银行行业专题研究：1H26上市银行财报综述业绩平稳分红提升

正文目录业绩总：收润持修，块表分化 4营收利持修复 4板块间绩现化 4净利息入增进步提，撑收 7资产规增略缓 8净息差稳 10非息收：收其非息入速体落 10中收增下降 10其他非收增有放缓 资产质：体持健 12不良率中降 12减值计压下行 14红利视角 17中期分比整升 17高股息值续 18投资建议 20风险提示 21图表目录图表1：上银业计同增速 4图表2：累营收四组市行比 5图表3：累营收景气”5图表4：累归净润组市行比 6图表5：累归净润气”标的 7图表6：42家市净利收累同增速 8图表7：累净息入组市行比 8图表8：总产组上银对比 9图表9：上银行1H26总资同增及速际变化 9图表10：组市的净差披值半度指） 10图表42上银中收计比速在收中比 图表12：42家市其他息入计比速与营中比 图表13：计他收入四上银对比 12图表14：市行率 12图表15：良：上市行比 13图表16：市行1H26不率边变化 13图表17：市行水平 14图表18：备盖四组市行比 14图表19：市行1H26拨覆率边变化 15图表20：贷：上市行比 16图表21：市行1H26拨比边变化 16图表22：市行减值失比速 17图表23：计产损失比速四上银行比 17图表24：市行分红况 18图表25：市行率 19图表26：A股行率和10国到收对比 20图表27：PB-ROE对图（应9月16收） 21图表28：业点公司 21业绩总览：营收利润保持修复，板块间表现分化营收利润持续修复营收利润延续正增长，较1Q26整体平稳，利息净收入为核心贡献因素。421H268.4%、7.4%3.0%1Q261.2pct，0.2pct图表1：上市银行业绩累计同比增速 净利息收入 营业收入 归母净利润5%0%5%0%5%8.4%7.4%3.0%0%5%11-3Q1920193Q1920191Q201H203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所板块间业绩表现分化1H26较1Q26，1H269.0%9.4%3.7%、9.7%2.6%2.9%、8.1%2.0%。从1H269.4%、8.1%图表2：累计营收YoY：四组上市银行对比国有大行 股份行 城商行 农商行15%10%

9.48.15%2.92.00%3Q2020203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所1H26占据绝对增速前列，但不同银行的边际走势分化明显；股份行中，部分银行增速仍偏低，农商行则呈现更显著的个体差异。结合两类排名看，苏州银行营收绝对增速与边际改善均位居前列，且利润增长和资产质量指标表现较优，是业绩景气度较具持续性的代表；宁波银行同样兼具较快营收增长、利润增长与优异资产质量。厦门银行厦门银行兴业瑞丰 1 37-5.4%7%13.7%21.7%41.5%8.8%-2.7%14.4%5.6%-8-9.8%3.9%0.1%-6.8%-7.9%1.2%-4.9%-5.4%-7.7%2.2%-7.9%-167891011121314151617181920212223242526272829303132333435363738394041424171634362923334 1413421926222739811173230103 31183815352120251262428940345220.2+1.2+1.0+0.5-2.4-1.6+1.1+2.1-2.1+0.4-6.2+0.6-2.9-0.3-0.2-0.5+0.8+1.7-0.5-0.8+1.15.5%4.8%4.7%4.1%4.0%3.8%3.6%3.4%3.0%2.0%1.8%1.8%1.0%1.0%0.0%-0.3%-2.0%-4.3%-5.2%-7.6%-3.9%-4.4%-8.7%-6.7%0.8%-9.1%4.3%3.8%4.3%6.5%5.6%2.7%1.4%5.6%2.6%8.2%1.2%4.7%1.3%1.2%0.5%3.4%0.0%1.1%2.7%-1.8%4.8%1.9%-0.5%2.0%4.1%-2.9%-10.4%0.3%0.9%-7.6%.8+0.0-0.6-0.3+1.8+6.8-0.78.5%7.8%7.3%6.7%6.6%6.0%8.4%8.4%7.6%4.9%-0.2%6.7%4.5%1.4%2.0%2.0%-0.7%6.5%2.7%0.7%1.8%1.8%-2.1%8.2%-0.3%4.0%-0.5%1.4%3.0%1.3%6.7%1.9%-3.5%3.9%6.2%-3.2%-32.839.1%10.4%0.8%4.6%5.0%7.8%2.2%-+1.3+0.6-2.6-3.7-0.8-0.4-2.5+1.9+0.7+0.88.0% 2%2.1% 5%10.5% 5%-12.9% 6%10.5% 6%1.5% 1%5.1% 13.0%8.0% 7.3%8.8% 8.4%2.0% 8.3%-22.6-5.4+2.125.1% 9% 1.7%1.1%3.0%2.0%-8.8%8.3%2.0%8.8%值排名 排名1H26当期增速变化YoY营业收入3Q25当期值2025当期值1Q26当期值1H26当期值1H26增速较1Q26变动(pct)10.10.10.10.10.11.11.12.13.11.11.14.13.10.10.35.3%10.51资料来源：Choice股票数据浏览器，东方财富证券研究所1H263.6%7.3%和。图表4：累计归母净利润YoY：四组上市银行对比国有大行 股份行 城商行 农商行18%8%3%

7.34.43.8-2.63Q2020203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所1H261H26验证显示，齐鲁、宁波和苏州银行均保持较高利润增速，其中齐鲁、宁波的边际改善更为突出，盈利修复的连续性较强；青岛银行利润增速虽较一季度有所回落但仍排名第一。1H26当期增速变化1H26当期值1H26增速较1Q26变动(pct)YoY归母净利润3Q25当期值2025当期值 1Q26当期值图表1H26当期增速变化1H26当期值1H26增速较1Q26变动(pct)YoY归母净利润3Q25当期值2025当期值 1Q26当期值排名值排名5%青岛银行 15.排名值排名5%1%齐鲁银行 15.1%宁波银行 8.48%常熟银行 12.8%2%重庆银行 10.2%杭州银行 14.5%苏州银行 7.1%南京银行 8.1江苏银行 8.3厦门银行 0.3%渝农商行 3.7%北京银行 2.2%中国银行 1.1%长沙银行 6.0%农业银行 3.0%邮储银行 1.0%建设银行 0.6%成都银行 5.0%浦发银行 10.2%交通银行 1.9%紫金银行 平安银行 -3.5%工商银行 0.3%中信银行 3.0%郑州银行 1.6%苏农银行 5.0%无锡银行 3.8%青农商行 3.6%张家港行 5.8%江阴银行 13.4%西安银行 5.5%浙商银行 -9.6%招商银行 0.5%瑞丰银行 5.8%沪农商行 0.8%上海银行 2.8%贵阳银行 -1.4%兴业银行 0.1%民生银行 -6.4%兰州银行 华夏光大银行 -3.6%

21.6%7%14.6%7%8.16%10.6%5%10.5%1%12.1%5.5%8.18.31.5%5.3%-22.2%2.2%3.6%3.2%1.1%1.0%3.3%10.5%2.2%-23.3%-4.2%0.7%3.0%1.0%5.1%2.5%9.5%5.3%0.6%3.6%-14.8%1.2%2.3%0.2%2.7%1.7%0.3%-5.4%-1.2%-6.9%

21.0%2%14.0%2%3%10.3%1%11.1%4%10.4%1%10.1%8.28.08.27.45.1%5.6%4.2%5.8%4.5%1.9%3.5%4.8%1.5%3.1%1.6%3.0%3.3%3.0%5.4%5.1%2.7%5.6%2.5%2.5%6.2%0.7%1.5%-0.5%0.7%0.7%2.4%0.2%-9.6%-4.8%-8.1%

18.1%.1%16.1%.1%.1%12.1%.6%10.6%.3%10.3%9%9.9%5%8.5%2%8.2%1%8.1%3%7.3%6.1%5.6%5.1%5.1%4.9%4.6%4.6%4.4%4.1%4.0%3.3%3.3%3.3%3.1%3.0%3.0%2.8%2.8%2.7%2.3%2.1%2.0%2.0%0.9%0.9%0.5%-4.6%-4.7%-8.6-8.6-8.9-8.9-24.0-18.4-24.0-18.4

1 3623 233445-3.1+2.145-3.1+2.1+1.8-0.5-0.1-0.2+0.3+0.1-0.1-0.1+1.0+0.1+0.9-0.7+0.4+2.7+1.1-0.5+2.6+0.9+1.7+0.3+0.0+0.1-2.3-2.0+0.1-2.8+0.2-0.2-4.0+1.3+0.5+1.4+0.1-0.1-7.0-4.8+1.0-4.2-16.9-15.96 7 8 9 10 11 12 13 14 15 16 1 17 818 3019 2 20 1221 5 22 1523 2324 2225 3426 3327 2028 3529 1730 2831 3732 733 1334 635 1836 2737 4038 3939 1040 3841 4242 41资料来源：Choice股票数据浏览器，东方财富证券研究所净利息收入：增速进一步提升，支撑营收1H26，421Q2620250.0%1H25的-1.3%26图表6：42家上市银行净利息收入累计同比增速14%12%14%12%10%8%6%4%2%0%-2%-4%8.4%3Q2020203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所1H261Q261.3pct、0.7pct、1.2pct，1Q26持最高增速，农商行则维持平稳增长。图表7：累计净利息收入YoY：四组上市银行对比国有大行 股份行 城商行 农商行20%15%20%15%10%5%15.09.07.74.20%-5%3Q2020203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所资产规模增速略有放缓1H26较1Q261H261.4pct7.8%1Q261.9%3.8%8.3%9.5%1Q26分别提升0.8pct0.4pct至、7.5%。图表8：总资产YoY：四组上市银行对比国有大行 股份行 城商行 农商行8%6%4%2%0%

9.58.37.55.93Q2120211Q221H223Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H2642H6（（（（（YoY总资产当期值当期值当期值当期值1H26增速较1Q26变动1H26当期值比率变化图表YoY总资产当期值当期值当期值当期值1H26增速较1Q26变动1H26当期值比率变化25Q3 2025 26Q126H1 (pct)25Q3 2025 26Q126H1(pct)排名 排名

9.2%10.9%10.5%10.2%6.2%11.1%8.5%3.5%5.1%6.9%2.3%4.8%0.4%5.5%3.4%21.5%2.5%27.8%16.3%16.6%13.8%10.7%3.8%13.4%24.1%11.5%14.4%14.6%8.8%16.5%9.7%22.5%9.1%5.5%6.5%5.6%10.9%2.5%11.5%9.0%7.9%

8.2%7.1%4.0%8.9%4.0%1.6%4.5%3.8%0.7%3.7%0.0%4.8%1.9%15.9%2.5%8.7%8.5%5.8%9.9%7.6%12.9%8.5%14.7%9.3%4.7%3.0%6.0%9.7%1.0%3.9%4.4%6.0%

8.2%6.4%10.3%7.6%6.1%7.9%3.9%0.8%-0.4%4.4%7.9%7.8%10.7%3.3%9.6%8.6%3.0%9.6%5.2%9.7%5.7%-0.5%5.3%7.8%7.7%7.4%10.4%8.0%

9.1% 4.93.66.5% 4.93.69.0% -9.2% -0.85.3% -1.18.9% -1.48.9% 8.0% 7.9% -0.05.3% 0.3% -0.50.2% 2.6% -1.89.6% -10.810.4% -10.8-0.1%3.8% 17.2% -8.04.411.6% -4.413.8% 10.4% 7.5% -1.14.3% 9.1% -1.4-6.212.8%-6.29.9% -1.0.814.2% -2.816.0% -2.25.14.6% -5.115.8% -1.511.5% -1.7.12.2% -3.19.7% 6.3% 0.2% 9.2% 5.9% -1.90.2% 6.0% -1.710.3% 11.1% 7.7% -0.4

20 1028 3621 3818 2232 2522 2623 7424425 1933 639 2140 1537 3153531042 4236 16 1 7 5 11 27 35 819 6 14 424234 3 8 38 15 29 41 117131 3213 930 2921229 1226 20资料来源：Choice股票数据浏览器，东方财富证券研究所净息差企稳1H26（）1.40%251H252BP，（1.33%251BP4BP1.60%、1.52%251BP1H261H26图表10：四组上市银行的净息差（披露值，半年度指标）大行 股份行 城商行 农商行2.4%2.2%2.0%1.8%1.6%1.4%1.2%

1.61%1.60%1.52%1.33%20211H2220221H2320231H2420241H2520251H261.0%20211H2220221H2320231H2420241H2520251H26资料来源：Choice股票数据浏览器，东方财富证券研究所非息收入：中收与其他非息收入增速总体回落中收增速下降家1.1%1Q26的5.8%1H253.1%14.0%图表11：42家上市银行中收累计同比增速与在营收中占比中收YoY中收YoY中收/营收13.2%1.1%15%10%5%0%-5%-10%1Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26-15%1Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所其他非息收入增速略有放缓8.9%1H2510.8%1Q26的20254.4%1H2616.0%，相较6c%。图表12：42家上市银行其他非息收入累计同比增速与在营收中占比其他非息收入YoY其他非息收入YoY其他非息/营收16.0%8.9%40%30%20%10%0%-10%1Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26-20%1Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所202520%22.0%1Q261H261Q26-16.6%图表13：累计其他非息收入YoY：四组上市银行对比国有大行 股份行 城商行 农商行100%0%-20%-40%

22.0-2.2-11.4-16.620201Q211H213Q2120201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资产质量：总体保持稳健不良率稳中有降1H261.22%1Q260.2BP20250.4BP图表14：上市银行不良率1.221.5%1.221.4%1.3%3Q2020203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所分板块看，不良率整体分为两档水平，城农商行优势仍较为突出。截至1H26//城商行/1.25%1.20%1.03%城商行、农商行不良率水平一档，两档不良率水平各自趋于稳定。图表15：不良率：四组上市银行对比国有大行 股份行 城商行 农商行1.7%1.6%1.5%1.4%1.3%1.2%1.1%1.0%0.9%0.8%

1.251.201.041.033Q2020201Q211H213Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26H66（B（B（B（B（P当期值当期值当期值当期值1H26较1H26比率变化不良率1Q26变动当期值25Q3202526Q126H1(BP)当期值当期值当期值当期值1H26较1H26比率变化不良率1Q26变动当期值25Q3202526Q126H1(BP)排名排名工商银行1.33%1.31%1.31%1.29%-2283建设银行1.32%1.31%1.31%1.29%-2283农业银行1.27%1.27%1.25%1.25%2617中国银行1.24%1.23%1.22%1.22%2517交通银行1.26%1.28%1.30%1.30%3017邮储银行0.94%0.95%0.99%1.00%+11737招商银行0.94%0.94%0.94%0.94%1217兴业银行1.08%1.08%1.08%1.08%2017浦发银行1.29%1.26%1.23%1.25%+22638中信银行1.16%1.15%1.15%1.15%2317民生银行1.48%1.49%1.46%1.47%+13635光大银行1.26%1.27%1.32%1.44%+123539平安银行1.05%1.05%1.05%1.05%1817华夏银行1.58%1.55%1.55%1.50%-5371浙商银行1.36%1.36%1.36%1.36%3317北京银行1.29%1.29%1.32%1.30%-2308上海银行1.18%1.18%1.18%1.42%+243442江苏银行0.84%0.84%0.81%0.81%717南京银行0.83%0.83%0.83%0.82%-1109宁波银行0.76%0.76%0.76%0.76%417杭州银行0.76%0.76%0.76%0.76%417长沙银行1.18%1.15%1.15%1.15%2317贵阳银行1.63%1.59%1.59%1.78%+194141成都银行0.68%0.68%0.68%0.68% 1 17重庆银行1.14%1.14%1.12%1.11%-1229郑州银行1.76%1.71%1.69%1.68%-13812青岛银行1.10%0.97%0.96%0.95%-11512苏州银行0.83%0.82%0.82%0.81%-1715兰州银行1.80%1.82%1.78%1.78%4117齐鲁银行1.09%1.05%1.03%0.98%-5161厦门银行0.80%0.77%0.72%0.73%+1 2 36西安银行1.53%1.65%1.64%1.76%+124040渝农商行1.12%1.08%1.07%1.05%-2183沪农商行0.97%0.96%0.96%0.94%-2123青农商行1.73%1.75%1.74%1.74%3917紫金银行1.35%1.35%1.34%1.33%-13212常熟银行0.76%0.76%0.75%0.75%3170.76%-14110.94%1217江阴银行0.85%0.82%0.82%0.81%-1715瑞丰银行0.98%0.99%1.09%1.09%2117苏农银行0.90%0.88%0.88%0.86%-2113资料来源：Choice股票数据浏览器，东方财富证券研究所减值计提压力下行截至1H261Q260.2pct、0.6BP图表17：上市银行拨备水平233.02.83拨备覆盖率 拨贷比(右轴)233.02.83250%245%240%235%230%225%220%215%210%205%200%

3.3%3.3%3.2%3.2%3.1%3.1%3.0%3.0%2.9%2.9%3Q2020203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所6.3pct1Q260.9pct1.8pct图表18：拨备覆盖率：四组上市银行对比国有大行 股份行 城商行 农商行390%360%330%300%270%240%210%180%150%

313.0278.9233.7210.33Q2020201Q211H213Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H2642家银行中1H26拨备覆盖率较1Q26提升最多的几家银行是：江阴银行（c（（厦门银行（。472.0%、常熟银行431.9%405.0%385.1%。图表19：上市银行1H26拨备覆盖率 当期值 当期值 当期值 当期值

1H26较1Q26

1H26

比率变化25Q3 2025 26Q1

(pct)

排名 排名502.2%481.4%472.0%工商银行 217.2% 213.6% 214.4% 217.6% +3建设银行 235.1% 233.2% 234.0% 238.7% +5农业银行 295.1% 292.6% 292.6% 290.1% -2中国银行 196.6% 200.4% 203.2% 200.9% -2交通银行 210.0% 208.4% 202.8% 203.8% +1邮储银行 240.2% 227.9% 216.7% 214.9% -2招商银行 405.9%391.8% 387.8%385.1%-3兴业银行227.8%228.4%224.5%225.7%+1浦发银行198.0%200.7%204.8%197.8%-7中信银行204.2%203.6%202.5%203.1%+1民生银行143.0%142.0%141.9%142.2%+0光大银行168.9%174.1%162.2%150.0%-12平安银行229.6%220.9%219.6%219.6%-0华夏银行149.3%143.3%146.4%144.8%-2浙商银行159.6%155.4%155.6%155.9%+0北京银行195.8%200.2%198.0%199.6%+2上海银行254.9%244.9%241.3%198.3%-43江苏银行322.6%323.0%308.4%304.8%-4南京银行313.2%313.6%306.8%306.1%-1宁波银行375.9%373.2%369.4%373.4%502.2%481.4%472.0%

28 23 619 32 30 29 5 25 35 31 42 40 27 41 39 33 34 18 17 7 8苏农银行

513.6%311.9%239.6%433.1%248.1%186.2%270.0%420.6%194.0%351.4%304.4%218.7%364.8%340.1%250.4%184.8%463.0%427.9%355.1%355.9%

280.9%235.6%426.2%245.6%185.8%292.3%418.6%198.4%355.9%312.7%214.6%367.3%328.9%261.0%180.1%414.9%328.9%370.2%

281.0%238.3%424.1%246.6%202.8%305.6%381.2%189.6%357.5%307.0%246.4%365.7%303.1%234.7%180.4%438.1%406.0%320.7%30.2%97.7%353.1%

281.4%229.6%426.1%247.3%193.6%312.2%381.8%191.7%358.9%317.3%261.1%357.5%306.9%224.9%175.4%431.9%405.0%325.1%349.2%308.7%340.1%

-9+0-9+2+1-9+7+1+2+1+10+15-8+4-10-5-6-1+4+19+11-13

1 20 24 3 22 36 14 56 37 8 13 21 9 16 926 38 2 4 12 10 15 11 资料来源：Choice股票数据浏览器，东方财富证券研究所四类银行拨贷比均基本平稳，仅略微下调。1H26农商行的拨贷比相较1Q267BP1Q260.7BP1Q26超后已连续两个季度低于国有大行。整体看，城农商行仍保有较高拨备覆盖水平，但其风险缓冲的边际消耗值得关注。图表20：拨贷比：四组上市银行对比国有大行 股份行 城商行 农商行4.5%4.0%3.5%3.0%2.5%

2.87

3.242.923Q2020201Q213Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所（（（656BP30BP。图表21：上市银行1H26拨贷比及边际变化当期值 当期值 当期值 当期值

比率变化拨贷比

25Q3 2025 26Q1

1H26较1Q26变动(BP)

当期值排名 排名2.47%2.53%2.33%2.12%2.22%2.33%2.23%2.11%工商银行2.89% 2.79% 2.81% 2.80%建设银行3.11% 3.06% 3.06% 3.09%农业银行3.75%3.71%3.66%3.63%中国银行2.44% 2.47% 2.48% 2.45%交通银行2.65% 2.67% 2.63% 2.65%邮储银行2.26% 2.17% 2.14% 2.16%2.47%2.53%2.33%2.12%2.22%2.33%2.23%2.11%

-1 25 +3 15 -3 5 -3 32 +2 27 +2 39 5 兴业银行2.46%浦发银行2.54%中信银行2.36%民生银行2.12%光大银行2.13%平安银行2.41%华夏银行2.36%浙商银行2.17%北京银行2.53%上海银行3.00%江苏银行2.71%南京银行2.60%宁波银行2.85%杭州银行3.89%长沙银行3.68%贵阳银行3.91%成都银行2.94%重庆银行2.83%郑州银行3.28%青岛银行2.97%苏州银行3.49%兰州银行3.48%齐鲁银行3.83%厦门银行2.43%西安银行3.34%渝农商行4.09%沪农商行3.32%青农商行4.34%紫金银行2.50%常熟银行3.52%无锡张家江阴银行3.16%瑞丰银行3.39%苏农银行3.20%

2.41% 2.43%2.52% 2.47%2.32% 2.33%2.07% 2.09%2.14% 2.16%2.31% 2.30%2.27% 2.17%2.12% 2.58% 2.61% 3.81%3.74%3.81%3.74%2.43% 2.54% 2.80% 3.64% 3.23% 3.78%4.08%2.87% 2.76% 3.18% 3.44%3.26%2.83% 2.93% 3.45% 3.14% 3.11%3.62% 3.38% 3.41%3.74% 3.68%3.50%2.40% 2.22% 2.30%3.54%4.05% 4.61%3.96% 3.91% 3.75%3.15% 2.91% 4.56% 4.08% 2.43% 2.41% 3.42%3.27% 2.71% 2.70% 3.23% 3.23% 3.26% 3.11%

+2 33 -5 30 +1 35 +2 42 +2 39 -1 36 -10 38 41 -2 28 -2 23 +4 30 8-4 29 +3 22 9-5 7 +1 12 +30 2 2+1 21 -1 26 -18 11 +4 18 7-3 14 +3 9 -18 8 +8 36 5 +56 1 1-16 4 38-2 20 25-17 3 39-7 34 36-4 13 32-3 15 30+4 17 6+11 24 4+14 10 3-17 19 39资料来源：Choice股票数据浏览器，东方财富证券研究所1H26资1Q2622.1%平区间但已出现放缓。可见减值计提虽然仍是压制利润增速的重要因素，但是压力较1Q26已有缓解。图表22：上市银行资产减值损失同比增速17.8%40%17.8%35%30%25%20%15%10%5%0%-5%-10%3Q2020203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所1H2620.2%15.4%和14.1%，6.1%图表23：累计资产减值损失同比增速：四组上市银行对比国有大行 股份行 城商行 农商行50%40%50%40%30%20%10%0%10%20%30%20.215.14.1-6.4- 1--3Q2020203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q2320231Q241H243Q2420241Q251H253Q2520251Q261H26资料来源：Choice股票数据浏览器，东方财富证券研究所红利视角中期分红比例整体提升1H2631%左1H2525A1pct30%H提高1.36pct；光大、平安分别小幅提高约0.4pct。32%30%1H252.4125A13.41%15.95%，34.07%1H250.93pct31.30%25A1H252.87pct25A0.9pct21.85%。国有行浦发银行1.001.011.011.021.001.021.031.021.031.051.001.01 29.0627.4227.72 29.1227.97股份行城商行农商行常熟银行无锡银行23.3422.55 19.77 21.44 24.5821.3129.4221.22 18.2722.8127.17-2.95-7.0026.42 31.30瑞丰银行苏农银行20.4216.98 20.96 21.8515.4220.7518.294.880.89-2.462.87银行类型 银行 24H1 2024A 25H1 2025A 26H1 较25A变化较25H1变化33.8533.99 34.1031.0131.0131.0131.0231.0131.0130.0130.00国有行浦发银行1.001.011.011.021.001.021.031.021.031.051.001.01 29.0627.4227.72 29.1227.97股份行城商行农商行常熟银行无锡银行23.3422.55 19.77 21.44 24.5821.3129.4221.22 18.2722.8127.17-2.95-7.0026.42 31.30瑞丰银行苏农银行20.4216.98 20.96 21.8515.4220.7518.294.880.89-2.462.87银行类型 银行 24H1 2024A 25H1 2025A 26H1 较25A变化较25H1变化33.8533.99 34.1031.0131.0131.0131.0231.0131.0130.0130.0030.0030.0030.0129.9929.98 30.00 29.9829.97 30.02 29.9929.98 30.01 29.9829.98 30.00 29.9829.85 30.07 30.0130.00 30.00 30.0120.08杭州银行27.8225.3325.0918.4512.7717.4030.6730.0032.0022.2028.3726.0326.7826.5123.2928.2126.1930.1530.0030.0121.9125.0228.6827.8525.2018.4113.8832.2230.0030.0013.4123.6230.0227.0726.6327.1324.5727.8229.2630.5430.0030.00 27.01 25.14 30.0426.4425.58 18.8017.2932.0615.9526.030.02-0.63-1.05-8.32-11.971.52-11.060.891.-1.0.0.-0.2.2.36413839165441长沙银行21.5818.5821.33 19.46-1.870.88贵阳银行20.5320.90沪农商行25.5030.1926.1632.6230.0033.0729.3728.119.6921.8332.5030.4725.8531.53 17.3730.0533.9129.9529.9327.2331.9130.0033.1429.3928.28 20.2030.0924.4426.8425.0416.7730.0534.07 30.0234.070.640.000.93资料来源：Choice股票数据浏览器，东方财富证券研究所高股息价值持续银行股的现金分红收益相对国债仍具吸引力。2023年末至2025年末，A6.0%4.0%103.4pct2.2pct1H261H264.56%，同101.73%2.82pct20250.64pct2026916股息率降幅大于同期10年国债收益率，差值虽然再次缩小，但仍明显高于2018—2019年水平。国有行股份行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兴业银行浦发银行中信银行民生银行光大银行平安银行华夏银行浙商银行国有行股份行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兴业银行浦发银行中信银行民生银行光大银行平安银行华夏银行浙商银行北京银行上海银行江苏银行南京银行宁波银行杭州银行长沙银行贵阳银行成都银行重庆银行郑州银行青岛银行苏州银行兰州银行齐鲁银行厦门银行西安银行渝农商行沪农商行青农商行紫金银行常熟银行无锡银行4.0%3.7%3.8%3.6%4.5%4.2%5.0%5.7%4.8%4.4%4.8%4.4%5.3%5.4%4.6%5.2%5.4%5.0%4.8%3.9%4.2%4.6%5.1%4