中信证券：市场资金风偏下降银行股等权益资产相对和绝对收益或延续

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智通财经APP获悉，中信证券发布研究报告称，已出2025年报银行经营结果显示，22家银行加权平均营收和盈利同比增速分别为1.05%和1.77%，基本符合预期，预计后续披露银行经营结果预期差小。展望一季度，银行资产投放平稳，息差如期下行，信用风险形势相对稳定，盈利增速曲线延续企稳上行格局。由于市场资金风偏下降，且广义流动性格局相对稳定，银行股等权益资产或更受低回撤要求资金偏好，相对和绝对收益延续。...

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Securities: Relative and absolute returns or continuation of equity assets such as bank stocks in the decline of market capital wind bias","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600030":1.5,"06030":1.5},"content_text":"智通财经APP获悉，中信证券发布研究报告称，已出2025年报银行经营结果显示，22家银行加权平均营收和盈利同比增速分别为1.05%和1.77%，基本符合预期，预计后续披露银行经营结果预期差小。展望一季度，银行资产投放平稳，息差如期下行，信用风险形势相对稳定，盈利增速曲线延续企稳上行格局。由于市场资金风偏下降，且广义流动性格局相对稳定，银行股等权益资产或更受低回撤要求资金偏好，相对和绝对收益延续。事项：截至2026年3月29日，已有22家上市银行披露2025年年报或年度业绩快报，13家披露年报，9家披露业绩快报，包含4家大行、6家股份行、8家城商行与4家农商行。已出财报银行经营呈现“量稳扩、价企稳、质优化”趋势。整体业绩延续修复，个体差异延续分化。22家银行2025年营收增速、归母净利润增速与ROE分别在【-10.40%，+10.48%】/【-4.21，+21.66%】/【6.76%，14.65%】区间分化，加权平均营收与归母净利润同比增速分别为+1.05%/+1.77%，分别较前三季度+0.54%/+0.29%，平均ROE达10.27%。有14/22家营收与归母净利润增速优于前三季度，整体看，大部分银行四季度业绩边际改善，料一季度有望持续向好演绎。扩表策略稳健，对公为核心发力点。22家银行2025年末平均资产规模较上年末+10.23%(增速区间为【+2.54%，+20.67%】)，披露数据的银行的平均负债、贷款与存款规模分别较上年末+10.64%/+10.13%/+9.56%(增速区间分别为【+1.90%，+22.05%】/【+0.50%，+20.72%】/【+1.39%，+19.49%】)。拆分来看，披露财报的13家银行平均对公/零售贷款分别较上年末+14.13%/+1.74%，平均对公活期/定期和零售活期/定期存款分别较上年末+9.17%/+17.17%/+8.30%/+12.87%。分析来看，银行整体扩表积极，各类行策略分化，城商行依托区域政商资源禀赋，对公信贷投放及派生存款更积极。息差如期回落，负债降本效用显著。披露财报的13家银行2025年平均净息差1.54%，同比回落10bps，其中披露数据的11家银行仅较前三季度回落1bps，四季度息差边际企稳；拆分来看，13家银行平均生息资产收益率/计息负债成本率分别为3.10%/1.65%，同比分别-48/-44bps，资负两端定价降幅相当，负债端重定价与结构调优带来的成本节约，有效对冲资产端定价的回落。资产质量稳定，对公改善零售承压。账面质量上，22家银行2025年末平均不良贷款率1.05%，较上年末改善3bps，披露数据的银行平均贷款关注率/逾期率分别为1.38%/1.45%，同比分别+0.03/-0.07ppts。不良率/关注率/逾期率分别有14/22、7/13、7/13家银行同比改善，4/22、1/13、0/13家同比持平，账面质量延续稳中向好趋势。拆分来看，披露数据的12家银行平均对公/零售贷款不良率分别为0.89%/1.72%，同比分别-0.15/+0.26ppts，对公分别有9/12家改善，2/12家持平，零售仅1/12家改善。拨备反哺盈利，安全垫充足。22家银行平均拨备覆盖率290.49%，较上年末回落14.19ppts，整体延续收窄，仅7/22家银行拨备覆盖率回升，行业拨备一定程度延续反哺利润。进一步看，披露数据的13家银行平均“拨贷比-不良率-关注率”为0.27%，较上年末小幅回落0.18ppts，其中4/13家银行有所回升，广义安全垫小幅回落，但中枢整体维持合理区间。上周市场走势震荡，银行股尤其是H股内银相对跑赢，外围市场不确定性下，板块相对价值显现。A股方面，上周板块走势震荡，沪深300指数、上证指数、深证成指、Wind全A 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中信证券：市场资金风偏下降 银行股等权益资产相对和绝对收益或延续

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中信证券：市场资金风偏下降银行股等权益资产相对和绝对收益或延续