平安银行2026年中报点评：息差回升中期分红

关键财务指标（百万元）关键财务指标（百万元）2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1总资产5,745,9885,769,2705,777,8585,874,9615,766,7645,925,7776,033,9626,028,785总贷款3,383,2713,374,1033,411,7133,408,4983,417,7533,390,8403,464,5743,452,274总负债5,255,5195,274,4285,271,7465,364,8995,195,8525,309,8545,489,8795,480,571总存款3,592,5323,592,3133,724,2993,751,6413,608,4013,633,5693,749,6823,701,999营业收入111,582146,69533,70969,385100,668131,44235,27770,617拨备前利润79,758104,16624,31349,38271,90991,72625,37850,728净利润39,72944,50814,09624,87038,33942,63314,52325,696总资产增速4.16%3.26%0.85%2.10%0.36%2.71%4.43%2.62%贷款同比增速-1.25%-0.98%-2.02%-0.15%1.02%0.50%1.55%1.28%存款同比增速2.54%3.88%6.19%3.52%0.44%1.15%0.68%-1.32%营业收入同比增速-12.58%-10.93%-13.05%-10.04%-9.78%-10.40%4.65%1.78%核心营收同比增速-20.17%-20.27%-9.14%-7.79%-6.59%-4.78%0.21%0.45%净利息收入同比增速-20.60%-20.82%-9.42%-9.33%-8.25%-5.79%-3.10%-0.49%净手续费收入同比增速-18.47%-18.07%-8.19%-1.99%-0.14%-0.90%11.66%3.73%其他非息收入同比增速52.56%68.75%-32.71%-19.34%-24.12%-33.03%34.80%8.04%拨备前利润同比增速-13.69%-10.83%-12.92%-10.43%-9.84%-11.94%4.38%2.73%归母净利润同比增速0.24%-4.19%-5.60%-3.90%-3.50%-4.21%3.03%3.32%净息差（披露值）1.93%1.87%1.83%1.80%1.79%1.78%1.79%1.80%净利差（披露值）1.87%1.83%1.78%1.76%1.77%1.76%1.79%1.81%生息资产收益率（披露值）4.07%3.97%3.62%3.55%3.50%3.43%3.24%3.23%计息负债成本率（披露值）2.20%2.14%1.84%1.79%1.73%1.67%1.45%1.42%净息差（测算值）1.92%1.85%1.79%1.76%1.77%1.74%1.74%1.74%净利差（测算值）1.90%1.83%1.78%1.77%1.77%1.74%1.76%1.75%单季度净息差（测算值）1.86%1.66%1.79%1.71%1.76%1.71%1.74%1.74%单季度净利差（测算值）1.85%1.65%1.78%1.71%1.77%1.71%1.76%1.76%ROA（年化）0.93%0.78%0.98%0.85%0.89%0.73%0.97%0.85%ROE（年化）12.13%10.08%12.07%10.50%11.04%9.15%11.79%10.56%累计分红率（测算）28.32%20.05%28.83%20.02%杠杆率6.58%6.47%6.73%6.64%6.80%7.06%6.99%6.81%风险加权资产增速7.50%6.49%6.04%6.07%3.77%5.16%6.99%7.63%ROE(年化)*(1-分红率)8.26%7.23%8.66%7.53%7.92%6.52%8.40%7.52%成本收入比27.40%27.66%26.86%27.68%27.47%29.06%26.96%27.06%存贷比95.74%95.48%93.04%92.26%94.72%93.32%92.40%93.25%拨备覆盖率251.19%250.71%236.53%238.48%229.60%220.88%219.59%219.58%拨贷比2.67%2.66%2.50%2.51%2.41%2.33%2.31%2.30%不良贷率 1.06%1.06%1.06%1.05%1.05%1.05%1.05%1.05%关注贷款率1.97%1.93%1.78%1.76%1.74%1.75%1.78%1.83%逾期贷款率1.81%1.64%1.61%1.75%重组贷款率1.12%1.12%1.21%1.22%不良净新生成率（披露值）1.80%1.64%1.63%1.15%不良生成率1（披露核转）1.87%2.37%2.06%2.21%1.31%2.19%0.71%1.56%不良生成率2（测算核转）1.63%1.75%1.45%1.41%1.32%1.52%0.92%1.17%核心一级资本充足率9.33%9.12%9.41%9.31%9.52%9.36%9.51%9.32%流动性覆盖率112.65%136.15%110.89%134.29%115.64%132.87%134.51%132.25%净稳定性资金比例107.92%106.89%109.90%107.83%106.42%106.95%105.93%105.40%股东数（户）517,695486,258504,267443,583453,515441,142457,610450,712AC兑现/营收0.65%0.52%2.21% 1.53% 1.17%1.60%2.30%OCI兑现/营收1.15%0.75%0.52%0.29%AC兑现/净利润1.81%1.71%6.18%4.01%3.61%3.88%6.31%OCI兑现/净利润3.81%2.09%1.61%0.79%超额拨备/归母净利润(TTM)-17.70%-26.09%-33.55%-39.89%-46.35%-48.96%-56.63%超额拨备/归母净资产-1.59%-2.25%-2.86%-3.32%-3.59%-3.87%-4.49%表1：关键财务指标概览（单位：百万元）资料来源：iFind，国联民生证券研究所累计业绩同比增速2024Q1-32024A累计业绩同比增速2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1营业收入同比增速-12.58%-10.93%-13.05%-10.04%-9.78%-10.40%4.65%1.78%核心营收同比增速-20.17%-20.27%-9.14%-7.79%-6.59%-4.78%0.21%0.45%净利息收入同比增速-20.60%-20.82%-9.42%-9.33%-8.25%-5.79%-3.10%-0.49%非息收入同比增速7.63%14.04%-19.78%-11.30%-12.63%-18.49%20.83%5.83%净手续费收入同比增速-18.47%-18.07%-8.19%-1.99%-0.14%-0.90%11.66%3.73%其他非息收入同比增速52.56%68.75%-32.71%-19.34%-24.12%-33.03%34.80%8.04%营业支出同比增速-18.93%-14.31%-16.90%-12.79%-14.35%-12.52%6.48%1.29%拨备前利润同比增速-13.69%-10.83%-12.92%-10.43%-9.84%-11.94%4.38%2.73%利润总额同比增速-2.55%-5.16%-8.86%-6.40%-3.82%-6.54%3.06%2.88%净利润同比增速0.24%-4.19%-5.60%-3.90%-3.50%-4.21%3.03%3.32%归母净利润同比增速0.24%-4.19%-5.60%-3.90%-3.50%-4.21%3.03%3.32%资料来源：iFind，国联民生证券研究所单季度业绩同比增速2024Q32024Q4单季度业绩同比增速2024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q2营业收入同比增速-11.72%-5.27%-13.05%-7.00%-9.19%-12.36%4.65%-0.94%核心营收同比增速-17.38%-20.61%-9.14%-6.32%-4.02%1.46%0.21%0.70%净利息收入同比增速-18.35%-21.57%-9.42%-9.24%-5.99%2.76%-3.10%2.25%非息收入同比增速6.77%36.37%-19.78%-3.30%-16.03%-34.57%20.83%-5.90%净手续费收入同比增速-13.11%-16.65%-8.19%5.67%4.06%-3.55%11.66%-4.78%其他非息收入同比增速41.83%123.37%-32.71%-9.35%-37.74%-53.55%34.80%-6.79%营业支出同比增速-14.81%-1.45%-16.90%-9.44%-18.11%-8.33%6.48%-2.59%拨备前利润同比增速-12.40%0.01%-12.92%-7.87%-8.53%-18.81%4.38%1.12%利润总额同比增速-7.58%-19.84%-8.86%-3.00%1.40%-25.09%3.06%2.66%净利润同比增速-2.79%-29.93%-5.60%-1.58%-2.75%-10.15%3.03%3.70%归母净利润同比增速-2.79%-29.93%-5.60%-1.58%-2.75%-10.15%3.03%3.70%资料来源：iFind，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40.00%

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%20.00%10.00%0.00%-10.00%-20.00%-30.00%资料来源：iFind，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%资料来源：iFind，国联民生证券研究所2024/12 2025/3 2025/6 2025/9 2025/12 2026/3 2026/6资产总额同比增速2024/12 2025/3 2025/6 2025/9 2025/12 2026/3 2026/6资产总额同比增速3.26%0.85%2.10%0.36%2.71%4.43%2.62%生息资产同比增速-0.10%0.17%0.36%-0.99%0.62%-0.71%1.17%净利息收入同比增速-20.82%-9.42%-9.33%-8.25%-5.79%-3.10%-0.49%核心营收同比增速-20.27%-9.14%-7.79%-6.59%-4.78%0.21%0.45%营业收入同比增速-10.93%-13.05%-10.04%-9.78%-10.40%4.65%1.78%PPOP同比增速-10.83%-12.92%-10.43%-9.84%-11.94%4.38%2.73%净利润同比增速-4.19%-5.60%-3.90%-3.50%-4.21%3.03%3.32%归母净利润同比增速-4.46%-6.48%-4.23%-3.69%-3.71%7.47%5.69%总资产增速规模因素3.26%0.85%2.10%0.36%2.71%4.43%2.62%营业收入营收贡献-10.93%-13.05%-10.04%-9.78%-10.40%4.65%1.78%净利息收入营收贡献-14.91%-6.11%-5.94%-5.36%-3.69%-2.10%-0.32%利息收入营收贡献-17.75%-21.75%-21.00%-21.01%-19.44%-14.96%-12.47%利息支出营收贡献2.84%15.64%15.06%15.64%15.76%12.86%12.15%净手续费及佣金收入营收贡献-3.23%-1.52%-0.33%-0.02%-0.15%2.28%0.68%手续费收入营收贡献-4.37%-1.98%-0.74%-0.42%-0.41%2.11%0.59%手续费支出营收贡献1.14%0.46%0.41%0.40%0.26%0.17%0.09%净其他非息收入营收贡献7.21%-5.43%-3.77%-4.40%-6.56%4.47%1.41%投资净收益营收贡献5.19%5.33%0.64%-1.88%-2.82%-6.70%-1.74%公允价值变动损益营收贡献2.10%-12.00%-5.30%-3.42%-3.83%12.60%4.30%营业收入利润贡献-38.76%-33.89%-29.94%-27.47%-34.27%11.12%4.95%营业支出利润贡献32.90%22.88%22.27%23.01%25.74%-7.73%-2.03%税金及附加利润贡献0.51%0.51%0.60%0.48%0.47%-0.59%-0.49%业务及管理费利润贡献11.57%9.21%7.35%7.37%5.36%-3.24%0.39%资产减值损失利润贡献20.81%13.17%14.31%15.17%19.91%-3.89%-1.94%拨备前利润利润贡献-27.22%-24.16%-22.21%-19.76%-27.95%7.56%5.41%所得税利润贡献2.22%5.40%4.00%1.09%3.83%-0.63%-0.15%少数股东净利润利润贡献归母净利润利润贡献-4.19%-5.60%-3.90%-3.50%-4.21%3.03%3.32%其他权益支出利润贡献0.74%3.36%1.91%归母普通股净利润利润贡献-4.19%-5.60%-3.90%-3.50%-3.47%6.39%5.23%其他综合收益利润贡献0.00%-7.65%-0.90%-1.91%-3.88%5.15%2.54%归母普通股综合收益利润贡献-4.20%-13.25%-4.80%-5.41%-7.35%11.54%7.77%资料来源：iFind，国联民生证券研究所2024/12 2025/3 2025/6 2025/9 2025/12 2026/3 2026/6资产总额 同比增速生息资产 同比增速2024/12 2025/3 2025/6 2025/9 2025/12 2026/3 2026/6资产总额 同比增速生息资产 同比增速净利息入 同比增速核心营收 同比增速营业收入 同比增速PPOP 同比增速净利润 同比增速归母净润 同比增速3.26%0.85%2.10%0.36%-0.99%2.71%4.43%2.62%-0.10%0.17%0.36%0.62%-0.71%1.17%2.25%-21.57%-20.61%-9.42%-9.24%-5.99%-4.02%2.76%1.46%-3.10%-9.14%-6.32%0.21%0.70%-5.27%-13.05%-7.00%-7.87%-9.19%-12.36%4.65%4.38%-0.94%0.01%-12.92%-8.53%-18.81%1.12%-29.93%-29.93%-5.60%-5.60%-1.58%-1.58%-2.75%-2.75%-10.15%-10.15%3.03%3.03%3.70%3.70%总资产速 规模因素3.26%0.85%2.10%0.36%2.71%4.43%4.65%2.62%营业收入营收贡献-5.27%-13.05%-7.00%-9.19%-12.36%-0.94%净利息入 营收贡献利收入 营收贡献利支出 营收贡献净手续及佣收入 营收贡献手续费入 营收贡献手续费出 营收贡献净其他息收入 营收贡献投资净益 营收贡献公允价变动益 营收贡献-15.50%-25.86%10.36%-2.91%-4.31%-6.11%-5.76%-4.08%1.64%-2.10%1.37%-10.11%-21.75%-20.25%14.49%-21.02%-14.46%-14.96%15.64%16.94%16.11%12.86%11.48%-1.52%-1.98%0.86%0.67%-0.55%-0.37%2.28%2.11%-0.82%-0.84%0.50%0.29%1.40%13.14%0.46%0.36%0.38%-0.17%-13.45%0.17%0.02%-5.43%-2.10%-4.11%1.47%-5.79%4.47%-1.49%3.90%5.33%-7.51%-5.79%-5.15%-6.70%2.96%6.99%-12.00%0.80%12.60%-3.55%营业收入 利润贡献营业支出 利润贡献税金及加 利润贡献业务及理费 利润贡献资产减损失 利润贡献拨备前润 利润贡献所得税 利润贡献少数股净利润 利润贡献归母净润 利润贡献其他权支出 利润贡献归母普股净润 利润贡献其他综收益 利润贡献归母普股综收益 利润贡献-28.62%-33.89%-24.54%-22.87%-90.79%11.12%-3.12%5.98%22.88%21.42%24.40%48.40%-7.73%-0.59%5.41%1.13%30.28%0.51%9.21%0.73%0.25%0.38%-0.35%4.82%7.39%-11.32%-3.24%5.15%-25.43%13.17%15.87%16.77%59.34%-3.89%0.61%0.04%-24.16% -19.55%-15.17%-96.07%7.56%2.61%-4.55%5.40%2.10%-4.35%26.57%-0.63%0.48%-29.93%-5.60%-1.58%-2.75%-10.15%3.03%3.70%6.91%3.36%-29.93%-5.60%-1.58%-2.75%-3.24%6.39%3.70%-0.79%-7.65%8.30%-3.80%-20.23%5.15%-0.87%-30.72%-13.25%6.72%-6.55%-23.48%11.54%2.83%资料来源：iFind，国联民生证券研究所累计ROE拆分2024Q1-32024A累计ROE拆分2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1营业收入2.63%2.58%2.34%2.38%2.33%2.25%2.36%2.36%利息收入3.61%3.49%3.11%3.02%3.00%2.90%2.67%2.65%利息支出1.90%1.85%1.53%1.49%1.46%1.40%1.19%1.17%净利息收入1.71%1.65%1.58%1.53%1.54%1.51%1.48%1.48%净手续费收入0.44%0.42%0.46%0.44%0.43%0.41%0.49%0.44%核心营收2.15%2.07%2.04%1.97%1.97%1.91%1.97%1.92%其他非息收入0.48%0.51%0.30%0.42%0.36%0.33%0.39%0.44%营业支出1.50%1.61%1.16%1.35%1.26%1.37%1.20%1.33%税金及附加0.03%0.03%0.02%0.02%0.02%0.02%0.03%0.03%业务及管理费0.72%0.71%0.63%0.66%0.64%0.65%0.64%0.64%减值损失0.75%0.87%0.51%0.67%0.60%0.69%0.53%0.67%营业利润1.13%0.97%1.17%1.03%1.07%0.88%1.16%1.03%营业外净收入0.00%-0.01%0.00%-0.01%0.00%0.00%0.00%0.00%利润总额1.12%0.96%1.17%1.03%1.06%0.87%1.16%1.03%所得税0.19%0.18%0.19%0.17%0.18%0.15%0.19%0.17%年化ROA0.93%0.78%0.98%0.85%0.89%0.73%0.97%0.86%杠杆率12.9812.8612.3612.2912.4612.5512.1312.42年化ROE12.13%10.08%12.07%10.50%11.04%9.15%11.79%10.68%资料来源：iFind，国联民生证券研究所单季度ROE拆分2024Q32024Q4单季度ROE拆分2024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q2营业收入2.43%2.47%2.34%2.45%2.17%2.11%2.36%2.36%利息收入3.47%3.18%3.11%2.95%2.91%2.74%2.67%2.64%利息支出1.82%1.70%1.53%1.46%1.38%1.27%1.19%1.15%净利息收入1.66%1.47%1.58%1.49%1.53%1.47%1.48%1.49%净手续费收入0.40%0.38%0.46%0.42%0.41%0.36%0.49%0.39%核心营收2.06%1.85%2.04%1.91%1.94%1.82%1.97%1.88%其他非息收入0.37%0.62%0.30%0.54%0.23%0.28%0.39%0.49%营业支出1.32%1.96%1.16%1.54%1.06%1.74%1.20%1.47%税金及附加0.02%0.03%0.02%0.02%0.02%0.02%0.03%0.02%业务及管理费0.67%0.70%0.63%0.70%0.59%0.72%0.64%0.64%减值损失0.63%1.23%0.51%0.83%0.45%1.00%0.53%0.80%营业利润1.11%0.52%1.17%0.91%1.11%0.36%1.16%0.90%营业外净收入0.00%-0.02%0.00%-0.01%0.00%0.00%0.00%0.00%利润总额1.11%0.49%1.17%0.90%1.11%0.36%1.16%0.90%所得税0.14%0.16%0.19%0.16%0.17%0.06%0.19%0.15%年化ROA0.98%0.34%0.98%0.74%0.93%0.29%0.97%0.75%杠杆率12.9812.8612.3612.2912.4612.5512.1312.42年化ROE12.69%4.33%12.07%9.10%11.64%3.69%11.79%9.29%资料来源：iFind，国联民生证券研究所手续费收入增速2024Q1-32024A手续费收入增速2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1手续费收入-20.62%-20.54%-9.32%-3.84%-2.19%-2.17%9.54%2.86%代理业务-29.40%7.65%12.73%27.59%理财业务托管业务-16.56%-1.12%3.71%6.89%支付结算业务-8.26%3.87%4.60%-5.45%咨询顾问业务担保承诺业务银行卡业务-18.32%-0.06%-5.93%-9.94%交易业务其他-22.98%-28.67%-14.88%11.07%手续费支出-32.40%-33.50%-17.20%-16.28%-15.75%-10.34%-6.77%-3.95%零售AUM同比增速3.74%4.04%3.99%2.24%1.60%1.06%1.00%4.45%资料来源：iFind，国联民生证券研究所累计占比（/营收）2024Q1-32024A累计占比（/营收）2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1净手续费及佣金收入16.77%16.44%19.56%18.36%18.56%18.18%20.87%18.71%净其他非息收入18.22%19.88%12.84%17.50%15.33%14.86%16.54%18.57%投资收益16.47%16.77%20.08%18.35%16.17%15.58%12.79%16.32%公允价值变动损益1.28%2.12%-9.14%-2.40%-2.37%-1.92%3.31%1.86%汇兑净损益0.10%0.60%1.20%1.11%0.99%0.73%0.16%-0.13%其他净收益0.38%0.39%0.69%0.44%0.54%0.46%0.28%0.51%其他综合收益余额1.43%1.45%3.94%2.37%0.69%0.10%0.18%0.25%AC兑现0.65%0.52%2.21%1.53%1.17%1.60%2.30%OCI兑现1.15%0.75%0.52%0.29%单季度占比（/营收）2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1净手续费及佣金收入5.12%3.68%19.56%8.86%5.91%3.96%20.87%8.29%净其他非息收入4.74%6.01%12.84%11.26%3.27%3.12%16.54%10.31%投资收益5.50%4.25%20.08%8.59%3.52%3.19%12.79%9.93%公允价值变动损益-0.89%1.14%-9.14%2.04%-0.71%-0.10%3.31%0.21%汇兑净损益0.05%0.52%1.20%0.52%0.23%-0.03%0.16%-0.21%其他净收益0.08%0.10%0.69%0.11%0.23%0.05%0.28%0.38%其他综合收益-0.28%0.37%-2.37%0.46%-0.95%-0.42%-0.20%0.16%累计同比增速2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1净手续费及佣金收入-18.5%-18.1%-8.2%-2.0%-0.1%-0.9%11.7%3.7%净其他非息收入52.6%68.7%-32.7%-19.3%-24.1%-33.0%34.8%8.0%投资净收益63.1%53.3%44.0%4.0%-11.4%-16.8%-33.4%-9.5%公允价值变动损益153.3%976.8%-295.9%-168.7%-266.5%-181.1%137.9%179.0%汇兑损益-85.8%32.9%5671.4%1269.6%795.5%9.1%-85.9%-111.7%其他净收益-41.2%-38.0%55.0%-7.0%29.0%7.6%-58.1%18.2%其他综合收益余额增速-12.7%-6.1%-49.1%-13.3%-56.6%-93.6%-95.2%-89.2%单季度同比增速2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1净手续费及佣金收入-13.1%-16.7%-8.2%5.7%4.1%-3.6%11.7%-4.8%净其他非息收入41.8%123.4%-32.7%-9.4%-37.7%-53.6%34.8%-6.8%投资净收益54.1%30.2%44.0%-20.9%-42.2%-32.6%-33.4%17.7%公允价值变动损益-120.7%282.0%-295.9%66.1%27.8%-108.1%137.9%-89.5%汇兑损益-32.9%740.8%5671.4%640.8%312.7%-104.4%-85.9%-140.5%其他净收益-21.6%-26.5%55.0%-59.2%159.3%-53.7%-58.1%263.0%单季度其他综合收益增速29.1%21.3%-331.3%144.9%-209.4%-203.5%91.0%-64.2%资料来源：iFind，国联民生证券研究所图3：净息差和净利差 3.00%2.80%2.60%2.40%2.20%2.00%1.80%1.60%1.40%1.20%1.00%资料来源：iFind，国联民生证券研究所

净息差（披露值） 净利差（披露值）.80.8111%.80.8111%累计（披露值）2024Q1-32024A累计（披露值）2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1净息差1.93%1.87%1.83%1.80%1.79%1.78%1.79%1.80%净利差1.87%1.83%1.78%1.76%1.77%1.76%1.79%1.81%生息资产收益率4.07%3.97%3.62%3.55%3.50%3.43%3.24%3.23%计息负债成本率2.20%2.14%1.84%1.79%1.73%1.67%1.45%1.42%单季度（测算值）2024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q2净息差1.86%1.66%1.79%1.71%1.76%1.71%1.74%1.74%净利差1.85%1.65%1.78%1.71%1.77%1.71%1.76%1.76%生息资产收益率3.90%3.58%3.54%3.38%3.34%3.18%3.14%3.09%计息负债成本率2.05%1.93%1.76%1.67%1.57%1.47%1.38%1.32%生息资产平均收益率2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1发放贷款4.70%4.54%4.15%4.03%3.97%3.87%3.67%3.64%投资类资产3.00%3.04%2.84%2.85%2.83%2.82%2.71%2.68%存放央行1.55%1.55%1.55%1.57%1.57%1.56%1.55%1.54%同业资产2.85%2.75%2.37%2.30%2.23%2.18%1.76%1.86%计息负债平均付息率2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1存款向央行借款2.13%2.07%1.81%1.76%1.70%1.65%1.41%1.38%同业负债2.24%2.19%1.70%1.65%1.56%1.51%1.34%1.32%发行债券2.50%2.45%2.17%2.12%2.09%2.04%1.92%1.91%资料来源：iFind，国联民生证券研究所分类型贷款收益率2024Q1-32024A分类型贷款收益率2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1公司类贷款收益率3.64%3.56%3.20%3.14%3.10%3.05%2.91%2.91%个人贷款收益率5.78%5.56%5.17%5.04%4.93%4.79%4.52%4.45%票据贴现收益率1.85%1.81%1.70%1.57%1.49%1.43%1.42%1.27%分类型存款成本率2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1对公存款付息率2.07%2.01%1.73%1.67%1.61%1.55%1.32%1.30%对公活期付息率0.94%0.88%0.63%0.60%0.57%0.53%0.34%0.37%对公定期付息率2.75%2.68%2.40%2.31%2.23%2.16%1.88%1.82%个人存款付息率2.24%2.18%1.96%1.92%1.87%1.82%1.56%1.52%个人活期付息率0.18%0.15%0.10%0.07%0.06%0.06%0.05%0.05%个人定期付息率2.84%2.80%2.59%2.53%2.47%2.42%2.13%2.07%资料来源：iFind，国联民生证券研究所余额结构（分母为总资产）2024Q1-32024A余额结构（分母为总资产）2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1生息资产87.61%87.31%88.70%86.21%86.43%85.52%84.34%84.99%贷款58.88%58.48%59.05%58.02%59.27%57.22%57.42%57.26%投资类资产27.57%27.68%25.77%28.12%28.17%28.95%29.94%30.21%FVTPL10.80%10.91%9.22%12.17%12.11%12.91%14.09%13.62%AC13.53%13.61%13.46%12.79%13.26%13.20%13.25%13.20%FVOCI3.23%3.16%3.10%3.17%2.79%2.85%2.59%3.38%存放央行4.90%4.66%5.04%4.50%4.58%4.29%4.31%4.60%同业资产7.16%7.49%8.16%7.82%6.62%8.05%6.84%6.62%同比增速2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1总资产4.16%3.26%0.85%2.10%0.36%2.71%4.43%2.62%总生息资产1.24%-0.10%0.17%0.36%-0.99%0.62%-0.71%1.17%贷款-1.25%-0.98%-2.02%-0.15%1.02%0.50%1.55%1.28%投资类资产18.37%14.82%3.02%9.23%2.56%7.43%21.30%10.21%FVTPL39.79%39.81%9.34%24.54%12.51%21.53%59.66%14.88%AC4.26%1.63%-1.83%-3.56%-1.60%-0.40%2.82%5.90%FVOCI25.22%8.49%7.64%16.65%-13.25%-7.56%-12.57%9.70%存放央行-19.53%-2.07%-9.63%-13.57%-6.34%-5.48%-10.62%4.86%同业资产33.36%1.63%30.84%16.62%-7.29%10.41%-12.44%-13.13%单季增量2024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q2总生息资产-12,4513,06088,272-60,595-80,49083,89820,88835,020贷款-30,203-916837,610-3,2159,255-26,91373,734-12,300投资类资产71,39913,062-107,913163,139-27,70491,09790,58614,758FVTPL46,8058,745-97,122182,446-16,40866,61485,030-28,857AC-1,7107,672-7,441-26,26213,56817,02117,622-3,890FVOCI26,304-3,355-3,3506,955-24,8647,462-12,06647,505存放央行-24,221-12,80422,087-26,586-548-9,7015,92017,181同业资产17,45920,49939,218-11,691-78,03395,467-64,356-13,402资料来源：iFind，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）2024Q1-32024A余额结构（分母为总资产）2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1负债总额91.46%91.42%91.24%91.32%90.10%89.61%90.98%90.91%计息负债87.29%86.81%87.50%87.87%86.56%86.09%86.28%86.17%存款62.52%62.27%64.46%63.86%62.57%61.32%62.14%61.41%向央行借款2.41%1.49%2.57%3.65%1.93%3.77%1.52%4.11%同业负债11.68%11.00%11.08%11.05%11.05%11.81%13.78%14.31%发行债券10.68%12.05%9.39%9.31%11.00%9.19%8.84%6.35%同比增速2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1负债总额4.06%3.12%0.53%1.76%-1.14%0.67%4.14%2.16%总计息负债3.42%0.76%-0.09%3.07%-0.49%1.86%2.98%0.64%存款2.54%3.88%6.19%3.52%0.44%1.15%0.68%-1.32%向央行借款-45.54%-58.76%-10.13%69.62%-19.52%159.59%-38.16%15.68%同业负债43.16%10.38%1.82%-0.16%-5.10%10.22%29.84%32.86%发行债券-1.55%-4.55%-28.50%-10.01%3.43%-21.67%-1.69%-30.05%单季增量2024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q2总计息负债7,438-762347,286106,542-170,591109,674105,048-11,245存款-31,492-219131,98627,342-143,24025,168116,113-47,683向央行借款12,342-52,53062,30765,811-102,655111,964-131,763156,044同业负债20,973-36,5275,6008,911-12,20662,589131,80331,164发行债券5,61581,653-152,6074,47887,510-90,047-11,105-150,770资料来源：iFind，国联民生证券研究所余额结构2024Q1-32024A余额结构2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1公司存款62.99%62.54%62.73%63.10%63.06%63.17%63.21%63.99%公司定期39.34%38.96%39.77%40.23%公司活期23.19%24.13%23.40%23.75%个人存款35.38%35.83%35.74%35.38%35.46%35.43%35.52%34.90%个人定期25.86%25.21%25.00%24.03%个人活期9.97%10.17%10.44%10.86%余额增速2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1存款总额2.54%3.88%6.19%3.52%0.44%1.15%0.68%-1.32%公司存款-0.68%2.13%6.33%3.80%0.55%2.17%1.45%0.07%公司定期9.00%0.88%2.24%1.89%公司活期-7.73%8.88%2.05%-2.87%个人存款8.03%6.59%6.04%2.87%0.68%0.02%0.09%-2.67%个人定期1.29%5.00%-2.25%-5.94%个人活期23.33%-2.07%5.92%5.41%资料来源：iFind，国联民生证券研究所余额结构2024Q1-32024A余额结构2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1个人贷款52.83%52.37%50.68%50.64%50.59%50.94%50.04%50.02%个人住房贷款9.24%9.66%9.95%10.16%10.31%10.47%10.39%10.53%个人消费贷款14.10%14.07%13.46%13.44%13.47%13.65%13.42%13.35%经营性贷款16.10%15.75%15.52%15.46%15.09%14.85%14.62%14.48%信用卡应收账款13.39%12.89%11.74%11.58%11.72%13.65%11.61%11.66%票据贴现5.14%5.50%5.48%4.22%3.67%3.29%2.72%2.67%公司贷款42.03%42.12%43.84%45.14%45.73%45.77%47.24%47.30%制造业6.63%7.07%6.74%7.11%批发和零售业4.18%4.23%3.89%4.18%传统基建租赁和商务服务业房地产业3.41%7.27%3.48%6.74%4.06%6.20%3.96%5.75%建筑业住宿和餐饮业采矿业1.96%0.72%1.82%0.88%2.40%0.97%2.64%0.98%信息传输、软件和信息技术服务农、林、牧、渔业0.09%0.10%0.11%0.12%金融业卫生和社会工作10.19%11.43%12.83%14.18%科学研究和技术服务业余额增速2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1贷款总额-1.25%-0.98%-2.02%-0.15%1.02%0.50%1.55%1.28%个人贷款-12.74%-10.65%-7.94%-5.24%-3.25%-2.26%0.26%0.06%个人住房贷款5.76%7.42%12.07%12.93%12.74%8.91%6.08%5.03%个人消费贷款262.98%-12.95%-10.07%-6.23%-3.43%-2.45%1.24%0.62%经营性贷款-13.56%-8.92%-5.12%-5.36%-5.22%-4.38%-5.13%信用卡应收账款-16.35%-15.39%-17.05%-16.16%-11.57%6.44%0.36%1.96%票据贴现-14.53%-13.53%-19.71%-20.44%-27.86%-39.99%-49.59%-35.86%公司贷款21.09%16.97%9.09%9.02%9.92%9.21%9.43%6.13%制造业11.45%9.19%2.11%1.93%批发和零售业-6.69%1.15%-6.58%0.14%传统基建18.31%11.64%19.61%15.33%租赁和商务服务业房地产业-3.96%-11.18%-14.29%-13.67%建筑业25.05%19.92%23.59%46.96%住宿和餐饮业采矿业37.02%43.56%34.72%12.96%信息传输、软件和信息技术服务农、林、牧、渔业-11.08%-0.11%15.82%15.67%金融业卫生和社会工作39.58%29.47%26.55%25.60%科学研究和技术服务业资料来源：iFind，国联民生证券研究所资产质量2024Q1-32024A资产质量2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1不良贷款率1.06%1.06%1.06%1.05%1.05%1.05%1.05%1.05%拨备覆盖率251.19%250.71%236.53%238.48%229.60%220.88%219.59%219.58%拨贷比2.67%2.66%2.50%2.51%2.41%2.33%2.31%2.30%贷款拨备余额90,42889,59985,25385,54082,40678,86179,92079,563非信贷拨备余额21,77013,81313,05814,507不良贷款余额36,00035,73836,04335,86935,89135,70336,39536,234关注类贷款余额66,62664,96060,73059,95459,33059,32861,66763,181逾期贷款余额61,13456,05354,54860,430逾期90天以上贷款余额22,56423,85519,85925,324重组贷款余额37,66438,28141,11841,966关注贷款率1.97%1.93%1.78%1.76%1.74%1.75%1.78%1.83%关注率+不良率3.03%2.99%2.84%2.81%2.79%2.80%2.83%2.88%逾期贷款率1.81%1.64%1.61%1.75%逾期90天以上/不良63.14%66.51%55.62%69.89%逾期1年以上/损失36.14%36.52%219.92%51.32%逾期/不良171.06%156.27%152.78%166.78%重组贷款率1.12%1.12%1.21%1.22%（重组+逾期）/贷款2.93%2.77%2.82%2.97%（重组+逾期）/不良276.45%263.00%267.95%282.60%不良净新生成率（披露值）1.80%1.64%1.63%1.15%不良生成率1（披露核转）1.87%2.37%2.06%2.21%1.31%2.19%0.71%1.56%不良生成率2（测算核转）1.63%1.75%1.45%1.41%1.32%1.52%0.92%1.17%不良回收率0.23%0.62%0.61%0.80%-0.02%0.66%-0.20%0.39%信用成本（测算值）1.26%1.46%0.88%1.15%1.02%1.20%0.93%1.17%不良核销转出率1（披露核转）176.5%225.1%191.0%207.8%122.7%206.8%60.1%145.3%不良核销转出率2（测算核转）154.5%166.5%133.5%132.4%124.4%144.0%79.2%108.5%非信贷拨备/非信贷资产0.91%0.56%0.52%0.56%金融投资-拨备/阶段三126.5%71.4%超额拨备/归母净利润(TTM)-17.7%-26.1%-33.5%-39.9%-46.4%-49.0%-56.6%超额拨备/归母净资产-1.59%-2.25%-2.86%-3.32%-3.59%-3.87%-4.49%总拨备/总资产1.93%1.69%1.55%1.56%资料来源：iFind，国联民生证券研究所信用减值损失2024Q1-32024A信用减值损失2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1总资产32,01449,4287,43019,45025,98940,5677,97919,933贷款52,92423,89546,41118,590金融投资3,319-4,325-5,8411,251其他-6,815-120-392信用减值损失/资产期初余额2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1总资产0.57%0.88%0.13%0.34%0.45%0.70%0.13%0.34%贷款1.55%0.71%1.38%0.55%金融投资0.24%-0.27%-0.37%0.07%其他-0.86%-0.02%0.00%0.01%拨备余额2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1总资产111,37099,35491,91994,070贷款88,72989,60085,25385,54182,40678,86179,92079,563金融投资15,5257,8847,3758,555其他6,2455,9295,6835,952拨备余额/资产余额2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1总资产1.93%1.69%1.55%1.56%贷款2.62%2.66%2.50%2.51%2.41%2.33%2.31%2.30%金融投资0.97%0.48%0.43%0.47%其他0.78%0.73%0.69%0.79%资料来源：iFind，国联民生证券研究所不良贷款额2024Q1-32024A不良贷款额2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1不良贷款36,00035,73836,04335,86935,89135,70336,39536,234个人贷款25,55924,56422,82321,92021,44221,24621,32321,242个人住房贷款1,8751,5331,3929691,5869941,044800个人消费贷款6,0096,4086,2476,2755,3425,1866,0455,715经营性贷款5,6665,4205,6145,5325,4665,8935,2675,748信用卡应收账款11,96211,1369,6159,0829,01510,3729,0078,978票据贴现对公贷款10,52211,22811,22814,00214,53714,59015,05715,024制造业2,0581,7822,5122,651批发和零售业1,1711,3991,1071,502交通运输、仓储和邮政业42302,0472,385电力、热力、燃气及水生产和供应业水利、环境和公共设施管理业租赁和商务服务业房地产业4,3895,0794,6664,265建筑业323533522455住宿和餐饮业采矿业信息传输、软件和信息技术服务农、林、牧、渔业67金融业卫生和社会工作3,2655,1843,720科学研究和技术服务业不良率2024Q1-32024A2025Q12025H12025Q1-32025A2026Q12026H1总贷款1.06%1.06%1.06%1.05%1.05%1.05%1.05%1.05%个人贷款1.43%1.39%1.32%1.27%1.24%1.23%1.23%1.23%个人住房贷款0.60%0.47%0.41%0.28%0.45%0.28%0.29%0.22%个人消费贷款1.26%1.35%1.36%1.37%1.16%1.12%1.30%1.24%经营性贷款1.04%1.02%1.06%1.05%1.06%1.17%1.04%1.15%信用卡应收账款2.64%2.56%2.40%2.30%2.25%2.24%2.24%2.23%票据贴现对公贷款0.74%0.79%0.88%0.91%0.93%0.94%0.92%0.92%制造业0.92%0.74%1.10%1.08%批发和零售业0.83%0.97%0.84%1.04%交通运输、仓储和邮政业电力、热力、燃气及水生产和供应业水利、环境和公共设施管理业租赁和商务服务业房地产业0.06%1.79%0.04%2.21%2.33%2.22%2.77%2.15%建筑业采矿业信息传输、软件和信息技术服务0.49%0.49%0.86%0.64%0.50%农、林、牧、渔业金融业卫生和社会工作0.95%1.33%1.83%0.10%0.76%科学研究和技术服务业资料来源：iFind，国联民生证券研究所图4：资本充足率情况 核心一级资本充足率 一级资本充足率 资本充足率15.00%14.00%13.00%12.00%11.00%10.00%9.00%8.00%7.00%6.00%资料来源：iFind，国联民生证券研究所图5：年化ROE、规模扩张和资本内生 风险加权资产增速 ROE(TTM)*(1-分红率) ROE(TTM) 总资产增速 贷款同比增速25.00%20.00%15.00%10.00%5.00%0.00%-5.00%资料来源：iFind，国联民生证券研究所图6：股东数和户均持股数量（万户，万股） 70.0160.0150.0140.0130.0120.0110.010.01

股东数（万户） 户均持股数量（流通股万股右轴）

45.7645.0745.7645.074.504.003.503.002.502.001.501.000.50-表19：最新前十大股东及历史变动情况股东名称最新排名股东性质2025Q1-32025A2026Q12026H1中国平安保险(集团)股份有限公司-集团本级-自有资金1境外法人49.56%49.56%49.56%49.56%中国平安人寿保险股份有限公司-自有资金2境内非国有法人6.11%6.11%6.11%6.11%香港中央结算有限公司3境外法人3.65%3.24%2.94%3.80%中国平安人寿保险股份有限公司-传统-普通保险产品4其他2.27%2.27%2.27%2.27%人深圳市情投发展限公司 5 境内非有法人

0.44% 0.56% 0.60%瑞众人保险限责公司-资金 6 国有法人 0.45%投资基金中国建银行份有公司-柏瑞中红利波动易型放指数证券 7 其他 0.37% 0.43%投资基金人深圳市睿财控股限公司 8 境内非有法人

0.36% 0.39%瑞众人保险限责公司-产品 9 其他 0.36%深圳中投资限公司 10 国有法人 0.32% 0.32% 0.32%人中国证金融份有公司 境内非有法人

2.21% 2.21% 1.75%基金中国工银行份有公司-柏瑞深300交型开式指券投资 其他 0.85% 0.83% 0.40%基金投资基金中国建银行份有公司-达沪深300交易开放指数式证券 其他 0.62% 0.59%投资基金人中国工银行份有公司-沪深300易型放式数证资基金 境内非有法人

0.46% 0.45%中国银股份限公司嘉实深300交易型放式数证投资金 国有法人 0.40% 0.39%资料来源：iFind，国联民生证券