工商银行息差降幅收窄利润增速转正

正文目录一、业表现 4二、非收入 9三、息及负 10四、资质量 14五、资及东 16六、风提示 17图表目录图1：计收PPOP、归净润比速 5图2：季营、PPOP归净润比速 6图3：计比绩（2025Q1~3） 6图4：计比绩（2025H1） 7图5：季业拆（2025Q3） 7图6：息和利差 10图7：本足情况 16图8：化、模张和本生 16图9：东和均数量万，股） 17表1：关财指概（单：万） 4表2：累业同增速 5表3：单度绩比速 5表4：计ROE拆分 8表5：单度ROE8表6：手费速 9表7：非收、他合收结构 9表8：净差净差生息产益、息债成率 10表9：分型款益和存成率 11表10：息产况位：万） 11表11：息债况位：万） 12表12：款况 12表13：款况 13表14：产量百） 14表15：用值失备余（万） 14表16：良款况万元） 15表17：新十股历史动况 17附：务测（万） 18一、业绩表现 关键财务指标（百万元）2023A2024Q12024H1关键财务指标（百万元）2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3总资产44,697,07947,600,02747,116,53648,357,75548,821,74651,547,04552,317,93152,813,421总贷款26,086,48227,370,16027,837,55028,095,90528,372,22929,683,04130,185,65930,451,929总负债40,920,49143,723,41243,252,03544,435,47744,834,48047,486,21948,179,05548,619,638总存款33,521,17435,035,08034,107,31634,592,83634,836,97336,431,83236,904,55637,307,824营业收入843,070219,843420,499626,422821,803212,774427,092640,028拨备前利润572,782162,530299,253437,684548,490156,746303,537445,756净利润365,11688,062171,296270,475366,94684,709168,803271,882总资产增速12.84%13.24%7.89%8.71%9.23%8.29%11.04%9.21%贷款同比增速12.38%11.60%10.06%8.97%8.76%8.45%8.44%8.39%营业收入同比增速-3.73%-3.41%-6.03%-3.82%-2.52%-3.22%1.57%2.17%拨备前利润同比增速-5.66%-5.29%-8.18%-5.28%-4.24%-3.56%1.43%1.84%归母净利润同比增速0.79%-2.78%-1.89%0.13%0.51%-3.99%-1.39%0.33%净息差（披露值）1.61%1.48%1.43%1.43%1.42%1.33%1.30%1.28%净利差（披露值）1.41%1.24%1.23%1.16%生息资产收益率（披露值）3.45%3.28%3.17%2.79%计息负债成本率（披露值）2.04%2.04%1.94%1.63%净息差（测算值）1.60%1.44%1.41%1.41%1.40%1.29%1.28%1.28%净利差（测算值）1.43%1.29%1.25%1.25%1.25%1.17%1.16%1.16%单季度净息差（测算值）1.42%1.44%1.33%1.41%1.37%1.29%1.24%1.25%单季度净利差（测算值）1.25%1.29%1.18%1.26%1.22%1.17%1.13%1.14%ROA（年化）0.87%0.76%0.75%0.78%0.78%0.68%0.67%0.71%ROE（年化）10.66%10.06%9.53%9.77%9.88%9.06%8.82%9.30%累计分红率(每股分红股本/归母普通股净利31.29%29.98%31.28%29.98%杠杆率7.95%7.68%7.80%7.71%7.75%7.47%7.49%7.47%总资产增速12.84%13.24%7.89%8.71%9.23%8.29%11.04%9.21%风险加权资产增速10.87%8.37%3.63%4.19%4.34%4.86%6.87%9.69%ROE(年化)(1-分红率)7.33%6.91%6.55%6.72%6.77%6.21%6.05%6.38%ROE(年化)(1-分红率)-风险加权资产增速-3.55%-1.46%2.92%2.52%2.44%1.35%-0.82%-3.31%成本收入比26.96%20.78%23.65%25.05%28.04%21.97%24.10%25.25%存贷比76.70%79.26%80.90%82.46%80.50%82.65%81.79%81.62%贷款同比增速12.38%11.60%10.06%8.97%8.76%8.45%8.44%8.39%存款同比增速12.22%9.54%2.20%1.80%3.93%3.99%8.20%7.85%贷款/生息资产59.96%59.29%60.90%59.97%60.02%59.40%59.34%59.43%存款/计息负债84.02%82.02%81.04%80.37%79.91%78.64%78.51%78.57%贷款较年初增量2,874,1701,283,6781,751,0682,009,4232,285,7471,310,8121,813,4302,079,700存款较年初增量3,650,6831,513,906586,1421,071,6621,315,7991,594,8592,067,5832,470,851不良贷款率1.36%1.36%1.35%1.35%1.34%1.33%1.33%1.33%拨备覆盖率213.97%216.31%218.43%220.30%214.91%215.70%217.71%217.21%拨贷比2.90%2.94%2.95%2.97%2.87%2.87%2.89%2.89%关注率+不良率3.21%3.27%3.36%3.24%逾期贷款率1.27%1.34%1.43%1.52%逾期/不良93.47%99.47%107.19%114.72%重组贷款率0.32%0.43%0.49%0.47%逾期率+重组率1.58%1.77%1.92%1.99%不良生成率2（测算核转）0.43%0.49%0.46%0.40%0.36%0.49%0.48%0.41%核心一级资本充足率13.72%13.78%13.84%13.95%14.10%13.89%13.89%13.57%一级资本充足率15.17%15.18%15.25%15.23%15.36%15.11%15.25%14.80%资本充足率19.10%19.21%19.16%19.25%19.39%19.15%19.54%18.85%流动性覆盖率122.03%126.61%133.65%138.20%140.25%121.09%128.94%128.35%股东数（户）537,953506,004506,882574,704539,652603,946570,741570,741表2：累计业绩同比增速2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3营业收入同比增速-3.73%-3.41%-6.03%-3.82%-2.52%-3.22%1.57%2.17%净利息收入同比增速-5.34%-4.16%-6.84%-4.94%-2.69%-2.86%-0.12%-0.70%非息收入同比增速2.34%-1.25%-3.58%-0.03%-1.95%-4.20%6.54%11.30%净手续费收入同比增速-7.71%-2.83%-8.25%-8.98%-8.34%-1.18%-0.57%0.60%其他非息收入同比增速26.23%2.15%5.67%17.53%9.17%-10.41%18.78%27.59%营业支出同比增速-6.82%-3.13%-8.39%-5.66%-5.07%-3.81%1.83%0.81%拨备前利润同比增速-5.66%-5.29%-8.18%-5.28%-4.24%-3.56%1.43%1.84%利润总额同比增速-0.65%-3.88%-3.18%-1.86%-0.03%-2.78%0.93%3.33%净利润同比增速0.83%-2.98%-1.96%0.20%0.50%-3.81%-1.46%0.52%归母净利润同比增速0.79%-2.78%-1.89%0.13%0.51%-3.99%-1.39%0.33%表3：单季度业绩同比增速2023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q3营业收入同比增速-4.34%-3.41%-8.75%1.05%1.87%-3.22%6.81%3.41%净利息收入同比增速-7.33%-4.16%-9.51%-1.07%4.68%-2.86%2.78%-1.81%非息收入同比增速9.85%-1.25%-6.27%9.96%-9.41%-4.20%19.58%23.08%净手续费收入同比增速-15.03%-2.83%-14.91%-11.05%-5.23%-1.18%0.28%4.06%其他非息收入同比增速62.53%2.15%9.27%50.14%-14.05%-10.41%46.60%44.63%营业支出同比增速-16.05%-3.13%-13.59%1.50%-2.68%-3.81%8.08%-1.60%拨备前利润同比增速-2.26%-5.29%-11.39%1.68%0.08%-3.56%7.36%2.74%利润总额同比增速7.46%-3.88%-2.41%0.57%5.30%-2.78%4.93%7.59%净利润同比增速0.88%-2.98%-0.85%4.17%1.35%-3.81%1.03%3.93%归母净利润同比增速0.80%-2.78%-0.92%3.82%1.59%-3.99%1.37%3.29%图1：累计营收、PPOP、归母净利润同比增速营业收同比速 拨备前润同增速 归母净润同增速 总资产速15.00%19.210.00% %19.22.17%5.00%2.17%%841.0.00%841.330.%330.-5.00%-10.00%-15.00%图2：单季度营收、PPOP、归母净利润同比增速营业收入同比增速 拨备前润同增速 归母净利润同比增速%3.41%%3.41%4%2.73.2910.00%5.00%0.00%-5.00%-10.00%-15.00%-20.00%2021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q3图3：累计同比业绩拆分（2025Q1~3）9.0%0.5%9.0%0.5%0.3%8%6%4%2%0%-2%生息资产规模

净 净 其 税 成 拨 息 手 他 金 本 备 差 续 收 及 收 计 费 支 附 入 提 率收 加 比入

净 少 归利 数 母润 股 净东 净 利润图4：累计同比业绩拆分（2025H1）10.0%12%10.0%10%8%6%4%2%0%-2%(1.5%)(1.4%)-4%生净净其税成拨有净少归息息手他金本备效利数母资差续收及收计税润股净产费支附入提率东利规模收入加比净利润润图5：单季度业绩拆分（2025Q3）9.0%3.9%9.0%3.9%3.3%8%6%4%2%0%-2%-4%生息资产规模

净 净 其 税 息 手 他 金 差 续 收 及 费 支 附 入收 加 入

拨 有 净 少 备 效 利 数 计 税 润 股 提 率 东 净 润利润累计ROE拆分2023A2024Q12024H1累计ROE拆分2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3营业收入2.00%1.91%1.83%1.80%1.76%1.70%1.69%1.68%利息收入3.33%3.15%3.14%3.08%3.05%2.69%2.66%2.64%利息支出1.78%1.75%1.77%1.71%1.69%1.45%1.42%1.40%净利息收入1.55%1.40%1.37%1.37%1.36%1.25%1.24%1.24%净手续费收入0.28%0.34%0.29%0.26%0.23%0.31%0.27%0.24%其他非息收入0.16%0.17%0.17%0.17%0.16%0.14%0.18%0.20%营业支出1.00%1.02%0.98%0.91%0.86%0.90%0.90%0.84%税金及附加0.03%0.02%0.02%0.02%0.02%0.02%0.02%0.02%业务及管理费0.54%0.40%0.43%0.45%0.49%0.37%0.41%0.42%减值损失0.36%0.52%0.44%0.37%0.27%0.46%0.41%0.33%营业利润1.00%0.88%0.86%0.88%0.90%0.79%0.79%0.84%营业外净收入0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%利润总额1.00%0.89%0.86%0.88%0.90%0.79%0.79%0.84%所得税0.13%0.12%0.11%0.11%0.12%0.12%0.12%0.12%年化ROA0.87%0.76%0.75%0.78%0.78%0.68%0.67%0.71%杠杆率12.3113.1812.7712.6112.5913.4213.2113.04年化ROE10.66%10.06%9.53%9.77%9.88%9.06%8.82%9.30%单季度ROE拆分2023Q42024Q12024Q2单季度ROE拆分2023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q3营业收入1.82%1.91%1.75%1.77%1.67%1.70%1.70%1.68%利息收入3.30%3.15%3.12%3.04%3.02%2.69%2.65%2.61%利息支出1.84%1.75%1.79%1.64%1.65%1.45%1.41%1.35%净利息收入1.46%1.40%1.33%1.40%1.37%1.25%1.24%1.26%净手续费收入0.19%0.34%0.24%0.20%0.16%0.31%0.22%0.19%其他非息收入0.17%0.17%0.17%0.17%0.13%0.14%0.23%0.23%营业支出0.80%1.02%0.93%0.82%0.70%0.90%0.91%0.73%税金及附加0.02%0.02%0.02%0.02%0.03%0.02%0.02%0.02%业务及管理费0.67%0.40%0.47%0.49%0.63%0.37%0.44%0.46%减值损失0.03%0.52%0.37%0.23%-0.02%0.46%0.37%0.18%营业利润1.02%0.88%0.82%0.95%0.97%0.79%0.79%0.94%营业外净收入0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%利润总额1.02%0.89%0.83%0.96%0.97%0.79%0.79%0.94%所得税0.12%0.12%0.10%0.10%0.15%0.12%0.12%0.13%年化ROA0.90%0.76%0.73%0.85%0.83%0.68%0.67%0.81%杠杆率12.3113.1812.7712.6112.5913.4213.2113.04年化ROE11.12%10.06%9.26%10.75%10.39%9.06%8.79%10.58%二、非息收入 手续费收入增速2023A2024Q12024H1手续费收入增速2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3手续费收入-5.44%-2.30%-7.27%-8.98%-8.50%-3.16%-2.90%-1.56%代理业务2.96%4.59%3.54%1.95%理财业务-15.02%-23.02%-16.37%7.01%托管业务-8.21%-5.98%0.64%3.79%支付结算业务-0.05%7.23%-5.86%-11.26%咨询顾问业务2.42%8.47%-1.67%-0.40%担保承诺业务-17.12%-49.22%-42.64%-21.56%银行卡业务交易业务其他0.96%-9.64%-10.64%4.44%-0.30%-1.68%-3.52%27.65%手续费支出12.37%2.54%0.79%-9.03%-9.46%-20.42%-20.36%-16.87%零售AUM同比增速10.99%8.63%10.28%10.24%累计占比（/营收）2023A累计占比（/营收）2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3净手续费及佣金收入14.16%17.90%16.03%14.42%13.31%18.27%15.69%14.20%净其他非息收入8.15%8.69%9.31%9.48%9.13%8.04%10.89%11.83%投资收益5.44%4.19%5.15%4.96%4.98%6.27%7.70%7.60%公允价值变动损益0.32%2.72%2.00%1.89%1.49%-1.19%-0.23%0.65%汇兑净损益-0.92%-1.77%-1.32%-0.75%-0.84%-0.49%-0.12%0.05%其他净收益3.31%3.55%3.48%3.37%3.50%3.46%3.53%3.54%其他综合收益-0.48%4.44%5.93%3.53%5.80%14.46%10.97%3.78%单季度占比（/营收）2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3净手续费及佣金收入2.39%17.90%6.67%3.66%2.32%18.27%6.59%3.73%净其他非息收入2.16%8.69%4.77%3.23%1.90%8.04%6.88%4.57%投资收益0.98%4.19%2.96%1.51%1.20%6.27%4.58%2.46%公允价值变动损益0.30%2.72%0.57%0.55%0.05%-1.19%0.36%0.81%汇兑净损益-0.03%-1.77%-0.39%0.14%-0.27%-0.49%0.13%0.13%其他净收益0.90%3.55%1.63%1.04%0.93%3.46%1.81%1.18%其他综合收益1.03%6.29%3.61%-0.45%3.11%-7.96%3.77%-3.55%累计同比增速2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3净手续费及佣金收入-7.7%-2.8%-8.2%-9.0%-8.3%-1.2%-0.6%0.6%净其他非息收入26.2%2.1%5.7%17.5%9.2%-10.4%18.8%27.6%投资净收益10.5%5.5%-8.3%-17.3%-10.8%44.9%52.0%56.4%公允价值变动损益123.5%36.5%72.4%8118.8%350.8%-142.4%-111.8%-64.7%汇兑损益-107.3%-223.7%-3.8%38.0%11.2%73.3%91.0%106.9%其他净收益-1.2%14.9%5.4%4.0%3.1%-5.9%3.0%7.1%其他综合收益余额增速80.1%135.0%514.5%273.7%1269.6%215.3%87.8%9.3%单季度同比增速2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3净手续费及佣金收入-15.0%-2.8%-14.9%-11.1%-5.2%-1.2%0.3%4.1%净其他非息收入62.5%2.1%9.3%50.1%-14.0%-10.4%46.6%44.6%投资净收益15.7%5.5%-16.5%-32.5%19.1%44.9%57.2%66.4%公允价值变动损益251.7%36.5%394.3%172.7%-85.0%-142.4%-35.9%50.2%汇兑损益84.6%-223.7%60.2%138.1%-946.7%73.3%132.9%-3.4%其他净收益6.4%14.9%-3.7%0.9%0.7%-5.9%13.2%16.2%单季度其他综合收益增速233.7%287.2%-30.5%57.6%195.8%-222.4%6.0%-698.0%三、息差及资负 图6：净息差和净利差净息差（披露值） 净利差披露）%28%281.2.20%2.00%1.80%1.60%1.40%1.20%1.00%累计（披露值）2023A2024Q12024H1累计（披露值）2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3净息差1.61%1.48%1.43%1.43%1.42%1.33%1.30%1.28%净利差1.41%1.24%1.23%1.16%生息资产收益率3.45%3.28%3.17%2.79%计息负债成本率2.04%2.04%1.94%1.63%单季度（测算值）2023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q3净息差1.42%1.44%1.33%1.41%1.37%1.29%1.24%1.25%净利差1.25%1.29%1.18%1.26%1.22%1.17%1.13%1.14%生息资产收益率3.21%3.24%3.12%3.05%3.00%2.78%2.66%2.60%计息负债成本率1.95%1.95%1.94%1.79%1.78%1.61%1.53%1.45%生息资产平均收益率2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3发放贷款3.81%3.52%3.40%2.92%投资类资产3.30%3.20%3.12%2.81%存放央行1.67%1.70%1.71%1.69%同业资产2.81%3.02%2.83%2.43%计息负债平均付息率2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3存款1.89%1.84%1.72%1.45%向央行借款同业负债2.55%2.73%2.64%2.00%发行债券3.77%3.59%3.38%2.76%表9：分类型贷款收益率和存款成本率分类型贷款收益率2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3公司类贷款收益率3.57%3.33%3.26%2.89%个人贷款收益率4.23%3.80%3.65%3.11%票据贴现收益率1.47%1.36%1.22%0.94%分类型存款成本率2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3对公存款付息率1.85%1.82%1.66%1.33%对公活期付息率1.02%0.99%0.89%0.62%对公定期付息率2.65%2.53%2.32%1.95%个人存款付息率1.76%1.66%1.60%1.37%个人活期付息率0.26%0.23%0.17%0.07%个人定期付息率2.67%2.47%2.38%2.04%余额结构（分母为总资产）2023A2024Q12024H1余额结构（分母为总资产）2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3生息资产99.16%98.81%98.96%98.55%98.89%98.99%99.07%98.89%贷款58.36%57.50%59.08%58.10%58.11%57.58%57.70%57.66%投资类资产26.51%25.70%27.57%27.49%28.99%29.32%29.76%31.18%FVTPL1.82%1.82%1.94%1.67%2.07%2.05%1.83%1.87%AC19.70%18.95%20.02%19.43%20.18%19.79%20.25%21.83%FVOCI4.99%4.93%5.61%6.39%6.74%7.49%7.68%7.47%存放央行9.04%8.30%7.70%7.75%6.81%6.83%5.84%6.50%同业资产5.24%7.31%4.61%5.22%4.98%5.25%5.77%3.55%同比增速2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3总资产12.84%13.24%7.89%8.71%9.23%8.29%11.04%9.21%总生息资产13.42%13.44%7.98%8.40%8.64%8.24%11.30%9.36%贷款12.38%11.60%10.06%8.97%8.76%8.45%8.44%8.39%投资类资产12.56%10.88%15.40%15.40%19.44%23.56%19.86%23.87%FVTPL13.58%-1.33%12.65%10.02%24.44%21.72%4.44%22.73%AC15.36%15.02%17.23%12.12%11.87%13.10%12.34%22.75%FVOCI2.43%1.51%10.22%28.44%47.53%64.49%52.04%27.60%存放央行17.92%10.03%-1.18%-0.48%-17.80%-10.90%-15.78%-8.44%同业资产22.78%43.42%-25.78%-12.66%3.81%-22.22%39.10%-25.57%单季增量2023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q3总生息资产285,4292,658,033-455,8311,142,424416,2842,700,259904,485363,985贷款304,2281283678467,390258,355276,3241,310,812502,618266,270投资类资产331,496383,717755,537302,761861,893962,540452,312896,611FVTPL79,47556,18048,010-110,251204,54346,279-99,87232,244AC427,933212,680411,570-36,508457,394348,941394,291936,384FVOCI-175,912114,857295,957449,520199,956567,320157,893-72,017存放央行275,768-93,734-320,431120,142-425,359195,393-462,532376,295同业资产-546,5881,140,552-1,310,317350,915-92,031277,793312,215-1,142,947；备注：FVTPL为以公允价值计量且其变动计入当期损益的金融资产；AC为以摊余成本计量的金融资产或者债权投资；FVOCI为以公允价值计量且其变动计入其他综合收益的金融资产或者（其他债权投资+其他权益工具投资）。表11：计息负债情况（单位：百万元）余额结构（分母为总资产）2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3负债总额91.55%91.86%91.80%91.89%91.83%92.12%92.09%92.06%计息负债89.26%89.74%89.32%89.01%89.29%89.87%89.84%89.91%存款75.00%73.60%72.39%71.54%71.36%70.68%70.54%70.64%向央行借款0.52%0.44%0.46%0.40%0.35%0.33%0.31%0.31%同业负债9.82%11.85%12.23%12.28%12.52%13.28%13.18%13.63%发行债券3.06%3.06%3.37%3.94%4.16%4.79%4.97%4.46%同比增速2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3负债总额13.37%13.77%7.93%8.89%9.56%8.61%11.39%9.42%总计息负债13.80%14.16%8.26%8.53%9.27%8.45%11.69%10.32%存款12.22%9.54%2.20%1.80%3.93%3.99%8.20%7.85%向央行借款58.71%8.13%-2.84%-18.83%-26.69%-20.30%-26.13%-16.79%同业负债16.69%48.56%53.91%52.55%39.35%21.40%19.71%21.22%发行债券51.20%34.40%35.27%58.18%48.11%69.52%63.61%23.42%单季增量2023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q3总计息负债234,2252822278-632,360958,034551,8172,732,183676,577481,111存款-459,6521,513,906-927,764485,520244,1371,594,859472,724403268向央行借款-8,276-19,7906,708-23,767-24,903-995-7,375612同业负债494,3541,252,829120,310178,560174,857733,49348,709303,152发行债券163,73687,799131,162318,952121,032442,106128,511-244,831余额结构2023A2024Q12024H1余额结构2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3公司存款48.36%46.56%44.51%44.20%公司定期26.38%25.09%23.97%24.28%公司活期21.98%21.47%20.55%19.92%个人存款49.42%51.37%53.22%53.74%个人定期31.27%33.34%34.67%35.43%个人活期18.15%18.03%18.55%18.31%余额增速2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3存款总额公司存款12.22%10.49%9.54%2.20%-4.02%1.80%3.93%-4.33%3.99%8.20%2.72%7.85%公司定期34.09%-1.15%-5.59%4.71%公司活期-8.79%-7.17%-2.83%0.40%个人存款13.89%8.68%11.93%13.19%个人定期22.54%12.38%15.23%14.97%个人活期1.54%2.44%6.25%9.89%余额结构2023A2024Q12024H1余额结构2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3个人贷款33.17%32.40%31.74%31.49%31.57%30.79%30.37%29.89%个人住房贷款24.11%22.15%21.44%20.03%个人消费贷款1.26%1.38%1.48%1.54%经营性贷款5.16%5.65%5.91%6.16%信用卡应收账款2.64%2.56%2.73%2.64%票据贴现4.94%3.95%5.34%6.20%6.81%6.57%7.25%8.14%公司贷款61.89%63.65%62.92%62.31%61.62%62.64%62.38%61.98%制造业9.01%9.27%8.65%9.21%批发和零售业2.60%2.83%2.71%3.01%传统基建26.45%26.45%26.28%25.72%租赁和商务服务业8.80%8.77%8.52%8.89%房地产业2.92%3.06%3.11%2.98%建筑业1.66%1.83%1.70%1.91%住宿和餐饮业采矿业1.13%1.17%1.16%1.26%信息传输、软件和信息技术服务农、林、牧、渔业金融业2.44%2.95%2.97%2.92%卫生和社会工作科学研究和技术服务业1.47%1.44%1.41%1.50%余额增速2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3贷款总额个人贷款12.38%5.09%11.60%5.56%10.06%4.23%8.97%2.61%8.76%3.51%8.45%3.08%8.44%3.77%8.39%2.87%个人住房贷款-2.23%-3.28%-3.26%-1.93%个人消费贷款41.23%46.86%28.30%20.45%经营性贷款44.85%32.19%24.56%18.31%信用卡应收账款7.74%9.53%12.42%11.93%票据贴现12.09%7.53%40.90%48.46%50.06%80.38%47.16%42.23%公司贷款16.77%15.23%11.14%9.51%8.28%6.72%7.50%7.80%制造业20.60%8.55%4.40%7.76%批发和零售业27.68%15.81%13.20%15.53%传统基建17.51%13.49%8.03%5.43%租赁和商务服务业21.28%10.53%5.29%10.03%房地产业5.16%11.06%15.58%5.46%建筑业20.38%11.19%11.80%13.44%住宿和餐饮业采矿业30.34%13.25%11.22%16.57%信息传输、软件和信息技术服务农、林、牧、渔业金融业8.71%16.36%32.49%7.13%卫生和社会工作科学研究和技术服务业4.39%13.00%四、资产质量 资产质量2023A2024Q12024H1资产质量2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3不良贷款率1.36%1.36%1.35%1.35%1.34%1.33%1.33%1.33%拨备覆盖率213.97%216.31%218.43%220.30%214.91%215.70%217.71%217.21%拨贷比2.90%2.94%2.95%2.97%2.87%2.87%2.89%2.89%贷款拨备余额756,388802,268819,877832,635815,493852,876871,069879,349非信贷拨备余额127,861134,351131,841132,417不良贷款余额353,502370,888375,350377,955379,458395,399400,105404,838关注类贷款余额482,705534,165574,171575,883逾期贷款余额330,424373,366406,739459,000逾期90天以上贷款余额223,188250,063284,379324,026重组贷款余额82,723118,579139,086140,962关注贷款率1.85%1.92%2.02%1.91%关注率+不良率3.21%3.27%3.36%3.24%逾期贷款率1.27%1.34%1.43%1.52%逾期90天以上/不良63.14%66.62%74.94%80.99%逾期1年以上/损失87.61%106.02%85.97%87.95%逾期/不良93.47%99.47%107.19%114.72%重组贷款率0.32%0.43%0.49%0.47%（重组+逾期）/贷款1.58%1.77%1.92%1.99%（重组+逾期）/不良116.87%131.06%143.84%149.95%不良净新生成率（披露值）不良生成率1（披露核转）0.45%0.46%0.43%0.51%不良生成率2（测算核转）0.43%0.49%0.46%0.40%0.36%0.49%0.48%0.41%不良回收率0.02%-0.01%0.07%0.02%不良核销转出率1（披露核转）22.73%21.41%24.08%26.88%不良核销转出率2（测算核转）21.04%16.20%21.90%20.05%19.14%19.55%25.16%21.80%非信贷拨备/非信贷资产0.69%0.70%0.64%0.60%总拨备/总资产1.98%2.03%1.94%1.92%信用减值损失2023A2024Q12024H1信用减值损失2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3总资产150,81660,075102,069129,282126,66357,136104,007127,093贷款143,42294,526122,479102,215金融投资7,9571,768-1,182-113其他-5635,7755,3661,905信用减值损失/资产期初余额2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3总资产0.38%0.13%0.23%0.29%0.28%0.12%0.21%0.26%贷款0.62%0.36%0.47%0.36%金融投资0.08%0.01%-0.01%0.00%其他-0.01%0.09%0.08%0.03%拨备余额2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3总资产884,252954,237947,3381,003,481贷款756,391802,268819,886832,635815,497852,876871,064879,349金融投资48,28750,21347,42847,136其他79,57484,13884,41385,281拨备余额/资产余额2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3总资产1.98%2.03%1.94%1.92%贷款2.90%2.93%2.95%2.96%2.87%2.87%2.89%2.89%金融投资0.41%0.39%0.34%0.30%其他1.18%1.34%1.34%1.30%不良贷款额2023A2024Q12024H12024Q1-3不良贷款额2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3不良贷款个人贷款353,50260,757370,888375,35079,419377,955379,458102,827395,399400,105123,703404,838个人住房贷款27,82737,10244,40752,021个人消费贷款4,3906,37310,06711,645经营性贷款11,63914,34121,31030,145信用卡收账款 16,90121,60327,13829,892票据贴现对公贷款 292,745295,931276,631276,402制造业55,35950,25845,89942,271批发和零售业29,88631,49237,43636,936交通运输、仓储和邮政业17,53017,46814,28111,765电力、热力、燃气及水生产和供应业12,53710,1357,5526,254水利、环境和公共设施管理业20,49320,40916,73914,950租赁和商务服务业43,95845,38836,73939,376房地产业40,95745,58543,96148,261建筑业14,07815,64714,41213,988住宿和餐饮业采矿业2,6192,2551,7071,543信息传输、软件和信息技术服务农、林、牧、渔业金融业卫生和社会工作科学研究和技术服务业8,8827,3528,4549,179不良率2023A2024Q12024H12024Q1-32024A2025Q12025H12025Q1-3总贷款个人贷款1.36%1.35%0.90%1.35%1.34%1.15%1.33%1.33%1.35%1.33%个人住房贷款0.44%0.60%0.73%0.86%个人消费贷款1.34%1.65%2.39%2.51%经营性贷款0.86%0.91%1.27%1.62%信用卡应收账款2.45%3.03%3.50%3.75%票据贴现对公贷款 1.81%1.69%1.58%1.47%制造业2.35%1.95%1.87%1.52%批发和零售业4.40%4.00%4.87%4.06%交通运输、仓储和邮政业0.49%0.46%0.37%0.29%电力、热力、燃气及水生产和供应业0.79%0.61%0.43%0.34%水利、环境和公共设施管理业1.19%1.07%0.91%0.78%租赁和商务服务业1.91%1.86%1.52%1.47%房地产业5.37%5.35%4.99%5.37%建筑业3.25%3.07%2.98%2.42%住宿和餐饮业采矿业0.89%0.69%0.52%0.41%信息传输、软件和信息技术服务农、林、牧、渔业金融业卫生和社会工作科学研究和技术服务业2.31%1.84%2.11%2.03%五、资本及股东 图7：资本充足率情况核心一资本足率 一级资充足率 资本充足率18.8518.8515.25%14.8013.5720.00%%18.00%16.00%%14.00%%12.00%10.00%8.00%6.00%图8：年化ROE、规模扩张和资本内生风险加权资产增速 ROE(TTM)(1-分红率) ROE(TTM) 总资产增速 贷款同比增速16.00%14.00%12.00%10.00%8.00%6.00%4.00%2.00%0.00%图9：股东数和户均持股数量（万户，万股）70.01

股东数万户） 户均持数量流通，万，轴）

65.7957.0765.7957.0760.01

50.0050.0140.0040.0130.01

30.0020.0020.0110.01

10.00表17：最新前十大股东及历史变动情况表17：最新前十大股东及历史变动情况股东名称最新排名股东性质2024A2025Q12025H12025Q1-3中央汇金投资有限责任公司1国家34.79%34.79%34.79%34.79%中华人民共和国财政部2国家31.14%31.14%31.14%31.14%香港中央结算(代理人)有限公司3境外法人24.18%24.18%24.18%24.18%全国社会保障基金理事会4国家3.46%3.46%3.46%3.46%中国证券金融股份有限公司5国有法人0.68%0.68%0.68%0.68%香港中央结算有限公司6境外法人0.71%0.67%0.70%0.44%中央汇金资产管理有限责任公司7国有法人0.28%0.28%0.28%0.28%中国人寿保险股份有限公司-传统-普通保险产品-005L-CT001沪8其他0.21%中国工商银行-上证50交易型开放式指数证券投资基金9其他0.18%0.18%0.19%0.19% -300基金

- 10 其他 0.17% 0.16% 0.17% 0.17%六、风险提示 经济下行超预期；宏观政策力度不及预期；存款竞争加剧。2023A2024A2023A2024A2025E2026E2027E2023A2024A2025E2026E2027E价值评估（倍）利润表P/E8.08.07.87.57.3净利息收入655,013637,405642,219656,209678,619P/B0.820.770.720.670.63利息收入1,405,0391,427,9481,359,4811,411,0471,467,2014.88 5.09 4.95 4.78 4.57利息支出750,026790,543717,262754,837788,582每股指标净手续费收入119,357109,397111,585117,164123,022EPS0.980.941.011.041.08净其他非息收入68,70075,00190,00192,70195,482BVPS9.5510.2310.8811.6212.39营业收入843,070821,803843,805866,075897,124PPOPPS1.611.541.581.641.72营业支出422,310400,918415,771425,829441,775DPS0.310.310.330.340.35税金及附加10,66210,76510,54810,82611,214股息支付率31.29%32.68%32.68%32.68%32.68%业务及管理费227,266230,460236,265238,171242,223股息收益率 3.91% 3.93% 4.21% 4.34% 4.49%营业利润420,760420,885428,034440,245455,349驱动性因素营业外净收入1,206942942942942贷款增速12.38%8.76%8.30%8.00%8.00%拨备前利润572,782548,490564,904584,990611,598存款增速12.22%3.93%7.50%7.00%7.00%资产减值损失150,816126,663135,929143,803155,307生息资产增速13.42%8.93%11.87%9.99%9.11%利润总额421,966421,827428,976441,187456,291计息负债增速13.92%9.21%11.05%7.79%7.77%所得税56,85054,88152,