You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》大摩:內銀次季手續費收入支持收入及利潤增長回升 民行及信行利潤有加速潛力
摩根士丹利發表報告表示,內地銀行第二季手續費收入支持營收和利潤增長回升,隨著整個行業收入和利潤增長的反彈,看到寧波銀行(002142.SZ)、杭州銀行(600926.SH)和成都銀行(601838.SH)具有良好的投資價值,這些地區銀行應該能繼續展現超越同行的收入和利潤增長。該行亦看到民生銀行(01988.HK)、中信銀行(00998.HK)、浦發銀行(600000.SH)和興業銀行(601166.SH)利潤有進一步加速增長的潛力。 該行指內銀淨利息收入縮減壓力伴隨淨息差壓力緩和:5月份貸款市場報價利率(LPR)下調及持續的貸款利率下調繼續壓縮資產收益率,但更多內銀在較低的資金成本和穩健的資產增長下表現出更穩定的淨利息收入。國有企業銀行的淨息差壓力較中型銀行更大,部分原因在於貸款和債券投資均顯著增長,但新增收益資產收益率較低。中行(03988.HK)、興業銀行和平安銀行(000001.SZ)在2025年第二季度經歷了更多淨利息收入壓力。得益於資金成本的降低,銀行普遍預期未來淨息差壓力將進一步緩和。預計貸款增長將進一步放緩,債券投資增速放緩將有助於資產收益率的穩定。 服務費收入顯著回升,特別是在國有企業銀行,投資收益提高支持收入和稅前利潤增長:資本市場活動回暖、存款利率降低及服務費率更穩定,推動服務費收入強勁反彈。值得注意的是,建設銀行(00939.HK)、中行、郵儲銀行(01658.HK)和農業銀行(01288.HK)的服務費收入按年各增長分別為19%、19%、16%和32%。然而,招商銀行(03968.HK)、工商銀行(01398.HK)和興業銀行的服務費收入則因信用卡相關費用下降而受拖累,儘管財富管理相關服務費收入增長健康。預計在零售資產管理規模(AUM)增長較高的銀行,服務費收入將在未來數季進一步反彈。 總體信貸質量保持穩定:2025年上半年,覆蓋銀行的不良貸款形成率按年平均下降1.8個基點至0.89%(年化),建設銀行(-14個基點)、中信銀行(-13個基點)、光大銀行(06818.HK)(-30個基點)和寧波銀行(-28個基點),環比下降更明顯;而中行和郵儲銀行不良貸款形成率則按年上升14個基點(受房地產貸款影響)和18個基點(受經營貸款影響)。 大摩指,內地六大國有銀行及部分股份制銀行宣布了中期股息派發,包括民生銀行、中信銀行、平安銀行和光大銀行。大多數銀行的風險加權資產(RWA)增長放緩,信貸增速較慢。在該行覆蓋的所有銀行中,招商銀行和杭州銀行按季增長較快。由於資本注入,建設銀行、中國銀行、交通銀行和郵儲銀行的資本充足率按季上升。寧波銀行和杭州銀行的強勁利潤增長支持了它們的核心一級資本充足率,而招行快速的風險加權資產增長則對其資本充足率造成壓力。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account