银行业2025年三季报：息差降幅收窄中收回暖

目录相关表 3行业公动跟踪 5主要闻 5主要告 5周度据踪 6风险示 2of14相关图表营收同比增速较25H1增速变化(pc)归母净利润同比增速较25H1增速变化(pc)不良率营收同比增速较25H1增速变化(pc)归母净利润同比增速较25H1增速变化(pc)不良率环比(bp)拨备覆盖率环比(bp)工商银行2.2%+0.6pc0.3%+1.7pc1.33%+0217.2%-0.5pc建设银行0.8%-1.3pc0.6%+2.0pc1.32%-1235.1%-4.3pc农业银行2.0%+1.1pc3.0%+0.4pc1.27%-1295.1%+0.1pc中国银行2.7%-1.1pc1.1%+1.9pc1.24%持平196.6%-0.8pc交通银行1.8%+1.0pc1.9%+0.3pc1.26%-2210.0%+0.4pc邮储银行1.8%+0.3pc1.0%+0.1pc0.94%+2240.2%-20.1pc招商银行-0.5%+1.2pc0.5%+0.3pc0.94%+1405.9%-5.0pc中信银行-3.5%-0.5pc3.0%+0.2pc1.16%持平204.2%-3.4pc浦发银行1.9%-0.7pc10.2%+0.0pc1.29%-2198.0%+4.1pc民生银行6.7%-1.1pc-6.4%-1.5pc1.48%持平143.0%-2.1pc兴业银行-1.8%+0.5pc0.1%-0.1pc1.08%持平227.8%-0.7pc光大银行-7.9%-2.4pc-3.6%-4.2pc1.26%+1168.9%-3.6pc华夏银行-8.8%-2.9pc-2.9%+5.1pc1.58%-2149.3%-7.3pc平安银行-9.8%+0.3pc-3.5%+0.4pc1.05%持平229.6%-8.9pc浙商银行-6.8%-1.0pc-9.6%-5.4pc1.36%+0159.6%-10.2pc北京银行-1.1%-2.1pc0.3%-0.9pc1.29%-1195.8%+0.0pc南京银行8.8%+0.2pc8.1%-0.8pc0.83%-1313.2%+1.6pc宁波银行8.3%+0.4pc8.4%+0.2pc0.76%持平375.9%+1.8pc上海银行4.0%-0.1pc2.8%+0.8pc1.18%持平254.9%+11.3pc贵阳银行-13.7%-1.5pc-1.4%+5.8pc1.63%-7239.6%+1.0pc杭州银行1.4%-2.5pc14.5%-2.1pc0.76%持平513.6%-7.2pc江苏银行7.8%+0.1pc8.3%+0.3pc0.84%持平322.6%-8.4pc成都银行3.0%-2.9pc5.0%-2.3pc0.68%+2433.1%-19.6pc郑州银行3.9%-0.7pc1.6%-0.5pc1.76%持平186.2%+7.0pc长沙银行1.3%-0.3pc6.0%+0.9pc1.18%+1311.9%+2.2pc青岛银行5.0%-2.5pc15.5%-0.5pc1.10%-2270.0%+17.2pc西安银行39.1%-4.6pc5.5%-3.1pc苏州银行2.0%+0.2pc7.1%+1.0pc0.83%持平420.6%-17.3pc厦门银行3.0%+10.0pc0.3%+4.8pc0.80%-3304.4%-17.3pc齐鲁银行4.6%-1.1pc15.1%-1.3pc1.09%持平351.4%+8.2pc重庆银行10.4%+3.4pc10.2%+4.8pc1.14%-3248.1%-0.2pc兰州银行-2.1%-0.3pc0.6%-0.2pc1.80%-1194.0%-13.9pc无锡银行3.9%+0.4pc3.8%+0.3pc0.78%+0427.9%+3.0pc常熟银行8.2%-1.9pc12.8%-0.7pc0.76%持平463.0%-26.6pc江阴银行6.2%-4.3pc13.4%-3.2pc0.85%-1371.9%-9.3pc苏农银行0.1%-0.1pc5.0%-0.2pc0.90%+0355.9%-31.0pc张家港行1.2%-0.5pc5.8%+0.7pc0.94%-0355.1%-28.9pc紫金银行-5.4%-5.9pc-10.9%-11.0pc1.35%+11184.8%-15.7pc青农商行-4.9%-3.1pc3.6%-1.7pc1.73%-2250.4%+1.4pc沪农商行-3.2%+0.2pc0.8%+0.2pc0.97%持平340.1%+3.5pc渝农商行0.7%+0.2pc3.7%-0.9pc1.12%-5364.8%+9.2pc瑞丰银行1.0%-2.9pc5.8%+0.3pc0.98%持平345.0%+4.8pc国有行1.9%+0.01pc1.2%+1.3pc1.26%-0.2234.9%-2.5pc股份行-2.6%-0.3pc-0.2%-0.4pc1.20%-0.1217.5%-2.5pc城商行4.7%-0.5pc6.7%-0.1pc1.03%-0.8288.9%+1.0pc-0.8pc1.07%-0.6334.8%-2.3pc上+0.7pc1.23%-0.2236.2%-2.2pc，3%5.4.6%-0.6%--3%5.4.6%-0.6%-----93%6.8%上市银行6%-1.3.9%0.1%-----76%4.8%农商行0%2.-18.8%.3%10-----115%5%11.城商行1%2.-11.3%-0.9%-----67%2.7%股份行.9%235.9%-2.0%-----94%7.6%国有行4%6.-1162.7%6.1%+3持平-4-11.49%15%2.0%瑞丰银行4%2.-27%6.-16.9%-1-1持平-21.59%170%8.9%渝农商行9%3.-1.2%-5.1%-----28%1.6%沪农商行0%3.-22.5%2.1%持平-3-3-61.61%14%0.6%青农商行.5%575%41.-17.3%-1-5-19-251.17%30%1.9%紫金银行.1%2076.6%-8.4%-1持平-19-201.42%88%6.6%张家港行1%7.3%21.-3.8%-----123%6.7%苏农银行.9%212%-19.1.2%+2+3-25-201.56%89%6.3%江阴银行.0%20364.7%2.4%-1-3-10-142.57%86%6.6%常熟银行.5%11-4.6%1.5%-----90%7.8%无锡银行9%5.-11%1.-12.2%+1-9+3-51.38%173%5.6%兰州银行8%5.6%-27.2%15.-----167%18.3%重庆银行.1%-38-1.4%3%17.+1--+31.54%124%13.6%齐鲁银行2%-3.0%16.3.6%------14.1%厦门银行6%4.-10.5%8.9%+1-1-4-41.34%88%6%10.苏州银行1%8.-10.6%61.6%-----188%27.2%西安银行5%5.-1-3.5%.0%12-4-5+4-51.68%85%2%10.青岛银行.8%169.3%-2.9%-----108%3%11.长沙银行0%-4.-7.1%5.8%-----70%4.9%郑州银行0%3.-12%-35.8.2%-----90%14.2%成都银行1%4.-20%20.6%19.-----185%17.9%江苏银行7%4.-26%12..0%10-----68%9.4%杭州银行7%0.-2.6%-8-12.3%+4-1-21-181.57%44%1.9%贵阳银行.7%14.9%-60.5%-----125%2.6%上海银行0%-9.3%29..8%11持平-4-6-101.76%108%16.3%宁波银行2%6.-18.5%28.5%-----99%3%12.南京银行0%6.-19%16.1.8%-----84%7.4%北京银行8%1.-14%-22.-3.2%-2-7+5-41.67%34%2.6%浙商银行1%4.-2-0.1%-8.2%-1-3-4-81.79%-1.3%平安银行.6-2-41.55%122%2.9%华夏银行.5%-322.2%.1%-----63%2.4%光大银行3%-9.3.8%-0.6%-3-5-2-101.72%92%4.4%兴业银行.6%360.7%2.4%+3-2+2+31.42%--0.3%民生银行7%-2.-1.4%3.9%-----75%5.2%浦发银行0%7.-15.7%-2.1%持平-2-12-141.63%28%1.1%中信银行4%1.-10.9%1.7%-1-3-7-111.87%65%3.6%招商银行.5%275%11.-2.1%-2-1-16-191.68%97%8.3%邮储银行1%4.0.2%1.5%-1-2-4-71.20%86%6.0%交通银行.2%228.1%-3.0%持平-3-11-141.26%108%8.2%中国银行.7%313%13.-2.4%-2-2-8-121.30%90%8.3%农业银行.0%315.3%-3.0%-4-1-10-151.36%92%7.1%建设银行.6%270.6%-0.7%-2-3-9-141.28%91%7.3%工商银行其他非息同比增速中收同比增速净利息收入同比增速25Q3变化25Q2变化其中：25Q1变化较24A变化(bp)净息差25Q1-Q3贷款增量/24A贷款增量贷款较年初增速，行业及公司动态跟踪主要新闻【证监会】主席吴清：着力发挥中长期资金压舱石和稳定器作用，扎实推进公募基金改革，推动企业年金、保险资金等全面落实长周期考核。【保险业协会】当前普通型人身保险产品预定利率研究值为1.90%（7月为1.991-90.9%1.6%。105（主要公告【邮储银行】国家金融监管总局同意本行筹建中邮投资公司，注册资本为100亿元，将作为本行全资一级子公司管理。25.44168.572025101.43.69202531.91%。【建设银行】建信金租全资子公司建信航运航空注册资本由3亿美元变更为3亿美元和30亿元人民币。【苏州银行】2025年中期利润分配方案公告，每10股派发2.10元，占2025年半年度归母净利润的29.95%。【兴业银行】2025年中期利润分配方案公告，每10股派发5.65元，占2025年半年度归母净利润的27.72%。【杭州银行】2025年中期利润分配方案公告，每10股派发3.80元，占2025年半年度归母净利润的23.62%。【农业银行】2025年无固定期限资本债券发行完毕，发行规模400亿元，前5年票面利率为2.27%。【】首席风险官钟德胜先生因工作原因辞任。所周度数据跟踪8.06.04.0-2.0-4.0-6.0-8.0-10.0-12.0-14.0厦重宁中贵青长渝农常紫杭沪邮民西光江成浦8.06.04.0-2.0-4.0-6.0-8.0-10.0-12.0-14.0厦重宁中贵青长渝农常紫杭沪邮民西光江成浦门庆波国阳岛沙农业熟金州农储生安大阴都发银银银银银银银商银银银银商银银银银银银银行行行行行行行行行行行行行行行行行行行行涨跌幅前10 涨跌幅后10，图4：2025/10/27-2025/10/31银行板块表现（%）43210-1-2-3-4基电综础力合化设金工备融及 务新能源，

综计有钢农合算色铁林机金 牧属 渔

家纺医电织药服 运装 输

电汽商石机传力车贸油械媒及零石公 售用事业

轻国食沪煤非房建电银通工防品深炭银地筑子行信制军饮行产300造工料金融300图资金市场利率近期势 图6：3个月期同业存单行率走势（分评级）3.0%2.5%2.0%1.5%2023-092023-112023-092023-112024-012024-032024-052024-072024-092024-112025-012025-032025-052025-072025-09

10银行间同业拆借加权利率:7天

2.9%2.7%2.5%2.3%2.1%1.9%1.7%2023-092023-112023-092023-112024-012024-032024-052024-072024-092024-112025-012025-032025-052025-072025-09

AAA AA+ AA及以下， ，图7：银行票据转贴价格走势3.00%

6M国股转利率 6M城商转利率2.50%2.00%1.50%1.00%0.50%2023-012023-022023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-082024-092024-102024-112024-122025-012025-022025-032025-042025-052025-062025-072025-082025-092025-10普兰金融，图股票日均成交金额两余额（亿元） 图股权融资和债券融规（亿元）2023-092023-112023-092023-112024-012024-032024-052024-072024-092024-112025-012025-032025-052025-072025-09

成交金（亿） 两融余（万元，轴

2.72.52.32.11.91.71.51.3

0

债券承销 股权承（右

6,0005,0004,0003,0002,0001,00002023-092023-112023-092023-112024-012024-032024-052024-072024-092024-112025-012025-032025-052025-072025-09图10：2025年各省已发行特殊再融资债规模及平均利率（亿元，%）地区发行规模平均发行利率地区发行规模平均发行利率江苏25111.84江西5512.12湖南12881.93广西5152.29贵州13242.20福建5022.01山东12552.07黑龙江4842.01河南11612.17甘肃4431.84四川11482.03吉林3852.19安徽9801.99山西3851.97湖北9822.10河北4222.18云南8782.00新疆2162.131.89宁夏1382.022.12西藏1372.19辽宁8262.18海南1122.09重庆7541.82青海732.00内蒙古5722.19北京471.60陕西5641.99合计204192.03，图11：2024年10月以来各类银行同业存单发行情况发行量（亿元）2024-102024-112024-122025-012025-022025-032025-042025-052025-062025-072025-082025-092025-10国有大行3,7934,8878,6744,4408,92416,7569,09611,32610,7287,4558,62311,5744,772股份行4,8718,45812,4303,4959,09910,3557,9165,5079,6866,3276,7008,21311,754城商行6,2989,32511,4656,1978,29011,3019,0787,77311,8008,5238,7349,9418,226农商行1,3472,1781,7679299521,5781,9832,2812,1982,0311,8791,5421,490银行整体16,46225,24534,70415,21427,60740,41828,51227,53934,71024,78726,77731,62626,404发行利率（） 2024-102024-112024-122025-012025-022025-032025-042025-052025-062025-072025-082025-092025-10国有大行1.921.861.671.641.891.981.761.671.651.611.601.631.62股份行1.931.881.691.671.892.001.781.681.651.601.611.631.64城商行1.971.921.771.741.932.041.811.701.691.631.621.641.65农商行1.1.962.061.811.701.691.651.651.681.66银行整体1.1.912.011.791.681.671.621.611.641.64余额（亿元） 2024-102024-112024-122025-012025-022025-032025-042025-052025-062025-072025-082025-092025-10国有大行59,14159,31762,15962,19165,05774,68577,62280,59976,98474,83172,58572,39872,603股份行55,92457,14564,49364,06466,32166,87366,35765,07861,92159,97058,61757,38963,639城商行50,07551,23254,49856,33557,19857,99658,83159,38759,48159,72059,16957,58058,766农商行10,83811,29511,48311,68511,15211,11211,32111,30211,27311,34111,37111,01011,322银行整体177,102180,238193,986195,664201,121212,002215,701218,231211,170207,461203,535199,643207,613，图12：非货币基金发行情（份） 图13：股票型和混合型基发情况（亿份）2024-092024-102024-092024-102024-112024-122025-012025-022025-032025-042025-052025-062025-072025-082025-092025-10

非货币型基金发行份额(亿)

0

股票型金 混合型金 非货币基金2024-092024-102024-092024-102024-112024-122025-012025-022025-032025-042025-052025-062025-072025-082025-092025-10图14：银行转债距离强制转股价空间（元）转债代价格转股价转股截止日强赎价距离强赎价空间未转股金额（亿元）未转股金额/按强赎价计算的流通市值113062.SH常银转债常熟银行601128.SH7.055.892028-09-147.668.61%6023.6%113042.SH上银转债上海银行601229.SH9.498.572027-01-2411.1417.40%20012.6%113056.SH重银转债重庆银行601963.SH10.679.672028-03-2212.5717.82%13029.9%113052.SH兴业转债兴业银行601166.SH20.2321.192027-12-2627.5536.17%4147.1%128129.SZ青农转债青农商行002958.SZ3.224.002026-08-245.2061.49%5017.7%113037.SH紫银转债紫金银行601860.SH2.833.652026-07-224.7567.67%4526.7%，图15：银行板块部分个股估值情况银行板块PBPEA股股息率年初至日成PBH股PE股息率2024分红2025中期分红利润增速拨备覆盖距转债强赎价空间202520252025今涨跌交额202520252025比例率工商银行0.717.63.97%17.1%28.60.505.35.63%30%30%0.3%217%建设银行0.667.14.24%8.7%11.90.515.45.52%30%30%0.6%235%农业银行1.019.63.13%55.8%30.40.686.54.61%30%30%3.0%295%中国银行0.687.53.99%6.4%27.20.495.45.58%30%30%1.1%197%交通银行0.526.74.52%-2.8%15.70.465.85.16%30%30%1.9%210%邮储银行0.687.93.79%6.2%13.60.596.94.36%30%30%1.0%240%0.896.94.92%8.5%28.80.977.54.53%34%0.5%406%中信银行0.596.14.65%13.0%7.00.515.35.33%28%29%3.0%204%浦发银行0.557.73.47%15.0%16.627%10.2%198%民生银行0.305.74.60%-1.1%18.30.285.34.95%26%28%-6.4%143%兴业银行0.515.55.15%10.5%17.929%28%0.1%228%36%0.394.95.45%-9.6%19.90.344.36.26%27%-3.6%169%华夏银行0.344.05.78%-10.6%4.623%14%-2.9%149%平安银行0.485.15.18%1.9%11.027%18%-3.5%230%浙商银行0.456.04.72%7.4%5.00.354.66.11%28%-9.6%160%北京银行0.424.65.74%-4.6%13.326%0.3%196%南京银行0.766.44.68%8.0%8.630%30%8.1%313%宁波银行0.836.43.44%20.5%14.322%13%8.4%376%上海银行0.545.65.41%9.3%5.330%32%2.8%255%17%贵阳银行0.334.44.70%6.4%6.421%-1.4%240%杭州银行0.785.94.01%9.2%11.123%24%14.5%514%江苏银行0.785.75.23%15.3%19.230%8.3%323%成都银行0.795.35.57%3.0%6.629%5.0%433%郑州银行0.399.61.01%-3.4%2.10.235.61.74%10%1.6%186%长沙银行0.534.64.65%14.7%2.822%19%6.0%312%青岛银行0.736.13.57%37.8%2.80.554.64.72%22%15.5%270%西安银行0.486.42.71%10.4%4.417%5.5%219%苏州银行0.736.84.77%4.3%6.232%30%7.1%421%厦门银行0.687.24.41%28.0%2.432%32%0.3%304%齐鲁银行0.686.53.98%13.3%7.526%15.1%351%重庆银行0.656.64.28%19.8%1.80.444.56.23%28%12%10.2%248%18%兰州银行0.417.24.24%1.6%1.430%0.6%194%无锡银0.921%18%3.8%428%常熟银行0.745.43.64%7.8%5.520%25%12.8%463%9%江阴银行0.585.14.77%14.4%2.824%13.4%372%苏农银行0.535.13.32%12.9%1.317%15%5.0%356%张家港行0.565.54.77%8.9%1.326%25%5.8%355%紫金银行0.517.23.15%2.9%1.923%-10.9%185%68%青农商行0.476.03.86%9.3%1.723%3.6%250%61%沪农商行0.606.65.10%5.1%1.734%33%0.8%340%渝农商行0.586.64.57%19.9%3.40.495.55.42%30%3.7%365%瑞丰银行0.535.33.86%1.2%0.720%5.8%345%银行行业指数

0.54，

6.4 4.30% 6.0%

0.55 6.9 5.21%25EPE25Q1-Q3/