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我国券商海外收入体量较国际投行仍有较大提升空间
我国券商海外收入体量较国际投行仍有较大提升空间
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所属报告:
【开源证券】券商海外业务深度研究:大国崛起需建设金融强国,券商海外业务迎发展良机-251128(30页).pdf
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行业数据
2026-04-28
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图8、股权融资业务回暖样本上市券商投行净收入大幅增长
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行业数据
2026-04-20
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股权融资回暖下上市券商投行净收入大多实现明显正增
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行业数据
2026-04-13
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司口 200753187200059710400110155400110156生产订单号200859710200059710200859710200059710200859711200859711200859711200895331400100162200908549200908549400110154400110156200059710200859711200859711200859711400103931400103931400103932400103932400109162200908549400110154400110155400110157 TO-20231031-7152TO-20230514-8599TO-20230902-9897TO-20230902-905TO-20230902-9910TO-20230923-8309TO-20231023-9780TO-20231031-7153TO-20231031-7154TO-20231031-7155TO-20231031-7156TO-20230902-9902TO-20230902-9903TO-20230902-9904TO-20230902-9911TO-20230902-9912TO-20230923-8310TO-20231010-7970TO-20231023-9778TO-20231023-9779TO-20230902-9900TO-20230902-9901TO-20230902-9908TO-20230902-9909TO-20230923-8307TO-20230923-8300TO-20231023-0167TO-20231023-9160TO-20231031-7150TO-20231031-7151新工单号 141020163013152124D11122310040097913003002727300400149230040014923004001492300400149230040014923004001492300400149230040014923004001492300400149230040014923004001492物利编目B DOZP001-009751-220-00751-220-003双调压速QY38250-01一级/CD220CMnTK01-05E005-002E016-037E016005一级/CD2/20CMnT/图一级CD220CMT/一级轮CD2020CMnTV图450:002900-004215-209001-0300804-004005-000001-021005-202一级C0220CmnT/一乘含轮CD220CMnT/面级含轮:CD2020CMnCD220CrnT/一级含轮C0220CrnT/图一级轮CD2020CrMnT/面含C02020CrMnT/200:901007-902053-003901-006216-010015-011018-022201-002952:010一级CD2V20CMnTV数C37)1(3小(小于100)数控的(小于390)式肉0C-150数机Y610V卧式东康CW616381500式车来CW61638-1500B式CY81401000(用)滚(要东改款理CY6140/1000式车CY6150/1000数YK95132224立工中心VF-850监控CK61501000气期设册(切体)控DSY83140CN欧控车ETC5050m数CW61630加工中心VB-825A用构配一009欧车房CK6163请机Y3150K第光切投者名称欢量1002100100100100100100100100100100100 设次欢时双单 工岸编码002000900040007000000000500060007000800050006000400010 2023-12-092023-12-092023-12-092023-12-092023-12-092023-12-092023-12-092023-12-09工作日期2023-12-092023-12-092023-12-092023-12-092023-12-092023-12-002023-12-092023-12-002023-12-092023-12-092023-12-092023-12-092023-12-092023-12-092023-12-09 工名面火火正火正火楠车拉 日用产款6304758394800392804804801466C9340602403611304433057110 无编码(123-122)无编(123-122)设备编的016-042830-001030-001001-027003-005075-002830-001830-001001-027003-005075-002075-007制生产备3291203341202132414240200350921$4912036911937902872 实用产VKE:52A-901051实用产VKE:52A-001051多用PVKE:52A-901051数控车HTC40E300(多用护VKE:52A-901051数控车HTC40E300(式CW6194B机2E400数控机ZE400大71050-160:00-0 34:1:02-12:0000:00-02:00:08:00-10:4200:00-0038:11.05-1:000:00-0:25.09:17-12:0000:00-00:5810:03-11.0300:00-02.00:08:00-113000:00-02:00:000-00:5200:00-0200,00 00-12:00设备名称0:00-12:001:30-18:24控末20T31-12:00:13:30-16:10新中拉床20T00:00-02:00:20:30-23591554-1817,17:15-1730新中14:48-1627:17:10-17:3010:10-12.00:13:30-17.3000:44-0:4000:00-020000:00-02:0000:00-12:0000:00-02:0014:35-15:47空时质净户龙寿(00023:5机(000-020五文-20车(00:00-020马40前年290(00:00元(00:00-235行满度-处理(00:00-12拉庆(08:00-1200户-涛(00:00-23:50-0-0000福号-4站座(08:00-12:0三交-20年(00:00-02:0产-龙涛(00:00-235理(0年:00-12冯拉床(08:00-12:00生(0:0012:0111(0田指111(0床(08:00-12:0请生(00:00-12:0司110(0班田指111(0立(00:00-12:0来(08:00-121-可110(0-111(011(0适末(08:00-12:0-指111(0(08:00-12:0店束(01:00-12:0人员 2024-02-20 15:292023-12-0908:002023-12-20 18:002024-02-1508:462024-02-0710:502024-02-2015:292023-12-2508:072023-12-17 08:402023-12-17 10:322023-12-2010:322023-12-22 18:272023-12-2415:202023-12-23 10:172023-12-17 23:072023-12-1808:002023-12-20 21:042023-12-23 08:002024-02-2111:152024-02-2116:022024-02-21 09:152023-12-1308:00202401-2608:202024-01-26 09352024-02-14 13:402024-02-14 17:042024-02-0616:092024-02-07 00:342024-02-07 08:342024-02-20 11.592024-02-210915计开始
| 生产订单号 | 派工单号       | 物料编码   | 物料名称               | 数量 | 工序编码 | 工序名称 | 设备编码   | 设备名称         | 人员                     | 计划开始           |
|------------|----------------|------------|------------------------|------|----------|----------|------------|------------------|--------------------------|---------------------|
| 200753187  | TO-20230514-6599 | 3003007277 | 尼龙注塑M0YJ5250-01    | 2    | 0020     | 组立     | 016-042    | 卧式注塑CW81948  | 马剑 40岁290 (00:00)     | 2023-12-09 08:00    |
| 200859710  | TO-20230902-0887 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0040     | 正火     | 830-001    | 多用炉VKESLA-901051 | 李鹏P 三无 (00:00-23:5   | 2023-12-25 08:07    |
| 200859710  | TO-20230902-9990 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0050     | 喷砂     | 830-001    | 多用炉VKESLA-901051 | 李鹏P 三无 (00:00-23:5   | 2023-12-17 08:48    |
| 200859710  | TO-20230902-9991 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0050     | 磨削     | 无编号(123-122) | 新中创           | 行动者-热处理 (08:00-12  | 2023-12-17 10:32    |
| 200859710  | TO-20230902-9992 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0060     | 输车     | 001-027    | 数控磨床HTC4E300 | 赖三文20年 (08:00-02:0   | 2023-12-20 10:32    |
| 200859710  | TO-20230902-9993 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0070     | 磨边     | 003-005    | 数控磨床HTC4E400 | 田飞-思迪机 (00:00-02:0  | 2023-12-22 18:27    |
| 200859710  | TO-20230902-9994 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0080     | 磨边     | 075-002    | 拉丝201          | 拉丝201 (00:00-24:15:20  | 2023-12-24 15:20    |
| 200859711  | TO-20230902-9995 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0090     | 正火     | 830-001    | 多用炉VKESLA-901051 | 李鹏P 三无 (00:00-23:5   | 2023-12-23 10:17    |
| 200859711  | TO-20230902-9998 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0040     | 手模     | 830-991    | 多用炉VKESLA-901051 | 李鹏P 三无 (00:00-23:5   | 2023-12-17 23:07    |
| 200859711  | TO-20230902-9999 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0050     | 表面淬火 | 无编号(123-122) | 新中创           | 行动者-热处理 (08:00-12  | 2023-12-18 08:00    |
| 200859711  | TO-20230902-9910 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0060     | 输车     | 001-027    | 数控磨床HTC4E300 | 赖三文20年 (08:00-02:0   | 2023-12-20 18:00    |
| 200859711  | TO-20230902-9911 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0070     | 磨边     | 003-005    | 数控磨床HTC4E400 | 田飞-思迪机 (00:00-02:0  | 2023-12-20 21:04    |
| 200859711  | TO-20230902-9912 | 3004001482 | 一级滤芯CD2920c/MmTi圆 | 100  | 0080     | 拉       | 075-002    | 拉丝201          | 拉丝201 (00:00-24:15:20  | 2023-12-23 08:00    |
| 400103931  | TO-20230923-8307 |            | TP-855X1X1X1X1        | 1    | 0010     |          |            |                  |                          | 2024-02-11 11:52    |
| 400103931  | TO-20230923-8308 | 452-002    | 匠工-CVB-425A         |      |          |          |            |                  |                          | 2024-02-21 15:29    |
| 400103932  | TO-20230923-8309 | 751-220-00 | 气缸盖（红色）         |      |          |          |            |                  |                          | 2024-02-20 15:29    |
| 400103932  | TO-20230923-8310 | 800-004    | 真空泵                 |      |          |          |            |                  |                          | 2024-02-21 09:15    |
| 200895331  | TO-20231010-7870 | 751-220-003 | （黑色）真空泵         |      |          |          |            |                  |                          | 2023-12-13 08:00    |
| 400109162  | TO-20231023-9167 | QDZP001-000 | 吊钩装置—B500          |      |          |          |            |                  |                          | 2024-01-26 08:20    |
| 400109162  | TO-20231023-9168 |            |                        |      |          |          |            |                  |                          | 2024-01-26 09:35    |
| 200900549  | TO-20231023-9778 | 821-200    | 数控磨床CK5101000      |      |          |          |            |                  |                          | 2024-02-14 13:40    |
| 200900549  | TO-20231023-9779 | 885-001    | （小于100）数控磨床    |      |          |          |            |                  |                          | 2024-02-14 17:04    |
| 200900549  | TO-20231023-9780 | 818-002    | （小于300）WBN1631500  |      |          |          |            |                  |                          | 2024-02-15 08:45    |
| 400110154  | TO-20231031-7150 | F001-030   | 数控车床CY6140/1000    |      |          |          |            |                  |                          | 2024-02-06 16:09    |
| 400110154  | TO-20231031-7151 | E818-037   | 数控车床CY6140/1000    |      |          |          |            |                  |                          | 2024-02-07 08:34    |
| 400110155  | TO-20231031-7152 | E818-005   | 数控车床CY6140/1000    |      |          |          |            |                  |                          | 2024-02-07 08:34    |
| 400110155  | TO-20231031-7153 | 807-003    | 数控铣床YK5132X24      |      |          |          |            |                  |                          | 2024-02-07 10:50    |
| 400110156  | TO-20231031-7154 | 853-030    | 滚齿机Y3150K           |      |          |          |            |                  |                          | 2024-02-20 11:59    |
| 400110156  | TO-20231031-7155 | 801-009    | 数控车床TC5050m        |      |          |          |            |                  |                          | 2024-02-20 15:29    |
| 400110157  | TO-20231031-7156 | 818-010    | 数控铣床YK5132X24      |      |          |          |            |                  |                          | 2024-02-21 09:15    |
|           |                 | 818-011    | 数控铣床CW6136-1500    |      |          |          |            |                  |                          |                      |
|           |                 | 818-027    | 数控铣床CY6140/1000    |      |          |          |            |                  |                          |                      |
|           |                 | 828-002    | 数控铣床HC-150         |      |          |          |            |                  |                          |                      |
|           |                 | 824-004    | 立式加工中心VDF-850    |      |          |          |            |                  |                          |                      |
|           |                 | 805-009    | 数控车床YK3610V         |      |          |          |            |                  |                          |                      |
|           |                 | 801-021    | 数控车床BC3731（小）   |      |          |          |            |                  |                          |                      |
|           |                 | 805-003    | 数控车床YS340CNC       |      |          |          |            |                  |                          |                      |
|           |                 | 863-019    | 滚齿机Y31125K          |      |          |          |            |                  |                          |                      |

资料来源：(图：卫华 APS 计划排程系统)
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行业数据
2025-12-19
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2025H1中信证券海外投行收入占比6%,剩余预
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行业数据
2025-12-01
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2025年前三季度上市券商投行收入贡献率(前20)
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行业数据
2025-11-20
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2025中报数据股份行、城商行已减值贷款与不良仍有偏离,但对利润表冲击或低于市场预期
<|begin_of_box|>| 银行名称   | 已减值贷款/不良贷款 | 已减值贷款/不良贷款 | 已减值贷款/不良贷款 | 已减值贷款/不良贷款 | 不良贷款率 | 不良贷款率 | 不良贷款率 | 不良贷款率 | 已减值贷款率 | 已减值贷款率 | 已减值贷款率 | 已减值贷款率 | 已减值贷款率 - 不良贷款率 | 已减值贷款率 - 不良贷款率 | 已减值贷款率 - 不良贷款率 | 已减值贷款率 - 不良贷款率 |
|------------|----------------------|----------------------|----------------------|----------------------|-------------|-------------|-------------|-------------|---------------|---------------|---------------|---------------|-------------------------------|-------------------------------|-------------------------------|-------------------------------|
|            | 2023                 | 2024H                | 2024                 | 2025H                | 2023        | 2024H       | 2024        | 2025H       | 2023          | 2024H         | 2024          | 2025H         | 2023                         | 2024H                        | 2024                         | 2025H                        |
| 工商银行   | 100%                 | 100%                 | 100%                 | 100%                 | 1.36%       | 1.35%       | 1.34%       | 1.33%       | 1.36%         | 1.35%         | 1.34%         | 1.33%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 建设银行   | 100%                 | 100%                 | 100%                 | 100%                 | 1.37%       | 1.35%       | 1.34%       | 1.33%       | 1.37%         | 1.35%         | 1.34%         | 1.33%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 农业银行   | 100%                 | 100%                 | 100%                 | 100%                 | 1.33%       | 1.32%       | 1.30%       | 1.28%       | 1.33%         | 1.32%         | 1.30%         | 1.28%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 中国银行   | 100%                 | 100%                 | 100%                 | 100%                 | 1.27%       | 1.24%       | 1.25%       | 1.24%       | 1.27%         | 1.24%         | 1.25%         | 1.24%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 邮储银行   | 100%                 | 101%                 | 100%                 | 100%                 | 0.83%       | 0.84%       | 0.90%       | 0.92%       | 0.83%         | 0.84%         | 0.90%         | 0.92%         | 0.00%                        | 0.01%                        | 0.00%                        | 0.00%                        |
| 交通银行   | 100%                 | 100%                 | 100%                 | 100%                 | 1.33%       | 1.32%       | 1.31%       | 1.28%       | 1.33%         | 1.32%         | 1.31%         | 1.28%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 招商银行   | 100%                 | 100%                 | 100%                 | 100%                 | 0.95%       | 0.94%       | 0.95%       | 0.93%       | 0.95%         | 0.94%         | 0.95%         | 0.93%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 浦发银行   | 137%                 | 126%                 | 126%                 | 125%                 | 1.48%       | 1.41%       | 1.36%       | 1.31%       | 2.02%         | 1.78%         | 1.72%         | 1.63%         | 0.54%                        | 0.37%                        | 0.36%                        | 0.33%                        |
| 兴业银行   | 111%                 | 112%                 | 109%                 | 112%                 | 1.07%       | 1.08%       | 1.07%       | 1.08%       | 1.19%         | 1.20%         | 1.17%         | 1.21%         | 0.12%                        | 0.13%                        | 0.10%                        | 0.13%                        |
| 中信银行   | 104%                 | 104%                 | 104%                 | 105%                 | 1.18%       | 1.19%       | 1.16%       | 1.16%       | 1.22%         | 1.24%         | 1.21%         | 1.22%         | 0.04%                        | 0.05%                        | 0.04%                        | 0.06%                        |
| 民生银行   | 132%                 | 134%                 | 133%                 | 133%                 | 1.48%       | 1.47%       | 1.47%       | 1.48%       | 1.96%         | 1.97%         | 1.95%         | 1.96%         | 0.48%                        | 0.50%                        | 0.48%                        | 0.49%                        |
| 光大银行   | 104%                 | 106%                 | 110%                 | 119%                 | 1.25%       | 1.25%       | 1.25%       | 1.25%       | 1.30%         | 1.33%         | 1.37%         | 1.48%         | 0.04%                        | 0.07%                        | 0.12%                        | 0.24%                        |
| 平安银行   | 106%                 |                     | 100%                 |                      | 1.06%       | 1.07%       | 1.06%       | 1.05%       | 1.12%         | 1.06%         | 1.06%         |               | 0.06%                        |                              | 0.00%                        |                              |
| 华夏银行   | 110%                 | 109%                 | 113%                 | 114%                 | 1.67%       | 1.65%       | 1.60%       | 1.60%       | 1.83%         | 1.80%         | 1.81%         | 1.82%         | 0.16%                        | 0.15%                        | 0.21%                        | 0.22%                        |
| 浙商银行   | 107%                 | 106%                 | 108%                 | 112%                 | 1.44%       | 1.43%       | 1.38%       | 1.36%       | 1.54%         | 1.51%         | 1.49%         | 1.52%         | 0.10%                        | 0.08%                        | 0.11%                        | 0.16%                        |
| 北京银行   | 100%                 | 100%                 | 101%                 | 101%                 | 1.32%       | 1.31%       | 1.31%       | 1.30%       | 1.32%         | 1.31%         | 1.32%         | 1.31%         | 0.00%                        | 0.00%                        | 0.01%                        | 0.01%                        |
| 上海银行   | 131%                 | 131%                 | 170%                 | 152%                 | 1.21%       | 1.21%       | 1.18%       | 1.18%       | 1.58%         | 1.58%         | 2.00%         | 1.79%         | 0.37%                        | 0.37%                        | 0.82%                        | 0.61%                        |
| 江苏银行   | 100%                 | 100%                 | 100%                 | 100%                 | 0.91%       | 0.89%       | 0.89%       | 0.84%       | 0.91%         | 0.89%         | 0.89%         | 0.84%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 南京银行   | 103%                 | 101%                 | 101%                 | 102%                 | 0.90%       | 0.83%       | 0.83%       | 0.84%       | 0.92%         | 0.84%         | 0.83%         | 0.85%         | 0.02%                        | 0.01%                        | 0.01%                        | 0.01%                        |
| 宁波银行   | 100%                 | 100%                 | 100%                 | 100%                 | 0.76%       | 0.76%       | 0.76%       | 0.76%       | 0.76%         | 0.76%         | 0.76%         | 0.76%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 杭州银行   | 100%                 | 100%                 | 100%                 | 100%                 | 0.76%       | 0.76%       | 0.76%       | 0.76%       | 0.76%         | 0.76%         | 0.76%         | 0.76%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 长沙银行   | 109%                 | 140%                 | 157%                 | 147%                 | 1.15%       | 1.16%       | 1.17%       | 1.17%       | 1.25%         | 1.62%         | 1.84%         | 1.72%         | 0.10%                        | 0.46%                        | 0.67%                        | 0.55%                        |
| 成都银行   | 100%                 | 100%                 | 100%                 | 100%                 | 0.68%       | 0.66%       | 0.66%       | 0.66%       | 0.68%         | 0.66%         | 0.66%         | 0.66%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 重庆银行   | 173%                 | 172%                 | 168%                 | 127%                 | 1.34%       | 1.25%       | 1.25%       | 1.17%       | 2.31%         | 2.15%         | 2.10%         | 1.48%         | 0.97%                        | 0.90%                        | 0.85%                        | 0.31%                        |
| 贵阳银行   | 100%                 | 126%                 | 151%                 | 113%                 | 1.59%       | 1.62%       | 1.58%       | 1.70%       | 1.59%         | 2.04%         | 2.38%         | 1.92%         | 0.00%                        | 0.42%                        | 0.81%                        | 0.22%                        |
| 青岛银行   | 100%                 | 100%                 | 100%                 | 100%                 | 1.18%       | 1.17%       | 1.14%       | 1.12%       | 1.18%         | 1.17%         | 1.14%         | 1.12%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 齐鲁银行   | 101%                 | 100%                 | 100%                 | 100%                 | 1.26%       | 1.24%       | 1.19%       | 1.09%       | 1.27%         | 1.25%         | 1.19%         | 1.09%         | 0.01%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 郑州银行   | 174%                 | 254%                 | 283%                 | 292%                 | 1.87%       | 1.87%       | 1.79%       | 1.76%       | 3.25%         | 4.75%         | 5.06%         | 5.16%         | 1.38%                        | 2.88%                        | 3.28%                        | 3.39%                        |
| 苏州银行   | 100%                 | 100%                 | 100%                 | 102%                 | 0.84%       | 0.84%       | 0.83%       | 0.83%       | 0.84%         | 0.84%         | 0.83%         | 0.84%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.01%                        |
| 西安银行   | 158%                 | 150%                 | 183%                 | 170%                 | 1.35%       | 1.72%       | 1.72%       | 1.60%       | 2.12%         | 2.58%         | 3.14%         | 2.71%         | 0.78%                        | 0.86%                        | 1.42%                        | 1.12%                        |
| 厦门银行   | 151%                 | 140%                 | 163%                 | 174%                 | 0.76%       | 0.76%       | 0.74%       | 0.83%       | 1.15%         | 1.06%         | 1.20%         | 1.44%         | 0.39%                        | 0.30%                        | 0.47%                        | 0.61%                        |
| 沪农商行    | 100%                 | 101%                 | 101%                 | 104%                 | 0.97%       | 0.97%       | 0.97%       | 0.97%       | 0.98%         | 0.98%         | 0.97%         | 1.01%         | 0.00%                        | 0.01%                        | 0.01%                        | 0.04%                        |
| 渝农商行    | 104%                 | 103%                 | 103%                 | 102%                 | 1.19%       | 1.19%       | 1.18%       | 1.17%       | 1.24%         | 1.23%         | 1.22%         | 1.20%         | 0.05%                        | 0.04%                        | 0.04%                        | 0.03%                        |
| 青农商行    | 143%                 | 158%                 | 121%                 | 100%                 | 1.81%       | 1.80%       | 1.79%       | 1.75%       | 2.60%         | 2.84%         | 2.17%         | 1.76%         | 0.78%                        | 1.04%                        | 0.38%                        | 0.00%                        |
| 紫金银行    | 100%                 | 113%                 | 100%                 | 99%                  | 1.16%       | 1.15%       | 1.24%       | 1.24%       | 1.16%         | 1.30%         | 1.24%         | 1.24%         | 0.00%                        | 0.15%                        | 0.00%                        | -0.01%                       |
| 无锡银行    | 107%                 | 100%                 | 100%                 | 100%                 | 0.79%       | 0.79%       | 0.78%       | 0.78%       | 0.84%         | 0.79%         | 0.78%         | 0.78%         | 0.05%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 苏农银行    | 100%                 | 100%                 | 100%                 | 100%                 | 0.91%       | 0.91%       | 0.90%       | 0.90%       | 0.91%         | 0.91%         | 0.90%         | 0.90%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 江阴银行    | 100%                 | 98%                  | 100%                 | 100%                 | 0.98%       | 0.98%       | 0.86%       | 0.86%       | 0.98%         | 0.96%         | 0.86%         | 0.86%         | 0.00%                        | -0.02%                       | 0.00%                        | 0.00%                        |
| 瑞丰银行    | 100%                 | 102%                 | 101%                 | 103%                 | 0.97%       | 0.97%       | 0.97%       | 0.98%       | 0.98%         | 0.99%         | 0.97%         | 1.01%         | 0.00%                        | 0.02%                        | 0.01%                        | 0.03%                        |
| 常熟银行    | 105%                 | 106%                 | 105%                 | 127%                 | 0.75%       | 0.76%       | 0.81%       | 0.76%       | 0.79%         | 0.81%         | 0.85%         | 0.97%         | 0.04%                        | 0.05%                        | 0.04%                        | 0.20%                        |
| 张家港行    | 108%                 | 122%                 | 123%                 | 122%                 | 0.94%       | 0.94%       | 0.94%       | 0.94%       | 1.01%         | 1.15%         | 1.15%         | 1.15%         | 0.08%                        | 0.20%                        | 0.22%                        | 0.21%                        |
| 国有        | 100%                 | 100%                 | 100%                 | 100%                 | 1.30%       | 1.28%       | 1.28%       | 1.27%       | 1.30%         | 1.28%         | 1.28%         | 1.27%         | 0.00%                        | 0.00%                        | 0.00%                        | 0.00%                        |
| 股份        | 115%                 | 113%                 | 114%                 | 115%                 | 1.25%       | 1.24%       | 1.22%       | 1.21%       | 1.44%         | 1.41%         | 1.39%         | 1.40%         | 0.18%                        | 0.17%                        | 0.17%                        | 0.19%                        |
| 城商        | 114%                 | 119%                 | 128%                 | 122%                 | 1.07%       | 1.05%       | 1.04%       | 1.02%       | 1.21%         | 1.25%         | 1.33%         | 1.25%         | 0.14%                        | 0.20%                        | 0.29%                        | 0.23%                        |
| 农商        | 109%                 | 112%                 | 106%                 | 104%                 | 1.09%       | 1.08%       | 1.08%       | 1.07%       | 1.19%         | 1.22%         | 1.14%         | 1.12%         | 0.10%                        | 0.13%                        | 0.06%                        | 0.05%                        |
| 全部        | 104%                 | 104%                 | 105%                 | 105%                 | 1.27%       | 1.25%       | 1.24%       | 1.23%       | 1.32%         | 1.31%         | 1.30%         | 1.29%         | 0.05%                        | 0.05%                        | 0.06%                        | 0.06%                        |

数据来源：Wind、各银行财报、开源证券研究所（平安银行因中期未披露三阶段减值准备无法还原口径，故统计股份行与全部银行时）<|end_of_box|>
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行业数据
2025-10-28
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DDM模型与国股行匹配度更高,据此测算PB修复仍有空间
<|begin_of_box|>| 银行     | 每股派息（元） | 每股净资产（元） | 现股价（元） | 现PB（倍） | 归母净利润预测增速 | 情景一（必要回报率8%） | 情景二（必要回报率6%） | 情景三（必要回报率4%） |
|----------|----------------|------------------|--------------|------------|--------------------|------------------------|------------------------|------------------------|
|          |                |                  |              |            |                    | 测算股价（元） | 测算PB（倍） | 测算PB/现PB | 测算股价（元） | 测算PB（倍） | 测算PB/现PB | 测算股价（元） | 测算PB（倍） | 测算PB/现PB |
| 工商银行 | 0.31           | 10.52            | 7.51         | 0.71       | 1.00%              | 4.44                   | 0.42                   | 59%                    | 6.22                   | 0.59                   | 83%                    | 10.37                  | 0.99                   | 138%                   |
| 建设银行 | 0.40           | 12.86            | 9.16         | 0.71       | 1.00%              | 5.81                   | 0.45                   | 63%                    | 8.14                   | 0.63                   | 89%                    | 13.57                  | 1.06                   | 148%                   |
| 农业银行 | 0.24           | 7.65             | 7.28         | 0.95       | 2.00%              | 4.11                   | 0.54                   | 56%                    | 6.17                   | 0.81                   | 85%                    | 12.34                  | 1.61                   | 169%                   |
| 中国银行 | 0.24           | 8.19             | 5.50         | 0.67       | 1.50%              | 3.79                   | 0.46                   | 69%                    | 5.47                   | 0.67                   | 99%                    | 9.84                   | 1.20                   | 179%                   |
| 邮储银行 | 0.26           | 8.23             | 6.27         | 0.76       | 1.00%              | 3.77                   | 0.46                   | 60%                    | 5.28                   | 0.64                   | 84%                    | 8.81                   | 1.07                   | 140%                   |
| 交通银行 | 0.38           | 12.67            | 7.27         | 0.57       | 1.00%              | 5.47                   | 0.43                   | 75%                    | 7.66                   | 0.60                   | 105%                   | 12.76                  | 1.01                   | 176%                   |
| 招商银行 | 2.00           | 42.10            | 43.30        | 1.03       | 2.00%              | 34.00                  | 0.81                   | 79%                    | 51.00                  | 1.21                   | 118%                   | 102.00                 | 2.42                   | 236%                   |
| 浦发银行 | 0.41           | 22.50            | 14.12        | 0.63       | 1.00%              | 5.92                   | 0.26                   | 42%                    | 8.28                   | 0.37                   | 59%                    | 13.80                  | 0.61                   | 98%                    |
| 兴业银行 | 1.06           | 34.65            | 21.84        | 0.63       | 1.00%              | 15.29                  | 0.44                   | 70%                    | 21.41                  | 0.62                   | 98%                    | 35.69                  | 1.03                   | 163%                   |
| 中信银行 | 0.35           | 12.75            | 7.90         | 0.62       | 2.00%              | 6.03                   | 0.47                   | 76%                    | 9.04                   | 0.71                   | 114%                   | 18.09                  | 1.42                   | 229%                   |
| 民生银行 | 0.19           | 12.87            | 4.46         | 0.35       | 1.00%              | 2.77                   | 0.22                   | 62%                    | 3.88                   | 0.30                   | 87%                    | 6.46                   | 0.50                   | 145%                   |
| 光大银行 | 0.19           | 8.29             | 3.70         | 0.45       | 1.00%              | 2.73                   | 0.33                   | 74%                    | 3.82                   | 0.46                   | 103%                   | 6.36                   | 0.77                   | 172%                   |
| 平安银行 | 0.61           | 22.68            | 11.85        | 0.52       | 1.00%              | 8.77                   | 0.39                   | 74%                    | 12.28                  | 0.54                   | 104%                   | 20.47                  | 0.90                   | 173%                   |
| 华夏银行 | 0.41           | 19.21            | 7.31         | 0.38       | 1.00%              | 5.84                   | 0.30                   | 80%                    | 8.18                   | 0.43                   | 112%                   | 13.64                  | 0.71                   | 187%                   |
| 浙商银行 | 0.16           | 6.38             | 3.13         | 0.49       | 1.00%              | 2.25                   | 0.35                   | 72%                    | 3.15                   | 0.49                   | 101%                   | 5.25                   | 0.82                   | 168%                   |
| 北京银行 | 0.32           | 13.02            | 6.07         | 0.47       | 2.00%              | 5.44                   | 0.42                   | 90%                    | 8.16                   | 0.63                   | 134%                   | 16.32                  | 1.25                   | 269%                   |
| 上海银行 | 0.50           | 17.11            | 9.42         | 0.55       | 2.00%              | 8.50                   | 0.50                   | 90%                    | 12.75                  | 0.75                   | 135%                   | 25.50                  | 1.49                   | 271%                   |
| 江苏银行 | 0.52           | 13.59            | 10.76        | 0.79       | 3.00%              | 10.72                  | 0.79                   | 100%                   | 17.87                  | 1.31                   | 166%                   | 53.62                  | 3.94                   | 498%                   |
| 南京银行 | 0.55           | 14.49            | 11.27        | 0.78       | 3.00%              | 11.24                  | 0.78                   | 100%                   | 18.73                  | 1.29                   | 166%                   | 56.19                  | 3.88                   | 499%                   |
| 宁波银行 | 0.90           | 33.31            | 28.70        | 0.86       | 3.00%              | 18.54                  | 0.56                   | 65%                    | 30.90                  | 0.93                   | 108%                   | 92.70                  | 2.78                   | 323%                   |
| 杭州银行 | 0.65           | 18.03            | 15.99        | 0.89       | 3.00%              | 13.39                  | 0.74                   | 84%                    | 22.32                  | 1.24                   | 140%                   | 66.95                  | 3.71                   | 419%                   |
| 长沙银行 | 0.42           | 17.15            | 9.59         | 0.56       | 2.00%              | 7.14                   | 0.42                   | 74%                    | 10.71                  | 0.62                   | 112%                   | 21.42                  | 1.25                   | 223%                   |
| 成都银行 | 0.89           | 19.47            | 18.61        | 0.96       | 3.00%              | 18.35                  | 0.94                   | 99%                    | 30.59                  | 1.57                   | 164%                   | 91.77                  | 4.71                   | 493%                   |
| 重庆银行 | 0.41           | 15.73            | 9.65         | 0.61       | 2.00%              | 7.04                   | 0.45                   | 73%                    | 10.56                  | 0.67                   | 109%                   | 21.11                  | 1.34                   | 219%                   |
| 贵阳银行 | 0.29           | 17.05            | 6.07         | 0.36       | 1.00%              | 4.18                   | 0.25                   | 69%                    | 5.86                   | 0.34                   | 97%                    | 9.76                   | 0.57                   | 161%                   |
| 青岛银行| 0.16           | 6.82             | 5.22         | 0.77       | 3.00%              | 3.30                   | 0.48                   | 63%                    | 5.49                   | 0.81                   | 105%                   | 16.48                  | 2.42                   | 316%                   |
| 齐鲁银行 | 0.27           | 8.31             | 5.80         | 0.70       | 3.00%              | 5.48                   | 0.66                   | 94%                    | 9.13                   | 1.10                   | 157%                   | 27.40                  | 3.30                   | 472%                   |
| 郑州银行 | 0.02           | 5.00             | 2.06         | 0.41       | 1.00%              | 0.29                   | 0.06                   | 14%                    | 0.40                   | 0.08                   | 20%                    | 0.67                   | 0.13                   | 33%                    |
| 苏州银行 | 0.40           | 11.09            | 8.36         | 0.75       | 3.00%              | 8.24                   | 0.74                   | 99%                    | 13.73                  | 1.24                   | 164%                   | 41.20                  | 3.71                   | 493%                   |
| 西安银行 | 0.10           | 7.75             | 4.36         | 0.56       | 1.00%              | 1.44                   | 0.19                   | 33%                    | 2.02                   | 0.26                   | 46%                    | 3.37                   | 0.43                   | 77%                    |
| 厦门银行 | 0.31           | 9.82             | 6.61         | 0.67       | 1.00%              | 4.47                   | 0.46                   | 68%                    | 6.26                   | 0.64                   | 95%                    | 10.44                  | 1.06                   | 158%                   |
| 沪农商行 | 0.43           | 13.15            | 8.74         | 0.66       | 2.00%              | 7.34                   | 0.56                   | 84%                    | 11.02                  | 0.84                   | 126%                   | 22.03                  | 1.68                   | 252%                   |
| 渝农商行 | 0.30           | 11.52            | 6.62         | 0.57       | 2.00%              | 5.18                   | 0.45                   | 78%                    | 7.77                   | 0.67                   | 117%                   | 15.53                  | 1.35                   | 235%                   |
| 青农商行 | 0.12           | 6.52             | 3.32         | 0.51       | 2.00%              | 2.04                   | 0.31                   | 61%                    | 3.06                   | 0.47                   | 92%                    | 6.12                   | 0.94                   | 184%                   |
| 紫金银行 | 0.10           | 5.48             | 2.97         | 0.54       | 2.00%              | 1.70                   | 0.31                   | 57%                    | 2.55                   | 0.47                   | 86%                    | 5.10                   | 0.93                   | 172%                   |
| 无锡银行 | 0.22           | 10.23            | 6.10         | 0.60       | 2.00%              | 3.74                   | 0.37                   | 61%                    | 5.61                   | 0.55                   | 92%                    | 11.22                  | 1.10                   | 184%                   |
| 苏农银行 | 0.18           | 9.19             | 5.30         | 0.58       | 3.00%              | 3.71                   | 0.40                   | 70%                    | 6.18                   | 0.67                   | 117%                   | 18.54                  | 2.02                   | 350%                   |
| 江阴银行 | 0.20           | 7.70             | 4.93         | 0.64       | 3.00%              | 4.12                   | 0.54                   | 84%                    | 6.87                   | 0.89                   | 139%                   | 20.60                  | 2.68                   | 418%                   |
| 瑞丰银行 | 0.20           | 9.76             | 5.59         | 0.57       | 3.00%              | 4.12                   | 0.42                   | 74%                    | 6.87                   | 0.70                   | 123%                   | 20.60                  | 2.11                   | 369%                   |
| 常熟银行 | 0.25           | 8.79             | 7.63         | 0.87       | 3.00%              | 5.15                   | 0.59                   | 67%                    | 8.58                   | 0.98                   | 112%                   | 25.75                  | 2.93                   | 337%                   |
| 张家港行 | 0.20           | 7.37             | 4.51         | 0.61       | 2.00%              | 3.40                   | 0.46                   | 75%                    | 5.10                   | 0.69                   | 113%                   | 10.20                  | 1.38                   | 226%                   |

数据来源：Wind、开源证券研究所（数据截至日为2025年9月11日）<|end_of_box|>
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2025-09-18
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