兴业银行2026年一季报点评：业绩保持韧性

关键财务指标（百万元）关键财务指标（百万元）2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1总资产10,350,0910,307,4210,507,8910,631,2910,614,3710,673,2511,094,2511,282,90总贷款5,669,0935,741,6035,736,6105,815,3875,903,4335,989,9075,948,9386,154,964总负债9,491,2289,427,8949,614,2879,715,6009,720,8649,770,78810,180,6110,358,37总存款5,477,3805,521,2825,630,3605,726,5565,964,4975,924,6666,020,8066,088,518营业收入113,043164,217212,22655,683110,458161,234212,74155,090拨备前利润83,246119,022147,30941,69280,680115,971147,59541,586净利润43,03162,97077,49123,93843,36163,34477,85423,876总资产增速4.65%3.87%3.44%3.65%2.55%3.55%5.58%6.13%贷款同比增速8.55%8.05%5.05%4.83%4.13%4.32%3.70%5.84%存款同比增速5.36%4.39%7.92%10.34%8.89%7.31%6.93%6.32%营业收入同比增速1.80%1.81%0.66%-3.58%-2.29%-1.82%0.24%-1.06%核心营收同比增速-0.04%-0.65%-1.18%2.32%-0.92%0.08%1.42%-0.68%净利息收入同比增速4.22%2.39%1.09%1.29%-1.52%-0.56%0.44%-2.13%净手续费收入同比增速-19.42%-15.16%-13.18%8.54%2.59%3.79%7.45%7.45%其他非息收入同比增速8.70%12.79%9.43%-21.50%-7.00%-9.28%-4.81%-2.58%拨备前利润同比增速3.75%3.75%1.24%-4.35%-3.08%-2.56%0.19%-0.25%归母净利润同比增速0.86%-3.02%0.12%-2.22%0.21%0.12%0.34%0.15%净息差（披露值）1.86%1.84%1.82%1.80%1.75%1.72%1.71%1.62%净利差（披露值）1.59%1.57%1.56%1.57%1.51%1.50%1.50%1.43%生息资产收益率（披露值）3.84%3.72%3.37%3.24%计息负债成本率（披露值）2.25%2.17%1.86%1.74%净息差（测算值）1.64%1.64%1.62%1.60%1.57%1.57%1.55%1.47%净利差（测算值）1.66%1.67%1.65%1.62%1.59%1.57%1.56%1.48%单季度净息差（测算值）1.64%1.60%1.58%1.60%1.52%1.57%1.55%1.47%单季度净利差（测算值）1.65%1.61%1.60%1.62%1.53%1.57%1.56%1.48%ROA（年化）0.84%0.82%0.75%0.91%0.82%0.80%0.72%0.85%ROE（年化）11.00%10.92%9.89%12.24%10.12%10.07%9.15%11.56%累计分红率（测算）30.17%29.49%31.02%杠杆率7.07%7.28%7.35%7.45%7.58%7.36%7.04%7.07%风险加权资产增速5.52%4.77%7.33%5.91%7.41%8.10%7.80%7.25%ROE(年化)*(1-分红率)7.74%7.68%6.90%8.54%7.06%7.03%6.33%8.00%成本收入比25.41%26.57%29.50%24.22%25.89%26.97%29.56%23.48%存贷比105.26%105.84%103.69%103.33%100.57%102.66%101.21%98.92%拨备覆盖率237.82%233.54%237.78%233.42%228.54%227.81%228.41%224.52%拨贷比2.56%2.53%2.55%2.52%2.46%2.46%2.47%2.41%不良贷率 1.08%1.08%1.07%1.08%1.08%1.08%1.08%1.08%关注贷款率1.73%1.77%1.71%1.71%1.66%1.67%1.69%1.75%逾期贷款率1.45%1.59%1.53%1.49%重组贷款率0.49%0.48%0.57%0.64%不良净新生成率（披露值）不良生成率1（披露核转）1.18%1.15%1.27%1.19%不良生成率2（测算核转）1.29%1.22%1.11%1.06%1.16%1.04%1.04%0.97%核心一级资本充足率9.48%9.70%9.75%9.60%9.54%9.66%9.70%9.50%流动性覆盖率166.73%141.91%169.24%145.76%130.35%106.05%157.99%134.00%净稳定性资金比例108.14%104.24%107.07%107.78%107.93%105.59%127.83%股东数（户）266,732242,314229,100203,974191,266217,901219,620274,392AC兑现/营收4.01% 2.79% 2.12%7.88%4.96%4.40%2.90%7.06%OCI兑现/营收1.30%0.12%1.40%0.42%AC兑现/净利润10.53% 7.28% 5.80%18.32%12.63%11.21%7.93%16.30% OCI兑现/净利润3.43%0.33%3.57%1.14%超额拨备/归母净利润(TTM)-14.42%-20.84% -21.39%-24.48%-24.80%-25.90%-18.27%-28.60%超额拨备/归母净资产-1.32%-1.80%-1.87%-2.08%-2.17%-2.25%-1.57%-2.43%表1：关键财务指标概览（单位：百万元），国联民生证券研究所累计业绩同比增速2024H12024Q1-3累计业绩同比增速2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1营业收入同比增速1.80%1.81%0.66%-3.58%-2.29%-1.82%0.24%-1.06%核心营收同比增速-0.04%-0.65%-1.18%2.32%-0.92%0.08%1.42%-0.68%净利息收入同比增速4.22%2.39%1.09%1.29%-1.52%-0.56%0.44%-2.13%非息收入同比增速-2.65%0.61%-0.32%-12.42%-3.80%-4.47%-0.20%1.17%净手续费收入同比增速-19.42%-15.16%-13.18%8.54%2.59%3.79%7.45%7.45%其他非息收入同比增速8.70%12.79%9.43%-21.50%-7.00%-9.28%-4.81%-2.58%营业支出同比增速3.50%5.21%-1.31%-6.60%-6.58%-5.88%-1.79%-1.99%拨备前利润同比增速3.75%3.75%1.24%-4.35%-3.08%-2.56%0.19%-0.25%利润总额同比增速-0.33%-2.29%3.31%-0.24%3.30%3.28%3.27%-0.23%净利润同比增速-0.14%-3.44%-0.21%-1.45%0.77%0.59%0.47%-0.26%归母净利润同比增速0.86%-3.02%0.12%-2.22%0.21%0.12%0.34%0.15%，国联民生证券研究所单季度业绩同比增速2024Q22024Q3单季度业绩同比增速2024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1营业收入同比增速-0.62%1.84%-3.08%-3.58%-0.94%-0.78%7.29%-1.06%核心营收同比增速-0.87%-1.85%-2.83%2.32%-4.11%2.11%5.66%-0.68%净利息收入同比增速3.38%-1.16%-2.66%1.29%-4.29%1.38%3.49%-2.13%非息收入同比增速-8.20%10.33%-4.39%-12.42%6.23%-6.26%19.37%1.17%净手续费收入同比增速-19.83%-5.50%-4.10%8.54%-3.04%6.12%22.34%7.45%其他非息收入同比增速0.39%28.36%-4.59%-21.50%11.70%-16.63%17.27%-2.58%营业支出同比增速-6.34%9.23%-16.37%-6.60%-6.56%-4.31%10.09%-1.99%拨备前利润同比增速0.15%3.73%-8.11%-4.35%-1.69%-1.36%11.80%-0.25%利润总额同比增速10.01%-6.33%39.39%-0.24%7.86%3.23%3.25%-0.23%净利润同比增速5.62%-9.88%16.75%-1.45%3.63%0.22%-0.08%-0.26%归母净利润同比增速6.54%-10.45%16.85%-2.22%3.38%-0.08%1.32%0.15%，国联民生证券研究所图1：累计营收、PPOP、归母净利润、总资产同比增速 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 总资产增速 核心营收同比增速30.00%25.00%20.00%15.00%10.00%5.00%0.00%-5.00%-10.00%-15.00%-20.00%，国联民生证券研究所图2：单季度营收、PPOP、归母净利润同比增速 营业收入同比增速 拨备前利润同比增速 归母净利润同比增速 核心营收同比增速50.00%40.00%30.00%20.00%10.00%0.00%-10.00%-20.00%-30.00%-40.00%-50.00%，国联民生证券研究所图3：累计同比业绩拆分（2026Q1） 6.7%0.2%6.7%0.2% (0.3%)7%6%5%4%3%2%1%0%-1%-2%-3%生息资产规模

净 净 息 手 差 续 费 收入

税 成 拨金 本 备及 收 计附 入 提加 比

有 净 少 归效 利 数 母税 润 股 净率 东 利净 润利润，国联民生证券研究所图4：累计同比业绩拆分（2025A） 5.0%0.5%5.0%0.5%0.3%5%4%3%2%1%0%生 净 净 其 税 息 息 手 他 金 资 差 续 收 及 产 费 支 附 规 收 加 比模 入

拨 有 净 少 备 效 利 数 计 税 润 股 提 率 东 净 润利润，国联民生证券研究所累计ROE拆分2024H12024Q1-3累计ROE拆分2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1营业收入2.20%2.14%2.05%2.11%2.09%2.03%1.97%1.97%利息收入3.42%3.39%3.33%3.07%3.02%2.97%2.89%2.68%利息支出1.96%1.94%1.89%1.64%1.62%1.57%1.52%1.36%净利息收入1.46%1.45%1.43%1.43%1.40%1.40%1.38%1.32%净手续费收入0.25%0.25%0.23%0.25%0.25%0.25%0.24%0.26%核心营收1.71%1.71%1.67%1.68%1.64%1.65%1.62%1.58%其他非息收入0.50%0.43%0.39%0.43%0.45%0.38%0.35%0.39%营业支出1.25%1.21%1.21%1.07%1.14%1.10%1.14%0.99%税金及附加0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%业务及管理费0.56%0.57%0.60%0.51%0.54%0.54%0.58%0.46%减值损失0.67%0.62%0.58%0.54%0.57%0.53%0.53%0.51%营业利润0.95%0.93%0.84%1.04%0.96%0.93%0.83%0.98%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0.95%0.93%0.84%1.04%0.96%0.93%0.83%0.98%所得税0.12%0.11%0.09%0.13%0.14%0.13%0.11%0.13%年化ROA0.84%0.82%0.75%0.91%0.82%0.80%0.72%0.85%杠杆率13.1113.3113.1913.5112.3212.6212.6913.54年化ROE11.21%10.61%8.82%11.31%10.64%9.86%6.11%11.62%，国联民生证券研究所单季度ROE拆分2024Q22024Q3单季度ROE拆分2024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1营业收入2.16%2.00%1.86%2.11%2.07%1.92%1.91%1.97%利息收入3.39%3.32%3.23%3.07%2.96%2.90%2.83%2.68%利息支出1.92%1.89%1.82%1.64%1.60%1.49%1.43%1.36%净利息收入1.47%1.43%1.41%1.43%1.36%1.41%1.40%1.32%净手续费收入0.26%0.26%0.18%0.25%0.24%0.26%0.22%0.26%核心营收1.72%1.69%1.60%1.68%1.61%1.67%1.61%1.58%其他非息收入0.43%0.31%0.26%0.43%0.47%0.25%0.29%0.39%营业支出1.32%1.13%1.24%1.07%1.20%1.04%1.31%0.99%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0.58%0.58%0.73%0.51%0.57%0.56%0.70%0.46%减值损失0.71%0.52%0.48%0.54%0.60%0.46%0.57%0.51%营业利润0.83%0.87%0.62%1.04%0.87%0.88%0.60%0.98%营业外净收入0.00%0.00%-0.01%0.00%0.00%0.00%0.00%0.00%利润总额0.84%0.87%0.61%1.04%0.87%0.87%0.60%0.98%所得税0.10%0.10%0.05%0.13%0.14%0.12%0.07%0.13%年化ROA0.73%0.78%0.56%0.91%0.74%0.75%0.54%0.85%杠杆率13.1113.3113.1913.5112.3212.6212.6913.54年化ROE9.58%10.37%7.41%12.24%9.07%9.53%6.82%11.56%，国联民生证券研究所手续费收入增速2024H12024Q1-3手续费收入增速2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1手续费收入-15.60%-12.30%-9.88%9.38%0.64%1.49%3.38%2.54%代理业务-5.46%-9.91%0.19%1.18%理财业务托管业务支付结算业务-3.63%-1.85%-2.03%5.80%咨询顾问业务-30.87%-11.07%14.27%17.54%担保承诺业务17.38%2.31%-15.25%-1.70%银行卡业务-12.66%-13.86%-15.56%-13.97%交易业务其他-8.93%10.49%283.37%34.01%手续费支出9.44%4.69%7.23%13.31%-8.77%-9.59%-13.68%-19.38%零售AUM同比增速35.18%6.68%13.11%，国联民生证券研究所累计占比（/营收）2024H12024Q1-3累计占比（/营收）2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1净手续费及佣金收入11.27%11.78%11.35%12.08%11.84%12.45%12.17%13.12%净其他非息收入22.48%20.27%18.86%20.17%21.39%18.73%17.91%19.87%投资收益19.48%19.36%17.06%19.15%16.56%16.67%12.84%18.79%公允价值变动损益2.95%-0.29%1.52%-0.88%3.43%0.89%3.94%0.79%汇兑净损益-0.45%0.74%-0.32%1.53%0.84%0.65%0.43%-0.21%其他净收益0.49%0.46%0.60%0.37%0.56%0.52%0.70%0.49%其他综合收益余额3.41%2.79%2.62%6.70%5.66%3.29%1.66%4.57%AC兑现4.01%2.79%2.12%7.88%4.96%4.40%2.90%7.06%OCI兑现1.30%0.12%1.40%0.42%单季度占比（/营收）2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1净手续费及佣金收入5.79%4.02%2.24%12.08%5.75%4.35%2.73%13.12%净其他非息收入9.82%4.80%3.18%20.17%11.22%4.07%3.72%19.87%投资收益7.33%5.94%2.08%19.15%6.91%5.32%0.21%18.79%公允价值变动损益3.13%-2.32%1.74%-0.88%3.87%-1.46%3.26%0.79%汇兑净损益-0.91%1.05%-0.89%1.53%0.07%0.07%-0.06%-0.21%其他净收益0.27%0.13%0.24%0.37%0.37%0.13%0.31%0.49%其他综合收益1.28%0.45%0.46%-3.29%2.28%-0.59%-0.84%-1.82%累计同比增速2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1净手续费及佣金收入-19.4%-15.2%-13.2%8.5%2.6%3.8%7.4%7.4%净其他非息收入8.7%12.8%9.4%-21.5%-7.0%-9.3%-4.8%-2.6%投资净收益30.3%24.3%17.9%-22.4%-16.9%-15.4%-24.5%-2.9%公允价值变动损益-39.2%-116.5%-22.2%-146.5%13.6%401.0%160.1%189.5%汇兑损益-225.7%1025.0%-260.1%64.5%282.3%-14.2%235.3%-113.5%其他净收益-4.2%-18.7%-3.1%-17.2%11.2%9.5%16.9%30.4%其他综合收益余额增速399.7%737.8%348.8%55.0%62.3%15.7%-36.7%-32.5%单季度同比增速2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1净手续费及佣金收入-19.8%-5.5%-4.1%8.5%-3.0%6.1%22.3%7.4%净其他非息收入0.4%28.4%-4.6%-21.5%11.7%-16.6%17.3%-2.6%投资净收益-12.6%12.6%-13.8%-22.4%-7.9%-12.0%-90.1%-2.9%公允价值变动损益319.8%-47.0%196.0%-146.5%21.0%38.3%87.6%189.5%汇兑损益-413.8%682.1%-703.5%64.5%107.2%-93.3%93.1%-113.5%其他净收益-26.2%-42.2%35.3%-17.2%34.8%4.8%27.8%30.4%单季度其他综合收益增速180.8%149.2%-50.2%-256.7%74.3%-229.2%-283.0%45.3%，国联民生证券研究所图5：净息差和净利差 2.40%2.20%2.00%1.80%1.60%1.40%1.20%1.00%

，国联民生证券研究所

净息差（披露值） 净利差（披露值）

1.62%1.43%累计（露值） 2024H1累计（露值） 2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1净息差 1.86%1.84%1.82%1.80%1.75%1.72%1.71%1.62%净利差 1.59%1.57%1.56%1.57%1.51%1.50%1.50%1.43%生息资收益率 3.84%3.72%3.37%3.24%计息负成本率 2.25%2.17%1.86%1.74%单季度测算） 2024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1净息差 1.64%1.60%1.58%1.60%1.52%1.57%1.55%1.47%净利差 1.65%1.61%1.60%1.62%1.53%1.57%1.56%1.48%生息资收益率 3.78%3.70%3.62%3.45%3.31%3.23%3.14%2.99%计息负成本率 2.13%2.09%2.01%1.83%1.78%1.67%1.58%1.51%生息资平均益率 2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1发放贷款 4.32%4.20%3.73%3.59%投资类产 3.46%3.28%3.15%3.07%存放央行 1.57%1.57%1.56%1.56%同业资产 2.62%2.52%2.18%1.97%计息负平均息率 2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1存款 2.06%1.98%1.76%1.65%向央行款 2.37%2.35%1.93%1.81%同业负债 2.43%2.35%1.88%1.76%发行债券 2.69%2.57%2.23%2.21%，国联民生证券研究所分类型贷款收益率2024H12024Q1-3分类型贷款收益率2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1公司类贷款收益率4.03%3.96%3.60%3.49%个人贷款收益率5.21%5.06%4.30%4.16%票据贴现收益率1.45%1.35%1.20%1.02%分类型存款成本率2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1对公存款付息率2.01%1.93%1.71%1.59%对公活期付息率1.03%0.88%0.58%0.52%对公定期付息率2.71%2.61%2.37%2.20%个人存款付息率2.20%2.11%1.89%1.80%个人活期付息率0.20%0.16%0.07%0.06%个人定期付息率2.94%2.83%2.52%2.41%，国联民生证券研究所余额结构（分母为总资产）2024H12024Q1-3余额结构（分母为总资产）2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1生息资产89.30%88.61%88.70%89.19%88.85%89.67%89.34%89.95%贷款54.77%55.70%54.59%54.70%55.62%56.12%53.62%54.55%投资类资产30.59%32.48%32.87%33.43%32.68%31.94%32.01%28.90%FVTPL8.60%8.96%8.79%8.50%8.81%7.89%8.39%7.56%AC17.04%17.71%18.04%18.04%17.72%17.99%17.30%16.23%FVOCI4.95%5.81%6.04%6.89%6.16%6.06%6.32%5.10%存放央行3.35%3.23%3.76%3.26%3.40%3.02%3.52%3.15%同业资产9.22%6.19%6.30%6.34%6.00%6.51%8.61%10.94%同比增速2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1总资产4.65%3.87%3.44%3.65%2.55%3.55%5.58%6.13%总生息资产6.04%4.65%3.54%3.78%2.05%4.78%6.34%7.03%贷款8.55%8.05%5.05%4.83%4.13%4.32%3.70%5.84%投资类资产-2.62%-0.23%3.56%11.68%9.59%1.82%2.80%-8.26%FVTPL-6.34%-5.02%-3.60%-0.92%5.05%-8.81%0.82%-5.57%AC2.25%2.62%5.26%11.71%6.66%5.16%1.22%-4.53%FVOCI-11.07%-0.93%10.15%32.33%27.56%8.00%10.38%-21.36%存放央行-16.01%-12.69%-5.65%-3.13%4.00%-2.98%-0.99%2.69%同业资产21.76%-2.18%-11.58%-30.17%-33.27%8.86%44.27%83.16%单季增量2024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1总生息资产105,545-108,623187,301161,405-50,957139,258341,469236,773贷款121,84172510-4,99378,77788,04686,474-40,969206,026投资类资产-17,025182,475105,999100,216-85,143-60,291141,835-290,155FVTPL-22,03633,236-124-19,49231,330-93,04288,730-77,349AC46,23562,39970,24422,271-37,49439,189-775-87,877FVOCI-41,22486,84035,87997,437-78,979-6,43853,880-124,929存放央行-10,435-14,27062,293-48,75614,625-38,07668,312-35,554同业资产-10,952-316,03624,10311,674-37,19857,983260,800278,928，国联民生证券研究所；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。余额结构（分母为总资产）2024H12024Q1-3余额结构（分母为总资产）2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1负债总额91.70%91.47%91.50%91.39%91.58%91.54%91.76%91.81%计息负债89.21%89.63%89.51%89.45%89.21%89.22%90.15%89.80%存款52.92%53.57%53.58%53.87%56.19%55.51%54.27%53.96%向央行借款2.08%1.94%0.87%0.65%0.66%0.97%0.93%0.88%同业负债22.54%22.76%23.13%23.67%22.29%24.08%26.50%27.25%发行债券11.67%11.36%11.92%11.26%10.07%8.66%8.45%7.71%同比增速2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1负债总额4.11%3.28%2.82%3.09%2.42%3.64%5.89%6.62%总计息负债4.03%3.48%2.54%3.18%2.55%3.08%6.33%6.55%存款5.36%4.39%7.92%10.34%8.89%7.31%6.93%6.32%向央行借款-1.58%-14.02%-70.23%-68.48%-67.53%-48.20%12.79%43.66%同业负债-1.07%1.59%-7.18%-7.57%1.41%9.55%20.93%22.14%发行债券9.81%6.73%21.71%10.39%-11.51%-21.04%-25.15%-27.30%单季增量2024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1总计息负债16,5205231167,327103,668-40,47754,169478,466130,505存款287,28243,902109,07896,196237,941-39,83196,14067,712向央行借款-4,616-15,048-108,483-22,20959133,752-443-3,684同业负债-389,82613,10784,79585,918-151,025204,404369,563134,263发行债券123,680-36,73081,937-56,237-127,984-144,15613,206-67,786，国联民生证券研究所余额结构2024H12024Q1-3余额结构2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1公司存款61.32%67.35%60.70%59.38%公司定期32.62%41.02%34.11%33.84%公司活期28.69%26.33%26.59%25.53%个人存款26.46%25.54%28.72%29.84%个人定期18.70%18.69%21.06%21.67%个人活期7.76%6.85%7.66%8.16%余额增速2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1存款总额5.36%4.39%7.92%10.34%8.89%7.31%6.93%6.32%公司存款-5.07%14.93%7.80%-5.73%公司定期-10.85%26.26%13.86%-11.78%公司活期2.50%0.84%0.89%3.69%个人存款16.46%6.03%18.20%24.94%个人定期16.19%7.44%22.66%24.03%个人活期17.14%2.34%7.45%27.43%，国联民生证券研究所余额结构2024H12024Q1-3余额结构2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1个人贷款34.28%33.93%34.71%33.79%33.25%32.41%32.33%30.58%个人住房贷款18.79%18.94%18.46%18.01%个人消费贷款经营性贷款6.07%6.13%6.05%6.04%信用卡应收账款6.50%6.48%5.79%5.56%票据贴现5.19%6.29%5.29%4.37%4.59%5.79%4.82%4.74%公司贷款60.53%59.78%60.00%61.84%62.15%61.79%62.85%64.68%制造业13.45%13.24%14.34%14.70%批发和零售业5.17%4.84%4.90%4.96%传统基建12.23%12.07%12.56%12.76%租赁和商务服务业12.53%12.24%12.32%12.38%房地产业8.42%8.26%7.73%7.22%建筑业3.07%3.07%3.21%3.18%住宿和餐饮业0.15%0.16%0.14%0.17%采矿业1.69%1.86%2.07%2.16%信息传输、软件和信息技术服务1.00%1.17%1.52%1.75%农、林、牧、渔业0.51%0.50%0.52%0.53%金融业0.83%1.00%1.09%1.17%卫生和社会工作0.30%0.33%0.36%0.40%科学研究和技术服务业0.70%0.76%0.77%0.83%余额增速2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1贷款总额8.55%8.05%5.05%4.83%4.13%4.32%3.70%5.84%个人贷款-0.81%-0.46%0.75%0.96%1.02%-0.34%-3.41%-4.22%个人住房贷款-1.89%0.96%2.31%-1.35%个人消费贷款经营性贷款12.44%8.12%3.93%2.07%信用卡应收账款-11.00%-7.46%-7.30%-10.97%票据贴现6.98%31.49%-5.07%16.12%-7.86%-3.93%-5.52%14.71%公司贷款14.84%11.36%8.76%6.33%6.92%7.84%8.63%10.71%制造业13.94%4.32%10.96%15.10%批发和零售业2.50%-1.95%-1.41%6.23%传统基建9.61%8.20%7.01%9.64%租赁和商务服务业23.71%10.87%2.40%4.89%房地产业17.73%8.37%-4.45%-9.37%建筑业4.00%5.37%8.74%7.33%住宿和餐饮业16.60%23.20%-1.47%9.05%采矿业23.33%39.58%27.83%20.00%信息传输、软件和信息技术服务18.98%31.50%58.66%55.52%农、林、牧、渔业26.95%13.20%5.17%10.89%金融业35.21%32.79%37.51%21.07%卫生和社会工作41.29%22.05%27.00%26.18%科学研究和技术服务业20.79%22.99%13.98%13.09%，国联民生证券研究所资产质量2024H12024Q1-3资产质量2024H12024Q1-32024A2025Q12025H12025Q1-32025A2026Q1不良贷款率1.08%1.08%1.07%1.08%1.08%1.08%1.08%1.08%拨备覆盖率237.82%233.54%237.78%233.42%228.54%227.81%228.41%224.52%拨贷比2.56%2.53%2.55%2.52%2.46%2.46%2.47%2.41%贷款拨备余额145,113145,070146,180146,660145,107147,074146,756148,558非信贷拨备余额53,36948,10546,48847,201不良贷款余额61,01862,11861,47762,83163,49364,56064,25166,167关注类贷款余额97,972101,63598,10699,41597,98799,871100,392107,981逾期贷款余额82,40491,23090,39888,867逾期90天以上贷款余额47,53452,20454,68448,519重组贷款余额27,73627,54033,81637,861关注贷款率1.73%1.77%1.71%1.71%1.66%1.67%1.69%1.75%关注率+不良率2.81%2.85%2.78%2.79%2.74%2.75%2.77%2.83%逾期贷款率1.45%1.59%1.53%1.49%逾期90天以上/不良77.90%84.92%86.13%75.51%逾期1年以上/损失60.59%68.69%78.91%72.66%逾期/不良135.05%148.40%142.37%138.31%重组贷款率0.49%0.48%0.57%0.64%（重组+逾期）/贷款1.94%2.07%2.10%2.13%（重组+逾期）/不良180.50%193.19%195.63%197.24%（）1（）1.18%1.15%1.27%1.19%不良生成率2（测算核转）1.29%1.22%1.11%1.06%1.16%1.04%1.04%0.97%不良回收率-0.12%0.04%0.11%0.15%信用成本（测算值）1.23%1.14%1.08%0.99%1.04%0.96%0.99%0.94%不良核销转出率1（披露核转）101.1%102.5%111.7%106.6%不良核销转出率2（测算核转）112.2%105.4%98.5%90.1%101.8%90.1%93.0%78.2%非信贷拨备/非信贷资产1.14%1.01%0.99%0.92%金融投资-拨备/阶段三106.4%93.2%94.4%109.5