资源描述
请 务必阅读 正文之 后的信 息披露 和重要声 明 industryId investSuggestion(investSuggestionChange SAC S0190517070003 SAC:S0190520060001 assAuthor SAC:S0190522060001 summary 1 30%2024 4 1 2023 5.3%-5.8%2 12%30%27%28%3/15%20%13+2023-0.9%+1.5%-0.8%+2.5%-2.8%-6.3%2022Q4+2023 13+11.7%+11.6%+12.9%+7.1%2021 54.1%57.3%2023 13-8bp 1 LPR-7bp 2 2023 13 1.27%241%2024:1 2(3)title 2023 createTime1 2024 4 2 请 务必阅读 正文之 后的信 息披露 和重要声 明-2-1、分红：大行稳 定，股 份行分红比例提升.-4-2、盈利：大行业 绩稳健，股份行承压.-5-2.1+.-5-2.2.-6-3、规模：扩张放 缓，对 公强劲，零售待暖.-9-3.1.-9-3.2.-10-3.3.-12-4、息差：持续收 窄，未 来仍有下行压力.-14-4.1.-14-4.2.-16-5、资产质量：核 心指标 保持稳定.-17-5.1.-17-5.2.-20-6、投资建议：基 本面承 压，分红稳中有升.-21-7.-22-1 2023.-4-2 2023 0.9%.-5-3 2023 1.5%.-5-4 2023.-6-5 2023.-6-6 2023.-6-7 2023.-6-8 2023.-7-9 2023.-7-10 2023.-8-11 2023.-8-12 2023 13 11.6%.-9-13 2023 13 11.1%.-9-14 2023.-10-15 2023.-10-16 2023 13.-10-17 13.-11-18 13.-11-19 2023 13.-12-20 2023 13.-12-21 2023.-13-22 2023.-13-23 2023 13.-13-1ZDWyRsPoNoPqOnOnQsNqRaQbP6MnPnNnPmQlOnNsOlOmMtQ9PoOuMvPpMqPvPpOyR 请 务必阅读 正文之 后的信 息披露 和重要声 明-3-24%.-14-25%.-14-26 13.-15-27 2023.-15-28 2023.-15-29 2023A.-15-30 2023 13.-15-31 2023 13%bps.-16-32.-17-33.-17-34 1.27%.-18-35.-18-36 241%.-18-37 3.05%.-18-38 1.71%.-18-39 1.24%.-18-40 2023 13.-19-41 2023 13.-19-42 2023 13.-19-43 2023 13.-20-44 2023 13.-20-1 2023.-11-2 2023.-13-请 务必阅读 正文之 后的信 息披露 和重要声 明-4-1、分红：大行稳定，股份行 分红比例提升 30%2024 4 1 2023 5.3%-5.8%+2023 ROE 16.2%+13.7%6.0%12%30%2.7%6.8%27%28%6.6%30%6.2%/15%20%/1 2023/Wind ROE 2024/4/1 2023A 2023Q4 2023A 2023Q4 2021A 2022A 2023A 2022A 2023E 2023A 2023A PB-3.7%-4.3%0.8%0.8%1.36%214%30.0%30.0%30.0%5.7%5.8%10.7%13.7%0.55-1.8%-3.5%2.4%0.3%1.37%240%30.1%30.0%30.1%5.6%5.8%11.6%13.2%0.59 0.0%1.9%3.9%0.5%1.33%304%30.0%30.0%30.0%5.3%5.5%10.9%10.7%0.61 6.4%4.5%2.4%5.0%1.27%192%30.0%30.0%30.0%5.2%5.3%10.1%11.6%0.59 0.3%-4.0%0.7%-2.7%1.33%195%30.1%30.1%30.0%5.8%5.8%9.7%10.2%0.53 2.3%5.6%1.2%-6.7%0.83%348%30.0%30.0%30.0%5.4%5.5%10.9%9.5%0.60-1.6%-1.4%6.2%5.2%0.95%438%32.0%31.8%33.9%5.3%6.0%16.2%13.7%0.89-2.6%-2.5%7.9%3.9%1.18%208%26.6%25.9%26.0%4.7%5.7%10.8%9.0%0.51-5.2%-3.9%-15.6%-37.9%1.07%245%26.0%27.0%28.0%7.5%6.6%10.6%9.8%0.46-8.4%-11.0%2.1%-23.0%1.06%278%12.2%12.2%30.0%2.7%6.8%11.4%9.2%0.51-1.2%1.9%1.6%50.6%1.48%150%27.1%26.6%26.4%5.3%5.4%6.1%9.3%0.33-3.9%-2.6%-9.0%-62.2%1.25%181%25.0%25.1%25.1%6.1%5.6%8.4%9.2%0.41 4.3%4.8%10.5%10.3%1.44%183%0.0%32.8%29.9%5.5%5.5%9.5%8.2%0.51 7.1%30.8%15.1%14.8%1.18%226%31.9%30.2%26.2%4.8%4.8%10.7%8.4%0.59-1.9%5.5%1.3%5.3%1.34%234%29.1%28.2%28.8%5.3%5.5%10.1%9.8%0.53-9.5%-5.6%-23.6%-8.2%1.87%175%0.0%0.0%0.0%0.0%0.0%3.3%8.9%0.42-3.6%-5.9%6.1%-8.3%1.19%367%30.0%30.0%30.1%5.9%6.2%9.6%13.5%0.45 12.1%10.5%19.6%14.9%0.75%538%25.1%25.0%20.9%3.5%3.5%13.7%10.4%0.80 7.9%10.6%13.0%3.9%0.97%304%21.4%14.8%20.4%2.3%3.6%11.0%12.7%0.59 1.3%2.6%10.0%-6.0%0.79%523%21.2%21.5%19.9%3.8%3.9%11.5%11.3%0.60 2.3%8.9%16.8%19.0%0.98%409%30.7%24.2%24.8%4.1%4.9%12.6%13.1%0.57 8EzY8aA3VmVKaGrCgFC1k8iCYydMK33bsDsO0TSEcfZQZJjA1F5/G42oHWbcTuQP 请 务必阅读 正文之 后的信 息披露 和重要声 明-5-2023“13”2023 A+H 13 6 7 2、盈利：大行业绩稳健，股 份行承压 2.1+13+2023-0.9%+1.5%-0.8%+2.5%1-2.8%-1.9%+11.7%LPR 2-6.3%-4.3%3+28.8%+15.8%2022 32.2%-8.8%0.73%2 2023 0.9%3 2023 1.5%请 务必阅读 正文之 后的信 息披露 和重要声 明-6-4 2023 5 2023 2.2+2023-0.02%-3.3%2023+2.1%-0.4%-0.4pct-3.2pct 6 2023 7 2023 请 务必阅读 正文之 后的信 息披露 和重要声 明-7-8 2023 1 2023-2.5%-3.5%-0.6pct-1.5pct 9 2023 2 2023-2.0%-14.2%-0.6pct-4.1pct 工商银行-3.7%0.8%-5.3%-7.7%26.2%-0.2%0.0%-0.6%-1.6%9%建设银行-1.8%2.4%-4.1%-0.3%53.1%-0.5%-0.7%-1.1%-0.3%13%农业银行 0.03%3.9%-3.1%-1.5%83.0%0.6%-1.1%0.1%-0.6%25%中国银行 6.4%2.4%1.6%5.3%51.3%-0.6%0.8%-1.6%1.6%3%交通银行 0.3%0.7%-3.4%-4.1%20.0%-1.4%-1.2%-0.4%-1.9%-4%邮储银行 2.3%1.2%3.0%-0.6%-1.4%1.0%-1.2%-0.1%-1.0%10%招商银行-1.6%6.2%-1.6%-10.8%25.0%0.1%-0.3%-1.7%0.7%10%兴业银行-5.2%-15.6%0.8%-38.4%14.1%0.4%-6.1%-0.2%-8.0%17%中信银行-2.6%7.9%-4.7%-12.7%26.7%0.0%-1.3%-2.8%-11.4%35%民生银行-1.2%1.6%-4.7%-5.1%29.9%0.9%2.2%0.5%-9.0%19%光大银行-3.9%-9.0%-5.4%-11.4%29.1%0.4%-12.0%-1.2%0.0%19%平安银行-8.4%2.1%-9.3%-2.6%-11.7%-0.8%-6.1%-3.2%-5.0%16%浙商银行 4.3%10.5%1.0%5.2%20.6%0.2%0.0%-0.5%-4.0%8%-0.9%1.5%-2.8%-6.3%28.8%-0.1%-1.1%-0.8%-2.0%13.1%六大行 0.0%2.1%-2.5%-2.0%35.4%-0.1%-0.4%-0.6%-0.6%8.1%股份行-3.3%-0.4%-3.5%-14.2%18.4%0.1%-3.2%-1.5%-4.1%18.5%请 务必阅读 正文之 后的信 息披露 和重要声 明-8-/10 2023 3 2023+35.4%+18.4%2022 83%11 2023 请 务必阅读 正文之 后的信 息披露 和重要声 明-9-3、规模：扩张放缓，对公强 劲，零售待 暖 3.1 2023 13+11.7%+11.6%0.3pct+2023+12.9%+7.1%1 14.5%2 12.6%+2023 13+11.1%1.0pct+12.1%+7.1%1 15%2+11.1%12 2023 13 11.6%13 2023 13 11.1%请 务必阅读 正文之 后的信 息披露 和重要声 明-10-14 2023 15 2023 16 2023 13 3.2 2021 13 10.8%2023 16.4%54.1%57.3%2021 11.8%2023 5.1%42.5%37.7%+2023 78%/18%/4%16%27%18%1%4%16%工商银行 12.8%12.4%12.2%0.5%1.2%-1.4%建设银行 10.8%12.6%10.5%1.3%0.9%-0.8%农业银行 17.5%14.5%15.0%3.0%1.3%0.3%中国银行 12.2%13.8%13.4%2.1%1.1%1.0%交通银行 8.2%8.9%7.6%1.7%0.6%-1.0%邮储银行 11.8%13.4%9.8%2.7%1.7%3.4%招商银行 8.8%7.7%8.6%3.4%0.9%2.3%兴业银行 9.6%9.5%8.9%2.4%2.7%-1.4%中信银行 5.9%6.8%6.0%1.5%0.7%-1.0%民生银行 5.8%6.2%7.4%2.0%0.1%1.5%光大银行 7.5%6.1%4.5%-0.9%0.8%0.2%平安银行 5.0%2.4%3.2%1.3%-0.6%-1.3%浙商银行 19.9%12.6%11.1%6.3%1.1%4.2%11.7%11.6%11.1%1.8%1.1%0.1%六大行 12.8%12.9%12.1%1.7%1.1%0.0%股份行 8.0%7.1%7.1%2.1%0.9%0.5%23A YoY 23AQoQ 请 务必阅读 正文之 后的信 息披露 和重要声 明-11-17 13 18 13 1 2023 2023 78.1%17.8%4.3%16.3%26.6%17.8%1.6%-3.5%3.7%1.3%16.3%77.4%17.0%5.6%14.8%28.9%17.7%2.2%-4.2%3.4%2.2%15.6%82.4%22.6%-3.5%25.4%12.4%18.8%-1.6%1.0%4.9%-3.7%20.4%Wind 2023 1 60%17.5%20%10%6%2 50%14.1%+8.7%+请 务必阅读 正文之 后的信 息披露 和重要声 明-12-19 2023 13 20 2023 13 3.3 2021 13 2021 49.4%2023 56.6%40.0%47.3%50.6%2023 33%/61%-2%96%-3%/36%/1%/60%23H1 23A 23H1 23A 工商银行 66.5%66.8%0.3%33.5%33.2%-0.3%建设银行 63.1%63.2%0.1%36.9%36.8%-0.1%农业银行 63.3%64.2%0.9%36.7%35.8%-0.9%中国银行 66.1%66.9%0.8%33.9%33.1%-0.8%交通银行 69.0%68.9%-0.1%31.0%31.1%0.1%邮储银行 44.9%45.1%0.2%55.1%54.9%-0.2%招商银行 47.6%47.2%-0.4%52.4%52.8%0.4%兴业银行 62.5%63.8%1.3%37.5%36.2%-1.3%中信银行 58.9%58.5%-0.4%41.1%41.5%0.4%民生银行 60.0%59.7%-0.3%40.0%40.3%0.3%光大银行 59.5%60.1%0.6%40.5%39.9%-0.6%平安银行 39.9%42.0%2.0%60.1%58.0%-2.0%浙商银行 72.6%72.2%-0.4%27.4%27.8%0.4%61.9%62.3%0.4%38.1%37.7%-0.4%六大行 63.6%64.0%0.4%36.4%36.0%-0.4%股份行 56.0%56.3%0.4%44.0%43.7%-0.4%23H1 23A 23H1 23A 工商银行 18.4%16.8%-1.6%4.1%5.1%1.0%建设银行 20.4%18.4%-2.0%4.3%5.3%1.0%农业银行 22.0%18.2%-3.8%6.3%6.8%0.5%中国银行 19.1%19.6%0.5%4.4%3.2%-1.2%交通银行 12.8%9.9%-2.8%2.9%4.6%1.7%邮储银行 22.0%20.4%-1.6%9.0%10.5%1.5%招商银行 12.0%9.4%-2.5%7.7%8.7%1.0%兴业银行 21.6%20.3%-1.4%1.6%0.1%-1.5%中信银行 11.3%6.9%-4.4%5.6%7.9%2.3%民生银行 7.5%9.1%1.5%0.0%1.5%1.4%光大银行 10.5%12.1%1.7%2.6%-0.4%-3.0%平安银行 8.7%12.1%3.4%6.7%-3.4%-10.1%浙商银行 8.6%14.3%5.7%17.7%14.1%-3.6%17.9%16.4%-1.5%5.1%5.1%0.1%六大行 19.4%17.5%-1.9%5.1%5.7%0.6%股份行 12.1%11.9%-0.2%4.9%3.5%-1.4%请 务必阅读 正文之 后的信 息披露 和重要声 明-13-21 2023 22 2023 2 2023 2023-1.9%95.7%32.7%61.1%-3.0%35.7%1.1%60.0%-1.0%98.2%36.6%60.7%-3.6%40.1%2.6%58.0%-8.4%78.7%6.5%63.8%0.7%5.9%-9.1%72.9%Wind 2023 13 1“+”90%60%2 42.4%55%30%23 2023 13 23H1 23A 23H1 23A 23H1 23H1 工商银行 49.6%48.4%-1.2%48.3%49.4%1.1%41.6%40.1%-1.5%建设银行 44.3%42.9%-1.4%52.6%53.8%1.1%45.3%43.5%-1.8%农业银行 37.7%36.7%-1.0%58.5%59.2%0.7%44.1%42.2%-1.9%中国银行 49.1%49.0%-0.1%45.0%45.6%0.6%42.5%41.1%-1.4%交通银行 60.2%59.0%-1.3%38.2%39.3%1.1%35.1%34.3%-0.8%邮储银行 11.0%10.5%-0.6%89.0%89.5%0.6%29.7%28.9%-0.8%招商银行 58.2%56.6%-1.7%40.9%42.4%1.5%58.0%54.3%-3.7%兴业银行 68.0%63.2%-4.8%23.9%26.0%2.1%36.5%35.4%-1.1%中信银行 73.0%71.9%-1.1%25.9%26.8%0.9%46.2%46.2%0.0%民生银行 70.7%70.5%-0.2%27.7%27.7%0.1%32.9%30.3%-2.5%光大银行 60.1%59.0%-1.1%28.8%29.2%0.4%31.5%29.7%-1.8%平安银行 65.2%63.6%-1.6%33.5%34.9%1.4%36.9%34.5%-2.4%浙商银行 85.4%83.9%-1.5%13.3%14.4%1.1%45.0%37.7%-7.3%47.4%46.1%-1.3%49.5%50.6%1.1%41.7%40.0%-1.7%六大行 42.7%41.6%-1.1%54.2%55.2%1.0%41.5%39.9%-1.6%股份行 66.5%64.7%-1.8%30.0%31.2%1.2%42.9%40.6%-2.3%请 务必阅读 正文之 后的信 息披露 和重要声 明-14-4、息差：持续收窄，未来 仍 有下行压力 4.1 2022 2022 LPR 2023 1.69%1.62%1.76%1.57%1.90%-4bp-5bp-3bp+1bp 24%25%2023-25bp-8bp 1 LPR-25bp-11bp 2+11bp 2024 LPR 请 务必阅读 正文之 后的信 息披露 和重要声 明-15-26 13 27 2023 28 2023 29 2023A 30 2023 13 22A 23Q1 23H1 23Q1-Q3 23A 22Q4 23Q1 23Q2 23Q3 23Q4 工商银行 1.92%1.77%1.72%1.67%1.61%(31)(6)1.74%1.77%1.67%1.57%1.43%(14)建设银行 2.01%1.83%1.79%1.75%1.70%(31)(5)1.89%1.83%1.75%1.67%1.55%(12)农业银行 1.90%1.70%1.66%1.62%1.60%(30)(2)1.72%1.70%1.62%1.54%1.54%(0)中国银行 1.75%1.70%1.67%1.64%1.59%(16)(5)1.69%1.70%1.64%1.58%1.44%(14)交通银行 1.48%1.33%1.31%1.30%1.28%(20)(2)1.42%1.33%1.29%1.28%1.22%(6)邮储银行 2.20%2.09%2.08%2.05%2.01%(19)(4)2.11%2.09%2.07%1.99%1.89%(10)招商银行 2.40%2.29%2.23%2.19%2.15%(25)(4)2.37%2.29%2.17%2.11%2.03%(8)兴业银行 2.10%1.95%1.94%1.93%(17)(1)1.92%1.90%(2)中信银行 1.97%1.87%1.85%1.82%1.78%(19)(4)2.00%1.87%1.83%1.76%1.66%(10)民生银行 1.60%1.49%1.48%1.48%1.46%(14)(2)1.54%1.49%1.47%1.48%1.40%(8)光大银行 2.01%1.82%1.74%(27)平安银行 2.75%2.63%2.55%2.47%2.38%(37)(9)2.69%2.63%2.47%2.31%2.11%(20)浙商银行 2.21%2.14%2.01%(20)请 务必阅读 正文之 后的信 息披露 和重要声 明-16-4.2 2023 8bp/7bp-16bp/-19bp 30bp 14bp 14bp 44bp 2023 25bp 37bp“”“”+31 2023 13%bps 22A 23H1 23A YoY HoH 22A 23H1 23A YoY HoH 22A 23H1 23A YoY HoH工商银行 1.92%1.72%1.61%(31)(11)4.05%3.95%3.81%(24)(14)1.75%1.90%1.89%14(1)建设银行 2.01%1.79%1.70%(31)(9)4.17%3.94%3.82%(35)(12)1.73%1.77%1.77%4(0)农业银行 1.90%1.66%1.60%(30)(6)4.09%3.87%3.79%(30)(8)1.70%1.77%1.78%8 1中国银行 1.75%1.67%1.59%(16)(8)3.90%4.05%3.97%7(9)1.65%2.04%2.09%44 5交通银行 1.48%1.31%1.28%(20)(3)4.21%4.07%3.95%(25)(11)2.19%2.35%2.33%14(2)邮储银行 2.20%2.08%2.01%(19)(7)4.48%4.24%4.13%(35)(11)1.61%1.54%1.53%(8)(1)招商银行 2.40%2.23%2.15%(25)(8)4.54%4.36%4.26%(28)(10)1.52%1.61%1.62%10 1兴业银行 2.10%1.95%1.93%(17)(2)4.81%4.63%4.57%(23)(6)2.26%2.26%2.24%(2)(2)中信银行 1.97%1.85%1.78%(19)(7)4.81%4.66%4.56%(26)(10)2.06%2.14%2.12%6(2)民生银行 1.60%1.48%1.46%(14)(2)4.53%4.41%4.32%(21)(8)2.29%2.33%2.31%2(1)光大银行 2.01%1.82%1.74%(27)(8)4.98%4.87%4.75%(23)(12)2.30%2.35%2.32%3(2)平安银行 2.75%2.55%2.38%(37)(17)5.90%5.65%5.43%(48)(23)2.09%2.20%2.20%11 0浙商银行 2.21%2.14%2.01%(20)(13)5.12%4.95%4.87%(25)(7)2.29%2.24%2.24%(5)0 1.93%1.76%1.68%(25)(8)4.28%4.15%4.03%(25)(11)1.80%1.91%1.91%11 0六大行 1.89%1.71%1.63%(26)(8)4.10%3.98%3.87%(23)(11)1.73%1.87%1.87%13 0股份行 2.07%1.92%1.85%(22)(7)4.88%4.72%4.60%(27)(12)2.04%2.09%2.08%4(1)请 务必阅读 正文之 后的信 息披露 和重要声 明-17-5、资产质 量：核心指标 保持 稳定 5.1 2018 2022 2022 2023-11.9%-8.8%-18.5%+8.5%32 33 1.27%2023 13 1.27%2020 0.3%2023 0.44%2023 1.83%2023H1 5bp 241%2023 13 241%-2pct-3pct+1.8pct 4bp 3.05%12bp 0.73%2023 13 1.71%-3bp 4bp 5bp 1.24%请 务必阅读 正文之 后的信 息披露 和重要声 明-18-34 1.27%35 36 241%37 3.05%38 1.71%39 1.24%请 务必阅读 正文之 后的信 息披露 和重要声 明-19-40 2023 13 41 2023 13 42 2023 13 23H1 23A HoH 23H1 23A HoH 23H1 23A HoH工商银行 1.36%1.36%0 1.83%1.81%-2 0.66%0.70%4建设银行 1.37%1.37%0 1.88%1.88%0 0.61%0.66%5农业银行 1.35%1.33%-2 1.86%1.83%-3 0.66%0.73%7中国银行 1.28%1.27%-1 1.61%1.48%-13 0.75%0.76%1交通银行 1.35%1.33%-2 1.59%1.65%6 0.96%0.81%-15邮储银行 0.81%0.83%2 0.53%0.55%2 1.09%1.12%3招商银行 0.95%0.95%0 1.27%1.19%-8 0.84%0.89%5兴业银行 1.08%1.07%-1 0.97%0.96%-1 1.39%1.42%3中信银行 1.21%1.18%-3 1.50%1.37%-13 1.08%1.21%14民生银行 1.57%1.48%-9 1.68%1.46%-22 1.41%1.52%11光大银行 1.30%1.25%-5 1.47%1.24%-23 1.18%1.36%18平安银行 1.03%1.06%3 0.64%0.74%10 1.35%1.37%2浙商银行 1.45%1.44%-1 1.59%1.37%-22 1.50%1.91%41：%/bps 22A 23H1 HoH 23H1 23A HoH 23H1 23A HoH 23H1 23A HoH工商银行 6.68%5.37%-131 2.31%2.35%4 4.47%4.40%-7 2.12%1.91%-21建设银行 4.76%5.64%88 2.15%1.81%-34 1.66%1.91%25 1.88%1.82%-6农业银行 5.79%5.42%-37 2.22%2.03%-19 2.49%2.48%-1 1.72%1.96%24中国银行 5.11%5.51%40 1.70%1.44%-26-1.66%1.50%-16交通银行 3.39%4.99%160 2.14%1.96%-18 2.43%2.70%26 1.00%0.70%-31邮储银行 1.01%2.45%144 0.60%0.65%6 1.42%0.96%-47 0.83%0.74%-10招商银行 5.52%5.26%-26 0.70%0.53%-17 0.73%0.67%-6 0.82%0.76%-6兴业银行 0.81%0.84%3 0.65%0.57%-8 4.43%3.66%-77 0.52%0.95%43中信银行 5.29%2.59%-270 1.25%2.24%99 1.94%1.68%-26 0.76%0.63%-14民生银行 5.13%4.92%-21 1.79%1.29%-50 1.43%1.36%-7 0.95%1.15%20光大银行 4.22%5.33%110 2.06%1.06%-101 3.00%2.25%-75 0.61%0.55%-6平安银行 1.01%0.86%-15 0.34%0.32%-2 1.25%1.17%-8-浙商银行 2.31%2.48%17 1.18%0.82%-36 1.18%0.96%-22 2.46%2.00%-46：%/bps 23H1 23A HoH 23H1 23A HoH 23H1 23A HoH 23H1 23A HoH工商银行 0.42%0.44%2 2.27%2.45%18 1.84%1.34%-50 0.79%0.86%7建设银行 0.42%0.42%0 1.66%1.66%0 0.67%0.86%19 0.91%1.18%27农业银行 0.50%0.55%5 1.60%1.40%-20 0.99%1.04%5 0.74%0.92%18中国银行 0.49%0.48%-1 1.93%1.83%-10-1.31%1.34%3交通银行 0.47%0.37%-10 2.44%1.92%-52-1.02%1.01%0邮储银行 0.50%0.55%5 1.82%1.71%-12 2.23%1.81%-42 1.61%1.72%11招商银行 0.35%0.37%2 1.68%1.75%7-1.09%-0.76%0.71%-5兴业银行 0.51%0.56%5 3.94%3.93%-1-0.61%0.79%18中信银行-民生银行 0.57%0.67%10 2.90%2.98%8 0.95%1.02%6 1.17%1.20%3光大银行-平安银行 0.32%0.30%-2 2.88%2.77%-11 1.40%1.23%-17-0.83%-浙商银行-：%/bps 请 务必阅读 正文之 后的信 息披露 和重要声 明-20-5.2 2023 1.30%-3pct 240%2bp 0.83%-16pct 348%2023-3bp 1.16%+2pct 245%-1bp 0.95%438%1.48%-7bp 150%43 2023 13 44 2023 13 23H1 23Q3 23A QoQ 23H1 23A HoH 23H1 23A HoH工商银行 1.36%1.36%1.36%0 1.79%1.85%6 1.18%1.27%9建设银行 1.37%1.37%1.37%0 2.50%2.44%(6)1.13%1.12%(2)农业银行 1.35%1.35%1.33%(2)1.44%1.42%(2)0.99%1.08%10中国银行 1.28%1.27%1.27%0 1.23%1.45%22 0.98%1.06%8交通银行 1.35%1.32%1.33%1 1.52%1.51%(1)1.28%1.38%10邮储银行 0.81%0.81%0.83%2 0.62%0.68%6 0.96%0.91%(5)招商银行 0.95%0.96%0.95%(1)1.02%1.10%7 1.25%1.26%1兴业银行 1.08%1.07%1.07%(0)1.35%1.55%19 1.43%1.36%(7)中信银行 1.21%1.22%1.18%(4)1.56%1.58%1 1.43%1.63%20民生银行 1.57%1.55%1.48%(7)2.68%2.70%3 2.00%2.00%0光大银行 1.30%1.35%1.25%(10)1.86%1.84%(2)1.93%1.95%1平安银行 1.03%1.04%1.06%2 1.74%1.75%1 1.71%1.76%5浙商银行 1.45%1.45%1.44%(1)2.08%2.04%(4)1.77%1.62%(15)23Q3 23A QoQ 23Q3 23A QoQ 23Q3 23A QoQ工商银行 216%214%(2)2.94%2.90%(4)0.80%0.61%(19)建设银行 243%240%(3)3.33%3.28%(5)0.74%0.61%(13)农业银行 304%304%(0)4.11%4.05%(6)0.82%0.64%(18)中国银行 195%192%(4)2.48%2.44%(4)0.65%0.57%(8)交通银行 199%195%(4)2.63%2.59%(4)0.86%0.76%(10)邮储银行 364%348%(16)2.92%2.88%(4)0.37%0.34%(3)招商银行 446%438%(8)4.27%4.14%(13)0.85%0.66%(19)兴业银行 238%245%7 2.55%2.63%8 1.08%1.17%9中信银行 210%208%(2)2.56%2.45%(11)1.32%1.17%(15)民生银行 149%150%0 2.32%2.22%(10)1.02%1.11%9光大银行 176%181%6 2.37%2.27%(10)1.48%1.42%(7)平安银行 283%278%(5)2.94%2.94%0 1.71%1.75%4浙商银行 183%183%(0)2.65%2.63%(2)1.65%1.61%(4)请 务必阅读 正文之 后的信 息披露 和重要声 明-21-6、投资建 议：基本面承压，分红稳中有升 2024 2024 2023 1 2 LPR 3+2024 2023:1 2 3 请 务必阅读 正文之 后的信 息披露 和重要声 明-22-7 1 2 3 LPR 请 务必阅读 正文之 后的信 息披露 和重要声 明-23-12 300 50 500 15%5%15%-5%5%-5%/1934 15a-6/36 15 200135 6 SK32 01-08 100020 5001 T2 52 518035
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