.88% | 1.82% | 1.77% | 1.79% | 1.75% | 0.06% | -0.03% | -0.15% | -0.14% | -0.13% | ||
| 光大银行 | 2.06% | 2.03% | 2.03% | 2.01% | 1.86% | -0.14% | -0.13% | -0.12% | -0.15% | -0.21% | ||
| 华夏银行 | 2.37% | 2.34% | 2.32% | 2.26% | 2.01% | -0.18% | -0.21% | -0.22% | -0.28% | -0.36% | ||
| 平安银行 | 2.69% | 2.64% | 2.62% | 2.61% | 2.59% | -0.09% | -0.14% | -0.16% | -0.15% | -0.11% | ||
| 浙商银行 | 2.03% | 2.02% | 1.96% | 1.97% | 1.99% | -0.11% | -0.01% | -0.03% | -0.01% | -0.04% | ||
| 北京银行 | 1.75% | 1.71% | 1.71% | 1.72% | 1.69% | -0.12% | -0.12% | -0.11% | -0.11% | -0.06% | ||
| 南京银行 | 1.79% | 1.72% | 1.68% | 1.65% | 1.53% | 0.09% | 0.08% | 0.05% | 0.01% | -0.26% | ||
| 宁波银行 | 2.08% | 1.91% | 1.89% | 1.84% | 1.83% | 0.18% | 0.01% | -0.07% | -0.09% | -0.26% | ||
| 江苏银行 | 1.85% | 1.85% | 1.86% | 1.84% | 1.89% | 0.29% | 0.27% | 0.21% | 0.14% | 0.04% | ||
| 贵阳银行 | 2.24% | 2.27% | 2.26% | 2.29% | 2.18% | -0.14% | -0.18% | -0.23% | -0.22% | -0.06% | ||
| 杭州银行 | 1.80% | 1.73% | 1.68% | 1.64% | 1.53% | 0.02% | -0.06% | -0.10% | -0.14% | -0.27% | ||
| 上海银行 | 1.52% | 1.53% | 1.52% | 1.58% | 1.53% | -0.01% | -0.03% | -0.04% | 0.02% | 0.01% | ||
| 成都银行 | 1.88% | 1.90% | 1.95% | 1.99% | 1.90% | -0.02% | -0.01% | 0.05% | 0.04% | 0.03% | ||
| 长沙银行 | 2.12% | 2.16% | 2.15% | 2.13% | 2.04% | -0.14% | -0.07% | -0.10% | -0.17% | -0.08% | ||
| 青岛银行 | 1.80% | 1.70% | 1.65% | 1.61% | 1.51% | -0.36% | -0.36% | -0.43% | -0.39% | -0.29% | ||
| 郑州银行 | 2.10% | 2.19% | 2.21% | 2.25% | 2.28% | 0.00% | 0.03% | 0.00% | 0.04% | 0.18% | ||
| 西安银行 | 2.03% | 1.98% | 1.91% | 1.85% | 1.65% | -0.03% | -0.06% | -0.17% | -0.26% | -0.38% | ||
| 苏州银行 | 1.99% | 1.92% | 1.87% | 1.83% | 1.71% | -0.13% | -0.22% | -0.26% | -0.27% | -0.29% | ||
| 厦门银行 | 1.43% | 1.45% | 1.44% | 1.46% | 1.33% | -0.08% | -0.03% | -0.07% | -0.31% | -0.09% | ||
| 齐鲁银行 | 1.87% | 1.84% | 1.91% | 1.89% | 1.77% | -0.09% | -0.10% | -0.06% | -0.08% | -0.09% | ||
| 重庆银行 | 2.01% | 1.92% | 1.96% | 1.95% | 1.71% | -0.08% | -0.16% | -0.13% | -0.13% | -0.30% | ||
| 江阴银行 | 1.81% | 1.84% | 1.89% | 1.94% | 2.04% | -0.20% | -0.10% | -0.04% | 0.02% | 0.23% | ||
| 无锡银行 | 1.82% | 1.81% | 1.79% | 1.80% | 1.73% | -0.09% | -0.07% | -0.10% | -0.10% | -0.09% | ||
| 常熟银行 | 2.73% | 2.81% | 2.86% | 2.90% | 2.87% | -0.42% | -0.31% | -0.19% | -0.10% | 0.14% | ||
| 苏农银行 | 2.24% | 2.11% | 2.18% | 2.06% | 2.05% | -0.15% | -0.15% | -0.18% | -0.24% | -0.18% | ||
| 张家港行 | 2.44% | 2.40% | 2.43% | 2.40% | 2.21% | -0.44% | -0.37% | -0.35% | -0.33% | -0.22% | ||
| 青农商行 | 1.93% | 1.94% | 1.95% | 1.90% | 1.72% | -0.22% | -0.22% | -0.19% | -0.27% | -0.21% | ||
| 紫金银行 | 1.82% | 1.77% | 1.77% | 1.81% | 1.83% | -0.13% | -0.14% | -0.09% | -0.02% | 0.01% | ||
| 渝农商行 | 2.24% | 2.21% | 2.20% | 2.16% | 2.00% | -0.04% | -0.08% | -0.08% | -0.08% | -0.24% | ||
| 上市银行 | 1.98% | 1.96% | 1.96% | 1.96% | 1.92% | -0.09% | -0.08% | -0.08% | -0.08% | -0.06% | ||
| 国有行 | 1.95% | 1.94% | 1.94% | 1.95% | 1.93% | -0.08% | -0.06% | -0.06% | -0.05% | -0.02% | ||
| 股份行 | 2.09% | 2.05% | 2.03% | 2.02% | 1.95% | -0.12% | -0.13% | -0.15% | -0.14% | -0.14% | ||
| 城商行 | 1.83% | 1.80% | 1.79% | 1.79% | 1.73% | -0.01% | -0.04% | -0.06% | -0.07% | -0.10% | ||
| 农商行 | 2.15% | 2.14% | 2.15% | 2.12% | 2.02% | -0.15% | -0.14% | -0.12% | -0.12% | -0.13% | ||
资料来源：公司财报，中泰证券研究所
行业生息资产收益率同比下降 4bp（VS 2021 年度同比下降 10bp），资产 收益率同比降幅继续收窄。主要是大行和股份行降幅收敛支撑，大行、股份行、城商行和农商行资产端收益率分别同比变动+3、-18、-14 和-10bp，2021 年度同比变动-6、-21、-12 和-2bp。城商行和农商行同比 降幅仍在扩张、尤其是农商行，去年底今年初 1 年期 LPR 下降对短期贷 款定价影响较大。
计息负债付息率同比上升 3bp（VS 2021 年度同比下降 2bp），负债端转 为拖累项。行业揽储压力增大，存款呈定期化趋势，一定程度拉高负债 端资金成本。另资金市场利率处于震荡波动，对行业主动负债成本的缓 释力度也在下降。板块负债端情况：大行和农商行为拖累项，股份行和 城商行仍是正向贡献，但贡献度边际降低。大行、股份行、城商行和农 商行负债端成本分别同比变动+6、-4、-3 和+4bp，2021 年同比变动-1、-7、-4、+11bp。存款占比较高的大行和农商行板块成本上行较多，预计 存款定期化拖累。股份行和城商行仍一定程度受益于相对高占比的主动 负债。
| 图表：上市银行累积资负收益付息率同比增长拆解 - 9 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 |
| 生息资产收益率 | 同比变动 | 累积计息负债付息率 | 同比变动 | |||||||||||||||||
| 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | |
| 工商银行 | 3.37% | 3.36% | 3.38% | 3.42% | 3.44% | -0.19% | -0.13% | -0.07% | -0.02% | 0.07% | 1.51% | 1.52% | 1.53% | 1.56% | 1.63% | -0.10% | -0.08% | -0.04% | -0.01% | 0.11% |
| 建设银行 | 3.59% | 3.58% | 3.59% | 3.61% | 3.62% | -0.11% | -0.08% | -0.05% | -0.04% | 0.03% | 1.73% | 1.74% | 1.75% | 1.76% | 1.76% | -0.02% | -0.02% | 0.01% | 0.02% | 0.03% |
| 农业银行 | 3.50% | 3.53% | 3.54% | 3.55% | 3.56% | -0.10% | -0.04% | -0.01% | 0.00% | 0.07% | 1.65% | 1.68% | 1.68% | 1.70% | 1.75% | -0.01% | 0.01% | 0.04% | 0.05% | 0.09% |
| 中国银行 | 3.14% | 3.14% | 3.14% | 3.15% | 3.14% | -0.29% | -0.22% | -0.15% | -0.13% | 0.00% | 1.57% | 1.59% | 1.59% | 1.60% | 1.61% | -0.25% | -0.14% | -0.07% | -0.04% | 0.04% |
| 交通银行 | 3.38% | 3.38% | 3.40% | 3.41% | 3.39% | -0.39% | -0.29% | -0.22% | -0.18% | 0.01% | 2.13% | 2.14% | 2.15% | 2.16% | 2.15% | -0.39% | -0.30% | -0.20% | -0.16% | 0.02% |
| 邮储银行 | 3.74% | 3.73% | 3.75% | 3.74% | 3.61% | -0.07% | -0.07% | -0.07% | -0.08% | -0.13% | 1.59% | 1.61% | 1.62% | 1.62% | 1.60% | 0.05% | 0.04% | 0.03% | 0.02% | 0.01% |
| 招商银行 | 3.76% | 3.73% | 3.75% | 3.76% | 3.75% | -0.35% | -0.27% | -0.21% | -0.15% | -0.01% | 1.58% | 1.58% | 1.60% | 1.60% | 1.57% | -0.31% | -0.25% | -0.18% | -0.15% | -0.01% |
| 中信银行 | 4.03% | 4.01% | 3.99% | 3.97% | 3.82% | -0.42% | -0.34% | -0.30% | -0.26% | -0.20% | 2.23% | 2.25% | 2.25% | 2.25% | 2.18% | -0.26% | -0.16% | -0.08% | -0.04% | -0.06% |
| 浦发银行 | 3.80% | 3.81% | 3.81% | 3.82% | 3.73% | -0.48% | -0.33% | -0.29% | -0.23% | -0.07% | 2.27% | 2.28% | 2.28% | 2.29% | 2.22% | -0.12% | -0.08% | -0.09% | -0.05% | -0.05% |
| 民生/银行 | 4.21% | 4.17% | 4.17% | 4.12% | 3.85% | -0.29% | -0.26% | -0.23% | -0.18% | -0.37% | 2.35% | 2.38% | 2.40% | 2.42% | 2.40% | -0.26% | -0.13% | -0.05% | 0.00% | 0.05% |
| 兴业银行 | 3.97% | 3.90% | 3.85% | 3.87% | 3.77% | -0.15% | -0.19% | -0.26% | -0.21% | -0.20% | 2.31% | 2.30% | 2.30% | 2.30% | 2.24% | -0.22% | -0.16% | -0.10% | -0.06% | -0.07% |
| 光大银行 | 4.14% | 4.11% | 4.12% | 4.10% | 3.90% | -0.31% | -0.28% | -0.21% | -0.21% | -0.24% | 2.29% | 2.28% | 2.30% | 2.30% | 2.24% | -0.18% | -0.16% | -0.09% | -0.06% | -0.05% |
| 华夏银行 | 4.45% | 4.42% | 4.40% | 4.34% | 4.09% | -0.18% | -0.18% | -0.17% | -0.22% | -0.37% | 2.32% | 2.32% | 2.32% | 2.32% | 2.30% | -0.02% | 0.04% | 0.05% | 0.06% | -0.01% |
| 平安银行 | 4.71% | 4.67% | 4.64% | 4.63% | 4.56% | -0.43% | -0.36% | -0.30% | -0.26% | -0.15% | 2.23% | 2.24% | 2.24% | 2.24% | 2.20% | -0.37% | -0.26% | -0.17% | -0.13% | -0.03% |
| 浙商银行 | 4.51% | 4.48% | 4.33% | 4.35% | 4.24% | -0.28% | -0.14% | -0.26% | -0.24% | -0.26% | 2.66% | 2.64% | 2.63% | 2.63% | 2.42% | -0.21% | -0.17% | -0.20% | -0.19% | -0.24% |
| 北京银行 | 3.79% | 3.79% | 3.81% | 3.81% | 3.69% | -0.32% | -0.25% | -0.20% | -0.17% | -0.11% | 2.25% | 2.30% | 2.31% | 2.32% | 2.25% | -0.23% | -0.15% | -0.11% | -0.07% | 0.00% |
| 南京银行 | 4.07% | 3.98% | 3.96% | 3.92% | 3.71% | -0.06% | -0.09% | -0.10% | -0.13% | -0.36% | 2.50% | 2.49% | 2.49% | 2.49% | 2.38% | -0.16% | -0.18% | -0.16% | -0.15% | -0.12% |
| 宁波银行 | 3.95% | 3.84% | 3.84% | 3.82% | 3.68% | -0.13% | -0.14% | -0.16% | -0.11% | -0.27% | 2.09% | 2.16% | 2.17% | 2.21% | 2.06% | -0.34% | -0.17% | -0.11% | -0.04% | -0.03% |
| 江苏银行 | 4.24% | 4.26% | 4.27% | 4.25% | 4.22% | -0.01% | 0.03% | 0.04% | 0.00% | -0.02% | 2.60% | 2.60% | 2.62% | 2.61% | 2.53% | -0.29% | -0.24% | -0.16% | -0.14% | -0.07% |
| 贵阳银行 | 4.95% | 5.03% | 5.06% | 5.09% | 4.81% | -0.07% | -0.04% | 0.00% | -0.02% | -0.14% | 2.84% | 2.91% | 2.96% | 2.96% | 2.81% | 0.07% | 0.15% | 0.24% | 0.23% | -0.03% |
| 杭州银行 | 3.92% | 3.85% | 3.82% | 3.81% | 3.70% | -0.15% | -0.16% | -0.15% | -0.14% | -0.22% | 2.33% | 2.33% | 2.34% | 2.37% | 2.37% | -0.18% | -0.12% | -0.07% | -0.02% | 0.03% |
| 上海银行 | 3.55% | 3.56% | 3.56% | 3.64% | 3.56% | -0.18% | -0.09% | -0.06% | 0.02% | 0.01% | 2.23% | 2.23% | 2.24% | 2.26% | 2.22% | -0.20% | -0.09% | -0.03% | -0.01% | -0.01% |
| 成都银行 | 3.85% | 3.91% | 3.98% | 4.02% | 3.94% | -0.07% | 0.04% | 0.14% | 0.14% | 0.09% | 2.16% | 2.21% | 2.23% | 2.24% | 2.24% | -0.04% | 0.08% | 0.12% | 0.13% | 0.08% |
| 长沙银行 | 4.31% | 4.35% | 4.32% | 4.30% | 4.18% | -0.20% | -0.09% | -0.13% | -0.18% | -0.14% | 2.41% | 2.42% | 2.40% | 2.40% | 2.35% | -0.06% | -0.01% | -0.02% | 0.00% | -0.05% |
| 青岛银行 | 3.91% | 3.86% | 3.86% | 3.83% | 3.74% | -0.49% | -0.43% | -0.46% | -0.39% | -0.18% | 2.24% | 2.29% | 2.34% | 2.35% | 2.36% | -0.16% | -0.08% | -0.04% | 0.00% | 0.12% |
| 郑州银行 | 4.72% | 4.79% | 4.81% | 4.82% | 4.70% | 0.14% | 0.16% | 0.14% | 0.12% | -0.01% | 2.74% | 2.72% | 2.72% | 2.69% | 2.58% | 0.09% | 0.09% | 0.12% | 0.06% | -0.16% |
| 西安银行 | 4.39% | 4.40% | 4.35% | 4.29% | 4.03% | -0.05% | 0.00% | -0.10% | -0.18% | -0.37% | 2.66% | 2.72% | 2.73% | 2.73% | 2.65% | -0.02% | 0.08% | 0.08% | 0.09% | -0.01% |
| 苏州银行 | 4.23% | 4.22% | 4.21% | 4.19% | 4.05% | -0.31% | -0.28% | -0.24% | -0.25% | -0.18% | 2.38% | 2.44% | 2.48% | 2.49% | 2.48% | -0.21% | -0.08% | 0.00% | 0.01% | 0.10% |
| 厦门银行 | 3.72% | 3.73% | 3.72% | 3.74% | 3.62% | -0.23% | -0.14% | -0.15% | -0.38% | -0.09% | 2.54% | 2.52% | 2.53% | 2.53% | 2.53% | -0.12% | -0.08% | -0.04% | -0.05% | -0.01% |
| 齐鲁银行 | 3.97% | 3.96% | 4.01% | 4.01% | 3.82% | -0.13% | -0.11% | -0.11% | -0.09% | -0.15% | 2.27% | 2.30% | 2.29% | 2.30% | 2.22% | -0.02% | 0.02% | -0.02% | 0.01% | -0.05% |
| 重庆银行 | 4.66% | 4.57% | 4.61% | 4.61% | 4.31% | -0.22% | -0.18% | -0.13% | -0.12% | -0.35% | 2.91% | 2.96% | 2.95% | 2.95% | 2.86% | -0.10% | 0.02% | 0.02% | 0.02% | -0.05% |
| 江阴银行 | 3.86% | 3.88% | 3.94% | 3.97% | 3.98% | -0.12% | -0.09% | -0.04% | 0.02% | 0.12% | 2.29% | 2.28% | 2.30% | 2.28% | 2.18% | 0.07% | 0.00% | -0.01% | -0.01% | -0.11% |
| 无锡银行 | 3.99% | 4.00% | 3.99% | 4.00% | 3.89% | -0.16% | -0.11% | -0.13% | -0.11% | -0.10% | 2.41% | 2.44% | 2.45% | 2.45% | 2.41% | -0.06% | -0.02% | 0.00% | 0.02% | 0.00% |
| 常熟银行 | 4.72% | 4.85% | 4.92% | 4.97% | 4.96% | -0.45% | -0.30% | -0.20% | -0.09% | 0.23% | 2.26% | 2.30% | 2.32% | 2.34% | 2.36% | -0.05% | -0.02% | -0.04% | -0.02% | 0.10% |
| 苏农银行 | 4.02% | 3.93% | 4.04% | 3.91% | 3.85% | -0.18% | -0.10% | -0.09% | -0.14% | -0.17% | 1.99% | 2.02% | 2.08% | 2.07% | 2.02% | -0.03% | 0.06% | 0.12% | 0.13% | 0.03% |
| 张家港行 | 4.59% | 4.58% | 4.63% | 4.64% | 4.39% | -0.28% | -0.19% | -0.16% | -0.13% | -0.19% | 2.38% | 2.43% | 2.46% | 2.51% | 2.47% | 0.16% | 0.21% | 0.23% | 0.25% | 0.09% |
| 青农商行 | 3.88% | 3.91% | 3.95% | 3.92% | 3.76% | -0.22% | -0.15% | -0.09% | -0.15% | -0.13% | 2.14% | 2.17% | 2.20% | 2.22% | 2.24% | 0.00% | 0.09% | 0.13% | 0.14% | 0.10% |
| 紫金银行 | 3.80% | 3.77% | 3.83% | 3.89% | 3.91% | -0.06% | 0.02% | 0.13% | 0.18% | 0.11% | 2.16% | 2.18% | 2.26% | 2.28% | 2.29% | 0.07% | 0.17% | 0.23% | 0.22% | 0.13% |
| 渝农商行 | 4.29% | 4.28% | 4.28% | 4.25% | 4.06% | -0.08% | -0.03% | -0.01% | 0.02% | -0.23% | 2.26% | 2.29% | 2.30% | 2.32% | 2.28% | -0.07% | 0.03% | 0.07% | 0.10% | 0.02% |
| 上市银行 | 3.66% | 3.65% | 3.65% | 3.66% | 3.61% | -0.22% | -0.16% | -0.12% | -0.10% | -0.04% | 1.86% | 1.87% | 1.88% | 1.89% | 1.89% | -0.14% | -0.09% | -0.04% | -0.02% | 0.03% |
| 国有行 | 3.43% | 3.43% | 3.45% | 3.46% | 3.46% | -0.18% | -0.13% | -0.08% | -0.06% | 0.03% | 1.65% | 1.67% | 1.68% | 1.69% | 1.72% | -0.10% | -0.07% | -0.02% | -0.01% | 0.06% |
| 股份行 | 4.08% | 4.05% | 4.03% | 4.03% | 3.90% | -0.33% | -0.27% | -0.25% | -0.21% | -0.18% | 2.19% | 2.20% | 2.20% | 2.21% | 2.15% | -0.23% | -0.16% | -0.10% | -0.07% | -0.04% |
| 城商行 | 4.02% | 4.00% | 4.00% | 4.01% | 3.88% | -0.23% | -0.16% | -0.13% | -0.12% | -0.14% | 2.39% | 2.41% | 2.42% | 2.43% | 2.36% | -0.19% | -0.11% | -0.06% | -0.04% | -0.03% |
| 农商行 | 4.18% | 4.18% | 4.21% | 4.20% | 4.07% | -0.16% | -0.09% | -0.04% | -0.02% | -0.10% | 2.24% | 2.26% | 2.29% | 2.31% | 2.28% | -0.02% | 0.05% | 0.09% | 0.11% | 0.04% |
| 资料来源：公司财报，中泰证券研究所 2、环比拆解：趋势分析 行业 1 季度净利息收入环比 差环比下降 5bp。大行、股 增 0.5%、0.2%、1.1%和 1.5 行是规模高增驱动；农商行 宁波、江苏、杭州、苏州和 增长，其中杭州和苏州银行 行业净息差拆解：资产端收 下降。行业净息差环比下降 差分别环比下降 5、4、5 和 2 大行、股份行、城商行和农 和 8bp。中小银行环比降幅 大行、股份行、城商行和农 - 10 - | +0.5%，规模是主要支撑、环比+4.7%，净息 份行、城商行和农商行净利息收入分别环比 %。城商行和农商行板块环比增速最高，城商 是息差环比降幅较小。个股方面平安、浙商、苏农银行净利息收入实现环比 3.5 个点以上 是规模驱动，其余则是量价齐升共同贡献。 益率环比下降，同时负债端成本环比也环比 5bp，大行、股份行、城商行和农商行净息 bp。其中行业生息资产收益率环比下降 7bp。商行资产端收益率分别环比下降 5、10、13 最大。行业负债端资金成本环比下降 3bp。商行负债端付息率分别环比变动 0、-7、-9 请务必阅读正文之后的重要声明部分 |
专题研究报告
和-6bp。同样也是中小银行缓释幅度最大。
图表：上市银行单季净利息收入环比增长
| 净利息收入环比 | 生息资产环比增速 | 单季年化净息差 | ||||||
| 4Q21 | 1Q22 | 4Q21 | 1Q22 | 4Q21 | 1Q22 | Q4环比变动 | Q1环比变动 | |
| 工商银行 | 2.7% | -1.3% | -0.9% | 6.1% | 2.08% | 2.00% | 0.05% | -0.08% |
| 建设银行 | 3.4% | 1.4% | 0.5% | 5.4% | 2.10% | 2.07% | 0.05% | -0.03% |
| 农业银行 | 1.3% | 1.8% | 0.7% | 6.1% | 2.04% | 2.01% | 0.00% | -0.03% |
| 中国银行 | 1.8% | 0.7% | 1.7% | 2.8% | 1.70% | 1.67% | 0.02% | -0.03% |
| 交通银行 | 4.1% | 0.2% | 1.4% | 5.8% | 1.50% | 1.45% | 0.04% | -0.05% |
| 邮储银行 | -0.4% | 0.3% | 2.8% | 5.6% | 2.21% | 2.13% | -0.04% | -0.08% |
| 招商银行 | 3.9% | 2.2% | 3.1% | 2.4% | 2.38% | 2.37% | 0.05% | -0.01% |
| 中信银行 | 1.7% | -0.7% | 2.0% | 1.9% | 1.89% | 1.84% | 0.00% | -0.05% |
| 浦发银行 | 2.5% | -0.2% | 1.1% | 3.1% | 1.75% | 1.71% | 0.04% | -0.04% |
| 民生/银行 | -12.7% | -1.5% | -1.1% | 3.2% | 1.66% | 1.62% | -0.23% | -0.04% |
| 兴业银行 | 11.7% | -3.0% | 1.2% | 2.2% | 1.84% | 1.75% | 0.14% | -0.08% |
| 光大银行 | 0.2% | -0.9% | 4.1% | 5.5% | 1.96% | 1.86% | -0.02% | -0.11% |
| 华夏银行 | -5.7% | -1.1% | 3.5% | 3.8% | 2.11% | 2.01% | -0.18% | -0.10% |
| 平安银行 | 1.9% | 3.8% | 1.5% | 4.2% | 2.57% | 2.59% | -0.01% | 0.02% |
| 浙商银行 | 3.5% | 4.8% | -7.3% | 8.4% | 1.91% | 1.99% | 0.02% | 0.09% |
| 北京银行 | 2.2% | -1.0% | 0.2% | 2.3% | 1.73% | 1.69% | 0.04% | -0.04% |
| 南京银行 | -1.1% | 2.9% | 2.2% | 7.5% | 1.56% | 1.53% | -0.06% | -0.03% |
| 宁波银行 | -3.1% | 15.4% | 5.8% | 10.3% | 1.71% | 1.83% | -0.15% | 0.12% |
| 江苏银行 | -1.0% | 8.2% | 1.4% | 5.4% | 1.81% | 1.89% | -0.04% | 0.08% |
| 贵阳银行 | 8.5% | -6.6% | 2.3% | 2.4% | 2.39% | 2.18% | 0.16% | -0.21% |
| 杭州银行 | 1.6% | 3.8% | 4.9% | 4.6% | 1.55% | 1.53% | -0.04% | -0.01% |
| 上海银行 | 18.5% | -11.4% | -0.3% | 3.9% | 1.76% | 1.53% | 0.27% | -0.23% |
| 成都银行 | 4.8% | -3.2% | 2.9% | 9.1% | 2.09% | 1.90% | 0.05% | -0.18% |
| 长沙银行 | -1.5% | 2.1% | 1.2% | 3.8% | 2.05% | 2.04% | -0.08% | -0.01% |
| 青岛银行 | 0.3% | 2.5% | 3.4% | 0.4% | 1.50% | 1.51% | -0.03% | 0.01% |
| 郑州银行 | 8.2% | -4.1% | 2.3% | -0.1% | 2.40% | 2.28% | 0.18% | -0.13% |
| 西安银行 | -2.8% | -0.8% | 2.7% | -1.6% | 1.67% | 1.65% | -0.11% | -0.02% |
| 苏州银行 | -1.3% | 4.7% | 1.3% | 9.8% | 1.72% | 1.71% | -0.05% | -0.01% |
| 厦门银行 | 10.9% | -8.2% | 3.0% | 4.1% | 1.51% | 1.33% | 0.10% | -0.17% |
| 齐鲁银行 | -6.0% | 0.6% | 4.1% | 4.6% | 1.84% | 1.77% | -0.19% | -0.07% |
| 重庆银行 | -2.8% | -9.1% | 1.1% | 3.9% | 1.93% | 1.71% | -0.08% | -0.22% |
| 江阴银行 | 9.7% | 0.4% | 5.1% | 3.3% | 2.12% | 2.04% | 0.14% | -0.08% |
| 无锡银行 | 4.4% | -2.9% | -0.8% | 3.2% | 1.81% | 1.73% | 0.06% | -0.07% |
| 常熟银行 | 4.1% | 1.5% | 2.1% | 9.1% | 2.98% | 2.87% | 0.02% | -0.12% |
| 苏农银行 | -22.4% | 22.6% | 3.3% | 3.6% | 1.73% | 2.05% | -0.56% | 0.32% |
| 张家港行 | -4.5% | 0.0% | 2.1% | 6.3% | 2.31% | 2.21% | -0.17% | -0.09% |
| 青农商行 | -10.7% | 0.3% | 0.1% | 2.8% | 1.74% | 1.72% | -0.21% | -0.02% |
| 紫金银行 | 6.0% | -2.3% | -5.1% | 10.4% | 1.92% | 1.83% | 0.20% | -0.09% |
| 渝农商行 | -5.0% | 1.2% | 1.3% | 3.5% | 2.03% | 2.00% | -0.14% | -0.03% |
| 上市银行 | 1.9% | 0.5% | 1.0% | 4.7% | 1.96% | 1.92% | 0.02% | -0.05% |
| 国有行 | 2.2% | 0.5% | 0.7% | 5.3% | 1.97% | 1.93% | 0.03% | -0.05% |
| 股份行 | 1.2% | 0.2% | 1.4% | 3.3% | 1.99% | 1.95% | 0.00% | -0.04% |
| 城商行 | 3.1% | 1.1% | 2.0% | 5.0% | 1.78% | 1.73% | 0.01% | -0.05% |
| 农商行 | -3.7% | 1.5% | 0.9% | 4.5% | 2.05% | 2.02% | -0.10% | -0.02% |
| 资料来源：公司财报，中泰证券研究所 资产端收益率拆解：定价与行业生息资产收益率环比下 产端收益率分别环比下降 5 预计定价是主要的拖累因 贷款中对公占比提升、有一 产环比持平在 58.4%。同业 券投资占比环比下降 0.6% - 11 - | 结构，结构平稳、定价主要拖累 降 7bp。大行、股份行、城商行和农商行资、10、13 和 8bp。 子。1、结构维度，各项资产占比相对平稳；定的拖累。总资产结构看，贷款占比生息资 资产和存放央行占比环比上升 0.6%，对应债，总资产结构大体平稳，对综合收益率影响不 请务必阅读正文之后的重要声明部分 |
专题研究报告
大。信贷结构中对公占比环比上升 1.1 个点，由于对公贷款收益率低于 零售，综合贷款利率预计有一定的下行。2、定价维度，预计贷款重定价 是主要拖累因子。我们在《银行 1 季报前瞻与测算：行业营收同比增 5%；板块分化加大》测算了新发放贷款利率下行、贷款重定价以及资产结构 变动三个因素对净息差的影响，测算结果显示贷款重定价是对 1 季度资 产端收益率下行的拖累主因。此次 LPR 下降主要影响的是企业短期贷款，对中小银行拖累程度较大。
图表：上市银行单季年化生息资产收益率
| 生息资产收益率 | |||||||
| 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | Q4环比变动 | Q1环比变动 | |
| 工商银行 | 3.37% | 3.35% | 3.41% | 3.51% | 3.44% | 0.11% | -0.07% |
| 建设银行 | 3.59% | 3.56% | 3.60% | 3.66% | 3.62% | 0.06% | -0.05% |
| 农业银行 | 3.50% | 3.53% | 3.55% | 3.58% | 3.56% | 0.02% | -0.01% |
| 中国银行 | 3.14% | 3.11% | 3.14% | 3.16% | 3.14% | 0.02% | -0.02% |
| 交通银行 | 3.38% | 3.38% | 3.41% | 3.44% | 3.39% | 0.03% | -0.06% |
| 邮储银行 | 3.74% | 3.70% | 3.75% | 3.74% | 3.61% | -0.02% | -0.12% |
| 招商银行 | 3.76% | 3.70% | 3.76% | 3.80% | 3.75% | 0.04% | -0.05% |
| 中信银行 | 4.03% | 3.97% | 3.94% | 3.94% | 3.82% | 0.00% | -0.11% |
| 浦发银行 | 3.80% | 3.82% | 3.79% | 3.87% | 3.73% | 0.09% | -0.14% |
| 民生/银行 | 4.21% | 4.12% | 4.15% | 3.96% | 3.85% | -0.19% | -0.11% |
| 兴业银行 | 3.97% | 3.83% | 3.78% | 3.91% | 3.77% | 0.13% | -0.14% |
| 光大银行 | 4.14% | 4.08% | 4.10% | 4.07% | 3.90% | -0.03% | -0.16% |
| 华夏银行 | 4.45% | 4.39% | 4.36% | 4.20% | 4.09% | -0.15% | -0.12% |
| 平安银行 | 4.71% | 4.64% | 4.59% | 4.57% | 4.56% | -0.02% | -0.01% |
| 浙商银行 | 4.51% | 4.47% | 4.16% | 4.23% | 4.24% | 0.07% | 0.02% |
| 北京银行 | 3.79% | 3.77% | 3.81% | 3.83% | 3.69% | 0.02% | -0.14% |
| 南京银行 | 4.07% | 3.88% | 3.89% | 3.80% | 3.71% | -0.09% | -0.10% |
| 宁波银行 | 3.95% | 3.75% | 3.81% | 3.79% | 3.68% | -0.01% | -0.11% |
| 江苏银行 | 4.24% | 4.24% | 4.28% | 4.18% | 4.22% | -0.11% | 0.05% |
| 贵阳银行 | 4.95% | 5.09% | 5.13% | 5.19% | 4.81% | 0.05% | -0.38% |
| 杭州银行 | 3.92% | 3.79% | 3.74% | 3.78% | 3.70% | 0.05% | -0.08% |
| 上海银行 | 3.55% | 3.57% | 3.53% | 3.86% | 3.56% | 0.32% | -0.30% |
| 成都银行 | 3.85% | 3.94% | 4.08% | 4.14% | 3.94% | 0.06% | -0.20% |
| 长沙银行 | 4.31% | 4.39% | 4.27% | 4.20% | 4.18% | -0.07% | -0.02% |
| 青岛银行 | 3.91% | 3.84% | 3.81% | 3.76% | 3.74% | -0.05% | -0.02% |
| 郑州银行 | 4.72% | 4.87% | 4.82% | 4.88% | 4.70% | 0.07% | -0.18% |
| 西安银行 | 4.39% | 4.43% | 4.27% | 4.13% | 4.03% | -0.14% | -0.10% |
| 苏州银行 | 4.23% | 4.15% | 4.15% | 4.12% | 4.05% | -0.03% | -0.07% |
| 厦门银行 | 3.72% | 3.79% | 3.70% | 3.78% | 3.62% | 0.08% | -0.16% |
| 齐鲁银行 | 3.97% | 3.96% | 4.10% | 3.98% | 3.82% | -0.12% | -0.16% |
| 重庆银行 | 4.66% | 4.48% | 4.65% | 4.60% | 4.31% | -0.06% | -0.29% |
| 江阴银行 | 3.86% | 3.90% | 4.03% | 4.12% | 3.98% | 0.09% | -0.14% |
| 无锡银行 | 3.99% | 4.00% | 3.95% | 3.97% | 3.89% | 0.02% | -0.08% |
| 常熟银行 | 4.72% | 4.91% | 5.07% | 5.08% | 4.96% | 0.01% | -0.12% |
| 苏农银行 | 4.02% | 3.87% | 4.21% | 3.57% | 3.85% | -0.63% | 0.28% |
| 张家港行 | 4.59% | 4.58% | 4.72% | 4.64% | 4.39% | -0.08% | -0.24% |
| 青农商行 | 3.88% | 3.93% | 3.99% | 3.81% | 3.76% | -0.17% | -0.05% |
| 紫金银行 | 3.80% | 3.72% | 3.90% | 4.03% | 3.91% | 0.14% | -0.12% |
| 渝农商行 | 4.29% | 4.26% | 4.27% | 4.15% | 4.06% | -0.13% | -0.09% |
| 上市银行 | 3.66% | 3.63% | 3.65% | 3.68% | 3.61% | 0.03% | -0.07% |
| 国有行 | 3.43% | 3.42% | 3.46% | 3.51% | 3.46% | 0.05% | -0.05% |
| 股份行 | 4.08% | 4.01% | 4.00% | 4.00% | 3.90% | 0.00% | -0.10% |
| 城商行 | 4.00% | 3.96% | 3.97% | 4.00% | 3.87% | 0.03% | -0.13% |
| 农商行 | 4.18% | 4.18% | 4.25% | 4.15% | 4.07% | -0.10% | -0.08% |
| 资料来源：公司财报，中泰证券研究所 - 12 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
图表：上市银行生息资产结构
| 贷 | 款 | 债券 | 投资 | 同业 | 资产 | 存放 | 央行 | |||||||
| 2021 | 1Q22 | 环比变动 | 2021 | 1Q22 | 环比变动 | 2021 | 1Q22 | 环比变动 | 2021 | 1Q22 | 环比变动 | |||
| 工商银行 | 60.0% | 59.1% | -0.9% | 26.9% | 26.1% | -0.8% | 4.3% | 5.4% | 1.1% | 8.8% | 9.4% | 0.6% | ||
| 建设银行 | 62.5% | 62.3% | -0.3% | 25.5% | 25.0% | -0.4% | 3.0% | 3.6% | 0.6% | 9.0% | 9.1% | 0.1% | ||
| 农业银行 | 58.9% | 58.8% | -0.1% | 28.3% | 27.5% | -0.8% | 5.2% | 6.0% | 0.8% | 7.7% | 7.8% | 0.1% | ||
| 中国银行 | 60.5% | 62.0% | 1.5% | 23.8% | 23.1% | -0.7% | 7.1% | 6.3% | -0.9% | 8.6% | 8.7% | 0.1% | ||
| 交通银行 | 57.4% | 57.3% | -0.1% | 30.8% | 29.7% | -1.1% | 5.5% | 6.5% | 1.0% | 6.3% | 6.6% | 0.2% | ||
| 邮储银行 | 51.3% | 51.3% | 0.0% | 34.6% | 34.3% | -0.2% | 5.1% | 5.3% | 0.3% | 9.1% | 9.1% | 0.0% | ||
| 招商银行 | 61.2% | 61.8% | 0.6% | 23.9% | 25.4% | 1.5% | 8.8% | 6.3% | -2.5% | 6.1% | 6.5% | 0.4% | ||
| 中信银行 | 61.1% | 61.1% | 0.1% | 29.2% | 29.0% | -0.2% | 4.3% | 4.4% | 0.1% | 5.4% | 5.5% | 0.1% | ||
| 浦发银行 | 60.2% | 59.2% | -1.0% | 29.2% | 27.9% | -1.2% | 5.5% | 8.4% | 2.9% | 5.2% | 4.5% | -0.7% | ||
| 民生/银行 | 60.5% | 60.7% | 0.2% | 30.4% | 30.0% | -0.4% | 3.8% | 4.2% | 0.4% | 5.3% | 5.1% | -0.2% | ||
| 兴业银行 | 51.9% | 53.1% | 1.2% | 35.1% | 34.1% | -1.0% | 7.8% | 8.2% | 0.4% | 5.2% | 4.6% | -0.6% | ||
| 光大银行 | 56.6% | 56.0% | -0.6% | 31.4% | 31.1% | -0.3% | 5.6% | 7.4% | 1.8% | 6.4% | 5.4% | -1.0% | ||
| 华夏银行 | 60.3% | 60.2% | 0.0% | 31.5% | 31.1% | -0.3% | 3.2% | 3.2% | 0.0% | 5.0% | 5.4% | 0.4% | ||
| 平安银行 | 63.4% | 62.6% | -0.8% | 26.5% | 25.9% | -0.7% | 3.7% | 4.6% | 0.9% | 6.4% | 7.0% | 0.6% | ||
| 浙商银行 | 60.8% | 59.5% | -1.4% | 29.4% | 28.9% | -0.5% | 3.4% | 5.7% | 2.3% | 6.4% | 5.9% | -0.4% | ||
| 北京银行 | 55.3% | 56.5% | 1.2% | 32.6% | 32.4% | -0.2% | 6.8% | 5.8% | -1.0% | 5.3% | 5.3% | 0.1% | ||
| 南京银行 | 45.5% | 46.7% | 1.3% | 45.7% | 43.6% | -2.2% | 3.1% | 3.4% | 0.3% | 5.7% | 6.3% | 0.6% | ||
| 宁波银行 | 43.7% | 42.7% | -1.0% | 49.0% | 46.6% | -2.4% | 2.5% | 2.6% | 0.1% | 4.9% | 8.1% | 3.3% | ||
| 江苏银行 | 54.6% | 54.3% | -0.4% | 35.8% | 36.1% | 0.3% | 4.4% | 4.4% | -0.1% | 5.1% | 5.2% | 0.1% | ||
| 贵阳银行 | 44.0% | 44.0% | 0.0% | 48.6% | 48.2% | -0.5% | 1.5% | 2.4% | 0.9% | 5.8% | 5.4% | -0.4% | ||
| 杭州银行 | 42.3% | 43.3% | 1.0% | 47.0% | 45.1% | -1.8% | 4.7% | 5.4% | 0.7% | 6.1% | 6.1% | 0.1% | ||
| 上海银行 | 46.7% | 46.1% | -0.5% | 39.6% | 39.5% | -0.1% | 8.2% | 8.7% | 0.5% | 5.5% | 5.7% | 0.2% | ||
| 成都银行 | 50.4% | 49.8% | -0.6% | 34.3% | 33.1% | -1.3% | 7.9% | 10.1% | 2.2% | 7.4% | 7.1% | -0.3% | ||
| 长沙银行 | 46.3% | 46.8% | 0.5% | 45.0% | 44.1% | -0.9% | 2.0% | 3.1% | 1.1% | 6.7% | 6.0% | -0.7% | ||
| 青岛银行 | 48.2% | 50.3% | 2.0% | 37.5% | 39.9% | 2.4% | 3.9% | 1.9% | -2.0% | 10.4% | 7.9% | -2.5% | ||
| 郑州银行 | 53.5% | 56.7% | 3.3% | 36.6% | 35.8% | -0.8% | 3.9% | 2.9% | -1.0% | 6.0% | 4.5% | -1.5% | ||
| 西安银行 | 52.7% | 54.3% | 1.6% | 37.2% | 36.2% | -0.9% | 2.9% | 4.2% | 1.2% | 7.2% | 5.3% | -1.9% | ||
| 苏州银行 | 49.6% | 48.6% | -1.1% | 39.3% | 39.6% | 0.3% | 6.6% | 7.6% | 1.0% | 4.5% | 4.2% | -0.3% | ||
| 厦门银行 | 53.3% | 52.9% | -0.3% | 28.4% | 29.9% | 1.5% | 8.5% | 7.2% | -1.2% | 9.9% | 9.9% | 0.1% | ||
| 齐鲁银行 | 50.2% | 51.5% | 1.3% | 39.9% | 40.5% | 0.6% | 1.5% | 1.4% | -0.1% | 8.4% | 6.6% | -1.8% | ||
| 重庆银行 | 51.2% | 51.1% | -0.1% | 35.5% | 32.2% | -3.3% | 7.3% | 10.6% | 3.3% | 5.9% | 6.1% | 0.2% | ||
| 江阴银行 | 60.0% | 61.3% | 1.4% | 33.3% | 32.0% | -1.3% | 1.3% | 1.5% | 0.1% | 5.4% | 5.2% | -0.2% | ||
| 无锡银行 | 58.4% | 58.7% | 0.4% | 33.5% | 32.3% | -1.2% | 2.5% | 3.6% | 1.1% | 5.6% | 5.4% | -0.2% | ||
| 常熟银行 | 66.1% | 64.4% | -1.7% | 24.4% | 26.7% | 2.4% | 2.9% | 3.1% | 0.3% | 6.7% | 5.8% | -0.9% | ||
| 苏农银行 | 60.6% | 60.6% | -0.1% | 28.2% | 30.2% | 2.0% | 4.7% | 3.2% | -1.5% | 6.5% | 6.1% | -0.5% | ||
| 张家港行 | 61.0% | 61.3% | 0.3% | 32.3% | 32.4% | 0.2% | 1.3% | 1.0% | -0.3% | 5.4% | 5.2% | -0.2% | ||
| 青农商行 | 54.0% | 53.8% | -0.2% | 36.0% | 34.3% | -1.8% | 4.8% | 6.9% | 2.0% | 5.1% | 5.0% | 0.0% | ||
| 紫金银行 | 68.0% | 65.8% | -2.2% | 22.1% | 20.7% | -1.4% | 4.5% | 8.6% | 4.0% | 5.4% | 4.9% | -0.5% | ||
| 渝农商行 | 45.8% | 46.2% | 0.4% | 41.0% | 41.3% | 0.3% | 8.6% | 7.7% | -0.9% | 4.6% | 4.8% | 0.2% | ||
| 上市银行 | 58.4% | 58.4% | 0.0% | 29.0% | 28.5% | -0.6% | 5.1% | 5.6% | 0.5% | 7.5% | 7.6% | 0.1% | ||
| 国有行 | 59.4% | 59.4% | 0.0% | 27.3% | 26.6% | -0.7% | 4.9% | 5.4% | 0.5% | 8.4% | 8.6% | 0.2% | ||
| 股份行 | 59.2% | 59.2% | 0.0% | 29.5% | 29.3% | -0.3% | 5.6% | 6.1% | 0.5% | 5.6% | 5.5% | -0.2% | ||
| 城商行 | 49.1% | 49.3% | 0.3% | 40.2% | 39.5% | -0.7% | 5.0% | 5.1% | 0.1% | 5.7% | 6.0% | 0.3% | ||
| 农商行 | 53.8% | 53.9% | 0.1% | 35.3% | 35.1% | -0.2% | 5.8% | 5.9% | 0.2% | 5.2% | 5.1% | -0.1% |
资料来源：公司财报，中泰证券研究所
| 图表：上市银行贷款结构 - 13 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 对公贷款 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 1Q21 | 2021 | 1Q22 | 环比变动 | 2020 | 1Q21 | 2021 | 1Q22 | 环比变动 | 2020 | 1Q21 | 2021 | 1Q22 | 环比变动 | ||||||||||||||||||||||||||||||||||||||
| 工商银行 | 59.6% | 60.7% | 59.0% | % | 59.9% | 0.9% | 38.2% | 37.8% | 38.4% | 37.3% | -1.1% | 2.2% | 1.5% | 2.6% | 2.8% | 0.2% | ||||||||||||||||||||||||||||||||||||
| 建设银行 | 54.8% | 56.8% | 55.5 | % | 56.6% | 1.1% | 43.7% | 42.3% | 42.5% | 41.1% | -1.4% | 1.5% | 0.9% | 2.0% | 2.3% | 0.3% | ||||||||||||||||||||||||||||||||||||
| 农业银行 | 55.3% | 56.4% | 54.9% | % | 56.0% | 1.2% | 42.1% | 42.0% | 42.6% | 41.9% | -0.7% | 2.6% | 1.5% | 2.5% | 2.1% | -0.5% | ||||||||||||||||||||||||||||||||||||
| 交通银行 | 63.4% | 64.3% | 63.1% | 63.8% | 0.8% | 33.9% | 33.1% | 34.8 | % | 33. | 3% | -1.5% | 2.7% | 2.6% | 2.1% | 2.8% | 0.8% | |||||||||||||||||||||||||||||||||||
| 邮储银行 | 34.6% | 35.0% | 3 | 4.9% | 3 | 6.2% | 1.3% | 56.9% | 57.5% | 58.2% | 57.2% | -1.0% | 8.5% | 7.5% | 6. | % | 6 | .6% | -0.3% | |||||||||||||||||||||||||||||||||
| 兴业银行 | 51.5% | 53.3% | 50.2 | % | 52.0% | 1.8% | 43.2% | 41.8% | 42.5% | 41.1% | -1.4% | 5.2% | 4.9% | 7. | % | 6 | .9% | -0.4% | ||||||||||||||||||||||||||||||||||
| 平安银行 | 35.6% | 35.9% | 3 | 2.6% | 3 | 3.1% | 0.5% | 60.2% | 60.1% | 62.4% | 60.7% | -1.7% | 4.2% | 4.0% | 5.0% | 6 | .3% | 1.2% | ||||||||||||||||||||||||||||||||||
| 宁波银行 | 53.8% | 54.6% | 53.8% | % | 55.3% | 1.5% | 38.0% | 38.9% | 38.6 | % | 36. | 5% | -2.1% | 8.2% | 6.5% | 7. | % | 8.1 | % | 0.6% | ||||||||||||||||||||||||||||||||
| 江苏银行 | 53.0% | 57.2% | 51.9 | % | 56.4% | 4.6% | 39.1% | 38.1% | 40.1% | 37.4% | -2.7% | 7.9% | 4.7% | 8. | % | 6 | .1% | -1.9% | ||||||||||||||||||||||||||||||||||
| 贵阳银行 | 80.1% | 80.8% | 80.5% | 80.3% | -0.2% | 19.5% | 18.8% | 18.4% | 18.2% | -0.3% | 0.4% | 0.4% | 1.0% | 1.5% | 0.4% | |||||||||||||||||||||||||||||||||||||
| 郑州银行 | 66.0% | 67.6% | 69.1% | 67.6% | -1.5% | 28.3% | 27.4% | 2 | 6.3% | 2 | 5.1% | -1.2% | 5.7% | 5.0% | 4.5% | 7.3 | % | 2.8% | ||||||||||||||||||||||||||||||||||
| 西安银行 | 53.9% | 55.1% | 51.9 | % | 53.0% | 1.1% | 39.3% | 39.2% | 38.2 | % | 33. | 1% | -5.1% | 6.8% | 5.7% | 9.9% | 13.9% | 4.0% | ||||||||||||||||||||||||||||||||||
| 江阴银行 | 66.0% | 66.2% | 65.6% | 65.3% | -0.2% | 18.1% | 19.3% | 2 | 3.4% | 2 | 2.9% | -0.5% | 15.9% | 14.4% | 11.0% | 11.7% | 0.7% | |||||||||||||||||||||||||||||||||||
| 无锡银行 | 70.5% | 72.1% | 67.7% | 67.7% | 0.0% | 17.6% | 17.9% | 21.3% | 21.6% | 0.3% | 11.9% | 10.0% | 11.0% | 10.7% | -0.3% | |||||||||||||||||||||||||||||||||||||
| 常熟银行 | 37.3% | 38.5% | 3 | 5.5% | 3 | 6.9% | 1.4% | 57.0% | 56.1% | 61.0% | 59.2% | -1.8% | 5.7% | 5.4% | 3.4% | 3.9% | 0.5% | |||||||||||||||||||||||||||||||||||
| 苏农银行 | 63.2% | 65.7% | 60.4% | 60.5% | 0.1% | 23.9% | 24.6% | 2 | 5.6% | 2 | 5.8% | 0.2% | 13.0% | 9.7% | 14.0% | 13.7% | -0.3% | |||||||||||||||||||||||||||||||||||
| 张家港行 | 49.7% | 53.4% | 47.4 | % | 48.1 | % | 0.7% | 40.8% | 42.5% | 44.4% | 43.2% | -1.2% | 9.5% | 4.2% | 8. | % | 8.7 | % | 0.6% | |||||||||||||||||||||||||||||||||
| 紫金银行 | 62.8% | 65.9% | 60.4% | 63.3% | 2.9% | 24.6% | 25.7% | 2 | 8.3% | 2 | 5.4% | -2.9% | 12.6% | 8.5% | 11.3% | 11.3% | 0.0% | |||||||||||||||||||||||||||||||||||
| 渝农商行 | 53.9% | 54.0% | 48.1% | % | 48.0 | % | -0.1% | 42.6% | 43.5% | 47.3% | 45.1% | -2.2% | 3.5% | 2.5% | 4.5% | 6 | .9% | 2.3% | ||||||||||||||||||||||||||||||||||
| 上市银行 | 54.4% | 55.7% | 54.1% | 55.2% | 1.1% | 42.4% | 41.9% | 42.6% | 41.4% | -1.2% | 3.2% | 2.4% | 3.3% | 3.4% | 0.1% | |||||||||||||||||||||||||||||||||||||
| 国有行 | 55.3% | 56.6% | 55.2% | 56.2% | 1.0% | 41.9% | 41.4% | 42.1% | 40.9% | -1.1% | 2.8% | 2.0% | 2.8% | 2.8% | 0.1% | |||||||||||||||||||||||||||||||||||||
| 股份行 | 45.1% | 46.4% | 43.0% | 44.3% | 1.3% | 50.1% | 49.1% | 50.6% | 49.0% | -1.6% | 4.8% | 4.5% | 6.4% | 6.6% | 0.2% | |||||||||||||||||||||||||||||||||||||
| 城商行 | 57.0% | 59.4% | 56.5% | 59.0% | 2.4% | 36.0% | 35.7% | 36.4% | 34.1% | -2.3% | 7.0% | 4.9% | 7.1% | 6.9% | -0.2% | |||||||||||||||||||||||||||||||||||||
| 农商行 | 55.6% | 56.8% | 51.8% | 52.2% | 0.4% | 36.8% | 37.5% | 41.1% | 39.5% | -1.6% | 7.6% | 5.7% | 7.2% | 8.3% | 1.2% | |||||||||||||||||||||||||||||||||||||
| 资料来源：公司财报，中泰证券研究所 负债端成本拆解：定价与结 行业负债端资金成本环比下 债端付息率分别环比变动 0 负债端成本下降有定价和 动负债成本环比仍保持下降 比去年 4 季度下降了 10bp。受益程度最大。2、结构维 债环比提升 0.8 个点至 77 债端综合成本。但由于存款 - 14 - | 构，定价与结构均正向贡献 降 3bp。大行、股份行、城商行和农商行负、-7、-9 和-6bp。 结构两个维度的共同贡献。1、定价维度。主。我们测算的上市银行存量同业存单利率环 由于股份行和城商行主动负债占比相对较高，度，存款占比提升。年初行业存款占比计息负 .4%。低成本存款占比的提升一定程度拉低负 定期化趋势延续，缓释的力度有所减弱。 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 |
图表：上市银行单季年化计息负债付息率
| 计息负债付息率 | 环比变动 | ||||||
| 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 4Q21 | 1Q22 | |
| 工商银行 | 1.51% | 1.52% | 1.56% | 1.62% | 1.63% | 0.06% | 0.01% |
| 建设银行 | 1.73% | 1.73% | 1.76% | 1.77% | 1.76% | 0.01% | -0.02% |
| 农业银行 | 1.65% | 1.69% | 1.69% | 1.72% | 1.75% | 0.03% | 0.02% |
| 中国银行 | 1.57% | 1.59% | 1.59% | 1.60% | 1.61% | 0.01% | 0.01% |
| 交通银行 | 2.13% | 2.13% | 2.17% | 2.16% | 2.15% | -0.01% | -0.01% |
| 邮储银行 | 1.59% | 1.63% | 1.62% | 1.65% | 1.60% | 0.03% | -0.04% |
| 招商银行 | 1.58% | 1.59% | 1.61% | 1.61% | 1.57% | 0.00% | -0.04% |
| 中信银行 | 2.23% | 2.25% | 2.25% | 2.25% | 2.18% | 0.00% | -0.07% |
| 浦发银行 | 2.27% | 2.29% | 2.28% | 2.33% | 2.22% | 0.05% | -0.11% |
| 民生/银行 | 2.35% | 2.40% | 2.43% | 2.48% | 2.40% | 0.04% | -0.08% |
| 兴业银行 | 2.31% | 2.30% | 2.31% | 2.30% | 2.24% | -0.01% | -0.06% |
| 光大银行 | 2.29% | 2.28% | 2.31% | 2.31% | 2.24% | -0.01% | -0.07% |
| 华夏银行 | 2.32% | 2.32% | 2.31% | 2.33% | 2.30% | 0.03% | -0.03% |
| 平安银行 | 2.23% | 2.26% | 2.23% | 2.22% | 2.20% | -0.01% | -0.02% |
| 浙商银行 | 2.66% | 2.64% | 2.59% | 2.66% | 2.42% | 0.06% | -0.24% |
| 北京银行 | 2.25% | 2.32% | 2.32% | 2.33% | 2.25% | 0.01% | -0.08% |
| 南京银行 | 2.50% | 2.46% | 2.49% | 2.46% | 2.38% | -0.03% | -0.08% |
| 宁波银行 | 2.09% | 2.24% | 2.17% | 2.33% | 2.06% | 0.16% | -0.26% |
| 江苏银行 | 2.60% | 2.58% | 2.64% | 2.57% | 2.53% | -0.06% | -0.04% |
| 贵阳银行 | 2.84% | 2.96% | 3.08% | 2.98% | 2.81% | -0.10% | -0.17% |
| 杭州银行 | 2.33% | 2.33% | 2.35% | 2.44% | 2.37% | 0.09% | -0.08% |
| 上海银行 | 2.23% | 2.24% | 2.24% | 2.30% | 2.22% | 0.06% | -0.07% |
| 成都银行 | 2.16% | 2.23% | 2.24% | 2.26% | 2.24% | 0.02% | -0.02% |
| 长沙银行 | 2.41% | 2.43% | 2.36% | 2.37% | 2.35% | 0.01% | -0.02% |
| 青岛银行 | 2.24% | 2.36% | 2.41% | 2.38% | 2.36% | -0.03% | -0.03% |
| 郑州银行 | 2.74% | 2.70% | 2.71% | 2.61% | 2.58% | -0.09% | -0.04% |
| 西安银行 | 2.66% | 2.79% | 2.77% | 2.73% | 2.65% | -0.04% | -0.08% |
| 苏州银行 | 2.38% | 2.46% | 2.52% | 2.54% | 2.48% | 0.02% | -0.06% |
| 厦门银行 | 2.54% | 2.54% | 2.53% | 2.52% | 2.53% | -0.01% | 0.01% |
| 齐鲁银行 | 2.27% | 2.33% | 2.27% | 2.34% | 2.22% | 0.07% | -0.11% |
| 重庆银行 | 2.91% | 2.98% | 2.97% | 2.93% | 2.86% | -0.04% | -0.07% |
| 江阴银行 | 2.29% | 2.27% | 2.31% | 2.26% | 2.18% | -0.05% | -0.07% |
| 无锡银行 | 2.41% | 2.46% | 2.45% | 2.41% | 2.41% | -0.04% | -0.01% |
| 常熟银行 | 2.26% | 2.31% | 2.37% | 2.37% | 2.36% | 0.00% | -0.01% |
| 苏农银行 | 1.99% | 2.07% | 2.16% | 2.07% | 2.02% | -0.09% | -0.05% |
| 张家港行 | 2.38% | 2.47% | 2.53% | 2.65% | 2.47% | 0.12% | -0.18% |
| 青农商行 | 2.14% | 2.19% | 2.25% | 2.28% | 2.24% | 0.03% | -0.04% |
| 紫金银行 | 2.16% | 2.18% | 2.38% | 2.33% | 2.29% | -0.05% | -0.04% |
| 渝农商行 | 2.26% | 2.31% | 2.33% | 2.35% | 2.28% | 0.02% | -0.07% |
| 上市银行 | 1.86% | 1.88% | 1.89% | 1.92% | 1.89% | 0.02% | -0.03% |
| 国有行 | 1.65% | 1.67% | 1.69% | 1.71% | 1.72% | 0.03% | 0.00% |
| 股份行 | 2.19% | 2.20% | 2.21% | 2.22% | 2.15% | 0.01% | -0.07% |
| 城商行 | 2.37% | 2.40% | 2.41% | 2.43% | 2.34% | 0.01% | -0.09% |
| 农商行 | 2.24% | 2.28% | 2.33% | 2.34% | 2.28% | 0.01% | -0.06% |
| 资料来源：公司财报，中泰证券研究所 图表：上市银行存量同业存单利率情况（%） - 15 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 |
| 1Q20 | 1H20 | 3Q20 | 2020 | 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | 环比变动 | |
| 工商银行 | 2.20 | N.A. | N.A. | N.A. | 0.25 | N.A. | N.A. | N.A. | N.A. | |
| 建设银行 | 3.05 | 2.90 | 2.80 | 2.83 | 2.92 | 2.92 | 2.84 | 2.78 | 2.69 | -0.09 |
| 农业银行 | 2.89 | 2.67 | 2.57 | 2.77 | 2.93 | 3.00 | 2.95 | 2.88 | 2.75 | -0.14 |
| 中国银行 | 3.07 | 2.74 | 2.63 | 2.79 | 2.88 | 3.05 | 2.96 | 2.86 | 2.71 | -0.15 |
| 交通银行 | 2.95 | 2.44 | 2.49 | 2.56 | 2.69 | 2.89 | 2.85 | 2.82 | 2.70 | -0.12 |
| 邮储银行 | 3.01 | 2.20 | 2.15 | 1.60 | 1.60 | 2.60 | 2.60 | N.A. | N.A. | |
| 招商银行 | 3.07 | 2.91 | 2.84 | 2.85 | 2.93 | 2.96 | 2.93 | 2.83 | 2.77 | -0.06 |
| 中信银行 | 3.00 | 2.62 | 2.65 | 2.84 | 2.97 | 3.06 | 2.98 | 2.88 | 2.74 | -0.14 |
| 浦发银行 | 2.85 | 2.65 | 2.64 | 2.87 | 2.96 | 3.02 | 2.94 | 2.86 | 2.68 | -0.18 |
| 民生银行 | 2.86 | 2.46 | 2.53 | 2.69 | 2.74 | 2.99 | 2.90 | 2.81 | 2.70 | -0.11 |
| 兴业银行 | 2.99 | 2.51 | 2.52 | 2.63 | 2.70 | 2.92 | 2.84 | 2.83 | 2.67 | -0.16 |
| 光大银行 | 2.85 | 2.61 | 2.65 | 2.87 | 2.98 | 3.03 | 2.90 | 2.83 | 2.68 | -0.15 |
| 华夏银行 | 2.85 | 2.52 | 2.61 | 2.83 | 2.88 | 2.94 | 2.85 | 2.80 | 2.72 | -0.08 |
| 平安银行 | 2.90 | 2.54 | 2.61 | 2.81 | 2.90 | 2.93 | 2.83 | 2.82 | 2.69 | -0.13 |
| 浙商银行 | 3.17 | 2.52 | 2.66 | 2.90 | 2.87 | 2.84 | 2.78 | 2.77 | 2.66 | -0.11 |
| 北京银行 | 3.11 | 2.74 | 2.72 | 2.81 | 2.87 | 3.06 | 2.98 | 2.87 | 2.77 | -0.10 |
| 南京银行 | 3.04 | 2.48 | 2.68 | 2.82 | 2.82 | 2.93 | 2.79 | 2.80 | 2.69 | -0.11 |
| 宁波银行 | 2.75 | 2.24 | 2.42 | 2.97 | 2.65 | 2.66 | 2.60 | 2.73 | 2.61 | -0.12 |
| 江苏银行 | 3.12 | 2.72 | 2.74 | 2.89 | 2.95 | 3.13 | 3.12 | 2.85 | 2.81 | -0.04 |
| 贵阳银行 | 3.06 | 2.64 | 2.56 | 3.00 | 3.01 | 3.02 | 2.97 | 2.85 | 2.75 | -0.10 |
| 杭州银行 | 3.00 | 3.03 | 2.80 | 3.04 | 2.96 | 2.90 | 2.84 | 2.81 | 2.72 | -0.09 |
| 上海银行 | 2.56 | 2.06 | 2.41 | 2.83 | 2.68 | 2.57 | 2.57 | 2.63 | 2.50 | -0.13 |
| 成都银行 | 2.73 | 2.18 | 2.34 | 2.80 | 2.75 | 2.84 | 2.81 | 2.75 | 2.67 | -0.08 |
| 长沙银行 | 3.02 | 2.71 | 2.68 | 2.92 | 2.95 | 2.99 | 2.86 | 2.82 | 2.70 | -0.11 |
| 青岛银行 | 3.09 | 2.84 | 2.79 | 2.84 | 2.93 | 3.09 | 3.02 | 2.94 | 2.78 | -0.16 |
| 郑州银行 | 3.12 | 2.67 | 2.72 | 2.96 | 3.01 | 3.02 | 2.91 | 2.85 | 2.74 | -0.11 |
| 西安银行 | 3.11 | 2.91 | 2.82 | 2.86 | 2.96 | 3.02 | 2.91 | 2.87 | 2.85 | -0.02 |
| 苏州银行 | 2.56 | 2.20 | 2.29 | 2.77 | 2.70 | 2.81 | 2.73 | 2.74 | 2.64 | -0.10 |
| 江阴银行 | 2.76 | 2.71 | 2.71 | 2.71 | N.A. | N.A. | N.A. | 2.55 | N.A. | |
| 无锡银行 | 2.68 | 2.40 | 2.43 | 2.87 | 3.01 | 2.97 | 2.90 | 2.86 | 2.86 | 0.00 |
| 常熟银行 | 2.60 | 2.10 | 2.71 | 3.00 | 2.64 | 2.67 | 2.58 | 2.72 | 2.58 | -0.14 |
| 苏农银行 | 2.48 | 2.16 | 2.30 | 2.87 | 2.73 | 2.74 | 2.74 | 2.81 | 2.73 | -0.08 |
| 张家港行 | 2.90 | 2.38 | 2.72 | 2.93 | 2.67 | 2.60 | 2.45 | 2.61 | 2.43 | -0.18 |
| 青农商行 | 3.10 | 2.65 | 2.59 | 2.94 | 2.98 | 3.01 | 2.89 | 2.84 | 2.75 | -0.09 |
| 紫金银行 | 2.83 | 2.15 | 2.33 | 2.86 | 2.81 | 2.87 | 2.86 | 2.85 | 2.75 | -0.09 |
| 渝农商行 | 3.05 | 2.41 | 2.52 | 2.91 | 2.91 | 2.95 | 2.85 | 2.83 | 2.77 | -0.06 |
| 上市银行 | 2.90 | 2.53 | 2.59 | 2.81 | 2.75 | 2.91 | 2.84 | 2.80 | 2.70 | -0.10 |
| 国有行 | 2.86 | 2.59 | 2.53 | 2.51 | 2.21 | 2.89 | 2.84 | 2.84 | 2.71 | -0.12 |
| 股份行 | 2.95 | 2.59 | 2.63 | 2.81 | 2.88 | 2.97 | 2.89 | 2.83 | 2.70 | -0.12 |
| 城商行 | 2.95 | 2.57 | 2.61 | 2.89 | 2.86 | 2.93 | 2.85 | 2.81 | 2.71 | -0.10 |
| 农商行 | 2.80 | 2.37 | 2.54 | 2.89 | 2.82 | 2.83 | 2.75 | 2.76 | 2.69 | -0.06 |
| 资料来源：Wind，中泰证券研究所 图表：上市银行计息负债结构 - 16 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 存款 | 同业负债 | 发债 | |||||||
| 2021 | 1Q22 | 环比变动 | 2021 | 1Q22 | 环比变动 | 2021 | 1Q22 | 环比变动 | |
| 工商银行 | 85.5% | 85.0% | -0.6% | 10.9% | 11.8% | 0.9% | 3.5% | 3.2% | -0.3% |
| 建设银行 | 83.7% | 84.2% | 0.4% | 11.2% | 10.9% | -0.3% | 5.0% | 4.9% | -0.1% |
| 农业银行 | 83.7% | 84.4% | 0.7% | 10.5% | 10.3% | -0.2% | 5.8% | 5.3% | -0.5% |
| 中国银行 | 76.9% | 79.2% | 2.2% | 17.2% | 14.8% | -2.4% | 5.9% | 6.1% | 0.2% |
| 交通银行 | 67.5% | 68.3% | 0.8% | 18.9% | 17.8% | -1.1% | 13.5% | 13.9% | 0.3% |
| 邮储银行 | 97.2% | 96.7% | -0.5% | 2.1% | 2.5% | 0.3% | 0.7% | 0.8% | 0.1% |
| 招商银行 | 79.0% | 81.9% | 2.9% | 15.4% | 13.4% | -2.0% | 5.6% | 4.6% | -0.9% |
| 中信银行 | 65.5% | 66.5% | 1.0% | 21.3% | 20.7% | -0.6% | 13.2% | 12.8% | -0.5% |
| 浦发银行 | 60.8% | 60.7% | -0.2% | 21.0% | 18.0% | -3.0% | 18.2% | 21.4% | 3.2% |
| 民生/银行 | 60.8% | 61.5% | 0.7% | 27.8% | 27.8% | 0.0% | 11.4% | 10.7% | -0.7% |
| 兴业银行 | 56.2% | 56.0% | -0.1% | 29.3% | 28.4% | -0.8% | 14.6% | 15.5% | 1.0% |
| 光大银行 | 69.0% | 67.9% | -1.1% | 16.7% | 15.7% | -1.0% | 14.3% | 16.4% | 2.1% |
| 华夏银行 | 57.6% | 59.9% | 2.3% | 25.8% | 24.0% | -1.8% | 16.6% | 16.1% | -0.5% |
| 平安银行 | 67.9% | 69.8% | 1.9% | 13.2% | 13.1% | -0.1% | 18.9% | 17.1% | -1.8% |
| 浙商银行 | 68.3% | 66.6% | -1.8% | 16.1% | 16.7% | 0.7% | 15.6% | 16.7% | 1.1% |
| 北京银行 | 63.5% | 67.2% | 3.8% | 22.2% | 19.3% | -2.9% | 14.3% | 13.5% | -0.9% |
| 南京银行 | 67.7% | 71.0% | 3.3% | 18.3% | 13.0% | -5.3% | 14.0% | 16.0% | 2.0% |
| 宁波银行 | 59.7% | 66.1% | 6.4% | 18.7% | 15.5% | -3.1% | 21.7% | 18.4% | -3.3% |
| 江苏银行 | 61.6% | 64.3% | 2.7% | 20.0% | 19.6% | -0.4% | 18.4% | 16.1% | -2.3% |
| 贵阳银行 | 66.4% | 66.6% | 0.1% | 17.3% | 15.1% | -2.2% | 16.2% | 18.3% | 2.0% |
| 杭州银行 | 63.6% | 65.0% | 1.5% | 15.5% | 12.9% | -2.6% | 21.0% | 22.1% | 1.1% |
| 上海银行 | 60.7% | 60.2% | -0.5% | 27.9% | 28.2% | 0.4% | 11.4% | 11.6% | 0.1% |
| 成都银行 | 76.4% | 77.0% | 0.6% | 10.4% | 8.5% | -1.9% | 13.2% | 14.5% | 1.3% |
| 长沙银行 | 70.0% | 69.3% | -0.7% | 10.0% | 11.0% | 1.0% | 20.0% | 19.7% | -0.3% |
| 青岛银行 | 65.3% | 64.6% | -0.7% | 15.4% | 14.5% | -1.0% | 19.2% | 20.9% | 1.7% |
| 郑州银行 | 62.6% | 63.4% | 0.9% | 19.7% | 18.6% | -1.2% | 17.7% | 18.0% | 0.3% |
| 西安银行 | 73.9% | 74.5% | 0.6% | 3.7% | 5.7% | 2.0% | 22.4% | 19.8% | -2.6% |
| 苏州银行 | 66.6% | 66.0% | -0.6% | 16.8% | 18.1% | 1.3% | 16.6% | 15.9% | -0.7% |
| 厦门银行 | 61.9% | 59.4% | -2.5% | 15.8% | 18.6% | 2.8% | 22.3% | 22.0% | -0.3% |
| 齐鲁银行 | 75.1% | 75.9% | 0.8% | 14.9% | 14.4% | -0.4% | 10.0% | 9.7% | -0.3% |
| 重庆银行 | 59.7% | 60.7% | 1.0% | 19.1% | 16.9% | -2.2% | 21.2% | 22.4% | 1.2% |
| 江阴银行 | 84.4% | 82.8% | -1.6% | 12.8% | 14.5% | 1.8% | 2.9% | 2.6% | -0.2% |
| 无锡银行 | 87.0% | 88.9% | 1.9% | 8.1% | 7.2% | -0.9% | 4.9% | 3.9% | -1.0% |
| 常熟银行 | 84.0% | 85.5% | 1.4% | 9.0% | 8.2% | -0.9% | 6.9% | 6.4% | -0.5% |
| 苏农银行 | 85.0% | 85.1% | 0.1% | 8.0% | 7.6% | -0.4% | 6.9% | 7.3% | 0.3% |
| 张家港行 | 84.3% | 83.6% | -0.7% | 10.0% | 9.3% | -0.7% | 5.7% | 7.1% | 1.4% |
| 青农商行 | 68.7% | 70.3% | 1.6% | 9.8% | 8.3% | -1.5% | 21.4% | 21.3% | -0.1% |
| 紫金银行 | 83.8% | 84.1% | 0.3% | 6.2% | 9.8% | 3.6% | 10.0% | 6.1% | -3.9% |
| 渝农商行 | 66.2% | 69.0% | 2.9% | 14.2% | 14.7% | 0.5% | 19.6% | 16.3% | -3.3% |
| 上市银行 | 76.6% | 77.4% | 0.8% | 14.9% | 14.2% | -0.7% | 8.5% | 8.5% | -0.1% |
| 国有行 | 82.8% | 83.4% | 0.5% | 11.9% | 11.5% | -0.4% | 5.3% | 5.2% | -0.1% |
| 股份行 | 65.2% | 65.9% | 0.7% | 21.2% | 20.1% | -1.1% | 13.6% | 14.0% | 0.4% |
| 城商行 | 64.1% | 66.2% | 2.2% | 19.3% | 17.6% | -1.7% | 16.6% | 16.2% | -0.4% |
| 农商行 | 73.9% | 75.7% | 1.8% | 11.4% | 11.5% | 0.1% | 14.7% | 12.8% | -1.9% |
| 资料来源：公司财报，中泰证券研究所 图表：上市银行存款结构 - 17 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 |
| 企业活期 | 个人活期 | 企业定期 | 个人定期 | |||||||||||||
| 2020 | 1H21 | 2021 | 环比变动 | 2020 | 1H21 | 2021 | 环比变动 | 2020 | 1H21 | 2021 | 环比变动 | 2020 | 1H21 | 2021 | 环比变动 | |
| 工商银行 | 30.0% | 30.1% | 28.9% | -1.2% | 20.9% | 20.4% | 20.7% | 0.3% | 22.1% | 21.3% | 22.2% | 0.9% | 26.0% | 27.1% | 27.3% | 0.1% |
| 建设银行 | 31.2% | 30.8% | 30.0% | -0.7% | 23.2% | 22.3% | 22.3% | 0.0% | 17.7% | 17.6% | 17.9% | 0.3% | 27.9% | 29.3% | 29.7% | 0.4% |
| 农业银行 | 26.0% | 25.4% | 24.9% | -0.4% | 29.2% | 27.8% | 27.5% | -0.2% | 12.3% | 12.8% | 12.8% | 0.0% | 30.1% | 31.6% | 32.4% | 0.8% |
| 中国银行 | 29.4% | 30.4% | 29.1% | -1.4% | 19.9% | 18.9% | 19.2% | 0.3% | 21.5% | 21.4% | 21.9% | 0.5% | 22.8% | 23.2% | 23.7% | 0.5% |
| 交通银行 | 30.7% | 30.1% | 29.6% | -0.5% | 12.4% | 11.9% | 12.2% | 0.3% | 35.7% | 35.5% | 35.8% | 0.3% | 21.1% | 22.5% | 22.3% | -0.2% |
| 邮储银行 | 8.4% | 8.7% | 7.9% | -0.8% | 27.9% | 25.4% | 26.5% | 1.1% | 3.7% | 3.7% | 3.6% | -0.1% | 59.9% | 62.2% | 62.0% | -0.2% |
| 招商银行 | 41.0% | 41.0% | 41.8% | 0.8% | 24.9% | 25.4% | 24.5% | -0.8% | 22.9% | 23.1% | 22.2% | -1.0% | 11.2% | 10.5% | 11.5% | 1.0% |
| 中信银行 | 42.1% | 40.7% | 41.5% | 0.8% | 7.2% | 7.6% | 6.5% | -1.0% | 37.0% | 38.3% | 37.8% | -0.5% | 13.5% | 13.2% | 14.0% | 0.8% |
| 浦发银行 | 39.4% | 39.2% | 39.6% | 0.4% | 7.5% | 7.5% | 7.7% | 0.2% | 37.0% | 36.9% | 37.1% | 0.2% | 16.1% | 16.3% | 15.5% | -0.8% |
| 民生/银行 | 34.5% | 33.0% | 32.2% | -0.8% | 6.5% | 6.9% | 6.6% | -0.3% | 44.9% | 45.4% | 45.8% | 0.4% | 13.8% | 14.6% | 15.3% | 0.7% |
| 兴业银行 | 31.9% | 33.3% | 33.3% | 0.0% | 8.0% | 8.3% | 7.8% | -0.5% | 42.3% | 40.6% | 40.7% | 0.1% | 9.9% | 10.1% | 10.6% | 0.5% |
| 光大银行 | 24.4% | 25.6% | 22.9% | -2.7% | 7.9% | 6.7% | 6.8% | 0.1% | 44.0% | 42.0% | 43.7% | 1.7% | 15.1% | 15.9% | 16.4% | 0.5% |
| 华夏银行 | 38.0% | 34.7% | 34.5% | -0.2% | 7.4% | 7.5% | 6.9% | -0.6% | 32.4% | 33.9% | 34.3% | 0.4% | 12.0% | 12.5% | 13.5% | 1.0% |
| 平安银行 | 31.8% | 26.4% | 29.6% | 3.2% | 9.2% | 8.1% | 8.2% | 0.1% | 42.6% | 38.6% | 44.4% | 5.8% | 16.4% | 16.3% | 17.8% | 1.6% |
| 浙商银行 | 31.6% | 32.7% | 40.5% | 7.8% | 3.4% | 5.3% | 4.9% | -0.4% | 49.0% | 47.7% | 46.1% | -1.6% | 15.7% | 13.9% | 8.4% | -5.5% |
| 北京银行 | 40.1% | 37.6% | 35.2% | -2.4% | 7.4% | 7.7% | 8.6% | 0.9% | 30.0% | 32.1% | 32.4% | 0.4% | 16.6% | 17.1% | 17.6% | 0.5% |
| 南京银行 | 25.1% | 25.9% | 24.0% | -2.0% | 4.6% | 4.7% | 3.6% | -1.1% | 53.0% | 51.8% | 53.5% | 1.6% | 17.2% | 17.4% | 18.9% | 1.5% |
| 宁波银行 | 39.0% | 37.7% | 34.0% | -3.7% | 5.7% | 8.3% | 7.0% | -1.4% | 35.0% | 36.7% | 41.2% | 4.4% | 16.0% | 13.2% | 13.3% | 0.2% |
| 江苏银行 | 28.1% | 27.9% | 27.2% | -0.7% | 6.2% | 6.1% | 5.6% | -0.5% | 38.2% | 36.5% | 36.1% | -0.5% | 21.3% | 22.4% | 23.5% | 1.1% |
| 贵阳银行 | 33.5% | 27.0% | 24.9% | -2.1% | 9.8% | 10.4% | 10.8% | 0.4% | 29.2% | 31.3% | 31.2% | 0.0% | 24.3% | 28.4% | 29.6% | 1.2% |
| 杭州银行 | 50.5% | 48.5% | 48.2% | -0.3% | 5.7% | 5.9% | 5.3% | -0.5% | 29.5% | 30.0% | 32.1% | 2.1% | 11.4% | 12.0% | 11.4% | -0.6% |
| 上海银行 | 34.2% | 33.9% | 31.2% | -2.7% | 6.6% | 6.6% | 6.7% | 0.1% | 40.7% | 41.1% | 42.2% | 1.1% | 18.4% | 18.4% | 19.8% | 1.5% |
| 成都银行 | 38.4% | 39.1% | 35.7% | -3.4% | 9.6% | 8.5% | 8.7% | 0.1% | 22.1% | 23.1% | 23.2% | 0.1% | 28.3% | 28.0% | 30.7% | 2.6% |
| 长沙银行 | 35.5% | 33.5% | 33.3% | -0.2% | 15.3% | 15.4% | 15.1% | -0.3% | 24.3% | 23.3% | 22.6% | -0.6% | 22.6% | 25.6% | 26.8% | 1.2% |
| 青岛银行 | 41.0% | 38.2% | 37.7% | -0.5% | 8.4% | 9.1% | 9.5% | 0.5% | 26.4% | 27.7% | 27.0% | -0.7% | 24.0% | 25.0% | 25.7% | 0.7% |
| 郑州银行 | 23.4% | 22.2% | 27.7% | 5.5% | 9.7% | 8.7% | 11.4% | 2.7% | 32.5% | 32.7% | 23.6% | -9.1% | 24.6% | 26.1% | 26.8% | 0.7% |
| 西安银行 | 30.2% | 25.7% | 25.7% | 0.0% | 8.5% | 8.1% | 8.2% | 0.1% | 21.3% | 22.8% | 23.2% | 0.4% | 37.7% | 41.3% | 40.8% | -0.5% |
| 苏州银行 | 28.4% | 29.0% | 27.2% | -1.8% | 10.8% | 11.0% | 10.8% | -0.1% | 26.0% | 24.5% | 25.7% | 1.1% | 30.1% | 31.0% | 31.7% | 0.6% |
| 厦门银行 | 33.8% | 29.3% | 29.8% | 0.6% | 8.6% | 7.6% | 8.0% | 0.4% | 27.1% | 32.5% | 31.6% | -0.9% | 14.1% | 15.2% | 14.6% | -0.5% |
| 齐鲁银行 | 31.0% | 28.4% | 28.3% | -0.1% | 10.9% | 9.9% | 9.4% | -0.5% | 25.6% | 28.1% | 28.2% | 0.1% | 30.8% | 31.9% | 32.3% | 0.4% |
| 重庆银行 | 23.8% | 23.6% | 21.2% | -2.4% | 5.1% | 5.0% | 5.1% | 0.1% | 33.5% | 31.8% | 32.5% | 0.7% | 34.0% | 34.9% | 36.6% | 1.7% |
| 江阴银行 | 22.0% | 23.2% | 23.5% | 0.3% | 11.1% | 10.0% | 11.1% | 1.1% | 18.5% | 17.2% | 16.8% | -0.4% | 39.0% | 41.6% | 41.3% | -0.3% |
| 无锡银行 | 21.6% | 21.5% | 20.9% | -0.6% | 8.7% | 8.3% | 8.7% | 0.4% | 30.3% | 30.1% | 29.1% | -1.1% | 34.0% | 36.4% | 37.4% | 1.0% |
| 常熟银行 | 21.7% | 21.8% | 15.6% | -6.2% | 14.8% | 13.9% | 13.5% | -0.5% | 10.8% | 9.3% | 13.2% | 3.9% | 47.2% | 48.4% | 50.0% | 1.6% |
| 苏农银行 | 37.7% | 33.3% | 33.1% | -0.3% | 10.3% | 10.0% | 10.9% | 0.8% | 15.1% | 16.6% | 15.5% | -1.1% | 29.9% | 33.6% | 33.4% | -0.1% |
| 张家港行 | 24.7% | 21.7% | 21.9% | 0.2% | 9.3% | 9.0% | 9.5% | 0.5% | 17.0% | 18.1% | 17.0% | -1.0% | 41.1% | 43.0% | 44.7% | 1.8% |
| 青农商行 | 27.4% | 24.4% | 22.4% | -2.0% | 12.7% | 13.1% | 12.6% | -0.5% | 14.0% | 15.1% | 14.0% | -1.1% | 44.2% | 45.7% | 48.9% | 3.2% |
| 紫金银行 | 33.7% | 27.6% | 26.8% | -0.8% | 9.7% | 8.6% | 8.5% | -0.1% | 19.2% | 21.3% | 20.6% | -0.7% | 36.2% | 41.1% | 41.7% | 0.6% |
| 渝农商行 | 16.9% | 14.9% | 13.8% | -1.1% | 17.8% | 15.5% | 16.7% | 1.1% | 4.7% | 5.7% | 6.0% | 0.3% | 59.7% | 63.1% | 62.9% | -0.2% |
| 上市银行 | 29.5% | 29.2% | 28.6% | -0.6% | 19.1% | 18.4% | 18.5% | 0.1% | 23.4% | 23.2% | 23.6% | 0.4% | 25.8% | 26.8% | 27.2% | 0.4% |
| 国有行 | 27.1% | 27.1% | 26.2% | -1.0% | 23.1% | 22.0% | 22.2% | 0.2% | 18.1% | 17.9% | 18.2% | 0.3% | 29.9% | 31.1% | 31.6% | 0.5% |
| 股份行 | 35.8% | 35.1% | 35.7% | 0.6% | 10.5% | 10.7% | 10.4% | -0.3% | 37.6% | 37.0% | 37.4% | 0.3% | 13.4% | 13.4% | 13.8% | 0.3% |
| 城商行 | 35.0% | 33.7% | 32.2% | -1.6% | 7.3% | 7.6% | 7.5% | -0.1% | 34.5% | 35.0% | 35.6% | 0.6% | 19.7% | 20.1% | 21.0% | 0.9% |
| 农商行 | 22.7% | 20.6% | 19.2% | -1.4% | 14.0% | 12.8% | 13.3% | 0.5% | 12.1% | 12.9% | 13.0% | 0.1% | 48.1% | 50.7% | 51.4% | 0.7% |
| 资料来源：公司财报，中泰证券研究所 2.2 非息收入同比 2.2%，手续费和 行业整体非息收入增速有所 手续费和其他非息共同拖累 其他非息分别占比营收 25% 分别占比营收 21%、18%和 3 13%和 17%。农商行为 17% 入占比营收最高，但细项不 交易类等的投资收益贡献。 量等限制原因，手续费占比不高。 个股上看，招行、兴业、南 比营收较高，超 35%。其中 京和宁波银行则是交易类资 图表：上市银行净非息收入占比营收情况 - 18 - | 其他非息共同拖累 回落、同比增 2.2%（VS 2021 年同比增 19.5%），。截至 1Q22，行业非息收入、净手续费和净、18%和 6.6%。大行非息、手续费和其他非息 %。股份行为 32%、21%和 11%。城商行为 30%、、5%和 12%。其中股份行和城商行的非利息收 同，股份行主要是手续费贡献，城商行则是 城农商行等中小银行由于经营区域、客群数 不高。 京、宁波、杭州和苏州银行的非利息收入占 招行、兴业和苏州银行是手续费主贡献，南 产等的投资收益贡献。 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 |
| 非利息收入占比 | 净手续费收入占比 | 净其他非息占比 | |||||||
| 1Q21 | 2021 | 1Q22 | 1Q21 | 2021 | 1Q22 | 1Q21 | 2021 | 1Q22 | |
| 工商银行 | 22.3% | 19.8% | 21.4% | 19.2% | 15.4% | 18.5% | 3.1% | 4.4% | 2.9% |
| 建设银行 | 24.5% | 20.9% | 20.2% | 21.1% | 15.9% | 20.6% | 3.4% | 5.0% | -0.4% |
| 农业银行 | 20.4% | 16.0% | 18.4% | 17.3% | 11.7% | 17.1% | 3.2% | 4.3% | 1.2% |
| 中国银行 | 27.0% | 23.6% | 24.2% | 19.5% | 14.6% | 17.9% | 7.4% | 9.0% | 6.2% |
| 交通银行 | 34.0% | 32.6% | 29.7% | 21.5% | 19.8% | 22.6% | 12.5% | 12.8% | 7.1% |
| 邮储银行 | 14.6% | 15.5% | 19.3% | 8.4% | 6.9% | 10.7% | 6.2% | 8.6% | 8.6% |
| 招商银行 | 40.9% | 37.6% | 40.0% | 32.5% | 28.9% | 31.6% | 8.4% | 8.7% | 8.3% |
| 中信银行 | 27.9% | 27.7% | 31.6% | 17.9% | 17.5% | 17.9% | 10.1% | 10.2% | 13.7% |
| 浦发银行 | 31.6% | 28.3% | 30.5% | 16.5% | 15.4% | 16.8% | 15.2% | 12.9% | 13.8% |
| 民生/银行 | 20.2% | 24.3% | 23.3% | 16.3% | 16.6% | 15.2% | 3.9% | 7.7% | 8.1% |
| 兴业银行 | 33.5% | 33.7% | 36.3% | 20.2% | 19.4% | 22.5% | 13.2% | 14.3% | 13.8% |
| 光大银行 | 27.5% | 26.1% | 27.6% | 20.3% | 18.0% | 20.0% | 7.2% | 8.2% | 7.6% |
| 华夏银行 | 13.9% | 16.9% | 21.7% | 9.7% | 9.7% | 12.2% | 4.2% | 7.3% | 9.5% |
| 平安银行 | 28.8% | 29.0% | 30.9% | 20.3% | 19.5% | 19.2% | 8.5% | 9.4% | 11.6% |
| 浙商银行 | 22.5% | 22.9% | 25.2% | 7.9% | 7.4% | 8.9% | 14.5% | 15.4% | 16.2% |
| 北京银行 | 25.3% | 22.4% | 26.4% | 12.5% | 9.0% | 16.7% | 12.8% | 13.3% | 9.6% |
| 南京银行 | 31.5% | 33.5% | 43.7% | 17.6% | 14.2% | 16.2% | 14.0% | 19.3% | 27.5% |
| 宁波银行 | 36.2% | 38.0% | 37.8% | 13.6% | 15.7% | 11.9% | 22.7% | 22.4% | 25.9% |
| 江苏银行 | 28.7% | 28.6% | 26.9% | 11.6% | 11.8% | 11.5% | 17.1% | 16.9% | 15.5% |
| 贵阳银行 | 10.4% | 13.4% | 11.8% | 6.8% | 4.4% | 5.6% | 3.6% | 9.0% | 6.2% |
| 杭州银行 | 29.0% | 28.4% | 37.7% | 16.3% | 12.3% | 16.9% | 12.7% | 16.1% | 20.8% |
| 上海银行 | 32.1% | 28.1% | 28.1% | 14.2% | 16.1% | 14.2% | 18.0% | 12.0% | 13.8% |
| 成都银行 | 21.8% | 19.4% | 20.6% | 3.6% | 3.0% | 3.9% | 18.2% | 16.4% | 16.6% |
| 长沙银行 | 20.5% | 22.8% | 22.9% | 4.8% | 5.1% | 5.1% | 15.7% | 17.7% | 17.8% |
| 青岛银行 | 29.2% | 31.4% | 28.4% | 14.3% | 17.6% | 15.4% | 14.9% | 13.8% | 13.0% |
| 郑州银行 | 14.2% | 19.3% | 10.0% | 10.7% | 8.4% | 6.8% | 3.6% | 10.9% | 3.2% |
| 西安银行 | 17.2% | 16.7% | 8.1% | 7.5% | 7.8% | 5.4% | 9.7% | 8.9% | 2.7% |
| 苏州银行 | 30.9% | 30.0% | 35.0% | 15.8% | 11.4% | 18.3% | 15.1% | 18.7% | 16.7% |
| 厦门银行 | 12.4% | 16.6% | 18.1% | 8.2% | 7.1% | 8.4% | 4.2% | 9.6% | 9.7% |
| 齐鲁银行 | 23.3% | 26.3% | 25.7% | 12.5% | 9.3% | 14.5% | 10.8% | 17.0% | 11.2% |
| 重庆银行 | 21.2% | 19.9% | 15.4% | 4.8% | 5.3% | 6.9% | 16.4% | 14.6% | 8.5% |
| 江阴银行 | 20.2% | 15.6% | 20.3% | 4.7% | 4.1% | 3.8% | 15.5% | 11.5% | 16.5% |
| 无锡银行 | 23.2% | 19.4% | 25.9% | 9.1% | 4.2% | 5.9% | 14.1% | 15.2% | 19.9% |
| 常熟银行 | 16.4% | 12.6% | 13.2% | 4.6% | 3.1% | 0.0% | 11.8% | 9.5% | 13.1% |
| 苏农银行 | 15.4% | 20.9% | 16.1% | 4.1% | 5.7% | 3.2% | 11.2% | 15.1% | 12.9% |
| 张家港行 | 17.6% | 20.0% | 22.2% | 0.7% | 2.7% | 2.9% | 16.9% | 17.3% | 19.3% |
| 青农商行 | 24.7% | 21.8% | 24.6% | 7.8% | 4.8% | 8.4% | 16.9% | 17.1% | 16.2% |
| 紫金银行 | 2.5% | 12.1% | 7.7% | 2.1% | 2.8% | 2.6% | 0.4% | 9.3% | 5.1% |
| 渝农商行 | 12.8% | 14.9% | 14.6% | 7.8% | 8.8% | 5.6% | 5.0% | 6.0% | 9.0% |
| 上市银行 | 25.5% | 23.5% | 24.9% | 18.5% | 15.3% | 18.3% | 7.0% | 8.2% | 6.6% |
| 国有行 | 23.3% | 20.4% | 21.3% | 18.5% | 14.2% | 18.1% | 4.8% | 6.2% | 3.2% |
| 股份行 | 30.1% | 29.5% | 32.0% | 20.6% | 19.2% | 20.9% | 9.5% | 10.2% | 11.1% |
| 城商行 | 28.0% | 27.5% | 29.7% | 12.6% | 11.7% | 12.9% | 15.4% | 15.9% | 16.8% |
| 农商行 | 15.9% | 16.5% | 17.1% | 6.4% | 6.1% | 4.8% | 9.5% | 10.4% | 12.3% |
| 资料来源：公司财报，中泰证券研究所 净手续费增速回落、同比增 股份行、城商行和农商行分 年同比 6%、10%、23%和 9. 板块的手续费收入大部分来 本市场行情低迷，行业整体 行增速回落较多。增速较高 行中的北京、杭州、成都、行中的张家港和紫金银行，收仍能维持一定的增长。净 比增-1.3%（VS 2021 年度 有较大的负增。股份行和城 年受益于 20 年的低基数效 预计总体增速平稳。 图表：上市银行净非息收入同比增速 - 19 - | 3.5%（VS 2021 年度同比增 8.3%）。大行、别同比增 2.2%、4.8%、11.6%和-22.5%（VS 2021 5%）。城农商行增速回落较多，主要是这两个 自代销收入，代销占比超 70%，而 1 季度资 代理业务收入受到的冲击较大，因而城农商 的个股有：邮储、兴业、华夏和浙商，城商 长沙、苏州、厦门、齐鲁和重庆银行，农商 增速在同比 20%+，投行收入占比高的银行中 其他非息收入受大行拖累增速边际走低、同 同比增 48%）。大行在公允价值和投资损益上 商行其他非息收入增速也边际略有走低，21 应，增速较高；22 年在资金市场震荡行情中， 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 |
| 非利息收入 | 净手续费收入 | 净其他非息收入 | |||||||||
| 1Q21 | 2021 | 1Q22 | 1Q21 | 2021 | 1Q22 | 1Q21 | 2021 | 1Q22 | |||
| 工商银行 | 5.8% | 11.9% | 1.0% | 1.3% | 1.4% | 1.2% | 45.5% | 76.0% | -0.7% | ||
| 建设银行 | 6.1% | 15.8% | -15.6% | 8.8% | 6.0% | 0.0% | -8.3% | 64.0% | -111.2% | ||
| 农业银行 | -1.2% | 30.7% | -5.5% | 12.2% | 7.8% | 4.3% | -40.2% | 212.5% | -58.8% | ||
| 中国银行 | 3.1% | 25.5% | -9.0% | 18.1% | 7.8% | -6.8% | -22.6% | 70.9% | -14.7% | ||
| 交通银行 | 11.4% | 21.9% | -9.6% | -0.5% | 5.5% | 8.8% | 40.0% | 60.3% | -41.2% | ||
| 邮储银行 | 16.0% | 50.9% | 45.5% | 51.6% | 33.4% | 39.6% | -12.0% | 68.8% | 53.6% | ||
| 招商银行 | 14.1% | 20.7% | 5.9% | 23.3% | 18.8% | 5.5% | -11.5% | 27.4% | 7.4% | ||
| 中信银行 | -0.5% | 28.1% | 17.8% | 24.0% | 24.4% | 4.1% | -26.3% | 35.2% | 42.0% | ||
| 浦发银行 | -15.9% | -5.2% | -2.7% | -14.5% | -14.2% | 2.5% | -17.3% | 8.2% | -8.3% | ||
| 民生/银行 | -43.1% | -14.3% | -2.6% | -10.5% | -0.4% | -21.2% | -77.4% | -34.3% | 75.1% | ||
| 兴业银行 | 7.8% | 26.2% | 15.9% | 34.2% | 13.2% | 18.8% | -17.2% | 49.4% | 11.5% | ||
| 光大银行 | 5.6% | 27.7% | 0.4% | 6.7% | 11.9% | -1.6% | 2.7% | 85.6% | 6.1% | ||
| 华夏银行 | -18.6% | 21.7% | 58.5% | 11.5% | -12.4% | 27.7% | -49.8% | 152.2% | 129.4% | ||
| 平安银行 | 14.5% | 22.4% | 18.7% | 20.7% | 11.5% | 4.8% | 2.1% | 53.5% | 51.9% | ||
| 浙商银行 | -28.2% | 18.0% | 32.5% | -14.3% | -4.7% | 33.1% | -34.0% | 33.4% | 32.1% | ||
| 北京银行 | -12.2% | 17.0% | 6.1% | -16.7% | -6.3% | 36.2% | -7.4% | 40.5% | -23.3% | ||
| 南京银行 | -21.3% | 28.8% | 66.8% | 58.2% | 16.8% | 11.2% | -51.8% | 39.3% | 136.8% | ||
| 宁波银行 | 7.0% | 51.5% | 20.4% | 2.4% | 30.3% | 0.9% | 10.0% | 71.0% | 32.0% | ||
| 江苏银行 | -11.3% | 21.6% | 4.3% | 48.3% | 39.8% | 9.8% | -30.4% | 11.5% | 0.6% | ||
| 贵阳银行 | -61.0% | -14.9% | 16.3% | -9.4% | -23.6% | -15.4% | -81.3% | -9.8% | 77.0% | ||
| 杭州银行 | 7.6% | 50.5% | 50.8% | 147.3% | 19.7% | 20.1% | -37.7% | 87.3% | 90.3% | ||
| 上海银行 | -2.1% | 10.0% | -10.1% | 22.2% | 61.3% | 3.5% | -15.4% | -22.9% | -20.8% | ||
| 成都银行 | 20.3% | 25.1% | 11.2% | 57.4% | 45.9% | 28.4% | 14.9% | 22.0% | 7.8% | ||
| 长沙银行 | -23.4% | 55.4% | 25.0% | 2.7% | 33.4% | 19.0% | -28.9% | 63.1% | 26.9% | ||
| 青岛银行 | -11.0% | 46.0% | -8.2% | 8.2% | 15.8% | 1.2% | -24.0% | 119.0% | -17.3% | ||
| 郑州银行 | -58.8% | -15.3% | -24.4% | -17.0% | -28.2% | -31.7% | -83.5% | -1.6% | -2.6% | ||
| 西安银行 | 4.2% | 30.1% | -61.5% | 29.1% | -5.7% | -41.5% | -9.4% | 94.8% | -77.0% | ||
| 苏州银行 | 10.8% | 16.3% | 19.1% | 64.1% | 29.7% | 22.1% | -17.1% | 9.4% | 16.0% | ||
| 厦门银行 | -69.1% | -6.2% | 73.4% | 25.0% | 14.6% | 21.1% | -87.6% | -17.3% | 177.1% | ||
| 齐鲁银行 | 16.0% | 76.7% | 30.1% | 57.6% | 50.6% | 36.9% | -11.0% | 95.2% | 22.3% | ||
| 重庆银行 | 5.2% | 46.3% | -36.8% | -22.0% | -25.9% | 25.3% | 17.0% | 126.1% | -54.8% | ||
| 江阴银行 | -17.6% | -32.8% | 23.2% | 52.0% | 38.0% | 0.0% | -27.6% | -43.2% | 30.2% | ||
| 无锡银行 | -4.9% | 36.9% | 21.6% | 104.1% | 4.0% | -29.0% | -29.2% | 49.9% | 54.2% | ||
| 常熟银行 | 46.7% | 56.7% | -4.1% | 192.9% | 60.8% | -98.8% | 22.8% | 55.3% | 32.9% | ||
| 苏农银行 | -18.0% | 6.7% | 11.3% | 0.0% | 69.2% | -18.4% | -23.1% | -6.5% | 22.3% | ||
| 张家港行 | 68.8% | 55.3% | 40.7% | 166.7% | -1477.8% | 337.5% | 66.1% | 32.5% | 27.6% | ||
| 青农商行 | -31.8% | 51.5% | -7.0% | 93.5% | 63.5% | 1.0% | -47.4% | 48.4% | -10.6% | ||
| 紫金银行 | -92.5% | -14.5% | 219.2% | -47.6% | -1.6% | 27.3% | -98.7% | -17.7% | 1275.0% | ||
| 渝农商行 | -4.8% | 16.5% | 15.1% | -13.5% | -6.2% | -27.4% | 13.3% | 80.1% | 81.8% | ||
| 上市银行 | 0.6% | 19.5% | 2.2% | 11.1% | 8.3% | 3.5% | -19.4% | 48.4% | -1.3% | ||
| 国有行 | 5.1% | 21.4% | -4.6% | 9.3% | 6.2% | 2.2% | -8.6% | 79.7% | -30.7% | ||
| 股份行 | -3.0% | 15.3% | 10.0% | 13.2% | 9.7% | 4.8% | -26.1% | 27.4% | 21.3% | ||
| 城商行 | -9.8% | 25.7% | 15.8% | 20.3% | 22.7% | 11.6% | -25.1% | 27.9% | 19.2% | ||
| 农商行 | -17.8% | 21.5% | 12.3% | 11.4% | 9.5% | -22.5% | -30.2% | 29.8% | 35.7% | ||
| 资料来源：公司财报，中泰证券研究所 - 20 - | 请务必阅读正文之后的重要声明部分 |
图表：上市银行手续费结构占比
| 专题研究报告 | |
| ||||||||||||||||
| 2020 | 1H21 | 2021 | 2020 | 1H21 | 2021 | 2020 | 1H21 | 2021 | 2020 | 1H21 | 2021 | |||||
| 工商银行 | 26.7% | 26.4% | 27.7% | 37.1% | 35.2% | 37.5% | 12.7% | 9.6% | 11.2% | 21.5% | 26.9% | 21.6% | ||||
| 建设银行 | 9.5% | 10.2% | 9.5% | 35.2% | 41.2% | 39.8% | 16.3% | 13.5% | 15.3% | 12.8% | 14.8% | 12.3% | ||||
| 农业银行 | 12.2% | 12.4% | 11.2% | 27.9% | 28.0% | 27.9% | 16.1% | 13.0% | 15.6% | 14.3% | 19.2% | 13.8% | ||||
| 中国银行 | 22.8% | 20.9% | 22.1% | 34.1% | 38.4% | 38.4% | 15.6% | 12.8% | 13.5% | 17.4% | 20.1% | 17.4% | ||||
| 交通银行 | 3.1% | 2.6% | 2.5% | 42.8% | 49.0% | 47.7% | 40.8% | 35.7% | 38.5% | 12.8% | 12.1% | 10.8% | ||||
| 邮储银行 | 25.3% | 19.2% | 22.7% | 35.3% | 52.4% | 43.8% | 35.2% | 24.1% | 28.2% | 2.9% | N.A. | 3.2% | ||||
| 招商银行 | 14.6% | 13.0% | 13.6% | 37.0% | 55.5% | 40.3% | 22.6% | 16.8% | 18.9% | 15.1% | 6.9% | 16.8% | ||||
| 中信银行 | 3.5% | 4.5% | 4.7% | 38.4% | 46.9% | 41.2% | 43.6% | 36.3% | 40.6% | 14.2% | 12.0% | 13.3% | ||||
| 浦发银行 | 2.0% | 2.6% | 2.4% | 46.3% | 44.6% | 46.3% | 32.8% | 30.2% | 32.3% | 15.1% | 17.7% | 15.0% | ||||
| 民生/银行 | 8.7% | 7.1% | 6.0% | 44.2% | 45.0% | 51.0% | 34.6% | 37.2% | 34.6% | 6.4% | 7.1% | 5.4% | ||||
| 兴业银行 | 4.1% | 4.1% | 4.8% | 23.1% | 24.2% | 24.8% | 27.5% | 26.0% | 27.7% | 35.3% | 36.4% | 34.1% | ||||
| 光大银行 | 6.3% | 8.1% | 6.4% | 27.5% | 31.9% | 31.8% | 45.3% | 40.3% | 43.4% | 11.7% | 10.6% | 9.7% | ||||
| 华夏银行 | N.A. | N.A. | N.A. | 39.1% | 44.2% | 41.0% | 41.2% | 36.4% | 37.9% | 13.5% | 12.7% | 12.8% | ||||
| 平安银行 | 6.8% | 8.5% | 7.4% | 29.4% | 29.8% | 26.2% | 48.0% | 45.5% | 48.6% | N.A. | N.A. | N.A. | ||||
| 浙商银行 | 7.8% | 10.7% | 10.6% | 25.6% | 39.3% | 39.8% | 5.8% | 5.5% | 5.6% | 57.2% | 40.6% | 39.4% | ||||
| 北京银行 | 14.1% | 13.8% | 12.3% | 43.2% | 61.0% | 64.4% | 2.9% | 3.3% | 3.7% | 25.8% | 16.4% | 12.5% | ||||
| 南京银行 | N.A. | N.A. | N.A. | 64.0% | 63.1% | 67.2% | 1.9% | 2.1% | 2.4% | 33.3% | 34.3% | 29.9% | ||||
| 宁波银行 | 3.5% | 3.3% | 2.8% | 85.6% | 87.2% | 88.3% | 1.9% | 0.3% | 1.3% | 8.9% | 9.1% | 7.5% | ||||
| 江苏银行 | 0.9% | 0.7% | 0.7% | 88.9% | 87.0% | 87.1% | 1.5% | 2.5% | 2.0% | 7.9% | 9.0% | 9.7% | ||||
| 贵阳银行 | 4.5% | 3.6% | 4.2% | 55.5% | 44.8% | 48.5% | 10.9% | 11.8% | 11.3% | 27.5% | 36.6% | 32.4% | ||||
| 杭州银行 | 4.9% | 3.5% | 5.6% | 59.6% | 69.5% | 63.3% | 1.4% | 0.9% | 1.0% | 30.1% | 23.1% | 26.5% | ||||
| 上海银行 | 3.5% | 2.5% | 2.1% | 52.3% | 62.7% | 71.0% | 7.9% | 5.7% | 5.2% | 33.9% | 27.2% | 19.5% | ||||
| 成都银行 | 2.9% | 2.3% | 3.0% | 61.2% | 75.9% | 72.6% | 5.8% | 1.3% | 2.3% | 17.9% | 9.4% | 10.1% | ||||
| 长沙银行 | 0.4% | 0.3% | 0.4% | 24.8% | 34.1% | 24.8% | 19.5% | 19.0% | 18.8% | 49.8% | 36.9% | 49.3% | ||||
| 青岛银行 | 1.9% | 4.0% | 3.0% | 78.9% | 76.8% | 81.4% | 9.2% | 12.2% | 10.5% | N.A. | N.A. | N.A. | ||||
| 郑州银行 | N.A. | N.A. | N.A. | 67.6% | 65.8% | 63.5% | 6.5% | 7.3% | 8.2% | 24.2% | 24.2% | 25.8% | ||||
| 西安银行 | 1.1% | 1.1% | 0.8% | 53.9% | 48.7% | 54.2% | 3.3% | 4.4% | 4.0% | 38.2% | 42.8% | 36.7% | ||||
| 苏州银行 | 14.9% | 8.8% | 8.6% | 69.7% | 78.2% | 80.6% | 6.2% | 5.9% | 5.3% | 8.0% | 6.6% | 5.0% | ||||
| 厦门银行 | 2.3% | 2.4% | 1.9% | 53.3% | 54.9% | 54.8% | 3.3% | 5.6% | 6.7% | 38.9% | 34.7% | 33.0% | ||||
| 齐鲁银行 | 29.3% | 33.2% | 29.3% | 49.2% | 47.2% | 52.1% | 8.8% | 6.1% | 6.4% | N.A. | N.A. | N.A. | ||||
| 重庆银行 | 8.1% | 10.8% | 11.8% | 79.3% | 68.0% | 68.1% | 2.3% | 6.9% | 8.1% | 10.2% | 14.3% | 12.0% | ||||
| 江阴银行 | 38.2% | 32.6% | 30.5% | 61.8% | 67.4% | 69.5% | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||
| 无锡银行 | 7.0% | 6.9% | 9.7% | 71.8% | 76.8% | 76.7% | 7.5% | 6.9% | 0.4% | 5.7% | N.A. | 5.5% | ||||
| 常熟银行 | 19.1% | 14.0% | 18.5% | 79.8% | 85.7% | 81.1% | 1.1% | 0.4% | 0.5% | N.A. | N.A. | N.A. | ||||
| 苏农银行 | 16.7% | 10.2% | 11.1% | 73.2% | 82.8% | 79.3% | 1.2% | 1.4% | 1.6% | N.A. | N.A. | N.A. | ||||
| 张家港行 | 24.1% | 13.7% | 10.2% | 45.6% | 68.5% | 73.8% | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||
| 青农商行 | 33.8% | 26.4% | 30.6% | 46.2% | 53.8% | 51.1% | 4.8% | 2.3% | 2.8% | N.A. | N.A. | N.A. | ||||
| 紫金银行 | 40.5% | 38.3% | 44.8% | 48.4% | 41.7% | 38.7% | 11.1% | 20.0% | 16.6% | N.A. | N.A. | N.A. | ||||
| 渝农商行 | 4.5% | 4.8% | 4.6% | 76.6% | 75.7% | 72.1% | 5.5% | 7.0% | 6.7% | N.A. | N.A. | N.A. | ||||
| 上市银行 | 13.4% | 13.2% | 13.1% | 36.9% | 41.5% | 39.9% | 23.1% | 19.3% | 21.5% | 16.5% | 18.0% | 15.8% | ||||
| 国有行 | 17.2% | 16.6% | 16.9% | 35.0% | 38.3% | 37.9% | 18.5% | 15.0% | 17.0% | 15.6% | 19.7% | 15.0% | ||||
| 股份行 | 7.7% | 8.0% | 7.8% | 35.5% | 42.6% | 37.7% | 33.5% | 29.4% | 31.6% | 17.3% | 14.4% | 17.0% | ||||
| 城商行 | 5.6% | 4.6% | 4.0% | 64.5% | 70.1% | 73.2% | 4.2% | 3.8% | 4.0% | 23.3% | 20.5% | 17.7% | ||||
| 农商行 | 11.8% | 11.6% | 12.1% | 71.4% | 72.8% | 69.9% | 5.1% | 5.3% | 5.2% | 5.7% | N.A. | 5.5% | ||||
| 注：结算及清算=汇款及结算+外汇买卖价差收入；代理及受托=代销+理财+托管；信贷承诺 资料来源：公司财报，中泰证券研究所 三、资产质量总体稳健，安全边 3.1 不良维度：不良生成保持平稳 不良净生成率：1 季度累积 业资产质量稳健性超市场预 位环比微升 2bp，股份行在 度的下降；不良净生成分别 体在较低的水平，行业稳健 图表：上市银行累积年化不良净生成率情况 - 21 - | 及融资咨询=信贷承诺+顾问咨询+投资银行 际继续提升 年化不良净生成率为 0.76%、环比持平。行 期。板块间略有分化，大行不良净生成在低 高位平稳，城农商行则是在低位仍有较大幅 为 0.55%、1.3%、0.81%和 0.37%。绝对值总 性好于市场的预期。 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 |
| 累积年化不良净生成率 | |||||||||
| 2019 | 2020 | 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | 1Q22环比 | 1Q22同比 | |
| 工商银行 | 0.67% | 1.04% | 0.96% | 0.63% | 0.68% | 0.54% | 0.85% | 0.31% | -0.11% |
| 建设银行 | 0.69% | 0.95% | 0.79% | 0.62% | 0.53% | 0.50% | 0.41% | -0.09% | -0.38% |
| 农业银行 | 0.41% | 0.74% | 1.10% | 0.57% | 0.56% | 0.45% | 0.37% | -0.08% | -0.73% |
| 中国银行 | 0.82% | 0.72% | 0.52% | 0.65% | 0.57% | 0.61% | 0.58% | -0.03% | 0.06% |
| 交通银行 | 1.01% | 1.40% | 0.87% | 0.94% | 0.81% | 0.81% | 0.67% | -0.14% | -0.20% |
| 邮储银行 | 0.41% | 0.45% | 0.36% | 0.22% | 0.25% | 0.29% | 0.30% | 0.01% | -0.06% |
| 招商银行 | 0.78% | 1.00% | 1.46% | 0.62% | 0.57% | 0.64% | 0.71% | 0.07% | -0.75% |
| 中信银行 | 1.74% | 1.91% | 1.05% | 1.20% | 1.54% | 1.30% | 1.38% | 0.08% | 0.33% |
| 浦发银行 | 2.30% | 1.65% | 1.26% | 1.60% | 1.76% | 1.75% | 1.05% | -0.70% | -0.21% |
| 民生/银行 | 1.68% | 2.37% | 1.42% | 1.29% | 1.46% | 1.48% | 1.16% | -0.32% | -0.26% |
| 兴业银行 | 1.48% | 1.42% | 0.25% | 0.56% | 0.76% | 0.80% | 0.70% | -0.10% | 0.45% |
| 光大银行 | 1.83% | 2.06% | 1.61% | 1.80% | 1.83% | 1.79% | 1.49% | -0.30% | -0.12% |
| 华夏银行 | 2.49% | 1.80% | 0.88% | 1.37% | 1.67% | 1.21% | 1.44% | 0.23% | 0.56% |
| 平安银行 | 2.55% | 2.40% | 0.88% | 1.30% | 1.15% | 1.80% | 1.80% | 0.00% | 0.92% |
| 浙商银行 | 0.97% | 1.17% | 1.65% | 1.29% | 1.90% | 1.07% | 1.19% | 0.12% | -0.46% |
| 北京银行 | 0.94% | 1.15% | 1.10% | 0.68% | 0.99% | 1.02% | 0.84% | -0.18% | -0.26% |
| 南京银行 | 1.24% | 1.17% | 0.41% | 0.84% | 1.01% | 0.82% | 0.67% | -0.15% | 0.26% |
| 宁波银行 | 0.63% | 0.79% | 0.68% | 0.50% | 0.57% | 0.71% | 1.08% | 0.37% | 0.40% |
| 江苏银行 | 0.68% | 0.98% | 0.70% | 0.67% | 0.88% | 0.80% | 0.41% | -0.39% | -0.29% |
| 贵阳银行 | 1.12% | 2.12% | 1.42% | 0.50% | 1.37% | 1.40% | 0.96% | -0.44% | -0.46% |
| 杭州银行 | 0.96% | 0.30% | 0.24% | 0.19% | 0.09% | 0.17% | 0.11% | -0.06% | -0.13% |
| 上海银行 | 1.20% | 1.51% | 1.41% | 0.61% | 0.97% | 0.88% | 1.35% | 0.47% | -0.06% |
| 成都银行 | 0.82% | 0.52% | 0.14% | -0.02% | 0.46% | 0.07% | -0.04% | -0.11% | -0.18% |
| 长沙银行 | 1.66% | 1.43% | 1.19% | 1.37% | 1.58% | 1.48% | 1.09% | -0.39% | -0.10% |
| 青岛银行 | 2.36% | 1.53% | 2.03% | 1.13% | 1.30% | 1.27% | 1.31% | 0.04% | -0.72% |
| 郑州银行 | 2.39% | 2.89% | 1.28% | 1.39% | 1.79% | 1.71% | 0.56% | -1.15% | -0.72% |
| 西安银行 | 0.41% | 0.79% | 0.95% | 0.83% | 1.39% | 1.27% | 1.49% | 0.22% | 0.54% |
| 苏州银行 | 0.67% | 0.71% | -0.15% | 0.00% | -0.05% | 0.23% | -0.19% | -0.42% | -0.04% |
| 厦门银行 | 0.73% | 0.38% | 0.58% | 0.34% | 0.33% | 0.40% | 0.20% | -0.20% | -0.38% |
| 齐鲁银行 | 1.33% | 0.98% | 1.03% | 0.69% | 0.81% | 0.95% | 0.83% | -0.12% | -0.20% |
| 重庆银行 | 0.71% | 1.05% | 0.98% | 2.50% | 1.76% | 1.92% | 0.54% | -1.38% | -0.44% |
| 江阴银行 | 1.76% | 2.71% | -0.37% | 0.22% | 0.01% | 0.32% | -0.86% | -1.18% | -0.49% |
| 无锡银行 | 0.33% | 0.59% | -0.12% | -0.07% | -0.15% | 0.09% | 0.23% | 0.14% | 0.35% |
| 常熟银行 | 0.86% | 0.85% | 0.25% | 0.32% | 0.70% | 0.36% | 0.25% | -0.11% | 0.00% |
| 苏农银行 | 1.89% | 1.20% | 0.84% | 0.35% | 0.22% | 0.42% | 0.71% | 0.29% | -0.13% |
| 张家港行 | 2.23% | 1.92% | -0.13% | 0.25% | 0.37% | 0.44% | 0.65% | 0.21% | 0.78% |
| 青农商行 | 1.00% | 1.83% | 1.55% | 1.18% | 1.28% | 2.03% | 1.89% | -0.14% | 0.34% |
| 紫金银行 | 0.79% | 1.21% | 0.96% | 0.45% | 0.66% | 0.57% | 0.24% | -0.33% | -0.72% |
| 渝农商行 | 0.65% | 2.57% | 1.11% | 1.20% | 1.32% | 1.69% | -0.05% | -1.74% | -1.16% |
| 上市银行 | 0.96% | 1.14% | 0.91% | 0.77% | 0.82% | 0.77% | 0.76% | 0.00% | -0.15% |
| 国有行 | 0.66% | 0.89% | 0.82% | 0.61% | 0.57% | 0.53% | 0.55% | 0.02% | -0.27% |
| 股份行 | 1.73% | 1.74% | 1.12% | 1.18% | 1.40% | 1.29% | 1.30% | 0.00% | 0.18% |
| 城商行 | 1.02% | 1.14% | 0.93% | 0.71% | 0.99% | 0.90% | 0.81% | -0.09% | -0.12% |
| 农商行 | 0.96% | 1.89% | 0.83% | 0.77% | 0.87% | 1.15% | 0.37% | -0.78% | -0.46% |
| 资料来源：公司财报，中泰证券研究所 不良率：行业存量不良继续 基本处在 2014 年来上一轮 较小；银行时间换空间能 农商行<股份行<大行，不良 善幅度看，农商行>城商行> 不良率下降幅度较大的个股 紫金银行，不良率环比下降 图表：上市银行不良率情况 - 22 - | 环比下降、环比下降 1bp，不良率仅为 1.33%，不良周期爆发前的历史低位，存量包袱压力 力较强。存量水平看，存量不良水平城商行< 率分别为 1.14%、1.2%、1.32%和 1.35%。改 股份行=大行，分别环比下降 4、2、1 和 1bp。有江苏、成都、西安、苏州、江阴、无锡和 5bp 以上，城农商行改善幅度较大。 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 |
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 1Q22 | 环比变动 | |
| 工商银行 | 0.94% | 1.13% | 1.50% | 1.62% | 1.55% | 1.52% | 1.43% | 1.58% | 1.42% | 1.42% | 0.00% |
| 建设银行 | 0.99% | 1.19% | 1.58% | 1.52% | 1.49% | 1.46% | 1.42% | 1.56% | 1.42% | 1.40% | -0.01% |
| 农业银行 | 1.22% | 1.54% | 2.39% | 2.37% | 1.81% | 1.59% | 1.40% | 1.57% | 1.43% | 1.40% | -0.03% |
| 中国银行 | 0.96% | 1.18% | 1.43% | 1.46% | 1.45% | 1.42% | 1.37% | 1.46% | 1.33% | 1.31% | -0.03% |
| 交通银行 | 1.05% | 1.25% | 1.51% | 1.52% | 1.50% | 1.49% | 1.47% | 1.67% | 1.48% | 1.47% | -0.01% |
| 邮储银行 | 0.51% | 0.64% | 0.80% | 0.87% | 0.75% | 0.86% | 0.86% | 0.88% | 0.82% | 0.82% | 0.00% |
| 招商银行 | 0.83% | 1.11% | 1.68% | 1.87% | 1.61% | 1.36% | 1.16% | 1.07% | 0.91% | 0.94% | 0.03% |
| 中信银行 | 1.03% | 1.30% | 1.43% | 1.69% | 1.68% | 1.77% | 1.65% | 1.64% | 1.39% | 1.35% | -0.04% |
| 浦发银行 | 0.74% | 1.06% | 1.56% | 1.89% | 2.14% | 1.92% | 2.03% | 1.73% | 1.61% | 1.58% | -0.03% |
| 民生/银行 | 0.85% | 1.17% | 1.60% | 1.68% | 1.71% | 1.76% | 1.56% | 1.82% | 1.79% | 1.74% | -0.04% |
| 兴业银行 | 0.76% | 1.10% | 1.46% | 1.65% | 1.59% | 1.57% | 1.54% | 1.25% | 1.10% | 1.10% | 0.00% |
| 光大银行 | 0.86% | 1.19% | 1.61% | 1.60% | 1.59% | 1.59% | 1.56% | 1.38% | 1.25% | 1.24% | -0.01% |
| 华夏银行 | 0.90% | 1.09% | 1.52% | 1.67% | 1.76% | 1.85% | 1.83% | 1.80% | 1.77% | 1.75% | -0.02% |
| 平安银行 | 0.89% | 1.02% | 1.45% | 1.74% | 1.70% | 1.75% | 1.65% | 1.18% | 1.02% | 1.02% | 0.00% |
| 浙商银行 | 0.64% | 0.88% | 1.23% | 1.33% | 1.15% | 1.20% | 1.37% | 1.42% | 1.53% | 1.53% | -0.01% |
| 北京银行 | 0.65% | 0.86% | 1.12% | 1.27% | 1.24% | 1.46% | 1.40% | 1.57% | 1.44% | 1.44% | 0.00% |
| 南京银行 | 0.89% | 0.94% | 0.83% | 0.87% | 0.86% | 0.89% | 0.89% | 0.92% | 0.92% | 0.90% | -0.02% |
| 宁波银行 | 0.89% | 0.89% | 0.92% | 0.91% | 0.82% | 0.78% | 0.78% | 0.79% | 0.77% | 0.77% | 0.01% |
| 江苏银行 | 1.15% | 1.30% | 1.43% | 1.43% | 1.41% | 1.39% | 1.38% | 1.32% | 1.08% | 1.03% | -0.05% |
| 贵阳银行 | 0.59% | 0.81% | 1.48% | 1.42% | 1.34% | 1.35% | 1.45% | 1.53% | 1.45% | 1.60% | 0.15% |
| 杭州银行 | 1.18% | 1.19% | 1.36% | 1.62% | 1.59% | 1.45% | 1.34% | 1.07% | 0.86% | 0.82% | -0.03% |
| 上海银行 | 0.82% | 0.98% | 1.19% | 1.17% | 1.15% | 1.14% | 1.16% | 1.22% | 1.25% | 1.25% | 0.00% |
| 成都银行 | 0.72% | 1.19% | 2.35% | 2.21% | 1.70% | 1.54% | 1.43% | 1.37% | 0.98% | 0.91% | -0.07% |
| 长沙银行 | 0.93% | 1.28% | 1.22% | 1.19% | 1.24% | 1.29% | 1.22% | 1.21% | 1.20% | 1.19% | -0.01% |
| 青岛银行 | 0.75% | 1.14% | 1.19% | 1.36% | 1.69% | 1.68% | 1.65% | 1.51% | 1.34% | 1.33% | -0.01% |
| 郑州银行 | 0.53% | 0.75% | 1.10% | 1.31% | 1.50% | 2.47% | 2.37% | 2.08% | 1.85% | 1.80% | -0.04% |
| 西安银行 | 0.65% | 0.79% | 1.18% | 1.27% | 1.24% | 1.20% | 1.18% | 1.18% | 1.32% | 1.25% | -0.06% |
| 苏州银行 | 0.88% | 1.37% | 1.49% | 1.49% | 1.43% | 1.68% | 1.53% | 1.38% | 1.11% | 0.99% | -0.12% |
| 厦门银行 | 0.99% | 1.09% | 1.37% | 1.51% | 1.45% | 1.33% | 1.18% | 0.98% | 0.91% | 0.90% | -0.01% |
| 齐鲁银行 | 0.97% | 1.73% | 2.19% | 1.68% | 1.54% | 1.64% | 1.49% | 1.43% | 1.35% | 1.33% | -0.02% |
| 重庆银行 | 0.39% | 0.69% | 0.97% | 0.96% | 1.35% | 1.36% | 1.27% | 1.27% | 1.30% | 1.30% | 0.00% |
| 江阴银行 | 1.19% | 1.91% | 2.17% | 2.41% | 2.39% | 2.15% | 1.83% | 1.79% | 1.32% | 0.99% | -0.33% |
| 无锡银行 | N.A. | 1.15% | 1.17% | 1.39% | 1.38% | 1.24% | 1.21% | 1.10% | 0.93% | 0.87% | -0.06% |
| 常熟银行 | 0.95% | 0.93% | 1.43% | 1.40% | 1.14% | 0.99% | 0.96% | 0.96% | 0.81% | 0.81% | 0.00% |
| 苏农银行 | 1.34% | 1.69% | 1.87% | 1.78% | 1.64% | 1.31% | 1.34% | 1.28% | 1.00% | 0.99% | -0.01% |
| 张家港行 | 1.08% | 1.51% | 1.96% | 1.97% | 1.78% | 1.47% | 1.38% | 1.17% | 0.94% | 0.94% | -0.01% |
| 青农商行 | 2.29% | 2.40% | 2.38% | 2.01% | 1.86% | 1.57% | 1.46% | 1.44% | 1.74% | 1.74% | 0.00% |
| 紫金银行 | 2.90% | 2.70% | 2.29% | 1.98% | 1.84% | 1.69% | 1.69% | 1.68% | 1.45% | 1.35% | -0.10% |
| 渝农商行 | 0.80% | 0.78% | 0.98% | 0.96% | 0.98% | 1.29% | 1.25% | 1.31% | 1.25% | 1.25% | -0.01% |
| 上市银行 | 0.96% | 1.19% | 1.60% | 1.65% | 1.55% | 1.50% | 1.43% | 1.48% | 1.34% | 1.33% | -0.01% |
| 国有行 | 1.00% | 1.22% | 1.64% | 1.66% | 1.51% | 1.46% | 1.37% | 1.50% | 1.36% | 1.35% | -0.01% |
| 股份行 | 0.85% | 1.14% | 1.54% | 1.73% | 1.71% | 1.67% | 1.59% | 1.47% | 1.33% | 1.32% | -0.01% |
| 城商行 | 0.85% | 1.03% | 1.24% | 1.29% | 1.25% | 1.32% | 1.29% | 1.29% | 1.16% | 1.14% | -0.02% |
| 农商行 | 1.31% | 1.39% | 1.54% | 1.48% | 1.41% | 1.40% | 1.34% | 1.33% | 1.24% | 1.20% | -0.04% |
| 资料来源：公司财报，中泰证券研究所 关注类：已披露银行总体关 支撑。行业整体的关注类贷 移为不良的压力有限。从存 行、城商行、农商行和股份 大行板块关注类占比不足 1 从环比变动趋势看，改善幅 行和大行，分别环比变动-大主要是民生和华夏银行改 成都、青岛、西安、苏州、下降 10bp+。 图表：上市银行关注类占比总贷款情况 - 23 - | 注类环比下降，仍是城农商行改善幅度较大 款占比在历史低位、仅 1.54%，未来向下迁 量数据看，关注类占比最低的板块依次为大 行，分别为 0.93%、1.26%、1.32%和 2.09%。 个点，显示整个板块的资产质量压力非常小。度最大的板块依次是股份行、城商行、农商 6、-5、-3 和+1bp。股份行关注类改善幅度最 善幅度较大。个股中的民生、华夏、南京、江阴和紫金银行关注类占比降幅较大，环比 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 2018 | 2019 | 2020 | 2021 | 1Q22 | 环比变动 | |
| 交通银行 | 2.45% | 2.16% | 1.41% | 1.35% | 1.37% | 0.02% |
| 邮储银行 | 0.63% | 0.66% | 0.53% | 0.47% | 0.48% | 0.00% |
| 浦发银行 | 2.95% | 2.59% | 2.58% | 2.17% | 2.17% | 0.00% |
| 民生银行 | 3.38% | 2.96% | 2.98% | 2.85% | 2.70% | -0.15% |
| 兴业银行 | 2.05% | 1.78% | 1.37% | 1.52% | 1.50% | -0.03% |
| 华夏银行 | 4.44% | 3.56% | 3.43% | 3.10% | 2.97% | -0.12% |
| 平安银行 | 2.73% | 2.01% | 1.11% | 1.42% | 1.41% | -0.01% |
| 南京银行 | 1.42% | 1.21% | 1.21% | 1.22% | 1.00% | -0.22% |
| 宁波银行 | 0.55% | 0.74% | 0.50% | 0.48% | 0.51% | 0.03% |
| 江苏银行 | 2.25% | 1.94% | 1.36% | 1.34% | 1.34% | -0.01% |
| 贵阳银行 | 2.59% | 2.76% | 2.41% | 3.08% | 3.69% | 0.62% |
| 杭州银行 | 1.26% | 0.94% | 0.58% | 0.38% | 0.38% | 0.00% |
| 上海银行 | 1.86% | 1.88% | 1.91% | 1.65% | 1.60% | -0.06% |
| 成都银行 | 1.88% | 0.92% | 0.68% | 0.61% | 0.45% | -0.16% |
| 长沙银行 | 2.90% | 3.44% | 2.71% | 1.98% | 1.99% | 0.01% |
| 青岛银行 | 5.63% | 3.49% | 1.47% | 1.03% | 0.91% | -0.12% |
| 郑州银行 | 2.95% | 2.08% | 2.03% | 2.21% | 2.14% | -0.07% |
| 西安银行 | 2.27% | 2.41% | 2.78% | 2.92% | 2.60% | -0.32% |
| 苏州银行 | 2.58% | 2.53% | 1.37% | 0.96% | 0.81% | -0.15% |
| 厦门银行 | 0.75% | 0.91% | 0.83% | -0.08% | ||
| 齐鲁银行 | 2.35% | 1.95% | 1.91% | -0.03% | ||
| 江阴银行 | 1.43% | 2.31% | 1.31% | 1.74% | 1.55% | -0.19% |
| 无锡银行 | 6.38% | 4.16% | 4.05% | 3.58% | 3.64% | 0.06% |
| 苏农银行 | 1.77% | 2.29% | 1.04% | 0.53% | 0.50% | -0.04% |
| 张家港行 | 0.85% | 0.44% | 0.47% | 0.34% | 0.27% | -0.06% |
| 青农商行 | 1.41% | 0.95% | 0.71% | 0.62% | 0.69% | 0.07% |
| 紫金银行 | 3.18% | 2.78% | 2.12% | 1.74% | 1.59% | -0.16% |
| 上市银行 | 2.36% | 2.03% | 1.69% | 1.58% | 1.54% | -0.04% |
| 国有行 | 1.60% | 1.43% | 0.98% | 0.91% | 0.93% | 0.01% |
| 股份行 | 3.00% | 2.52% | 2.27% | 2.15% | 2.09% | -0.06% |
| 城商行 | 2.02% | 1.80% | 1.45% | 1.31% | 1.26% | -0.05% |
| 农商行 | 2.48% | 2.01% | 1.53% | 1.36% | 1.32% | -0.03% |
| 资料来源：公司财报，中泰证券研究所 3.2 逾期维度：逾期率微升，不良 逾期情况：1、逾期率微升 压力，以及年初的疫情冲击 大、仅环比+6bp 至 1.13%。略有放松，但逾期占比不良 不良，严格度还是很高的。年度微升 4.5 个百分点点， 图表：上市银行逾期率和逾期占比不良情况 - 24 - | 认定边际有所放松 、升幅总体不大。去年下半年以来房地产的，行业的逾期贷款环比微升。但总体升幅不 2、不良认定情况：对不良认定较 2021 年度 总体接近 100%，即全部逾期基本都被认定为 4 家银行总体逾期占比不良 105%，较 2021 逾期认定还是很严格。 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 |
| 2018 | 2019 | 2020 | 2021 | 1Q22 | 环比变动 | |||
| 逾期率 | ||||||||
| 交通银行 | 1.84% | 1.71% | 1.54% | 1.33% | 1.40% | 0.08% | ||
| 邮储银行 | 0.99% | 1.03% | 0.79% | 0.89% | 0.93% | 0.04% | ||
| 招商银行 | 1.58% | 1.41% | 1.12% | 1.03% | 1.09% | 0.06% | ||
| 杭州银行 | 1.19% | 1.27% | 0.84% | 0.62% | 0.62% | 0.00% | ||
| 上市银行 | 1.47% | 1.38% | 1.15% | 1.07% | 1.13% | 0.06% | ||
| 逾期占比不良 | ||||||||
| 交通银行 | 122.96% | 115.99% | 92.33% | 90.05% | 95.56% | 5.51% | ||
| 邮储银行 | 114.82% | 119.23% | 90.10% | 108.87% | 113.08% | 4.21% | ||
| 招商银行 | 115.67% | 121.21% | 105.51% | 112.91% | 115.72% | 2.81% | ||
| 杭州银行 | 82.06% | 95.23% | 78.16% | 71.81% | 75.32% | 3.51% | ||
| 上市银行 | 117.61% | 117.65% | 94.85% | 100.09% | 104.61% | 4.52% | ||
资料来源：公司财报，中泰证券研究所
3.3 拨备维度：行业拨备覆盖率平均在 240%，安全边际进一步提升
拨备覆盖率：资产质量稳健，行业安全边际进一步提升，拨备对不良的 覆盖程度环比上行。行业对不良的覆盖能力进一步夯实：1 季度拨备覆 盖率在 240%高位，环比上升 3.5 个百分点。存量拨备水平看，农商行> 城商行>大行>股份行，拨备覆盖率分别为 348%、316%、240%和 218%。城 农商行的拨备覆盖率平均在 300%以上，安全边际非常高。环比改善幅度 看，农商行>城商行>大行>股份行，分别环比变动+12%、+8%、+4%和+0.5%。由于不良改善幅度最大，农商行的拨备覆盖率提升幅度也最高。个股方 面，拨备覆盖率维持在高位，即安全边际相对较高的有邮储、招行、宁 波、杭州、成都、苏州、江阴、无锡、常熟、苏农和张家港银行，拨备 覆盖率在 400%+。
拨贷比：拨备对总信贷的覆盖程度环比继续上升。行业拨贷比 3.19%，环比继续上升 1bp。存量水平看，与拨备覆盖率一致，农商行>城商行> 大行>股份行，分别为 4.19%、3.61%、3.25%和 2.88%。环比改善幅度，大行=城商行>农商行>股份行，分别环比变动+2、+2、+1、-2bp，大行和 城商行总体拨备计提力度较大。拨贷比绝对值在高位的个股有农行、招 行；城商行中的宁波、贵阳、杭州和苏州银行；农商行中的江阴、无锡、常熟、苏农、张家港和渝农商行，拨贷比在 4%以上。
| 图表：上市银行拨备覆盖率和拨贷比 - 25 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 拨备覆盖率 | 拨贷比 | ||||||||||||
| 2019 | 2020 | 2021 | 1Q22 | 1Q22环比 | 1Q22同比 | 2019 | 2020 | 2021 | 1Q22 | 1Q22环比 | 1Q22同比 | ||
| 工商银行 | 199.32% | 180.68% | 205.84% | 209.91% | 4.07% | 26.69% | 2.86% | 2.85% | 2.92% | 2.98% | 0.06% | 0.09% | |
| 建设银行 | 227.69% | 213.59% | 239.96% | 246.36% | 6.40% | 31.42% | 3.23% | 3.33% | 3.40% | 3.46% | 0.06% | 0.11% | |
| 农业银行 | 295.45% | 266.20% | 299.73% | 307.50% | 7.77% | 42.89% | 4.15% | 4.17% | 4.30% | 4.31% | 0.01% | 0.27% | |
| 中国银行 | 182.86% | 177.84% | 187.05% | 187.54% | 0.49% | -2.34% | 2.50% | 2.60% | 2.49% | 2.45% | -0.04% | -0.02% | |
| 交通银行 | 171.77% | 143.87% | 166.50% | 166.66% | 0.16% | 23.24% | 2.53% | 2.40% | 2.46% | 2.45% | -0.01% | 0.10% | |
| 邮储银行 | 389.45% | 408.06% | 418.61% | 413.58% | -5.03% | -3.40% | 3.35% | 3.60% | 3.42% | 3.39% | -0.03% | -0.18% | |
| 招商银行 | 426.78% | 437.68% | 483.87% | 462.68% | -21.19% | 23.80% | 4.97% | 4.67% | 4.42% | 4.35% | -0.07% | -0.12% | |
| 中信银行 | 175.25% | 171.68% | 180.07% | 184.19% | 4.12% | -1.68% | 2.90% | 2.82% | 2.50% | 2.49% | -0.01% | -0.37% | |
| 浦发银行 | 134.94% | 152.77% | 143.96% | 146.95% | 2.99% | -7.33% | 2.74% | 2.64% | 2.31% | 2.32% | 0.00% | -0.25% | |
| 民生/银行 | 155.50% | 139.38% | 145.30% | 143.11% | -2.19% | 2.00% | 2.43% | 2.53% | 2.60% | 2.49% | -0.10% | -0.04% | |
| 兴业银行 | 199.13% | 218.83% | 268.73% | 268.89% | 0.16% | 21.37% | 3.07% | 2.74% | 2.96% | 2.95% | 0.00% | 0.04% | |
| 光大银行 | 181.62% | 182.71% | 187.02% | 187.52% | 0.50% | 3.65% | 2.83% | 2.53% | 2.34% | 2.33% | -0.01% | -0.18% | |
| 华夏银行 | 141.92% | 147.22% | 150.99% | 153.09% | 2.10% | -8.52% | 2.59% | 2.65% | 2.67% | 2.68% | 0.01% | -0.21% | |
| 平安银行 | 183.12% | 201.40% | 288.42% | 289.10% | 0.69% | 43.94% | 3.01% | 2.37% | 2.94% | 2.94% | -0.01% | 0.25% | |
| 浙商银行 | 220.80% | 191.02% | 174.61% | 177.26% | 2.65% | 2.15% | 3.03% | 2.72% | 2.68% | 2.71% | 0.03% | 0.02% | |
| 北京银行 | 224.69% | 215.95% | 210.22% | 211.50% | 1.28% | -14.53% | 3.15% | 3.38% | 3.03% | 3.05% | 0.02% | -0.25% | |
| 南京银行 | 417.75% | 391.72% | 397.36% | 398.40% | 1.04% | 4.50% | 3.73% | 3.59% | 3.64% | 3.58% | -0.06% | 0.00% | |
| 宁波银行 | 523.95% | 505.55% | 525.50% | 524.82% | -0.68% | 16.27% | 4.10% | 4.01% | 4.03% | 4.06% | 0.02% | 0.04% | |
| 江苏银行 | 232.79% | 256.40% | 307.73% | 330.07% | 22.34% | 53.35% | 3.21% | 3.38% | 3.33% | 3.39% | 0.07% | -0.04% | |
| 贵阳银行 | 291.80% | 277.32% | 271.06% | 260.26% | -10.80% | -13.58% | 4.23% | 4.24% | 3.94% | 4.18% | 0.24% | 0.01% | |
| 杭州银行 | 316.70% | 469.57% | 567.68% | 580.08% | 12.40% | 81.46% | 4.23% | 5.02% | 4.86% | 4.77% | -0.09% | -0.45% | |
| 上海银行 | 337.15% | 321.41% | 301.12% | 303.60% | 2.48% | -19.72% | 3.90% | 3.92% | 3.76% | 3.79% | 0.03% | -0.12% | |
| 成都银行 | 253.93% | 293.41% | 402.81% | 435.84% | 33.03% | 102.93% | 3.63% | 4.01% | 3.95% | 3.95% | 0.00% | -0.01% | |
| 长沙银行 | 280.01% | 292.73% | 297.85% | 301.02% | 3.17% | 8.72% | 3.42% | 3.54% | 3.56% | 3.57% | 0.00% | 0.04% | |
| 青岛银行 | 155.14% | 169.59% | 197.49% | 198.35% | 0.87% | 24.30% | 2.56% | 2.56% | 2.64% | 2.64% | 0.00% | 0.01% | |
| 郑州银行 | 159.83% | 160.42% | 156.57% | 171.62% | 15.06% | 8.31% | 3.79% | 3.33% | 2.90% | 3.10% | 0.20% | -0.23% | |
| 西安银行 | 262.76% | 269.44% | 224.35% | 220.31% | -4.04% | -53.28% | 3.09% | 3.18% | 2.95% | 2.76% | -0.19% | -0.53% | |
| 苏州银行 | 223.77% | 291.71% | 423.02% | 463.68% | 40.67% | 127.03% | 3.41% | 4.02% | 4.70% | 4.58% | -0.11% | 0.31% | |
| 厦门银行 | 274.45% | 367.92% | 370.61% | 371.43% | 0.81% | 21.26% | 3.24% | 3.61% | 3.38% | 3.35% | -0.03% | -0.10% | |
| 齐鲁银行 | 204.12% | 214.61% | 253.90% | 259.27% | 5.37% | 42.64% | 3.04% | 3.06% | 3.43% | 3.44% | 0.01% | 0.32% | |
| 重庆银行 | 278.57% | 307.72% | 272.24% | 270.31% | -1.92% | -37.06% | 3.55% | 3.90% | 3.54% | 3.53% | -0.01% | -0.37% | |
| 江阴银行 | 259.60% | 224.83% | 331.45% | 456.81% | 125.36% | 182.54% | 4.76% | 4.03% | 4.37% | 4.51% | 0.14% | 0.35% | |
| 无锡银行 | 288.25% | 356.01% | 476.93% | 519.91% | 42.98% | 115.57% | 3.50% | 3.92% | 4.46% | 4.55% | 0.09% | 0.59% | |
| 常熟银行 | 481.63% | 485.06% | 531.60% | 532.76% | 1.16% | 45.07% | 4.63% | 4.66% | 4.33% | 4.32% | -0.01% | -0.31% | |
| 苏农银行 | 249.07% | 305.35% | 412.23% | 420.04% | 7.82% | 100.63% | 3.33% | 3.92% | 4.14% | 4.17% | 0.03% | 0.18% | |
| 张家港行 | 252.14% | 307.74% | 475.61% | 482.32% | 6.71% | 141.32% | 3.47% | 3.61% | 4.49% | 4.53% | 0.03% | 0.71% | |
| 青农商行 | 310.33% | 278.67% | 231.72% | 222.80% | -8.93% | -29.79% | 4.54% | 4.01% | 4.02% | 3.88% | -0.15% | -0.21% | |
| 紫金银行 | 236.85% | 220.09% | 232.02% | 241.41% | 9.39% | 26.29% | 3.99% | 3.70% | 3.36% | 3.27% | -0.10% | -0.36% | |
| 渝农商行 | 379.93% | 314.85% | 340.12% | 346.39% | 6.27% | 40.32% | 4.75% | 4.12% | 4.27% | 4.32% | 0.06% | 0.38% | |
| 上市银行 | 223.10% | 214.82% | 237.03% | 240.48% | 3.45% | 20.20% | 3.18% | 3.18% | 3.18% | 3.19% | 0.01% | 0.03% | |
| 国有行 | 228.17% | 212.17% | 236.46% | 240.49% | 4.03% | 25.00% | 3.13% | 3.19% | 3.23% | 3.25% | 0.02% | 0.10% | |
| 股份行 | 198.41% | 201.79% | 217.76% | 218.30% | 0.54% | 7.03% | 3.16% | 2.97% | 2.91% | 2.88% | -0.02% | -0.11% | |
| 城商行 | 275.38% | 287.13% | 308.09% | 315.72% | 7.63% | 15.48% | 3.55% | 3.69% | 3.59% | 3.61% | 0.02% | -0.09% | |
| 农商行 | 325.85% | 303.98% | 336.61% | 348.28% | 11.67% | 44.62% | 4.37% | 4.05% | 4.18% | 4.19% | 0.01% | 0.17% | |
| 资料来源：公司财报，中泰证券研究所 3.4 银行资产质量稳健性会好于市场预期 银行资产质量的稳健度超市 贷款保持稳健，零售按揭 因而行业整体呈现出不良 在不良边际增加的压力：地 影响，行业不良率环比有提 营贷不良率较半年度分别提 和 1.09%。2、但占比信贷 揭还是保持相对稳定的状态 处在改善的通道，因而总体 下降。行业在 13-16 年那轮 这几年金融严监管，要求银 - 26 - | 场预期 场预期：行业资产质量压舱石对公端基建类 仍相对稳定，实体制造业处于景气度上行期，率仍在环比下降的趋势。1、部分行业确实存 产产业链及个人消费类信贷不良率受景气度 升，其中房地产、建筑业、信用卡及消费经 升 50、15、4 和 1bp 至 2.32%、1.62%、1.58% 大头的基建类贷款、实体制造业以及个人按，尤其是制造业，经过前几年的出清，不良 呈现出行业整体的对公贷款不良率仍在环比 不良周期，已经消化大部分不良包袱，叠加 行进一步加大不良的暴露和处臵力度，这使 请务必阅读正文之后的重要声明部分 |
专题研究报告
得银行在不良还没生成的时候，就提前它的不良处臵周期，更大力度的 把报表处臵的更加干净，通过这几年表内和表外的坏账处臵，银行报表 是处在历史上非常干净的阶段，除非是系统性的信用风险，否则银行对 宏观层面经济带来的波动，完全有消化承接的能力。
图表：细分行业不良率及信贷占比总贷款情况
| 2019 | 1H20 | 2020 | 1H21 | 2021 | 较半年度变动 | |
| 不良率 | ||||||
| 房地产 | 0.76% | 0.73% | 1.50% | 1.82% | 2.32% | 0.50% |
| 建筑业 | 1.44% | 1.45% | 1.84% | 1.47% | 1.62% | 0.15% |
| 制造业 | 4.49% | 4.24% | 4.06% | 3.71% | 3.19% | -0.51% |
| 批零业 | 5.87% | 5.84% | 5.38% | 4.06% | 3.26% | -0.80% |
| 交运 | 0.92% | 1.07% | 1.16% | 1.18% | 1.01% | -0.17% |
| 电力 | 0.75% | 0.54% | 0.75% | 0.80% | 1.02% | 0.22% |
| 租赁服务 | 1.33% | 1.57% | 1.79% | 1.68% | 1.60% | -0.07% |
| 水利 | 0.37% | 0.47% | 0.58% | 0.51% | 0.69% | 0.18% |
| 对公贷款 | 1.98% | 2.00% | 2.08% | 1.99% | 1.90% | -0.09% |
| 按揭 | 0.26% | 0.30% | 0.30% | 0.28% | 0.28% | 0.00% |
| 信用卡 | 1.52% | 1.89% | 1.71% | 1.54% | 1.58% | 0.04% |
| 消费及经营贷 | 1.52% | 1.35% | 1.18% | 1.08% | 1.09% | 0.01% |
| 零售贷款 | 0.73% | 0.80% | 0.75% | 0.67% | 0.68% | 0.01% |
| 占比总贷款 | ||||||
| 房地产 | 6.5% | 6.7% | 6.4% | 6.3% | ||
| 建筑业 | 2.5% | 2.6% | 2.4% | 2.6% | ||
| 制造业 | 9.4% | 9.7% | 9.1% | 9.2% | ||
| 批零业 | 4.0% | 4.2% | 4.0% | 4.2% | ||
| 交运 | 8.9% | 8.8% | 9.0% | 9.1% | ||
| 电力 | 4.4% | 4.2% | 4.3% | 4.2% | ||
| 租赁服务 | 8.8% | 9.1% | 9.2% | 9.6% | ||
| 水利 | 4.2% | 4.4% | 4.5% | 4.8% | ||
| 对公贷款 | 54.3% | 55.2% | 54.3% | 55.1% | ||
| 按揭 | 26.7% | 26.5% | 27.0% | 26.4% | ||
| 信用卡 | 6.6% | 6.1% | 6.1% | 5.9% | ||
| 消费及经营贷 | 6.8% | 6.8% | 7.4% | 7.7% | ||
| 零售贷款 | 40.9% | 40.1% | 41.4% | 41.0% |
| 资料来源：公司财报，中泰证券研究所 四、盈利驱动因子：超预期个股 4.1 营收超预期个股盈利驱动因子 行业业绩增长的驱动因子： 个点。其次为拨备释放利润 情况：息差、非息和成本均 个点。边际变化：1、对业 业绩的负向贡献度边际降 息增速转弱、对业绩转为负 备对业绩的正向贡献度边际下降。 图表：上市银行营收端增长累积同比拆解 - 27 - | 和未来趋势展望 ：规模和非息支撑 规模扩张是主驱动因子，规模贡献业绩 8.6，对业绩拉动 2.7 个点。其余盈利驱动因子 负向贡献业绩，分别拖累 3.4、0.8 和 0.8 绩贡献改善——息差、成本。息差和成本对 低。2、对业绩贡献降低——非息、拨备。非 贡献。行业边际加大对拨备的计提力度，拨 下降。 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 营收 | 规模增长 | 息差扩大 | 非息收入 | |||||||
| 2021 | 1Q22 | 2021 | 1Q22 | 2021 | 1Q22 | 2021 | 1Q22 | |||
| 工商银行 | 7.8% | 5.2% | 7.9% | 7.3% | -1.1% | -0.9% | 1.0% | -1.2% | ||
| 建设银行 | 7.2% | 2.5% | 8.9% | 8.3% | -3.8% | 0.1% | 2.1% | -5.9% | ||
| 农业银行 | 9.3% | 5.1% | 8.3% | 8.2% | -2.2% | -0.4% | 3.3% | -2.7% | ||
| 中国银行 | 6.9% | 1.6% | 8.5% | 8.2% | -6.3% | -2.7% | 4.7% | -3.9% | ||
| 交通银行 | 10.3% | 3.6% | 7.3% | 10.0% | -1.9% | 0.3% | 4.9% | -6.8% | ||
| 邮储银行 | 11.4% | 10.2% | 11.0% | 11.0% | -4.7% | -6.9% | 5.1% | 6.1% | ||
| 招商银行 | 13.9% | 8.3% | 11.1% | 9.6% | -0.9% | 0.4% | 3.7% | -1.7% | ||
| 中信银行 | 5.1% | 4.1% | 9.2% | 6.4% | -10.9% | -7.6% | 6.8% | 5.3% | ||
| 浦发银行 | -2.9% | 0.8% | 7.5% | 3.7% | -9.4% | -1.2% | -1.0% | -1.6% | ||
| 民生银行 | -8.9% | -15.5% | 2.9% | 1.0% | -9.9% | -19.8% | -1.9% | 3.3% | ||
| 兴业银行 | 8.7% | 6.9% | 9.7% | 10.0% | -8.2% | -7.5% | 7.2% | 4.5% | ||
| 光大银行 | 7.1% | 0.2% | 11.6% | 11.2% | -10.3% | -11.1% | 5.8% | 0.1% | ||
| 华夏银行 | 0.5% | 1.7% | 10.1% | 9.1% | -13.0% | -16.6% | 3.4% | 9.2% | ||
| 平安银行 | 10.3% | 10.6% | 12.1% | 11.7% | -6.1% | -4.4% | 4.3% | 3.3% | ||
| 浙商银行 | 14.2% | 18.3% | 13.0% | 16.6% | 0.1% | -2.4% | 1.1% | 4.1% | ||
| 北京银行 | 3.0% | 2.1% | 5.4% | 4.0% | -5.8% | -3.3% | 3.4% | 1.4% | ||
| 南京银行 | 18.9% | 20.5% | 14.3% | 16.0% | 0.1% | -16.9% | 4.5% | 21.4% | ||
| 宁波银行 | 28.4% | 15.4% | 24.1% | 28.3% | -6.7% | -15.7% | 11.0% | 2.8% | ||
| 江苏银行 | 22.6% | 11.0% | 12.4% | 11.0% | 10.6% | 2.7% | -0.4% | -2.7% | ||
| 贵阳银行 | -6.7% | 2.5% | 3.9% | 3.7% | -9.2% | -2.8% | -1.4% | 1.6% | ||
| 杭州银行 | 18.3% | 15.7% | 16.7% | 19.0% | -7.6% | -17.6% | 9.2% | 14.3% | ||
| 上海银行 | 10.8% | 2.9% | 8.8% | 8.3% | 2.4% | 0.8% | -0.3% | -6.2% | ||
| 成都银行 | 22.5% | 17.6% | 17.6% | 17.8% | 4.4% | 1.6% | 0.6% | -1.8% | ||
| 长沙银行 | 15.8% | 12.0% | 14.9% | 12.8% | -7.2% | -4.1% | 8.1% | 3.4% | ||
| 青岛银行 | 5.6% | -5.7% | 18.0% | 13.4% | -24.2% | -18.1% | 11.8% | -1.0% | ||
| 郑州银行 | 1.4% | 7.2% | 5.5% | 3.7% | 0.8% | 8.8% | -5.0% | -5.3% | ||
| 西安银行 | 0.9% | -18.7% | 11.2% | 10.8% | -14.7% | -20.6% | 4.4% | -8.9% | ||
| 苏州银行 | 4.5% | 5.2% | 15.1% | 15.7% | -15.1% | -16.7% | 4.4% | 6.2% | ||
| 厦门银行 | -4.3% | 18.3% | 15.9% | 18.2% | -19.8% | -7.8% | -0.4% | 7.8% | ||
| 齐鲁银行 | 28.2% | 18.0% | 19.1% | 20.4% | -2.4% | -6.0% | 11.4% | 3.7% | ||
| 重庆银行 | 11.1% | -13.0% | 11.2% | 10.0% | -6.4% | -16.6% | 6.3% | -6.4% | ||
| 江阴银行 | 0.4% | 22.3% | 9.9% | 8.6% | 0.7% | 13.5% | -10.1% | 0.2% | ||
| 无锡银行 | 11.6% | 9.2% | 11.9% | 10.9% | -5.0% | -5.5% | 4.7% | 3.7% | ||
| 常熟银行 | 16.3% | 19.4% | 15.5% | 18.0% | -3.3% | 5.9% | 4.2% | -4.6% | ||
| 苏农银行 | 13.9% | 6.4% | 12.8% | 15.1% | 0.0% | -9.5% | 1.1% | 0.9% | ||
| 张家港行 | 10.0% | 11.8% | 15.7% | 16.4% | -13.2% | -10.7% | 7.5% | 6.2% | ||
| 青农商行 | 7.6% | -6.4% | 11.8% | 5.1% | -12.2% | -11.4% | 8.1% | -0.2% | ||
| 紫金银行 | 0.6% | 3.5% | 1.2% | -2.6% | 1.8% | 0.5% | -2.5% | 5.6% | ||
| 渝农商行 | 9.4% | 1.2% | 10.9% | 11.0% | -2.7% | -11.8% | 1.2% | 2.0% | ||
| 上市银行 | 7.8% | 4.4% | 8.7% | 8.6% | -4.0% | -3.4% | 3.2% | -0.8% | ||
| 国有行 | 8.3% | 4.3% | 8.0% | 8.4% | -2.6% | -1.4% | 2.9% | -2.7% | ||
| 股份行 | 5.3% | 3.5% | 8.6% | 7.8% | -7.0% | -7.1% | 3.7% | 2.8% | ||
| 城商行 | 13.4% | 9.0% | 13.4% | 12.4% | -4.0% | -6.1% | 4.0% | 2.6% | ||
| 农商行 | 8.5% | 4.6% | 12.2% | 9.9% | -6.0% | -6.8% | 2.2% | 1.5% | ||
| 资料来源：公司财报，中泰证券研究所 图表：上市银行业绩增长累积同比拆解 - 28 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 净利润同比 | 成本 | 拨备 | 税收 | |||||||
| 2021 | 1Q22 | 2021 | 1Q22 | 2021 | 1Q22 | 2021 | 1Q22 | |||
| 工商银行 | 10.3% | 5.7% | -2.3% | 0.9% | 2.9% | -3.7% | 1.9% | 3.1% | ||
| 建设银行 | 11.6% | 6.8% | -3.3% | -0.4% | 8.5% | 1.5% | -1.3% | 2.1% | ||
| 农业银行 | 11.7% | 7.4% | -1.9% | 0.8% | 4.2% | 0.3% | 0.2% | 0.6% | ||
| 中国银行 | 12.3% | 7.0% | -2.7% | -2.2% | 8.0% | 3.4% | -1.4% | 2.9% | ||
| 交通银行 | 11.9% | 6.3% | -1.1% | -2.2% | -0.5% | -0.5% | 3.1% | 3.8% | ||
| 邮储银行 | 18.6% | 17.8% | -3.4% | 0.4% | 11.5% | 8.4% | -0.6% | -1.5% | ||
| 招商银行 | 23.2% | 12.5% | 0.5% | 0.4% | 6.6% | 2.0% | 2.4% | 1.9% | ||
| 中信银行 | 13.6% | 10.9% | -3.8% | -1.2% | 12.0% | 10.7% | 0.6% | -2.7% | ||
| 浦发银行 | -9.1% | 3.7% | -3.2% | -1.1% | -5.4% | 2.2% | 2.6% | 2.0% | ||
| 民生银行 | 0.2% | -6.9% | -4.0% | -4.8% | 9.9% | 12.2% | 2.3% | 2.6% | ||
| 兴业银行 | 24.1% | 15.6% | -1.9% | -7.1% | 17.6% | 16.0% | -0.5% | -1.0% | ||
| 光大银行 | 14.7% | 2.0% | -2.0% | -0.3% | 11.1% | -0.4% | -1.2% | 2.8% | ||
| 华夏银行 | 10.6% | 5.1% | -1.6% | -5.1% | 17.0% | 10.1% | -5.2% | -1.5% | ||
| 平安银行 | 25.6% | 26.8% | 1.4% | 2.7% | 13.1% | 12.4% | 0.8% | 1.1% | ||
| 浙商银行 | 2.8% | 11.8% | 1.1% | 2.4% | -11.0% | -15.5% | -1.5% | 6.9% | ||
| 北京银行 | 3.5% | 6.6% | -4.1% | -4.9% | 4.1% | 8.9% | 0.4% | 0.5% | ||
| 南京银行 | 21.1% | 22.3% | -0.8% | 1.9% | 5.7% | -3.6% | -2.9% | 3.0% | ||
| 宁波银行 | 29.9% | 20.8% | 2.3% | 2.4% | -6.4% | -3.0% | 5.4% | 5.7% | ||
| 江苏银行 | 30.7% | 26.0% | 2.0% | 3.0% | 33.5% | 18.9% | -27.4% | -6.5% | ||
| 贵阳银行 | 2.1% | 1.1% | -4.6% | 0.9% | 12.2% | -5.4% | 1.0% | 2.5% | ||
| 杭州银行 | 29.8% | 31.4% | -1.2% | -1.9% | 14.5% | 7.8% | -1.9% | 9.6% | ||
| 上海银行 | 5.5% | 5.4% | -3.8% | -0.9% | -1.9% | -0.7% | 0.5% | 3.9% | ||
| 成都银行 | 30.0% | 28.9% | 1.9% | -2.7% | 4.8% | 17.6% | 0.7% | -3.8% | ||
| 长沙银行 | 18.1% | 13.0% | 2.1% | 1.6% | 0.5% | -0.5% | -0.2% | 1.5% | ||
| 青岛银行 | 22.1% | 21.9% | -0.6% | -6.3% | 13.2% | 34.7% | 3.8% | -2.0% | ||
| 郑州银行 | 1.8% | 3.6% | -0.8% | 8.2% | -1.0% | -10.0% | 3.0% | -0.1% | ||
| 西安银行 | 1.7% | -14.1% | -0.9% | -2.5% | -0.5% | 2.1% | 2.2% | 4.6% | ||
| 苏州银行 | 20.8% | 20.6% | -3.5% | -3.9% | 16.9% | 15.3% | 2.9% | -0.5% | ||
| 苏州银行 | 19.0% | 16.5% | -7.9% | -3.9% | 41.0% | 4.6% | -9.5% | -0.3% | ||
| 苏州银行 | 20.5% | 20.1% | 3.8% | 0.4% | -16.1% | -0.6% | 4.9% | 2.0% | ||
| 苏州银行 | 5.4% | 0.6% | -1.0% | -5.0% | -3.9% | 13.7% | 0.2% | 4.9% | ||
| 江阴银行 | 20.5% | 20.6% | -3.7% | 9.4% | 22.7% | 31.6% | 0.4% | -40.5% | ||
| 无锡银行 | 20.4% | 22.3% | -2.7% | 3.1% | 9.5% | 5.4% | 3.7% | 4.1% | ||
| 常熟银行 | 21.4% | 23.4% | 2.8% | 4.6% | 1.9% | -3.1% | 0.0% | 0.3% | ||
| 苏农银行 | 22.0% | 21.3% | -0.5% | 2.7% | 15.6% | 8.7% | 4.3% | 3.6% | ||
| 张家港行 | 30.3% | 29.6% | -0.3% | 17.8% | 26.9% | 0.7% | -2.5% | -1.4% | ||
| 青农商行 | 3.6% | 3.1% | -1.5% | -0.3% | 0.6% | 5.5% | -2.7% | 2.7% | ||
| 紫金银行 | 5.1% | 10.6% | -9.3% | 0.6% | 19.9% | 16.5% | -6.1% | -10.6% | ||
| 渝农商行 | 13.8% | 11.4% | -0.6% | -1.6% | 2.5% | 8.5% | 2.2% | 3.1% | ||
| 上市银行 | 12.6% | 8.6% | -2.3% | -0.8% | 6.8% | 2.7% | 0.1% | 1.8% | ||
| 国有行 | 11.8% | 7.3% | -2.6% | -0.4% | 5.5% | 0.5% | 0.2% | 2.1% | ||
| 股份行 | 13.7% | 9.4% | -1.9% | -1.9% | 10.1% | 7.0% | 0.3% | 0.9% | ||
| 城商行 | 16.3% | 15.1% | -1.6% | -0.6% | 7.3% | 5.8% | -2.6% | 1.2% | ||
| 农商行 | 14.4% | 13.5% | -1.4% | 1.0% | 6.9% | 6.4% | 0.5% | 1.0% | ||
| 资料来源：公司财报，中泰证券研究所 1 季报营收超预期个股：邮 杭州银行、成都银行、厦门 规模和非息超预期：邮储、2、规模和息差支撑：成都 主逻辑；地区融资需求仍相 4.2 行业全年营收增速展望：增速 全年营收增速会保持平稳，续费拖累程度有所下降。 净息差预计环比平稳、同比 主要冲击 1 季度，往后展望 端和负债端情况，可以看出 - 29 - | 储银行、平安银行、浙商银行、南京银行、银行、齐鲁银行、江阴银行和常熟银行。1、平安、浙商、南京、杭州、厦门和齐鲁银行。、江阴和常熟银行。区域性银行规模驱动是 对旺盛支撑规模高增。 会保持平稳，预计好于 1 季度 预计好于 1 季度。净利息收入支撑；同时手 降幅进一步收窄。预计环比平稳：拖累因子 影响幅度将递减。综合看 1 季度净息差资产 息差的拖累主因一个是贷款重定价，一个是 请务必阅读正文之后的重要声明部分 |
专题研究报告
存款定期化，而往后季度展望，这两个拖累因素都会减弱。因为贷款集 中在年初投放，银行的重定价时间主要是在 1 季度，2-4 季度由重定价 带来的收益率冲击将逐步递减。负债端，预计随着经济回暖，M1 增速 回升，存款活期情况会有所好转。息差 2 季度往后大概率保持平稳。同 比降幅收窄：去年 1 季度净息差是高基数，而随着基数效应消除，预计 净利息收入同比增速回升可能性较大。
手续费预计拖累幅度小于年初。今年 1 季度资本市场行情低迷，叠加去 年同期资本市场表现较好带来的高基数，银行代销基金、代销理财等手 续费收入在 1 季度下滑幅度最大。但后续经济逐步企稳复苏，资本市场 行情会好于 1 季度，手续费增长往后展望也会比年初好，拖累程度将递 减。
五、其他财务指标分析
5.1 费用支出情况：增速保持平稳
行业费用支出与去年同期基本保持平稳：1 季度业务及管理费同比 7.2%（VS 1Q21 同比 7.2%）；成本收入比 25.7%，同比微升 0.7 个百分点。各 子板块除农商行外，趋势基本与行业一致，大行、股份行、城商行和农 商行管理费分别同比增 5.9%、9.1%、11.2%和 4.3%（VS 1Q21 分别为 5.9%、8.8%、13%和 8.7%）。农商行成本收入比较去年同期微降，费用支出预计 受疫情影响，有一定放缓。
图表：上市银行费用支出情况
| - 30 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 累积年化成本收入比 | 管理费同比增速 | |||||||||||
| 2020 | 1Q21 | 2021 | 1Q22 | 同比变动 | 2020 | 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | ||
| 工商银行 | 24.6% | 19.2% | 26.2% | 19.2% | 0.0% | -1.1% | 9.2% | 8.7% | 9.8% | 14.8% | 5.3% | |
| 建设银行 | 25.1% | 21.0% | 27.4% | 21.3% | 0.3% | -0.1% | 9.7% | 11.0% | 10.6% | 17.0% | 3.9% | |
| 农业银行 | 30.6% | 24.7% | 31.9% | 24.1% | -0.6% | 0.6% | 2.3% | 7.3% | 7.8% | 14.0% | 2.6% | |
| 中国银行 | 29.0% | 25.9% | 30.6% | 27.3% | 1.4% | -1.7% | 4.3% | 9.0% | 10.6% | 12.9% | 7.3% | |
| 交通银行 | 30.3% | 30.4% | 31.1% | 31.7% | 1.2% | -0.8% | 0.6% | 1.9% | 3.1% | 12.9% | 7.7% | |
| 邮储银行 | 57.9% | 51.9% | 59.0% | 51.8% | -0.1% | 5.8% | 7.1% | 7.2% | 8.3% | 13.6% | 9.8% | |
| 招商银行 | 33.7% | 26.9% | 33.6% | 26.5% | -0.4% | 11.8% | 14.9% | 12.7% | 10.5% | 13.4% | 6.8% | |
| 中信银行 | 26.7% | 23.7% | 29.2% | 24.6% | 0.9% | -0.1% | 7.9% | 7.6% | 9.0% | 15.1% | 8.2% | |
| 浦发银行 | 23.9% | 22.7% | 26.4% | 23.5% | 0.8% | 8.5% | 7.0% | 7.7% | 4.4% | 7.0% | 4.5% | |
| 民生/银行 | 26.6% | 22.1% | 29.6% | 26.6% | 4.5% | 0.4% | 0.6% | -1.2% | -3.5% | 1.6% | 1.7% | |
| 兴业银行 | 23.9% | 19.9% | 25.2% | 25.1% | 5.3% | 3.7% | 15.2% | 10.6% | 8.7% | 14.9% | 35.3% | |
| 光大银行 | 26.6% | 24.9% | 28.2% | 25.0% | 0.1% | 4.0% | 4.6% | 8.7% | 8.8% | 13.7% | 0.5% | |
| 华夏银行 | 27.9% | 24.8% | 29.1% | 28.4% | 3.7% | 2.7% | 7.3% | 9.6% | 13.4% | 4.7% | 16.7% | |
| 平安银行 | 29.1% | 28.1% | 28.3% | 26.2% | -1.9% | 9.4% | 10.9% | 8.3% | 10.2% | 7.3% | 3.0% | |
| 浙商银行 | 26.0% | 25.1% | 25.3% | 23.7% | -1.4% | 1.8% | -6.1% | 10.8% | 6.1% | 11.3% | 11.8% | |
| 北京银行 | 22.1% | 18.3% | 25.0% | 22.7% | 4.3% | -3.2% | 17.1% | 22.7% | 20.4% | 16.6% | 26.1% | |
| 南京银行 | 28.6% | 25.2% | 29.3% | 23.8% | -1.3% | 10.4% | 16.2% | 17.0% | 18.5% | 21.9% | 14.1% | |
| 宁波银行 | 38.0% | 34.3% | 37.0% | 32.7% | -1.6% | 29.7% | 24.0% | 27.3% | 28.8% | 24.9% | 10.0% | |
| 江苏银行 | 23.5% | 22.1% | 22.4% | 20.6% | -1.6% | 5.9% | 4.2% | 11.0% | 12.7% | 17.2% | 3.1% | |
| 贵阳银行 | 23.8% | 23.8% | 27.5% | 23.3% | -0.6% | -0.6% | 0.8% | 1.0% | 5.9% | 7.5% | 0.1% | |
| 杭州银行 | 26.3% | 21.4% | 27.3% | 22.3% | 0.9% | 6.3% | 8.6% | 16.7% | 21.0% | 22.7% | 20.8% | |
| 上海银行 | 18.9% | 17.2% | 21.5% | 18.0% | 0.8% | -3.4% | 13.9% | 17.6% | 19.0% | 25.9% | 7.7% | |
| 成都银行 | 23.9% | 21.1% | 22.8% | 22.8% | 1.8% | 3.3% | 18.9% | 15.7% | 19.2% | 17.0% | 27.5% | |
| 长沙银行 | 29.7% | 29.7% | 28.4% | 28.7% | -1.0% | 2.3% | 9.6% | 11.3% | 14.7% | 10.9% | 8.1% | |
| 青岛银行 | 33.6% | 25.1% | 33.9% | 29.9% | 4.8% | 15.6% | 6.4% | 5.8% | 13.0% | 6.6% | 12.3% | |
| 郑州银行 | 22.4% | 21.3% | 23.0% | 15.4% | -5.8% | -8.4% | -4.2% | -3.7% | 0.6% | 3.9% | -22.2% | |
| 西安银行 | 25.2% | 21.0% | 26.0% | 22.7% | 1.8% | 3.0% | 16.8% | 5.8% | 4.8% | 3.9% | -11.8% | |
| 苏州银行 | 29.3% | 27.2% | 31.6% | 29.6% | 2.4% | 3.1% | 13.1% | 11.2% | 10.2% | 12.5% | 14.5% | |
| 厦门银行 | 28.6% | 32.4% | 34.6% | 34.2% | 1.8% | 21.1% | 11.6% | 11.9% | 20.3% | 15.5% | 24.9% | |
| 齐鲁银行 | 28.7% | 28.1% | 26.2% | 27.6% | -0.5% | 4.9% | 14.4% | 13.5% | 18.6% | 16.8% | 15.8% | |
| 重庆银行 | 20.7% | 18.4% | 21.5% | 23.1% | 4.7% | 4.0% | 19.2% | 24.3% | 23.4% | 15.6% | 9.2% | |
| 江阴银行 | 31.6% | 32.4% | 33.5% | 27.4% | -5.0% | -2.2% | 7.8% | 9.9% | 10.6% | 6.7% | 3.4% | |
| 无锡银行 | 27.1% | 26.4% | 28.8% | 24.4% | -2.1% | 0.8% | 0.3% | 9.9% | 17.4% | 18.5% | 0.7% | |
| 常熟银行 | 42.8% | 40.2% | 41.4% | 37.9% | -2.3% | 14.2% | 5.1% | 7.4% | 13.9% | 12.5% | 12.6% | |
| 苏农银行 | 32.7% | 33.8% | 32.9% | 31.9% | -1.8% | 0.8% | 6.5% | 1.0% | 3.9% | 2.7% | 0.6% | |
| 张家港行 | 31.2% | 32.2% | 31.1% | 29.8% | -2.4% | 9.3% | 9.1% | 11.6% | 10.4% | 9.5% | 3.5% | |
| 青农商行 | 28.8% | 23.5% | 29.2% | 23.5% | 0.0% | 4.4% | 6.3% | 6.5% | 6.4% | 9.2% | -6.2% | |
| 紫金银行 | 30.4% | 31.5% | 35.8% | 32.6% | 1.1% | -2.1% | 15.5% | 15.9% | 19.0% | 18.8% | 7.0% | |
| 渝农商行 | 27.1% | 26.1% | 27.5% | 27.2% | 1.1% | 0.5% | 11.7% | 10.4% | 8.4% | 11.2% | 5.6% | |
| 上市银行 | 29.0% | 25.0% | 30.5% | 25.7% | 0.7% | 2.3% | 7.2% | 8.8% | 9.1% | 13.5% | 7.2% | |
| 国有行 | 30.0% | 25.5% | 31.7% | 25.9% | 0.4% | 0.5% | 5.9% | 8.1% | 8.9% | 14.4% | 5.9% | |
| 股份行 | 27.6% | 24.2% | 28.9% | 25.5% | 1.3% | 5.6% | 8.8% | 8.6% | 7.6% | 10.4% | 9.1% | |
| 城商行 | 25.7% | 23.2% | 26.8% | 23.7% | 0.5% | 6.1% | 13.0% | 16.1% | 17.9% | 18.1% | 11.2% | |
| 农商行 | 30.0% | 28.6% | 30.8% | 28.6% | -0.1% | 3.1% | 8.7% | 9.2% | 10.0% | 11.1% | 4.3% | |
| 资料来源：公司财报，中泰证券研究所 5.2 资本情况跟踪：国内与国际资 银行资本的监管要求：1、 于 2020 年数据，评估认定 商业银行、9 家股份制商业 分从低到高分为五组，对其 0.75%、1%和 1.5%。2、 《巴塞尔协议Ⅲ》对 G-SI 大行的附加资本要求在 1% 高原则，四大行的核心一级 TLAC 工具对全球系统重要 指标和达标时间要求：主要 格 TLAC 工具/调整后的表 - 31 - | 本要求提升，部分个股资本承压 国内系统重要性银行附加资本要求。监管基 了 19 家国内系统重要性银行，包括 6 家国有 银行和 4 家城市商业银行。按系统重要性得 增加附加资本要求，分别为 0.25%、0.5%、全球系统重要性银行和合格 TLAC 工具要求。Bs 提出的附加资本要求是 1%-3.5%，国内四-1.5%，按照国内和全球系统重要性银行的孰 资本充足率最终要求是不低于 8.5%。另合格 性银行的资本充足率提出更高的要求。监管 用“合格 TLAC 工具/风险加权资产”，以及“合 内外资产余额”两个指标来衡量。1）外部总损 请务必阅读正文之后的重要声明部分 |
专题研究报告
失吸收能力风险加权比率，该要求基于风险加权资产。为（外部总损失
吸收能力-扣除项）/风险加权资产，自 2025 年 1 月 1 日起不得低于 16%；自 2028 年 1 月 1 日起不得低于 18%。2）外部总损失吸收能力杠杆比 率，该要求基于风险暴露总资产。为（外部总损失吸收能力-扣除项）/ 调整后的表内外资产余额，自 2025 年 1 月 1 日起不得低于 6%，自 2028 年 1 月 1 日起不得低于 6.75%。
图表：国内系统重要性银行附加资本要求
| 组 别 | 入选银行 | 附加资 本要求 | 合计核心一级资本要求 |
| 第 一 组 | 8 家：平安银行、光大银行、华夏银行、广发银行、宁波银行、上海银行、江苏 银行、北京银行 | 0.25% | 核心一级资本充足率 5%+储备资 本 2.5%+附加资本 0.25%=7.75% |
| 第 二 组 | 4 家：浦发银行、中信银行、民生/银行、邮储银行 | 0.5% | 核心一级资本充足率 5%+储备资 本 2.5%+附加资本 0.5%=8% |
| 第 三 组 | 3 家：交通银行、招商银行、兴业银行 | 0.75% | 核心一级资本充足率 5%+储备资 本 2.5%+附加资本 0.75%=8.25% |
| 第 四 组 | 4 家：工商银行、中国银行、建设银行、农业银行 | 1% | 核心一级资本充足率 5%+储备资 本 2.5%+附加资本 1%=8.5% |
| 第 五 组 | 暂无银行进入 | 1.5% |
资料来源：公司财报，中泰证券研究所
图表：国际系统重要性银行适用附加资本要求
| 入选银行 | G-SIBs 附加资本要 求 | 合计核心一级资本 要求 | |
| 第一组 | 农业银行 | 1.0% | 核心一级资本充足 率 4.5%+储备资本 2.5%+附加资本 1%=8% |
| 第二组 | 工商银行、建设银 行、中国银行 | 1.5% | 核心一级资本充足 率 4.5%+储备资本 2.5%+附加资本 1.5%=8.5% |
| 第三组 | 暂无中国银行进入 | 2.0% | |
| 第四组 | 暂无中国银行进入 | 2.5% | |
| 第五组 | 暂无中国银行进入 | 3.5% |
资料来源：央行、银保监会、中泰证券研究所
| 图表：合格 TLAC 工具要求 - 32 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 |
| 非发展中国家银 行 | 发展中国家银 行 | |
| 第一阶段要求 | ||
| 合格 TLAC 工具/风险加权资产≥16% | 2019.1.1 | 2025.1.1 |
| 合格 TLAC 工具/调整后的表内外资产余 额≥6% | ||
| 第二阶段要求 | ||
| 合格 TLAC 工具/风险加权资产≥18% | 2022.1.1 | 2028.1.1 |
| 合格 TLAC 工具/调整后的表内外资产余 额≥6.75% |
资料来源：FSB，中泰证券研究所
银行资本情况跟踪：1、当前资本现状：大行基本没有核心一级资本压 力。部分股份行和城商行距离监管要求的核心一级资本充足率不足 1%，一定程度已经对规模扩张形成约束，存在资本补充的压力。如中信、平 安、浙商、江苏、杭州、成都银行，核心一级资本充足率距离监管线小 于 1%。民生、光大和华夏银行距离监管线仅 1 个点。2、1 季度边际变化。行业规模冲量，尤其是对公贷款高增，核心一级资本充足率环比下降。核心一级资本充足率 11.13%，环比下降 3bp。大行、股份行、城商行和 农商行核心一级资本充足率分别为 12.11%、9.55%、9.37%和 11.23%，分 别环比变动-3、-2、-11 和+9bp。
| 图表：上市银行核心一级资本距离监管要求情况 - 33 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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资料来源：公司财报，中泰证券研究所
| 图表：上市银行资本情况 - 34 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 核心一级资本充足率 | 资本充足率 | |||||||
| 2021 | 1Q22 | 环比变动 | 同比变动 | 2021 | 1Q22 | 环比变动 | 同比变动 | |
| 工商银行 | 13.31% | 13.43% | 0.12% | 0.14% | 18.02% | 18.25% | 0.23% | 1.24% |
| 建设银行 | 13.59% | 13.67% | 0.08% | 0.24% | 17.85% | 17.91% | 0.06% | 1.20% |
| 农业银行 | 11.44% | 11.36% | -0.08% | 0.39% | 17.13% | 17.18% | 0.05% | 0.81% |
| 中国银行 | 11.30% | 11.33% | 0.03% | 0.21% | 16.53% | 16.65% | 0.12% | 0.93% |
| 交通银行 | 10.62% | 10.29% | -0.33% | -0.58% | 15.45% | 15.25% | -0.20% | 0.20% |
| 邮储银行 | 9.92% | 9.61% | -0.31% | -0.30% | 14.78% | 15.00% | 0.22% | 0.45% |
| 招商银行 | 12.66% | 12.71% | 0.05% | 0.52% | 17.48% | 17.29% | -0.20% | 1.05% |
| 中信银行 | 8.85% | 8.66% | -0.19% | 0.07% | 13.53% | 13.05% | -0.48% | 0.31% |
| 浦发银行 | 9.40% | 9.54% | 0.14% | 0.04% | 14.01% | 14.06% | 0.05% | -0.36% |
| 民生/银行 | 9.04% | 9.01% | -0.03% | 0.42% | 13.65% | 13.40% | -0.24% | 0.43% |
| 兴业银行 | 9.81% | 9.81% | 0.00% | 0.39% | 14.39% | 14.64% | 0.25% | 1.22% |
| 光大银行 | 8.91% | 8.77% | -0.15% | -0.23% | 13.37% | 12.40% | -0.97% | -1.33% |
| 华夏银行 | 8.78% | 8.75% | -0.03% | 0.09% | 12.82% | 12.76% | -0.06% | -0.26% |
| 平安银行 | 8.60% | 8.64% | 0.05% | -0.03% | 13.34% | 13.28% | -0.06% | 0.08% |
| 浙商银行 | 8.13% | 8.05% | -0.08% | -0.76% | 12.89% | 11.74% | -1.15% | -1.13% |
| 北京银行 | 9.86% | 9.87% | 0.02% | 0.46% | 14.63% | 14.56% | -0.07% | 3.14% |
| 南京银行 | 10.16% | 9.75% | -0.42% | 0.08% | 13.54% | 12.94% | -0.59% | -0.25% |
| 宁波银行 | 10.16% | 9.93% | -0.23% | 0.53% | 15.44% | 14.92% | -0.51% | 0.47% |
| 江苏银行 | 8.78% | 8.41% | -0.37% | -0.36% | 13.38% | 12.75% | -0.63% | -0.91% |
| 贵阳银行 | 10.62% | 10.90% | 0.28% | 1.37% | 13.96% | 14.19% | 0.23% | 1.15% |
| 杭州银行 | 8.43% | 8.17% | -0.27% | -0.18% | 13.62% | 13.08% | -0.54% | -0.89% |
| 上海银行 | 8.95% | 9.14% | 0.19% | 0.00% | 12.16% | 12.30% | 0.13% | -0.18% |
| 成都银行 | 8.70% | 8.34% | -0.36% | -0.41% | 13.00% | 12.34% | -0.66% | -1.04% |
| 长沙银行 | 9.69% | 9.66% | -0.04% | 0.00% | 13.66% | 13.52% | -0.15% | -0.91% |
| 青岛银行 | 8.38% | 9.30% | 0.93% | 0.86% | 15.83% | 16.30% | 0.47% | 0.71% |
| 郑州银行 | 9.49% | 9.36% | -0.13% | 0.28% | 15.00% | 14.55% | -0.45% | 1.29% |
| 西安银行 | 12.09% | 12.61% | 0.52% | 0.30% | 14.12% | 15.55% | 1.43% | 1.14% |
| 苏州银行 | 10.37% | 9.78% | -0.58% | -0.83% | 13.06% | 13.21% | 0.15% | -0.22% |
| 厦门银行 | 10.47% | 10.19% | -0.28% | -0.75% | 16.40% | 15.62% | -0.78% | 0.80% |
| 齐鲁银行 | 9.65% | 9.55% | -0.11% | 0.49% | 15.31% | 14.71% | -0.60% | -0.47% |
| 重庆银行 | 9.36% | 9.98% | 0.62% | 0.88% | 12.99% | 13.42% | 0.43% | 0.63% |
| 江阴银行 | 12.96% | 12.66% | -0.29% | -0.24% | 14.11% | 13.82% | -0.30% | -0.23% |
| 无锡银行 | 8.74% | 8.73% | -0.01% | -0.02% | 14.35% | 13.86% | -0.49% | -0.37% |
| 常熟银行 | 10.21% | 10.01% | -0.20% | -0.64% | 11.95% | 11.74% | -0.21% | -0.71% |
| 苏农银行 | 10.72% | 10.64% | -0.08% | -0.01% | 12.99% | 12.90% | -0.10% | 0.20% |
| 张家港行 | 9.82% | 9.71% | -0.11% | -0.21% | 14.30% | 14.05% | -0.25% | 0.87% |
| 青农商行 | 9.62% | 9.67% | 0.05% | 0.22% | 13.07% | 13.09% | 0.02% | 0.45% |
| 紫金银行 | 10.65% | 10.20% | -0.45% | 0.04% | 15.20% | 14.59% | -0.61% | -0.75% |
| 渝农商行 | 12.47% | 12.92% | 0.45% | 0.91% | 14.77% | 15.21% | 0.44% | 0.90% |
| 上市银行 | 11.16% | 11.13% | -0.03% | 0.13% | 15.92% | 15.88% | -0.04% | 0.66% |
| 国有行 | 12.14% | 12.11% | -0.03% | 0.12% | 17.08% | 17.16% | 0.09% | 0.93% |
| 股份行 | 9.57% | 9.55% | -0.02% | 0.17% | 14.18% | 13.95% | -0.23% | 0.20% |
| 城商行 | 9.48% | 9.37% | -0.11% | 0.12% | 13.80% | 13.57% | -0.24% | 0.44% |
| 农商行 | 11.14% | 11.23% | 0.09% | 0.29% | 14.05% | 14.08% | 0.03% | 0.31% |
| 资料来源：公司财报，中泰证券研究所 图表：上市银行风险加权资产同比增速与 ROE 情况 - 35 - | 请务必阅读正文之后的重要声明部分 |
| 专题研究报告 | |
| 风险加权资产同比增速 | ROE | |||||||
| 2020 | 1Q21 | 1H21 | 3Q21 | 2021 | 1Q22 | 2021 | 1Q22 | |
| 工商银行 | 8.1% | 6.4% | 6.6% | 6.7% | 7.8% | 7.2% | 12.55% | 12.32% |
| 建设银行 | 10.3% | 9.4% | 7.7% | 7.8% | 9.7% | 7.5% | 12.76% | 14.03% |
| 农业银行 | 9.7% | 10.2% | 7.8% | 5.8% | 5.1% | 4.9% | 12.28% | 13.56% |
| 中国银行 | 7.0% | 7.0% | 8.6% | 5.6% | 8.0% | 5.7% | 11.84% | 11.98% |
| 交通银行 | 9.0% | 5.7% | 6.7% | 5.6% | 10.2% | 13.1% | 11.53% | 11.67% |
| 邮储银行 | 13.7% | 11.2% | 9.1% | 11.4% | 13.3% | 14.0% | 12.77% | 15.48% |
| 招商银行 | 7.8% | 8.1% | 6.6% | 7.9% | 12.1% | 10.6% | 17.54% | 19.24% |
| 中信银行 | 5.5% | 9.0% | 8.5% | 6.9% | 7.7% | 7.6% | 11.35% | 13.39% |
| 浦发银行 | 15.4% | 13.1% | 9.0% | 8.9% | 6.9% | 4.8% | 9.71% | 13.64% |
| 民生/银行 | 6.0% | 5.1% | 0.1% | 1.2% | -0.9% | -0.1% | 7.22% | 11.19% |
| 兴业银行 | 10.5% | 10.5% | 9.3% | 6.7% | 7.7% | 8.5% | 14.70% | 18.03% |
| 光大银行 | 11.0% | 8.3% | 8.6% | 8.2% | 9.6% | 10.4% | 11.98% | 12.32% |
| 华夏银行 | 11.9% | 12.0% | 8.6% | 8.4% | 8.1% | 6.5% | 10.32% | 9.36% |
| 平安银行 | 13.2% | 14.4% | 16.2% | 16.9% | 13.2% | 12.6% | 11.73% | 15.53% |
| 浙商银行 | 14.3% | 13.9% | 11.4% | 8.9% | 13.3% | 15.7% | 10.55% | 16.20% |
| 北京银行 | 1.8% | 3.6% | 3.5% | 5.0% | 3.3% | 2.4% | 10.61% | 13.34% |
| 南京银行 | 12.1% | 13.2% | 13.1% | 12.4% | 12.8% | 14.3% | 15.22% | 17.61% |
| 宁波银行 | 22.6% | 21.4% | 18.9% | 16.8% | 21.6% | 22.6% | 16.90% | 16.63% |
| 江苏银行 | 13.3% | 16.8% | 21.0% | 19.1% | 16.7% | 16.2% | 13.57% | 16.98% |
| 贵阳银行 | 12.5% | 10.8% | 11.8% | 11.4% | 9.0% | 8.4% | 14.05% | 13.21% |
| 杭州银行 | 13.8% | 14.4% | 13.4% | 13.5% | 17.0% | 18.9% | 13.53% | 17.76% |
| 上海银行 | 12.4% | 16.4% | 16.2% | 13.9% | 11.9% | 6.2% | 12.41% | 12.44% |
| 成都银行 | 23.4% | 25.0% | 28.0% | 27.9% | 21.6% | 22.3% | 18.39% | 18.20% |
| 长沙银行 | 18.4% | 21.0% | 18.3% | 13.0% | 12.9% | 10.6% | 13.85% | 14.59% |
| 青岛银行 | 0.8% | -1.4% | 2.5% | 9.2% | 11.0% | 16.9% | 12.34% | 11.55% |
| 郑州银行 | 7.3% | 4.4% | 6.6% | 2.2% | 2.8% | 5.7% | 8.29% | 11.50% |
| 西安银行 | 10.4% | 12.1% | 11.6% | 9.8% | 10.2% | 5.1% | 10.60% | 8.71% |
| 苏州银行 | 7.0% | 11.5% | 13.0% | 18.7% | 19.2% | 19.2% | 9.95% | 12.93% |
| 厦门银行 | 18.3% | 21.3% | 24.6% | N.A. | 19.7% | 18.5% | 11.29% | 12.23% |
| 齐鲁银行 | 15.3% | 19.2% | 25.4% | 23.4% | 20.1% | 14.2% | 12.27% | 13.30% |
| 重庆银行 | 12.0% | N.A. | 13.5% | N.A. | 7.9% | 2.0% | 11.66% | 13.26% |
| 江阴银行 | 9.6% | 12.2% | 10.5% | 7.4% | 10.4% | 9.6% | 10.25% | 8.37% |
| 无锡银行 | 12.2% | 12.2% | 16.0% | 17.1% | 13.0% | 9.1% | 11.97% | 12.67% |
| 常熟银行 | 18.1% | 19.3% | 17.8% | 22.1% | 19.5% | 18.0% | 11.64% | 13.05% |
| 苏农银行 | 10.0% | 12.6% | 12.9% | 17.2% | 14.9% | 8.5% | 9.20% | 9.24% |
| 张家港行 | 12.9% | 18.4% | 16.8% | 16.3% | 15.3% | 12.4% | 11.08% | 13.69% |
| 青农商行 | 18.5% | 19.5% | 17.1% | 13.3% | 9.5% | 4.2% | 9.63% | 11.04% |
| 紫金银行 | 4.6% | 18.2% | 18.7% | 23.3% | 14.1% | 6.8% | 9.82% | 9.05% |
| 渝农商行 | 10.0% | 11.2% | 9.4% | 6.8% | 3.4% | 0.4% | 9.82% | 14.17% |
| 上市银行 | 9.6% | 9.1% | 8.3% | 7.6% | 8.5% | 7.8% | 12.34% | 13.60% |
| 国有行 | 9.1% | 8.2% | 7.6% | 6.8% | 8.2% | 7.5% | 12.36% | 13.03% |
| 股份行 | 9.9% | 9.8% | 7.9% | 7.5% | 7.8% | 7.6% | 12.22% | 14.88% |
| 城商行 | 11.2% | 12.9% | 13.5% | 12.8% | 12.4% | 11.8% | 13.04% | 14.66% |
| 农商行 | 11.8% | 14.3% | 13.2% | 12.4% | 9.0% | 5.4% | 10.15% | 12.48% |
| 资料来源：公司财报，中泰证券研究所 投资建议：看好银行板块；利于低估值的银行板块，稳 产端强、资产质量扎实的银 荐的是行业和区域布局较好 期关注江苏、南京和苏州。 图表：银行估值表（交易价格：2022-04-29） - 36 - | 选择成长确定强的标的。市场风险偏好下降 增长预期会继续推动银行板块。选股要选资 行（需求下降；经济面临压力）。我们重点推 的城农商行板块，考虑到估值因素，建议近 请务必阅读正文之后的重要声明部分 |
| | 风险提示事件：经济下滑超预期。疫情影响超预期 |
| 专题研究报告 | ||||||||
| PB | ROE | 股息率 | ||||||
| 工商银行 | 2020 0.64 0.67 0.57 0.54 0.51 0.87 1.57 0.52 0.45 0.35 0.80 0.49 0.38 1.01 0.61 0.48 1.20 2.10 0.78 0.52 1.42 0.54 1.51 0.54 0.66 0.73 0.64 0.81 0.85 0.69 0.71 0.84 1.23 0.79 1.05 0.72 0.66 0.47 | 2021 0.59 0.61 0.52 0.50 0.48 0.79 1.38 0.48 0.42 0.33 0.71 0.46 0.35 0.91 0.57 0.44 1.04 1.78 0.71 0.47 1.24 0.50 1.32 0.55 0.61 0.66 0.60 0.74 0.77 0.63 0.66 0.76 1.12 0.72 0.94 0.66 0.56 0.42 | 2022E 0.54 0.56 0.48 0.46 0.44 0.72 1.22 0.44 0.39 0.32 0.63 0.42 0.33 0.82 0.51 0.42 0.93 1.58 0.64 0.42 1.12 0.46 1.13 0.50 0.54 0.60 0.65 0.68 0.70 0.57 0.62 0.69 1.01 0.67 0.87 0.62 0.53 0.40 | 2020 12.3% 12.4% 11.9% 11.3% 11.0% 12.3% 16.0% 10.7% 11.4% 7.6% 13.1% 11.3% 9.9% 10.2% 10.9% 11.0% 15.1% 15.9% 12.0% 16.5% 12.3% 12.8% 15.9% 9.4% 14.6% 10.8% 11.2% 8.9% 10.5% 11.5% 8.8% 10.9% 10.3% 8.1% 9.5% 10.1% 11.2% 9.3% | 2021 12.5% 12.7% 12.2% 11.8% 11.5% 12.9% 17.5% 11.3% 9.7% 7.3% 14.7% 12.0% 10.3% 11.7% 10.6% 10.6% 15.2% 16.4% 13.6% 14.2% 13.5% 12.4% 18.2% 8.4% 14.4% 12.4% 10.6% 10.0% 10.3% 10.7% 10.1% 12.0% 11.6% 9.2% 11.5% 9.8% 9.9% 9.7% | 2022E 12.1% 12.4% 12.0% 11.6% 11.3% 13.3% 17.6% 11.5% 9.5% 6.9% 15.0% 12.1% 9.9% 12.1% 10.4% 10.5% 16.2% 16.4% 14.8% 12.8% 14.5% 12.4% 20.4% 8.2% 14.0% 13.1% 11.3% 11.0% 10.5% 10.1% 10.5% 12.8% 13.0% 10.2% 12.4% 9.7% 9.4% 10.2% | 2020 5.56% 5.37% 6.05% 6.10% 6.24% 3.86% 3.14% 5.05% 5.98% 5.76% 3.92% 6.58% 5.52% 1.42% 4.86% 6.56% 3.39% 1.38% 4.31% 4.88% 2.29% 6.16% 2.50% 0.00% 4.31% 4.93% 5.14% 3.33% 3.05% 4.83% 4.52% 3.18% 2.47% 2.84% 2.56% 3.45% 4.42% 5.74% | 2021 6.14% 5.83% 6.76% 6.84% 6.99% 4.57% 3.81% 5.96% 5.11% 5.76% 5.05% 6.30% 6.20% 1.88% 0.00% 6.67% 4.09% 1.38% 5.46% 4.88% 2.29% 6.16% 3.75% 0.00% 4.71% 4.38% 32.16% 3.88% 4.23% 0.00% 4.52% 3.18% 2.47% 3.03% 2.56% 3.45% 2.95% 6.54% |
| 建设银行 | ||||||||
| 农业银行 | ||||||||
| 中国银行 | ||||||||
| 交通银行 | ||||||||
| 邮储银行 | ||||||||
| 招商银行 | ||||||||
| 中信银行 | ||||||||
| 浦发银行 | ||||||||
| 民生银行 | ||||||||
| 兴业银行 | ||||||||
| 光大银行 | ||||||||
| 华夏银行 | ||||||||
| 平安银行 | ||||||||
| 浙商银行 | ||||||||
| 北京银行 | ||||||||
| 南京银行 | ||||||||
| 宁波银行 | ||||||||
| 江苏银行 | ||||||||
| 贵阳银行 | ||||||||
| 杭州银行 | ||||||||
| 上海银行 | ||||||||
| 成都银行 | ||||||||
| 郑州银行 | ||||||||
| 长沙银行 | ||||||||
| 青岛银行 | ||||||||
| 西安银行 | ||||||||
| 苏州银行 | ||||||||
| 厦门银行 | ||||||||
| 重庆银行 | ||||||||
| 江阴银行 | ||||||||
| 无锡银行 | ||||||||
| 常熟银行 | ||||||||
| 苏农银行 | ||||||||
| 张家港银行 | ||||||||
| 紫金银行 | ||||||||
| 青农商行 | ||||||||
| 渝农商行 | ||||||||
| 上市银行平均 | 0.80 0.63 0.69 0.90 0.82 | 0.72 0.58 0.62 0.81 0.74 | 0.66 0.53 0.56 0.74 0.68 | 11.5% 11.9% 11.2% 12.5% 10.0% | 11.9% 12.3% 11.7% 12.7% 10.6% | 12.1% 12.1% 11.7% 13.1% 10.9% | 4.04% 5.53% 4.69% 3.80% 2.92% | 4.77% 6.19% 4.45% 5.47% 3.09% |
| 国有银行 | ||||||||
| 股份银行 | ||||||||
| 城商行 | ||||||||
| 农商行 | ||||||||
资料来源：公司财报，中泰证券研究所
| - 37 - | 请务必阅读正文之后的重要声明部分 |
专题研究报告
投资评级说明：
| 评级 | 说明 | |
| 股票评级 | 买入 | 预期未来 6~12 个月内相对同期基准指数涨幅在 15%以上 |
| 增持 | 预期未来 6~12 个月内相对同期基准指数涨幅在 5%~15%之间 | |
| 持有 | 预期未来 6~12 个月内相对同期基准指数涨幅在-10%~+5%之间 | |
| 减持 | 预期未来 6~12 个月内相对同期基准指数跌幅在 10%以上 | |
| 行业评级 | 增持 | 预期未来 6~12 个月内对同期基准指数涨幅在 10%以上 |
| 中性 | 预期未来 6~12 个月内对同期基准指数涨幅在-10%~+10%之间 | |
| 减持 | 预期未来 6~12 个月内对同期基准指数跌幅在 10%以上 | |
| 备注：评级标准为报告发布日后的 6~12 个月内公司股价（或行业指数）相对同期基准指数的相对市场表现。其 中 A 股市场以沪深 300 指数为基准；新三板市场以三板成指（针对协议转让标的）或三板做市指数（针对做市 转让标的）为基准；香港市场以摩根士丹利中国指数为基准，美股市场以标普 500 指数或纳斯达克综合指数为 基准（另有说明的除外）。 | ||
重要声明：
中泰证券股份有限公司（以下简称“本公司”）具有中国证券监督管理委员会许可的证券投资咨询业务资格。本报告仅供本公司的客户使用。本公司不会因接收人收到本报告而视其为客户。
本报告基于本公司及其研究人员认为可信的公开资料或实地调研资料，反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响。但本公司及其研究人员对这些信息的准确性和完整性不作 任何保证，且本报告中的资料、意见、预测均反映报告初次公开发布时的判断，可能会随时调整。本公司对 本报告所含信息可在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。本报告所载的 资料、工具、意见、信息及推测只提供给客户作参考之用，不构成任何投资、法律、会计或税务的最终操作 建议，本公司不就报告中的内容对最终操作建议做出任何担保。本报告中所指的投资及服务可能不适合个别 客户，不构成客户私人咨询建议。
市场有风险，投资需谨慎。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致的任何损失 负任何责任。
投资者应注意，在法律允许的情况下，本公司及其本公司的关联机构可能会持有报告中涉及的公司所发行的 证券并进行交易，并可能为这些公司正在提供或争取提供投资银行、财务顾问和金融产品等各种金融服务。本公司及其本公司的关联机构或个人可能在本报告公开发布之前已经使用或了解其中的信息。
本报告版权归“中泰证券股份有限公司”所有。未经事先本公司书面授权，任何人不得对本报告进行任何形 式的发布、复制。如引用、刊发，需注明出处为“中泰证券研究所”，且不得对本报告进行有悖原意的删节或 修改。
| - 38 - | 请务必阅读正文之后的重要声明部分 |