20240524_广发证券_银行业：23A&24Q1上市银行息差排名及变化分析_50页.pdf

识别风险，发现价值 请务必阅读末页的免责声明 1/50 T ab l e _ P ag e 深度分析|银行 证券研究报告 Table_Title 23A&24Q1 Table_Summary 42 23A 3.65%-12bp 4.12%-25bp 3.28%-8bp 2.61%+65bp 23A 33.71%+0.23pct 5.13%+0.24pct 55.50%-0.12pct 59.32%+2.35pct 33.93%-1.74pct24Q1 33.21%23A-0.50pct 5.55%+0.42pct 56.12%+0.63pct 42 23A 2.10%+13bp 1.94%+10bp 2.44%+44bp 2.87%+4bp 2.48%+23bp 23A 11.92%+0.44pct 11.39%-0.67pct 72.25%-0.80pct 39.62%-4.07pct24Q1 11.81%23A-0.11pct 11.30%-0.09pct 72.88%+0.63pct 23 24Q1 23 24Q1 24 24Q1 LPR 23 24 1 2 3 Table_Gr ade 2024-05-24 T ab l e _ P i cQ u o t e Table_Author SAC S0260518020004 021-38003646 SAC S0260520040002 SFC CE No.BQV910 021-38003645 Table_DocReport:2023 2024-05-21:20240519 2024-05-20 20240519:2024-05-19 Table_Contacts 010-59136613-20%-13%-6%0%7%14%05/23 08/23 10/23 12/23 03/24 05/24 300 识别风险，发现价值 请务必阅读末页的免责声明 2/50 T ab l e _ P ag eT e x t 深度分 析|银行 EPS()PE(x)PB(x)ROE(%)/2024E 2025E 2024E 2025E 2024E 2025E 2024E 2025E 601398.SH CNY 5.49 2024/4/30 6.67 0.99 1.00 5.55 5.49 0.54 0.50 9.99 9.44 601939.SH CNY 7.11 2024/4/30 8.91 1.32 1.34 5.39 5.31 0.56 0.52 10.78 10.16 601288.SH CNY 4.40 2024/4/30 5.16 0.78 0.79 5.64 5.57 0.59 0.55 10.84 10.26 601988.SH CNY 4.52 2024/4/30 5.30 0.75 0.76 6.03 5.95 0.55 0.52 9.50 8.96 601658.SH CNY 5.05 2024/3/29 7.30 0.83 0.84 6.08 6.01 0.59 0.55 10.07 9.53 601328.SH CNY 7.07 2024/4/26 8.56 1.17 1.21 6.04 5.84 0.54 0.50 9.22 8.86 600036.SH CNY 35.50 2024/4/30 55.63 5.65 5.71 6.28 6.22 0.88 0.80 14.62 13.43 600000.SH CNY 8.52 2024/4/30 8.74 1.18 1.33 7.22 6.41 0.39 0.37 5.54 5.92 601166.SH CNY 18.11 2024/4/26 30.95 3.63 3.77 4.99 4.80 0.49 0.46 10.25 9.84 601818.SH CNY 3.26 2024/5/1 5.38 0.62 0.63 5.26 5.17 0.40 0.38 7.91 7.57 000001.SZ CNY 11.40 2024/4/20 17.91 2.26 2.29 5.04 4.98 0.51 0.47 10.48 9.86 600919.SH CNY 8.29 2024/4/26 9.98 2.09 2.32 3.97 3.57 0.58 0.52 14.65 15.29 002142.SZ CNY 25.55 2024/4/30 36.43 3.96 4.22 6.45 6.05 0.85 0.75 13.93 13.17 601009.SH CNY 10.04 2024/4/27 14.79 1.73 1.79 5.80 5.61 0.69 0.63 12.39 11.72 600926.SH CNY 13.90 2024/4/20 17.98 2.75 3.21 5.05 4.33 0.77 0.67 16.36 16.62 601838.SH CNY 15.84 2024/4/25 20.47 3.38 3.67 4.69 4.32 0.81 0.72 18.53 17.62 002966.SZ CNY 8.01 2024/4/27 10.60 1.43 1.55 5.60 5.17 0.68 0.62 12.73 12.60 601825.SH CNY 8.01 2024/4/26 9.25 1.30 1.36 6.16 5.89 0.64 0.59 10.71 10.36 601128.SH CNY 8.75 2024/4/30 10.91 1.41 1.64 6.21 5.34 0.86 0.75 14.70 15.01 01398.HK HKD 4.70 2024/4/30 5.21 0.99 1.00 4.40 4.36 0.42 0.40 9.99 9.44 00939.HK HKD 5.85 2024/4/30 6.39 1.32 1.34 4.11 4.05 0.43 0.40 10.78 10.16 01288.HK HKD 3.81 2024/4/30 4.18 0.78 0.79 4.53 4.47 0.48 0.44 10.84 10.26 03988.HK HKD 3.91 2024/4/30 4.21 0.75 0.76 4.83 4.77 0.44 0.41 9.50 8.96 03328.HK HKD 6.15 2024/4/26 6.74 1.17 1.21 4.87 4.71 0.43 0.41 9.22 8.86 03968.HK HKD 37.10 2024/4/30 55.74 5.65 5.71 6.09 6.03 0.85 0.77 14.62 13.43 06818.HK HKD 2.59 2024/5/1 4.11 0.62 0.63 3.87 3.81 0.30 0.28 7.91 7.57 01658.HK HKD 4.55 2024/3/29 6.27 0.83 0.84 5.08 5.02 0.50 0.46 10.07 9.53 A+H H PE PB H Wind YWAZuNmRmPrQrPpMmRrOoP7N9RbRpNqQnPqMjMrRqNiNsQyQbRnNuMxNsRtQwMpMwP 识别风险，发现价值 请务必阅读末页的免责声明 3/50 T ab l e _ P ag eT e x t 深度分 析|银行.5.8.9.14.27.28.35.48.48 识别风险，发现价值 请务必阅读末页的免责声明 4/50 T ab l e _ P ag eT e x t 深度分 析|银行 1.5 1.6 2 BP 23Avs23H1.7 3 2023A.8 4.10 5.11 6.12 7.13 8.18 9.19 10.20 11.21 12.22 13.23 14.24 15.25 16.26 17 2023A.27 18.30 19.31 20.32 21.33 22.34 23.39 24.40 25.41 26.42 27.43 28.44 29.45 30.46 31.47 QKsMJv2bl/39eUB7FDaH8ZKvZxvDHl7CnYBIQwX/6MP9WJ2aGL1Z0iQdZROi/uZd 识别风险，发现价值 请务必阅读末页的免责声明 5/50 T ab l e _ P ag eT e x t 深度分 析|银行 wind 42 23A 1.78%22A-22bp 1.63%22A-25bp 1.87%22A-24bp 1.73%22A-18bp 1.88%21A-23bp 23A 2.86%2.38%2.31%22A 17 6 4 4 4+7bp-10bp-12bp 24Q1 24Q1 2.83%2.02%2.01%23A+14bp+2bp-1bp 23A 1.69%-22bp 1.62%-28bp 1.76%-23bp 1.57%-10bp 1.90%-20bp 1 Wind 1.73%1.69%1.66%1.62%1.81%1.76%1.60%1.57%1.89%1.90%1.50%1.70%1.90%2.10%2.30%2.50%2.70%2.90%识别风险，发现价值 请务必阅读末页的免责声明 6/50 T ab l e _ P ag eT e x t 深度分 析|银行 1 2020A 2021A 2022A 2023H1 2023A 2024Q1 23A 22A 23A 24Q1 1 2.15%2.11%1.92%1.72%1.61%1.48%29-4-0.31pct 38-0.13pct 13 2 2.19%2.13%2.01%1.79%1.70%1.57%25-6-0.31pct 38-0.13pct 16 3 2.20%2.12%1.90%1.66%1.60%1.44%30-4-0.30pct 36-0.16pct 19 4 1.85%1.75%1.75%1.67%1.59%1.44%31 3-0.16pct 9-0.15pct 17 5 2.42%2.36%2.20%2.08%2.01%1.92%9 2-0.19pct 14-0.09pct 11 6 1.57%1.56%1.48%1.31%1.28%1.27%41 1-0.20pct 19-0.01pct 3 7 2.49%2.48%2.40%2.23%2.15%2.02%4-0.25pct 31-0.13pct 13 8 2.36%2.29%2.10%1.95%1.93%1.87%13 1-0.17pct 12-0.06pct 5 9 2.02%1.83%1.77%1.56%1.52%34-3-0.25pct 30 10 2.26%2.05%1.97%1.85%1.78%1.70%18 4-0.19pct 14-0.08pct 8 11 2.14%1.91%1.60%1.48%1.46%1.38%37 1-0.14pct 6-0.08pct 9 12 2.29%2.16%2.01%1.82%1.74%20-1-0.27pct 33 13 2.88%2.79%2.75%2.55%2.38%2.01%2-0.37pct 41-0.37pct 25 14 2.59%2.35%2.10%1.87%1.82%1.62%16-2-0.28pct 34-0.20pct 21 15 2.19%2.27%2.21%2.14%2.01%1.84%9-0.20pct 21-0.17pct 20 16 1.92%1.83%1.76%1.54%1.54%33-1-0.22pct 24 17 2.14%2.32%2.28%1.98%12-7-0.34pct 40 18 1.82%1.74%1.54%1.40%1.34%40-0.20pct 19 19 2.30%2.21%2.02%1.93%1.88%1.90%14 4-0.14pct 5 0.02pct 2 20 2.25%2.25%2.19%2.19%2.04%8 4-0.15pct 7 21 1.98%1.83%1.69%1.56%1.50%36-0.19pct 14 22 2.19%2.13%2.04%1.92%1.81%17-1-0.23pct 26 23 2.58%2.40%2.41%2.34%2.31%3-0.10pct 2 24 2.27%2.06%1.74%1.63%1.52%34 1-0.22pct 23 25 2.52%2.26%2.26%2.18%2.11%1.77%5 2-0.15pct 7-0.34pct 23 26 2.40%2.31%2.27%2.13%2.08%6-0.19pct 17 27 2.13%1.79%1.76%1.85%1.83%1.77%15 17 0.07pct 1-0.06pct 5 28 2.22%1.91%1.87%1.74%1.68%1.52%26 1-0.19pct 17-0.16pct 18 29 2.15%2.02%1.96%1.86%1.74%20 4-0.22pct 24 30 1.53%1.72%1.58%1.51%1.46%1.60%37 2-0.12pct 4 0.14pct 1 31 1.65%1.62%1.53%1.34%1.28%41-0.25pct 29 32 2.16%1.91%1.66%1.43%1.37%39-2-0.29pct 35 33 2.25%2.17%1.97%1.79%1.73%1.64%23-1-0.24pct 27-0.09pct 10 34 1.91%1.86%1.83%1.72%1.67%27 1-0.16pct 9 35 2.52%2.16%2.00%1.86%1.76%1.66%19 2-0.24pct 27-0.10pct 12 36 3.18%3.06%3.02%3.00%2.86%2.83%1-0.16pct 9-0.03pct 4 37 1.91%1.83%1.80%1.59%1.59%1.53%31-1-0.21pct 22-0.06pct 7 38 2.07%1.95%1.81%1.66%1.64%28 1-0.17pct 12 39 2.74%2.43%2.25%2.05%1.99%1.75%11-3-0.26pct 32-0.24pct 22 40 2.50%2.24%2.04%1.73%1.74%20-4-0.30pct 37 41 2.19%2.14%2.18%2.20%2.06%1.70%7 6-0.12pct 3-0.36pct 24 42 2.51%2.34%2.21%1.86%1.73%1.60%23-14-0.48pct 42-0.13pct 13 2.23%2.11%2.00%1.86%1.78%1.71%3-0.22pct 2-0.07pct 3 2.06%2.01%1.88%1.71%1.63%1.52%5-0.25pct 5-0.11pct 5 2.36%2.24%2.10%1.94%1.87%1.78%2-0.24pct 4-0.09pct 4 2.13%2.00%1.92%1.81%1.73%1.71%4-0.18pct 1-0.02pct 1 2.38%2.22%2.11%1.95%1.88%1.82%1-0.23pct 3-0.06pct 2 Wind 识别风险，发现价值 请务必阅读末页的免责声明 7/50 T ab l e _ P ag eT e x t 深度分 析|银行 2 BP 23Avs23H1 2023A 1-1.7-8.6 0.1-1.8-0.3 0.1 1.5-0.4-11.0-0.3-0.8 0.0 0.0 0.2 0.8 0.2 0.0 0.0 2 1.1-7.6 1.5-2.1-0.4 0.1-0.9 0.3-8.0 0.0 0.0 0.5-0.1-0.4 1.6 0.2 0.2 2.0 3 1.0-4.8 2.0-1.0-0.1 0.1-1.8 2.6-2.0-0.6 0.8 0.0 0.0 0.1 0.9 0.7 0.1 2.0 4-0.6-5.2-0.3 1.0 0.0 0.0 0.1 1.9-3.0-1.1 4.0 0.0 0.0 0.6 1.4 0.2-0.1 5.0 5 0.4-6.1 0.3-1.2-0.4 0.0-0.1 0.1-7.0-1.0-1.0 0.0 0.0 0.4 0.0 2.0-0.4 0.0 6 2.0-7.3-0.2-0.5 0.0 0.1-0.3 1.2-5.0 0.6-1.4 0.0 0.0 1.1 0.2-1.1 0.7 0.0 7-0.3-6.3 1.5-0.8 0.0 0.2-1.4 0.0-7.0 1.3 0.9 0.4 0.0-0.6 0.2-0.5 0.4 2.0 8-0.3-3.6-0.2-1.6-0.1 0.0-0.2 0.8-5.0 2.2-1.2 0.8 0.0-0.7-0.5-2.5 1.0-0.9 9 1.2-7.5-0.9 0.7-0.4 0.2 0.6-0.1-6.0 0.0-1.9 0.4-0.1 2.0-0.2-2.8 0.5-2.0 10 0.7-6.6 0.4-1.7-0.2 0.1-0.4 0.6-7.0 0.1-1.4 0.6-0.1-1.0 0.8-0.5 0.5-1.0 11 3.6-5.5-1.0-1.1-0.1 0.1-1.3-0.1-5.0 2.6-1.3 1.8-0.7-4.8 1.5-0.1-0.1-1.0 12-1.4-7.2 1.9-0.6-0.2 0.1-0.2-0.2-8.0-1.0-2.0 0.0 0.0 0.5 0.2 1.3 0.0-1.0 13-0.7-15.0 7.1 2.6-0.1 0.1-7.3-2.6-16.0 1.0 0.0 0.0 0.0 4.2-3.5-4.2 4.5 2.0 14-17.9 0.6 18.4-12.6-0.4 0.0-1.4 0.3-13.0-4.0 0.5 0.6 0.0 4.5-2.4 0.4 0.5 0.0 15-4.9-5.0 4.3-8.5-0.2-0.1 0.1 0.4-14.0-0.2 0.0 0.1-0.1 1.0 0.4-0.8-0.3 0.0 16 0.7-1.2 1.1 0.3-0.1 0.0-1.0 1.2 1.0-0.3 0.6 0.2-0.1-0.5 1.2 0.1 0.7 2.0 17-0.1-8.8 0.2-1.3-0.1 0.0 0.5-0.4-10.0 0.6 4.2 0.3-0.3 1.4 1.0-3.7 0.3 3.8 18-0.1-4.1 0.8-0.3-0.1 0.1-0.7 0.7-3.8-0.7-1.2 0.5-0.1-0.7 2.4 1.1-2.2-0.9 19 3.0-2.7-1.4 0.0-0.2 0.1-0.5 0.6-1.0 0.3 4.6 0.2 0.0 1.8 1.1-2.6 0.6 6.0 20 4.0-7.8-16.5-7.2-0.3-0.1-1.2 0.7-28.4-2.1 1.4 0.6-0.1-0.3 1.4 2.7-0.5 3.0 21 0.4-4.9-2.0-2.0-0.2-0.1-0.6 0.2-9.1-3.3-2.5 1.0-0.2 0.4-0.3-0.6 0.5-5.0 22 4.2-6.8-5.6-3.1 0.0-0.1 1.6-0.2-10.0 0.6 0.8 0.3-0.1-0.9 0.0-0.2 0.5 1.0 23-0.9-1.1 0.4-0.9-0.2 0.1-0.4 0.1-3.0-0.8-1.3 0.0 0.0 1.9 1.0-1.0 1.1 1.0 24-0.7-6.5 1.2-6.9-0.2 0.0 0.1 0.0-13.0-1.0-2.4 0.0 0.0-0.8 0.3 2.5 0.5-1.0 25 5.2 1.4-2.5-7.9-0.3 0.0-0.1 0.1-4.0-1.1 1.3 1.6 1.7-0.3 0.1 0.3 0.4 4.0 26 0.9-8.6 0.1-1.5-0.1 0.0 0.0 0.5-8.0-0.5-1.9 1.1-0.2-1.5 0.4 0.1 0.5-2.0 27 0.4-2.8 0.3-1.9 0.0 0.0-0.1 0.2-3.0 0.2-1.4 0.2 0.0-0.4-0.1 0.2 0.3-1.0 28 2.0-4.4-1.3-1.9-0.2 0.1 0.2 0.8-6.0-0.5 2.0 0.3 0.1 2.4 0.0-1.8 0.6 3.0 29-2.4-5.5 0.3-6.6-0.1-0.1 0.6-0.1-14.0-1.1-2.3-0.1 0.0 0.4 0.3 0.8-0.1-2.0 30 5.8-5.9 1.0-0.4 0.2-0.9-0.8 0.8-38.5 6.0-0.7 0.4 0.0-0.2 0.7-1.2 0.1 5.2 31-3.3-2.9 1.6 0.0-0.1 0.1 0.9 0.1-3.7 2.4 1.1 0.1 0.1-4.4 1.4 2.6 1.7 4.9 32 0.5 2.5-2.9-1.9-0.1-0.3 1.7 0.5 0.0-0.6 6.0 0.0 0.0 0.4 0.0-0.4 0.5 6.0 33 2.1-6.4-3.1-1.5-0.2 0.0 0.9 0.1-8.0 0.9-2.0 0.4-0.1 0.5-0.3-1.4 0.0-2.0 34-0.4-7.6 2.0-0.6-0.2-0.1-1.7 0.5-8.0 0.0-2.4 0.6 0.0-0.7 0.3 0.1 0.1-2.0 35 1.2-10.0 1.6-2.5-0.2 0.0-1.3 0.3-11.0-1.7-2.1 0.6 0.0 2.1 0.0-2.0 1.2-2.0 36 4.0-18.9-2.0-0.7-0.2 0.0 0.1-0.3-18.0-1.1 0.0 0.0 0.0-9.7 7.3 0.9-0.4-3.0 37 6.7-25.2-5.3 2.0-0.6 0.0 3.3-7.3-26.3-9.2 0.0 0.5 0.0 15.8-18.4-1.3 0.4-12.1 38-1.4-6.7 2.4-4.7-0.2 0.0-1.8-0.1-12.4-3.4-3.7 0.0 0.0-0.9 0.1 0.0 0.2-7.8 39 2.7-8.1-1.3 1.0 0.0 0.0-0.1 0.9-5.0-2.9 0.0 0.0 0.0 3.6 0.3 0.0 0.0 1.0 40 2.8-10.4-1.2-0.3-0.2 0.1-0.2-0.2-9.6 13.4 1.8 0.3 0.0-13.9 0.0 2.5-0.1 4.1 41 3.4-14.5-0.8-1.8 0.0 0.0-0.1 0.0-13.9 0.9 0.0 0.0 0.0-1.6 0.0-0.4 0.2-1.0 42-2.5-11.4 2.1 1.1-0.1 0.0 0.6 1.3-8.8 0.9-1.3 0.7 0.0 0.4 0.9-0.5-0.3 0.6 0.0-6.6 0.8-1.3-0.2 0.1-0.5 0.7-7.4-0.1 0.1 0.3-0.1 0.1 0.7-0.2 0.3 0.9 0.2-6.7 0.7-1.1-0.3 0.1-0.3 1.1-6.3-0.4 0.5 0.3-0.1 0.2 1.0 0.3 0.1 1.8-1.0-6.4 2.2-1.5-0.2 0.1-1.1-0.1-7.8 0.5-0.8 0.7-0.1 0.1-0.1-1.1 0.8-0.2 1.2-4.3-1.5-2.1-0.1 0.0-0.4 0.5-9.7-0.4 0.9 0.5-0.1 0.2 1.0-0.5 0.2 0.2 1.7-9.6-0.8-1.0-0.2 0.0-0.3-0.1-13.8 0.0-1.7 0.6-0.1-1.1 0.5-0.6 0.2-2.2 Wind 识别风险，发现价值 请务必阅读末页的免责声明 8/50 T ab l e _ P ag eT e x t 深度分 析|银行 2023 85%94.70%93.70%93.09%3 2023A 1 3.81%3.30%1.67%2.81%3.45%58.86%26.74%9.12%5.28%2 3.82%3.25%1.66%2.40%3.45%62.14%25.15%8.00%4.71%3 3.79%3.28%1.59%2.58%3.41%56.32%27.93%7.28%8.48%4 3.97%3.16%2.49%3.58%62.65%22.47%9.44%5.45%5 4.13%3.22%1.62%2.78%3.56%51.67%34.16%8.48%5.68%6 3.95%3.36%1.55%3.08%3.59%57.58%29.70%6.50%6.22%7 4.26%3.22%1.70%2.80%3.76%59.46%29.18%6.24%5.12%8 4.57%3.50%1.57%2.76%4.00%54.81%33.47%4.20%7.52%9 4.26%3.46%1.56%2.89%3.82%56.81%30.30%6.08%6.82%10 4.56%3.00%1.60%2.70%3.95%61.56%29.03%4.66%4.74%11 4.32%3.11%1.52%2.56%3.80%59.37%30.76%5.29%4.58%12 4.75%3.32%1.50%2.42%4.07%57.14%33.82%5.27%3.77%13 5.43%3.11%1.54%2.69%4.58%61.97%25.30%5.00%7.73%14 4.74%3.34%1.48%2.19%4.02%54.92%38.17%4.81%2.10%15 4.87%3.46%1.42%2.21%4.16%56.43%33.05%5.44%5.09%16 4.19%3.31%1.51%2.62%3.68%54.26%34.34%4.46%6.95%17 5.18%3.32%1.45%2.53%4.35%54.17%36.95%4.64%4.25%18 4.27%3.21%1.44%2.79%3.62%45.01%42.66%4.46%7.88%19 5.13%3.36%1.40%2.60%4.16%46.52%45.86%4.80%2.83%20 5.07%3.49%1.42%2.09%4.22%48.17%42.60%5.05%4.17%21 4.60%3.58%1.29%1.82%3.87%43.88%47.36%6.18%2.57%22 4.61%3.86%1.44%2.82%4.02%56.78%29.29%7.47%6.46%23 5.76%3.54%1.53%4.00%4.63%47.76%41.36%5.55%5.33%24 4.74%3.96%1.46%1.85%4.13%51.53%37.07%5.29%6.11%25 5.34%4.31%1.47%1.69%4.54%49.17%40.89%6.26%3.68%26 4.74%3.72%1.35%2.14%4.38%60.97%31.51%4.46%3.07%27 4.85%3.35%1.37%2.57%4.17%51.09%38.48%5.29%5.14%28 4.29%3.67%1.47%3.09%4.01%51.12%37.48%3.81%7.59%29 4.67%3.14%1.48%1.77%3.84%49.51%41.07%6.52%2.90%30 5.20%3.73%1.64%3.01%4.30%54.75%29.62%4.66%10.98%31 4.36%2.99%1.33%2.86%3.70%53.69%29.46%7.61%9.24%32 4.84%3.43%1.40%2.06%3.96%47.19%40.96%5.91%5.95%33 4.37%3.34%1.55%2.33%3.67%46.63%41.26%3.84%8.27%34 4.24%3.17%1.46%2.40%3.66%52.15%36.21%5.10%6.55%35 4.65%3.34%1.53%2.28%3.94%54.56%36.23%4.65%4.56%36 5.81%3.52%1.51%2.36%5.00%66.38%26.09%5.77%1.76%37 4.22%2.72%1.59%1.91%3.68%71.54%20.51%4.30%3.66%38 4.42%2.98%1.58%1.79%3.73%60.69%31.21%4.92%3.18%39 5.18%2.69%1.86%4.19%61.55%32.15%4.91%1.39%40 4.30%2.99%1.48%2.30%3.75%60.56%30.82%5.84%2.78%41 4.47%3.24%1.47%3.92%61.99%32.71%4.43%0.87%42 4.73%2.86%1.56%1.45%3.90%57.61%32.35%6.11%3.92%4.12%3.28%1.57%2.61%3.65%55.50%33.71%5.67%5.13%3.87%3.26%1.63%2.61%3.48%58.20%27.69%8.14%5.97%4.57%3.28%1.57%2.67%3.97%58.05%31.45%5.22%5.27%4.77%3.46%1.44%2.57%4.04%50.92%38.06%5.44%5.59%4.53%3.20%1.40%2.28%3.83%59.37%31.95%4.99%3.69%Wind 识别风险，发现价值 请务必阅读末页的免责声明 9/50 T ab l e _ P ag eT e x t 深度分 析|银行 1.42 23A 3.65%22A-12bp 3.48%22A-9bp 3.97%22A-16bp 4.04%22A-17bp 3.83%22A-24bp 23A 5.00%4.63%4.58%22A 9 4 4 4 4+22bp-4bp-5bp 2.42 23A 4.12%22A-25bp 3.87%22A-23bp 4.57%22A-26bp 4.77%22A-22bp 4.53%22A-37bp 23A 5.81%5.76%5.43%22A 8 6 5+7bp-6bp-11bp 3.42 23A 3.28%22A-8bp 3.26%22A-3bp 3.28%22A-15bp 3.46%22A-20bp 3.20%22A-20bp 23A 4.31%3.96%3.86%22A 21 15 11+86bp+21bp+20bp 4.42 23A 2.61%22A+65bp 2.61%22A+75bp 2.67%22A+55bp 2.57%22A+24bp 2.28%22A+13bp 23A 4.00%3.09%3.08%22A 15 14 13+113bp+98bp+95bp 识别风险，发现价值 请务必阅读末页的免责声明 10/50 T ab l e _ P ag eT e x t 深度分 析|银行 4 2020A 2021A 2022H1 2022A 2023H1 2023A 23A 22A 23A 1 3.64%3.56%3.59%3.54%3.56%3.45%40 1-0.09pct 4 2 3.77%3.71%3.72%3.66%3.53%3.45%40-2-0.21pct 25 3 3.75%3.70%3.66%3.57%3.43%3.41%42-2-0.16pct 13 4 3.38%3.25%3.29%3.36%3.61%3.58%38 4 0.22pct 1 5 3.97%3.95%3.89%3.81%3.63%3.56%39-3-0.25pct 31 6 3.77%3.64%3.63%3.63%3.64%3.59%37 2-0.04pct 2 7 4.13%3.98%3.92%3.89%3.83%3.76%28 4-0.13pct 9 8 4.47%4.36%4.20%4.14%4.05%4.00%18 3-0.14pct 10 9 4.30%4.06%4.03%3.96%3.88%3.82%26 2-0.14pct 11 10 4.47%4.24%4.16%4.11%4.02%3.95%20 4-0.16pct 12 11 4.53%4.21%3.98%3.91%3.85%3.80%27 3-0.11pct 7 12 4.59%4.42%4.30%4.26%4.15%4.07%14-0.19pct 21 13 4.75%4.95%4.86%4.83%4.74%4.58%3-1-0.25pct 31 14 4.66%4.52%4.33%4.28%4.15%4.02%15-2-0.26pct 33 15 4.68%4.61%4.44%4.37%4.30%4.16%11-0.21pct 27 16 4.18%4.07%3.87%3.85%3.67%3.68%32 2-0.17pct 14 17 4.61%4.59%4.53%4.45%4.35%6 1-0.18pct 19 18 4.20%4.01%3.86%3.74%3.66%3.62%36 1-0.12pct 8 19 4.68%4.59%4.26%4.25%4.17%4.16%11 4-0.09pct 5 20 4.60%4.45%4.34%4.32%4.35%4.22%8 4-0.10pct 6 21 4.39%4.25%4.11%4.06%3.93%3.87%24 2-0.19pct 21 22 4.37%4.32%4.30%4.24%4.12%4.02%15 1-0.22pct 28 23 5.04%4.85%4.79%4.80%4.66%4.63%2 1-0.17pct 14 24 5.17%4.87%4.55%4.44%4.26%4.13%13-4-0.31pct 39 25 5.14%5.02%4.89%4.74%4.58%4.54%4-0.20pct 23 26 5.09%4.94%4.78%4.65%4.46%4.38%5-0.27pct 34 27 4.48%4.25%4.32%4.22%4.20%4.17%10 9-0.05pct 3 28 4.68%4.37%4.23%4.23%4.07%4.01%17-0.22pct 28 29 4.48%4.30%4.14%4.11%3.98%3.84%25-2-0.27pct 35 30 4.79%4.78%4.59%4.62%4.36%4.30%7-1-0.32pct 40 31 4.23%4.15%3.99%3.94%3.74%3.70%31-2-0.24pct 30 32 4.59%4.43%4.24%4.17%3.96%3.96%19 1-0.21pct 25 33 4.25%4.27%4.12%3.97%3.75%3.67%34-7-0.30pct 38 34 3.96%3.95%3.90%3.84%3.74%3.66%35-0.18pct 17 35 4.73%4.45%4.28%4.23%4.05%3.94%21-4-0.29pct 37 36 5.37%5.25%5.31%5.18%5.18%5.00%1-0.18pct 17 37 3.89%3.94%4.03%3.86%3.94%3.68%32 1-0.18pct 19 38 4.24%4.06%3.94%3.91%3.83%3.73%30 1-0.17pct 16 39 4.78%4.69%4.46%4.47%4.24%4.19%9-1-0.28pct 36