银行行业：26H1上市银行全口径不良及超额拨备情况如何

目录索引TOC\o"1-1"\h\z\u引言 5一、广义不良率：善趋势延，金融投资质量进步优化 8二、广义拨备覆盖：整体回，降幅收窄 13三、超额拨备：边下行，优区域行超额拨备率显偏高 18四、超额拨备回后PB：仍于当前名义水平，质区域行值安全边际更高 20五、超额拨备释后ROE：10年均衡释放下，提空间0.35PCT 21六、投资建议：关超额拨备厚、资产质量优异出口区域股 24七、风险提示 28图表索引图1：超额拨备回后银行ROE（TTM）VS回拨后PB（LF） 5图2：上市银行贷及金融投不良率 9图3：各类上市银全口径不率② 9图4：各类上市银广义拨备盖率① 14图5：名义净产PB（LF）VS超额拨备还原净资产PB（LF）估算 20图6：A股上市银还原前PB（LF）估值与ROE（TTM） 24图7：若超额拨备过3年释，回拨后隐含PB（LF）-ROE（TTM） 25图8：若超额拨备过5年释，回拨后隐含PB（LF）-ROE（TTM） 25图9：若超额拨备过10年放，回拨后隐含PB（LF）-ROE（TTM） 26图10：若超额拨备过3年放，上市银行回拨后PB（LF）-ROE（TTM）变化 26图11：若超额拨备过5年放，上市银行回拨后PB（LF）-ROE（TTM）变化 27图12：若超额拨备过10年释放，上市银行回拨后PB（LF）-ROE（TTM）变化 27表1：贷款不良VS口径不，贷款拨备覆率VS广义拨覆盖率 6表2：上市银行超拨备与估水平（截至2026年9月17日） 7表3：上市银行贷三阶段与级分类对应情况（2026H1） 10表4：上市银行全径不良率（2026H1） 11表5：上市银行全径不良率（2026H1-2025A，BP） 12表6：上市银行资质量指标广义拨备覆盖率测（2026H1，不含表外承诺） 15表7：上市银行资质量指标广义拨备覆盖率测（2026H1，含表外承诺） 16表8：上市银行资质量指标广义拨备覆盖率测（2026H1-2025A，PCT，不含表外承诺） 17表9：上市银行超拨备情况（2026H1） 19表10：不同超额拨备释节下，银行回拨后含ROE测（假设超额拨备①全释放） 22表11：不同超额拨备释节下，银行回拨后含ROE测（假设释放至超额备率①为市银行均值） 23引言-20240122"第三阶段""PB-ROE2026年半年报已42家A26H1从最新测算结果来看，26H125A2.13bp25A末上市银44.99%25A7.36pct，PB（LF）仍低于名义水平，①10ROE9.75%0.35PCT提升空间。2424A1.07%26Q20.97%24A264%26Q2末的24A96.64%26Q244.99%上市银行"以丰补歉"——质量、业绩韧性与估值安全边际，这也是本篇报告的核心意义所在。图1：超额拨备回拨后银行ROE（TTM）VS回拨后PB（LF）国有行4国有行4国有行国有行1股份行4城商行1国有行5城商行农商行2农商行7国有行6农商行1江阴9城商行3城商行8农商行5农商行3城商行16城商行1股份行7农商行10股份行2股份行310股份行8城商行股份行6无锡苏农股份行城商行15常熟9苏州杭州城商行2城商行12城商行14宁波2农业 城商行5成都招商0.800.70回拨后PB回拨后PB0.500.400.303.00% 5.00% 7.00% 9.00% 11.00% 13.00% 15.00% 17.00%如果超额拨备通过10年释放，回拨后隐含ROE数据来源：Wind、广发证券发展研究中心表1：贷款不良VS全口径不良，贷款拨备覆盖率VS广义拨备覆盖率贷款不良率VS全口径不良率② 贷款拨备覆盖率VS广义拨备覆盖率①2026H12026H1-2025A(BP)2026H12026H1-2025A(PCT)银行代称贷款全口径②全口径②-贷款贷款全口径②全口径②-贷款贷款广义①广义①-贷款贷款广义①广义①-贷款国有行11.29%0.80%-0.49%-2.00-3.07-1.07218%228%10%3.984.010.03国有行21.29%0.89%-0.40%-2.00-0.911.09239%239%1%5.546.400.86国有行31.25%0.76%-0.49%-2.00-0.421.58290%297%7%-2.45-2.58-0.13国有行41.22%0.84%-0.38%-1.00-0.650.35201%204%3%0.481.060.58国有行51.00%0.69%-0.31%5.002.85-2.15215%205%-10%-13.01-11.911.10国有行61.30%0.89%-0.41%2.001.01-0.99204%207%3%-4.58-3.241.34招商银行0.94%0.75%-0.19%0.00-3.87-3.87385%338%-47%-6.693.28 9.97 股份行21.08%1.10%0.02%0.001.311.31226%171%-55%-2.74-13.72-10.98股份行31.25%1.19%-0.06%-1.00-5.84-4.84198%159%-38%-2.915.148.05股份行41.15%1.22%0.07%0.000.900.90203%154%-49%-0.492.482.97股份行51.47%1.39%-0.08%-2.00-4.42-2.42142%100%-42%0.152.472.32股份行61.44%1.18%-0.26%17.006.05-10.95150%119%-31%-24.12-0.4923.63 股份行71.05%0.96%-0.09%0.000.660.66220%189%-31%-1.303.705.00股份行81.50%1.36%-0.14%-5.00-9.65-4.65145%103%-41%1.505.47 3.97 股份行91.36%2.45%1.09%0.00-15.07-15.07156%85%-71%0.48-0.40-0.88城商行11.30%1.39%0.09%1.004.363.36200%161%-38%-0.62-1.20-0.58江苏银行0.81%0.61%-0.20%-3.00-3.13-0.13305%260%-44%-18.15-19.66-1.51城商行31.42%1.20%-0.22%24.006.12-17.88198%129%-69%-46.69-3.3443.35宁波银行0.76%0.43%-0.33%0.000.900.90373%388%15%0.19-0.17-0.36南京银行0.82%0.58%-0.24%-1.00-0.520.48306%271%-35%-7.51 -6.211.30杭州银行0.76%0.42%-0.34%0.001.071.07472%565%93%-30.28-54.55-24.27成都银行0.68%0.44%-0.24%0.00-1.49-1.49426%453%27%-0.11-1.20-1.09城商行81.15%1.04%-0.11%0.001.921.92281%205%-77%0.57-5.03-5.60城商行91.11%0.81%-0.30%-3.00-2.370.63247%220%-27%1.7312.7210.99城商行101.78%1.83%0.05%19.00-8.24-27.24230%171%-59%-6.0515.2221.27城商行111.68%2.89%1.21%-3.00-35.99-32.99194%52%-141%7.802.47-5.33青岛银行0.95%1.08%0.13%-2.00-12.09-10.09312%228%-84%19.9319.57-0.36苏州银行0.81%0.48%-0.33%-1.00-1.54-0.54382%446%64%-36.81-56.72-19.91齐鲁银行0.98%0.61%-0.37%-7.00-5.581.42359%372%13%2.9930.9527.96城商行151.78%1.07%-0.71%-4.002.086.08192%225%34%-6.6913.6020.29城商行161.76%1.88%0.12%11.006.70-4.30261%112%-149%46.48-8.59-55.07城商行170.73%0.47%-0.26%-4.00-0.923.08317%236%-81%4.572.80-1.77渝农商行1.05%0.54%-0.51%-3.00-8.95-5.95357%377%19%-9.7921.6331.42沪农商行0.94%0.52%-0.42%-2.00-1.090.91307%286%-21%-21.96-80.70-58.74农商行31.74%1.17%-0.57%-1.004.065.06225%162%-63%-36.12-24.5711.55常熟银行0.75%0.53%-0.22%-1.00-0.880.12432%473%41%-19.3130.9450.25农商行51.33%1.22%-0.11%-2.00-0.401.60175%144%-31%-4.65-10.41-5.76无锡银行0.76%0.50%-0.26%-1.00-1.07-0.07405%451%46%-9.96-14.73-4.77张家港行0.94%0.70%-0.24%0.001.531.53325%306%-20%-3.803.667.46苏农银行0.86%0.58%-0.28%-2.00-1.430.57340%342%2%-30.12-30.66-0.54江阴银行0.81%0.59%-0.22%-1.00-3.62-2.62349%366%16%19.1921.672.48瑞丰银行1.09%0.91%-0.18%10.002.15-7.85309%178%-131%-17.81-42.08-24.27国有行1.23%0.81%-0.41%0.00-0.20-0.20228%230%2%-1.67-1.040.63股份行1.25%1.29%0.04%1.00-3.32-4.32203%158%-45%-4.010.884.89城商行1.13%1.01%-0.12%1.59-2.86-4.45297%265%-33%-4.04-3.490.55农商行1.03%0.72%-0.30%-0.30-0.97-0.67322%308%-14%-13.43-12.530.91上市银行1.15%0.97%-0.17%0.79-2.13-2.92273%247%-26%-5.93-4.361.58数据来源：Wind，广发证券发展研究中心注：全口径不良率②=（不良贷款+第三阶段债权投资+第三阶段其他债权投资+第三阶段同业及其他信用资产）/（贷款总额+债权投资总额+其他债权投资总额+同业及其他信用资产总额）广义拨备覆盖率①=金融资产减值准备/第三阶段金融资产（“金融资产拨备”指贷款、金融投资、同业资产、表外承诺以及其他涉及信用风险资产的减值准备，下同）表2：上市银行超额拨备与估值水平（截至2026年9月17日）最新超额拨备/归母净利润TTM超额拨备/归母净资产超额拨备1回拨后银行代称年初以来涨跌幅PBLFPETTM股息率（25A）ROE(TTM)超额拨备①超额拨备②超额拨备①超额拨备②ROE（10年）PBPE股息率杭州银行14.55%0.876.184.28%13.65%213.77%195.93%24.15%22.14%13.11%0.745.634.09%齐鲁银行26.80%0.836.984.08%11.35%204.73%192.71%20.49%19.28%11.54%0.736.334.06%无锡银行0.92%0.545.464.37%9.84%164.86%118.31%16.02%11.50%10.92%0.494.484.79%国有行3-8.67%0.848.083.94%10.30%181.19%115.79%16.02%10.24%10.04%0.747.413.89%苏州银行11.34%0.767.214.44%10.34%160.33%109.60%13.72%9.38%9.59%0.707.284.08%青岛银行39.23%0.806.123.45%12.48%120.31%100.90%12.59%10.56%11.41%0.756.593.09%成都银行29.54%0.916.214.84%14.56%112.21%92.13%14.60%11.99%14.10%0.825.834.69%渝农商行7.11%0.535.935.17%8.80%141.72%88.81%11.96%7.50%9.34%0.505.415.32%宁波银行25.62%0.967.283.84%12.71%108.20%72.71%11.48%7.72%11.47%0.766.614.03%招商银行2.44%0.906.805.19%13.17%96.33%66.51%10.80%7.45%12.02%0.846.954.73%江苏银行23.17%0.826.175.20%13.01%66.50%57.37%6.68%5.76%10.55%0.797.534.16%苏农银行-0.25%0.504.764.35%10.36%79.43%47.09%8.22%4.88%10.97%0.484.374.50%江阴银行3.74%0.565.484.82%10.14%62.68%43.51%6.36%4.41%10.62%0.545.075.00%张家港行-2.59%0.555.285.41%10.36%47.77%39.89%4.95%4.13%10.73%0.555.115.42%建设银行19.30%0.798.193.72%9.55%90.57%29.20%8.13%2.62%9.58%0.757.783.74%南京银行6.44%0.766.464.89%11.54%58.78%7.56%6.01%0.77%10.67%0.746.904.49%城商行3-2.55%0.535.635.61%9.41%40.05%1.95%3.63%0.18%9.33%0.525.525.58%国有行14.65%0.737.734.01%9.37%46.50%-5.81%3.99%-0.50%8.88%0.707.873.85%城商行96.47%0.666.694.48%9.63%71.70%-8.62%6.19%-0.74%9.09%0.647.054.18%城商行83.36%0.524.724.72%10.84%50.51%-17.88%4.89%-1.73%10.06%0.515.104.26%农商行40.95%0.715.234.06%13.22%44.68%-18.49%5.78%-2.39%13.37%0.685.114.06%农商行2-3.88%0.636.805.01%9.27%67.16%-21.96%6.23%-2.04%9.74%0.626.375.12%农商行3-0.03%0.445.174.12%8.49%-11.27%-26.32%-0.82%-1.92%7.23%0.456.223.44%农商行10-5.34%0.495.054.15%9.72%5.07%-35.27%0.49%-3.39%9.66%0.505.174.06%国有行416.89%0.788.493.75%9.04%46.66%-36.44%3.69%-2.88%8.19%0.749.083.46%国有行53.19%0.627.224.53%8.40%18.05%-43.66%1.33%-3.21%7.45%0.618.244.00%股份行2-10.59%0.454.996.21%9.24%6.10%-70.55%0.50%-5.76%8.21%0.465.555.42%国有行67.28%0.576.874.70%8.26%45.19%-74.11%3.37%-5.53%7.71%0.546.984.56%城商行100.64%0.313.995.47%8.00%48.86%-83.32%3.63%-6.20%7.71%0.303.945.24%股份行418.13%0.666.884.61%9.53%-25.95%-116.92%-2.12%-9.55%8.01%0.678.413.86%城商行18.11%0.425.666.27%7.20%-14.44%-126.89%-0.73%-6.38%4.97%0.418.294.39%股份行75.92%0.485.225.52%9.20%4.15%-142.04%0.33%-11.16%7.88%0.486.144.73%城商行17-1.38%0.686.924.01%9.76%27.39%-173.88%2.23%-14.19%8.33%0.698.253.36%股份行3-23.39%0.405.925.11%6.67%-44.26%-189.88%-2.67%-11.45%5.83%0.427.144.40%股份行8-2.14%0.314.016.47%8.47%-143.98%-198.32%-9.76%-13.44%6.04%0.345.634.60%股份行6-7.91%0.365.485.49%7.45%-123.32%-218.58%-7.61%-13.50%5.60%0.376.684.16%城商行16-1.49%0.435.872.86%7.42%-7.25%-353.44%-0.47%-23.06%6.49%0.446.802.46%股份行5-1.89%0.275.465.52%5.10%-241.05%-368.63%-10.03%-15.34%3.41%0.308.723.66%农商行5-2.98%0.457.413.97%6.01%-76.60%-471.06%-4.53%-27.88%5.58%0.488.653.59%股份行90.76%0.446.154.89%7.14%-293.06%-514.37%-18.40%-32.29%4.90%0.5210.603.32%城商行11-9.33%0.348.180.00%4.15%-668.72%-668.72%-22.89%-22.89%1.71%0.4224.660.00%城商行15-4.89%0.396.823.58%5.92%-636.09%-790.04%-32.45%-40.30%2.67%0.5319.731.58%国有行7.11%0.727.764.11%9.38%82.77%15.30%6.97%1.29%8.95%0.684.734.08%股份行-2.07%0.485.665.45%9.03%-16.68%-101.12%-1.29%-7.81%7.63%0.486.514.89%城商行10.33%0.656.304.24%10.69%69.76%20.81%6.20%1.85%9.36%0.624.193.93%农商行-0.23%0.545.664.54%9.38%77.95%12.35%7.10%1.13%9.64%0.523.654.46%上市银行4.70%0.606.224.55%9.40%58.73%-10.79%4.88%-0.90%8.67%0.584.354.14%数据来源：Wind，广发证券发展研究中心一、广义不良率：改善趋势延续，金融投资质量进一步优化在《银行超额拨备还原与估值分析-20240122》中，我们已详细盘点过基于已发生损失模型的资产五级分类与（4++）=（第三阶段债权投资+）/（+其他债）+第三阶段债权投资+++第三阶段表外承诺）/（贷款总额+债权投资总额+其他债权投资总额+同业及其他信用资产总额+表外承诺）全口径不良率④=/26年6.，25A2.13bp上市银（扣除利率债）1.15%、0.85%、2.52%、25A末分别变动+0.79bp-7.75bp-15.45bp+0.94bp（2）0.3725A253（25A显示信用类金融投资的风险逐步出清。（3）同业及表外资产不良率绝对水平极低，风险整体可控。26Q21.23%1.25%1.13%1.03%25A+1.0bp+1.6bp-0.3bp25A24bp、19bp、17bp、11bp、、、4bp，改善幅度居前。②26Q2②0.81%1.29%1.01%0.72%，末分别变动-0.20bp-3.32bp-2.86bp2425A家25A家全口径不良率②（金融投资不良率②较25A末下降28.19bp），全口径不良率回落幅度居前。2（.（.、厦门（0.47%）、苏州（0.48%），区域与个体风险分25A36bp15bp、12bp、10bp、9bp，改善幅度居前。（见表2/，1.46pct90天以上贷款/86%2.55pct，/100%、112%、128%、114%，较年初分别变动-0.02pct、-1.95pct、+2.09pct、+4.36pct，国有图2：上市行贷及金投资良率 图3：各类市银全口不良②1.40%1.30%1.20%

贷款不良率 全口径不良率2金融投资不良率1 金融投资不良率2(右

3.80%3.60%3.40%3.20%

1.60%1.50%1.40%1.30%1.20%

国有行 股份行 城商行农商行 上市银行1.10%1.00%0.90%

3.00%2.80%2.60%2.40%

1.10%1.00%0.90%0.80%0.70%0.80%

2024/6/302024/12/312025/6/302025/12/312026/6/30

2.20%

0.60%

2024/6/302024/12/312025/6/302025/12/312026/6/30数据来源：Wind、广发证券发展研究中心 数据来源：Wind、广发证券发展研究中心表3：上市银行贷款三阶段与五级分类对应情况（2026H1）银行代称阶段一/正常阶段二/关注阶段三/不良关注率逾期率不良率逾期90天以上/不良贷款国有行199.47%135.70%100.00%1.97%1.60%1.29%84.64%建设银行98.63%174.76%100.00%1.77%1.39%1.29%77.70%国有行399.78%130.62%100.00%1.38%1.24%1.25%72.19%中国银行99.08%154.88%99.88%1.44%1.35%1.22%72.16%邮储银行100.00%109.83%100.10%1.73%1.38%1.00%92.58%交通银行97.55%234.19%99.99%1.77%1.55%1.30%86.75%招商银行95.92%229.27%99.99%1.53%1.31%0.94%81.42%股份行298.09%156.03%114.20%1.72%1.64%1.08%89.10%浦发银行97.56%218.95%103.97%1.97%1.84%1.25%88.36%股份行499.81%133.71%100.56%1.68%1.63%1.15%88.58%股份行598.55%170.89%122.10%2.69%2.25%1.47%101.53%股份行698.26%210.72%121.32%1.69%2.20%1.44%96.81%平安银行96.56%197.09%101.87%1.83%1.49%1.05%69.89%股份行899.41%116.92%128.41%2.64%2.28%1.50%92.55%股份行998.85%135.22%111.37%2.69%1.89%1.36%89.95%北京银行99.60%123.30%101.17%1.58%1.96%1.30%86.03%江苏银行96.26%442.26%99.38%1.15%1.11%0.81%87.53%城商行396.83%263.13%141.85%1.77%1.50%1.42%74.38%宁波银行98.39%277.74%100.51%1.04%0.86%0.76%80.65%南京银行99.26%189.19%104.39%0.97%1.20%0.82%90.04%杭州银行97.52%597.55%100.00%0.49%0.56%0.76%49.27%成都银行99.36%287.42%100.01%0.42%0.93%0.68%88.35%城商行897.60%200.06%110.68%2.89%1.84%1.15%82.78%重庆银行97.78%218.17%101.75%1.81%1.42%1.11%86.32%城商行1097.10%211.08%108.74%2.94%2.34%1.78%90.23%城商行1195.59%121.13%343.79%2.17%3.12%1.68%139.99%青岛银行96.99%662.37%100.03%0.56%1.17%0.95%91.99%苏州银行98.41%280.74%104.10%0.91%1.15%0.81%92.83%齐鲁银行100.14%100.12%103.78%0.79%0.88%0.98%64.39%兰州银行103.51%62.18%88.63%6.09%5.37%1.78%88.59%城商行1688.98%308.98%229.85%3.96%3.18%1.76%98.39%城商行1798.88%153.23%143.35%1.89%1.46%0.73%88.48%渝农商行98.43%209.36%100.00%1.40%1.25%1.05%72.35%农商行294.85%333.98%122.17%1.56%1.50%0.94%93.34%农商行399.75%93.05%140.78%4.32%2.72%1.74%91.72%常熟银行99.73%135.97%102.75%1.58%1.95%0.75%80.00%农商行599.88%101.49%106.79%1.71%1.80%1.33%92.43%无锡银行100.00%100.00%100.00%0.79%0.88%0.76%79.00%农商行794.67%558.61%112.41%1.15%1.74%0.94%89.86%苏农银行100.10%100.97%100.06%1.40%1.22%0.86%78.22%江阴银行100.02%105.55%99.23%1.47%1.34%0.81%87.54%农商行1099.57%95.52%154.21%2.09%2.14%1.09%91.25%国有行99.09%156.66%99.99%1.68%1.42%1.23%81.00%股份行98.11%174.31%111.53%2.05%1.84%1.25%88.69%城商行97.78%264.63%128.35%1.85%1.77%1.13%87.07%农商行98.70%183.45%113.84%1.75%1.66%1.03%85.57%上市银行98.26%210.52%117.24%1.84%1.71%1.15%86.19%数据来源：Wind，广发证券发展研究中心银行代称贷款金融投资金融投资同业及其他表外银行代称贷款金融投资金融投资同业及其他表外全口径全口径全口径全口径不良率不良率①不良率②不良率不良率不良率①不良率②不良率③不良率④国有行11.29%0.02%0.13% 0.01% 0.00%0.75%0.80%1.13%0.80%国有行21.29%0.07%0.64%0.00%0.00%0.81%0.89%1.21%0.89%国有行31.25%0.01%0.07%0.00%0.00%0.71%0.76%1.11%0.76%国有行41.22%0.02%0.14%0.00%0.84%1.09%0.84%国有行51.00%0.28%0.62%0.00%0.00%0.64%0.69%0.86%0.69%国有行61.30%0.14%0.81%0.00%0.89%1.16%0.89%股份行10.94%0.60%3.08%0.01%0.01%0.59%0.75%0.99%0.75%股份行21.08%1.62%3.27%0.00%0.01%0.89%1.10%1.25%1.19%股份行31.25%1.35%3.25%0.00%1.19%1.41%1.22%股份行41.15%1.72%6.21%0.00%0.00%0.96%1.22%1.50%1.22%股份行51.47%1.36%4.48%0.41%0.00%1.14%1.39%1.77%1.61%股份行61.44%0.84%1.64%0.00%1.18%1.39%1.38%股份行71.05%1.03%3.74%0.00%0.00%0.67%0.96%1.13%0.97%股份行81.50%1.27%3.66%0.16%0.00%1.07%1.36%1.69%1.64%股份行91.36%5.74%9.16%0.00%2.45%2.72%2.55%城商行11.30%1.86%5.59%0.43%1.39%1.77%1.39%城商行20.81%0.41%1.07%0.00%0.01%0.56%0.61%0.79%0.61%城商行31.42%1.17%2.45%0.36%0.00%1.04%1.20%1.50%1.50%宁波银行0.76%0.00%0.00%0.00%0.43%0.64%0.43%城商行50.82%0.29%0.46%0.00%0.58%0.67%0.60%杭州银行0.76%0.04%0.11%0.00%0.42%0.60%0.42%成都银行0.68%0.00%0.00%0.00%0.00%0.43%0.44%0.58%0.44%城商行81.15%1.05%5.50%0.05%1.04%1.44%1.11%城商行91.11%0.44%1.29%0.26%0.81%1.05%0.82%城商行101.78%2.14%7.89%0.00%1.83%2.50%1.92%城商行111.68%6.32%14.11%0.00%2.89%3.45%5.40%城商行120.95%1.42%2.11%0.00%0.01%0.94%1.08%1.23%1.08%苏州银行0.81%0.02%0.05%0.00%0.48%0.59%0.50%城商行140.98%0.19%0.70%0.00%0.00%0.52%0.61%0.89%0.63%城商行151.78%0.00%0.00%0.46%1.07%1.32%0.95%城商行161.76%2.37%14.82%0.71%0.00%1.79%1.88%2.56%3.31%城商行170.73%0.00%0.00%0.00%0.47%0.59%0.67%渝农商行1.05%0.00%0.00%0.00%0.21%0.53%0.54%0.73%0.54%沪农商行0.94%0.00%0.00%0.00%0.01%0.48%0.52%0.60%0.63%农商行31.74%0.00%0.00%0.00%0.01%1.10%1.17%1.45%1.64%常熟银行0.75%0.00%0.00%0.00%0.01%0.47%0.53%0.66%0.54%农商行51.33%1.24%2.57%0.00%1.22%1.37%1.28%无锡银行0.76%0.00%0.00%0.00%0.00%0.44%0.50%0.67%0.50%农商行70.94%0.00%0.00%0.00%0.00%0.59%0.70%0.82%0.79%苏农银行0.86%0.00%0.00%0.00%0.58%0.67%0.58%农商行90.81%0.00%0.00%0.00%0.01%0.52%0.59%0.76%0.58%农商行101.09%0.71%6.09%0.00%0.00%0.84%0.91%1.26%1.28%国有行1.23%0.09%0.40%0.00%0.00%0.73%0.81%1.09%0.81%股份行1.25%1.73%4.28%0.06%0.01%0.89%1.29%1.54%1.39%城商行1.13%1.04%3.30%0.13%0.00%0.88%1.01%1.30%1.28%农商行1.03%0.19%0.87%0.00%0.03%0.62%0.72%0.90%0.84%上市银行1.15%0.85%2.52%0.07%0.01%0.77%0.97%1.23%1.13%数据来源：Wind，广发证券发展研究中心，注：金融投资中已剔除交易性金融资产和其他权益工具投资银行代称贷款金融投资金融投资同业及其他表外全口径全口径银行代称贷款金融投资金融投资同业及其他表外全口径全口径全口径全口径不良率不良率①不良率②不良率不良率不良率①不良率②不良率③不良率④国有行1-2.00-0.19-1.39-0.150.00-2.66-3.07-3.05-3.12国有行2-2.00-1.09-7.890.000.00-0.67-0.910.47-0.84国有行3-2.00-0.10-1.570.000.00-0.11-0.420.96-0.29国有行4-1.00-1.36-8.300.00-0.650.46-0.63国有行5 5.00 -3.400.020.000.002.112.856.473.09国有行62.00-1.706.170.001.012.360.96招商银行0.00-9.77-87.85-0.200.02-3.06-3.87-5.49-3.71股份行20.0014.5426.30-0.01 1.08 -0.74 1.31 -1.099.34浦发银行-1.00-25.58-37.850.00-5.84-5.05-10.63股份行40.00-4.61-23.700.00-0.03-0.280.901.450.07民生银行-2.00-18.26-31.25 9.14 0.04-4.93-4.42-3.57-5.47股份行617.00-14.50-32.790.006.056.73-6.65股份行70.00-5.457.260.000.00-0.310.662.15-0.69华夏银行 -5.00 -21.49-33.79-0.96-1.21-7.18-9.65-11.98-9.28浙商银行0.00-17.94-40.050.00-15.07-19.71-18.31城商行11.002.2064.378.824.368.204.67城商行2-3.00-4.66-29.880.00-0.03-2.00-3.13-3.61-3.17城商行324.00-6.67-24.31-12.95-1.565.636.124.41-4.21城商行40.000.000.000.000.900.521.01城商行5-1.00-1.91-1.560.00-0.52-0.16-0.38城商行60.00-1.38-3.430.00 1.07 1.951.17城商行70.000.000.00-0.030.04-0.85-1.490.33-1.90城商行80.001.94 140.95 0.501.924.406.17城商行9-3.00-0.486.45 -10.79 -2.37-4.26-6.11贵阳银行19.00-54.56-155.910.00-8.24-9.39-3.77郑州银行-3.00-73.02-274.670.00-35.99-49.67-47.45青岛银行-2.00-40.31-69.390.000.90-10.10-12.09-14.25-11.93城商行13-1.00-0.40-0.750.00-1.54-0.90-0.11齐鲁银行-7.00-7.10-25.880.000.00-4.56-5.58-8.55-5.32城商行15-4.000.000.00 45.58 2.085.17-10.51城商行1611.00-1.70 99.19 0.480.018.326.7011.9976.72城商行17-4.000.000.000.00-0.92-2.16-2.91渝农商行-3.00-19.49-61.640.001.84-8.60-8.95-10.79-9.00农商行2-2.000.000.000.001.08-0.94-1.09-1.6610.31农商行3-1.000.000.000.00-5.444.16 4.06 -0.455.14农商行4-1.000.000.000.00-1.01-0.99-0.88-1.87 -6.51 农商行5-2.002.3167.170.00-0.40 4.28 6.15农商行6-1.000.000.000.000.00-1.28-1.07-0.44-1.21农商行70.000.000.000.000.001.28 1.53 0.71-0.27农商行8-2.000.000.000.00-1.43-2.23-1.13农商行9-1.000.000.000.000.28-3.47-3.62-0.99-4.46农商行1010.00-9.35-112.910.000.053.062.154.9923.91国有行0.00-1.31-2.16-0.030.00-0.33-0.201.28-0.14股份行1.00-11.45-28.190.89-0.02-2.75-3.32-4.06-5.03城商行1.59-11.06-16.171.86-0.11-0.59-2.86-3.29-0.47农商行-0.30-2.65-10.740.00-0.40-0.85-0.97-0.842.29上市银行0.79-7.75-15.450.94-0.16-1.17-2.13-2.22-0.74数据来源：Wind，广发证券发展研究中心，注：金融投资中已剔除交易性金融资产和其他权益工具投资二、广义拨备覆盖率：整体回落，降幅收窄（/来代替；二是统一不良贷款口径，可将贷款拨备不良率的分母设定为“逾期贷款+重组贷款”或“关注贷款+不良贷款”广义拨备覆盖率①=/金融资产拨备”）/（++）/（++）广义拨备覆盖率④=/（+）整体来看，26Q2末上市银行广义拨备覆盖率边际继续回落。26Q2末上市银行平均广义拨备覆盖率①约为25A4.36pct25A5.93pct相比贷26Q2末广义拨备覆盖率①26.0pct，或由于非信25A26Q2末广义拨备覆盖率①25A1.58pct。（见表227.66%202.68%297.36%322.46%，较25A1.67pct4.01pct4.04pct最为2.%、157.67%、264.52%、308.29%25A末分别变动-1.04pct+0.88pct、-3.49pct、-12.53pct。国有大行拨备26.0pct，25A26Q25.0pct、32.8pct、14.2pct，（见表7），26Q2263.72%，国有大行、股份行、247.49%183.69%267.71%平较厚，股份行相对较低。26Q2370%以上，其中杭州银565.42%42338.32%的水平明显领先同业。边际变化上，25A末分别回升30.95pct、30.94pct21.67pct21.63pct19.57pct图4：各类上市银行广义拨备覆盖率①国有行 股份行 城商行 农商行 上市银行365.55%343.17%365.55%343.17%336.55%320.82%308.29%287.29%280.23%271.72%268.01%264.52%272.78%263.53%257.54%247.70%251.45%240.66%247.10%238.33%230.91%229.86%159.03%158.75%155.79%156.80%157.67%350.00%300.00%250.00%200.00%150.00%2024/6/30 2024/12/31 2025/6/30 2025/12/31 2026/6/30数据来源：Wind、广发证券发展研究中心表6：上市银行资产质量指标及广义拨备覆盖率测算（2026H1，不含表外承诺）银行代称不良率逾期率关注率重组贷款率贷款拨备覆盖率 广义不良资产拨备覆盖率①广义不良资产拨备覆盖率②广义不良拨备覆盖资产 广义不良资产率③ 拨备覆盖率④26H126H126H126H126H126H1排名26H1排名26H1排名26H1排名国有行11.29%1.60%1.97%0.40%218%227.54%20146.38%1790.45%27183.11%21国有行21.29%1.39%1.77%0.48%239%239.50%17167.47%15102.48%19223.83%11国有行31.25%1.24%1.38%0.45%290%296.62%13219.68%8141.34%13298.07%8国有行41.22%1.35%1.44%0.55%201%203.99%26130.89%2393.72%23183.70%19国有行51.00%1.38%1.73%0.35%215%204.60%25125.97%2682.57%31154.70%26国有行61.30%1.55%1.77%0.81%204%206.92%23116.56%2790.04%28175.19%22股份行10.94%1.31%1.53%0.40%385%338.32%11209.42%9151.68%11261.80%9股份行21.08%1.64%1.72%0.64%226%170.85%29108.79%2992.33%25139.78%31股份行31.25%1.84%1.97%0.83%198%159.48%3390.87%3277.62%34122.90%34股份行41.15%1.63%1.68%0.72%203%154.40%3493.04%3180.43%33122.17%35股份行51.47%2.25%2.69%0.55%142%100.31%4071.18%3951.06%4184.73%39股份行61.44%2.20%1.69%0.59%150%118.97%3780.21%3772.53%3698.30%37股份行71.05%1.49%1.83%1.22%220%188.55%2785.98%3581.16%32144.51%30股份行81.50%2.28%2.64%0.35%145%103.37%3980.61%3654.94%3990.57%38股份行91.36%1.89%2.69%0.96%156%84.81%4163.13%4151.18%4077.39%40城商行11.30%1.96%1.58%0.64%200%161.45%32105.94%3098.54%20127.77%33城商行20.81%1.11%1.15%0.08%305%260.35%16191.76%11124.46%17202.66%16城商行31.42%1.50%1.77%0.40%198%129.23%36134.23%2292.75%24156.10%25宁波银行0.76%0.86%1.04%0.37%373%388.46%6241.48%5164.91%7343.83%4城商行50.82%1.20%0.97%0.49%306%271.14%15150.64%16142.95%12203.25%15杭州银行0.76%0.56%0.49%0.20%472%565.42%1566.66%1348.39%1760.80%1 成都银行0.68%0.93%0.42%0.20%426%453.30%3271.36%3280.71%2329.45%6城商行81.15%1.84%2.89%0.57%281%204.91%24128.05%2483.31%30157.68%24城商行91.11%1.42%1.81%0.54%247%220.11%22139.57%1997.68%21183.42%20城商行101.78%2.34%2.94%1.30%230%170.53%30111.96%2892.05%26151.46%27城商行111.68%3.12%2.17%0.00%194%52.19%4274.79%3866.80%3774.79%41城商行120.95%1.17%0.56%0.17%312%227.97%19188.64%13174.32%6203.93%14苏州银行0.81%1.15%0.91%0.44%382%445.99%5239.32%6221.26%5330.94%5齐鲁银行0.98%0.88%0.79%0.11%359%372.13%8377.90%2225.63%3418.68%2 城商行151.78%5.37%6.09%0.71%192%225.30%2160.74%4247.01%4268.64%42城商行161.76%3.18%3.96%2.13%261%112.09%3890.69%3385.39%29134.08%32城商行170.73%1.46%1.89%1.35%317%236.28%1887.69%3494.17%22168.90%23渝农商行1.05%1.25%1.40%0.51%357%376.95%7223.31%7161.03%8315.05%7农商行20.94%1.50%1.56%0.92%307%285.51%14136.00%21131.27%14218.99%12农商行31.74%2.72%4.32%0.11%225%161.64%31139.62%1865.34%38145.37%29常熟银行0.75%1.95%1.58%0.67%432%472.98%2138.79%20155.12%9186.38%17农商行51.33%1.80%1.71%1.64%175%144.03%3567.93%4075.97%35119.27%36无锡银行0.76%0.88%0.79%0.40%405%450.84%4268.33%4221.59%4389.11%3 农商行70.94%1.74%1.15%0.07%325%305.55%12178.43%14154.79%10185.25%18苏农银行0.86%1.22%1.40%0.30%340%341.93%10193.44%10130.84%15241.45%10江阴银行0.81%1.34%1.47%0.19%349%365.67%9191.16%12128.20%16217.60%13农商行101.09%2.14%2.09%0.36%309%177.81%28127.18%25102.79%18145.43%28国有行1.23%1.42%1.68%0.51%227.66%229.86%4151.16%4100.10%4203.10%4股份行1.25%1.84%2.05%0.70%202.68%157.67%598.14%579.22%5126.90%5城商行1.13%1.77%1.85%0.57%297.36%264.52%2185.97%1143.55%1236.26%1农商行1.03%1.66%1.75%0.52%322.46%308.29%1166.42%2132.69%2216.39%2上市银行1.15%1.71%1.84%0.58%273.09%247.10%3157.52%3120.97%3203.36%3表7：上市银行资产质量指标及广义拨备覆盖率测算（2026H1，含表外承诺）银行代称不良率 逾期率 关注率 重组贷款率 贷款拨备覆盖率 广义不良资产拨备覆盖率①广义不良资产拨备覆盖率②广义不良资产 广义不良资产拨备覆盖率③ 拨备覆盖率④26H126H126H126H126H126H1排名26H1排名26H1排名26H1排名国有行11.29%1.60%1.97%0.40%218%233.54%14150.24%1292.83%17187.93%14国有行21.29%1.39%1.77%0.48%239%245.53%12171.68%11105.06%13229.46%7国有行31.25%1.24%1.38%0.45%290%301.76%9223.48%5143.78%9303.23%5国有行41.22%1.35%1.44%0.55%201%国有行51.00%1.38%1.73%0.35%215%209.15%15128.77%1784.41%21158.13%16国有行61.30%1.55%1.77%0.81%204%招商银行0.94%1.31%1.53%0.40%385%357.05%7221.34%6160.42%6276.53%6股份行21.08%1.64%1.72%0.64%226%177.56%18113.17%1996.08%15145.33%20股份行31.25%1.84%1.97%0.83%198%股份行41.15%1.63%1.68%0.72%203%162.20%2097.76%2084.52%20128.36%22股份行51.47%2.25%2.69%0.55%142%101.29%2471.88%2451.57%2485.55%24股份行61.44%2.20%1.69%0.59%150%股份行71.05%1.49%1.83%1.22%220%198.59%1690.57%2285.50%19152.22%17股份行81.50%2.28%2.64%0.35%145%105.45%2382.24%2356.06%2392.39%23股份行91.36%1.89%2.69%0.96%156%城商行11.30%1.96%1.58%0.64%200%城商行20.81%1.11%1.15%0.08%305%265.47%11195.58%8126.97%12206.69%11城商行31.42%1.50%1.77%0.40%198%133.20%21138.35%1695.59%16160.88%15城商行40.76%0.86%1.04%0.37%373%城商行50.82%1.20%0.97%0.49%306%城商行60.76%0.56%0.49%0.20%472%成都银行0.68%0.93%0.42%0.20%426%455.54%3272.71%2282.12%1331.09%3 城商行81.15%1.84%2.89%0.57%281%城商行91.11%1.42%1.81%0.54%247%城商行101.78%2.34%2.94%1.30%230%城商行111.68%3.12%2.17%0.00%194%城商行120.95%1.17%0.56%0.17%312%239.62%13198.32%7183.28%4214.37%10城商行130.81%1.15%0.91%0.44%382%齐鲁银行0.98%0.88%0.79%0.11%359%400.10%4406.30%1242.62%2450.12%1 城商行151.78%5.37%6.09%0.71%192%城商行161.76%3.18%3.96%2.13%261%112.32%2290.88%2185.56%18134.36%21城商行170.73%1.46%1.89%1.35%317%渝农商行1.05%1.25%1.40%0.51%357%376.80%5224.16%4161.91%5315.45%4沪农商行0.94%1.50%1.56%0.92%307%293.24%10139.80%15134.95%10225.00%8农商行31.74%2.72%4.32%0.11%225%163.43%19141.18%1466.08%22146.99%18常熟银行0.75%1.95%1.58%0.67%432%483.51%1142.05%13158.76%7190.73%12农商行51.33%1.80%1.71%1.64%175%无锡银行0.76%0.88%0.79%0.40%405%456.72%2271.83%3224.48%3394.18%2张家港行0.94%1.74%1.15%0.07%325%313.08%8182.83%10158.61%8189.82%13农商行80.86%1.22%1.40%0.30%340%江阴银行0.81%1.34%1.47%0.19%349%365.68%6191.29%9128.32%11217.73%9农商行101.09%2.14%2.09%0.36%309%178.43%17127.63%18103.15%14145.94%19国有行1.23%1.42%1.68%0.51%227.66%247.49%4168.54%4106.52%4219.69%3股份行1.25%1.84%2.05%0.70%202.68%183.69%5112.83%589.02%5146.73%5城商行1.13%1.77%1.85%0.57%297.36%267.71%2217.02%1169.36%1249.58%1农商行1.03%1.66%1.75%0.52%322.46%328.86%1177.59%2142.03%2228.23%2上市银行1.15%1.71%1.84%0.58%273.09%263.72%3169.75%3129.69%3211.77%4表8：上市银行资产质量指标及广义拨备覆盖率测算（2026H1-2025A，PCT，不含表外承诺）银行代称不良率逾期率关注率重组贷款率贷款拨备覆盖率广义不良资产拨备覆盖率①广义不良资产拨备覆盖率②广义不良资产拨备覆盖率③广义不良资产拨备覆盖率④26H1-25A26H1-25A26H1-25A26H1-25A26H1-25A26H1-25A排名26H1-25A排名26H1-25A排名26H1-25A排名国有行1-0.020.080.02-0.113.984.01121.78120.2117-9.8822建设银行-0.020.070.000.025.546.409-5.43201.6711-6.9017国有行3-0.02-0.01-0.01-0.05-2.45-2.58262.3711-1.5423-4.5515国有行4-0.010.09-0.030.040.481.0620-9.88300.6513-13.8532国有行50.050.080.160.08-13.01-11.9133-13.1233-7.7335-10.2923国有行60.020.090.12-0.04-4.58-3.2427-3.0515-4.3930-10.8125股份行10.000.060.100.01-6.693.2815-7.2026-6.4534-8.0220股份行20.000.150.030.01-2.74-13.7234-8.1027-2.8128-11.6629股份行3-0.01-0.05-0.120.17-2.915.1411-6.20240.2816-0.0710股份行40.000.200.060.08-0.492.4817-9.0328-0.9020-11.0426股份行5-0.020.09-0.05-7190.19130.2018-2.2212股份行60.170.07-0.16-0.03-24.12-0.4923-3.1616-2.2926-4.9516股份行70.000.140.080.00-1.303.7013-4.1217-1.7224-11.9531华夏银行-0.050.67-0.03-0.091.505.4710-14.38341.4912-22.3634股份行90.000.070.330.950.48-0.4022-17.1636-5.0731-3.0414城商行10.010.00-0.030.04-0.62-1.2024-1.7914-0.1519-0.5411城商行2-0.03-0.06-0.17-0.02-18.15-19.6636-9.0829-2.1725-11.7830城商行30.24-0.15-0.340.05-46.69-3.34283.12100.32157.886城商行40.000.00-0.100.030.19-0.1721-5.93239.0231.639城商行5-0.01-0.08-0.19-0.04-7.51-6.21303.5797.9764.207城商行60.000.13-0.03-0.02-30.28-54.5540-151.3942-26.8542-304.4142城商行70.000.090.08-0.01-0.11-1.2025-23.7338-22.6239-40.9440城商行80.000.18-0.04-0.040.57-5.0329-5.79210.5914-11.3328重庆银行-0.030.06-0.130.011.7312.728-5.85223.397-7.2118贵阳银行0-0.09-6.0515.22612.1248.44415.394城商行11-0.03-07.802.471815.4932.65915.493青岛银行-0.02-0.030.000.1219.9319.5754.51710.24216.252城商行13-0.010.000.01-0.07-36.81-56.7241-15.5435-23.7441-36.3337齐鲁银行-0.070.00-0.07-0.042.9930.95124.35218.41116.361 兰州银行-0.041.780.450.22-6.6913.607-34.5341-5.0732-39.5139城商行160.111.032.33-0.1346.48-8.59314.358-22.6640-9.6721城商行17-0.040.190.22-0.054.572.8016-10.9531-13.5836-38.7738渝农商行-0.030.06-0.020.07-9.7921.634-21.2037-2.5927-10.6924农商行2-0.020.10-0.23-0.20-21.96-80.7042-4.18182.768-33.1135农商行3-0.01-0.65-1.22-0.72-36.12-24.573730.2212.12108.825常熟银行-0.010.03-0.010.08-19.3130.942-12.4432-6.1633-11.2527农商行5-0.020.07-0.040.07-4.65-10.4132-4.9619-1.0422-7.9519农商行6-0.010.040.070.03-9.96-14.7335-27.6939-19.7838-36.2136农商行70.00-0.06-0.15-0.03-3.803.66145.5968.3553.618农商行8-0.020.120.07-0.05-30.12-30.6638-31.2140-17.6137-54.2041江阴银行-0.010.150.10-0.1719.1921.6739.815-0.9821-18.2433农商行30.11-17.81-42.0839-6.7225-3.2229-2.5013国有行0.000.070.04-0.01-1.67-1.042-4.551-1.861-9.382股份行0.010.160.030.11-4.010.881-7.683-1.922-8.371城商行0.00-4.04-3.493-11.595-3.284-24.905农商行0.000.00-0.13-0.08-13.43-12.535-6.282-3.825-16.173上市银行0.010.090.030.00-5.93-4.364-8.484-2.913-17.064三、超额拨备：边际下行，优质区域行超额拨备率明显偏高120%~150%。9所示。贷款超额拨备①=-逾期贷款*150%贷款超额拨备②=-（逾期贷款+）*150%=非信贷资产拨备（）-*100%+）/+）/44.99%25A7.36pct1.290.17万亿元，58.73%4.88%（以"逾期+重组贷款"为基准-8.27%-0.240.23万亿元，显示上市银行体系内冗余拨备正加速消耗，行业层面进一步"以丰补歉"的空间趋于收窄。26Q21.17万亿元，0.12万亿元。-519-316亿元，贷款超额26Q2.%-.%.%8.%A末分别变动.ct-.c-.ct、-21.1pct25A1.0%转负，除招商银行（超额拨备率①约156.60%）外，其余股份行超额拨备率①均已降至50%（.%成都银行（246.93%）、齐鲁银行（245.03%）、苏州银行（244.56%）、宁波银行（219.00%）。26Q2末超额拨备额①/214%205%181%165%/杭州、齐鲁、农行、无锡、成都，分别为24.2%、20.5%、16.0%、16.0%、14.6%。重组 贷款拨备广义不良 超额 超额 超额拨备额①/ 超额拨备额①/ 超额拨备额重组 贷款拨备广义不良 超额 超额 超额拨备额①/ 超额拨备额①/ 超额拨备额②/ 超额拨备额银行代称不良率逾期率关注率贷款率 覆盖率 资产拨备拨备率① 拨备率②归母净利润(TTM) 归母净资产 归母净利润(TTM) 归母净资产覆盖率①国有行11.29%1.60%1.97%0.40%218%227.54% 41.57%-5.19%46.50%3.99%-5.81%-0.50%国有行21.29%1.39%1.77%0.48%239%239.50% 79.72%25.70%90.57%8.13%29.20%2.62%国有行31.25%1.24%1.38%0.45%290%296.62%147.58%94.31%181.19%16.02%115.79%10.24%国有行41.22%1.35%1.44%0.55%201%203.99%37.73%-29.47%46.66%3.69%-36.44%-2.88%国有行51.00%1.38%1.73%0.35%215%204.60%13.23%-32.01%18.05%1.33%-43.66%-3.21%国有行61.30%1.55%1.77%0.81%204%206.92%33.75%-55.35%45.19%3.37%-74.11%-5.53%招商银行0.94%1.31%1.53%0.40%385%338.32%156.60%108.13%96.33%10.80%66.51%7.45%股份行21.08%1.64%1.72%0.64%226%170.85%4.16%-48.07%6.10%0.50%-70.55%-5.76%股份行31.25%1.84%1.97%0.83%198%159.48%-20.86%-89.48%-44.26%-2.67%-189.88%-11.45%股份行41.15%1.63%1.68%0.72%203%154.40%-16.94%-76.31%-25.95%-2.12%-116.92%-9.55%股份行81.50%2.28%2.64%0.35%145%103.37%-56.02%-77.17%-143.98%-9.76%-198.32%-13.44%股份行91.36%1.89%2.69%0.96%156%84.81%-49.16%-86.28%-293.