中信银行2025业绩点评：营收增速修复明显对公贷款高增

图表1:营收归净润比速 图表2:利润比速业均比151050-5

营业收入 归母净利润

151050-5-10-15

商业银行 股份行 中信银行1Q201H209M201Q201H209M2020201Q211H219M2120211Q221H229M2220221Q231H239M2320231Q241H249M2420241Q251H259M2520251Q201H209M2020201Q211H219M2120211Q221H229M2220221Q231H239M2320231Q241H249M2420241Q251H259M252025图表3:业绩归因分析（累计）3.03.03.02.871.32.86 0.-1.0.297.611.613.归母净利润3 6 4 -0.-0.0.0.0.0.5-0.0.0-0.少数股东损益4 -1.2 2 -2.-5..2-5.5-52.46.-0.0.所得税3.7.99.18.4.3.1.-8.7.10.12.拨备计提0.1 0.0-0.0.0.-0.0.0.0-0.0.1-0.净营业外收入0.0.32 -0.-0.-1.-1.0.9-2.-1.-3.成本费用8 0 .5 -52.5.6.8.83.1.22.净其他非息1.1.43 -0.-1.-2.-2.0.5-1.0.34.中收-8.-8.-8.-4.-2.-3..8-4-8..4-10.9-4.3-11净息差6.6.86.96.4.4.4.4.35.6.89.生息资产平均规模1Q25 1H25 9M25 20251Q24 1H24 9M24 20242021 2022 2023业绩归因分析（累计）司公告 正证券研究所单季增长 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 单季增长 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25期末余额（亿元） 1Q23 1H23 9M23 2023 1Q24 1H24 9M24 2024 1Q25 1H25 9M25 2025贷款合计53,45953,80154,65254,98355,82355,93756,31857,20158,66058,01957,82558,622公司贷款27,35427,40327,19226,97229,05029,18029,21429,08132,12232,25632,12132,932票据贴现4,5744,2854,8895,1733,6793,4703,7214,4993,0752,2552,1212,022个人贷款21,53122,11322,57122,83823,09523,28723,38323,62123,46423,50823,58323,668现金及存放中央银行款项4,6974,4043,9814,1643,7973,8493,5783,4093,6833,8583,4613,869同业资产3,7733,4313,2264,2364,4374,5575,1136,6936,6846,7286,5297,569金融投资24,73724,90225,65625,92925,02125,09826,05726,20927,38427,74529,05429,268资产总计87,86588,33389,22090,52590,70391,04692,59295,32798,55398,58598,981101,310吸收存款54,93055,91555,20454,67754,88555,92156,92858,64361,11861,92161,50061,270向中央银行借款1,5351,5531,6832,7322,7752,7562,6431,2421,0921,3121,7752,040同业负债13,97312,23514,12714,77211,97410,94412,07913,35013,11011,64113,15515,732应付债券9,0759,3859,66011,89411,70911,25612,24013,33613,76412,72712,143负债合80,80781,98683,17882,85682,88984,29387,25490,28490,25590,55992,834贷款合计1,9323428513318401143818831,459-641-194797公司贷款2,11449-211-2212,07813034-1333,041134-135811票据贴现-544-289604284-1,495-209251778-1,425-819-134-100个人贷款36258245826725619296238-157447585现金及存放中央银行款项-77-292-424184-36752-271-169274176-397408同业资产666-342-2051,0102011205561,579-944-1981,040金融投资-292166754273-908779591521,1763601,309214资产总计2,3904688871,3051783431,5462,7353,225323972,329吸收存款3,351985-711-5282091,0361,0071,7152,475803-421-230向中央银行借款341171301,04942-19-113-1,402-150220463266同业负债-734-1,7381,892645-2,799-1,0301,1351,271-240-1,4701,5142,577应付债券-677675-3652752,234-185-4539841,096428-1,037-584负债合计2,1904157631,192-322321,4042,9613,031-293042,275贷款合计7.97.47.26.74.44.03.04.05.13.72.72.5公司贷款/11.3/6.96.26.57.47.810.610.510.013.2票据贴现/-5.7/1.1-19.6-19.0-23.9-13.0-16.4-35.0-43.0-55.1个人贷款/5.6/7.97.35.33.63.41.60.90.90.2现金及存放中央银行款项4.311.3-10.1-12.8-19.2-12.6-10.1-18.1-3.00.2-3.313.5同业资产6.3-9.1-25.036.317.632.858.558.050.647.627.713.1金融投资5.35.22.53.61.10.81.61.19.410.511.511.7资产总计6.76.73.55.93.23.13.85.38.78.36.96.3吸收存款10.48.58.66.0-0.10.03.17.311.410.78.04.5向中央银行借款-23.2-18.216.5128.880.777.557.1-54.6-60.7-52.4-32.964.3同业负债4.61.6-4.60.4-14.3-10.6-14.5-9.69.56.48.917.8应付债券-4.15.9-11.8-0.931.120.119.926.712.117.613.1-0.8负债合计6.66.63.25.82.52.12.84.99.08.97.46.4同比增速 同比增速 1Q23 1H23 9M23 2023 1Q24 1H24 9M24 2024 1Q25 1H25 9M25 2025余额（亿元）同比增速图表5:各项贷款余额及增长情况余额（亿元）同比增速1H2320231H2420241H2520251H2320231H2420241H252贷款合计53,80154,98355,93757,20158,01958,6227.46.74.04.03.7公司贷款27,40326,97229,18029,08132,25632,93211.36.96.57.810.5租赁和商务服务业5,3665,3145,8745,6406,2616,26112.38.29.56.1制造业4,7665,0005,2525,5626,4746,88426.119.210.211.2水利、 理业4,3464,6534,3724,5944,3658.45.15.80房地产2,5942,7752,8512,9722,975-2.9-6.4-2.0批发和零售业2,0672,1362,2932,2612,4862,62711.920.311.0交通运输、仓储和邮政业1,4871,3921,4721,4891,6581,6917.6-7.1电力、热力、燃气及水生产和供应业9419621,1361,1851,3431,4954.57.3建筑业1,1751,1611,2151,1561,3381,33610.312金融业7888869151,1011,130信息传输、软件和信息技术服务业547630665749823票据贴现4,2855,1733,4704,4992,2552,022个人贷款22,11322,83823,28723,62123,50823,668住房抵押9,85410,03310,22010,67311,06611,经营贷款5,1955,2135,0474,8874,591信用卡4,2854,5914,8684,8894,89消费贷款2,7742,9863,1113,106较年初增量（亿元1H23 2023 1H24 2贷款合计2,2733,456 953公司贷款2,1631,731 2,20租赁和商务服务业453401制造业571805水利、环境和公共设施管理业2662房地产业60批发和零售业291交通运输、仓储和邮政业建筑业金融业信息传输、软件和信息技票据贴现个人贷款住房抵押经营贷信用司公告 正证券研究所余额（亿元）同比增速图表6:各项存款余额及增长情况余额（亿元）同比增速1H2320231H2420241H2520251H2320231H2420241H252025存款总额55,34753,98255,14957,78261,06960,4938.55.9-0.47.010.74.7公司存款40,67939,13338,63440,48442,36141,7082.23.2-5.03.59.63.0公司定期存款18,49217,45117,81120,62322,18021,856-2.9-6.018.224.56.0公司活期存款22,18821,68320,82319,86120,18119,8516.911.9-8.4-3.10.0个人存款14,50214,65815,66716,61617,82517,94230.913.58.013.413.88.0个人定期存款10,99611,25411,21812,21712,81413,20944.519.48.614.28.1个人活期存款3,5063,4044,4494,4005,0124,7341.0-2.529.212.67.6定期存款29,48828,70529,02932,84034,99435,06510.72.6-1.614.420.56.8活期存款25,69425,08725,27224,26125,19224,5856.09.7-1.6-3.3-0.31.3其他存款16519084868288384336.931.9412.8258.44.223.6存款总额公司存款公司定期存款公司活期存款个人存款个人定期存款活期存款其他存款1H23100.073.533.440.126.29.96.353.346.40.32023100.072.532.340.227.220.86.353.246.50.4占比1H24100.070.128.48.152.645.81.52024100.070.135.734.428.821.17.656.842.01.21H25100.069.436.333.029.221.08.257.341.31.42025100.068.936.132.829.721.87.858.040.61.41H230.0-0.9-3.02.10.91.4-0.5-1.61.60.0占比环比2023 1H240.0 0.0-1.0 -2.4-1.1 0.00.1 -2.41.0 1.31.0 -0.50.0 1.8-0.1 -0.50.0 -0.60.1 1.2变动（pct20240.00.03.4-3.40.30.8-0.54.2）1H250.0-0.70.6-1.30.4-0.20.60.520250.0-0.40.50.90.7司公告 正证券研究所图表7:净息同业均比 图表8:资产负平均收益成率（算）2.42.22.01.81.61.41.220201Q211H2120201Q211H219M2120211Q221H229M2220221Q231H239M2320231Q241H249M2420241Q251H259M252025

商业银行 股份行 中信银行

4.64.44.24.03.83.63.43.23.0

生息资产收益率 计息负债成本率(右轴）2.92.72.52.32.11.91.71.5司公告 司公告图表9:细分资产/负债平均收益/成本率贷款及垫款其中：公司贷款个人贷款贴现贷款金融投资存放中央银行款项买入返售生息资产客户存款其中：公司存款公司定期存款公司活期存款个人存款个人定期存款个人活期存款卖出回购金融资产款付息负债净利差净

收益/成本率（累计）1H23 2023 1H24 2024 1H25 20254.664.56 4.35 4.24 3.79 3.674.464.43 4.22 4.12 3.65 3.545.515.34 5.02 4.87 4.33 4.151.831.62 1.57 1.39 1.16 1.093.073.00 2.93 2.88 2.62 2.561.591.60 1.65 1.63 1.59 1.612.782.90 3.13 2.94 2.40 2.151.811.78 1.624.023.95 3.83 3.73 3.33 3.2收益/成本率（累计）1H23 2023 1H24 2024 12.142.12 1.98 1.892.092.05 1.872.862.80 2.71.421.432.2922.90

同比变动（bp）1H23 2023 1H24 2024 1H25-22 -25 -31 -32 -5-2 -5 -24 -31302 -44 -49-404 -56 -26-20 -2114 166司公告不良率关注率逾期率图表10:不良及瞻标 图表11:不良同业均不良率关注率逾期率3.53.02.52.01.51.00.51Q201H209M201Q201H209M2020201Q211H219M2120211Q221H229M2220221Q231H239M2320231Q241H249M2420241Q251H259M252025

2.5商业银行股份行中信银行商业银行股份行中信银行1.51.00.51Q201H209M201Q201H209M2020201Q211H219M2120211Q221H229M2220221Q231H239M2320231Q241H249M2420241Q251H259M252025司公告 司公告图表12:各项贷款不良率及余额不良贷款率 环比变动（bp）1H23 2023 1H24 2024 1H25 2025 1H23 2023 1H24 2024 1H25 2025贷款合计 1.21 1.18 1.19 1.16 1.16 1.15 -6 -3 1 -3 0 -1公司贷款 1.50 1.37 1.25 1.27 1.14 1.09 -22 -13 -12 2 -13 -5租赁和商务服务业制造业

-1403

-1399

20 20-8 -29

-14-13

3-70水利、环境和公共设施管理业

0 6 8

0 -1 6房地产业批发和零售业

221-75

-270-26

-298

-9 -32 7832 -20 41交通运输、仓储和邮政业电力、热力、燃气及水生产和供应业建筑业

-33-29-244

-526-12

3

011-25

-2 025 -2846 26金融业

-1 0

-5 0信息传 术服务业

-235

-38

-21 11票据贴现个人贷款贷款合计公司贷款

0.000.00 0.001.081.21 1.30 1.25 1.29 1.32不良贷款余额（亿元）1H23 2023 1H24 2024 1H25 2025648.50648.00665.80664.85671.34672.16410.62370.29363.54369.05369.18359.29

0 2 -1 -1 0 05 13 9 -5 4 3不良贷款余额占比1H23 2023 1H24 2024 1H25 2025100.00100.00100.00100.00100.00100.0063.3257.1454.6055.5154.9953.45租赁和商务服务业制造业水利、环境和公共设施管理业房地产业批发和零售业交通运输、仓储和邮政业票据贴现个人贷款司公告

41.0459.361.19149.