业绩驱动分化国有行景气度再现

目录索引一、体业驱分，国行气再现 6二、模对及据增长力金投延高增 16三、差连两度稳，26有回升 22四、息：表分，市占较的算大较优 28五、产量对向，零承压 34六、资议看二度银相防性 44七、险示 49图表索引图1：22家市行计2025A业拆分 图2：6家有行2025A绩分 图3：9家份行2025A业绩分 图4：3家商行2025A业绩分 图5：4家商行2025A业绩动分 12图6：22家市行计2025Q4绩分 12图7：6家有行2025Q4业拆分 12图8：9家份行2025Q4业拆分 12图9：3家商行2025Q4业拆分 13图10：4家商行2025Q4业驱拆分 13图家市行息资同增速 17图12：22样银季度他息/母利润 32图13：22样银季度他息/母利环比化单：PCT） 32图14：22样银季度他合益/母利润 33图15：22家样本银行单季度其他综合收益/归母净利润环比变化（单位：PCT）..............................................................................................................................33图16：良款（%） 40图17：注款（%） 40图18：销出（值） 40图19：良成（值，%） 40图20：市行计板块用本测值） 43图21：市行计板块备盖（%） 43表1：市行收PPOP归净润比及变（位：pct） 8表2：板累业比增（位：pct） 9表3：板单度同比速单：pct） 10表4：计绩比分 14表5：季业同分 15表板生资项余增结增量构变单元，pct） 18表7：子板块贷款分项额增速、结、增量、量结构及变（25A，位：亿元，pct） 19表板计负项余增结增量构变单元，pct） 20表9：子板块存款分项额增速、结、增量、量结构及变（25A，位：亿元，pct） 21表板累净净差息产率息债本测（单位：bp） 23表子块季净差利息产率息债本测（单位：bp） 23表12bp）24表13：市行差及变化 25表14：市行类资产益及化（25A，单：bp） 26表15：市行类负债本及化（25A，单：bp） 27表16：板累业比增（位：pct） 29表17：板单度同比速单：pct） 29表18：市股手及佣收同增速 30表19：22上银续费佣收增及构（25A，元） 30表20：市行融结构收（2025A） 31表21：良款额良贷率其化单：百元，bp） 35表22：注贷余关注贷占及变（单：万，bp） 36表23：期款额期贷占及变（位：万，bp） 37表重组逾类余额组+期贷款不良款其（百万元，bp） 38表25：良生率用成率其化 39表26：市行子对公款行类不率（25A） 41表市行子对公款行类不率较初单位：pct） 42表28（Apc）..............................................................................................................................43表29：A银行25A绩增一览 45表30：A银行25A差及模速览 46表31：A银行25A产质指一览 47表32：A银行25A本、红估一览 48一、整体：业绩驱动分化，国有行景气度再现截至2026年3月30日，已有22家A股上市银行公布2025年度报告，包括6家国有大行、92025PPOP1.24%、0.60%、1.30%，营收、PPOP、归母净利润较25Q1-3分别回升0.64pct、0.44pct、0.37pctPPOP3.26%、2.30%、2.53%，较25Q3变动+2.82pct、+3.18pct、+0.01pct。从7.97pct0.97pct、0.58pct0.42pct、0.18pct、0.13pct，8.87pct。边际来看，相比25Q1-3，25A业绩回升的正向驱动有：（1）规模扩张对归母净利润正贡献走阔0.27pct，预计是基于早投放、早收益，部分银行信贷开门红有所提前；（2）息差收窄对归母净利润负贡献收窄0.34pct，一方面24另一方面本管控，叠加多次下调存款挂牌利率积累效应显现，负债成本改善支撑年内净息差降幅逐季收敛；（3）中收增速回升对归母净利润正贡献走阔0.07pct，成本收入比改善对归母净利润正贡献走阔0.26pct；（5）有效税率对归母净利润贡献由负转正走阔1.18pct。负向驱动有：（1）其他非息承压对归母净利润正贡献收窄25Q424Q4/比例低、AC和OCI时，对公涉房等领域尾部风险仍在出清。子板块中，国有行营收景气度显著好于其他板块，主要得益于非息业务同比高增，2.44%、-1.68%1.65%-0.07%4.65%9.06pct＞股份行（0.73pct（-4.44pct（1）国有行其他非息收入对业绩增长形成正贡献1.47pct，而其他子板块其他非息收入对业绩形成负贡献（股份行/农商行负贡献0.93pct而其他子板块有效税率对业绩形成负贡献（/农商行负贡献（3）农商行手续费收入对业绩增长负贡献0.78pct，（国有行/股份行正贡献1.18pct/0.57pct），预计主要是随着经济复苏、风偏回升、权益市场向好，资金从中小行重新流回结算类及财富管理类大型银行有关。（4）国有行拨备计提对业绩增长负贡献0.87pct，（股份行/2.21pct/4.75pct），预计主要受227家公布年报银行公布2025年业绩快报，2925Q1-3增速提高，17家25年营收增速较25Q1-3增速2925年归母净利润增速在以上的共营收增速在5%以上的共（8.0%）（8.0%）（5.1%）。家上市银行2525Q1-3板块，业绩驱动因素有所分化，股份行和农商行相对优势在于息差下行趋缓和拨备往后看，行业息差或已将至底部区间，主营业务压力大幅释放，叠加26年为十五五开局之年，财政保持积极、整治内卷式竞争、大力提振消费背景下，经济活跃度提升有望驱动存款活化，资金将从利率相对较高的中小行流向大型结算型和财富管理优势突出银行；叠加市场风偏回升、权益市场回暖以及人民币升值下结售汇需求提升，利好支付结算和财富管理类中收增长；同时，考虑到内需拉动下宏观经济复苏与上游输入性通胀对长期利率的影响可能逐步加强，26Q2债券市场负反馈可能延续，金融投资占比低、浮盈厚的国有行基本面将更加稳健。综合考虑各方面驱动因素，我们认为随着宏观经济向优，国有行景气度有望率先凸显，后续顺周期复苏主线将持续演绎，优质股份行及部分头部城商行有望迎来业绩修复、盈利反弹。（222025A934）营业收入同比增速 拨备前利润同比增速 归母净利润同比增速25Q125H125Q1-3 25A环比25Q125H125Q1-3营业收入同比增速 拨备前利润同比增速 归母净利润同比增速25Q125H125Q1-3 25A环比25Q125H125Q1-325A环比25Q125H125Q1-325A环比工商银行-3.22%1.57%2.17%2.00%-0.17-3.56%1.43%1.84%1.97%0.13-3.99%-1.39%0.33%0.74%0.41建设银行-5.40%2.15%0.82%1.88%1.06-5.81%3.37%1.03%1.70%0.68-3.99%-1.37%0.62%0.99%0.37中国银行2.56%3.76%2.69%4.48%1.79-1.15%0.35%-0.22%1.68%1.91-2.90%-0.85%1.08%2.18%1.10邮储银行-0.07%1.50%1.82%1.99%0.186.20%14.62%8.16%6.59%-1.57-2.62%0.85%0.98%1.07%0.09交通银行-1.02%0.77%1.80%2.02%0.22-4.25%-1.12%0.81%1.60%0.791.54%1.61%1.90%2.18%0.28招商银行-3.09%-1.72%-0.51%0.01%0.52-4.00%-2.61%-1.16%-0.32%0.84-2.08%0.25%0.52%1.21%0.69兴业银行-3.58%-2.29%-1.82%0.24%2.06-4.35%-3.08%-2.56%0.19%2.76-2.22%0.21%0.12%0.34%0.22浦发银行1.31%2.62%1.88%1.88%0.001.44%4.17%0.66%1.21%0.551.02%10.19%10.21%10.52%0.31民生银行7.41%7.83%6.74%4.82%-1.919.98%11.43%10.91%8.68%-2.23-5.13%-4.87%-6.38%-5.37%1.01光大银行-4.06%-5.57%-7.94%-6.72%1.22-4.38%-7.02%-9.43%-6.43%3.000.31%0.55%-3.63%-6.88%-3.25平安银行-13.05%-10.04%-9.78%-10.40%-0.62-12.92%-10.43%-9.84%-11.94%-2.10-5.60%-3.90%-3.50%-4.21%-0.71华夏银行-17.73%-5.86%-8.79%-5.39%3.41-16.48%-9.41%-10.05%-7.86%2.20-14.04%-7.95%-2.86%-1.72%1.14浙商银行-7.07%-5.76%-6.78%-7.59%-0.81-5.32%-6.78%-6.31%-11.79%-5.480.61%-4.15%-9.59%-14.85%-5.26上海银行3.85%4.18%4.04%3.35%-0.696.21%5.48%5.21%2.30%2.02%2.77%2.69%-0.09宁波银行5.63%7.91%8.32%8.01%-0.319.99%11.82%12.88%5.76%8.23%8.39%8.13%-0.26南京银行6.53%8.64%8.79%10.48%1.686.23%9.61%11.71%7.06%8.84%8.06%8.08%0.02杭州银行2.22%3.90%1.35%1.09%-0.263.01%4.73%1.59%17.30%16.66%14.53%12.05%-2.47重庆银行5.30%7.00%10.40%10.48%0.094.09%7.15%10.50%10.70%0.205.33%5.39%10.19%10.49%0.30青岛银行9.69%7.50%5.03%7.97%2.9412.34%13.37%7.63%14.64%7.0116.42%16.05%15.54%21.66%6.12齐鲁银行4.72%5.76%4.63%5.12%0.494.36%6.00%4.01%16.47%16.48%15.14%14.58%-0.56郑州银行2.22%4.64%3.91%0.34%-3.572.32%8.32%5.97%2.36%-3.614.98%2.10%1.56%1.03%-0.53厦门银行-18.42%-7.02%3.02%1.69%-1.33-23.19%-8.33%6.44%-14.21%-4.59%0.25%1.52%1.26渝农商行1.35%0.46%0.67%1.37%0.703.78%-0.56%0.85%1.90%1.056.25%4.63%3.74%5.35%1.61无锡银行3.53%3.44%3.87%1.98%-1.895.48%5.59%3.91%2.21%-1.713.13%3.52%3.78%2.53%-1.25苏农银行3.29%0.21%0.08%0.41%0.324.64%3.50%5.38%6.19%5.23%5.01%5.04%0.03张家港行3.29%1.72%1.18%0.75%-0.435.04%2.81%0.34%1.64%1.293.20%5.11%5.79%5.35%-0.45瑞丰银行5.12%3.91%1.03%0.53%-0.518.27%-0.75%-2.76%-1.93%0.826.69%5.59%5.85%2.30%-3.55国有大行-1.51%1.87%1.87%2.44%0.56-2.48%1.98%1.44%1.71%0.27-2.09%-0.13%1.22%1.65%0.43股份行-3.91%-2.27%-2.56%-1.68%0.88-3.88%-2.55%-2.87%-2.04%0.83-2.05%0.27%-0.17%-0.07%0.10城商行5.84%6.44%6.59%6.37%-0.216.25%9.63%8.17%9.18%1.018.57%8.55%10.10%13.15%3.04农商行2.21%1.30%1.12%1.28%0.164.57%0.53%0.75%1.49%0.745.59%4.61%4.15%4.65%0.50上市银行合计-2.12%0.67%0.59%1.24%0.64-2.77%0.63%0.16%0.60%0.44-1.93%0.10%0.93%1.30%0.37；“环比”指25A较25Q1-3变动幅度。表2：分板块累计业绩同比增速（单位：pct）累计业绩增速2024Q12024H12024Q1-32024A2025Q12025H12025Q1-32025A环比变化国有大行-2.22%-2.56%-1.19%-0.36%-1.51%1.87%1.87%2.44%0.6股份行-3.24%-2.92%-2.49%-1.31%-3.91%-2.27%-2.56%-1.68%0.9营业收入城商行8.76%2.07%-0.86%1.79%5.84%6.44%6.59%6.37%-0.2农商行0.76%1.95%0.86%3.05%2.21%1.30%1.12%1.28%0.2上市银行-2.42%-2.60%-1.56%-0.60%-2.12%0.67%0.59%1.24%0.6国有大行-1.87%-2.98%-2.84%-1.58%-3.38%-2.42%-1.96%-1.47%0.5股份行-6.64%-5.57%-5.17%-4.89%-0.53%-1.76%-0.86%0.02%0.9净利息收入城商行-0.16%-3.31%-5.82%-3.35%10.30%8.34%11.11%13.08%2.0农商行-6.94%-7.32%-6.71%-4.58%2.78%3.86%4.65%5.20%0.6上市银行-3.22%-3.73%-3.54%-2.53%-2.46%-2.11%-1.50%-0.90%0.6国有大行-3.20%-1.28%4.46%4.00%3.76%14.94%14.10%15.61%1.5股份行3.74%2.54%3.37%6.86%-10.15%-3.24%-5.99%-5.14%0.8非息收入城商行43.87%21.26%17.56%22.29%-6.30%1.04%-6.86%-14.79%-7.9农商行33.13%39.62%33.22%40.16%0.54%-5.62%-9.42%-11.69%-2.3上市银行-0.39%0.49%4.32%5.38%-1.29%7.91%6.35%7.35%1.0国有大行-7.51%-9.90%-8.91%-7.87%-1.45%4.69%5.93%7.15%1.2股份行-16.40%-17.12%-14.37%-12.32%-0.89%-0.58%1.30%3.18%1.9净手续费收入城商行21.46%17.10%13.28%11.35%-12.26%-17.66%-11.78%-14.42%-2.6农商行-2.50%-9.68%-7.94%-6.17%2.21%-6.72%-8.35%-9.52%-1.2上市银行-10.14%-12.21%-10.71%-9.35%-1.33%2.90%4.27%5.67%1.4国有大行5.36%13.39%26.82%21.90%12.85%28.83%23.92%25.24%1.3股份行29.61%26.02%25.01%29.30%-17.82%-5.32%-12.07%-11.73%0.3其他非息收入城商行56.71%23.30%19.64%27.60%-3.66%9.74%-4.59%-14.95%-10.4农商行48.65%58.09%48.08%58.01%0.06%-5.39%-9.66%-12.19%-2.5上市银行15.95%19.14%26.23%25.28%-1.25%13.34%8.50%8.99%0.5国有大行-4.11%-4.32%-2.82%-1.70%-2.48%1.98%1.44%1.71%0.3股份行-3.89%-3.70%-3.09%-1.29%-3.88%-2.55%-2.87%-2.04%0.8拨备前利润城商行12.25%0.10%-2.47%-0.08%6.25%9.63%8.17%9.18%1.0农商行7.06%8.86%6.08%5.45%4.57%0.53%0.75%1.49%0.7上市银行-3.84%-3.99%-2.83%-1.50%-2.77%0.63%0.16%0.60%0.4国有大行-2.03%-0.96%0.79%1.78%-2.09%-0.13%1.22%1.65%0.4股份行0.00%1.05%0.85%1.80%-2.05%0.27%-0.17%-0.07%0.1归母净利润城商行0.27%-0.38%1.17%8.99%8.57%8.55%10.10%13.15%3.0农商行-5.39%6.79%5.00%5.71%5.59%4.61%4.15%4.65%0.5上市银行-1.45%-0.32%0.85%1.86%-1.93%0.10%0.93%1.30%0.4；注：数据样本为22家已披露2025年年报的A股上市银行，下同；环比指25A较25Q1-3变动幅度表3：子板块单季度业绩同比增速（单位：pct）单季度业绩增速2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q4环比变化国有大行-2.22%-2.92%1.77%2.37%-1.51%5.43%1.89%4.21%2.3股份行-3.24%-2.60%-1.57%2.57%-3.91%-0.63%-3.19%1.06%4.2营业收入城商行8.76%-4.00%-6.70%10.79%5.84%7.06%6.90%5.73%-1.2农商行0.76%3.12%-1.42%10.76%2.21%0.42%0.75%1.79%1.0上市银行-2.42%-2.78%0.67%2.56%-2.12%3.56%0.44%3.26%2.8国有大行-1.87%-4.07%-2.57%2.39%-3.38%-1.46%-1.03%-0.02%1.0股份行-6.64%-4.50%-4.35%-4.01%-0.53%-2.99%0.95%2.71%1.8净利息收入城商行-0.16%-6.28%-10.71%4.54%10.30%6.38%16.94%18.75%1.8农商行-6.94%-7.70%-5.46%2.19%2.78%4.95%6.20%6.81%0.6上市银行-3.22%-4.24%-3.15%0.63%-2.46%-1.76%-0.30%0.91%1.2国有大行-3.20%1.12%20.67%2.31%3.76%28.36%12.16%21.35%9.2股份行3.74%1.32%5.44%19.86%-10.15%3.93%-12.62%-2.41%10.2非息收入城商行43.87%3.45%9.44%43.78%-6.30%9.09%-26.08%-44.22%-18.1农商行33.13%45.68%17.91%85.09%0.54%-10.88%-20.17%-22.28%-2.1上市银行-0.39%1.51%14.57%9.37%-1.29%18.34%2.69%10.90%8.2国有大行-7.51%-13.28%-6.04%-3.14%-1.45%13.99%9.37%12.44%3.1股份行-16.40%-17.91%-7.75%-3.94%-0.89%-0.24%5.35%10.03%4.7净手续费收入城商行21.46%12.95%4.82%2.47%-12.26%-23.20%2.76%-27.83%-30.6农商行-2.50%-18.02%-3.36%2.23%2.21%-19.07%-12.34%-14.53%-2.2上市银行-10.14%-14.89%-6.63%-3.41%-1.33%8.66%7.79%11.34%3.6国有大行5.36%21.55%63.10%7.95%12.85%42.90%14.70%29.63%14.9股份行29.61%22.66%22.40%43.68%-17.82%7.03%-30.05%-10.75%19.3其他非息收入城商行56.71%-0.63%11.67%63.53%-3.66%24.88%-39.14%-49.13%-10.0农商行48.65%66.21%24.92%131.86%0.06%-9.57%-22.17%-24.21%-2.0上市银行15.95%22.26%44.96%22.37%-1.25%26.86%-2.02%10.56%12.6国有大行-4.11%-4.56%0.66%3.00%-2.48%6.96%0.25%2.80%2.6股份行-3.89%-3.50%-1.72%5.87%-3.88%-1.18%-3.57%0.98%4.6拨备前利润城商行12.25%-10.77%-7.92%11.19%6.25%13.43%4.81%13.36%8.5农商行7.06%10.56%0.13%2.69%4.57%-3.17%1.26%4.83%3.6上市银行-3.84%-4.15%-0.16%3.99%-2.77%4.34%-0.87%2.30%3.2国有大行-2.03%0.20%4.13%4.99%-2.09%1.95%3.66%2.99%-0.7股份行0.00%2.39%0.43%5.95%-2.05%3.15%-1.08%0.33%1.4归母净利润城商行0.27%-1.01%5.34%254.42%8.57%8.52%14.04%40.43%26.4农商行-5.39%21.42%1.07%10.04%5.59%3.69%3.09%7.59%4.5上市银行-1.45%0.96%3.15%5.41%-1.93%2.34%2.52%2.53%0.0；环比指25Q4较25Q3变动幅度。图1：22家上市银行合2025A业绩拆分 图2：6家国有大行2025A业绩拆分8.0%1.4% 8.0%1.4% 1.3%8%7%6%5%4%3%2%1%0%-1%-2%

10%9.1%1.8%9.1%1.8%1.7%6%4%2%0%-2%-4%生净净其税成拨有净少归生净净其税成拨有净少归息息手他金本备效利数母息息手他金本备效利数母资差续收及收计税润股净资差续收及收计税润股净产费支附入提率东利产 费支附入提率 东利规收加比净润规收加比净润模入利润模入利润图3：9家股份行2025A业绩拆分 图4：3家城商行2025A业绩拆分5%4%3%5%4%3%2%1%0%-1%-2%-3%4.5%-0.2% -0.1%

13.9%

13.1%生净净其税成拨有净少归生净净其税成拨有净少归息息手他金本备效利数母息息手他金本备效利数母资差续收及收计税润股净资差续收及收计税润股净产费支附入提率东利产 费支附入提率 东利规收加比净润规收加比净润模入利润模入利润图5：4家农商行2025A业绩驱动拆分 图6：22家上市银行合2025Q4业绩拆分

8.7%4.7% 4.7%8.7%4.7% 4.7%规收加模入

成拨有本备效收计税入提率比

净少归利数母润股净东利净润利润

8.9%2.5% 2.5%8.9%2.5% 2.5%息息手资差续产 规 模

其税成拨他金本备收及收计支附入提加比

有净少效利数税润股率 东净润利润图7：6家国有大行2025Q4业绩拆分 图8：9家股份行2025Q4业绩拆分10.2%3.2% 10.2%3.2% 10%8%6%4%2%0%-2%

6%4.8%4.8%0.3%(0.5%)4%3%2%1%0%-1%-2%-3%-4%-4%生净净其税成拨有净少归生净净其税成拨有净少归息息手他金本备效利数母息息手他金本备效利数母资差续收及收计税润股净资差续收及收计税润股净产费支附入提率东利产费支附入提率东利规收 加比净润规收 加比净润模入利模入利润润图9：3家城商行2025Q4业绩拆分 图10：4家农商行2025Q4业绩驱动拆分

17.0%

41.7% 40.4%

12%9.9%8.7%9.9%8.7%7.6%8%6%4%2%0%生净净其息息手他资差续收产费支规收模入

税成拨金本备及收计附入提加比

有净少效利数税润股率 东净润利润

-2%

生净净息息手资差续产 规 模

其税成拨他金本备收及收计支附入提加比

有净少效利数税润股率 东净润利润累计同比业绩拆分上市银行国有大行股份行累计同比业绩拆分上市银行国有大行股份行城商行农商行上市银行国有大行股份行城商行农商行25A25A25A25A25A25Q1-325Q1-325Q1-325Q1-325Q1-3生息资产规模7.97%9.06%4.46%13.89%8.66%7.70%8.80%4.16%14.31%7.48%净息差-8.87%-10.54%-4.44%-0.80%-3.46%-9.20%-10.76%-5.02%-3.19%-2.83%净手续费收入0.97%1.18%0.57%-2.37%-0.78%0.90%1.15%0.40%-2.20%-0.75%其他收支0.13%1.47%-2.77%-4.15%-3.46%0.60%2.09%-2.62%-2.05%-3.02%增值税及附加-0.01%-0.02%0.00%-0.01%-0.19%0.01%0.02%0.00%0.03%0.20%成本收入比0.42%0.55%0.15%2.63%0.73%0.16%0.14%0.21%1.28%-0.32%拨备计提0.18%-0.87%2.21%3.89%4.75%1.46%0.29%3.93%-0.02%5.14%有效税率0.58%0.93%-0.34%0.35%-1.56%-0.60%-0.40%-1.15%1.95%-2.09%净利润1.36%1.77%-0.17%13.41%4.68%1.03%1.32%-0.10%10.10%3.80%少数股东净利润-0.06%-0.12%0.10%-0.27%-0.02%-0.09%-0.10%-0.07%0.00%0.35%归母净利润1.30%1.65%-0.07%13.15%4.65%0.93%1.22%-0.17%10.10%4.15%上市银行国有大行股份行城商行农商行上市银行国有大行股份行城商行农商行25H125H125H125H125H124A24A24A24A24A生息资产规模7.93%9.05%4.38%13.19%7.77%9.09%10.22%5.85%10.99%7.12%净息差-10.03%-11.48%-6.14%-4.84%-3.91%-11.62%-11.80%-10.74%-14.34%-11.70%净手续费收入0.83%1.13%0.22%-2.61%-0.65%-1.07%-0.91%-1.42%1.11%-0.09%其他收支1.34%2.52%-1.17%1.35%-2.22%2.82%1.94%4.83%3.86%6.97%增值税及附加0.03%0.04%0.01%0.00%0.27%0.00%-0.01%0.02%-0.03%-0.06%成本收入比0.54%0.72%0.15%2.54%-0.73%-0.72%-1.14%0.17%-1.68%3.20%拨备计提-0.04%-1.74%3.62%-3.46%6.28%2.84%2.50%3.81%12.11%-0.25%有效税率-0.47%-0.34%-0.79%2.32%-2.86%0.56%1.08%-0.83%-2.46%0.62%净利润0.12%-0.10%0.28%8.48%3.96%1.90%1.87%1.69%9.57%5.82%少数股东净利润-0.02%-0.03%-0.02%0.07%0.65%-0.04%-0.09%0.12%-0.58%-0.11%归母净利润0.10%-0.13%0.27%8.55%4.61%1.86%1.78%1.80%8.99%5.71%累计同比业绩拆分上市银行国有大行股份行累计同比业绩拆分上市银行国有大行股份行城商行农商行上市银行国有大行股份行城商行农商行25Q425Q425Q425Q425Q425Q325Q325Q325Q325Q3生息资产规模8.88%10.20%4.81%17.04%8.67%8.85%10.26%4.92%17.34%8.05%净息差-7.97%-10.23%-2.11%1.70%-1.86%-9.15%-11.29%-3.98%-0.40%-1.84%净手续费收入1.25%1.32%1.17%-2.64%-0.85%1.09%1.24%0.78%-1.23%-0.93%其他收支-1.66%-1.03%-3.23%-10.57%-4.81%-0.95%1.17%-5.61%-9.35%-4.66%增值税及附加-0.10%-0.11%-0.03%-0.14%-1.47%-0.02%-0.03%0.00%0.08%0.06%成本收入比1.89%2.64%0.37%7.97%5.14%-0.70%-1.11%0.31%-1.63%0.59%拨备计提-4.35%-4.71%-4.41%48.69%3.58%4.53%4.24%4.60%8.85%2.52%有效税率4.55%5.07%2.97%-20.30%1.47%-0.90%-0.59%-1.92%0.55%-0.33%净利润2.50%3.16%-0.45%41.75%9.88%2.75%3.90%-0.89%14.21%3.45%少数股东净利润0.02%-0.17%0.78%-1.32%-2.30%-0.24%-0.24%-0.18%-0.17%-0.35%归母净利润2.53%2.99%0.33%40.43%7.59%2.52%3.66%-1.08%14.04%3.09%上市银行国有大行股份行城商行农商行上市银行国有大行股份行城商行农商行25Q225Q225Q225Q225Q224Q424Q424Q424Q424Q4生息资产规模7.95%8.98%5.13%16.67%7.75%7.50%8.33%4.80%11.66%6.03%净息差-9.70%-10.44%-8.11%-10.29%-2.80%-6.87%-5.95%-8.81%-7.12%-3.84%净手续费收入1.50%2.03%0.50%-2.95%-1.25%-0.50%-0.62%0.01%-0.12%0.00%其他收支2.85%3.75%1.37%5.16%-3.78%4.40%3.62%6.24%7.98%5.44%增值税及附加0.04%0.05%0.01%0.02%0.56%-0.01%-0.05%0.06%0.29%0.05%成本收入比1.70%2.59%-0.06%4.81%-3.64%-0.52%-2.34%3.57%-1.50%-5.00%拨备计提-0.17%-3.02%5.81%-5.78%7.69%2.84%2.46%4.01%-761.26%26.15%有效税率-1.93%-2.12%-1.54%1.39%-0.88%-1.55% -0.75%-3.71%1032.85%-20.44%净利润2.23%1.81%3.09%9.03%3.65%5.27%4.72%6.18%282.78%8.40%少数股东净利润0.11%0.14%0.06%-0.51%0.04%0.14%0.27%-0.23%-28.36%1.64%归母净利润2.34%1.95%3.15%8.52%3.69%5.41%4.99%5.95%254.42%10.04%二、规模：对公及票据为增长主力，金融投资延续高增截至25年末，22家上市银行合计生息资产同比增速9.1%，较25Q3末回升0.3pct。22家A6.9%13.5%、7.0%10.1%25Q3末分别变动-0.4pct、-1.9pct、+0.3pct、+16.2pct，金融投资保持高增速，财政发力及流动性充裕环境下投资类资产支撑扩表，贷款、金融投资增速边际回落预计主要是季节因素影响，其他资产同比高增，预计主要是存款央行款项有所增加。从增量结构来看，25年22家上市银行合计贷款、金融投资增量占总生息资产增量比重45.2%、44.2%，同比回落20.9pct、10.1pct，主要是24年同业资产及其他资产大幅压降，25年增量占比分别为4.2%、6.4%，同比提升5.7pct、35.3pct。板块内部来看，25年末样本国有大行、股份行、农商行生息资产同比增速分别为10.4%5.0%25Q30.3pct0.4pct升主要依托同业资产及其他资产驱动，此外，农商行信贷增速环比提升1.9pct至10.4%。贷款结构上，2525家样99016，59.3%6,931亿1,15725比12.1%，主要是国有行票据贴现增量2.01万亿元，同比多增4,827亿元。25年末，221263图11：22家上市银行生息资产同比增速生息资产同比增速国有大行 股份行 城商行 农商行 上市银合计20.00%18.00%16.00%14.00%12.00%10.00%8.00%6.00%4.00%2.00%0.00%2022A 2023H1 2023A 2024Q1 2024H1 2024Q1-3 2024A 2025Q1 2025H1 2025Q1-3 2025A表6：子板块生息资产分项余额增速、结构、增量、增量结构及变化（单位：亿元，pct）余额增速余额结构增量增量占比25Q1-325A环比25Q1-325A环比25Q1-325A同比25Q1-325A同比贷款8.5%8.0%-0.558.7%58.3%-0.490,65694,596-97449.3%46.0%-22.4国有大行金融投资同业资产17.8%7.4%16.2%3.1%-1.6-4.329.8%5.0%30.5%4.8%0.6-0.272,4257,17093,0063,14812,81612,32939.4%3.9%45.2%1.5%-12.18.1其他-5.3%11.8%17.16.4%6.4%-0.013,52614,88841,6557.4%7.2%26.4贷款3.6%3.4%-0.258.1%57.3%-0.910,84113,450-2,81857.1%39.3%-17.6股份行金融投资同业资产8.9%3.9%6.5%14.5%-2.410.632.2%5.9%31.9%6.8%-0.30.911,424-90913,8786,1572,284-36560.1%-4.8%40.6%18.0%-0.0-4.8其他-10.6%2.6%13.23.7%4.1%0.4-2,3607396,536-12.4%2.2%22.4贷款13.5%14.5%1.052.6%53.0%0.41,3381,69753943.6%47.9%-2.4城商行金融投资同业资产28.3%18.8%17.7%49.4%-10.630.638.4%5.1%37.6%4.9%-0.8-0.21,4444441,42240630453147.1%14.5%40.2%-8.416.9其他-10.5%1.4%11.93.9%4.5%0.6-15816-136-5.1%0.4%-6.2贷款8.5%10.4%1.951.3%52.0%0.78761,18339451.4%59.6%-0.7农商行金融投资同业资产6.0%21.1%2.3%34.1%-3.712.936.5%8.6%35.8%8.5%-0.7-0.1253532195521-24837514.9%31.2%9.8%26.2%-24.015.1其他5.0%10.5%5.43.6%3.8%0.143871552.5%4.4%9.6贷款7.3%6.9%-0.458.5%58.0%-0.5103,711110,925-2,85850.0%45.2%-20.9上市银行合计金融投资同业资产15.4%6.7%13.5%7.0%-1.90.330.5%5.3%30.9%5.3%0.40.085,5477,239108,50210,23215,15612,87141.2%3.5%44.2%4.2%-10.15.7其他-6.2%10.1%16.25.7%5.8%0.111,05115,72948,2105.3%6.4%25.3；环比指25A较25Q1-3变动幅度余额增速余额增速贷款票据对公零售基建制造业租赁商服房地产按揭消费信用卡经营贷国有大行8.0%29.9%9.4%2.0%6.8%12.2%14.6%-0.4%-2.7%19.2%-7.0%16.4%股份行3.4%-30.5%10.1%-0.8%8.8%11.0%13.8%-4.0%1.8%-0.5%-4.3%-1.9%城商行14.5%7.9%19.8%0.3%21.4%21.6%26.3%-6.1%-3.3%-28.9%-87.2%3.1%农商行10.4%-1.0%18.1%2.4%20.1%5.7%17.3%43.1%-2.6%19.5%-2.7%-1.6%上市银行6.9%14.7%9.7%1.2%7.3%11.9%14.6%-1.5%-1.8%11.3%-6.0%9.9%同比变动国有大行-0.80.50.1-3.2-3.14.15.0-7.2-0.2-13.5-18.6-8.8股份行-0.9-21.91.2-1.41.9-1.35.4-7.5-2.1-1.11.6-2.4城商行3.521.32.9-3.11.70.23.93.6-1.2-47.2-87.4-1.5农商行2.9-23.66.83.419.5-6.17.020.23.323.1-5.3-4.7上市银行-0.7-2.40.4-2.6-2.22.55.1-7.2-0.5-6.3-8.6-5.2余额结构贷款票据对公零售基建制造业租赁商服房地产按揭消费信用卡经营贷国有大行6.8%60.4%32.8%21.8%10.3%11.0%4.0%19.7%2.2%3.0%6.5%股份行3.7%57.3%38.9%11.9%12.0%10.5%5.8%15.9%3.6%8.5%9.0%城商行6.1%73.9%20.0%17.4%7.8%19.8%3.9%8.6%2.8%0.2%5.5%农商行9.3%56.8%33.8%14.1%13.0%13.0%1.2%9.3%8.1%1.5%15.0%上市银行6.1%59.7%34.2%19.3%10.7%11.0%4.4%18.6%2.6%4.3%7.2%同比变动国有大行1.20.8-1.9-0.20.40.6-0.3-2.20.2-0.50.5股份行-1.83.5-1.70.60.81.0-0.4-0.2-0.1-0.7-0.5城商行-0.43.2-2.81.00.51.8-0.9-1.6-1.7-1.9-0.6农商行-1.13.7-2.71.1-0.60.80.3-1.20.6-0.2-1.8上市银行0.41.5-1.90.10.50.7-0.4-1.70.1-0.60.2较年初增量贷款票据对公零售基建制造业租赁商服房地产按揭消费信用卡经营贷国有大行94,59620,08766,2388,27117,72614,33217,914-201-6,9314,558-2,87111,735股份行13,450-6,74221,531-1,3393,9554,8745,214-9911,157-69-1,557-707城商行1,697601,6298409185550-34-39-150-22322农商行1,183-121,097982968824044-31166-5-31上市银行110,92513,39290,4957,03922,38619,47923,918-1,182-5,8444,505-4,65511,018同比变动国有大行-9744,8276,434-12,236-5,7535,4907,171-3,487-257-1,289-7,106-2,644股份行-2,818-4,6564,023-2,1841,045182,275-1,845-1,227-159727-898城商行539177442-79943416826-14-230-223-9农商行394-231481143288-761112544198-10-89上市银行-2,85811711,381-14,356-4,3265,4669,725-5,281-1,454-1,480-6,612-3,640增量结构贷款票据对公零售基建制造业租赁商服房地产按揭消费信用卡经营贷国有大行21.2%70.0%8.7%18.7%15.2%18.9%-0.2%-7.3%4.8%-3.0%12.4%股份行-50.1%160.1%-10.0%29.4%36.2%38.8%-7.4%8.6%-0.5%-11.6%-5.3%城商行3.5%96.0%0.5%24.1%10.9%32.4%-2.0%-2.3%-8.9%-13.1%1.3%农商行-1.0%92.7%8.3%25.1%7.4%20.3%3.7%-2.6%14.0%-0.4%-2.7%上市银行12.1%81.6%6.3%20.2%17.6%21.6%-1.1%-5.3%4.1%-4.2%9.9%同比变动国有大行5.37.4-12.7-5.85.97.7-3.7-0.3-1.3-7.5-2.6股份行-37.352.5-15.211.56.420.7-12.6-6.1-1.12.5-6.4城商行13.6-6.5-7.1-3.1-2.1-0.63.2-0.2-15.8-13.2-1.4农商行-28.714.714.024.0-13.33.91.36.918.1-1.1-9.9上市银行0.412.1-12.5-3.35.29.1-4.7-1.4-1.2-5.9-2.9表7：子板块贷款分项余额增速、结构、增量、增量结构及变化（25A，单位：亿元，pct）2225Q317.0%9.5%21.6%0.6pct、1.8pct、19.9pct。从增量结构来看，2522+0.3pct-1.9pct、+0.7pct、+0.8pct，同业负债同比少增679亿元，存款、发行债券和其他负债同比多增4.60万亿元、0.21万亿元、2.96万亿元。板块内部来看，25年末样本国有大行、股份行、农商行存款同比增速分别为7.6%、0.2pct年末，11.0%、7.0%7.2%53.3%17.0%23.2%1,78824,78317,52324年4月规范手工补息对公存款流失低基数影响。25年末样本上市银行活期存款占比37.3%，同比下降1.3pct，存款定期化趋势延续。表8：子板块计息负债分项余额增速、结构、增量、增量结构及变化（单位：亿元，pct）余额增速余额结构增量增量占比25Q1-325A环比25Q1-3 25A环比25Q1-325A同比25Q1-325A同比存款7.7%7.6%-0.176.8%77.0%0.190,667107,02940,88751.7%55.5%3.9同业负债（含NCD）国有大行23.2%24.1%0.917.9%17.6%-0.370,47967,6631,86540.2%35.1%-16.2发行债券（不含NCD）11.1%14.3%3.32.8%3.0%0.14,6767,3342,0322.7%3.8%-0.3其他11.4%28.4%17.02.4%2.5%0.19,38710,92519,9025.4%5.7%12.7存款6.5%5.7%-0.868.0%67.0%-1.020,22323,7393,938113.0%72.9%-12.1同业负债（含NCD）股份行3.9%5.0%1.125.6%26.6%0.9-1,6708,288-3,143-9.3%25.5%-23.6发行债券（不含NCD）-2.6%-2.3%0.33.8%3.6%-0.2-19-554-813-0.1%-1.7%-2.8其他-20.9%6.3%27.22.6%2.8%0.2-6401,0699,269-3.6%3.3%38.5存款16.0%16.9%0.861.8%60.2%-1.71,9802,19275064.4%53.5%-27.0同业负债（含NCD）城商行17.2%15.5%-1.723.6%23.8%0.350280740416.3%19.7%-2.8发行债券（不含NCD）145.0%37.9%-107.27.1%8.4%1.41705847745.5%14.2%24.9其他47.2%36.9%-10.47.5%7.6%0.142251437713.7%12.5%4.9存款9.4%9.2%-0.275.2%74.7%-0.51,2731,36643977.5%71.4%-10.2同业负债（含NCD）农商行13.1%15.5%2.417.8%18.1%0.440352919524.6%27.7%-1.8发行债券（不含NCD）-45.3%-29.1%16.10.6%0.6%0.0-61-5393-3.7%-2.8%10.1其他-0.9%5.2%6.16.5%6.6%0.12671501.6%3.7%1.9存款7.5%7.2%-0.374.5%74.4%-0.2114,143134,32646,01457.7%58.0%0.9同业负债（含NCD）上市银行合计16.3%17.0%0.619.8%19.9%0.069,71477,288-67935.2%33.4%-17.1发行债券（不含NCD）7.7%9.5%1.83.1%3.1%0.14,7667,3102,0862.4%3.2%-0.2其他1.7%21.6%19.92.5%2.6%0.19,19512,57929,5984.6%5.4%16.5；环比指25A较25Q1-3变动幅度余额增速余额增速存款个人对公其他活期定期个人活期个人定期对公活期对公定期国有大行7.6%9.6%4.6%6.9%4.1%9.7%6.6%11.1%1.5%7.5%股份行5.7%9.6%3.1%20.3%2.2%8.0%9.9%9.4%-0.9%6.2%城商行16.9%20.8%15.3%-17.6%7.7%19.6%2.6%23.5%9.8%18.6%农商行9.2%9.6%6.3%24.2%3.8%11.0%6.0%10.3%1.2%16.0%上市银行7.2%9.7%4.2%9.6%3.7%9.5%7.0%11.0%0.8%7.2%同比变动国有大行2.7-0.46.8-2.62.92.41.0-1.24.49.0股份行0.7-2.91.516.71.8-0.3-5.8-0.63.8-1.2城商行4.4-2.413.5-29.115.5-0.8-1.8-3.021.86.2农商行2.5-0.613.4-14.13.22.1-0.4-0.76.825.0上市银行2.2-0.85.21.22.71.80.1-1.14.35.7余额结构存款个人对公其他活期定期个人活期个人定期对公活期对公定期国有大行-59.2%37.8%3.0%37.4%62.6%19.3%39.9%18.1%19.7%股份行-33.9%62.9%3.2%37.9%62.1%11.4%22.5%26.5%36.4%城商行-54.8%42.4%2.8%21.1%78.9%5.8%48.9%15.3%27.1%农商行-78.4%19.3%2.3%24.0%76.0%13.4%65.0%10.6%8.0%上市银行-53.8%43.2%3.1%37.3%62.7%17.4%36.4%19.8%23.3%同比变动国有大行-1.1-1.10.0-1.31.3-0.21.3-1.10.0股份行-1.2-1.60.4-1.31.30.40.8-1.80.2城商行-1.8-0.6-1.2-1.81.8-0.82.6-1.00.4农商行-0.3-0.50.3-1.31.3-0.40.7-0.80.5上市银行-1.2-1.30.1-1.31.30.01.2-1.30.0较年初增量存款个人对公其他活期定期个人活期个人定期对公活期对公定期国有大行107,02978,89725,1323,00022,27184,75818,17060,7284,10121,030股份行23,73913,0108,3592,3703,50220,2374,5058,506-1,0029,361城商行2,1921,432851-912301,963221,410208644农商行1,3661,108185731421,22312398520179上市银行134,32694,44834,5275,35226,145108,18122,81971,6293,32631,214同比变动国有大行40,8874,13237,521-76615,71925,1683,49064312,22925,291股份行3,938-2,0644,0321,9692,991947-1,6872664,678-1,059城商行750138758-145480270商行43940410-11121318-140122288上市银行46,0142,24642,7201,04719,31126,7021,7881,10117,52324,783增量结构存款个人对公其他活期定期个人活期个人定期对公活期对公定期国有大行-73.7%23.5%2.8%20.8%79.2%17.0%56.7%3.8%19.6%股份行-54.8%35.2%10.0%14.8%85.2%19.0%35.8%-4.2%39.4%城商行-65.3%38.8%-4.2%10.5%89.5%1.0%64.3%9.5%29.4%农商行-81.1%13.5%5.4%10.4%89.6%9.0%72.1%1.4%13.1%上市银行-70.3%25.7%4.0%19.5%80.5%17.0%53.3%2.5%23.2%同比变动国有大行--39.342.2-2.910.9-10.9-5.2-34.116.126.1股份行--21.313.48.012.2-12.2-12.3-5.824.5-13.2城商行--24.432.3-7.927.8-27.8-1.5-22.929.33.0农商行--34.237.8-3.78.1-8.1-4.3-29.812.524.9上市银行--34.135.0-0.911.7-11.7-6.8-26.518.616.0表9：子板块存款分项余额增速、结构、增量、增量结构及变化（25A，单位：亿元，pct）三、息差：连续两季度企稳，26年有望回升25下半年净息差连续两季度企稳。25年22家上市银行合计息差、生息资产收益率、计息负债成本率分别为1.38%、2.85%、1.57%，同比分别下降12bp、46bp、36bp，-3bp25Q41.35%2.71%1.45%1bp、7bp、7bp。板块内部看，25年样本国有大行、股份行和农商行净息差分别为1.31%、1.57%、1.54%，同比分别收窄14bp、7bp、5bp，较25Q1-3分别变动0bp、-1bp、0bp。2.74%3.17%、46bp47bp25Q1-32bp7bp4bp。25Q46bp、11bp、5bp。1.55%1.63%、-41bp25Q1-32bp6bp3bp，行业角度看，20252A14200bp，降幅较24A6.70bp0161716003bp0bp0bp2bp，除国有大行、股份行净息差下降外，城商行、农商行净息差延续企稳回升，其中农商行回升幅度更大。展望26月1026年降息概率下降，或者负债端降息，但幅度小、频次低。在利率政策环境相对稳定背景26Q1行业净息差可能在表10：子板块累计净息差、净利差、生息资产收益率、计息负债成本率测算值（单位：bp）累计2024Q12024H12024Q1-32024A2025Q12025H12025Q1-32025A环比变化同比变化国有大行1.48%1.47%1.45%1.45%1.33%1.32%1.31%1.31%0-14股份行1.66%1.67%1.66%1.64%1.58%1.57%1.58%1.57%-1-7净息差（测算值）城商行1.68%1.64%1.60%1.59%1.64%1.57%1.56%1.58%3-1农商行1.62%1.60%1.58%1.59%1.53%1.54%1.54%1.54%0-5上市银行1.53%1.52%1.51%1.50%1.39%1.38%1.38%1.38%-0-12国有大行1.33%1.32%1.30%1.30%1.21%1.19%1.19%1.19%0-11股份行1.62%1.63%1.63%1.61%1.55%1.54%1.55%1.54%-1-6净利差（测算值）城商行1.77%1.72%1.69%1.73%1.75%1.64%1.66%1.71%4-2农商行1.53%1.50%1.48%1.49%1.44%1.45%1.45%1.45%-1-4上市银行1.40%1.40%1.38%1.38%1.29%1.28%1.28%1.28%-0-10国有大行3.29%3.28%3.22%3.20%2.84%2.80%2.76%2.74%-2-46生息资产收益率（测算股份行3.80%3.76%3.71%3.64%3.31%3.27% 3.24%3.17%-7-47城商行 4.08% 3.99% 3.94% 3.90% 3.73% 3.65% 3.61% 3.61% -0 -29值）农商行3.57%3.52%3.46%3.44%3.14%3.14%3.11%3.07%-4-37上市银行3.42%3.40%3.35%3.31%2.96%2.92%2.89%2.85%-3-46国有大行1.96%1.96%1.92%1.89%1.63%1.60%1.57%1.55%-2-35计息负债成本率（测算 股份行2.18%2.13%2.08% 2.04% 1.76% 1.73% 1.68% 1.63% -6 -41城商行 2.31% 2.27% 2.25% 2.18% 1.98% 2.01% 1.95% 1.90% -5 -28值）农商行2.04%2.01%1.98%1.95%1.70%1.69%1.66%1.62%-3-33上市银行2.02%2.01%1.96%1.93%1.67%1.64%1.60%1.57%-3-36；环比指25A较25Q1-3变动幅度表11：子板块单季度净息差、净利差、生息资产收益率、计息负债成本率测算值（单位：bp）单季度2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q4环比变化同比变化国有大行1.48%1.43%1.42%1.41%1.33%1.29%1.28%1.28%-0-13股份行1.66%1.67%1.65%1.60%1.58%1.54%1.59%1.57%-3-3净息差（测算值）城商行1.68%1.62%1.51%1.59%1.64%1.50%1.51%1.61%102农商行1.62%1.57%1.55%1.57%1.53%1.51%1.53%1.55%2-2上市银行1.53%1.49%1.48%1.46%1.39%1.36%1.36%1.35%-1-11国有大行1.33%1.29%1.28%1.27%1.21%1.18%1.17%1.17%0-10股份行1.62%1.62%1.61%1.56%1.55%1.51%1.57%1.55%-2-1净利差（测算值）城商行1.77%1.64%1.52%1.66%1.75%1.57%1.58%1.73%157农商行1.53%1.48%1.44%1.47%1.44%1.44%1.45%1.47%20上市银行1.40%1.37%1.36%1.34%1.29%1.26%1.27%1.26%-0-8国有大行3.29%3.19%3.13%3.04%2.84%2.74%2.66%2.60%-6-44生息资产收益率（测股份行3.80%3.69%3.61%3.49%3.31%3.20% 3.15%3.04%-11-44城商行 4.08% 3.95% 3.80% 3.84% 3.73% 3.53% 3.51% 3.51%-0-33算值）农商行3.57%3.44%3.33%3.27%3.14%3.07%3.02%2.96%-5-31上市银行3.42%3.32%3.25%3.16%2.96%2.86%2.78%2.71%-7-45国有大行1.96%1.91%1.85%1.77%1.63%1.56%1.49%1.43%-6-34计息负债成本率（测 股份行2.18%2.07%2.00%1.93%1.76%1.68%1.58%1.50%-8-43城商行2.31%2.31%2.28%2.18%1.98%1.96%1.93%1.78%-15-40算值）农商行2.04%1.96%1.89%1.80%1.70%1.64%1.57%1.50%-8-31上市银行2.02%1.95%1.89%1.81%1.67%1.59%1.52%1.45%-7-37；环比指25Q4较25Q3变动幅度表12：上市银行生息资产收益率、计息负债成本率驱动因素拆解（单位：bp）发放贷款 投资类资产 存放央行 同业资产 生息 存款 向央行借款 同业负债 发行债券 计息资产 负债结构因价格因结构因价格因结构 价格 结构 价格 收益 结构 价格 结构 价格结构因价格因结构 价格 成本2025A素 素 素 素 因素 因素 因素 因素 率变 因素 因素 因素 因素 素 素 因素 因素 率变动 动交通银行-3.9-3.7-2.4-1.2-35.4-37.5-38.8-34.0-36.09.15.16.6-12.1-1.4-1.3-0.4-0.4-2.0 -2.7-49.0-48.0-49.0-48.0-45.0-6.7-27.6-25.0-26.9-27.6-25.20.0 0.05.67.04.02.4-11.94.0-4.5-4.3-2.8-41.0-35.0-37.0-28.0-42.0-7.7-7.50.2-2.7-5.4-1.0 -1.3-8.6-8.53.60.0 0.0-4.2 -2.7-2.7-1.9-2.00.0 0.0-0.10.6-10.7-1.4-0.80.0-0.22.7-4.0-0.1 0.0-1.31.4-0.91.41.5-6.5-0.9 -3.60.0 0.0-3.2-10.25.0-6.3兴业银行浦发银行民生银行平安银行华夏银行浙商银行-7.1-34.5-37.1-34.6-33.0-37.8-45.6-29.9-41.67.0-7.3-5.3-1.3-0.5-0.5-0.6-0.10.00.0-0.11.0-3.8-46.0-48.0-46.0-43.0-52.0-54.0-40.0-46.00.1-31.7-20.0-24.6-24.9-23.8-30.9-19.5-20.4-1.7-3.5-3.4-0.44.3-6.0-3.00.3-38.0-42.9-46.0-46.0-39.0-47.0-42.0-39.50.00.20.7-5.1-3.7-2.5-2.4-4.74.95.0-0.5 -0.7-15.7-3.4 -4.11.11.01.71.6-9.0-6.4-9.8-0.4-0.6-3.0-5.6-10.1-8.1-1.3-7.0-7.1-1.0-2.30.61.0-2.6 -2.86.10.3-0.7-0.11.1-0.90.0 0.0-0.2-6.40.6-1.6 -4.3-0.60.02.34.63.50.0 0.0-2.3-9.5-4.1 -5.01.12.3-1.2-0.7-8.1-0.2 -0.10.9-2.4-0.4-0.6-1.8-3.7-13.6-0.2-6.0-7.3-5.4-0.80.00.70.30.6-1.0-6.7-10.25.4青岛银行-0.6-6.616.4-26.4-0.9 0.1-7.5-1.4-27.0-36.0-45.0-6.2-21.8-12.0-23.00.0 0.06.3-9.4-0.4-8.4-40.0-27.0-37.0-8.0-13.7-25.52.5-11.60.1 0.04.6-1.9-2.74.41.1-2.5-1.6-4.4 -4.6-1.5-7.4-5.04.2-12.7-0.2 0.11.1-2.23.4-1.6-5.21.1-7.9瑞丰银行-1.9-2.3-13.9-30.0-50.9-32.1-1.7-12.6-0.2 0.12.8-3.5-31.0-45.8-57.0-34.00.8-19.7-33.6-34.3-31.1-1.5-2.4 -3.7 -3.84.5-5.2-31.0-33.3-37.0-34.10.9-13.00.1 0.0-0.4-1.2-4.4-0.36.04.43.40.0 0.0-1.4 -0.7 -3.0 -0.68.10.8-5.2 -6.2-0.8 -1.80.0 0.01.50.0 0.0-4.6-2.4-1.70.0 0.0-0.20.10.4-0.3-1.2-0.1-2.6-0.5所有农商行-2.4-2.3-2.5-35.6-35.4-36.44.75.61.98.4-8.9-9.4-7.2-0.9 -0.2-1.0 -0.3-1.1 -2.9-1.9 -2.7-48.1-47.4-48.9-37.1-35.7-2.5-4.2-25.4-25.5-25.3-19.1-23.7-1.2 -0.7-0.7 -0.83.04.7-9.0-8.8-10.2-6.51.32.0-4.2-3.8-5.1-38.6-37.1-43.4-34.7-33.7-0.7-0.11.3-3.72.1-2.8-1.0 -0.9-0.2-0.1-4.5-14.2-17.3-0.4 0.1-1.7 -1.4-1.81.8-1.9-2.50.7-7.9-1.0-21.2-1.8-10.7-0.1 0.12.0-2.91.7-1.4-3.1 -3.23.8-5.2银行简称2023A2024A2025Q12025H1银行简称2023A2024A2025