资料来源：公司数据、

图表目录

图 1：累计营收、PPOP、归母净利润同比增速..........................4

图 2：累计同比业绩拆分（2024Q1~3）................................4

图 3：累计同比业绩拆分（2024H1）...................................5

图 4：单季度营收、PPOP、归母净利润同比增速........................5

图 5：单季度业绩拆分（2024Q3）.....................................6

图 6：净息差和净利差................................................8

图 7：资本充足率情况...............................................14

图 8：年化 ROE、风险加权资产增速和ROE(年化)*(1-分红率)......................14

图 9：股东数和户均持股数量（万户，万股）...........................15

表 1：关键财务指标概览（单位：百万元）..............................3

表 2：累计业绩同比增速..............................................6

表 3：单季度业绩同比增速............................................6

表 4：累计 ROE 拆分.................................................7

表 5：单季度ROE 拆分................................................7

表 6：净息差、净利差、生息资产收益率、计息负债成本率................8

表 7：生息资产情况（单位：百万元）..................................9

表 8：计息负债情况（单位：百万元）..................................9

表 9：非息收入、其他综合收益.......................................10

表 10：资产质量（百万元）..........................................10

表 11：贷款情况....................................................11

表 12：存款情况....................................................11

表 13：不良贷款情况（百万元）......................................12

表 14：信用减值损失和拨备余额（百万元）............................13

表 15：手续费结构..................................................13

附：财务预测表（单位：百万元）.....................................16

表 1：关键财务指标概览（单位：百万元）

资料来源： ，

注：不良净生成率 1=(不良贷款增量+本期核销及转出（披露值）)/期初贷款余额；不良净生成率 2=(不良贷款增量+本期核销测算值)/期

初贷款余额；不良核销转出率 1=本期核销及转出（披露值）/期初不良贷款余额；不良核销转出率 2=本期核销测算值/期初不良贷款余额

关键财务指标

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

营业收入同比增速

2.06%11.57%8.88%7.05%6.41%-3.01%-0.67%1.64%

拨备前利润同比增速

2.03%8.67%5.68%4.05%3.76%-4.91%-2.65%-2.40%

归母净利润同比增速

5.02%0.50%0.78%1.56%2.38%-2.90%-1.24%0.52%

净息差（披露值）

1.76%1.70%1.67%1.64%1.59%1.44%1.44%1.41%

净利差（披露值）

1.61%1.48%1.40%1.25%

生息资产收益率（披露值）

3.36%3.61%3.58%3.44%

计息负债成本率（披露值）

1.75%2.13%2.18%2.19%

净息差（测算值）1.79%1.71%1.69%1.67%1.64%1.46%1.46%1.44%

净利差（测算值）1.71%1.61%1.58%1.56%1.52%1.34%1.35%1.32%

生息资产收益率（测算值）

3.44%3.63%3.65%3.68%3.68%3.52%3.50%3.47%

计息负债成本率（测算值）

1.72%2.02%2.07%2.12%2.16%2.18%2.16%2.15%

单季度净息差（测算值）1.77%1.71%1.64%1.63%1.52%1.46%1.44%1.37%

单季度净利差（测算值）1.68%1.61%1.54%1.52%1.40%1.34%1.33%1.26%

ROA（年化）

0.85%0.83%0.85%0.82%0.80%0.73%0.76%0.75%

ROE（年化）

10.81%11.14%10.60%10.37%10.12%9.86%9.58%9.55%

杠杆率7.65%7.46%7.39%7.38%7.39%7.35%7.34%7.55%

总资产增速

8.20%10.66%10.81%10.91%12.17%10.77%9.08%7.25%

风险加权资产增速

3.03%5.33%9.29%10.04%10.54%5.86%2.14%1.81%

ROE(年化)*(1-分红率)

7.37%7.60%7.23%7.07%6.89%6.71%6.37%6.35%

ROE(年化)*(1-分红率)-风险加权资产增速4.34%2.27%-2.06%-2.96%-3.66%0.85%4.23%4.54%

成本收入比27.88%24.63%25.77%26.98%28.50%25.39%25.54%26.80%

存贷比

87.80%84.78%81.70%87.04%82.70%86.63%86.20%90.41%

贷款同比增速

11.69%12.55%13.61%13.45%13.71%12.38%9.77%8.55%

存款同比增速11.35%14.29%14.84%13.68%13.39%9.98%5.26%4.50%

贷款/生息资产64.10%64.48%65.37%65.43%64.51%65.01%65.25%65.93%

存款/计息负债

79.64%81.62%82.17%80.93%79.91%80.73%78.69%78.75%

贷款较年初增量

1,832,3551,074,3801,705,3582,240,1432,400,638974,9721,180,9911,527,941

存款较年初增量2,058,9381,716,2912,247,4892,487,2202,705,2251,198,938723,656803,580

不良贷款率

1.32%1.18%1.28%1.27%1.27%1.24%1.24%1.26%

拨备覆盖率

188.73%202.56%188.39%195.18%191.66%199.94%201.69%198.86%

关注贷款率

1.35%1.23%1.46%1.43%

关注率+不良率2.67%1.18%2.51%1.27%2.73%1.24%2.67%1.26%

逾期贷款率1.10%0.98%1.06%1.21%

逾期 90 天以上/不良

53.26%48.55%54.09%62.83%

逾期 1 年以上/损失

107.03%74.79%

逾期/不良82.92%75.90%83.19%97.61%

重组贷款率0.16%0.22%0.30%0.38%

逾期率+重组率

1.26%1.20%1.35%1.59%

（重组+逾期）/不良

95.18%93.05%106.47%128.25%

不良净新生成率 1（测算值）0.48%0.60%0.47%0.44%

不良净新生成率 2（测算值）0.73%0.46%0.79%0.75%0.65%0.79%0.65%0.64%

不良核销转出率 1（测算值）

29.61%36.43%31.32%30.47%

不良核销转出率 2（测算值）

50.00%60.10%52.17%53.11%46.20%56.36%48.07%45.26%

核心一级资本充足率11.84%11.63%11.29%11.41%11.63%12.02%12.03%12.23%

一级资本充足率14.11%13.79%13.56%13.64%13.83%14.00%14.02%14.36%

资本充足率

17.52%17.53%17.13%17.30%17.74%18.52%18.91%19.01%

流动性覆盖率

133.54%135.17%130.99%127.93%135.30%136.90%138.14%134.96%

净稳定性资金比例122.47%123.88%124.71%123.76%122.51%123.47%

股东数（户）482,368471,901485,281475,943435,870418,478421,595429,899

10.4%

0.5%

0.5%

图 1：累计营收、PPOP、归母净利润同比增速

累计营收、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

15.00%

10.00%

5.00%

0.00%

-5.00%

0.52%

1.64%

-2.40%

-10.00%

-15.00%

资料来源： ，

图 2：累计同比业绩拆分（2024Q1~3）

中国银行2024Q1~3累计业绩驱动拆分

12%

10%

8%

6%

4%

2%

0%

-2%

-4%

-6%

生

息

资

产

规

模

净净其税成拨有净少归

息手他金本备效利数母

差续收及收计税润股净

费支

收

入利

附入提率东利

加比

净润

润

资料来源： ，

11.7%

(0.9%)

(1.2%)

图 3：累计同比业绩拆分（2024H1）

中国银行2024H1累计业绩驱动拆分

14%

12%

10%

8%

6%

4%

2%

0%

-2%

-4%

-6%

生

息

资

产

规

模

净净其有净少归

息手他效利数母

差续收税润股净

费支率东利

收

入利

税成拨

金本备

及收计

附入提

加比

净润

润

资料来源： ，

图 4：单季度营收、PPOP、归母净利润同比增速

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

80.00%

60.00%

40.00%

20.00%

0.00%

-20.00%

-40.00%

10.4%

3.6%

4.4%

拨备前利润同比增速2.03%8.67%5.68%4.05%3.76%-4.91%-2.65%-2.40%

归母净利润同比增速5.02%0.50%0.78%1.56%2.38%-2.90%-1.24%0.52%

图 5：单季度业绩拆分（2024Q3）

15%

中国银行2024Q3单季度业绩驱动拆分

10%

5%

0%

-5%

-10%

生净净其

息息手他

资差续收

产费支

规收

模入

税成拨有净少归

金本备效利数母

及收计税润股净

附入提率东利

加比

净润

利

润

资料来源： ，

表 2：累计业绩同比增速

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

营业收入同比增速2.06%11.57%8.88%7.05%6.41%-3.01%-0.67%1.64%

净利息收入同比增速8.36%7.01%4.75%3.21%1.58%-3.94%-3.09%-4.81%

非息收入同比增速-12.80%24.41%22.09%20.50%23.98%-0.77%5.99%20.99%

净手续费收入同比增速-11.27%-0.80%4.34%3.69%5.31%-4.58%-7.58%-3.93%

其他非息收入同比增速-14.05%78.29%53.21%48.39%51.29%3.76%22.19%49.88%

营业支出同比增速1.18%15.48%15.68%12.35%9.03%3.07%2.44%4.28%

利润总额同比增速2.88%7.60%2.46%1.76%4.22%-9.31%-3.69%-1.02%

净利润同比增速4.47%2.53%3.35%3.55%4.07%-2.84%-0.90%0.53%

资料来源： ，

表 3：单季度业绩同比增速

2022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q3

营业收入同比增速0.47%

11.57%6.11%3.40%4.47%-3.01%1.87%6.51%

净利息收入同比增速7.84%

7.01%2.57%0.32%-3.16%-3.94%-2.24%-8.19%

非息收入同比增速-19.46%

-5.29%-3.52%-8.79%19.02%-0.77%14.90%60.41%

净手续费收入同比增速-24.69%-0.80%11.97%1.94%12.35%-4.58%-11.53%6.17%

其他非息收入同比增速-15.42%78.29%29.11%37.65%58.65%3.76%46.64%118.65%

营业支出同比增速

0.82%15.48%15.91%6.28%0.01%3.07%1.74%7.94%

拨备前利润同比增速

1.33%8.67%2.60%0.68%2.73%-4.91%-0.20%-1.84%

利润总额同比增速

-1.16%7.60%-2.43%0.22%12.67%-9.31%2.21%4.99%

净利润同比增速2.74%2.53%4.12%4.01%5.73%-2.84%0.91%3.64%

归母净利润同比增速

2.49%0.50%1.04%3.30%4.98%-2.90%0.29%4.38%

表 4：累计 ROE 拆分

资料来源： ，

表 5：单季度 ROE 拆分

资料来源： ，

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

营业收入

2.22%2.24%2.13%2.07%2.03%1.95%1.91%1.92%

净利息收入

1.66%1.58%1.56%1.55%1.52%1.36%1.37%1.35%

净手续费收入

0.26%0.36%0.31%0.28%0.26%0.30%0.26%0.24%

其他非息收入

0.31%0.30%0.26%0.24%0.25%0.28%0.29%0.33%

营业支出

1.20%1.17%1.10%1.09%1.07%1.08%1.02%1.04%

税金及附加

0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%

业务及管理费

0.62%0.55%0.55%0.56%0.58%0.49%0.49%0.51%

减值损失0.37%0.45%0.40%0.40%0.35%0.42%0.37%0.34%

营业利润

1.02%1.07%1.03%0.98%0.96%0.87%0.89%0.88%

营业外净收入0.00%0.00%0.00%0.00%0.01%0.00%0.00%0.00%

利润总额1.02%1.07%1.03%0.98%0.96%0.87%0.90%0.89%

所得税

0.17%0.24%0.18%0.16%0.16%0.14%0.14%0.14%

年化 ROA

0.85%0.83%0.85%0.82%0.80%0.73%0.76%0.75%

杠杆率12.6613.3812.4512.6512.6013.5812.5612.70

年化 ROE

10.81%11.14%10.60%10.37%10.12%9.86%9.58%9.55%

2022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q3

营业收入

2.16%2.24%2.05%2.00%1.99%1.95%1.88%1.94%

净利息收入

1.69%1.58%1.56%1.57%1.48%1.36%1.38%1.31%

净手续费收入

0.19%0.36%0.27%0.22%0.20%0.30%0.21%0.21%

其他非息收入

0.28%0.30%0.22%0.21%0.30%0.28%0.30%0.41%

营业支出

1.23%1.17%1.04%1.09%1.06%1.08%0.96%1.08%

税金及附加

0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%

业务及管理费

0.74%0.55%0.55%0.59%0.66%0.49%0.48%0.57%

减值损失

0.30%0.45%0.37%0.40%0.20%0.42%0.31%0.30%

营业利润

0.93%1.07%1.00%0.90%0.93%0.87%0.93%0.86%

营业外净收入

-0.01%0.00%0.00%0.00%0.01%0.00%0.01%0.00%

利润总额

0.92%1.07%1.01%0.91%0.94%0.87%0.93%0.87%

所得税

0.11%0.24%0.13%0.13%0.16%0.14%0.13%0.13%

年化 ROA

0.81%0.83%0.88%0.78%0.78%0.73%0.80%0.73%

杠杆率

12.6613.3812.4512.6512.6013.5812.5612.70

年化 ROE

10.28%11.14%10.95%9.81%9.84%9.86%10.08%9.31%

图 6：净息差和净利差

净息差（披露值）净利差（披露值）

2.00%

1.90%

1.80%

1.70%

1.60%

1.50%

1.40%

1.30%

1.20%

1.10%

1.00%

资料来源： ，

表 6：净息差、净利差、生息资产收益率、计息负债成本率

累计（披露值）

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

净息差

1.76%1.70%1.67%1.64%1.59%1.44%1.44%1.41%

净利差

1.61%1.48%1.40%1.25%

生息资产收益率

3.36%3.61%3.58%3.44%

计息负债成本率

1.75%2.13%2.18%2.19%

单季度（测算值）

2022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q3

净息差

1.77%1.71%1.64%1.63%1.52%1.46%1.44%1.37%

净利差

1.68%1.61%1.54%1.52%1.40%1.34%1.33%1.26%

生息资产收益率

3.57%3.63%3.62%3.70%3.63%3.52%3.42%3.35%

计息负债成本率

1.90%2.02%2.09%2.18%2.23%2.18%2.09%2.09%

生息资产平均收益率

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

发放贷款

3.90%4.05%3.97%3.70%

投资类资产

2.95%3.11%3.16%3.25%

同业资产

1.64%2.36%2.49%2.53%

计息负债平均付息率

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

存款

1.65%2.04%2.09%2.06%

同业负债

1.71%2.25%2.35%2.54%

发行债券

3.07%3.07%3.06%2.99%

资料来源： ，

1.41%

表 7：生息资产情况（单位：百万元）

余额结构（分母为总资产）

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

贷款

60.55%61.15%61.81%62.17%61.38%62.04%62.20%62.92%

投资类资产

22.29%21.62%21.66%21.64%22.07%21.66%21.84%23.18%

FVTPL1.98%2.13%1.91%1.79%1.70%1.80%1.73%1.78%

AC11.78%10.91%10.57%10.45%10.36%9.80%9.60%9.57%

FVOCI8.54%8.58%9.18%9.40%10.02%10.06%10.52%11.83%

存放央行

8.23%8.25%7.75%7.95%9.28%8.47%7.49%7.31%

同业资产

6.66%7.15%6.52%6.31%5.35%6.12%6.58%4.95%

同比增速

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

总生息资产

8.87%11.76%11.81%12.36%12.98%11.47%9.98%7.73%

贷款

11.69%12.55%13.61%13.45%13.71%12.38%9.77%8.55%

投资类资产

4.56%6.79%7.76%9.91%11.06%10.98%10.02%14.88%

FVTPL1.84%9.42%10.10%-3.86%-3.77%-6.31%-1.54%6.39%

AC5.98%1.49%-1.31%-0.26%-1.33%-0.44%-0.90%-1.74%

FVOCI3.29%13.64%19.90%27.90%31.59%29.78%24.99%34.96%

存放央行

3.95%6.01%9.31%11.20%26.49%13.74%5.37%-1.39%

同业资产

4.44%30.30%10.82%5.94%-9.83%-5.24%10.03%-15.88%

单季增量

2022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q3

总生息资产

452,7091,501,425573,029793,315678,2461,259,620201,385192,473

贷款

100,6501,074,380630,978534,785160,495974,972206,019346,950

投资类资产

192,363124,807162,077140,751285,339133,216114,973489,323

FVTPL-19,28175,413-52,810-26,145-17,99756,116-21,13719,328

AC78,240-90,529-29,98633,57441,716-59,933-44,7825,412

FVOCI133,404139,923244,873133,322261,620137,033180,892464,583

存放央行

108,032129,119-97,417114,661483,686-156,250-312,652-49,778

同业资产

32,394248,532-145,419-23,027-269,271323,806171,908-544,694

资料来源： ，

备注：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 为以公允

价值计量且其变动计入其他综合收益的金融资产或者（其他债权投资+其他权益工具投资）。

表 8：计息负债情况（单位：百万元）

余额结构

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

存款

69.87%72.13%72.22%71.43%70.63%71.62%69.69%69.60%

向央行借款

3.17%3.18%3.26%3.24%3.81%3.04%3.02%2.65%

同业负债

9.36%8.28%8.22%8.48%8.39%8.41%9.77%9.99%

发行债券

5.33%4.79%4.19%5.10%5.56%5.65%6.09%6.15%

同比增速

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

总计息负债

7.58%10.84%10.88%11.76%13.01%11.20%9.92%7.40%

存款

11.35%14.29%14.84%13.68%13.39%9.98%5.26%4.50%

向央行借款

-4.15%27.08%47.57%29.48%34.88%5.81%0.74%-12.51%

同业负债

-12.42%-10.89%-13.25%-7.92%0.51%12.48%29.63%26.30%

发行债券

10.96%-0.81%-10.75%15.39%16.97%30.86%58.66%29.25%

单季增量

2022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q3

总计息负债

280,4491,489,305466,951712,157631,4661,196,101170,03077,728

存款

242,6911,716,291531,198239,731218,0051,198,938-475,28279,924

向央行借款

120,35549,77249,12915,241205,320-213,618605-121,168

同业负债

-218,724-189,85739,491137,36126,686110,447483,03788,350

发行债券

136,127-86,901-152,867319,824181,455100,334161,67030,622

资料来源： ，

表 9：非息收入、其他综合收益

累计占比（/营收）

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

净手续费及佣金收入

12.79%15.88%14.53%13.42%12.66%15.62%13.52%12.69%

投资收益

4.36%2.05%3.20%3.60%4.04%9.16%5.91%7.59%

公允价值变动损益

-1.80%3.01%1.04%-0.22%-0.11%-3.75%-0.13%-0.62%

汇兑净损益

1.53%2.13%1.92%1.78%1.59%0.68%0.89%2.24%

其他业务收入

4.66%6.16%6.00%6.41%6.92%8.20%8.29%7.86%

其他综合收益

0.97%1.59%8.56%4.81%5.57%27.84%18.41%13.48%

单季度占比（/营收）

2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

净手续费及佣金收入

2.26%15.88%6.28%3.57%2.52%15.62%5.59%3.73%

投资收益

1.32%2.05%2.14%1.43%1.32%9.16%1.27%3.67%

公允价值变动损益

-0.95%3.01%-0.52%-0.93%0.05%-3.75%1.78%-0.54%

汇兑净损益

0.54%2.13%0.81%0.48%0.25%0.68%0.54%1.65%

其他业务收入

2.38%6.16%2.80%2.34%2.07%8.20%4.13%2.37%

其他综合收益

-0.88%1.59%7.74%-1.00%1.94%27.84%4.29%1.27%

资料来源：Wind，招商证券

表 10：资产质量（百万元）

拨贷比

2.50%2.39%2.42%2.48%2.44%2.48%2.50%2.51%

不良贷款余额

231,677218,401246,882250,188253,205258,579261,267270,037

关注类贷款余额

235,654236,191290,238302,246

逾期贷款余额

192,101187,378210,629255,019

逾期 90 天以上贷款余额

123,394119,855136,966164,146

重组贷款余额

28,41742,35058,96880,043

关注贷款率

1.35%1.23%1.46%1.43%

关注率+不良率

2.67%1.18%2.51%1.27%2.73%1.24%2.67%1.26%

逾期贷款率

1.10%0.98%1.06%1.21%

逾期 90 天以上/不良

53.26%48.55%54.09%62.83%

逾期 1 年以上/损失

107.03%74.79%

逾期/不良

82.92%75.90%83.19%97.61%

重组贷款率

0.16%0.22%0.30%0.38%

（重组+逾期）/贷款

1.26%1.20%1.35%1.59%

（重组+逾期）/不良

95.18%93.05%106.47%128.25%

不良净新生成率 1（测算值）

不良净新生成率 2（测算值）

0.48%0.60%0.47%0.44%

不良核销转出率 1（测算值）

0.73%0.46%0.79%0.75%0.65%0.79%0.65%0.64%

不良核销转出率 2（测算值）29.61%36.43%31.32%30.47%

资料来源：Wind，招商证券

资产质量2022A2023Q12023H12023Q1-32023A2024Q12024H12024Q1-3

不良贷款率

拨备覆盖率

1.32%1.18%1.28%1.27%1.27%1.24%1.24%1.26%

188.73%202.56%188.39%195.18%191.66%199.94%201.69%198.86%

表 11：贷款情况

住房按揭贷款

31.15%29.94%30.79%28.94%28.08%25.28%24.04%22.54%

信用卡贷款

3.51%3.27%3.24%3.00%2.97%2.74%2.83%2.82%

票据贴现

2.53%1.98%2.24%2.83%3.30%2.97%3.58%2.81%

公司贷款

58.09%59.54%58.89%60.22%60.10%63.09%63.22%65.13%

制造业11.93%12.06%12.05%12.74%12.44%13.23%13.25%13.59%

传统基建17.42%17.61%18.30%18.18%18.40%18.65%19.60%20.19%

房地产业

8.02%7.89%7.73%7.68%7.77%7.61%7.38%7.37%

租赁和商务服务业

12.44%12.95%13.03%14.09%14.15%15.36%16.26%16.75%

建筑业

1.89%2.05%1.89%2.16%2.11%2.36%2.26%2.55%

余额增速

2020A2021H12021A2022H12022A2023H12023A2024H1

个人贷款

10.61%10.74%9.14%5.59%5.17%4.36%3.14%3.66%

住房按揭贷款

10.66%8.99%9.23%6.26%1.87%-0.77%-2.65%-2.14%

信用卡贷款

4.55%4.28%1.74%1.08%2.62%3.63%8.38%12.95%

票据贴现

6.24%-21.10%-2.23%56.78%64.37%19.19%23.47%3.90%

公司贷款

7.72%10.74%12.03%11.20%13.99%19.02%19.61%13.33%

制造业

0.78%2.26%11.60%16.18%15.29%17.93%21.18%12.73%

传统基建

15.28%19.20%16.09%13.48%12.27%16.55%21.16%18.84%

房地产业

9.09%4.10%6.58%7.04%12.15%12.56%7.99%6.30%

租赁和商务服务业

3.37%7.54%15.81%19.57%21.21%23.92%30.74%19.65%

建筑业

5.30%9.18%10.42%16.14%24.59%23.96%21.60%18.45%

资料来源：Wind，招商证券

表 12：存款情况

公司存款

余额结构

2020A2021H12021A2022H12022A2023H12023A2024H1

51.39%52.45%51.58%50.85%49.31%49.74%49.69%48.30%

公司定期

21.70%21.65%22.15%22.19%22.38%23.68%24.74%25.78%

公司活期

29.69%30.79%29.44%28.66%26.93%26.06%24.95%22.52%

个人存款

43.19%42.59%43.45%43.92%45.84%45.55%46.21%47.55%

个人定期

23.09%23.46%23.99%24.80%27.00%28.53%29.48%30.08%

个人活期

20.10%19.13%19.46%19.12%18.84%17.01%16.73%17.46%

余额增速

2020A2021H12021A2022H12022A2023H12023A2024H1

公司存款

6.52%9.97%7.76%3.90%6.36%12.31%14.23%2.13%

公司定期

0.06%2.19%9.57%9.82%12.44%22.52%25.33%14.52%

公司活期

11.79%16.20%6.43%-0.26%1.79%4.40%5.01%-9.12%

个人存款

9.84%9.29%7.99%10.51%17.40%19.06%14.26%9.81%

个人定期

12.81%13.09%11.53%13.28%25.24%32.10%23.74%10.90%

个人活期

6.61%4.96%3.92%7.12%7.74%2.15%0.66%7.97%

资料来源： ，

余额结构

2020A2021H12021A2022H12022A2023H12023A2024H1

个人贷款

39.37%38.48%38.88%36.95%36.60%33.95%33.20%32.06%

表 13：不良贷款情况（百万元）

不良率

2020A2021A2022H12022A2023H12023A2024H1

个人贷款

对公贷款

0.60%0.48%0.60%0.65%0.75%0.70%0.88%

2.37%1.87%2.14%1.71%1.86%1.55%1.33%

制造业

4.26%2.93%2.25%1.57%1.45%1.27%1.12%

交通运输、仓储和邮政业

1.09%1.04%1.00%0.58%0.61%0.41%0.38%

电力、热力、燃气及水生产和供应业

0.43%1.57%1.49%1.38%1.21%0.99%0.82%

水利、环境和公共设施管理业

0.95%0.75%0.76%0.53%1.08%1.06%1.12%

房地产业

4.68%2.86%3.21%4.12%2.95%3.28%3.03%

租赁和商务服务业

3.01%1.47%1.44%1.35%1.36%1.28%1.18%

建筑业

1.74%1.15%0.81%0.77%0.82%0.96%0.98%

资料来源：Wind，招商证券

不良贷款额

2020A2021A2022H12022A2023H12023A2024H1

个人贷款

32,21829,26633,35641,48742,91246,44552,298

对公贷款157,767179,526170,813190,190165,576206,760160,099

制造业

56,69655,34148,58934,27536,94833,56532,097

交通运输、仓储和邮政业

14,27618,07318,25910,95912,1248,7808,800

电力、热力、燃气及水生产和供应业

2,37413,17313,55813,11913,65112,79411,688

水利、环境和公共设施管理业

2,3192,2572,6101,9474,8064,9735,671

房地产业

29,95234,69441,67855,96643,20048,17247,085

租赁和商务服务业

42,01030,11134,19733,48640,11141,31241,675

建筑业

3,8063,4062,9682,8383,7264,2955,264

表 14：信用减值损失和拨备余额（百万元）

信用减值损失

2020A2021H12021A2022H12022A2023H12023A2024H1

总资产

119,01652,945104,22052,725103,95960,581106,56260,579

贷款

103,63047,75098,29845,57692,79361,997106,11472,684

金融投资

6,1162451,484-280-4218053,026-1,194

其他

9,2704,9504,4387,42911,587-2,221-2,578-10,911

信用减值损失/资产期初余额

2020A2021H12021A2022H12022A2023H12023A2024H1

总资产

0.52%0.22%0.43%0.20%0.39%0.21%0.37%0.19%

贷款

0.80%0.34%0.69%0.29%0.59%0.35%0.61%0.37%

金融投资

0.11%0.00%0.03%0.00%-0.01%0.01%0.05%-0.02%

其他

0.22%0.11%0.10%0.15%0.24%-0.04%-0.05%-0.20%

拨备余额

2020A2021H12021A2022H12022A2023H12023A2024H1

总资产

423,379391,838450,389441,913508,589488,599552,826547,685

贷款

325,806368,655390,541416,425437,241465,108485,298526,957

金融投资

14,40214,62815,95715,75415,59516,34618,50517,362

其他

40,3588,55543,8919,73455,7537,14549,0233,366

拨备余额/资产余额

2020A2021H12021A2022H12022A2023H12023A2024H1

总资产

1.73%1.49%1.69%1.58%1.76%1.57%1.70%1.62%

贷款

2.30%2.40%2.49%2.46%2.50%2.42%2.44%2.50%

金融投资

0.26%0.25%0.26%0.25%0.24%0.24%0.26%0.23%

其他

0.87%0.17%0.90%0.20%1.12%0.14%0.91%0.06%

资料来源：Wind，招商证券

表 15：手续费结构

代理业务

24.84%26.27%17.77%-16.19%-25.29%-5.79%-5.31%-12.68%

托管业务

17.26%47.65%32.48%4.39%6.94%24.50%25.38%-21.90%

支付结算业务-2.24%5.70%6.87%6.78%4.05%0.93%4.24%2.51%

咨询顾问业务-20.49%17.07%29.45%9.82%23.49%45.68%42.47%4.62%

担保承诺业务-6.54%2.96%-0.37%-7.59%-4.21%0.44%0.39%-12.16%

银行卡业务-57.89%-57.83%-8.01%-10.29%-3.63%16.71%10.84%-3.75%

其他

3.83%-5.20%-8.86%-7.42%-15.31%-5.12%4.37%3.52%

手续费支出

-8.18%-1.02%-0.69%11.03%14.02%20.59%10.58%6.55%

零售AUM 同比增速9.09%18.18%16.67%9.92%7.14%

资料来源：Wind，招商证券

手续费收入增速2020A2021H12021A2022H12022A2023H12023A2024H1

手续费收入

0.61%10.27%6.56%-5.66%-7.78%6.09%6.05%-5.85%

图 7：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

20.00%

18.00%

19.01%

16.00%

14.00%

12.00%

14.36%

12.23%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

资料来源： ，

图 8：年化 ROE、风险加权资产增速和 ROE(年化)*(1-分红率)

ROE（年化）风险加权资产增速ROE(年化)*(1-分红率)

16.00%

14.00%

12.00%

10.00%

8.00%

6.00%

9.55%

6.35%

4.00%

2.00%

1.81%

0.00%

资料来源： ，

图 9：股东数和户均持股数量（万户，万股）

股东数（万户）户均持股数量（流通股，万股，右轴）

60.0160.00

50.0150.00

40.0140.00

30.0130.00

20.0120.00

10.0110.00

0.01-

资料来源： ，

附：财务预测表（单位：百万元）

2022A2024E2025E2022A2023A2024E2025E2026E

2023A2026E

价值评估（倍） 利润表

P/E

6.66.56.56.46.2459,266466,545441,978450,075474,962

净利息收入

P/B利息收入

0.690.630.590.550.51880,8481,048,8511,077,1281,125,8751,202,026

P/PPOP3.653.523.533.433.25

利息支出

421,582582,306635,150675,801727,065

每股指标

净手续费收入

74,89078,86577,44582,09286,197

EPS0.68

0.680.740.750.7751,21177,47998,398101,350105,404

净其他非息收

BVPS6.99

7.588.228.779.35585,367622,889617,822633,517666,563

营业收入

PPOPPS1.32

1.371.361.401.48301,589328,816329,770341,317365,902

营业支出

DPS0.23

0.240.250.260.276,0726,0986,0556,2086,532

税金及附加

股息支付率业务及管理费

34.20%34.55%34.55%169,313177,503172,990177,385186,638

34.55% 34.55%

股息收益率4.82%4.91%5.30%5.38%5.56%营业利润

283,778294,073288,052292,200300,661

驱动性因素

营业外净收入

-1371,5351,5351,5351,535

贷款增速拨备前利润

11.69%13.71%8.50%9.00%387,600402,170401,659412,806436,275

10.00%

存款增速资产减值损失

11.35%13.39%5.70%9.50%8.80%103,959106,562112,072119,071134,079

生息资产增速利润总额

8.80%12.58%7.67%9.69%8.53%283,641295,608289,587293,735302,196

计息负债增速所得税

7.58%13.01%7.74%8.72%46,91649,23744,88645,52946,840

10.02%

平均贷款收益率净利润

3.90%3.97%3.60%3.45%3.37%236,725246,371244,701248,206255,356

平均生息资产收益归母净利润226,522231,904232,404235,909243,059

3.25%3.49%3.26%3.14%

3.07%

平均存款付息率资产负债表

1.65%2.09%2.01%1.96%

1.93%

平均计息负债付息贷款总额

1.72%2.16%2.13%2.08%2.05%17,507,34919,907,98721,600,16623,760,18225,898,599

净息差(NIM)-测算贷款减值准备

1.69%1.55%1.34%1.25%1.21%437,244485,293534,157596,684669,310

净利差(NIS)-测算贷款净额

1.53%1.34%1.13%1.05%1.02%17,117,56619,476,87121,066,00923,163,49825,229,289

净手续费收入增速投资类资产

-11.27%5.31%6.00%5.00%6,445,7437,158,7178,232,5259,055,7779,780,239

-1.80%

净非息收入/营收存放央行

21.54%25.10%28.74%2,378,5653,008,6142,542,3392,783,8613,028,841

28.46% 28.96%

成本收入比同业资产

27.88%28.50%28.00%1,924,4541,735,2691,874,0911,967,7952,066,185

28.00% 28.00%

拨备支出/平均贷款22.21%25.00%31.38%1,988,9942,002,6213,092,8043,391,3933,678,398

29.76% 30.53%

其他资产

实际所得税率16.54% 16.66% 15.50% 15.50% 15.50%生息资产

28,256,11131,810,58734,249,12037,567,61640,773,864

业绩年增速率

资产合计

28,913,85732,432,16634,750,60638,105,54441,330,312

净利息收入存款

8.4%1.6%-5.3%1.8%5.5%20,201,82522,907,05024,212,75226,512,96328,846,104

净手续费收入向央行借款

-11.3%5.3%-1.8%6.0%5.0%915,8581,235,320901,139901,139901,139

净其他非息增速同业负债

-14.0%51.3%27.0%3.0%4.0%2,706,6582,720,3393,427,6273,941,7714,335,948

营业收入发行债券

2.1%6.4%-0.8%2.5%5.2%1,540,9351,802,4462,343,1802,624,3612,860,554

营业支出计息负债

1.2%9.0%0.3%3.5%7.2%25,365,27628,665,15530,884,69833,980,23536,943,745

拨备前利润负债合计

2.0%3.8%-0.1%2.8%5.7%26,346,28629,675,35131,839,89535,031,17038,086,335

利润总额股东权益合计

2.9%4.2%-2.0%1.4%2.9%2,567,5712,756,8152,910,7113,074,3753,243,977

净利润加权风险资产 16,818,275 18,591,278

4.5%4.1%-0.7%1.4%2.9%

18,963,10420,669,783 22,426,714

归母净利润5.0%2.4%0.2%1.5%3.0%资产质量

盈利能力

信用成本率

0.63%0.57%0.54%0.53%0.54%

ROAA0.85%0.80%0.73%0.68%

0.64%1.32%1.27%1.25%1.23%1.21%

不良贷款率

ROAE10.81% 10.12%9.34%8.82%

8.54%0.48%0.47%0.40%0.37%0.35%

不良净生成率

RORWA1.43%1.39%1.30%1.25%1.19%

拨备覆盖率

189%192%198%204%213%

资本状况拨贷比

2.50%2.44%2.47%2.51%2.58%

杠杆率11.2611.7611.9412.3912.74同业资产/总资6.66%5.35%5.39%5.16%5.00%

数据来源： ，

资本充足率流动性

17.52%18.96%

17.74%18.84%18.90%

一级资本充足率

14.11%13.40%86.66%86.91%89.21%89.62%89.78%

13.83%14.22%13.78%存贷比

核心一级资本充足贷款/总资产

11.84%11.73%60.55%61.38%62.16%62.35%62.66%

11.63%12.11%11.90%

风险加权系数投资类资产/总

58.17%54.26%22.29%22.07%23.69%23.76%23.66%

57.32%54.57%54.24%