银行业金融红利资产月报：红利资产板块下跌头部险资显著增配股票

目 录一、月度行情表现：2026年4月红利资产块下跌 5（一）“技振”与风升温”，2026年4银块降1.30% 5（二）市环：债率下，行块交比环下降 7二、银行基本面跟踪 8（一）行月数跟踪 8（二）25年&1Q26业览：行经景度际修复 10三、年报里看险资置头部显著增配股票，FVOCI占比变动分化 12四、投资建议 14五、风险提示 14图表目录图表1 226年4月业涨幅申一行分类（至43） 5图表2 两银各板块值况至4/30） 6图表3 2026.4.1-2026.4.30 A银板个涨幅 6图表4 2026.4.1-2026.4.30 H银板个涨幅 7图表5 债债期益率势（%） 7图表6 行块月交额占市热情（亿，%） 8图表7 行块史值指标 8图表8 2026年3月数据览 9图表9 42家A股市行业增一览 10图表10 1Q26市业绩因 图表2025上企资配结构 12图表12 上险股基金置比 12图表13 上险债置占比 12图表14 2025年市企股会分情况 13图表15 2025年市企债会分情况 1320254一、月度行情表现：2026年4月红利资产板块下跌（一）“2026年4月银行板块下降120264143030031284AI14（1.+8.2图表1 226年4月各业涨跌幅（申万一行分类（截至43）3.01%-1.30%3.01%-1.30%12.00%10.00%8.00%6.00%4.00%2.00%0.00%-2.00%-4.00%-6.00%计算机国沪深3002、各子板块表现：4月末各子板块PB估值普遍下调20264AIPBPB0.71X0.73XPB0.55X0.52X；PB423”0.68X图表2 近两年银行各板块估值情况（截至4/30）0.85000.80000.75000.70000.65000.60000.55000.50000.45000.4000CS国有银行Ⅲ CS股份制银行 CS城商行3、个股表现：绩优城商行涨幅居前4月中下旬，部分银行25年报及上市银行一季报集中披露，其中绩优城商行涨幅居前。4+17.+19+10、+9.+3.（8.9（5.9（5.4（-4.7（3.8。-1.22%-7.44%6..-3.11%-1.42%9-1.22%-7.44%6..-3.11%-1.42%9.....-2.04%1-1.18%-1.42%-0.38%-2.21%-2.32%...-3.32%.-4.15%-2.16%-2.45%.-5.89%0.00%.-2.53%-0.66%-3.38%-7.15%%85.012.50%12.57%1%-4.90%6.4%-12.69-3.45%9%-0.06%8.39%-19.29%-3.13%4.78.94%--26.93%浦发银行3.58%8.99%1%0.58%-4.7%-13.083.50%%61.77%-0.86%6.2-2%5.5%9.425.87%--1.82%华夏银行%85.31.93%.39%28%-3.54%-6.7.08%-60%9.31%4.1%32.21%8.5-6%4.7.38%25.35%--8.61%上海银行8%8.4%7.900%-3.02%-1.0%-11.42.91%兴业银行5.00%%8.418%-2.88%-6.98.17%-.45%北京银行1%7.43%5.20%0.07%-0.6.04%-61.07%2%2.1-6%-0.31%1.8%91.0-0.36%3.24%--1.50%紫金银行4%2.91.74%6%5.28%-4.37%-4.97.57%-5%6.81%5.736%-29%8.6-6%-1.0%6.872.86%--8.00%交通银行5.03%3%4.53%-0.57%-6.6%-11.11-0.60%8%8.02%-3.37%4.8-7%0.5-0.93%2.80%--6.98%光大银行0%6.60%5.89%0.97%-3.5.78%-51.19%4%5.098%-17%5.7-1%0.21.47%2.67%--7.48%招商银行4%1.70.86%%7.363%1.62%-1.7-1.75%8%6.547%-0.48%8.5-5%-4.510.40%2.49%--5.80%工商银行5%2.00%9.39.20%0%4.13%-5.99-2.0%73.4-2.32%2.37%--3.66%民生银行12.98%.84%22%2.4-1%-0.794.3-8%0.1-2.20%2.06%--8.07%瑞丰银行3%0.8-0.18%1.81%5%1.2-4%-0.5.16%-60%8.30%8.26%-3.78%6.2-8%-1.611.17%2.04%--0.87%中国银行7%6.1.73%31%0.70%0.44%-4.81.69%7%1.6-69%-13%0.4%52.1-2.58%1.76%--2.26%兰州银行3%7.0.04%48%2.38%-0.41%-4.81.52%0%-0.50%-3.54%-1.0%51.0-3.63%1.61%--5.18%郑州银行2%0.77%6.610.32%4%4.93%5.20%-4.80.00%2%1.2-5%-4.03%.5-70%-2.1%8.321.43%--7.43%沪农商行4%0.34.10%.63%24%4.93%5.20%-4.80.00%2%1.2-5%-4.05%.0-58%-1.7.22%31.17%--5.24%邮储银行0%1.79%7.610.06%0%0.02%-4.48.02%-0.34%%82.698%-08%.2-4%12.40.67%1.00%--0.99%浙商银行9%1.2%10.544%4.35%0.09%-2.29.06%-3.54%8%2.4-27%-19%1.24%0.6-3.16%0.65%--2.90%青农商行%10.31.44%36%1.2-3%1.31%-3.63.23%%11.598%-11%-0.51%-0.5-2.21%0.17%--4.55%无锡银行0%10.24.58%-0.77%1%-6.97%-2.69.25%-19.48%7%4.90%-3.30%-1.67%-6.6%6.95.29%0-3.01%重庆银行%10.12.94%39%1.8-%03.07.29%-4%6.7%71.42%-3.20%0.04%0.4-1.09%.88%0-1.97%江阴银行12.50%%7.268%0.89%-2.1.27%-6%12.26%21.43%4.63%.6-4%93.21%5.8.92%00.27%厦门银行15.08%8%5.31%-4.84%-0.96%-4.34.23%9%0.38%-2.89%-0.50%0.6-2.77%.22%1-2.97%苏农银行1%1.4%10.40%6.788%1.7-4%-3.58.86%-0%7.5%52.67%-0.72%6.6-4%0.115.28%.33%17.27%中信银行5%9.2.70%33%0.35%8.8.94%-60.00%4%1.5-9%-3.35%1.30%0.0-2.93%.37%1-2.43%西安银行5%9.9.04%24%-0.49%0.87%-4.85%5.6%52.26%0.60%0.02%0.2-1.97%6%.51-2.19%张家港行3%2.06%8.4.02%33%-2.72%-4.90.49%1.35%%81.60%1.12%-0.72%-1.2.83%21%.911.69%苏州银行%64.19%9.09%5.57%0.26%1.77.20%-3.07%3%1.126%-1%3.61%-1.5-0.70%2%.521.56%常熟银行0%2.61.97%4%4.52%-0.36%-4.33%-4.34%6.01%5.891%-13%6.0-9%-1.412.34%1%.133.45%建设银行7%0.8%9.98.11%30%1.2-4%-3.1-1.71%3.48%3%5.121%-17%7.8-4%6.81.24%6%.13-0.87%南京银行6%12.64%5.8-0.06%4%-5.03%-7.24.77%1%5.07%-6.062%-0%3.65%0.1%8.636%.2312.41%渝农商行2%5.7%7.370%2.43%-3.1.95%-66%5.52%1.3-17%-22%-1.00%0.00.17%6%.231.87%贵阳银行%34.62.03%%6.330%9.43%11.49%-4.919.34%1%1.07%-2.90%-12.56%-4.79%4.68%.23-11.33%农业银行5%6.97%8.08.74%2%-3.76%-4.17.39%-8%7.46%-0.59%-2.93%0.5%72.11%5.58%.4312.74%江苏银行0%8.41%5.60%-0.63%-2.7.03%-68%8.33%0.72%0.62%0.61%0.4-1.73%3%.53-1.24%长沙银行6%5.9%7.683%1.37%-1.4.89%-51.94%%62.572%-18%5.0-5%0.61.65%0%.73-1.14%平安银行0%1.813.33%0.96%0%-3.02%-1.18%-3.72.82%%61.799%-1%5.76%0.5.08%38%.8310.08%杭州银行11.76%.43%26%5.26%1.2.34%-63%7.21%0.18%0.08%10.1%01.1-2.68%%.03916.34%宁波银行9%0.90%8.5-2.77%9%-4.53%-7.63.05%0%5.45%2.1-4%-3.09%1.36%-0.01.05%0.94%112.36%齐鲁银行14.19%.66%31%-3.70%0.0.61%-6-2.55%6%0.35%-4.40%0.01%0.38%5.81.86%118.11%成都银行8%7.5%9.91.97%22%-4.6%73.35%-3.02%8.86%-6.54%-7.42%16.5%51.1-1.89%7.37%126.79%青岛银行25/0425/0525/0625/0725/0825/0925/1025/1125/1226/0126/0226/0326/04年初至今涨跌幅图表4 2026.4.1-2026.4.30 H股银行板块个股涨幅13.0413.0413.8312.54-.75%-30.00%5.15%8%2.25%-%0.57-5.71%.21%-15%-6.76%-0.6-0.66%3%1.3-5.92%-2.63%广州农商银行.52%-715.19%2.17%13%-3.25.88%-8%.5-24.02%2%.576%0.90%-7.32.05%0%0.9-4.42%-8.07%招商银行0%4.0%10.712.07%1%96.26.13%-1%.2-4-3.16%0%.396%-9.62%-1.04.11%.38%-9-3.00%-8.65%民生银行5%1.9%9.54.77%84%6.4-3.26%--0%7.6.81%-7-1.61%-0.79%浙商银行.13%-23%5.4%21.659%3.03%--0.88%.93%-80.00%-7.83%郑州银行.70%-0-0.71%3.57%9%2.70%5.04%.4-5-4.32%.01%32%2.96%4.9-3.73%.72%-00.00%-11.35%晋商银行5%2.72.57%7.10%5%-2.51.69%-%6.3729.03%.40%05%0.82%0.50.00%0%0.00.00%0.52%恒生银行(退市).33%-811.60%6.99%%36.50.00%7%.0-5-4.78%.06%21%2.34%2.5-0.00%.74%-10.59%3.39%东莞农商银行4%0.3-0.33%3.07%5%-1.30.00%3%-1.00.00%.50%40%-5.3.19%-11-0.39%2%6.70.74%-4.90%威海银行6%1.53.08%3%13.43%0.76.76%-5%-1.4-8.82%.61%10%0.0%64.71.52%.99%-21.54%3.17%中原银行3%0.91.03%6.26%5%3.1-4.81%-7%.9-2.67%5.48%37%-7.2%94.12.08%2%2.61.56%12.71%交通银行%16.32%7.77.99%8%3.5-5.15%-3%-7.4-1.54%9.12%11%4.2-0%-7.40.92%.60%-7.64%1-11.10%中国光大银行.65%47%5.00.00%4%-0.46.17%-%0.003.29%6%.369%2.1-%14.7-0.64%1%7.1.81%115.92%中国银行0%2.02.00%2.00%0%2.02.00%%2.002.00%.00%20%2.02%-1.6-3.33%.41%-0.24%2-1.43%邮储银行.58%-23.71%5.59%5%-1.821.23%1%-0.7.77%5.61%01%2.2-0%6.9%.31%5-.33%221.32%大新金融.69%12%10.662.47%3%6.0-7.54%-%4.34.32%6.72%-17%2.0-7%-1.51.03%%.2815.36%214.64%重庆农村商业银行.97%-33%7.3.93%89%-0.34.15%-2%-0.5.88%48%.964%0.18%3.1-0.62%6%6.3.48%214.12%工商银行.33%-66%6.7.86%84%-15.8%10.146%.2-5-4.17%.00%00%2.9-%75.9-1.41%.29%4-.99%22.99%江西银行.33%-23%6.36.84%9%0.9%2%.3-34%12.2.27%-03%2.7-%04.417.68%.32%-7.29%324.37%大新银行集团6%0.612.72%0.90%17%-2.24.79%-8%.8-36%10.7.47%-01%3.2-%04.9-0.96%%79.5.80%323.20%中信银行5%2.53.71%7.23%2%3.50.23%-%4.52.49%4.16%-1%35.2%24.67%8.8.68%4-.49%416.69%中银香港.13%-4%10.342.50%14%1.66.71%-0%-0.42.94%0%.165%3.4-6%2.81.01%1%5.0.65%414.95%建设银行.09%-83.37%.60%93%0.35%5.86%.8-24%10.7.01%-25%1.41%12.02.01%.82%-12.67%47.08%东亚银行.99%165%7.10.74%1%4.9-3.74%-7%.4-15%9.2.11%37%3.0-5%0.2-2.67%6%3.2.80%45.48%重庆银行7%4.313.89%%20.981%-1.20.82%%3.64-0.39%.96%-10%-0.41%3.6--0.83%.94%-29%9.0-1.54%天津银行8%1.23%6.31.11%14%5.7-1.94%%0.006%12.7.52%-13%1.46%5.3--2.93%0%4.96%9.16.41%农业银行1%3.4-1.10%-1.11%3%0.97%-%-0.97%.90%-46%2.0-1%4.2-0.00%.09%-12%11.25-3.16%渤海银行.19%-19%7.02.70%6%1.25%4.5%9.67-1.19%.84%19%11.90%11.63%7.8.27%-12%11.4518.50%汇丰控股.23%100%7.9%22.935%9.0-%11.825%-11.62.45%.69%21%-6.71%7.8%%.9517%11.7460.00%徽商银行2.12%-10%6.930.65%%76.10.00%%1.16-8.05%.25%-67%-6.67%8.5-2.63%.46%-9%13.435.71%哈尔滨银行.64%14%10.155.68%7%-1.46%4.9%3.07-1.61%.46%-77%3.2-4%9.62.85%6%0.418.39%25.00%青岛银行.31%-1%8.876.60%%88.41.53%%4.54.41%55%.083%10.7%35.00.10%.47%-1719.25%10.08%渣打集团.33%-52.60%1.81%1%39.43.45%-3%-8.9-2.75%.82%21%4.3-5%2.00.40%.00%3021.54%57.79%甘肃银行25/0425/0525/0625/0725/0825/0925/1025/1125/1226/0126/0226/0326/04年初至今涨跌（二）市场环境：国债利率下行，银行板块成交占比环比下降1、利率环境：国债利率整体下行2026年44011.23%1.82%1.75%。图表5 中债国债到期益率走势图（%）2.502.001.501.000.500.00

0.900.800.700.600.500.400.300.200.100.0010年-1年利差（右轴） 中国中债国债到期收益率:10年 中国中债国债到期收益率:1年2、市场交易情况2026年426443014%，AB0.98%，环比-22bp。图表6 银行板块每月交额及占比市场热情（亿元，%）银行板块成交额和热度2023年1月2月3月4月5月6月7月8月9月10月11月12月成交额（亿元）2,192.32,531.73,547.63,334.35,134.72,609.22,667.03,592.1042,627.32,553.6262,545.12,600.2成交额占比总AB成交额1.741.411.661.542.771.361.501.901.831.821.311.582024年1月2月3月4月5月6月7月8月9月10月11月12月成交额（亿元）4,258.03,892.93,545.04,117.44,092.73,457.54,362.33,773.54,709.46,641.25,569.46,119.3成交额占比总AB成交额2.622.711.662.252.412.522.892.873.111.831.351.732025年1月2月3月4月5月6月7月8月9月10月11月12月成交额（亿元）4,404.504,228.874,811.305,651.294,873.706,398.637,889.567145.187,698.626,696.496,297.535,601.36成交额1.502.182.112.402.101.471.451.821.651.302026年3月4月5月6月7月8月9月10月11月12月成交额（亿元）7,078.033,752.266,130.224,840.53成交额占比总AB成交额1.161.161.200.98截至4月30日）截止4月3001780S）整体PE为6.0610为0.5018.3%。4.14%39.14%。图表7 银行板块历史值指标二、银行基本面跟踪（一）行业月度数据跟踪4月15LPR1LPR35LPR3.5%。26年3132026335.2367012.996500亿元。3月社融点评：2637.9%0.3pct（，35.231025年3月及23年313156708394548501.163244290423732.996500/4944/1800/2885/2094亿2企业21-222.66票据400亿元/75亿元/少增2300亿元。存款搬家延续，M1/M2增速回落。M1/M25.1%/8.5%//政府32.44万亿/2.72/-7394亿/-8100-6500亿元亿元/+316/+6010亿M1/M2图表8 2026年3月社数据概览社会融资规模单位：亿元2025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-122026-012026-022026-03社融存量同比增速8.0%8.2%8.4%8.7%8.7%8.9%9.0%8.8%8.7%8.5%8.5%8.3%8.2%8.2%7.9%社融当月新增70,54622,33158,96111,59922,90042,25111,30725,66035,2998,17824,92622,07572,18523,85552,260社融同比多增5,8127,37210,62612,2572,2779,2663,600-4,663-2,336-5,9421,638-6,4621,6391,524-6,701其中：人民币贷款3,793-3,2455,314-2,465-2,2741,673-3,488-4,158-3,661-3,119-1,1201,402-3,1781,930-6,708外币贷款-1,381-272-8381806211,132803521351510246-860245715表外融资-283-258-631,386-41-184-9109981,8693571,3266943711,919-2,904——委托贷款808-56300-91-157-397-522-190-1091,873-4328-64147-119——信托贷款-109-901-443-219-5168175-13456-17752528-627640-412——未贴现银行承兑汇票-982699801,696167145-5631,3221,922-1,499578-1621,6391,232-2,373直接融资4,17111,1695,28311,5043,5715,4036,587-2,546-1,031-3,719665-8,9583,228-2,7271,622——企业债券融资134279-5,1426331,211322712-3652,0621,5131,7641,700579-1804,850——非金融企业境内股票融资51-381852054149274324371411-8775-18237816——政府债券3,98610,92810,24010,6662,3195,0325,601-2,505-3,464-5,643-1,012-10,7332,831-2,925-3,244其他融资-488-229301,6524001,24260852213629521400358157574信贷数据单位：亿元2025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-122026-012026-022026-03人民币贷款当月新增人民币贷款同比多增其中：居民户贷款——短期贷款——中长期贷款非金融企业及机关团体贷款——中长期贷款非银行金融机构贷款——其他贷款51,30010,10036,4002,8006,20022,400-5005,90012,9002,2003,9009,10047,1009,00029,9002,100-4,4005,500-4,500-3,3001,100-3,100-3,100-3,000-2,800-1,900-800-4,200-1,100-6,500-5,3632,016447-50-217267-2,793-1,597-1,110-5,204-4,763-4,416127-2,616-4,944-4,0252,127-67-501-451150-1,671-611-1,279-3,356-1,788-1,6111,594-1,952-2,885-1,337-112531435232151-1,200-1,000200-1,800-2,900-2,900-1,466-665-2,0949,200-5,3005,000-2,500-2,1001,400-700-2,500-2,7002,2003,6005,800-3,3004,500-1,8004,600-7002,3004,900-2,6002,500-1,1003,9003,1002,700400514-40-2,826-3,7163,125-4,920-4,7123,3122,119-1,000-3,590-2,043751,500-7,500-200-1,600-1,700400-3,900-200-500-1,400-4002,900-2,8003,500-2,300-2,257-1,201256-973226391-31225356-164554-1,340126-2,949952085-203-977-1,209-958424772454368-1,291-844-1,153-35235货币增长2025-062025-072025-082025-092025-102025-112025-122026-012026-022026-03M1同比4.6%5.6%6.0%7.2%6.2%4.9%3.8%4.9%5.9%5.1%M2同比增速7.0%7.0%7.0%8.0%7.9%8.3%8.8%8.8%8.4%8.2%8.0%8.5%9.0%9.0%8.5%M2-M1剪刀差6.6%6.9%5.4%6.5%5.6%3.7%3.2%2.8%1.2%2.0%3.1%4.7%4.1%3.1%3.4%（二）25年&1Q26业绩总览：银行业经营景气度边际修复422025年/1Q261Q26+2bp1Q267.2+72pc较25Q61.8速环比+7.4pct+2.7pct15.4%。2025/1Q26-0.1pct/+1.6pct1.4%/3.0%，1Q2622%。不4.6pct274%。营业收入YoY净利息收入YoY中收YoY其他非息收入YoY归母净利润YoY1-3Q2520251Q26边际变化1-3Q2520251Q26营业收入YoY净利息收入YoY中收YoY其他非息收入YoY归母净利润YoY1-3Q2520251Q26边际变化1-3Q2520251Q26边际变化1-3Q2520251Q26边际变化1-3Q2520251Q26边际变化1-3Q2520251Q26边际变化工商银行2.2%2.0%8.3%建设银行0.8%1.5%11.1%农业银行2.0%2.1%10.5%中国银行2.7%4.5%8.4%交通银行1.8%2.0%4.9%邮储银行1.8%2.0%7.6%民生银行6.7%4.8%2.7%兴业银行-1.8%0.2%-1.1%光大银行-7.9%-6.7%-3.9%华夏银行-8.8%-5.4%35.3%平安银行-9.8%-10.4%4.7%浙商银行-6.8%-7.6%0.5%北京银行-0.3%-2.7%14.4%南京银行8.8%10.5%13.5%宁波银行8.3%8.0%10.2%江苏银行7.8%8.8%8.4%贵阳银行-13.7%-12.9%14.6%青农商行-4.9%-9.1%-8.7%紫金银行-5.4%-7.7%2.2%瑞丰银行1.0%0.5%-3.7%渝农银行0.7%1.4%8.4%沪农银行-3.2%-2.9%1.2%6.3%9.7%8.4%4.0%2.9%5.6%3.8%6.1%-0.5%-2.1%-1.3%2.9%40.7%15.0%8.1%17.1%3.1%2.2%-0.4%27.5%3.2%0.9%3.8%7.4%-0.7%1.0%19.9%9.9%23.3%7.9%1.1%0.5%4.1%0.6%0.2%0.3%-5.2%0.4%9.9%-4.2%7.0%4.1%6.2%6.7%-0.7%-0.4%-3.0%-2.9%-2.4%-1.9%-3.0%-1.8%1.5%1.9%-2.1%-1.6%1.7%2.0%-2.1%-1.5%7.5%8.1%7.6%7.8%7.2%7.3%5.0%1.7%2.4%1.5%-0.6%0.4%-5.1%-4.7%2.8%-2.1%4.1%杭州银行1.4%1.1%4.3%上海银行4.0%3.4%4.3%成都银行3.0%2.7%6.5%长沙银行1.3%-1.8%5.6%青岛银行5.0%8.0%7.3%郑州银行3.9%0.3%1.3%西安银行39.1%21.7%41.5%-1.6%1.4%13.7%-8.2%-5.8%-3.1%-3.2%-1.5%-1.3%1.8%1.9%9.6%28.5%31.1%39.4%11.8%10.8%14.4%19.6%20.7%7.3%-12.3%-8.3%12.6%10.0%12.8%20.7%0.8.-212.0%12.1%14.0%5.8%4.8%0.0%61.6%59.7%36.8%8.9%9.5%21.7%3.6%4.7%23.6%17.3%16.5%16.9%15.2%22.4%12.8%2.2%4.3%6.4%1.2%2.1%5.2%1.5%0.2%7.8%2.4%2.5%5.8%-3.8%-2.8%8.0%-8.4%-10.2%0.8%2.1%2.0%8.3%-17.3%-15.4%-5.4%6.1%8.3%12.6%6.9%7.9%15.1%7.9%11.0%9.5%9.6%5.3%8.9%3.0%3.2%7.4%1.4%-2.6%8.9%12.2%2.7%0.2%7.7%8.4%3.7%-13.4%20.9%7.9%2.4%8.9%8.3%1.9%-4.9%-22.9%12.2%18.8%0.4%-9.6%2.1%3.1%7.6%3.3%10.8%11.0%6.3%10.0%4.2%7.2%6.2%7.2%9.1%0.6%1.6%5.3%5.1%5.2%6.7%招商银行-0.5%0.0%3.8%中信银行-3.5%-0.5%5.6%1.9%1.4%3.9%5.0%12.4%13.3%16.6%7.9%8.1%7.4%5.6%0.2%3.4%-3.0%11.5%16.1%16.8%0.9%4.4%4.9%5.7%5.4%7.0%-1.4%-0.4%-5.5%0.7%3.8%2.2%8.3%0.4%7.4%6.2%2.4%5.9%7.4%-9.2%2.5%-0.1%-0.9%11.7%-22.4%-16.4%8.0%16.9%10.6%1.5%8.5%65.2%-14.6%29.3%30.7%81.7%20.0%28.0%23.8%-8.6%-23.0%-1.0%12.6%13.1%-11.2%-6.9%-35.2%9.3%-3.5%-3.8%49.1%-7.1%-13.9%18.3%0.6%0.3%13.1%0.5%0.6%-19.0%16.0%7.1%4.5%-1.4%-5.2%0.0%-27.6%-32.7%-31.4%-11.1%-4.2%-17.1%-19.2%-17.7%3.6%-4.6%-4.0%7.0%3.6%1.6%-8.7%-1.8%-6.5%0.7%0.5%1.6%-5.1%5.5%0.0%-15.4%0.0%12.6%24.4%-9.1%-79.8%51.0%-4.2%22.0%-24.3%0.6%.6%.3%52.9%32.3%12.7%-19.6%-2.6%5.2%1.2%-12.9%21.4%11.0%27.6%22.6%22.3%31.0%40.9%66.7%31.7%24.6%37.4%22.2%29.5%12.9%4.1%1.4%4.3%27.5%19.7%0.2%-11.4%-13.7%-3.8%-0.4%25.8%12.8%-16.6%2.9%-19.5%10.0%-17.0%-1.8%22.1%23.9%0.3%0.7%3.3%0.6%1.0%3.5%3.0%3.2%4.5%1.1%2.2%4.2%1.9%2.2%3.1%1.0%1.1%1.9%0.5%1.2%1.5%3.0%3.0%3.0%浦发银行1.9%-2.7%-7.4%-23.6%36.6%26.2%0.2%-9.3%-4.8%-2.6%-32.5%-29.1%-34.5%-29.6%-21.1%433.2%-24.1%-33.0%34.8%-11.8%-20.6%3.6%-12.8%-22.1%40.1%-16.2%-22.3%-18.8%-9.0%-9.0%-26.4%-24.1%-27.7%6.7%-20.7%-26.9%26.3%-24.7%-31.4%-36.7%14.7%7.1%8.4%-13.0%-18.7%-48.4%16.8%20.4%26.2%-15.5%-3.0%-30.3%-4.0%-19.1%4.0%-18.1%-65.7%103.7%-14.6%-19.3%-1.2%-3.2%-8.5%43.7%-38.1%-35.6%2.1%5.8%-21.4%36.6%-15.9%-18.9%-25.0%21.9%11.4%13.8%11.5%8.0%-9.6%20.0%12.2%6.3%7.1%6.4%-11.4%20.1%23.7%-14.7%-23.0%-38.9%-41.7%57.5%19.4%17.0%-16.2%-26.0%2.2%-5.4%454.3%67.8%24.1%62.2%3.5%-17.4%34.5%53.2%-5.3%1.4%-29.7%5.8%-27.3%23.1%169.4%18.1%52.2%37.6%58.0%-6.1%2.4%-17.6%-5.9%-17.8%-38.4%-2.7%-2.4%-23.2%-6.6%-12.3%7.4%-1.8%16.1%14.3%-8.8%10.2%10.5%1.5%-6.4%-5.4%-9.6%0.1%0.3%0.2%-3.6%-6.9%-8.1%-2.9%-1.7%-1.5%-3.5%-4.2%3.0%-9.6%-14.8%0.7%2.2%-22.2%5.6%8.1%8.4%8.3%8.1%8.0%8.1%10.3%8.3%8.2%-1.4%1.7%2.4%14.5%12.1%10.1%2.8%5.0%6.0%2.7%3.3%3.6%0.7%4.8%5.8%2.6%2.5%1.3%2.0%0.9%0.8%0.3%0.0%-9.0%-4.3%-0.2%-1.2%0.2%7.2%15.6%27.8%0.0%2.2%-0.1%0.7%-2.0%-2.0%1.5%2.2%15.5%21.7%21.2%-0.5%苏州银行2.0%厦门银行3.0%齐鲁银行4.6%1.1%10.9%1.7%25.1%5.1%13.0%1.6%5.5%7.1%0.3%1.0%3.6%5.5%1.5%5.4%6.2%8.2%7.4%重庆银行10.4%10.5%11.6%兰州银行-2.1%-0.7%-0.2%江阴银行6.2%无锡银行3.9%常熟银行8.2%苏农银行0.1%张家港行1.2%4.1%8.2%2.0%2.6%6.5%6.7%0.9%1.2%0.8%-4.4%364.7%332.1%41.0%-291.1%21.3%66.0%11.8%-54.2%76.6%235.3%23.3%-212.0%2.5%4.1%-7.2%-11.4%41.5%56.9%55.4%-1.5%15.1%14.6%14.0%10.2%10.5%10.4%0.6%-1.2%-4.8%13.4%0.6%2.5%3.8%2.5%2.7%12.8%10.6%11.1%5.0%5.8%3.6%5.1%5.3%9.5%5.1%2.5%5.6%162.7%207.4%29.4%-178.0%-16.4%-22.9%-46.2%-10.9%-23.3%1.6%5.8%2.3%-0.5%4.3%2.6%2.7%5.9%-0.6%-0.1%-3.6%1.9%0.2%0.5%0.0%-2.8%-3.9%25.0%-2.8%上市银行0.9%国有行股份行城商行农商行1.9%1.4%7.6%2.3%9.0%-5.1%-3.9%-0.6%0.0%-2.0%-1.5%2.3%7.2%7.7%4.8%4.2%9.7%0.0%-0.6%2.6%5.5%3.2%10.3%11.1%13.8%0.1%0.9%7.7%2.6%6.8%-16.7%-19.7%4.3%-1.2%-2.0%16.9%4.6%6.1%5.8%5.9%7.2%6.3% 3.8%8.8%13.4%8.8%3.9%4.2%10.2%24.0%19.0%-0.3%-0.9%0.7%-4.5%6.0%-22.4%-25.6%-32.2%3.9%1.3%-10.9%5.4%4.4%11.8%23.9%24.2%22.4%-12.1%-11.7%4.4%-11.7%-17.6%-3.3%-1.6%-7.7%-16.6%3.7%5.3%5.1%-0.3%0.8%1.5%1.2%0.2%1.4%1.7%0.7%3.0%3.6%-0.2%-0.1%-0.3%6.9%3.4%7.4%3.6%3.0%3.8%0.5%1.6%2.0%-0.2%3.9%0.8%公司公1Q269.5Q26的1.912617pct25.2%2.2%0.4pct9.1%-0.2%-6.5%。分板块看，1）城农商行净息差贡献更大，其他非息收入则均为负贡献。1Q26城农商行0.40.9（2.1.4Q63.55.31Q262）1Q261Q269.0%3.6%。1Q26-8.1%。图表101Q26上市银行业绩归因1Q26

生息资产增速

净息差变动贡献

净利息收入增速

中收贡献

其他非息贡献

营业收入增速

管理费贡献

增速

资产减值损失贡献

所得税贡献

归母净利润增速工商银行建设银行农业银行中国银行交通银行邮储银行招商银行中信银行浦发银行民生银行兴业银行光大银行华夏银行平安银行浙商银行北京银行

7.8% -0.3% 7.5%9.9% -1.7% 8.1%13.8% -6.2% 7.6%9.4% -1.6% 7.8%6.7% 0.5% 7.2%10.2% -2.9% 7.3%7.7% -2.8% 5.0%4.1% -2.4% 1.7%7.0% 5.5% -0.1% 2.9% 2.8%5.8% -8.0% -2.1%-0.2% 4.4% 4.1%8.0% 5.7% 4.9% -8.0% -3.1%6.6% -7.9% -1.3%11.4% -1.8% 9.6%

-0.4% 1.2% 8.3%-0.3% 3.3%0.0% 2.9%-0.4% 1.1% 8.4%-2.2% -0.1% 4.9%1.2% -0.9% 7.6%0.0% -1.2% 3.8%1.0% 2.9% 5.6%-3.4% -7.6% 1.4%0.5% -0.6% 2.7%1.4% -0.4%-1.1%-2.7% -5.3%-3.9%-1.1% 22.8%3.3% 4.4% 4.7%0.9% 0.9% 0.5%-0.8% 5.7%

1.1% 9.3%2.4% 2.6% -1.4% 7.1%5.0% 9.9%11.8% 0.5% 4.3%0.8% 6.4%2.7% 4.1%3.6% 6.4%0.8% -0.3%2.0% -1.8%12.9% -0.3% 4.4%1.0% 1.5%9.1%

-7.0% 1.0% 3.3%-7.5% -2.5% 3.5%-11.8% 3.2% 4.5%-5.1% 2.2% 4.2%-1.2% -5.5% 3.1%-18.0% 0.5% 1.9%-3.3% 0.5% 1.5%-3.3% -0.1% 3.0%3.7% -6.3% 1.5%-15.4% -0.6%-9.6%0.0% 0.4% 0.2%-4.0% -2.2%-8.1%-50.0% 0.3%-1.5%-1.3% 0.0% 3.0%0.3% -1.1% 0.7%-16.3% -1.6% 5.6%南京银行宁波银行

16.3% 14.1% 0.4%

39.4%14.4%

-9.9%6.7%

.0%-10-16.9%-10-16

4.9% 5.1%

-9.4% -1.0% 8.0%-3.8% -1.2%10.3%江苏银行贵阳银行杭州银行上海银行

24.6%2.6%9.8%3.6%

-17.3% 7.3%10.0% 10.9% 1.5% 5.1%

1.5%-0.3%-5.7%-2.7%

-0.4% 8.4%2.3%-10.7% 4.3%1.8% 4.3%

0.3% 8.7%4.7% 2.1% 6.4%0.3% 4.6%

6.6% -7.1% 8.2%-13.7% -3.3% 2.4%5.7% -2.1%10.1%0.2% -4.1% 0.7%成都银行

10.4% 6.9%

-0.7%

-10.1%

0.3%

-2.5% 0.5% 4.8%长沙银行青岛银行郑州银行西安银行

8.6%17.6%10.7%5.8%

2.2%-6.4%-6.4%-3.6%-0.8%31.0%3.0.0%36.8%

-0.4%5.0%0.7%-0.8%

3.9% 5.6%-11.7% 7.3%0.7% 1.3%5.6%41.5%

0.5% 6.1%2.3% 9.6%4.5% 5.8%12.0%

6.9% -7.3% 5.8%28.8% -17.