银行行业A股上市银行26Q1季报综述：净利息收入支撑营收反弹积极增提拨备处置风险

目录TOC\o"1-1"\h\z\u一、净息收支撑强势反，利边际善 4二、扩延续缓，投资增不弱 8三、部个股差强弹，资端降显著窄 13四、资质量在压存，积增提值处险 14五、资充足有所，25年全年金分例同比升 19六、投建议 21七、风提示 21图表目录图1：26Q1上市银行业绩全回暖，利润改善幅度弱于营收 4图2：26Q1上市银行净利息入增速大幅反弹 5图3：26Q1业绩驱动因素拆，息差负向拖累明显减弱 5图4：26Q1上市银行各营收项同比增速及其他综合收益环比变动情况，利息净收入增速全面弹 图5：26Q1国有行业绩改善为明显 6图6：国有行息差拖累明显减弱，减值计提力度提升 6图7：26Q1在净利息收入明回暖的背景下，浮盈兑现力度总体较为克制 6图8：26Q1股份行营收改善显，利润小幅下降 7图9：股份行非息收入和规模增长是业绩主要驱动因素 7图10：26Q1城商行营收利均有不弱反弹 7图拆分驱动因素看，城商行息差对业绩不再有拖累 7图12：26Q1农商行净利息入和中收驱动营收改善 8图13：农商行息差对业绩的献由负转正 8图14：26Q1上市银行生息产扩表放缓，金融投资保持不弱增速 9图15：26Q1上市银行对公款占比普遍抬升，零售贷款占比进一步下降 9图16：26Q1大行AC占比升，中小行相对增配OCI，TPL表现相对分化 10图17：上市银行贷款总额同增速走势，农商行和股份行信贷增长边际提速 10图18：26Q1上市银行计息债及其细分类别同比增速及变动情况，同业负债增速进一步抬升图19：上市银行存款同比增走势，国有大行存款增速较25A末降幅最小 图20：25年个人活期存款比有所抬升 12图21：26Q1净息差基本延企稳趋势 13图22：新发贷款收益率降幅著收窄 13图23：上市银行生息资产收率降幅显著收窄 13图24：上市银行净息差及变情况，多数银行息差强势反弹 14图25：26Q1上市银行不良有所下降，测算不良净生成率同比上行幅度较大 15图26：2025年上市银行对贷款主要领域不良率及变动情况，地产不良率有所抬升 16图27：2025年上市银行个贷款不良率仍有抬升 17图28：26Q1上市银行测算用成本率、拨贷比、拨备覆盖率及变动情况 18图29：上市银行信用成本趋，26Q1明显抬头 18图30：上市银行信用成本自25A开始向下击穿不良净生成率 18图31：26Q1上市银行各级本充足率、变动情况及安全边际 19图32：上市银行风险加权资同比增速走势，国股行增速较年初有所上升 20图33：25年上市银行分红例边际小幅提升 20一、净利息收入支撑营收强势反弹，利润边际改善业绩全面反弹，净利息收入重回增长区间。26Q1，42A股上市银行营收、拨备前利润和归母净利润累计同比增速（后同）分别为7.6%、9.8%、3.0%，分别较25年末回升6.2pct、9.0pct1.6pct257.2pct7.2%25年末小幅-0.3pct5.8%Q1理财规模增长略显逊色、股票市场波动加剧等因素使得增速略258.2pct12.7%，其中得益于债市不错的行情，公允价值变动损益同比大幅增长，但投资收益有所下降，去年银行出于平滑业绩诉求及银行帐簿利率风险指标约束考虑，浮盈兑现基数较高，今年兑现力度明显克制。营收大幅改善的背景下，银行普遍增提减值（国有大行尤为明显），PPOP归母净利润改善幅度分化。图1：26Q1上市银行业绩全面回暖，利润改善幅度弱于营收工商银行工商银行上市银行国有行8.3%11.1%10.5%8.4%7.6%4.9%3.8%-1.1%1.4%5.6%2.7%-3.9%4.7%35.3%0.5%14.4%8.4%4.3%10.2%13.5%4.3%6.5%5.6%11.6%14.6%1.3%7.3%10.9%13.0%-0.2%41.5%25.1%8.4%1.2%-8.7%6.7%6.3%9.7%8.4%4.0%5.6%2.9%3.8%-1.3%-0.5%6.1%-2.1%2.9%15.0%40.7%8.1%17.1%-0.4%0.9%2.2%3.1%3.2%3.8%7.4%1.1%27.5%1.0%-0.7%9.9%7.9%0.5%19.9%23.3%7.0%4.1%0.4%0.2%-4.4%1.2%-5.2%0.3%9.3%13.5%13.1%7.1%19.4%9.9%4.3%-0.3%4.1%6.4%6.4%-1.8%4.4%48.2%1.5%23.5%8.7%4.6%15.3%18.4%6.4%6.8%6.1%12.7%19.1%5.8%9.6%16.7%13.9%1.9%53.5%32.6%12.9%4.6%-12.4%9.6%5.7%3.6%1.0%2.7%7.4%11.8%13.0%5.4%12.8%8.3%4.6%-0.4%2.9%6.2%-2.3%4.6%16.3%56.1%13.0%28.8%2.8%0.1%2.3%4.9%6.3%3.5%6.9%2.0%38.1%3.4%-5.0%44.4%10.0%2.9%26.2%30.1%11.0%7.1%4.8%1.0%15.7%1.4%-0.6%1.8%3.3%3.5%4.5%4.2%1.9%3.1%1.5%0.2%1.5%3.0%-9.6%-8.1%3.0%-1.5%0.7%5.6%8.2%0.7%10.3%8.0%10.1%4.8%5.8%10.4%2.4%5.4%21.2%8.2%14.0%-4.8%6.2%7.4%5.1%0.7%5.6%11.1%1.6%2.7%2.5%5.1%2.6%2.5%1.3%2.0%0.8%0.9%0.3%-0.2%-9.0%0.0%-4.3%-1.2%7.2%0.2%15.6%27.8%-0.1%-2.0%2.2%0.0%-2.0%1.5%2.2%-0.1%0.7%4.3%-0.5%2.7%-0.6%-3.6%2.6%5.9%-0.3%0.5%-3.9%0.5%0.2%-2.8%0.0%-3.7%7.6%9.0%3.7%9.7%2.6%-4.2%6.2%6.7%5.4%5.5%3.2%-1.7%9.8%11.4%5.4%13.0%5.0%0.2%9.0%9.7%7.4%9.1%6.2%-0.5%3.0%3.6%-0.3%7.4%3.8%-2.8%1.6%2.0%-0.2%3.9%0.8%25.0%较25A变动归母净利润较25A变动拨备前利润较25A变动营业收入公司简称图2：26Q1上市银行净利息入增速大幅反弹 图3：26Q1业绩驱动因素拆，息差负向拖累明显减弱10%5%0%-5%-10%21.7%工商银行建设银行农业银行中国银行邮储银行交通银行招商银行兴业银行浦发银行中信银行民生银行光大银行平安银行华夏银行浙商银行北京银行江苏银行上海银行宁波银行南京银行杭州银行成都银行长沙银行重庆银行贵阳银行郑州银行青岛银行苏州银行齐鲁银行兰州银行西安银行厦门银行公司简称 21.7%工商银行建设银行农业银行中国银行邮储银行交通银行招商银行兴业银行浦发银行中信银行民生银行光大银行平安银行华夏银行浙商银行北京银行江苏银行上海银行宁波银行南京银行杭州银行成都银行长沙银行重庆银行贵阳银行郑州银行青岛银行苏州银行齐鲁银行兰州银行西安银行厦门银行公司简称 净利息收入 较变动 净手续费收入 较变动 净其他非息收入 较变动

净利息收入 净手续费收入营业收入 净其他非息收入（右轴）0%

规模息差手续费净收入其他非息收入资产减值损失9.6%7.3%9.6%7.3%-1.3%13.7%-3.1%4.1%2.8%1.7%12.4%-2.1%5.0%7.5%8.1%7.6%7.8%7.3%7.2%2021-122022-092023-062024-032024-122025-09图4：26Q1上市银行各营收分项同比增速及其他综合收益环比变动情况，利息净收入增速全面反弹24.1%62.2%34.5%1.4%-17.4%3.5%-5.3%-29.7%5.8%58.0%53.2%23.1%-27.3%18.1%37.6%7.911.9.59.68.95.33.0-2.67.43.21.48.97.911.9.59.68.95.33.0-2.67.43.21.48.92.712.0.27.741.0%3.6%1.6%-8.7%-1.8%0.7%-6.5%0.5%0.0%-5.1%1.6%5.5%-15.4%12.6%0.0%24.4%-9.1%-4.2%-10.6%51.0%-79.-24.3%17.6%-0.3%1.2%22.0%32.3%52.9%-19.6%5.2%-12.9%12.7%-2.6%24.0%19.0%-11.4%-291.1%-1.5%11.0%%%2.43.78.47.98.98.3-9.620.26.2%36.6%26.3%4.0%7.26.2%6.3%3.3%10.0%7.6%11.2.1%448.2%169.4%52.2%-6.6%-12.3%-2.7%-5.9%-2.4%-17.6%-38.4%4.2-178.0%-23.2%-1.8%-8.8%8%-13.23.9-16.6%6.0%10.2%6.8%7.7%20.2%-8.8%2.6%13.8%16.1%4.4%2.6%3.8%3.5%3.5%22.4%6.3%9.1%7.7%12.7%0.3%0.9%0.7%4.5%--5.8%7.2%7.2%上市银行总计国有行-46.2%29.4%%12.6%-14.7%-212.0%23.3%0%0.8%-9.6%7.0%7.8%55.4%-5.4%6.3%17.0%5.8%-41.7%-7.2%8.3%-10.9%16.9%2.3%-32.2%%15.1%渝农商行沪农商行青农商行常熟银行紫金银行无锡银行张家港行苏农银行江阴银行瑞丰银行43.7%4.5%4.3%23.6%103.7%13.1%-22.36.8%429.3%-17.1%6.4%0.0%16.9%-1.2%-19.0%-30.3%49.1%18.3%-1.0%9%-31.4%%12.8%12.6%-1.6%%2.2%-48.4%%17.3%-36.7%-11.2%-12.0%%20.7%-18.8%-14.6%%39.4%-26.4%81.7%%14.4%-17.0%5.1%6.7%8.4%23.8%40.1%3.6%433.2%2.5%8.0%1.5%34.8%11.7%-34.5%-9.2%22.1%0.2%7.0%5.9%-23.6%-5.5%-3.8%-2.6%4.9%7.4%%%%%%%%%%%4.3%-3.0%%16.8%%12.9%0.2%%%66.7%37.4%0%22.3%5.2%6.7%7.9%5.6%%1225.8+2.0pct至9.0%、11.4%、3.6%，在各子板块当中营收和PPOP修复力度最大，主要得益于净利息收入明显反弹，非息收入表现稳定，净利息收入、中收、其他非息收入增速较25年末分别+9.1pct、-0.9pct、-1.8pct。个股层面，建设银行、农业银行营业收入均实现双位数增长，个别大行浮盈兑现力度不弱，或是指标压力及业绩增长综合考虑的结果。图5：26Q1国有行业绩改善为明显 图6：国有行息差拖累明显减弱，减值计提力度提升营业收入 拨备前利润 归母净利润 规模 息差 手续费净收入 其他非息收入 资产减值损失16%12%8%4%0%-4%-8%2021-122022-092023-062024-032024-122025-09

2020A2021A2022A2023Q42024Q42025Q42026Q1图7：26Q1在净利息收入明显回暖的背景下，浮盈兑现力度总体较为克制33.68%33.68%35.80%-0.54%%-0.650.03%0.68%0.60%0.42%0.57%%-5.37%-6.271.15%7.42%7.11%4.67%6.52%交通银行-0.80%%-0.974.53%5.50%4.60%4.73%5.33%7.09%6.53%50.62%44.09%38.51%42.96%43.53%邮储银行0.61%0.39%1.10%0.71%0.44%0.37%0.49%4915.00%8.75%5.47%7.52%5.84%中国银行2.00%2.22%5.38%3.16%3.66%4.08%3.38%%-26.448.19%61.50%53.31%58.95%65.17%87.94%农业银行-0.47%%-2.180.13%2.31%1.82%2.38%0.61%%-20.37%-29.126.67%27.05%建设银行-6.75%%-1.822.61%4.43%6.30%8.38%9.36%%-21.39%71-6.17.24%23.95%31.20%36.30%38.64%农商行%-2.561.13%4.91%3.78%5.06%5.59%7.47%4.72%10.6028.22%17.61%20.73%21.76%23.50%城商行21%-3.0.15%1.78%1.63%2.71%2.93%4.99%%-4.467.59%20.01%12.42%18.27%19.47%24.47%股份行-0.14%-0.06%1.79%1.85%2.22%2.47%1.92%5.41%13.3537.33%23.98%29.10%35.16%31.91%国有行-0.93%0.08%2.09%2.02%2.64%2.93%3.03%1.54%10.0829.13%19.05%24.29%26.46%27.58%上市银行合计26Q1环比 26Q1同比2026Q12025Q42025Q32025Q22025Q1处置AC占营收比重（累计）26Q1环比 26Q1同比2026Q12025Q42025Q32025Q22025Q1处置AC占投资收益比重（累计）28.37%股份行营收和PPOP增速边际改善明显，但归母净利润增速小幅下降，是利润同比负增长的唯一子板块，个别品种业绩波动较大。截至26Q1，股份行营收、拨备前利润和归母净利润增速分别较25+5.4pct、+7.4pct、-0.2pct3.7%5.4%、-0.3%+3.5pct、+0.7pct、+16.1pctTPL最为明显。个股层面，华夏银行、平安银行营收改善幅度相对突出，除低基数影响外，前者更依赖其他非息收入的大幅增长，后者改善结构相对均衡。图8：26Q1股份行营收改善显，利润小幅下降 图9：股份行非息收入和规模增长是业绩主要驱动因素营业收入 拨备前利润 归母净利润

规模 息差 手续费净收入 其他非息收入 资产减值损失15%10%5%0%-5%-10%2021-12 2022-09 2023-06 2024-03 2024-12 2025-09

80%60%40%20%0%-20%-40%-60%

2020A2021A2022A2023Q42024Q42025Q42026Q1城商行绝对增速继续领跑，营收利润修复均相对强劲，净利息收入保持高增。截至26Q1，城商行25+5.5pct、+9.1pct、+3.9pct至9.7%、13.0%、7.4%，增速领先各子板块，利润改善幅度同样领先。结构上，净利息收入、中收、其他+2.6pct、-4.5pct、+20.2pct图10：26Q1城商行营收利均有不弱反弹 图11：拆分驱动因素看，城行息差对业绩不再有拖累21%16%11%6%1%-4%

营业收入 拨备前利润 归母净利润

规模息差手续费净收入其他非息收入资产减值损失80%60%40%20%0%-20%-40%-60%2021-122022-092023-062024-032024-122025-09

2020A2021A2022A2023Q42024Q42025Q42026Q1农商行业绩改善幅度在子板块中偏小，净利息收入和中收支撑营收反弹。截至26Q1，农商行营收、拨备前利润和归母净利润增速分别较25年末+3.2pct、+6.2pct、+0.8pct至2.6%、5.0%和3.8%。结构上，净利息收入较25年末改善6.8pct，其中息差坚挺是核心支撑；中收边际改善6.0pct；净其他非息收入增速下降8.8pct。个股层面，渝农商行营收改善较为明显，主要是净息差逆势抬升9BP、中收增速转正的结果。图12：26Q1农商行净利息入和中收驱动营收改善 图13：农商行息差对业绩的献由负转正20%15%10%5%0%-5%

营业收入 拨备前利润 归母净利润

规模息差手续费净收入其他非息收入资产减值损失2021-122022-092023-062024-032024-122025-09

2020A2021A2022A2023Q42024Q42025Q42026Q1二、扩表延续放缓，金融投资增速不弱生息资产增速延续下降，贷款增长延续放缓，金融投资增速不弱。截至26Q1，上市银行生息资产增速较25年末小幅下行0.4pct至9.1%，国有行、股份行、城商行和农商行分别-0.5pct、-0.1pct、-1.2pct、-0.5pct250.3pct，除了受淡化总量以及有效需求仍待修复的影响外，消费金融政策环境的收紧、重点领域风险的暴露和主动确认等均对贷款有所扰动；结构上零售信贷占比进一步下降，信贷增长仍主要集中于对公领域。年初以来，银行体系存款相对充裕，流动性相对宽松以及信贷表现偏弱的背景之下，债券配置力量有所增强，金融投资保持不弱增速，环比+0.6pct14.1%251.5pct、0.7pctACOCI。同时，同250.9pct（1.7pct）。%1.10.1%1.02.1%1.10.1%1.02.11.2-%2.03.8%0.7%1.2-%%%%%4.81.0%0.6%%-%-1.0-14.0%-19.4%-20.3%-5.2%0.6%7.6%1.2%3.7%13.3%-4.1%8.3%-26.8%-5.1%0.2%30.9%5.5%-6.2%6.0%5.6%-10.7%-15.1%%-15.2%6.1%-15.6%9.7%-3.3%25.2%-25.2%-5.0%1.1%3.2%0.7%-18.7%-20.9%-9.3%-4.3%4.9%-27.6%-7.2%% 0.6-0.5 % 0.2 39.8%0.9%1.7%-0.3%1.0%%%-0.522.42.11-2.5-2.288.6%35.72.0%-6.1%%-3.52.2%%%%-2.6%较25A变动存放央行较25A变动同业资产较25A变动金融投资较25A变动贷款总额较25A变动生息资产公司简称3.6%15.0%5.6%6%-11.0%0.8%4.8%%17.7%7.5%9.9%国有行股份行城商行农商行-7.9%1.9%10.7%%14.1%-0.37.0%-0.4%9.1%上市银行总计109.8%8.4%6.5%%10.1%11.7%5.5%8.8%26.3%0.2%10.8%2.7%7.5%8.0%7.6%12.2%3.3%8.4%3.8%7.4%17.7%34.7%-15.5%-17.3%47.5%47.0%0.3%9.3%-4.4%-4.7%2.7%5.4%8.7%8.2%9.3%-19.2%274.4%309.5%-27.8%-11.3%3.9%5.2%-10.1%9.6%7.9%-2.17.5%常熟银行-17.1%-6.1%-0.7%18.6%4.6%4.2%4.0%5.3%-2.0%10.1%11.5%9.5%-0.1%8.7%2.1%7.0%1.8%4.6%-0.1%1.9%-0.5%1.5%0.7%-0.3%0.2%3.0%1.1%-1.3%23.0%13.2%-11.2%11.7%11.7%1.7%1.3%-15.2%10.4%-6.65.8%29.7%32.7%15.8%0.2%9.1%1.3%84.0%17.9%15.9%28.1%-14.9%13.7%%-28.2%-4.8%29.8%31.1%16.8%17.6%18.3%17.4%11.3%94.6%15.1%10.7%-12.2%29.8%1.1%3.7%3.3%2.6%106.8%99.7%2.4%-1.9%-0.2%-2.5%0.3%1.7%2.3%-3.4%18.9%-1.518.6%重庆银行10.2%29.3%4.1%-2.2%10.0%-2.18.5%长沙银行24.3%8.7%10.8%-1.410.3%成都银行5.9%-22.1%7.3%7.4%15.9%9.8%-7.7%66.8%14.0%16.3%1.9%-19.2%16.3%17.0%15.7%14.1%-2.3%2.9%4.3%3.6%24.1%18.4%25.8%18.9%24.6%3.5%79.4%67.5%10.0%3.4%11.4%27.8%0.7%6.5%6.6%8.0%14.3%30.1%2.1%11.8%8.0%-10.6%-12.4%21.3%1.5%5.0%-7.0%-0.9%2.8%-1.3%-2.5%4.2%-0.8%0.1%-0.1%-0.2%-12.7%2.3%4.1%16.0%9.4%3.2%11.7%11.2%4.5%7.0%83.2%-8.3%5.8%5.9%1.3%2.7%12.5%4.8%7.6%5.5%5.1%5.9%6.7%0.9%-5.3%14.7%13.7%9.4%10.2%11.0%28.1%19.4%19.9%23.6%14.1%8.8%8.2%8.3%13.7%-0.6%-6.6%21.4%21.8%9.8%-3.4%2.8%-35.4%24.1%16.7%-36.7%33.1%6.7%38.9%-5.8%-25.8%-3.1%11.0%-22.8%-56.7%6.6%14.6%3.0%0.6%-34.1%41.5%-59.7%14.7%-4.3%43.3%-60.1%51.0%-83.5%-13.1%-4.6%16.0%-9.2%0.6%-35.4%-19.6%-16.3%-40.2%-23.3%-1.2%0.6%4.0%-0.9%7.8%0.3%-0.1%6.3%-0.4%-1.9%-4.6%13.9%-2.0%1.1%-0.5%0.3%-0.6%-4.3%1.0%-5.1%-3.2%-1.3%-1.3%8.7%12.4%0.3%1.4%6.7%-0.8%7.6%-1.5%-5.5%-3.7%18.2%-0.9%-0.3%-0.2%-0.5%0.0%-0.7%-0.6%2.1%-1.3%-0.2%0.6%-2.5%1.1%3.3%3.0%-5.2%1.1%1.8%-1.8%0.6%1.5%-5.0%6.6%7.1%-1.77.8%工商银行图15：26Q1上市银行对公贷款占比普遍抬升，零售贷款占比进一步下降工商银行工商银行江阴银瑞丰银上市银行总国有行股份行城商行农商行63.2%57.0%58.8%67.8%46.1%60.7%64.0%65.9%74.6%69.2%79.6%77.5%79.1%75.6%58.0%60.9%41.3%71.4%71.4%57.7%65.4%1.4%-2.4%0.3%1.6%1.8%-2.1%4.7%4.7%5.0%0.8%6.4%1.9%13.1%4.1%3.5%-0.1%2.6%3.3%-0.1%2.1%0.4%28.6%31.7%34.0%29.6%49.3%31.2%36.0%28.2%25.4%23.2%20.4%18.7%20.9%20.2%35.2%25.7%51.5%17.1%13.1%27.8%20.1%14.1%-0.9%-1.3%-0.2%-1.5%-1.9%-1.1%-1.9%-2.6%-2.8%-0.5%-2.0%-1.8%-1.3%-4.7%-2.5%-1.7%-2.0%-0.2%-0.7%-1.4%-1.1%-1.3%8.2%11.3%7.1%2.6%4.6%8.0%-0.5%3.7%-0.1%-0.1%0.1%3.2%5.8%-2.1%7.6%-0.4%3.8%-0.1%4.2%6.7%13.5%7.2%11.5%15.4%14.5%14.6%11.7%0.6%-1.0%1.8%-0.6%-3.1%0.8%-0.7%0.6%0.3%59.3%54.2%74.2%60.0%0.2%1.3%4.1%1.7%32.8%41.5%22.8%29.5%-0.9%-1.5%-1.9%-1.7%7.9%4.3%3.1%10.5%0.7%0.3%-2.1%0.0%票据贴现占比 较变动零售贷款占比 较变动对公贷款占比 较变动公司简称工商银行上市银行总计国有行股份行城商行农商行72.0%59.1%72.8%45.1%76.1%60.1%49.6%工商银行上市银行总计国有行股份行城商行农商行72.0%59.1%72.8%45.1%76.1%60.1%49.6%56.2%41.5%42.4%55.2%53.2%44.3%51.1%40.8%43.6%34.1%63.2%32.7%33.0%43.6%60.9%46.8%61.1%42.2%55.4%44.7%29.0%50.1%47.8%54.4%42.0%34.7%35.9%37.6%40.5%23.3%55.6%27.7%46.4%24.2%42.2%58.7%65.4%48.7%43.0%0.2%-0.9%0.5%0.9%2.4%0.4%-1.8%2.1%-0.8%-2.4%-0.1%1.2%-1.3%0.6%-2.5%-1.6%-0.8%4.1%0.1%-1.6%0.6%3.8%-3.6%0.3%-2.1%-8.3%0.4%4.5%2.1%0.0%-5.2%1.7%-4.0%-1.1%0.4%-6.4%0.7%-3.2%-1.9%-1.4%-3.3%-2.7%0.2%0.4%-0.7%-0.4%26.1%6.9%22.4%28.3%23.6%6.3%7.9%-4.5%2.1%15.0%-10.8%6.6%2.8%-1.2%0.9%11.2%20.2%0.0%30.2%38.4%0.5%20.2%-6.2%26.0%-3.4%-3.4%48.4%25.6%42.3%24.9%-19.7%2.2%-12.4%3.9%-14.7%-1.9%20.2%18.2%-15.2%18.3%-38.6%12.5%15.3%19.9%1.8%13.0%2.9%2.7%3.3%1.6%14.8%1.6%-1.6%-5.8%7.9%-2.3%-1.3%0.6%3.2%2.3%3.9%-4.0%6.3%8.4%-4.6%-5.8%9.0%0.2%-3.6%-18.7%-4.7%-4.5%8.0%28.5%6.9%-3.5%0.2%-3.3%3.8%-6.4%4.9%-1.7%5.9%1.3%16.3%-3.4%-2.9%-10.6%3.2%4.2%0.0%2.1%5.6%6.6%3.0%7.2%14.6%15.3%17.0%26.2%27.3%24.6%14.0%15.9%47.1%26.6%22.8%20.1%25.9%14.2%19.9%25.1%12.5%11.2%30.2%14.6%29.6%21.6%23.4%27.8%12.0%23.1%23.6%26.1%15.4%9.7%26.9%11.3%6.2%10.3%18.9%17.2%42.4%12.9%0.1%-0.2%-0.4%-0.7%-0.5%2.0%1.4%0.0%-0.4%1.4%-1.4%-3.4%2.5%-1.0%0.9%0.1%-2.5%-5.6%-0.8%-1.2%0.0%-4.9%4.5%-0.4%2.6%2.2%-0.8%-3.0%-1.0%0.5%2.6%2.5%2.8%-0.9%-0.5%0.5%5.9%-0.2%1.6%1.4%-0.3%-2.2%-4.5%35.6%-5.8%13.5%-5.2%1.0%17.4%-5.6%25.0%14.7%-5.6%-15.6%59.7%1.3%-1.5%-14.2%7.9%-29.2%-4.2%-25.3%-20.6%-53.8%-9.2%-10.4%-4.1%26.1%30.3%37.4%11.3%14.3%23.3%22.1%11.2%-3.5%-9.8%-21.5%1494.7%-31.9%17.4%-13.6%67.6%6.9%23.6%20.8%0.1%-1.0%11.3%-8.9%2.0%-7.3%-14.3%-12.8%1.1%9.5%12.4%-6.4%6.2%9.9%-4.1%-19.1%38.1%-6.9%-1.9%-7.7%-4.3%-22.2%2.3%1.8%18.5%-21.8%-31.4%-4.0%4.2%-13.6%13.6%15.6%10.8%17.2%22.7%21.5%15.3%-18.0%-6.9%-30.4%1579.8%-10.0%31.7%-12.2%12.1%-17.9%0.1%-2.1%3.7%-2.1%22.4%34.3%24.1%47.7%9.3%24.7%33.4%17.7%31.2%33.0%30.9%30.8%8.7%22.4%36.4%36.3%40.0%22.6%47.4%41.9%44.0%27.9%23.0%24.3%28.2%23.1%31.9%43.1%37.9%29.2%22.0%31.9%49.9%54.4%35.6%48.1%70.5%34.1%53.4%36.4%33.4%44.8%29.1%27.6%27.7%36.3%-0.2%1.1%-0.1%-0.2%-1.9%-2.4%0.4%-2.1%1.1%1.0%1.5%2.2%-1.2%0.4%1.5%1.5%3.3%1.5%0.7%2.8%-0.6%1.1%-0.9%0.1%-0.5%6.0%0.3%-1.5%-1.2%-0.5%2.6%-4.2%1.2%2.0%0.1%5.9%-6.6%3.4%0.3%0.1%3.6%4.8%0.1%-0.3%0.6%1.5%3.7%54.3%24.5%4.4%-15.2%4.8%17.5%-21.4%15.3%4.5%27.5%8.4%-12.6%11.5%2.1%28.3%47.5%61.9%18.2%49.6%28.9%53.4%77.9%-26.0%15.5%85.0%10.1%31.1%-2.4%4.3%91.7%-12.1%33.5%6.6%9.0%35.7%-24.2%4.2%9.9%-10.4%11.0%5.3%16.5%16.5%7.9%31.3%2.4%-7.8%8.9%-1.1%-20.7%-8.4%-4.8%-31.7%2.8%-5.0%-4.3%-4.6%-5.0%-8.3%-0.6%-34.4%-10.6%-18.6%-1.0%-25.3%-38.9%1.3%61.1%-11.7%-1.6%-0.9%6.2%-1.5%-8.7%-5.7%-1.6%-11.6%6.1%4.8%-26.8%0.7%-44.5%6.3%-11.6%-0.8%-33.5%18.4%-5.1%-3.6%-7.0%-11.5%-1较25A变动同比增速较25A变动占比较25A变动同比增速较25A变动占比较25A变动同比增速较25A变动占比公司简称OCITPLAC分板块看：1）25A1.5pct，其中农行、邮储金市投资同比增速提升尤为明显（主要是AC类资产），带动总生息资产提速扩张；2）股份行贷款同比增速绝对值较弱，但边际表现企稳，26Q1信贷增量实现同比多增；3）25A1.1pct25A2.0pct；4）25A投资的稳健增长，表现领跑子板块。图17：上市银行贷款总额同比增速走势，农商行和股份行信贷增长边际提速上市银行 国有行 股份行 城商行 农商行20%18%16%14%12%10%8%6%4%2%负债端，我们有如下观察：1）25A0.9pct25Q23月份以来，中小银行再度开启密集存款利率加点调整，该趋势或将延续；2）Q1地的影响，非银存放意愿下降，导致在同业负债基数较低的情况下，今年Q1同业负债同比增速有所上升，较25A+8.6pct；3）今年一季度存款增长稳健，脱媒现象有限，银行发行存单意愿不强，应付债券（NCD）25A12.6pct25Q1明显通过同业存单发行Q125A23.0pct。图18：26Q1上市银行计息负债及其细分类别同比增速及变动情况，同业负债增速进一步抬升公司简称 计息负债 较25H1变动 存款总额 较25A变动 应付债券 较25A变动公司简称 计息负债较25H1变动存款总额较25A变动应付债券较25A变动同业负债较25A变动向央行借款较25A变动工商银行建设银行

8.1% -%-3.01.9-3.01.9

6.2%6.8%

-1.2%-0.7%%

-23.8%-17.3%

-33.1%-26.0%

29.7%38.9%

4.8%-15.9%

-4.6%76.0%

-8.9%59.7%2.2农业银行中国银行邮储银行交通银行招商银行兴业银行浦发银行中信银行民生银行光大银行平安银行华夏银行浙商银行北京银行江苏银行上海银行宁波银行南京银行杭州银行成都银行2.2

15.0%10.0%9.6%8.3%7.0%6.7%6.6%4.1%-0.4%0.0%3.2%8.0%4.9%12.9%26.1%4.1%13.7%16.7%

1.1%0.1%0.9%3.6%-0.8%0.2%0.3%-2.7%-0.1%-3.7%1.2%-0.7%0.6%-5.7%0.7%0.6%-4.1%-0.9%

.7%.4%

0.1%-2.2%0.0%0.5%-1.3%-0.6%%.8%%.8%-2.0-0.9%-3.4%-0.4%0.7%1.1%-2.3%1.8%2.2%-7.4%-1.0%-0.5%-4.0%-4.0%

-10.2%8.3%21.6%-4.0%-14.6%-27.3%-26.3%-17.4%-6.2%6.4%-1.7%-2.6%-6.4%0.7%2.6%-1.8%2.4%5.0%4.3%3.7%

-32.1%-3.3%17.7%-4.1%21.0%-2.1%-6.6%-16.6%-13.8%-1.5%20.0%-2.8%-1.1%-26.0%1.0%-21.4%-3.7%6.9%-3.2%6.5%

62.8%39.3%64.2%15.9%22.7%22.1%37.5%24.2%0.4%2.8%29.8%9.0%8.6%49.1%66.2%-3.9%60.4%88.1%-3.0%32.8%

23.9%33.6%31.5%16.1%-0.7%1.2%17.1%6.4%7.2%2.9%19.6%-5.4%5.2%-2.7%1.9%5.6%7.0%-31.1%-1.2%28.7%

81.7%20.5%-16.3%51.7%-50.8%43.7%84.2%109.3%16.5%-19.6%-38.2%-4.5%1.4%19.5%38.8%106.4%310.1%1.9%21.6%70.7%

48.7%-35.4%-20.3%33.9%-9.3%30.9%66.8%44.9%29.0%-81.3%-197.8%11.5%-30.0%21.9%-15.0%8.4%.8598.4%.8256.2%4-0.9%4-82.2%-8长沙银行

8.3% -%

8.1%

-1.0%

-4.2%

-0.6%

34.3%

-8.6%

25.4%

-20.0%重庆银行贵阳银行郑州银行青岛银行苏州银行齐鲁银行兰州银行西安银行厦门银行渝农商行沪农商行

21.6%2.7%11.2%18.0%19.7%18.3%10.5%4.2%14.7%9.5%6.0%

-0.7%-2.9%0.9%-1.2%6.5%0.7%1.2%-7.7%2.7%-0.9%2.5.62.3.62.5.62.3.6

20.6%5.4%17.0%14.3%15.4%13.0%4.5%-0.2%14.2%7.0%7.5%

1.1%-0.5%2.5%-2.1%2.5%1.6%-0.5%-6.7%0.4%-2.2%3.6%%3.6%%%

2.5%16.2%-12.8%15.5%48.9%23.2%130.8%2.6%4.4%-2.6%61.1%

-4.1%1.7%-12.9%-7.9%27.0%-9.6%66.5%-10.1%3.1%-12.4%-3.2%

54.0%-27.4%31.9%27.2%9.8%32.7%-6.1%493.9%32.7%42.3%-26.4%

-9.8%-16.1%20.3%18.3%7.3%-1.3%-18.8%153.3%8.9%17.5%-15.5%

44.9%-1.8%-13.9%54.6%58.0%45.4%53.3%15.5%27.7%8.3%-2.8%

-7.6%-6.4%-6.4%-17.4%30.6%15.7%39.5%-29.0%11.1%5.4%-1.1%青农商行

-2.4% -%

1.6%

-1.7

-8.3%

-3.6%

-27.3%

-8.3%

-10.1%

1.4%常熟银行

8.4%

-1%

6.1%

-1.5

48.8%

70.0%

12.8%

-36.9%

54.5%

26.9%紫金银行

5.8% -%

3.3% -

6.2%

31.6%

38.6%

-38.4%

27.8%

2.2%上市银行总计国有行股份行城商行农商行

11.0%8.4%8.8%8.2%10.7%4.6%14.0%7.1%

0.3%4.3%0.4%-1.8%0.8%7%-0.7%-1.4%-1.0%

10.0%8.5%3.8%8.1%6.8%4.3%10.2%6.5%

-0.9%1.8%6%%6%%3.6%-2.1-2.-1.0%-1.1%-1.0%-1.1%

803.0%-23.4%-3.9%-50.0%71.4%-12.4%3.8%12.2%

749.9%-17.6%51.3%-91.9%83.5%-3.9%-5.9%-1.0%

-36.4%-5.3%12.6%2.1%6.1%19.2%39.1%3.5%

-25.8%35.4%36.3%3.8%-19.4%5.7%5.7%1.7%-4.3%

26.1%74.5%299.3%47.8%55.4%3.4%41.7%16.3%

11.6%22.6%9.1%12.9%45.4%-12.5%11.6%7.4%图19：上市银行存款同比增速走势，国有大行存款增速较25A末降幅最小上市银行 国有行 股份行 城商行 农商行18%16%14%12%10%8%6%4%2%0%图20：25年个人活期存款占比有所抬升三、部分个股息差强势反弹，资产端降幅显著收窄26Q1净息差基本延续企稳趋势。我们测算26Q1上市银行净息差为1.32%，较25年仅下行1BP（25Q1较24年下行10BP），基本延续了25H1以来的企稳趋势。26Q125A21BP6BP2519BP14BP我们理解，伴随存款重定价效果逐步减弱，负债端改善对息差支撑力量或将边际递减，而资产端收益率的边际走势有望逐步企稳，为净息差更长趋势的企稳提供坚实基础。图21：26Q1净息差基本延企稳趋势 图22：新发贷款收益率降幅著收窄4.00%3.50%3.00%2.50%2.00%1.50%1.00%

净息差（测算） 生息资产收益率（测算计息负债成本率（测算）

5.00%4.50%4.00%3.50%3.00%2.50%2.00%

全部贷款 一般贷款 企业贷款 个人住房贷款 注：生息资产、计息负债取上一年度末余额与本期末余额的平均值图23：上市银行生息资产收益率降幅显著收窄计息负债成本降幅 生息资产收益率降幅0.20%0.10%0.00%-0.10%-0.20%-0.30%-0.40%-0.50%2021A 2022A 2023Q4 2024Q4 2025Q4 2026Q1测算注：降幅是与前一年的测算值相比分板块看，26Q1农商行净息差较25A反弹0.6BP表现亮眼。26Q1国有行/股份行//农商25年-1.1BP、-0.8BP、-0.1BP+0.6BP，农商行主要受益于相对更显著的负债成本改善幅度（25A26BP），26Q125A18BP（25Q124A35BP），降幅明显收敛，走势优于其他子板块，大行资产投放风险偏好较-212-2317-212-23170-218-10--10--1611公司简称 24A 25Q1 25H1 25Q3 25Q4 26Q125Q1较24A(BP) 较24A（BP）26Q1较25A（BP）图24：上市银行净息差及变动情况，多数银行息差强势反弹工商银行工商银行上市银行总计（测算）国有行（测算股份行（测算城商行（测算农商行（测算1.42%1.51%1.42%1.40%1.87%1.27%1.98%1.82%1.42%1.77%1.39%1.54%1.87%1.33%1.41%1.34%1.29%1.71%1.23%1.91%1.80%1.47%1.86%1.17%1.86%1.94%1.41%1.66%2.11%1.35%1.75%1.72%1.73%1.38%1.51%1.43%1.36%1.13%1.61%1.50%1.67%2.71%1.42%1.51%1.62%1.55%1.76%1.50%1.44%1.80%1.30%1.40%1.32%1.26%1.70%1.21%1.88%1.75% 1.41% 1.63%1.39%1.40%1.80%1.54%1.69%1.31%1.78%1.15%1.76%1.86%1.35%1.62%1.87%1.39%1.53%1.64%1.72%1.33%1.53%1.37%1.70%1.08%1.60% 1.39% 1.61%2.58%1.18% 1.46% 1.43% 1.39% 1.54%1.46%1.33%1.28%1.36%1.30%1.26%1.68%1.20%1.87%1.72%1.76%1.28%1.34%1.28%1.26%1.66%1.20%1.87%1.71% 1.42% 1.63%1.40%1.40%1.78%1.56%1.60%1.27%1.73%1.16%1.74%1.82%1.36%1.59%1.85%1.39%1.58%1.61%1.66%1.33%1.53%1.37%1.85%1.09%1.60% 1.37% 1.60%2.53%1.13%1.35%1.39%1.41%1.60%1.50%1.33%1.29%1.36%1.26%1.26%1.65%1.23%1.83%1.62%1.73%-63-14-17-14-14-21-11-110-141-14-11-20-13-12-12-264-17-11249-13-18-29-16-23-14-160-1112031.65%1.41%1.63%1.42%1.61%1.43%1.83%1.79%1.55%1.67%1.79%1.63%1.60%5-11.54%1.57%1.66%1.77%1.34%1.68%1.34%1.54%1.38%1.63%1.40%4-4-371.46%1.39%21.61%1.59%1.69%091.64%2.61%1.23%1.61%2.57%1.17%1.68%2.50%1.08%-181.43%1.42%1.35%1.51%1.46%1.35%1.56%1.49%1.33%1.54%1.50%1.32%-25-1001.38%1.54%1.35%1.45%1.32%1.46%1.34%1.46%1.35%1.46%1.35%1.46%01-5-3-190-9-4-4-19四、资产质量潜在压力尚存，积极增提减值处置风险不良率延续稳中有降趋势，但测算不良净生成率普遍抬升反映仍有一定潜在压力。截至26Q1，1.22%251BP25年末+3BP上市银行不良核销金额（披露）6%26Q1+24%。分板块看，股份行不良净生成抬升幅度最小。26Q1，国有/股份/城商/25A-0.4BP/-0.5BP/-1.2BP/-0.3BP25A+2BP/+1BP/-8BP/-33BP+80BP/+24BP/+68BP/+66BP，其中股份行不良净生成率上升幅度最小。个股层面，国有行中中行，股份行中浦发和平安，城商行中齐鲁、厦门和南京，资产质量边际表现优于可比同业。图25：26Q1上市银行不良率有所下降，测算不良净生成率同比上行幅度较大结合25年末数据观察重点风险领域的变化趋势，对公贷款质量整体稳中向好，个人不良仍持续抬升。25A1.23%-5BP，其中广义基建领域、制造业、批零行业延续向好趋势，国股行地产不良率系统性抬升，一定程度由于地产余额的下降放大了不良的波动程度，26年在银行业营收端全面回暖、财务资源相对充裕的情况下，不排除在足额计提拨备后针对地产行业进行主动风险暴露和确认。测算个人贷款不良率1.39%，较年初+11BP，其中按揭贷款/消费贷/经营贷/信用卡分别较年初+14BP/-1BP/+17BP/+14BP，经营贷和按揭对银行资产质量均有拖累，26年在政策环境收紧、贷款集中到期的背景下，资产质量或仍将有一定承压，结合投放规模看，预计核销资源持续向按揭/消费贷/经营贷/信用卡领域倾斜。国有行股份行城商行农商行国有行股份行城商行农商行 0.13% 0.20%-113125-11-7226-16568-1742253-17-24212872-1089261-25-70-1213479-74-10924.-14-35-3164-31-1381-48-580230---32-5-41-42-0071-03-142222--18--1-15-280-0---1902313-4913-41---36-703-12-2023-5-11-16--2428-70-40-42-80-20-10-24--26-103-116856-23263148370.97%0.63%3.11%5.18%2.17%2.36%2.05%1.19%1.27%0.40%0.44%0.30%1.07%1.32%4.32%1.23%1.31%1.09%0.88%1.30%0.06%23.00%1.84%2.33%0.87%1.36%0.20%0.98%0.87%1.54%0.78%0.19%0.22%0.55%0.93%1.93%0.06%8.82%0..27%0.22%1.61%1.70%1.72%2.60%0.13%0.18%0.77%0.84%0.85%1.29%0.05%0.07%0.22%0.54%1.44%0.78%0.02%0.01%1.61%0.60%3.04%3.14%0.08%1.23%5.11%1.87%0.78%1.91%0.05%0.31%7.75%0.71%4.18%1.58%0.04%0.41%1.30%0.39%2.97%0.08%0.64%2.37%1.70%0.06%0.10%2.85%0.78%0.58%0.03%0.24%6.72%0.63%0.58%0.59%0.61%0.32%0.48%0.04%0.07%0.17%0.23%1.40%1.01%0.07%0.32%1.94%0.93%0.04%0.40%2.91%1.35%2.29%0.47%0.26%1.74%1.10%3.42%1.90%0.64%0.37%2.83%1.42%0.84%1.10%2.22%0.87%1.74%1.36%0.50%1.21%0.13%0.13%0.82%3.61%4.94%1.24%1.21%1.04%0.28%0.92%2.67%1.09%1.69%2.29%2.27%0.43%0.70%3.36%1.21%3.23%0.87%0.87%0.47%0.61%1.93%1.01%0.65%0.43%0.89%2.77%1.38%0.421.33%0.12%0.28%1.58%0.54%0.88%0.88%1.21%6.26%1.22%0.42%0.47%1.37%2.23%2.44%1.44%1.39%0.66%1.57%1.61%1.53%2.70%1.55%0.38%1.47%5.39%4.93%5.40%1.36%制造业批发和零售业制造业 批发和零售业对公贷款对公房地产商务和租赁服务业 基建基建对公贷款对公房地产商务和租赁服务业较25H1变化(BP)对公不良率6358843781245130395621，公司公告工商银行1116工商银行111684316-18338-16201415-2656--0--70-720715--39------7---137-6----3.87%1.63%信用卡较25H1变化(BP)信用卡 个人贷款 按揭贷 消费贷 经营贷经营贷零售不良率按揭贷 消费个人贷款4326585347854824232.45%2.11%1.17%1.12%0.28%1.23%1.46%0.77%1.92%1.32%1.92%1.69%1.80%1.10%1.47%3.34%2.72%0.60%1.38%1.74%1.22%1.29%1.02%0.51%1.06%2.68%1.94%1.01%1.58%1.45%1.77%.69%1.88%1.85%1.46%1.34%2.36%1.58%1.07%0.89%0.92%1.19%4.61%1.82%2.58%1.06%1.58%2.24%

3.45%1.85%0.89%1.94%2.39%2.46%1.25%0.69%1.34%3.45%1.85%0.89%1.94%2.39%2.46%1.25%0.69%1.34%2.03%- - -

-477927-7927宁波银行

8 18

15 -南京银行 1.49% 6 - - - -

19 25 -1 24 -2.43%1.22%0.90%1.15%1.11%2.43%1.22%0.90%1.15%1.11%1.52%1.45%0.71%1.21%0.69%1.28%0.69%1.28%1.83%3.12%3.23%2.81% 2.76%-7 - - - -22 - - - -郑州银行

27

2 16 601.82%0.87%1.78%2.28%2.17%1.82%0.87%1.78%2.28%2.17%1.91%1.99%2.43%1.38%1.22%0.67%1.62%2.43%1.38%1.22%0.67%1.62%2.58%2.70%1.71%1.79%1.52%0.89%0.93%1.39%1.35%1.42%1.94%1.60%1.99%1.56%2.07%2.21%，公司公告

3.01%3.01%3.98%2..80%3.98%

20 - - - -2 59 54 -49 --3 - - - -16 5 43 -32- - - - -- - - - -3 - - - -6 - - - -28 -8 -7 54 -- - - - -11 14 -1 17 14 17 3 18 21 0 -17 13 不良生成压力抬升背景之下，考虑到核心营收显著改善，银行业信用成本明显抬升，加速风险处置、增厚风险抵补能力。截至26Q1，测算上市银行整体信用成本率较25年末上行29BP至0.95%（41BP），3BP、9BP、9BP。过去几年上市银行信用成本向不良净生成率趋势性收敛，根据我们测算，25A开始上市银行整体信用成本已向下击穿不良净生成率，26Q1深度进一步加剧，指向板块整体拨备反哺利润的动能明显减弱。26Q1银行进行了较为积极的减值计提（同比+22.1%），信用成本同比、环比2BP0.8pct2.84%233.4%，我们理解这一过程中银行进行了相对积极的风险处置，各子板块均呈现类似的特征。2.72%0.54%1.54%1.72%1.08%0.86%1.72%2.72%0.54%1.54%1.72%1.08%0.86%1.72%0.53%0.13%1.35%1.53%0.93%1.08%1.01%0.93%1.82%0.91%0.93%1.25%1.12%0.98%0.98%0.85%0.65%0.77%0.69%1.16%0.96%0.94%公司简称 测算信用成本率 较变动（BP） 拨贷比 较变动（BP） 拨备覆盖率 较变动（PCT）1111150326041014--5%%%%%%-%%-6%16.913.34%058-14001-5%%8%%--%8%-0.8%-0.2%-1.9%213.1%2.53%31.05%-12.92%410.91%233.4%232.8%-22.84%290.95%上市银行总计国有行股份行城商行农商行-28.297.7%3.24%401.18%0.2330.2%2.71%1151.56%-17.353.1%2.91%498.2320.7%3.01%210.77%0.78%8.9406.0%3.13%350.86%0.3180.4%2.42%0.67%-13.438.1%3.29%0.99%-26.234.7%-44.08%0.80%-25.303.1%-22.91%0.31%-1.5365.7%3.91%0.67%.7307.0%-22.21%54-421190.38%%31.8246.4%504.04%62189.6%-23.37%357.5%3.68%-37.381.2%-33.13%19%305.6%2.93%53%202.8%3.43%-17238.3%3.79%18246.6%2.76%2281.0%3.23%26424.1%2.88%26-20.481.4%3.66%-45.8306.8%2.55%25369.4%50241.3%2.85%2.81%-14.308.4%-22.50%198.0%2.61%155.6%2.12%-421146.4%78219.6%2.31%2.27%11.162.2%2.14%141.9%2.07%2.33%204.8%202.5%2.52%224.5%2.42%-25101-264.1387.8%3.64%27.6202.8%2.64%-111.216.7%2.14%40203.2%2.48%21292.6%3.66%64234.0%3.07%42214.4%2.81%49图29：上市银行信用成本趋，26Q1明显抬头 图30：上市银行信用成本自25A开始向下击穿不良净生成率全部银行 国有行 股份城商行 农商行

全部银行 国有行 股份城商行 农商行2.00%1.80%1.60%1.40%1.20%1.00%0.80%0.60%0.40%0.20%

1.00%0.80%0.60%0.40%0.20%0.00%-0.20%-0.40%-0.60%2021-122022-032022-062021-122022-032022-062022-092022-122023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-092025-122026-032021/122022/032022/062022/092022/122023/032023/062023/092023/122024/032024/062024/092024/122025/032025/062025/092025/122026/03上市银行总计国有行上市银行总计国有行股份行城商行农商行9.89.312.3-611.411.012.7-1513.513.314.3-22-31-28-21-39-27-29五、资本充足率有所回落，25年全年现金分红比例同比提升资本充足率有所回落。截至26Q1，上市银行核心一级资本充足率、一级资本充足率、资本充足11.3%、12.8%16.0%2527BP、33BP48BP250.5pct0.1pctQ224BP银行、成都银行、重庆银行、长沙银行等资本水平提升。图31：26Q1上市银行各级资本充足率、变动情况及安全边际13.313.314.310.812.210.211.314.19.59.09.39.49.79.59.08.38.68.510.79.39.29.69.110.28.713.0较25A变动（BP）------18-203-150-41-14安全边际（BP）一级资本充足率（%）14.615.112.613.911.412.516.110.410.010.711.411.111.211.29.411.911.011.210.310.411.610.211.59.714.010.210.410.911.810.010.610.212.814.212.211.410.611.911.910.413.412.7较25A变动（BP）-38安全边际（BP）资本充足率较25A变动（%） （BP）工商银行瑞丰银行18.219.017.418.213.715.617.813.212.512.512.812.813.512.511.213.112.214.014.012.814.114.014.012.715.211.512.413.613