浙商证券研报指出，25H1中信银行营收、归母净利润同比分别-3.0%、+2.8%，分别较25Q1改善0.7pc、1.1pc；25Q2末中信银行不良率环比持平于1.16%，25Q2末中信银行拨备覆盖率环比持平于208%。驱动因素来看，非息降幅收敛、减值支撑加大，对冲息差收窄影响。生成水平来看，25H1不良+关注TTM生成率环比25Q1下降12bp，生成压力改善。展望未来，预计中信银行全年营收仍有负增压力，利润有望继续保持正增。该行维持目标价9.31元/股，对应2025年PB估值0.71x，现价空间18%，维持“买入”评级。
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