商业银行业面面观系列报告之五-业务分部透视：对公、零售、资金谁是价值中枢

目录资产：表要对、资业承接 3利润：务化剧零售为压 5营收零部贡最突出但长压 5对公门收构 6零售门收构 7利润资业为2025增长要动 9创收率零具更息差平但公ROA风险示 13资产端：扩表主要由对公、资金业务承接202539家上41.1%19.3%、36.9%2.4%。（51.2%）零售业务：35.3%22%28.1%50%2025+10.8%+1.5%、+14.1%。扩表主要由对公、资金业务承接。对公业务：2025（+34.6%）、紫金（+34.0%）、厦门（+32.5%）、江苏（+31.5%）、宁波、重庆（+29.7%）成都（+5.3%）（+4.8%）受限。20家银行零售部门资产同比下滑。江苏（+29.1%）、青岛（+25.9%）、建行（+22.9%）、南京（+21.1%）、郑州（+19.9%）（+19.2%）营收或利润同步改善。图1：A股上市银行分部资产及同比增速（单位：亿元）资产总额 占比 yoy25A资产总对公业务零售业务资金业务其他业务对公业务零售业务资金业务其他业务资产总额对公业务零售业务资金业务其他业务额工商银行 534,778 212,481 93,798 226,215 1,241 39.7% 17.5% 42.3% 0.2% 9.5% 9.2% 3.9% 12.6% -19.7%建设银行 456,318 190,082 86,257 170,037 10,795 41.7% 18.9% 37.3% 2.4% 12.5% 11.3% -0.7% 22.9% 2.7%农业银行 487,847 172,643 91,570 216,028 5,915 35.4% 18.8% 44.3% 1.2% 12.8% 11.4% 4.8% 17.9% 11.0%中国银行 383,581 171,038 67,911 133,289 11,343 44.6% 17.7% 34.7% 3.0% 9.4% 11.7% -0.1% 11.5% 14.2%交通银行 155,484 67,065 31,076 56,403 518 43.1% 20.0% 36.3% 0.3% 4.3% 8.5% 3.9% 0.2% -7.4%邮储银行 186,821 45,655 52,448 88,056 8 24.4% 28.1% 47.1% 0.0% 9.3% 16.6% 1.0% 11.3% 4.2%招商银行 130,705 78,890 36,881 - 13,867 60.4% 28.2% 0.0% 10.6% 7.6% 11.1% 3.5%- 0.2%中信银行 101,310 34,407 23,414 36,643 6,300 34.0% 23.1% 36.2% 6.2% 6.3% 14.1% -0.05% 3.1% 11.3%民生银行 78,326 53,289 17,237 - 7,213 68.0% 22.0% 0.0% 9.2% 0.2% 3.6% -1.3%- -16.8%光大银行 71,653 28,940 16,331 25,969 49 40.4% 22.8% 36.2% 0.1% 3.0% 3.5% 1.0% 3.5% 35.9%平安银行 59,258 30,934 16,657 - 11,666 52.2% 28.1% 0.0% 19.7% 2.7% 7.6% -1.6%- -2.9%浙商银行 34,811 15,326 4,832 13,242 1,194 44.0% 13.9% 38.0% 3.4% 4.7% 4.6% -2.3% 5.4% 34.3%北京银行 49,383 15,393 8,717 24,801 472 31.2% 17.7% 50.2% 1.0% 17.0% 9.4% -1.1% 31.3% 15.6%南京银行 30,218 12,168 3,629 14,375 46 40.3% 12.0% 47.6% 0.2% 16.6% 15.7% 3.8% 21.1% 21.0%宁波银行 36,287 11,721 5,187 18,707 671 32.3% 14.3% 51.6% 1.9% 16.1% 31.2% -2.3% 14.6% -1.5%上海银行 33,088 28,727 4,056 - 63 86.8% 12.3% 0.0% 0.2% 2.5% 3.1% -2.0%- 17.8%贵阳银行 7,435 3,534 725 3,176 -0 47.5% 9.7% 42.7% 0.0% 5.4% 6.6% 10.1% 3.1%-110.4%杭州银行 23,628 9,526 2,148 11,837 123 40.3% 9.1% 50.1% 0.5% 11.9% 20.4% 4.1% 7.2% 0.8%江苏银行 49,313 18,288 7,277 23,699 50 37.1% 14.8% 48.1% 0.1% 24.8% 31.5% 0.4% 29.1% 148.7%成都银行 13,985 7,166 1,831 4,908 80 51.2% 13.1% 35.1% 0.6% 11.9% 16.0% 5.3% 8.7% 15.2%郑州银行 7,437 3,523 1,150 2,677 17 47.4% 15.5% 36.0% 0.2% 10.0% 4.7% 8.0% 19.9% -57.4%长沙银行 12,681 4,055 1,831 6,707 89 32.0% 14.4% 52.9% 0.7% 10.6% 18.5% -2.1% 10.2% -1.9%青岛银行 8,150 3,399 958 3,566 183 41.7% 11.8% 43.8% 2.2% 18.1% 20.6% -8.4% 25.9% 9.0%西安银行 5,382 2,055 716 2,510 54 38.2% 13.3% 46.6% 1.0% 12.0% 34.6% -7.3% 3.8% 3.8%苏州银行 7,894 3,922 998 2,964 10 49.7% 12.6% 37.5% 0.1% 13.8% 18.4% -5.1% 15.7% 2.1%厦门银行 4,531 1,692 664 2,175 0 37.3% 14.7% 48.0% 0.0% 11.1% 32.5% -5.9% 3.8% 42.3%齐鲁银行 8,044 2,970 763 4,240 71 36.9% 9.5% 52.7% 0.9% 16.7% 21.8% -9.5% 19.2% 23.4%重庆银行 10,337 4,294 740 5,247 - 41.5% 7.2% 50.8% 0.0% 20.7% 29.7% -1.5% 17.6%-兰州银行 5,300 2,453 570 2,277 0 46.3% 10.7% 43.0% 0.0% 9.0% -3.0% -23.4% 43.3% 65.1%无锡银行 2,806 1,485 310 984 27 52.9% 11.1% 35.1% 1.0% 9.3% 11.0% 1.5% 9.4% 6.8%常熟银行 4,031 1,242 1,424 1,338 28 30.8% 35.3% 33.2% 0.7% 10.0% 16.8% 0.0% 15.8% 19.0%江阴银行 2,193 1,138 258 766 31 51.9% 11.8% 34.9% 1.4% 9.5% 10.5% 0.9% 11.8% -0.8%苏农银行 2,309 845 288 1,137 39 36.6% 12.5% 49.2% 1.7% 7.9% 10.0% 0.3% 8.6% 3.8%张家港行 2,272 1,037 412 778 44 45.7% 18.1% 34.2% 2.0% 3.8% 11.8% 0.8% -4.0% 6.0%紫金银行 2,903 1,656 102 1,133 13 57.0% 3.5% 39.0% 0.4% 7.6% 34.0% -78.5% 16.1% 4.0%青农商行 5,028 1,944 997 2,025 0 38.7% 19.8% 40.3% 0.0% 1.6% 5.6% -2.8% -0.2% -27.2%沪农商行 15,877 4,862 2,394 7,783 838 30.6% 15.1% 49.0% 5.3% 6.7% 10.6% -8.5% 10.4% 2.5%渝农商行 16,657 4,273 2,898 9,279 - 25.7% 17.4% 55.7% 0.0% 10.0% 17.5% 2.9% 8.8%-瑞丰银行 2,415 825 617 962 10 34.2% 25.6% 39.8% 0.4% 9.5% 16.6% 2.9% 8.0% 53.8%2025年年报，利润表：业务分化加剧，零售较为承压营收：零售部门贡献最为突出，但增长承压202540.7%、43.7%12.3%77.572.68.3行65.5%56.6%54.4%凭借AUM202539+1.5%，+2.4%、-2.6%、。（+23.5%）（+9.2（1.4+182%+169银+3.1+9.5+21719.8安、北京、上海2025年零售收入下滑超10%。2025低+4.9（26.5（+23.5%）（+20.8%）（+16.0%）图2：A股上市银行分部营业收入结构及同比增速（单位：百万元）营业收入 占比 yoy25A营收 对公业务 零售业务 资金业务其他业务对公业务零售业务资金业务其他业务营收 对公业务零售业务资金业务其他业务工商银行 838,270 410,676 327,739 93,990 5,865 49.0% 39.1% 11.2% 0.7% 2.0% 4.2% 0.9% -2.1% -16.2%建设银行 761,049 229,635 358,418 144,507 28,489 30.2% 47.1% 19.0% 3.7% 1.5% -0.4% -4.1% 20.8% 24.6%农业银行 725,306 263,574 383,297 52,055 26,380 36.3% 52.8% 7.2% 3.6% 2.1% -5.3% -1.6% 175.1% 11.1%中国银行 658,310 243,929 259,878 88,652 65,851 37.1% 39.5% 13.5% 10.0% 4.5% 2.2% 0.6% 14.6% 18.0%交通银行 265,071 132,749 96,724 34,377 1,221 50.1% 36.5% 13.0% 0.5% 2.0% 5.2% -5.7% 14.3% 28.3%邮储银行 355,728 80,090 232,854 42,520 264 22.5% 65.5% 12.0% 0.1% 2.0% 16.9% -5.2% 23.5% 7.3%招商银行 337,532 138,073 191,017 - 8,442 40.9% 56.6% 0.0% 2.5% 0.0% 1.9% -3.0%- 64.2%中信银行 212,475 98,829 79,367 33,691 588 46.5% 37.4% 15.9% 0.3% -0.5% 3.8% -7.4% 5.4% -22.4%民生银行 142,865 68,634 56,623 - 17,608 48.0% 39.6% 0.0% 12.3% 4.8% 0.4% 3.1%- 35.0%光大银行 126,311 49,729 50,442 26,072 68 39.4% 39.9% 20.6% 0.1% -6.7% -2.0% -8.4% -13.0% 117.1%平安银行 131,442 57,959 61,626 - 11,857 44.1% 46.9% 0.0% 9.0% -10.4% -9.2% -13.5%- 2.2%浙商银行 62,514 35,181 10,343 12,996 3,994 56.3% 16.5% 20.8% 6.4% -7.6% -7.7% -17.6% -7.2% 34.3%北京银行 68,036 32,662 21,794 12,980 600 48.0% 32.0% 19.1% 0.9% -2.7% 14.8% -12.7% -20.1% -22.2%南京银行 55,542 24,539 16,714 14,068 221 44.2% 30.1% 25.3% 0.4% 10.5% 0.0% 33.1% 8.0% 34.6%宁波银行 71,969 30,330 20,509 20,654 476 42.1% 28.5% 28.7% 0.7% 8.0% 23.5% -2.2% -0.5% 31.9%上海银行 54,761 42,460 12,124 - 177 77.5% 22.1% 0.0% 0.3% 3.4% 8.6% -11.5%- -15.9%贵阳银行 12,999 8,882 3,218 402 497 68.3% 24.8% 3.1% 3.8% -12.9% -13.6% 6.6% -71.2% 108.0%杭州银行 38,799 25,074 7,006 6,633 87 64.6%18.1% 17.1% 0.2% 1.1% 16.1% 19.8% -39.1% 103.0%江苏银行 87,942 44,813 26,572 15,901 656 51.0% 30.2% 18.1% 0.7% 8.8% 18.2% 6.6% -8.2% 3.6%成都银行 23,587 14,035 5,591 3,916 45 59.5% 23.7% 16.6% 0.2% 2.6% 7.8% 11.0% -18.5% -24.8%郑州银行 12,921 7,086 1,721 3,963 152 54.8% 13.3% 30.7% 1.2% 0.3% -14.2% 21.7% 26.5% 107.6%长沙银行 25,471 12,739 9,432 3,077 223 50.0% 37.0% 12.1% 0.9% -1.8% -1.0% -7.2% 7.3% 585.3%青岛银行 14,573 7,328 3,571 2,972 702 50.3% 24.5% 20.4% 4.8% 8.0% 18.4% -4.2% 2.0% 4.7%西安银行 9,966 5,331 2,200 2,241 194 53.5% 22.1% 22.5% 1.9% 21.7% 64.8% 10.8% -15.0% -41.6%苏州银行 12,230 7,195 3,916 1,013 105 58.8% 32.0% 8.3% 0.9% 0.1% 13.3% 3.6% -46.6% 31.5%厦门银行 5,860 3,602 1,268 983 6 61.5% 21.6% 16.8% 0.1% 1.7% 9.4% -6.9% -10.5% 50.0%齐鲁银行 13,135 7,864 2,967 2,142 162 59.9% 22.6% 16.3% 1.2% 5.1% 12.4% -3.1% -6.1% 4.1%重庆银行 15,113 10,975 3,176 935 28 72.6% 21.0% 6.2% 0.2% 10.5% 14.9% 5.8% -7.8% -74.9%兰州银行 7,795 4,136 1,215 2,424 20 53.1% 15.6% 31.1% 0.3% -0.7% 4.7% -9.1% -5.4% 256.6%无锡银行 4,819 2,359 1,306 948 206 48.9% 27.1% 19.7% 4.3% 2.0% 4.9% -3.2% 10.7% -23.9%常熟银行 11,619 3,388 6,317 1,854 60 29.2% 54.4% 16.0% 0.5% 6.5% 13.1% 0.6% 16.0% 62.6%江阴银行 4,125 1,611 1,508 974 33 39.0% 36.6% 23.6% 0.8% 4.1% -10.9% 29.5% 3.7% -35.2%苏农银行 4,213 1,565 833 1,640 175 37.1% 19.8% 38.9% 4.1% 0.9% -2.7% -10.7% 10.8% 13.8%张家港行 4,747 2,101 1,033 1,443 紫金银行 4,118 2,226 1,333 25青农商行 10,027 4,318 3,906 1,797 7沪农商行 25,870 11,986 10,423 6,045 渝农商行 28,648 9,358 12,155 7,032 瑞丰银行 4,408 1,689 1,811

-2-3-2-3

13.7% -8.3%-44.7% -40.5%4.3% -7.6%48.9%-402.0%-8.7% 56.7%-9.3% 40.9%2025年年报，对公部门营收结构20253384.2%12.0%3.8%。100.5%98.6%995%16.4%、14.0%13.7%13.3%4.7%图3：A股上市银行对公业务收入结构（单位：百万元）公司银行业务 占比 YoY公司银行业务收入

净利息收入 手续费及金净收入

净利息收入手续费及佣金净收入

金净收入

其他收入601398.SH 工商银行 410,676 323,467 67,518 19,691

78.8%

16.4%

4.8%

5.1%

1.4%

0.9%601939.SH 建设银行 229,635 191,612 31,451 6,572601288.SH 农业银行 263,574 232,923 30,787 -136601988.SH 中国银行 243,929 211,024 28,379 4,526

83.4%88.4%86.5%

2.9%-0.1%1.9%

-0.5%-6.0%3.3%

-2.2% 10.4%-0.7% -72.7%-8.8% 39.7%601328.SH 交通银行 132,749 93,856 9,729 29,164

70.7%

7.3%

22.0%

5.8%

-3.5%

6.4%601658.SH 邮储银行 80,090 70,590 9,245

88.1%

11.5%

0.3%

15.7% 32.3%

-51.2%600036.SH 招商银行 138,073 83,953 15,731 38,389601998.SH 中信银行 98,829 83,088 11,600 4,141600016.SH 民生银行 68,634 49,245 5,257 14,132

60.8%84.1%71.8%

27.8%4.2%20.6%

16.6%3.2%-6.0%

7.0%1.5%-0.9%

-21.3%27.1%32.6%601818.SH 光大银行 49,729 40,626 6,959 2,144

81.7%

14.0%

4.3%

-4.3% 10.3%

9.2%000001.SZ 平安银行 57,959 33,371

24588

57.6%

42.4%

17.5%

-30.6%601916.SH 浙商银行 35,181 31,702 2,580 601169.SH 北京银行 32,662 30,056 2,259 601009.SH 南京银行 24,539 21,931 1,333 1,275

90.1%92.0%89.4%

7.3%6.9%5.4%

2.6%1.1%5.2%

-7.3% -10.9%14.3% 15.9%0.2% -15.3%

-13.1%71.8%19.1%002142.SZ 宁波银行 30,330 25,976

4354

85.6%

14.4%

33.4%

-14.4%601229.SH 上海银行 42,460 22,167 2,760 17,534601997.SH 贵阳银行 8,882 8,925 -43 600926.SH 杭州银行 25,074 23,809 600919.SH 江苏银行 44,813 41,771 2,105 601838.SH 成都银行 14,035 13,762 89002936.SZ 郑州银行 7,086 6,808 2

52.2%100.5%95.0%93.2%98.1%96.1%

41.3%0.0%1.2%2.1%0.6%0.0%

11.7%4.6%8.7%1.0%16.6%18.2%8.1%-14.7%

8.2%-7-7-241.6%0.8%17.4%7.7%601577.SH 长沙银行 12,739 11,621

1118

91.2%

8.8%

-3.9%

43.7%002948.SZ 青岛银行 7,328 6,343

86.6%

10.4%

3.1%

16.6% 28.1% 45.3%600928.SH 西安银行 5,331 5,130 4

96.2%

3.7%

0.1%

68.3%

7.5%

5.6%002966.SZ 苏州银行 7,195 6,857

95.3%

3.3%

1.4%

11.6% 48.2% 118.7%601187.SH 厦门银行 3,602 3,314 48

92.0%

6.7%

1.3%

10.4%

9.6%

-35.2%601665.SH 齐鲁银行 7,864 7,099 37601963.SH 重庆银行 10,975 10,819 70 86

90.3%98.6%

9.3%0.6%

0.5%0.8%

13.1% 10.1%14.0% 77.4%

-36.6%257.1%001227.SZ 兰州银行 4,136 3,963 67

95.8%

1.6%

2.6%

1.3% 82.0% 6096.9%600908.SH 无锡银行 2,359 2,303 55 1601128.SH 常熟银行 3,388 3,223 33 002807.SZ 江阴银行 1,611 1,583 1 26603323.SH 苏农银行 1,565 1,501 24 40002839.SZ 张家港行 2,101 2,019 64 18601860.SH 紫金银行 2,226 1,957 0002958.SZ 青农商行 4,318 3,721 601825.SH 沪农商行 11,986 11,173 601077.SH 渝农商行 9,358 8,847 601528.SH 瑞丰银行 1,689 1,457 50

97.7%95.1%98.3%95.9%96.1%87.9%86.2%93.2%94.5%86.3%

0.0%3.9%1.6%2.5%0.9%0.0%3.3%1.1%1.6%10.8%

3.5%12.6%-2--2--11.7%18.9%29.4%-28.5%-5.2%9.4%1.2%

-1--1-72.-平安、宁波、长沙三家未单独披露手续费及佣金收入数据，合并在非利息收入中。数据来源：公司2025年年报，国泰海通证券研零售部门营收结构20253384.6%12.0%3.4%。净利息收入：94.7%94.8%84.4%77.4%100%。20%图4：A股上市银行零售业务收入结构（单位：百万元）个人银行业务 占比 YoY

净利息收入 手续费及金净收入

净利息收入手续费及佣金净收入

金净收入

其他收入工商银行 327,739 265,640 43,022 19,077

81.1%

5.8%

-0.8%

3.1% 25.0%建设银行 358,418 292,607 48,465 17,346

81.6%

4.8%

-4.4% -2.5%

-2.8%农业银行 383,297 329,029 53,743 中国银行 259,878 193,952 33,689 32,237

85.8%74.6%

0.1%12.4%

-5.6% 31.6% 67.7%-6.7% 15.3% 53.3%交通银行 96,724 65,391 23,170 8,163邮储银行 232,854 210,868 16,495 5,491招商银行 191,017 140,393 48,487 2,137

67.6%90.6%73.5%

-10.7%-7.1%-5.3%

2.2% 20.9%9.2% 50.6%--2--2-中信银行 79,367 59,907 18,925

75.5%

0.7%

-6.4% -5.0%

68.9%民生银行 56,623 44,747 12,098 -222光大银行 50,442 37,981 12,406 55

79.0%75.3%

5.4%3.5%

24.7%63.1%平安银行 61,626 44,894

16732

72.8%

27.2%

-18.4%

3.1%浙商银行 10,343 9,220 1,123 -北京银行 21,794 20,712 1,088 南京银行 16,714 15,978 53

89.1%95.0%95.6%

-21.3% 34.5%--13.6% 14.9% -119.4%18.6% -164.5% -63.1%宁波银行 20,509 15,462

5047

75.4%

24.6%

-11.8%

47.4%上海银行 12,124 11,178 947 贵阳银行 3,218 3,004 215 -杭州银行 7,006 6,382 624 -江苏银行 26,572 23,759 2,778 35成都银行 5,591 5,523 54 15郑州银行 1,721 1,671 50 -

92.2%93.3%91.1%89.4%98.8%97.1%

1.3%-22.0%46.8%36.1%-31.8%-32.9%

6262长沙银行 9,432 9,666

-234

102.5%

-2.5%

-1.7%

-170.2%青岛银行 3,571 3,192 4西安银行 2,200 2,032 1

89.4%92.4%

1.6% -16.3%15.1% -23.8%

97.3%---1---1-苏州银行 3,916 3,227 23厦门银行 1,268 1,160 108 -

82.4%91.5%

0.6%0.0%

3.7%-6.6%

3.6%8.0%

-8.0%00.0%齐鲁银行 2,967 2,709 27重庆银行 3,176 3,173 3 -兰州银行 1,215 1,045 170 -无锡银行 1,306 1,229 77 -常熟银行 6,317 6,103 16江阴银行 1,508 1,432 76 -

91.3%99.9%86.0%94.1%96.6%94.9%

-2.0% -13.5%6.6% -88.5%-9.1% -8.7%-0.3% -34.3%-1.4% 204.8%29.6% 29.0%

11.3%-36.7%苏农银行 833 837 -4 -张家港行 1,033 1,047 -14 -紫金银行 1,333 1,322 12 -青农商行 3,906 3,732 44

100.5%101.4%99.1%95.5%

48.3%------35.1%--2.5% -42.1%沪农商行 10,423 9,190 1,228 5渝农商行 12,155 11,777 46瑞丰银行 1,811 1,851 -39 -

88.2%96.9%102.2%

0.1%0.4%0.0%

-53.2%

136.3%-53.2%平安、宁波、长沙三家未单独披露手续费及佣金收入数据，合并在非利息收入中。数据来源：公司2025年年报，利润：资金业务为2025年增长主要驱动202546.4%、30.5%20.6%农商行资金业务贡献亦较为显著。/48%/40%/88%/36%。零售业务：利润总额占比高的银行包括招商银行（50.7%）、农业银行（51.2%）、西安银行（44.7%）、郑州银行（44.4%）、南京银行（43.9%）202539-3.6%、-3.8%、+17.5%。15，其他利润增速排名靠前的银行主要包括渝农商行（+12.6%）、兰州银行（+05.4（9.4+987%+87.2）等。零售业务：利润增速领先的银行有平安银行（+804.5%）、南京银行（+282.8%）（由亏转盈）；而下滑明显的包括兰州银行（-76.9%）、北京251.5行2025AC2026图5：A股上市银行分部利润及同比增速（单位：百万元）利润总额 占比 yoy25A利润总对公业务零售业务资金业务其他业务对公业务零售业务资金业务其他业务利润总额对公业务零售业务资金业务其他业务额工商银行 424,435 206,924 141,764 71,134 4,613 48.8% 33.4% 16.8% 1.1% 0.6% -15.5% 43.6% -5.5% 56.1%建设银行 380,623 84,459 154,612 127,803 13,749 22.2% 40.6% 33.6% 3.6% -1.0% -16.5% -10.9% 25.3% 77.8%农业银行 323,689 125,137 160,754 26,080 11,718 38.7% 49.7% 8.1% 3.6% 1.4% -16.8% -7.6% 251.5% -2.5%中国银行 301,288 125,198 80,823 69,286 25,981 41.6% 26.8% 23.0% 8.6% 2.1% -1.6% 0.1% 15.1% -2.7%交通银行 103,763 60,682 12,911 29,412 758 58.5% 12.4% 28.3% 0.7% 0.3% 0.9% -35.8% 29.8% 29.6%邮储银行 98,221 58,617 19,061 21,007 -464 59.7% 19.4% 21.4% -0.5% 3.8% 47.6% -47.4% 19.6%-142.1%招商银行 178,993 85,412 90,676 - 2,905 47.7% 50.7% 0.0% 1.6% 0.2% -2.4% 0.0%- 542.7%中信银行 84,043 54,324 5,303 26,938 -2,522 64.6% 6.3% 32.1% -3.0% 3.9% 9.0% -42.5% 13.2% -27.2%民生银行 32,259 28,606 11,775 - -8,122 88.7% 36.5% 0.0% -25.2% -5.4% -13.3% 1.4%- 22.8%光大银行 49,687 27,503 -2,860 25