【券商聚焦】中国银河:银行营收保持高增,息差企稳信号明确

金吾财讯
8 hours ago

金吾财讯 | 中国银河证券表示,2026H1,上市银行营业收入同比增长7.40%;归母净利润同比增长2.96%。尽管增速低于Q1,营收整体增长相比2025年实现跳升,连续两个季度维持高位,印证实质性改善趋势,核心驱动主要来自存款到期重定价、息差企稳驱动的利息净收入高增贡献,净利增速低于营收增速,但较2025年亦实现提升,主要原因是上半年信用减值计提力度保持较高水平。2026H1,上市银行信用减值损失同比增长17.90%,较2026Q1有所回落,但整体处于较快区间。分板块看,各类银行营收增速较2025年均有改善,国有行增速最高,改善幅度最大,净利表现分化,城商行增速领跑,股份行是唯一净利负增长的板块。该机构指,息差企稳继续驱动利息净收入高增,2026H1,上市银行利息净收入同比增长8.35%,较Q1进一步扩大。一方面,息差企稳信号明确,是利息净收入高增主因。2026H1,上市银行净息差1.52%,同比下降1.29BP,远低于2025年全年息差降幅,核心驱动是负债成本大幅优化,已披露数据的38家上市银行平均计息负债成本率为1.51%,同比下降33.50BP,与生息资产收益率降幅基本对称。测算2026年到期的3年期存款规模21-25.7万亿元,预计改善息差9.11-11.13BP。另一方面,对公业务继续主导信贷投放。6月末,上市银行贷款较年初增长5.10%,对公贷款较年初增长6.66%,零售贷款较年初下降1.56%。存款保持增长,稳定性仍需关注,定期化程度上升但边际放缓。

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