银行业息差趋稳带动营收修复

正文目录经营概览：营收增速强劲修复 4盈利拆分：息差边际稳定，金市韧性凸显 7利息收入：息差降幅收窄，利息收入改善 7其他非息：金市韧性凸显，个股表现分化 10中间收入：财富管理发力，中收持续回暖 10资产负债：信贷投放放缓，存款增速下行 12资产端：信贷增长放缓，个股表现分化 12贷款：增速边际略降，内部延续分化 13金融投资：规模加速增长，债权投资增长提速 14负债端：存款增速下行，同业负债占比提高 14风险透视：前瞻整体波动，信用成本提升 16后市展望：把握优质银行结构性机会 19业绩预测：业绩回稳可期，优质行韧性强 19市场面：仓位边际上行，聚焦红利与复苏双主线 20风险提示 25图表目录图表1：上市银行营收增速 4图表2：上市银行净利润增速 4图表3：上市银行2018-26Q1营收同比增速 5图表4：上市银行2018-26Q1归母净利润同比增速 6图表5：2023年-2026Q1上市银行累计净利息收入增速&占比表现 7图表6：上市银行2022-2026Q1累计&单季净息差、生息资产收益率、计息负债成本率变动 8图表7：2020年-2026Q1上市银行净息差数据表现 9图表8：2023年-26Q1上市银行其他非息增速&占比表现 10图表9：2023年-26Q1上市银行中间业务增速&占比表现 图表10：2022年以来上市银行各类资产、负债同比增速 12图表2026Q1与2025Q1上市银行新增资产及结构 12图表12：各类银行资产结构 13图表13：上市银行贷款总额同比增速 13图表14：2021-26Q1上市银行金融投资规模增速 14图表15：2021-26Q1上市银行债权投资资产增速 14图表16：2021-26Q1上市银行交易性金融资产增速 14图表17：2021-26Q1上市银行其他债权投资资产增速 14图表18：26Q1与25Q1上市银行新增负债及结构 15图表19：各类银行负债结构 15图表20：各类型上市银行不良率 16图表21：各类型上市银行拨备覆盖率 16图表22：各类型上市银行关注率 16图表23：各类型上市银行单季度年化不良贷款生成率 16图表24：各类型上市银行单季度年化信用成本 17图表25：26Q1上市银行资产质量数据对比 18图表26：25-26E上市银行业绩预测 错误未定义书签。图表27：26Q1银行股仓位上行 20图表28：26Q1银行股仓位低于2010年来均值 20图表29：13Q1-26Q1各类型银行基金持仓比例走势 20图表30：13Q1-26Q1各类型银行持仓市值占银行股内部结构走势 20图表32：17Q1-26Q1北向资金持仓比例走势 21图表33：26Q1北向资金银行股仓位下行 21图表34：银行板块股息率优势凸显（2026/5/4） 21图表35：2024年以来银行指数走势 22图表36：2024年以来各类型银行指数走势 22图表37：重点公司推荐一览表 22图表38：重点推荐公司最新观点 22经营概览：营收增速强劲修复26Q1+7.6%、+3.0%25A+6.2pct+1.6pct26年一季报业绩主要呈现以下核心变化：息差趋稳带动利息净收入增速明显回升，城商行弹性更强。26Q1为2A仅下降b（26Q12526Q125A7.2pct至+7.2%+13.8%+7.7%30%。26Q1上市银行手续费及佣金净收入同比增长25A2.7pct15.4%6.0pct至+10.2%其他非息收入同比增长（2.4%去年低基数改善明显，但农商行录得负增长（-%，银行间分化较为显著。26Q125A末下降0.pc%A下降pct资产端，金融投资与同业资产扩张持续提速，信贷增长保持平稳。26Q1+7.1%+14.1%25A末-0.3pct+0.6pct、+0.9pct15%以上贷款增速。负债端，26Q1末上市银6.5%25A末-0.9pct。减值计提力度提升，前瞻指标有所波动。26Q10.91%，同比+12bp、+10bp、+5bp，减值计提力度普遍提升。资产质量方面，26Q11.22%25A持平；233%25A1pct，整体保持稳健。但前瞻风险指标有所波动，已披露关注率的1家上市银行关注率为%A末提升1。26Q125A图表1：上市银行营收增速 图表2：上市银行净利润增速25%

大行 股份行 城商行

20%

大行 股份行 城商行农商行上市银行农商行农商行上市银行农商行上市银行15% 10%10% 5%5% 0%0% -5%19-03-5%19-03

19-0319-0920-0320-0921-0321-0922-0322-0923-0323-0924-0324-0925-0325-0926-03-10%19-0319-0920-0320-0921-0321-0922-0322-0923-0323-0924-0324-0925-0325-0926-0319-0920-0320-0921-0321-0922-0322-0923-0323-0924-0324-0925-0325-0926-03公司财报 公司财报19-0920-0320-0921-0321-0922-0322-0923-0323-0924-0324-0925-0325-0926-03图表3：上市银行2018-26Q1营收同比增速银行 2018 2019 2020 2021 2022 2023 2024 2025 2026Q126Q1增速环比25A（pct）建设银行 6.0% 7.1% 7.1% 9.0%-0.2%-1.8%-2.5% 1.9% 11.1% 9.3农业银行11.5% 4.8% 4.9% 9.4% 0.7% 0.0% 2.3% 2.1% 10.5% 8.4中国银行 4.3% 8.9% 3.0% 7.1% 2.1% 6.4% 1.2% 4.5% 8.4% 4.0工商银行 6.5%10.5% 3.2% 6.8%-2.6%-3.7%-2.5% 2.0% 8.3% 6.3邮储银行16.1% 6.1% 3.4%11.4% 5.1% 2.3% 1.8% 2.0% 7.6% 5.6交通银行 8.5% 9.3% 5.9% 9.4% 1.3% 0.3% 0.9% 2.0% 4.9% 2.9华夏银行 8.8%17.3%12.5% 0.6%-2.2%-0.6% 4.2%-5.4% 35.3% 40.7中信银行 5.2%13.8% 3.8% 5.0% 3.3%-2.6% 3.8%-0.5% 5.3% 5.8平安银行10.3%18.2%11.3%10.3% 6.2%-8.4%-10.9%-10.4% 4.7% 15.0招商银行12.5% 8.5% 7.7%14.0% 4.1%-1.6%-0.5% 0.0% 3.8% 3.8民生银行 8.7%15.1% 2.5%-8.7%-15.6%-1.2%-3.2% 4.8% 2.7% -2.1浦发银行 1.7%11.6% 3.0%-2.8%-1.2%-8.1%-1.5% 1.9% 1.4% -0.5浙商银行13.8%19.1% 2.9%14.2%12.1% 4.3% 6.2%-7.6% 0.5% 8.1兴业银行13.1%14.5%12.0% 8.9% 0.5%-5.2% 0.7% 0.2% -1.1% -1.3光大银行20.0%20.5% 7.3% 7.1%-0.7%-3.9%-7.0%-6.7% -3.9% 2.9西安银行21.3%14.6% 4.3% 0.9%-8.8% 9.7%13.7%21.7% 41.5% 19.9厦门银行13.6% 7.7%23.2%-4.3%10.9%-4.8% 2.8% 1.7% 25.1% 23.3贵阳银行 1.3%16.0% 9.6%-6.7% 4.3%-3.5%-1.1%-12.9% 14.6% 27.5北京银行10.2%13.8% 1.9% 3.1% 0.0% 0.7% 4.8%-2.7% 14.4% 17.1南京银行10.3%18.4% 6.2%18.7% 9.0% 1.2%11.3%10.5% 13.5% 3.1齐鲁银行18.0%15.7% 7.1% 8.8% 4.6% 5.1% 13.0% 7.9重庆银行 8.2%12.4% 9.2% 7.2% 3.5%10.5% 11.6% 1.1苏州银行12.2%21.8%10.0% 4.5% 8.6% 0.9% 3.0% 1.1% 10.9% 9.9宁波银行14.3%21.3%17.2%28.4% 9.7% 6.4% 8.2% 8.0% 10.2% 2.2江苏银行 4.1%27.7%15.7%22.6%10.7% 5.3% 8.8% 8.8% 8.4% -0.4青岛银行32.0%30.4% 9.6% 5.6% 4.6% 7.1% 8.2% 8.0% 7.3% -0.7成都银行20.1% 9.8%14.7%22.5%13.1% 7.2% 5.9% 2.7% 6.5% 3.8长沙银行15.0%22.1% 5.9%15.8% 9.6% 8.5% 4.6%-1.8% 5.6% 7.4杭州银行20.8%25.5%15.9%18.4%12.2% 6.3% 9.6% 1.1% 4.3% 3.2上海银行32.5%13.5% 1.9%10.8%-5.5%-4.8% 4.8% 3.4% 4.3% 0.9郑州银行 9.4%20.9% 8.3% 1.3% 2.0%-9.5%-5.8% 0.3% 1.3% 1.0兰州银行 3.4%12.0%-4.1% 7.3%-4.9% 7.6%-2.0%-0.7% -0.2% 0.5渝农商行 8.9% 2.0% 5.8% 9.4%-6.0%-3.6% 1.1% 1.4% 8.4% 7.0江阴银行27.1% 6.9%-1.6% 0.5%12.3% 2.3% 2.5% 4.1% 8.2% 4.1常熟银行16.5%10.7% 2.1%16.3%15.1%12.1%10.5% 6.5% 6.7% 0.2无锡银行11.9%10.9%10.1%11.6% 3.0% 1.3% 4.1% 2.0% 2.6% 0.6紫金银行16.8%10.5%-4.2% 0.6% 0.1%-1.9% 1.0%-7.7% 2.2% 9.9沪农商行12.4% 5.6% 3.6% 9.6% 6.1% 3.1% 0.9%-2.9% 1.2% 4.1苏农银行15.5%11.8% 6.6% 2.2% 5.3% 0.2% 3.2% 0.9% 1.2% 0.3瑞丰银行19.1% 8.3% 5.2%10.0% 6.5% 7.9%15.3% 0.5% -3.7% -4.2张家港行24.1%28.5% 8.9%10.1% 4.6%-5.9% 3.8% 0.8% -4.4% -5.2青 -9.1% -8.7% 0.4注：按各类银行26Q1营收增速降序排列公司财报图表4：上市银行2018-26Q1归母净利润同比增速银行 2018 2019 2020 2021 2022 2023 2024 2025 2026Q126Q1增速环比25A（pct）农业银行 5.1% 4.6% 1.8%11.7% 7.4% 3.9% 4.7% 3.2% 4.5% 1.3中国银行 4.5% 4.1% 2.9%12.3% 5.0% 2.4% 2.6% 2.2% 4.2% 2.0建设银行 5.1% 4.7% 1.6%11.6% 7.1% 2.4% 0.9% 1.0% 3.5% 2.5工商银行 4.1% 4.9% 1.2%10.3% 3.5% 0.8% 0.5% 0.7% 3.3% 2.6交通银行 4.9% 5.0% 1.3%11.9% 5.2% 0.7% 0.9% 2.2% 3.1% 0.9邮储银行 9.7%16.5% 5.4%18.6%11.9% 1.2% 0.2% 1.1% 1.9% 0.8平安银行 7.0%13.6% 2.6%25.6%25.3% 2.1%-4.2%-4.2% 3.0% 7.2中信银行 4.6% 7.9% 2.0%13.6%11.6% 7.9% 2.3% 3.0% 3.0% 0.0招商银行14.8%15.3% 4.8%23.2%15.1% 6.2% 1.2% 1.2% 1.5% 0.3浦发银行 3.1% 5.4%-1.0%-9.1%-3.5%-28.3%23.3%10.5% 1.5% -9.0浙商银行 4.9%12.5%-4.8% 2.8% 7.7%10.5% 0.9%-14.8% 0.7% 15.6兴业银行 6.0% 8.7% 1.2%24.1%10.5%-15.6% 0.1% 0.3% 0.2% -0.2华夏银行 5.2% 5.0%-2.9%10.6% 6.4% 5.3% 5.0%-1.7% -1.5% 0.2光大银行 6.7%11.0% 1.3%14.7% 3.2%-9.0% 2.2%-6.9% -8.1% -1.2民生银行 1.0% 6.9%-36.3% 0.2% 2.6% 1.6%-9.8%-5.4% -9.6% -4.3青岛银行 6.5%12.9% 4.8%22.1% 5.5%15.1%20.2%21.7% 21.2% -0.5齐鲁银行 6.8% 8.6% 7.7%20.5%18.2%18.0%17.8%14.6% 14.0% -0.6重庆银行 1.2%11.6% 5.1% 5.4% 4.4% 1.3% 3.8%10.5% 10.4% -0.1宁波银行19.9%22.6% 9.7%29.9%18.1%10.7% 6.2% 8.1% 10.3% 2.2杭州银行18.9%22.0% 8.1%29.8%26.1%23.2%18.1%12.1% 10.1% -2.0苏州银行 6.3%10.3% 4.0% 6.1% 0.2% 5.5% 8.2% 2.7江苏银行10.0%11.9% 3.1% 8.9% 0.8% 8.3% 8.2% -0.1南京银行14.5%12.5% 5.2%21.0%16.1% 0.5% 9.1% 8.1% 8.0% 0.0厦门银行15.9%21.4% 6.5%19.0%15.6% 6.2%-2.6% 1.5% 7.4% 5.9西安银行10.8%13.3% 3.0% 1.7%-13.5% 1.6% 3.9% 3.6% 6.2% 2.6长沙银行13.9%13.4% 5.1%18.1% 8.0% 9.6% 4.9% 3.6% 5.8% 2.2北京银行 6.8% 7.2% 0.2% 3.5%11.4% 3.5% 0.8%-22.2% 5.6% 27.8郑州银行-28.5% 7.4%-3.6% 1.9%-24.9%-23.6% 1.4% 1.0% 5.4% 4.3成都银行18.9%19.4% 8.5%30.0%28.2%16.2%10.2% 3.3% 4.8% 1.5贵阳银行13.4%12.9% 2.1% 2.1% 1.0%-8.9%-7.2% 1.7% 2.4% 0.7上海银行17.7%12.6% 2.9% 5.5% 1.1% 1.2% 4.5% 2.7% 0.7% -2.0兰州银行 -4.8%-34.9% 2.0% 4.9%10.7% 7.3% 1.3%-1.2% -4.8% -3.6常熟银行17.5%20.1% 1.0%21.3%25.4%19.6%16.2%10.6% 11.1% 0.5青农商行13.2%16.8% 4.8% 3.6%-24.4%10.8%11.2% 9.5% 5.6% -3.9渝农商行 1.4% 7.7%-13.9%13.8% 7.5% 6.1% 5.6% 5.3% 5.1% -0.3苏农银行 9.7%13.8% 4.2%22.0%29.4%16.0%11.6% 5.1% 5.1% 0.0无锡银行10.1%14.1% 5.0%20.5%26.7%10.0% 2.3% 2.5% 2.7% 0.2张家港行 9.4%14.3% 4.9%30.3%29.0% 6.2% 5.1% 5.3% 2.5% -2.8江阴银行 6.0%18.1% 4.4%20.5%26.9%16.8% 7.9% 0.6% 2.5% 1.9紫金银行10.2%13.0% 1.7% 5.1% 5.6% 1.2% 0.3%-23.3% 1.6% 25.0沪农商行 8.0%21.0%-7.7%18.8%13.2%10.6% 1.2% 0.2% 0.7% 0.5瑞 2.3% -0.5% -2.8注：按各类银行26Q1归母净利润增速降序排列公司财报盈利拆分：息差边际稳定，金市韧性凸显利息收入：息差降幅收窄，利息收入改善26Q1上市银行净利息收2025年全年明显回升，息差企稳驱动利息净收入同比转正，26Q1上市银行净利25A7.2pct至25A提升9.1/3.5/2.6/6.8pct至+7.7%/+3.5%/+13.8%/+7.7%。其中城商行整体弹性更强，主要得益于其较强的扩表动能，个股中西安银行、南京银行等同比增速超30%。随着净息差企稳信号明确、存款重定价红利持续释放，行业利息净收入有望延续改善态势。图表5：2023年-2026Q1上市银行累计净利息收入增速&占比表现净利息净利息YoY 20232024 25Q1 25H125Q1-32025 26Q1 26Q1较净利息占比2023202425Q125H125Q1-3202526Q126Q1较25A(pct)工商银行-5.3%-2.7%-2.9%-0.1%-0.7%-0.4%7.5%7.9建设银行-4.1%-4.4%-5.2%-3.2%-3.0%-2.9%8.1%11.0工商银行-5.3%-2.7%-2.9%-0.1%-0.7%-0.4%7.5%7.9建设银行-4.1%-4.4%-5.2%-3.2%-3.0%-2.9%8.1%11.071.2%74.9%74.7%71.2%74.9%74.7%75.3%78.6%80.2%农业银行-3.1%1.6%农业银行-3.1%1.6%-2.7% -2.9% -2.4%-1.9%7.6%9.5中国银行1.6%-3.8% -4.4% -3.0%-1.8%7.8%9.6邮储银行3.0%1.5%-3.8% -2.1%-1.6%7.3%8.9交通银行-3.4% 3.5% 2.5% 1.2%1.5%1.9%7.2%5.3招商银行-1.6% -1.6%1.9% 1.6%1.7%2.0%5.0%3.0

74.5%75.3%72.6% -2.676.4%72.7%77.6%78.5%76.4%72.7%中国银行

65.3%65.3%66.3%66.9%64.9%

-2.082.3%82.0%77.1%77.5%79.4%79.2%76.8%63.7%65.4%64.2%63.9%64.4%65.3%65.6%63.3%62.6%63.3%62.4%63.7%63.9%64.0%

-2.30.30.169.7%68.3%67.2%69.5%69.8%兴业银行69.7%68.3%67.2%69.5%69.8%兴业银行0.8% 1.1% 1.3%-1.5% -0.6%0.4%-2.1%-2.6浦发银行-11.4%-3.1%0.5% 0.4% 3.9%5.0%12.4%7.4中信银行-4.7%2.2% 2.1%-1.9% -2.1%-1.5%1.7%3.2民生银行-4.7%-3.7%2.5% 1.3% 2.4% 1.5%2.8%1.4光大银行-5.4%-10.1%-6.8%-5.6% -5.1%-4.7%4.1%8.9

67.7%66.8%68.8%69.9%67.0%62.2%64.4%67.7%69.3%68.9%68.7%68.9%67.3%68.8%68.0%66.4%

-2.9-0.3-1.6民生银行72.7%72.4%67.5%

68.0%69.6%70.1%67.6%

-2.5光大银行73.8%71.4%

68.9%73.1%72.9%73.8% 0.9平安银行

-20.8%-9.4% -9.3% -8.2%

2.7 71.6%63.7%

64.1%66.1%67.0%62.6%

-4.4华夏银行

-11.9%-2.6% -3.6%-1.6%

12.2 75.6%

67.2%71.4%68.5%71.8%

3.3浙商银行北京银行

1.0%

3.1%

1.4%-2.5% -3.2%-1.5%-1.3% 0.2 74.6%66.8%70.0%69.3%70.4%71.1%68.8%-1.4%1.2% 1.8% 1.9%9.6% 7.7 75.5%74.2%73.5%71.4%76.1%77.7%70.4%

-2.3-7.373.6%-3.272.1%-1.867.1%4.375.4%4.372.4%-3.490.9%6.288.8%6.3上海银行-7.5% -7.6%4.7% 1.7% 0.5% 2.6% 5.1% 2.4 上海银行69.5%73.6%-3.272.1%-1.867.1%4.375.4%4.372.4%-3.490.9%6.288.8%6.3江苏银行 0.7% 6.3%21.9%19.1%19.6%20.7%7.3%-13.4江苏银行70.9%69.2%74.4%73.4%74.2%76.8%12.8%22.4%17.3%2.2%20.7%39.4%宁波银行 9.0% 17.3%11.6%11.1%11.8%10.8%14.4% 3.7 宁波银行66.4%72.0%12.8%22.4%17.3%2.2%20.7%39.4%南京银行

4.6%17.8%22.1%28.5%31.1%

8.4 56.4%

54.6%54.9%60.1%62.8%杭州银行

4.4%6.8% 9.4% 10.0%12.8%

7.9 66.9%63.7%65.2%65.1%69.6%71.1%长沙银行

-1.7%-2.9%-6.1%

8.3 80.7%

74.8%72.9%73.3%75.8%成都银行

7.6% 8.2% 8.4%

8.9 81.3%

79.6%82.9%84.8%沪农商行-0.3% -2.9%-5.6% -5.5% -5.1%-3.9%2.3% 6.2 沪农商行78.4%沪农商行-0.3% -2.9%-5.6% -5.5% -5.1%-3.9%2.3% 6.2 沪农商行78.4%75.5%72.7%71.6%72.9%74.7%73.4% -1.3-7.2%-15.1%-17.0%-17.3%-15.4%-5.4%-0.5% 5.1% 5.1% 1.5% 0.2% 7.8%-12.6%-14.6%-10.5%-8.4%-10.2%0.8%青岛银行12.0%6.4%12.0%12.2%12.0%12.1%14.0%1.9青岛银行74.4%73.2%65.5%70.0%73.9%76.0%69.6%-6.4苏州银行1.7%-6.8%-0.6% 2.7%8.9% 9.5%21.7%12.2苏州银行71.5%64.7%64.8%65.5%68.7%70.1%71.1%1.0

-9.6 79.1%

87.8%76.5%77.7%82.4%贵阳银行-1.8%-18.1%-14.6%-15.3%-12.3%-8.3%12.6%20.9贵阳银行89.9%74.5%81.2%75.7%80.6%78.5%79.8%1.3郑州银行-4.2%-11.7%-6.4%1.0%5.8% 4.8% 0.0%-4.9郑州银行85.9%80.5%76.9%80.0%83.2%84.1%75.9%-8.210.07.610.07.611.0股份行城商行农商行-4.2%-2.5%-4.6%-1.6%2.7% 3.4% 6.1%8.3%12.6% 4.2-1.6%-3.4% -2.4%-2.0%-1.5%7.7% 9.1-4.9%-0.5% -1.8% -0.9%0.0% 3.5% 3.5-2.8%-2.1% -1.7% -1.3% -0.6% 0.0% 7.2%7.2紫金银行89.6%82.3%72.7%67.4%72.7%75.5%67.3% 无锡银行76.3%72.8%65.9%67.1%69.3%71.6%69.3% 张家港行85.1%71.7%58.5%59.6%62.4%64.0%61.7% 62.2%61.0%63.9%65.0%66.3% 62.0%58.7%66.8%69.4%60.3% 瑞丰银行80.3%68.5%70.4%69.4%72.1%73.8%82.3% 8.4国有大78.1%77.0%72.3%72.1%73.3%74.2%71.4% -2.7股份行69.5%67.0%67.2%65.8%67.9%68.2%67.1% -1.1行71.7%69.2%70.3%69.1%71.9%73.8%72.8% 行80.5%75.6%71.7%71.3%74.4%76.8%75.3% 上市银行75.3%73.6%70.8%70.2%71.8%72.6%70.5% 紫金银行-1.9%无锡银行-0.8%张家港行-1.3%齐鲁银行3.5%1.7%7.9%13.3%17.3%16.5%16.9%0.4齐鲁银行74.3%72.3%75.5%73.5%78.2%80.1%78.1% -2.0兰州银行0.8%0.9%-4.1%-8.1%2.2%4.3%6.4%2.1兰州银行74.1%76.3%78.0%77.3%78.4%80.1%83.2% 3.0西安银行-3.6%4.1%45.7%59.9%61.6%59.7%36.8%-22.9西安银行73.7%67.4%88.6%74.9%82.0%88.5%85.6% -2.9厦门银行.4%-%3.6%4.7%23.6%18.8厦门银行77.2%69.5%77.4%74.1%72.1%71.6%76.5% 4.9渝农商行 .3% % 6.9% 7.9%15.1% 7.2 渝农商行84.0%79.6%80.5%79.7%82.4%84.7%85.4% 0.7青农商行-6.2%-1.8%2.2%1.5%2.1% 2.0%8.3%6.3青农商行71.2%65.4%58.6%63.0%68.6%73.4%69.5%-4.0常熟银行11.7%7.5%0.9%0.8%2.4% 2.5%5.8%3.3常熟银行86.1%83.8%78.0%76.5%78.1%80.6%77.3%-3.3苏农银行-5.5%-5.0%-2.9% -2.9% -3.8%-2.8%8.0%10.8苏农银行73.3%67.5%江阴银行-6.6%-6.0%-1.4%-0.2% 1.2% 2.1%5.2%3.1江阴银行77.1%70.7%公司财报26Q126Q1上市银行测算累计净息差为%，测算口径较A仅下降（去年同期下行p，主要由于资产端下9BP26Q125家银行中，有家银行息差企稳回升。LPR持续稳定、行业“反内卷”竞争格局优化。26Q1上25Q1202436bp202551LPR3.0%、5LPR维“反内卷”共识深化，摒弃规模情结、放弃粗放扩张成为行业主流取向。在有效信贷需求相对不足的背景下，行业并未盲目追求贷款规模扩张，而是主动压降低收益资产，寻求更优的“量价平衡”33.1%20258月以来基本保持在这一水平；202633.1%，环比亦保持稳定。25A-20bp3-5年期的高利率定期存款迎来集中到期窗口，存款成本优化逐步显效。大行/股份行/城商行/25A20bp/21bp/24bp/25bp，城商行和农商行改善幅度相对更大，或主要由于两类银行此前高息存款占比更高、重定价弹性更大。图表6：上市银行2022-2026Q1累计&单季净息差、生息资产收益率、计息负债成本率变动累计净息差累计净息差银行类型 2022 20232024Q12024H12024Q1-3 20242025Q12025H12025Q1-3 20252026Q1趋势图 较国有行 1.93%1.66%1.51%1.50% 1.48%1.48%1.35%1.34% 1.33%1.33%1.32% -1.2股份行 2.09%1.85%1.68%1.70% 1.69%1.67%1.60%1.60% 1.61%1.59%1.58%-0.8城商行 1.92%1.72%1.62%1.59% 1.58%1.57%1.53%1.50% 1.51%1.52%1.49%-2.3农商行 2.07%1.85%1.71%1.70% 1.68%1.67%1.56%1.57% 1.57%1.56%1.57%0.6上市银行 1.97%1.71%1.56%1.55% 1.54%1.53%1.43%1.41% 1.41%1.41%1.40%-1.3-3.5-2.5-9.4-1.6-3.9累计生息资产收益率银行类型 2022 20232024Q12024H12024Q1-3 20242025Q12025H1-3.5-2.5-9.4-1.6-3.9累计生息资产收益率银行类型 2022 20232024Q12024H12024Q1-3 20242025Q12025H12025Q1-3 20252026Q1趋势图 较单季净息差银行类型2022Q42023Q42024Q12024Q2 2024Q32024Q42025Q12025Q2 2025Q32025Q42026Q1趋势图 较股份行 2.06%1.77%1.68%1.69% 1.68%1.62%1.60%1.58% 1.63%1.61%1.58%城商行 1.86%1.58%1.62%1.56% 1.55%1.54%1.53%1.50% 1.57%1.59%1.49%农商行 2.03%1.70%1.71%1.67% 1.64%1.61%1.56%1.58% 1.59%1.59%1.57%上市银行 1.87%1.58%1.56%1.52% 1.51%1.49%1.43%1.41% 1.43%1.44%1.40%-19.3-21.4-28.3-23.6-20.7单季生息资产收益率银行类型2022Q42023Q42024Q1-19.3-21.4-28.3-23.6-20.7单季生息资产收益率银行类型2022Q42023Q42024Q12024Q2 2024Q32024Q42025Q12025Q2 2025Q3 20252026Q1趋势图 较股份行 4.25%4.08%3.85%3.82% 3.77%3.70%3.36%3.32% 3.29%3.22%3.00%城商行 4.35%4.19%4.02%3.94% 3.90%3.84%3.48%3.42% 3.40%3.37%3.09%农商行 4.21%3.97%3.72%3.68% 3.65%3.60%3.26%3.25% 3.21%3.16%2.93%上市银行 3.85%3.72%3.53%3.50% 3.45%3.41%3.05%3.01% 2.97%2.94%2.73%累计计息负债成本率银行类型 2022 20232024Q12024H12024Q1-3 20242025Q1累计计息负债成本率银行类型 2022 20232024Q12024H12024Q1-3 20242025Q12025H12025Q1-3 20252026Q1趋势图 较股份行 4.23%3.99%3.85%3.74% 3.67%3.54%3.36%3.28% 3.23%3.13%3.00%城商行 4.26%4.06%4.02%3.86% 3.78%3.68%3.48%3.43% 3.46%3.40%3.09%农商行 4.12%3.79%3.72%3.62% 3.54%3.40%3.26%3.25% 3.18%3.10%2.93%上市银行 3.79%3.59%3.53%3.42% 3.35%3.25%3.05%3.00% 2.96%2.90%2.73%国有大行 国有大行 1.83%2.02%1.97%1.97% 1.93%1.91%1.64%1.61% 1.58%1.56%1.36%股份行 2.17%2.23%2.18%2.13% 2.08%2.03%1.76%1.73% 1.68%1.63%1.42%城商行 2.33%2.35%2.28%2.24% 2.21%2.17%1.88%1.85% 1.83%1.80%1.57%农商行 2.19%2.16%2.04%2.02% 2.00%1.97%1.73%1.72% 1.68%1.64%1.39%上市银行 1.97%2.10%2.05%2.03% 1.99%1.96%1.69%1.66% 1.63%1.60%1.39%-19.9-20.6-23.5-25.2-20.5国有大行股份行城商行农商行上市银行1.90%2.01%1.97%1.92% 1.86%1.78%1.64%1.61%2.13%2.00%2.11%2.09%2.04%2.05%1.97%1.98%1.94%1.92%1.84%1.84%1.73%1.69%1.71%1.65%1.55%1.50%1.36%0%1.52%1.42%3%1.76%1.57%1.63%1.55%1.39%1.59%1.53%1.39%-14.6-9.6-19.5-16.4-13.92 2025Q32025Q42026Q1趋势图 较24Q420银行类型2022Q42023Q42024Q12024Q2单季计息负债成本率注：净息差、生息资产收益率、计息负债成本率为测算口径公司财报图表7：2020年-2026Q1上市银行净息差数据表现2020202120222023202425-0325-0625-0925-1226-03排名26Q1较

25A较24A(BP)工商银行2.15%2.11%1.92%1.61%1.42%1.33%1.30%1.28%1.28%1.29% 建设银行2.19%2.13%2.02%1.70%1.51%1.41%1.40%1.36%1.34%1.36% 农业银行2.20%2.12%1.90%1.60%1.42%1.34%1.32%1.30%1.28%1.26% 中国银行1.85%1.75%1.76%1.59%1.40%1.29%1.26%1.26%1.26%1.26% 邮储银行2.42%2.36%2.20%2.01%1.87%1.71%1.70%1.68%1.66%1.65% 交通银行1.57%1.56%1.48%1.28%1.27%1.23%1.21%1.20%1.20%1.23% 招商银行2.49%2.48%2.40%2.15%1.98%1.91%1.88%1.87%1.87%1.83% 2兴业银行2.36%2.29%2.10%1.93%1.82%1.80%1.75%1.72%1.71%1.62% 9中信银行2.26%2.05%1.97%1.78%1.77%1.65%1.63%1.63%1.63%1.61% 12浦发银行2.02%1.83%1.77%1.52%1.42% -1.41% -1.42% - 民生银行2.14%1.91%1.60%1.46%1.39%1.41%1.39%1.42%1.40%1.43% 25光大银行2.29%2.16%2.01%1.74%1.54% -1.40% -1.40% - 平安银行2.53%2.79%2.75%2.38%1.87%1.83%1.80%1.79%1.78%1.79% 6华夏银行2.59%2.35%2.10%1.77% %1.54 1.56%1.63% 20浙商银行2.19%2.27%2.21%2.01%1.71%1.76%1.69%1.67%1.60%1.60% 14北京银行1.92%1.83%1.76%1.54%1.47% -1.31% -1.27% - 江苏银行2.14%2.28%2.32%1.98%1.86% -1.78% -1.73% - 8上海银行1.82%1.74%1.54%1.34%1.17% -1.15% -1.16% - 宁波银行2.30%2.21%2.02%1.88%1.86%1.80%1.76%1.76%1.74%1.73% 7南京银行1.86%1.88%2.19%2.04%1.94% -1.86% -1.82% - 5杭州银行1.98%1.83%1.69%1.50%1.41% -1.35% -1.36% - 成都银行2.19%2.13%2.04%1.81%1.66% -1.62% -1.59% - 长沙银行2.58%2.40%2.41%2.31%2.11% -1.87% -1.85% - 3重庆银行2.27%2.06%1.74%1.52%1.35% -1.39% -1.39% - 贵阳银行2.52%2.26%2.27%2.11%1.75%1.54%1.53%1.57%1.58%1.66% 郑州银行2.40%2.31%2.27%2.08%1.72% -1.64% -1.61% - 青岛银行2.13%1.79%1.76%1.83%1.73%1.77%1.72%1.68%1.66%1.63% 苏州银行2.22%1.91%1.87%1.68%1.38%1.34%1.33%1.34%1.33%1.40% 齐鲁银行2.15%2.02%1.96%1.74%1.51% -1.53% -1.53% - 兰州银行1.72%1.72%1.58%1.46%1.43%1.46%1.37%1.38%1.37%1.39% 西安银行2.16%1.91%1.66%1.37%1.36% -1.70% -1.85% - 3厦门银行1.65%1.62%1.53%1.28%1.13% -1.08% -1.09% - 渝农商行2.25%2.17%1.97%1.73%1.61%1.61%1.60%1.59%1.60%1.69% 沪农商行1.91%1.86%1.83%1.67%1.50% -1.39% -1.37% - 青农商行2.52%2.16%2.00%1.76%1.67%1.64%1.61%1.61%1.60%1.68% 常熟银行3.18%3.06%3.02%2.86%2.71%2.61%2.58%2.57%2.53%2.50% 1紫金银行1.91%1.83%1.80%1.59%1.42%1.23%1.18%1.17%1.13%1.08% 无锡银行2.07%1.95%1.81%1.64%1.51% -1.46% -1.35% - 张家港行2.74%2.43%2.25%1.99%1.62%1.43%1.43%1.42%1.39%1.35% 苏农银行2.50%2.24%2.04%1.74%1.55% -1.39% -1.41% - 江阴银行2.19%2.14%2.18%2.06%1.76%1.51%1.54%1.56%1.60%1.54% 瑞丰银行2.51%2.34%2.21%1.73%1.50%1.46%1.46%1.49%1.50%1.50% 公司财报

1 -142 -17-2 -140 -14-1 -213 -7-4 -11-9 -11-2 -14- 03 1- -141 -97 -30 -11- -20- -13- -1-1 -12- -12- -5- -7- -26- 48 -17- -11-3 -77 -5- 22 -6- 49- -49 -1- -138 -7-3 -18-5 -29- -16-4 -23- -14-6 -160 0其他非息：金市韧性凸显，个股表现分化Q126Q1上市银行其他非息收入同比增长20256.9个百分点。整体正增长主要得益于公允价值变动损益在去年同期低基数上普遍表现较好，但投资收益兑现力度同比有所下滑，保留了后续操作22.4%4.0%-3.3%、-16.6%2025年全年分别变动-2.9pct+15.8pct+14.6pct-8.8pct，大行保持较高增20250.6个百分点至%，其中城商行占比为%，仍相对较高。个股方面，华夏银行（43.%、西安银行（13.%、北京银行（4.1%）等增速领先。图表8：2023年-26Q1上市银行其他非息增速&占比表现9.1%8.4%9.1%8.4%11.8%11.0%9.8%10.2%10.9%10.7%8.0%9.1%8.1%工商银行建设银行-0.417.218.8%27.6%22.6%22.3%-10.4%-10.3%26.2% 9.2%其他非息占比2023202425Q125H125Q1-3202526Q126Q1较25A(pct)2024 25Q1 25H125Q1-32025 26Q1 其他非息YoY 202326.3% 45.3% 23.2%31.7%24.6%37.4% 12.883.0%55.6%31.0%49.5%66.7%53.1% 50.6%中国银行51.3% 35.0% 37.3% 42.0%22.2%29.5%

农业银行农业银行-16.6 中国银行

12.0%12.0%9.5%16.6%12.4%9.5%16.6%12.4%9.7%9.7%9.7%9.3%6.2%5.6%7.4%7.6%4.8%

-1.9-1.82.7-0.6邮储银行

-1.4%15.2% 21.7% 25.2%27.5%19.7% 0.2% -19.5 邮储银行

10.7%11.4%13.1%11.9%12.6%

10.6%

-1.9交通银行

20.0%

-10.6% 2.0% 4.1% 1.4% 4.3% 2.9 交通银行 19.6%

18.3%20.7%20.8%20.3%

18.2%

-2.1招商银行

25.0%

-22.2%

-12.9%-11.4%-13.7%

-3.8%

10.0

11.9%

16.0%

13.2%15.5%14.0%13.8%

12.2%

-1.6兴业银行

14.1%

-21.5%

-7.0% -9.3%

-2.6%

2.2

17.3%18.9%20.2%21.4%18.7%17.9%19.9% 2.0浦发银行中信银行

16.3% 8.7% 4.5% 12.1%26.7% 19.7%-26.6%-12.0%-17.0%

-7.4%-1.9%

-23.6%19.2%

-16.2 21.1

17.6%19.5%23.4%22.2%18.9%17.7%17.6% -0.114.6%16.8%14.8%16.7%14.8%16.6%17.1% 0.5民生银行

29.9% 1.1%43.8% 51.6%36.6%

0.2%

-26.0 民生银行 13.6%14.2%19.1%18.6%17.2%17.1%18.6% 1.5光大银行

29.1%

1.5%

-10.0%-32.5%-29.1%-34.5% -5.4

10.0%14.5%14.7%15.2%10.5%11.1%10.0% -1.0平安银行

-11.7%

68.7%

-32.7%

-19.3%

-24.1%

-33.0%

34.8%

67.8

10.5%

19.9%

12.8%

17.5%15.3%14.9%

1.7华夏银行78.9%

-78.9%

-13.0%

-29.6%

-21.1%

433.2%

454.3

17.6%

30.5%

5.4%

26.0%21.4%25.4%

-4.1浙商银行北京银行

20.6%62.7%

61.7%15.4%

-24.9%-17.7%

-10.7%-4.5%

-11.8%-16.0%

-20.6%-24.7%

3.6%40.1%

24.1 64.8

17.5%18.9%

26.6%22.4%23.8%23.3%22.9%23.1% 0.221.3%16.5%20.8%18.1%21.7%17.6%16.7%22.1% 21.3%16.5%-26.4%6.7%-26.4%6.7%

21.6%

57.8% 6.0% 12.1%14.7% 7.1% 8.4% 1.4

20.7%31.2%30.4%32.3%31.9%32.3%31.6% -0.7江苏银行

44.1%

17.7%-32.7%-20.1%-24.1%-27.7%

34.5

23.4%

25.3%18.2%19.5%19.0%16.8%

17.9%

1.1-24.7%-16.2%-24.7%-16.2%

15.7%-6.2% -7.2% 0.5%-9.0%-9.0%

-17.4

24.2%

21.0%22.9%23.2%

19.3%17.7%

15.3%

-2.4南京银行

30.8% 30.9%-10.8%

-22.3%-18.8% 3.5

35.6%

41.9%

33.1%

35.2%

30.8%29.5%

23.7%

-5.8杭州银行

39.6%

-18.0%-11.3%

-31.4%-36.7% -5.3

21.5%

26.6%

20.7%

23.2%

19.0%18.0%

12.6%

-5.5长沙银行

-9.4%

22.7%

-5.4% 7.4%16.8%20.4%26.2% 5.8

13.1%15.3%15.9%19.8%20.7%18.8%19.0% 0.2成都银行

11.2%

12.5% 6.8%

-13.0%

-18.7%

-48.4%

-29.7

15.6%

16.6%

15.5%

18.4%

15.0%

13.1%

7.5%

-5.6重庆银行

24.1%

11.2%

-69.9%

0.6%

5.8%

-21.4%

36.6%

58.0 重庆银行 17.8%

6.1%

18.7%

17.6%

13.6%

7.4%

-6.2贵阳银行

-11.3%

179.2%

-20.6%

-2.1%

-20.7%

-26.9%

26.3%

53.2

8.2%

23.2%

16.7%

21.4%

16.8%19.5%18.4% -1.1郑州银行青岛银行苏州银行

1.9%

.3% 6.8% 252.0%-7.8%

-4.0%-15.5%-14.6%

-19.1%-3.0%-19.3%

-1.2%

23.1 -27.3 18.1

9.9%12.9%18.1%

15.8%15.7%26.7%

20.1%23.7%19.9%

16.5%13.3%19.5%14.9%23.2%21.5%

20.7%15.4%17.7%

7.91.3-3.6齐鲁银行

55.9%

12.6%-14.0%-24.2%

-38.1%-35.6%

2.1%

37.6

16.4%

17.6%

12.2%

14.4%11.3%10.8%11.0% 0.2兰州银行

51.3%

-11.0%68.8%

-15.9%-18.9%

-25.0%

-6.1

22.6%

20.5%18.3%18.8%18.2%

16.8%

13.7%

-3.0西安银行

148.2%

43.0%

-70.8%

12.3%

-18.1%

-65.7%

103.7%

169.4

22.5%

28.3%

8.2%21.3%14.4%

8.0%

11.9%

3.9厦门银行

28.0%

59.2%

-56.4%

-29.8%

-3.2%

-8.5%

43.7%

52.2

15.4%

23.8%

14.8%18.6%20.2%21.4%

17.0%

-4.5渝农商行

59.6%

55.5%-16.6%-17.7%-22.4%

-25.6%

-32.2%

-6.6

9.6%

14.7%

12.5%15.0%12.7%10.8%

7.8%

-3.0沪农商行

26.8%

-14.4% 5.3% 3.9%

-10.9%

-12.3

13.0%

16.9%18.1%19.5%18.7%17.6%

16.0%

-1.6青农商行

44.2%

-3.3%-9.8%-23.0%-38.9%-41.7% -2.7

23.0%

27.5%30.6%27.5%

22.6%18.5%19.5% 1.1-14.7%-11.4%-14.7%-11.4%-9.6%

32.4% 25.9%48.8% 44.6%20.0%12.2% 6.3% -5.9 -14.9% 76.9%44.1%92.1%57.5%19.4%17.0% -2.4

13.5%7.8%

15.4%19.6%13.7%23.4%

18.6%21.3%

16.3%17.7%

19.5%26.8%

3.39.1100.4%-24.8%无锡银行23.4% 21.3% 2.6% 3.8%100.4%-24.8%

-17.6

20.8%

24.3%

29.9%29.7%

27.6%

25.7%

26.3%

0.7张家港行

42.4% 23.8%20.1%23.7%

-38.4

14.3%

27.6%

38.4%38.0%35.4%34.0%34.3% 0.3苏农银行29.0% 31.5% 9.6% 3.4% 7.1% 6.4%

-17.8

24.5%

31.2%

35.3%

37.0%34.0%32.9%

30.9%

-2.0江阴银行

62.7%32.3% 25.7% 37.6%21.9%11.4%13.8% 2.4

20.8%

26.8%

35.2%

39.2%

30.9%

28.7%

37.1%

8.4瑞丰银行

81.9%

75.9%

6.9%-1.1%-16.4%-22.9%-46.2% -23.2

20.1%

30.6%28.1%28.2%

25.0%

23.5%

15.7%

-7.8国有大行

35.4%

12.8%28.8%23.9%25.2%22.4% -2.9

8.7%10.8%11.0%13.3%13.2%13.1%

12.3%

-0.8股份行

21.2%

-17.8%

-5.3%-12.1%-11.7%

4.0%

15.8

14.0%

18.4%16.4%18.7%16.3%16.5%16.5% 0.0城商行农商行

27.7%

-13.8%

-3.7%-12.0%

-17.9%

-3.3%

14.6

21.0%14.4%

24.6%19.5%

21.2%23.4%20.8%21.9%23.0%20.1%

18.7%17.8%

-0.8-0.3上市银行公司财报

上市银行

11.3%

14.2%13.5%

15.8%

14.8%14.7%14.1%

-0.6中间收入：财富管理发力，中收持续回暖26Q1上市银行手续费及佣金净收入同比%（S2025年同比6.%。分类看，区域行中收修复弹性更强，国有大行、+6.3%、+3.9%、+8.8%、+10.2%2025年全年分别变动-0.9pct+0.7pct-4.5pct+6.0pct方面，宁波银行（8.7%、青岛银行（4.1%、紫金银行（5.4%）等增速领先，主要受益于资本市场持续活跃，代销基金、保险及理财等财富管理业务收入快速增长。上市银行中间业务收入占营收比例较5年提升7个百分点至%26Q1较中收占比2023202425Q125H125Q1-3202526Q1工商银行-7.7% -8.3%-1.2%-0.6%26Q1较中收占比2023202425Q125H125Q1-3202526Q1工商银行-7.7% -8.3%-1.2%-0.6%0.6%1.6%5.2%3.6工商银14.2%13.3%18.3%15.7%14.2%13.3%17.8% 4.5建设银行 -0.3% -9.3% -4.6%4.0%5.3%5.1%6.7%1.6建设银15.0%14.0%19.7%16.5%15.6%14.5%18.9% 4.4农业银行-1.5%-5.7%-3.5%10.1%13.3%16.6%7.9%-8.7农业银11.5%10.6%15.0%13.9%12.7%12.1%14.6% 2.5中收YoY2023202425Q125H125Q1-3202526Q1中国银行5.3%-2.9%2.1%9.2%8.1%7.4%5.6%-1.8中国银12.7%12.2%15.6%14.2%13.4%12.5%15.1%2.7邮储银行-0.6%-10.5%8.8%11.6%11.5%16.1%16.8%0.7邮储银8.2%7.2%11.5%9.4%8.7%8.3%12.5%4.3交通银行-4.1%-14.2%-2.4%-2.6%0.2%3.4%-3.0%-6.5交通银16.7%14.2%17.5%15.3%14.7%14.4%16.1% 1.7招商银行-10.8%-14.3%-2.5%-1.9%0.9%4.4%4.9%0.5招商银24.8%21.4%23.5%22.1%22.4%22.3%23.8% 1.5兴业银行-38.4%-13.2%8.5%2.6%3.8%7.4%7.4%0.0兴业银13.2%11.4%12.1%11.8%12.5%12.2%13.1% 1.0浦发银行-14.8%-6.7%0.0%-1.0%-1.4%-0.4%-5.5%-5.1浦发银14.1%13.4%14.4%13.4%13.4%13.1%13.5% 0.4中信银行-12.7%-4.0%0.7%3.4%5.7%5.6%7.4%1.8中信银15.7%14.6%16.3%16.0%16.4%15.4%16.5% 1.1民生银行-5.1%-5.2%-3.9%0.4%0.7%0.4%5.9%5.5 民生银13.7%13.4%13.4%13.4%13.3%12.8%13.8% 1.0浙商银行5.2%-11.0%-13.2%-17.6%-22.4%-16.4%8.0%24.4浙商银7.9%6.6%7.6%6.9%6.3%6.0%8.1%2.1北京银行-46.9%-7.8%24.4%20.4%16.9%10.6%1.5%-9.1北京银5.6%4.9%8.4%6.9%6.3%5.6%7.5%1.8杭州银行-13.5%-8.0%22.2% 10.8% 12.6%13.1%-11.2%-24.3杭州银11.5%9.7%14.1%11.6%11.4%10.8%12.0% 1.2长沙银行16.1%-9.2%53.1% 25.6% 9.3%-1.2% -1.6%-0.3长沙银6.2%5.4%9.3%7.3%6.1%5.4%8.7% 3.3成都银行重庆银行-2.3%-46.0%7.2% -32.4%-45.1%-35.2%-29.6%-12.0%1