银行业上市银行2026年半年报综述：息差边际企稳支撑盈利个体分化持续加大

正文目录一、 盈利分解：利差收入延续改善，个体分化加大 5盈利分析与比较 5业绩归因分析 6二、 上市银行经营分解 8规模增速分化，股份行增速小幅回升 8负债成本压降对冲资产定价下行，息差压力趋缓 9中收增速收窄，关注居民财富管理需求变化 费用支出小幅抬升，成本收入比保持稳健 资产质量表现稳定，关注前瞻指标波动 三、 投资建议：估值具备安全边际，业绩修复关注中小行弹性 14四、 风险提示 15图表目录图表1 上市银行2026年1季报与25年年报盈利趋势比较 5图表2 26年1季度净利润同比增速归因分解 6图表3 26年1季度利润同比增速归因分解图 6图表4 上市银行盈利贡献因素分解之时间趋势图 7图表5 规模增速保持稳定 8图表6 成本红利持续释放 9图表7 大中型银行手续费净收入增长情况 图表8 区域性银行手续费净收入增长情况 图表9 上市银行手续费及佣金净收入占营收比重表现分化 图表10 成本收入比同比变动 图表上市银行各项资产质量指标保持平稳 图表12 上市银行关注率变化情况（%） 图表13 上市银行估值表 一、盈利分解：利差收入延续改善，个体分化加大盈利分析与比较截至8月末，42A261季度持平。6（Y+.（Y.（Y.（Y.（Y+.%（Y.2616s.%1季度，26.%s.%，21%s.%

窄，26年上半年投资收益与26（s.%6.（s.6.（s.，图表上市银行年半年与26年1季报盈利势比较 上市银行26年上半年盈利表现一览净利息收入26Q1 26H手续费及佣金净收入26Q1 26H营业收入26Q1 26H业务及管理费用26Q1 26H拨备前利润26Q1 26H资产减值准备26Q1 26H净利润增速26Q1 26H邮储银行7.5%8.1%7.8%7.6%7.2%7.3%8.8%8.5%10.2%10.5%8.6%5.2%6.7%5.6%7.9%-3.0%16.8%3.3%-1.4%0.9%-8.7%8.3%11.1%8.4%10.5%4.9%7.6%9.1%4.4%2.4%2.8%3.7%-4.9%-1.3%2.8%9.3%13.5%7.1%13.1%9.9%19.4%11.3%21.5%28.1%18.7%29.2%12.5%65.2%22.2%3.3%3.5%4.2%4.5%3.1%1.9%3.3%4.6%5.1%4.9%4.0%4.6%10.7%3.2%13.1%20.8%18.4%12.9%6.1%8.5%11.1%6.7%1.2%9.7%5.2%-2.1%2.0%13.1%0.1%10.9%5.8%12.2%7.3%17.3%65.9%浙商银行5.0%1.7%2.8%-2.1%12.4%4.1%13.7%-3.1%-1.3%5.6%2.7%6.9%-1.3%4.9%7.0%5.9%7.4%-5.5%-9.2%2.5%11.7%8.0%6.0%3.8%5.6%2.7%-1.1%1.4%-3.9%35.3%4.7%0.5%4.8%3.2%-0.9%-3.0%-4.3%-7.6%-9.3%7.0%5.0%-3.9%3.4%4.3%6.4%6.4%-0.3%4.1%-1.8%48.2%4.4%1.5%5.6%15.7%11.6%26.2%-0.3%-1.4%5.5%109.1%7.4%0.9%18.5%13.1%1.5%3.0%-9.6%0.2%1.5%-8.1%-1.5%3.0%0.7%2.0%3.1%-8.6%1.9%1.3%3.4%-2.1%5.4%3.8%-0.3%3.6%-0.8%-1.4%-7.0%-6.5%6.4%0.3%7.5%20.2%8.6%-1.9%-7.3%6.0%7.9%5.0%31.3%-4.7%10.8%3.2%13.0%4.1%-4.3%12.7%1.8%0.0%-3.2%18.9%2.7%0.6%-24.0%-18.4%-2.0%-0.5%58.5%2.5%-1.6%-0.5%3.7%3.3%2.0%-3.0%11.5%-0.5%9.6%39.4%14.4%5.1%7.3%12.6%20.7%17.3%0.0%14.0%36.8%2.2%21.7%23.6%12.8%16.9%6.4%6.3%1.5%-14.6%81.7%-17.0%23.8%-1.0%-11.2%-12.0%18.3%49.1%13.1%-1.6%-19.0%4.5%-31.4%0.0%-17.1%7.1%14.4%13.5%10.2%4.3%8.4%14.6%4.3%6.5%1.3%7.3%41.5%5.6%10.9%25.1%11.6%13.0%-0.2%5.6%10.9%-11.3%-0.3%-2.5%2.4%8.2%-0.3%-2.4%5.0%-19.4%0.6%-0.9%4.4%3.8%13.5%8.4%10.6%-4.8%-4.9%0.4%-0.2%2.8%23.5%18.4%15.3%4.6%8.7%19.1%6.4%6.8%5.8%9.6%53.5%6.1%16.7%32.6%12.7%13.9%1.9%8.9%14.5%63.0%40.2%21.6%4.1%-4.0%53.7%-51.4%17.0%3.9%-15.0%89.7%-1.2%78.6%701.9%30.3%10.5%13.4%11.8%34.8%5.6%8.0%10.3%0.7%8.2%2.4%10.1%4.8%5.4%21.2%6.2%5.8%8.2%7.4%10.4%14.0%-4.8%5.6%8.2%12.1%40.2%-18.5%53.9%14.3%11.5%5.5%9.1%16.9%6.4%11.8%23.8%20.8%11.4%7.4%12.0%13.9%-10.2%0.5%8.1%-4.6%9.9%4.4%3.0%18.1%2.1%5.1%0.3%0.4%-0.4%9.3%16.5%-11.7%10.9%12.6%6.3%4.7%2.8%29.1%19.2%4.7%-0.2%-49.3%17.7%19.0%3.3%15.0%4.1%1.0%2.3%-17.3%32.7%-42.4%-18.6%-5.1%4.7%3.1%-18.6%17.5%9.2%10.5%23.6%8.8%4.0%-3.8%-1.7%11.8%5.8%6.8%23.9%2.2%-8.1%13.1%3.9%19.1%67.3%66.1%14.8%-0.1%8.5%20.4%-4.1%19.6%10.8%10.6%11.7%24.2%10.2%10.5%7.3%10.3%26.0%-11.8%0.3%-11.2%12.2%10.7%-2.4%15.0%5.7%16.1%6.6%11.0%19.7%-8.9%5.2%7.8%5.8%8.0%0.8%-5.4%8.3%15.1%12.6%2.3%4.7%4.8%3.6%7.0%41.0%11.8%23.3%55.4%-7.2%4.3%29.4%16.9%-3.7%2.1%39.1%8.2%2.6%6.7%1.2%-4.4%2.2%-8.7%8.4%-3.7%1.2%2.0%5.5%-5.6%-2.4%-3.6%-19.0%-3.7%1.7%-4.7%-7.9%-7.9%2.0%9.0%3.6%9.6%2.7%1.0%5.7%-12.4%12.9%-1.7%4.6%1.7%2.6%12.9%5.6%7.2%-7.1%-1.1%-3.3%-45.7%16.3%-6.2%35.8%-1.0%2.2%2.5%2.7%11.1%5.1%2.5%1.6%5.6%5.1%-0.5%0.7%2.3%3.0%0.9%2.8%5.8%10.5%6.0%1.0%-5.2%-7.9%-2.8%10.0%11.7%10.6%3.0%30.8%7.8%-9.4%-1.7%-4.0%-8.0%-13.9%11.6%-3.1%3.6%-43.7%-18.7%-21.0%-0.3%16.0%12.1%2.7%3.3%-1.8%-7.5%3.7%-2.9%5.2%-7.6%3.0%-3.3%0.2%-1.6%-41.0%2.8%15.2%7.8%12.0%6.1%0.9%0.9%12.0%25.1%6.2%-2.0%1.8%-2.9%3.6%24.7%ALL六大行7.2%7.7%3.5%13.8%7.7%8.4%9.0%4.2%15.0%5.8%6.3%3.8%8.8%10.2%1.1%-0.3%3.2%5.7%6.7%7.6%9.0%3.7%9.7%2.6%7.4%0.7%1.7%-1.2%0.0%-4.9%1.3%2.5%-1.2%0.4%-1.7%9.8%11.4%5.4%13.0%5.0%9.8%12.2%22.1%26.2%14.7%18.9%-1.3%17.8%20.2%3.0%3.6%-0.3%7.4%3.8%3.0%9.4%4.4%2.9%8.1%2.0%4.6%10.7%3.0%15.4%-2.6%7.3%14.1%-6.1%7.7%3.8%展望业绩归因分析我们对上市银行的26年上半年净利润增速进行归因分析，从净利润增速驱动各要素分解来看：1季度+1.45.61季度。图表26年上半年净利同比增归因解 图表上市公司利增速归分解图 12%8%12%8%10%11%8%3%5%5%5%4%2%3%4% 3%6%2%3%3%3%4%5%5%2%2%1%-5%-9%-5%-18%-24%12.0%10.0%8.0%6.0%

20%10%工商银行建设银行中国银行农业银行交通银行招商银行中信银行民生银行兴业银行浦发银行光大银行华夏银行平安银行北京银行南京银行宁波银行上海银行江苏银行贵阳银行杭州银行江阴银行无锡银行常熟银行苏农银行张家港行成都银行郑州银行青岛银行邮储银行浙商银行0%工商银行建设银行中国银行农业银行交通银行招商银行中信银行民生银行兴业银行浦发银行光大银行华夏银行平安银行北京银行南京银行宁波银行上海银行江苏银行贵阳银行杭州银行江阴银行无锡银行常熟银行苏农银行张家港行成都银行郑州银行青岛银行邮储银行浙商银行4.0%

-10%3.7%1.6%3.7%1.6%1.4%0.2%3.0%-5.6%4.0%-2.1%-0.3%-20%0.0%规模

利差

成本收入比

其他有效税率 合计

-30%-40%规模扩张 利差变化 中间业务 其他因素 净利润YoY注：规模、利差变化我们按照期末数据估算。若按照平均余额估算可能略有偏差，上市银口径除上一年内的行

注：规模、利差变化我们按照期末数据估算。若按照平均余额估算可能略有偏差，上市银口径除上一年内的行 图表上市银行盈贡献因分解时间趋图 2025Q1 2025H 2025Q3 2025Q4 2026Q1 2026H4.0%3.7%4.0%3.7%1.4%0.2%1.6%3.0%-0.3%-2.1%-5.6%7%2%-3%-8%-13%规模扩张利差变化中间业务其他收支变化成本收入比变化拨备计提变化有效税率变化其他YoY净利润规模扩张利差变化中间业务其他收支变化成本收入比变化拨备计提变化有效税率变化其他YoY净利润YoY注：规模、利差变化我按照末数估算若按平均额估可能略偏差上市行口剔除市一以内银行 二、上市银行经营分解规模增速分化，股份行增速小幅回升6.（.（，.（.3个3.9% 总资产同比增速 贷款同比增速 存款同比增速 总资产同比增速 贷款同比增速 存款同比增速 上市银行26Q1 26H1 26Q1 26H1 26Q1 26H1工商银行 %建设银行 %中国银行 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%农业银行交通银行邮储银行%%%%%招商银行中信银行民生银行兴业银行浦发银行光大银行华夏银行平安银行浙商银行%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%北京银行南京银行宁波银行上海银行江苏银行杭州银行长沙银行成都银行贵阳银行郑州银行青岛银行西安银行苏州银行重庆银行厦门银行齐鲁银行兰州银行%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%渝农商行青农商行紫金银行常熟银行无锡银行江阴银行苏农银行张家港行瑞丰银行沪农商行%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%ALL六大行股份行城商行农商行%%%%%%%%%%%%%%%%%%%%%%%%%%%%注：尾差差异系四舍五造成。 负债成本压降对冲资产定价下行，息差压力趋缓22612261至1.33%18BP至展望下半年，银行负债端红利仍在释放通道中，叠加资产端定价下行压力的缓释，我们预计未来银行息差下行压力有望趋缓。图表成本红利持续释放 上市银行生息资产收益率（单季）26Q1 26Q2 变化付息负债成本率（单季） 26Q1 26Q2 变化 净息差（单季） 26Q1 26Q2 变化工商银行%%-0.11%%%-0.10%%%-0.02%建设银行%%-0.04%%%-0.05%%%0.01%中国银行%%-0.07%%%-0.10%%%0.01%农业银行%%-0.02%%%-0.07%%%0.04%交通银行%%-0.05%%%-0.08%%%0.01%邮储银行%%-0.09%%%-0.03%%%-0.06%招商银行%%-0.05%%%-0.03%%%-0.01%中信银行%%-0.09%%%-0.08%%%-0.01%民生银行%%0.02%%%-0.07%%%0.09%兴业银行%%-0.18%%%-0.10%%%-0.09%浦发银行%%-0.09%%%-0.07%%%-0.02%光大银行%%-0.07%%%-0.07%%%-0.01%华夏银行%%-0.22%%%-0.10%%%-0.13%平安银行%%-0.02%%%-0.06%%%0.02%浙商银行%%-0.29%%%-0.08%%%-0.20%北京银行%%-0.05%%%-0.05%%%0.01%南京银行%%-0.14%%%-0.13%%%-0.02%宁波银行%%-0.13%%%-0.05%%%-0.08%上海银行%%-0.05%%%-0.06%%%0.00%江苏银行%%-0.07%%%-0.09%%%0.01%杭州银行%%-0.10%%%-0.04%%%-0.06%长沙银行%%-0.18%%%-0.09%%%-0.09%成都银行%%-0.04%%%-0.08%%%0.04%贵阳银行%%-0.03%%%-0.04%%%0.01%郑州银行%%-0.01%%%-0.06%%%0.05%青岛银行%%-0.13%%%-0.11%%%-0.02%西安银行%%-0.09%%%0.00%%%-0.09%苏州银行%%-0.07%%%-0.07%%%0.00%重庆银行%%-0.07%%%-0.12%%%0.05%厦门银行%%-0.06%%%-0.10%%%0.02%齐鲁银行%%-0.08%%%-0.07%%%-0.01%兰州银行%%-0.15%%%-0.02%%%-0.15%渝农商行%%-0.05%%%-0.03%%%-0.02%青农商行%%-0.14%%%-0.05%%%-0.09%紫金银行%%-0.08%%%-0.08%%%0.00%常熟银行%%-0.13%%%-0.07%%%-0.06%无锡银行%%-0.12%%%0.01%%%-0.14%江阴银行%%-0.13%%%-0.09%%%-0.06%苏农银行%%-0.07%%%-0.06%%%-0.01%张家港行%%-0.11%%%-0.05%%%-0.07%瑞丰银行%%-0.19%%%-0.1