上市银行业2023年半年报综述：基本面筑底估值压制因素有望解除

至319.21%，风险抵补能力持续增强。投资建议：基本面筑底，估值压制因素有望解除。当前银行板块的估值压制因素主要源于经济基本面偏弱引发的资产质量风险担忧，而多轮让利又导致银行净息差持续承压。但目前看来，估值压制因素都有望得以解除。一是地产、消费、小微等各项稳增长政策落地出台，经济基本面将在政策呵护下持续修复内生动能。二是政治局会议明确城投、地产政策转向后，一揽子重点领域风险有望得以化解。三是央行明确表态呵护银行息差，存量房贷利率下调靴子落地，九月国股行再次下调人民币存款挂牌利率，银行净息差下行趋势有望得到改善。银行中报披露完毕，业绩增速回升，资产质量向好，整体呈现一定修复弹性，银行板块可静待压制因素解除后的估值回升。从受益于经济复苏弹性的角度，建议关注宁波银行、常熟银行、成都银行、江苏银行渝农商行。风险提示：表1：重点公司投资评级:代码公司（元）1,817.97收盘价（09.13）EPS（元）PE投资评级2022A2023E2024E4.882022A8.142023E6.832024E002142宁波银行27.533.384.035.64 增持601128常熟银行197.077.191.001.211.497.195.944.83增持601838成都银行519.8413.632.693.153.725.074.333.66 增持600919江苏银行1,121.967.041.652.062.534.273.422.78增持601077渝农商行444.063.910.900.991.084.343.953.62 未覆盖数据来源：wind数据，。注：未覆盖标的预测数据采用wind一致预测。内容目录内容目录业绩增速提升，规模扩张和拨备反哺支撑作用 5营收增速放缓，城农商行业绩更优 5净利息收入业务边际改善，净其他非收入增长放缓 6规模扩张和拨备反哺持续支撑业绩增长 7规模稳步扩张，净息差下行有望趋缓 7规模稳步扩张，对公发力带动信贷增长 7存款增长放缓，定期化趋势延续 净息差持续下行，呵护息差导向下降有望收窄 12中收有所修复，其他非息分化明显 15中收有所修复 15净其他非息收入持续增长 16资产质量整体稳健，风险抵御能力充足 17投资建议 21风险提示 21图表目录图表目录图1.上市银行营收同比增速 5图2.上市银行归母净利润同比增速 5图3.各上市银行归母净利润同比速 5图4.2023Q1上市银行各项业务收入同比增速 6图5.2023H1上市银行各项业务收入同比增速 6图6.上市银行各业务收入单季同增速 6图7.上市银行业绩归因 7图8.上市银行资产扩张及资产结构 8图9.上市银行2023H1新增贷款结构（金额单位：元） 9图10.上市银行2023H1新增对公贷款结构 9图上市银行2023H1新增零售贷款结构 10图12.近五年1-8月新增人民币信贷情况 10图13.上市银行负债扩张及负结构 图14.上市银行2023H1新增存款结构（金额单亿元） 12图15.上市银行测算单季净息差 13图16.上市银行生息资产收益率 13图17.上市银行贷款收益率 13图18.上市银行计息负债成本率 14图19.上市银行存款成本率 14图20.新发贷款利率下行趋缓 15图21.上市银行净手续费及佣收入同比增速 16图22.上市银行净其他非息收同比增速 17图23.上市银行不良率 18图24.上市银行对公不良率 19图25.上市银行零售不良率 19图26.上市银行关注率 20图27.上市银行逾期率 20图28.上市银行拨贷比 21图29.上市银行拨备覆盖率 21营收增速放缓，城农商行业绩更优2023H10.91pct商1.1%-2.7%4.0%3.3%2023Q1-1.55c+.18pc、+0.06pct-0.19pct3.45%，2023Q11.08pct2.58%、1.96%、、13.91%.图1.上市银行收同比速 图2.上市银行母净利同比增速 15%13%11%9%7%5%3%1%-1%-3%-5%

国有行 股份行 城商行农农商行 上市银行2022/03 2022/06 2022/09 2022/12 2023/03 2023/06

20%18%16%14%12%10%8%6%4%2%0%

国有行 股份行 城商行农农商行 上市银行2022/03 2022/06 2022/09 2022/12 2023/03 2023/06数据来源：wind、 数据来源：wind、图3.各上市银行归母净利润同比增速23Q123H1变化工行行1.24%2.58%1.35%银行光大23Q1 23H1变化银行杭州23Q11.90%3.25%23H14.89%1.27%变化2.99%银行23Q1 23H1 变化7.82%9.12%1.30%13.63%14.94%1.30%10.34%10.89%0.55%渝农商9.18%9.52%0.34%-1.98%沪农商12.44%18.47%6.03%3.70%4.05%9.91%-8.93%5.34%-3.49%-7.20%5.07%1.01%11.03%图3.各上市银行归母净利润同比增速23Q123H1变化工行行1.24%2.58%1.35%银行光大23Q1 23H1变化银行杭州23Q11.90%3.25%23H14.89%1.27%变化2.99%银行23Q1 23H1 变化7.82%9.12%1.30%13.63%14.94%1.30%10.34%10.89%0.55%渝农商9.18%9.52%0.34%-1.98%沪农商12.44%18.47%6.03%3.70%4.05%9.91%-8.93%5.34%-3.49%-7.20%5.07%1.01%11.03%1.12%-4.92%4.01%3.32%-2.03%14.98%15.92%8.68%10.61%24.83%27.20%8.22%5.26%1.07%-2.29%0.93%1.93%2.37%-2.96%青农商5.58%8.17%2.59%常熟20.60%20.82%0.22%紫金 5.50%5.70%0.20%无锡23.18%20.68%-2.51%-3.36%张家港17.42%13.65%-3.77%28.11%26.29%-1.81%苏农15.96%15.29%-0.68%浦发-18.35%-23.32%-4.97% 15.83%15.72%-0.11%江阴12.78%14.23%1.45%股份行1.48%1.96%0.47% 1.86%-19.14%-21.00%瑞丰16.16%16.80%0.64%15.35%14.90%-0.45%农商行11.85%13.91%2.06%20.84%21.00%0.16%2.69%4.38%1.68%17.50%25.10%7.60%齐鲁12.33%15.49%3.16%西安8.20%8.60%0.40%兰州10.45%15.68%5.22%0.02%1.21%1.19%1.75%3.48%303-0.46%0.50%0.78%.28%0.26%3.36%.10%5.22%5.20%.02%.12%5.63%4.51%-1数据来源：wind、

城商行11.73%11.71%-0.01%净利息收入业务边际改善，净其他非息收入增长放缓2023H1-1.25%0.38%34.09%；股份行分别同比增长-3.16%-10.14%、10.51%3.46%、-18.88%、20.03%0.04%7.79%21.10%图4.2023Q1图5.2023H1100%0%

净利息收入 净手续费及佣金收入 净其他非息收入国有行 股份行 城商行 农商行 上市银行

40%30%20%10%0%-10%-20%-30%

净利息收入 净手续费及佣金收入 净其他非息收入国有行 股份行 城商行 农商行 上市银行数据来源：wind、 数据来源：wind、上市0.42%2023Q11.83pct度净息差降幅收窄，2023Q2上市银行净利息收入增长整体有所修复，降幅较2023Q1收窄0.9pct至-0.9%；而净其他非息收入在一季度高增长下明显回落，6%6.395%45..28%-3706%36.99%6%6.395%45..28%-3706%36.99%-3.上市银行23.65%17.79%-72.91%10.97%36.36%农商行17.50%23.19%-44.47%30.28%39.13%城商行3.66%18.93%-46.48%7.77%24.06%股份行4.15%87.01%-31.63%47.05%-24.98%国有行23Q223Q122Q422Q322Q2单季净其他非息收入YoY%-3.449%-4.7-10.59%43%-5.-2.25%上市银行1.29%13.38%-29.42%-1.25%-26.25%农商行-16.19%-20.93%-36.07%0.04%2.27%城商行-5.82%-13.80%1.51%-7.17%-7.00%股份行-0.79%1.22%-14.64%-4.80%0.88%国有行23Q223Q122Q422Q322Q2单季净手续费及佣金收入YoY0.90%-1.80%-0.44%-3.61%3.86%上市银行-0.56%0.65%2.85%0.41%3.41%农商行2.96%3.96%3.33%6.89%5.57%城商行-3.00%-3.31%0.31%0.78%0.78%股份行-0.55%-1.96%-1.28%4.45%4.93%国有行23Q223Q122Q422Q322Q2单季净利息收入YoY图6.上市银行各业务收入单季同比增速数据来源：wind、规模扩张和拨备反哺持续支撑业绩增长规模扩张和拨备反哺持续支撑业绩增长。0.1pct12.2%2023H12023Q11.2pct4.4%2023Q11.4pct2.4%2023H113.6%2023Q10.5pct0.1pct2023Q12.5%。图7.上市银行绩归因 23Q1 23H115%23Q1 23H110%5%0%-5%-10%-15%-20%生净手其息息续他资差费非产 及息规 佣收模 金入净收入

营拨所少业备得数外计税股净提 东收 损润入 益数据来源：wind、规模稳步扩张，对公发力带动信贷增长资产规模稳步扩张，贷款占比略降。613.3%12.7%630.12pct57.28%613.5%、6.2%13.8%、10.3%（26.%19.8%19.1图8.上市银行资产扩张及资产结构长沙银行（8.6%（18.%图8.上市银行资产扩张及资产结构规模扩张（YoY)资产结构（各项占比）规模扩张（YoY)资产结构（各项占比）银行总资产贷款贷款金融投资同业资产银行总资产贷款贷款金融投资同业工商银行12.7%13.2%57.9%25.8%6.7%青岛银行6.0%8.9%50.8%37.0%农业银行17.3%15.8%57.2%26.5%8.6%郑州银行5.6%10.9%56.9%30.6中国银行10.8%13.6%61.8%21.7%6.5%宁波银行16.1%18.1%44.9%建设银行13.6%13.5%60.3%24.2%6.0%苏州银行14.7%19.1%48.9%邮储银行12.6%11.9%51.7%34.5%5.7%重庆银行9.6%11.4%交通银行9.8%10.0%56.4%29.2%6.0%成都银行15.0%26.2%招商银行10.4%7.1%59.2%27.9%6.6%齐鲁银行16.5%平安银行7.7%6.6%62.5%24.1%5.2%西安银行19.8中信银行6.7%7.4%60.9%28.2%3.9%兰州银行民生银行4.4%4.4%57.5%30.0%4.1%渝农商华夏银行6.6%1.8%57.2%35.0%2.4%沪浙商银行15.5%12.0%56.6%31.3%3.2%兴业银行10.1%9.4%52.8%32.9%7光大银行8.0%6.6%55.4%32.6%浦发银行5.0%2.0%55.7%30.北京银行13.5%11.3%54.4%上海银行7.8%6.4%44.8厦门银行0.3%9.0%长沙银行16.1%18.6江苏银行14.8%南京银行16.2贵阳银行杭州银数据来源：wind、对公发力带动信贷投放，零售需求仍较疲弱。2023H1上市银行新增贷款11.6万亿元，其中对公贷款、零售贷款、票据贴现分别贡献新增量的92.7%、15.4%、-8.1%，稳增长政策驱动下对公持续发力带动信贷增长。从增长角度看，6月末上市银行对公贷款、零售贷款分别同比增长17.1%、5.3%，分别较年初提升4pct、0.2pct，零售信贷增长较为缓慢。分银行类型看，2023H1各类银行均由对公带动新增信贷投放，国有行、股份行、城商行、农商行新增对公贡献分别为92.7%、97.0%、87.1%、80.7%。股份行和农商行零售信贷贡献相对较多，2023H1分别贡献19.8%、19.0%。个股角度看，部分零售型银行优势保持，邮储银行、新增零售占比分别为43.0%、55.2%，常熟银行则在经营贷发力下新增零售占比达53.5%。图图9.上市银行2023H1新增贷款结构（金额单位：亿元）银行新增贷款同比多增新增对公新增零售新增票据银行 新增贷款同比多增新增对公新增零售新增票据工商银行20796405593.0%11.5%-4.5%青岛银行198-1394.3%9.6%-3.9%农业银行20193384791.0%21.3%-12.3%郑州银行202-7377.0%6.4%17.1%中国银7%6.7%-0.4%宁波银行1227-4148.5%40.5%11.0%建设银行192803516104.0%10.2%-14.1%苏州银行3328286.1%17.4%-3.6%邮储银行612275365.9%43.0%-8.9%重庆银行25339105.1%-1.7%-3.4%交通银行4996-27884.8%9.9%5.3%成都银行88821691.2%9.4%-0.6%招商银行3040-57866.2%55.2%-21.4%齐鲁银行260875.5%26.2%-1.9%平安银行1100-51774.0%16.8%9.2%西安银行934092.2%27.3%-19.5%中信银行227372195.1%41.5%-36.7%兰州银行17514963.4%21.0%15.4%民生银行249890078.5%5.2%16.2%渝农商行4116667.5%30.0%2.5%华夏银行696-17398.3%31.1%-29.4%沪农商行2594092.6%-3.4%10.7%浙商银行1270770.1%27.4%3.3%青农商行1151189.1%23.2%-12.1%兴业银行2395-1081148.9%-6.2%-42.8%常熟银行212-1242.0%53.5%4.4%光大银行1715-338103.2%-0.7%-2.5%紫金银行104-38136.9%11.4%-48.3%浦发银行768-155184.7%-29.3%-55.4%无锡银行912287.9%-0.1%12.5%北京银行180476685.2%16.9%-2.1%张家港行66-2876.5%21.2%2.3%上海银行5458112.9%-1.8%-11.1%苏农银行1132175.4%14.8%9.7%厦门银行9-8853.9%-80.6%126.6%江阴银行88680.8%0.0%19.4%长沙银行51718377.4%17.5%5.1%瑞丰银行896125.5%-4.1%-21.4%江苏银行141876107.6%20.2%-27.8%国有行884401658092.7%14.6%-7.3%南京银行11693688.0%4.1%8.0%股份行15754-121597.0%19.8%-16.7%贵阳银行27213488.3%-3.2%14.9%城商行10079150887.1%15.2%-2.3%杭州银行717-14102.8%4.6%-7.4%农商行15499480.7%19.0%0.3%上市银行1158211696892.7%15.4%-8.1%数据来源：wind、33家样本银行（586家农商行24.3%36.6%3.2%9.6%2023H161.2%、64.3%、15.0%。图10.上市银行2023H1增对公款结构 制造业 政务建类 对公产 批发售业国有行股份行国有行股份行城商行农商行上市银行35%30%25%20%15%10%5%0%-5%数据来源：wind、29银行（467家农商行2023H1重分别为-2.7%、20.8%、66.7%、1.3%，经营贷和消费贷贡献较多。而住房销售6贷款同比下降0.77%67.4%67.4%66.1%-8.5%-72.6%-4.8%、-8.4%、-36.5%。图11.上市银行2023H1增零售款结构 200%

按揭款 消费款 经营款 信用卡国有行股份行国有行股份行城商行上市银行行农商100%50%0%-50%-100%数据来源：wind、14.184.20100.4%818图12.近五年1-8月新人民币贷情况 单位：亿元19M1-820M1-821M1-822M1-823M1-8新增人民币贷款119,358143,584150,600156,144174,347居民户贷款49,25051,59355,61427,59729,915短期贷款12,69311,90613,0817,86214,285中长期贷款36,45739,63842,53319,74415,530非金融企业及机关团体贷款72,08796,14294,997125,627139,966票据融资15,5107,0006,79525,827-1,855短期贷款8,67918,4476,12418,73824,439中长期贷款42,76361,82076,35273,012106,256其他贷款1,6641,4963,2765551,351非银行业金融机构贷款-2,182-4,519-7391,1541,797其他贷款2033687281,7662,669数据来源：wind、存款增长放缓，定期化趋势延续负债规模稳步扩张，存款占比略降。612.1%，13.7%12.9%631pct74.7%612.%31.2c14.1%、7.9%、12.0%、3-0.7pct-2.5pct-1.8pct2%+（26.%（24.%%（2.0%。11.7%11.7%6.9%74.7%12.5%12.1%上市银行8.3%8.6%76.9%12.6%11.4%农商行13.0%19.0%%61.812.0%13.9%杭州银行14.0%14.7%63.9%12.0%12.9%城商行12.5%14.7%%63.64.0%6.3%贵阳银行17.4%11.3%65.6%7.9%7.9%股份行14.2%9.7%%66.211.4%15.4%南京银行9.5%4.3%79.4%14.1%13.7%国有行15.7%14.8%%60.513.4%14.7%江苏银行6.3%4.0%82.0%26.4%26.5%瑞丰银行6.6%20.5%%66.115.2%16.5%长沙银行3.4%3.0%85.2%13.5%9.8%江阴银行14.5%23.6%%56.6-12.7%-0.3%厦门银行7.1%5.2%84.0%20.9%17.6%苏农银行23.1%12.8%%58.35.3%7.7%上海银行4.0%5.9%84.8%17.1%13.1%张家港行16.4%13.6%%62.511.5%14.4%北京银行1.6%2.0%90.8%12.2%7.8%无锡银行18.2%15.5%%60.96.8%5.1%浦发银行5.6%5.0%84.8%10.3%9.1%紫金银行15.0%14.7%%65.85.3%7.9%光大银行4.5%5.9%82.8%16.8%15.8%常熟银行25.9%12.1%%56.310.5%10.2%兴业银行7.2%18.2%72.0%8.7%4.5%青农商行16.0%12.2%%65.911.1%15.7%浙商银行9.0%7.4%78.4%12.1%13.5%沪农商行22.5%15.3%%56.3-0.3%7.1%华夏银行11.9%11.0%68.4%10.0%9.5%渝农商行23.7%9.0%%60.53.1%4.4%民生银行12.0%5.6%77.0%4.6%6.8%兰州银行15.1%12.0%%68.18.5%6.6%中信银行2.5%18.5%71.0%11.6%20.9%西安银行11.1%13.9%%67.04.3%7.5%平安银行6.9%7.6%75.6%18.2%16.9%齐鲁银行9.2%2.7%82.3%14.1%10.5%招商银行2.3%15.8%76.3%16.1%14.4%成都银行12.9%4.6%%66.29.5%10.1%交通银行10.7%22.4%%59.47.4%10.0%重庆银行3.4%2.1%93.5%9.7%13.1%邮储银行13.4%12.2%%68.420.0%14.6%苏州银行11.1%5.1%77.2%14.3%13.8%建设银行12.6%15.9%%64.224.2%16.3%宁波银行9.0%4.6%78.0%14.8%11.0%中国银行12.5%18.5%%62.95.6%7.6%郑州银行9.7%5.7%78.8%17.0%18.1%农业银行10.4%14.0%%69.912.1%6.4%青岛银行9.3%2.9%82.1%14.0%13.2%工商银行同业负债应付债券存款存款总负债银行同业负债应付债券存款存款总负债银行负债结构（各项占比）规模扩张（YoY)负债结构（各项占比）规模扩张（YoY)图13.上市银行负债扩张及负债结构数据来源：wind、存款定期化趋势延续，个人定期为主要贡献项。2023H1上市银行新增存款16.32.2-0.4%17.3%52.6%32.7%91.9%54.5%72.4%”3““3+1.3pct、-1.3pct24.5%、17.5%。居图图14.上市银行2023H1新增存款结构（金额单位：亿元）银行新增存款同比多增个人活期公司活期个人定期公司定期银行新增存款同比多增个人活期公司活期个人定期公司定期工商银行3482469560.3%-5.4%45.0%59.2%青岛银行287122-4.4%21.9%76.5%7.0%农业银行3096789601.3%14.1%48.4%33.8%郑州银行49-83.4%2.4%389.7%-47.1%中国银行2233683930.7%18.3%42.2%35.3%宁波银行25485790.2%31.5%34.8%35.3%建设银行2611781496.5%15.9%56.5%38.2%苏州银行498161-4.1%15.9%64.7%18.6%邮储银行5871-1813-35.1%8.0%129.1%-2.0%重庆银行224-145-2.1%25.0%99.4%-20.8%交通银行6106-14780.7%22.2%52.0%25.6%成都银行911-580.6%18.7%55.7%23.9%招商银行4945-1956-16.3%7.1%58.8%50.4%齐鲁银行38230-15.6%21.2%68.2%26.2%平安银行689-2126-11.7%139.6%175.1%-203.0%西安银行-13-224503.4%684.4%-1041.0%-71.1%中信银行43537160.4%64.7%36.0%-1.6%兰州银行151-9-4.3%21.7%71.6%2.9%民生银行2479-89913.4%31.2%54.8%-0.6%渝农商行775162-10.9%-8.2%93.6%21.4%华夏银行705-166415.7%83.7%38.8%92.7%沪农商行3594-22.3%-17.7%107.0%12.1%浙商银行1404-814-3.6%105.7%24.8%-26.3%青农商行275835.5%16.5%49.1%5.1%兴业银行3995636-6.7%36.0%46.5%23.0%常熟银行28841116.1%20.3%86.8%12.3%光大银行2441-2115.5%89.5%50.1%-39.0%紫金银行194-14-4.6%13.0%77.2%15.0%浦发银行1753-1061-6.1%84.0%44.9%-22.5%无锡银行14745-10.4%-3.6%114.2%-6.5%北京银行1592-90.7%25.1%27.2%47.6%张家港行164433.0%7.3%67.4%1.9%上海银行643-380-14.3%106.5%75.9%-68.1%苏农银行17599-8.0%3.4%90.2%0.6%厦门银行-198-4801.2%56.6%-26.7%-5.6%江阴银行10741-6.0%25.0%79.4%14.4%长沙银行38093-4.1%18.0%89.6%-1.5%瑞丰银行19065-7.9%23.9%72.6%9.9%江苏银行2238451-5.3%29.3%55.2%2.1%国有行126221291670.3%9.9%52.0%39.9%南京银行1239-274-4.2%10.1%60.5%28.4%股份行22765-7379-3.2%53.0%50.6%3.8%贵阳银行39-90-62.7%-64.4%432.9%-164.3%城商行11818-331-3.9%30.1%56.0%16.3%杭州银行848-92-1.1%65.4%35.3%-0.2%农商行26765704.9%3.2%86.1%11.8%上市银行16348022026-0.4%17.3%52.6%32.7%数据来源：wind、净息差持续下行，呵护息差导向下降幅有望收窄2023H114bp1.71%1.94%、1.81%1.95%18bp16bp10bp17bp2023Q2上市（）6bp1.62%2023Q1-6bp-6bp-8bp-9bp1.60%1.70%、1.52%、1.75%-6-61.62%1.67%1.76%上市银行-32.16%2.19%2.07%贵阳银行-91.75%1.85%1.95%农商行-201.17%1.38%1.31%南京银行-81.52%1.59%1.63%城商行-121.70%1.82%1.92%江苏银行-61.70%1.75%1.87%股份行12.07%2.06%2.17%长沙银行-61.60%1.65%1.72%国有行11.24%1.23%1.47%厦门银行-181.69%1.87%1.87%江阴银行-21.24%1.25%1.21%上海银行-301.48%1.78%1.76%苏农银行10-1.37%1.47%1.53%北京银行11-1.97%2.08%2.15%张家港行-21.39%1.41%1.54%浦发银行11.55%1.54%1.65%无锡银行-61.67%1.74%1.85%光大银行10-1.56%1.66%1.78%紫金银行-11.51%1.52%1.66%兴业银行-152.71%2.86%2.55%常熟银行-21.79%1.81%1.87%浙商银行-21.65%1.67%1.80%青农商行-141.64%1.79%1.86%华夏银行-81.65%1.73%1.94%渝农商行01.41%1.42%1.51%民生银行-51.31%1.36%1.46%西安银行-21.69%1.71%1.86%中信银行-11.70%1.70%1.87%齐鲁银行-152.26%2.42%2.54%平安银行31.82%1.79%1.88%成都银行-132.04%2.16%2.28%招商银行121.59%1.47%1.54%重庆银行01.24%1.24%1.34%交通银行-81.58%1.67%1.79%苏州银行-21.91%1.92%1.97%邮储银行12-1.57%1.69%1.79%宁波银行-21.70%1.72%1.87%建设银行-22.08%2.09%2.00%郑州银行-71.55%1.62%1.68%中国银行31.71%1.69%1.69%青岛银行10-1.54%1.64%1.67%农业银行-171.33%1.50%1.49%杭州银行-81.59%1.67%1.71%工商银行环比变化(bp)23Q223Q122Q4银行环比变化(bp)23Q223Q122Q4银行图15.上市银行测算单季净息差数据来源：wind、贷款定价下行导致资产端收益率持续承压。2023H1上市银行生息资产收益率较2022A10bp4.04%3.57%、4.11%4.14%4.17%2022A3bp9bp13bp13bp2023H12022A4.02%4.77%4.84%、2022A13bp13bp21bpLPR61.8pct37.5%图16.上市银行息资产益率 市银行款收益率 5.0%4.5%4.0%3.5%

国有行 股份行 城商行农商行 上市银行

6.0%5.0%4.0%

国有行 股份行 城商行农商行 上市银行3.0%2021/06 2021/12 2022/06 2022/12 2023/06

3.0%2021/06 2021/12 2022/06 2022/12 2023/06数据来源：wind、 数据来源：wind、存款定期化仍是负债端成本上升的主因。2023H1上市银行计息负债成本率较2022A2bp至2.2%202A+1bp、+6bp-3bp-4bp2.01%2.26%2.35%2.19%656.5%2.7pct202H1202A上升bp至2.15，其中国有行、股份行、城商行、农商行分别较2022A+12bp、+5bp、-2bp、-4bp1.90%、2.15%、2.27%、2.10%。图18.上市银行息负债本率 市银行款成本率 3.0%

国有行 股份行 城商行农商行 上市银行

3.0%

国有行 股份行 城商行农商行 上市银行2.5% 2.5%2.0% 2.0%1.5% 1.5%1.0%2021/06 2021/12 2022/06 2022/12 2023/06

1.0%2021/06 2021/12 2022/06 2022/12 2023/06数据来源：wind、 数据来源：wind、LPR2023H12023Q11.74%”2023Q23.95%3bp831LR92021125LPR79bp65%80bp8bp，拖累6.6pct9bp6bp4bp4bp91发贷款率下行缓 金融机构人民币贷款加权平均利率金融机构人民币贷款加权平均利率:一般贷款金融机构人民币贷款加权平均利率:个人住房贷款金融机构人民币贷款加权平均利率:企业贷款6.0%5.5%5.0%4.5%4.0%3.5%3.0%2021-06 2021-12 2022-06 2022-12 2023-06数据来源：wind、中收有所修复，其他非息分化明显中收有所修复2023H14.2%2023Q10.6pct农商行分别同比增长0.%-10.%-189%78%2023Q1-0.8c+3.7c、+2.0pct、-5.6pct。受居民避险偏好持续导致投资意愿偏低，代销基金、理财收入等业务收入下滑是上市银行中收延续负增的主因。但同时，居民倾向于将资金配置在保险产品，代理保险收入成为贡献中收增长的主要业务，比如2023H1平安银行实现代理个人保险收入22.1亿元，同比增长107.2%；期缴保险销量及占比同比上升，带动代理保险收入同比增长3.1%。图图21.上市银行净手续费及佣金收入同比增速银行23Q123Q223H1银行23Q123Q223H1工商银行-2.86%-4.02%-3.39%青岛银行15.17%9.83%12.46%农业银行2.78%2.03%2.51%郑州银行-30.56%-25.83%-23.18%中国银行-0.80%11.97%4.34%宁波银行2.87%-0.35%1.30%建设银行2.62%-2.62%0.50%苏州银行6.49%8.43%7.10%邮储银行27.50%-24.75%1.81%重庆银行-65.23%-37.90%-52.35%交通银行-7.67%7.79%-0.78%成都银行-26.17%15.76%-6.07%招商银行-12.60%-10.92%-11.82%齐鲁银行-10.53%-39.33%-26.82%平安银行-0.10%4.47%1.94%西安银行-33.41%-15.42%-23.36%中信银行-11.52%14.61%1.21%兰州银行18.45%-28.88%-3.33%民生银行8.86%11.06%9.84%渝农商行22.79%-23.40%-4.48%华夏银行-30.77%-42.41%-36.54%沪农商行9.13%57.69%26.21%浙商银行12.30%12.00%12.16%青农商行18.56%-18.90%2.85%兴业银行-42.54%-12.77%-30.25%常熟银行197.43%-298.88%-161.69%光大银行-4.99%-14.09%-9.37%紫金银行58.42%-41.35%12.47%浦发银行-10.56%-6.33%-8.63%无锡银行-21.99%-25.33%-23.80%北京银行-53.06%-15.78%-41.42%张家港行40.62%-7.87%42.57%上海银行-15.70%-21.03%-17.94%苏农银行-18.16%-45.16%-34.94%厦门银行-26.60%-10.74%-18.36%江阴银行-60.65%-12.80%-41.79%长沙银行100.35%10.08%46.04%瑞丰银行-85.29%-287.91%-108.78%江苏银行-16.64%-33.24%-24.21%国有行1.22%-0.79%0.38%南京银行-42.28%-7.65%-28.81%股份行-13.80%-5.82%-10.14%贵阳银行-31.74%-44.55%-36.43%城商行-20.93%-16.19%-18.88%杭州银行-6.98%-28.28%-17.10%农商行13.38%1.29%7.79%上市银行-4.79%-3.44%-4.20%数据来源：wind、净其他非息收入持续增长2023H122.6%2023Q123.4pct34.1%、10.5%、20.0%21.1%2023Q1-52.9pct-8.4pct、-3.2pct、+3.3pct。国有行降幅较大主要是一季度在去年低基数影响下实现高增，2023Q24.2%17459127.2%92.4%96.1%，主54.5%90.20%34.5%5.14图图22.上市银行净其他非息收入同比增速银行23Q123Q223H1银行23Q123Q223H1工商银行62.01%-8.58%17.20%青岛银行20.74%-52.86%-34.51%农业银行316.66%29.15%88.32%郑州银行92.52%-41.26%-25.32%中国银行78.29%29.11%53.21%宁波银行12.10%-14.51%-2.21%建设银行209.04%-41.74%18.87%苏州银行-16.98%8.97%-2.82%邮储银行-2.55%1.73%0.02%重庆银行120.03%8.15%39.21%交通银行87.79%19.55%43.25%成都银行9.33%7.82%8.53%招商银行14.91%33.42%24.34%齐鲁银行7.12%126.81%64.36%平安银行-23.67%-15.73%-19.32%西安银行679.49%-24.96%96.08%中信银行-16.62%-6.90%-11.50%兰州银行45.90%-0.57%15.97%民生银行50.45%-33.63%-1.49%渝农商行7.45%34.34%21.99%华夏银行52.71%119.97%90.20%沪农商行35.23%28.97%31.62%浙商银行-1.11%13.81%7.41%青农商行34.05%24.97%28.28%兴业银行48.22%-11.10%12.67%常熟银行-16.24%8.98%-2.86%光大银行8.95%29.47%20.13%紫金银行-1.68%7.71%4.59%浦发银行43.36%-12.69%14.70%无锡银行43.06%13.49%30.03%北京银行45.69%61.31%54.78%张家港行-34.37%15.43%-11.68%上海银行25.57%28.45%27.11%苏农银行15.13%16.69%16.23%厦门银行67.89%44.73%53.78%江阴银行27.31%19.55%22.94%长沙银行-25.35%-11.66%-17.91%瑞丰银行58.93%13.93%36.71%江苏银行30.32%64.99%49.63%国有行87.01%4.15%34.09%南京银行34.99%13.13%24.13%股份行18.93%3.66%10.51%贵阳银行-22.44%31.12%10.39%城商行23.19%17.50%20.03%杭州银行1.21%34.34%17.06%农商行17.79%23.65%21.10%上市银行45.95%6.36%22.57%数据来源：wind、不良率整体下降。61bp1.17%1bp1.25%1bp1bp、2bp1.31%、1.14%1.06%4bp0.75%0.76%16bp、6bp。图23.上市银行不良率图23.上市银行不良率银行2023Q12023H1环比(bp)银行2023Q12023H1环比(bp)工商银行1.38%1.36%-2青岛银行1.14%1.14%0农业银行1.37%1.35%-2郑州银行1.88%1.87%-1中国银行1.18%1.28%10宁波银行0.76%0.76%0建设银行1.38%1.37%-1苏州银行0.87%0.86%-1邮储银行0.82%0.81%-1重庆银行1.24%1.21%-3交通银行1.34%1.35%1成都银行0.76%0.72%-4招商银行0.95%0.95%0齐鲁银行1.28%1.27%-1平安银行1.05%1.03%-2西安银行1.24%1.25%1中信银行1.21%1.21%0兰州银行1.70%1.70%0民生银行1.60%1.57%-3渝农商行1.21%1.21%0华夏银行1.73%1.72%-1沪农商行0.97%0.95%-2浙商银行1.44%1.45%1青农商行2.09%1.93%-16兴业银行1.09%1.08%-1常熟银行0.75%0.75%0光大银行1.25%1.30%5紫金银行1.19%1.19%0浦发银行1.52%1.49%-3无锡银行0.78%0.77%-1北京银行1.36%1.34%-2张家港行0.85%0.88%3上海银行1.25%1.22%-3苏农银行0.94%0.92%-2厦门银行0.86%0.80%-6江阴银行0.97%0.98%1长沙银行1.16%1.16%0瑞丰银行1.01%0.98%-3江苏银行0.92%0.91%-1国有行1.25%1.25%1南京银行0.90%0.90%0股份行1.32%1.31%-1贵阳银行1.49%1.47%-2城商行1.15%1.14%-1杭州银行0.76%0.76%0农商行1.08%1.06%-2上市银行1.18%1.17%-1数据来源：wind、对公资产质量改善明显。292913bp至130%1.55%1.40%1.04%14bp12bp13bp据的上市银行中有2562bp2029bp2.20%2827bp3.71%170.28%0.81%1.01%13bp49bp44bp42bp71020241231日；81%828图24.上市银行对公不良率图24.上市银行对公不良率对公不良率对公不良率银行2022A2023H1较年初(bp)银行2022A2023H1较年初(bp)工商银行1.96%1.83%-13宁波银行0.37%0.32%-5农业银行2.00%1.