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国有五大行加权平均股息率对比无风险利率仍具备比价优势
国有五大行加权平均股息率对比无风险利率仍具备比价优势
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所属报告:
2025银行年度策略:顺周期有α红利或有持续性-241220(30页).pdf
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国有五大行加权平均股息率对比无风险收益率、人身险预定利率利差
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行业数据
2026-01-15
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开源北交所五大行业板块市盈率TTM(倍)
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行业数据
2025-12-16
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图表12六大行五年期定存利率走势(%)
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行业数据
2025-12-03
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2025年按筹资额计算的五大行业
PHxiZWdpbl9vZl9ib3h8Pnwg6KGM5LiaICAgICAgICAgICB8IOetuei1hOmine+8iOeZvuS4h+a4r+WFg++8iSB8CnwtLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IOW3peS4miAgICAgICAgICAgfCAxMDUsMzMxICAgICAgICAgICAgfAp8IOadkOaWmSAgICAgICAgICAgfCA0NSwyMDggICAgICAgICAgICAgfAp8IOenkeaKgCAgICAgICAgICAgfCAzNyw2MjYgICAgICAgICAgICAgfAp8IOmbtuWUruWSjOa2iOi0uSAgICAgfCAzNiw5MDggICAgICAgICAgICAgfAp8IOeUn+eJqeenkeaKgOS4juWBpeW6tyB8IDI2LDE3OSAgICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrpppnmuK/kuqTmmJPmiYA8fGVuZF9vZl9ib3h8Pg==
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行业数据
2025-12-01
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2025年按上市宗数计算的五大行业
fCDooYzkuJogICAgICAgICAgIHwg5LiK5biC5a6X5pWw77yI5a6X77yJIHwKfC0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwKfCDpm7bllK7lkozmtojotLkgICAgIHwgMjMgICAgICAgICAgICAgfAp8IOeUn+eJqeenkeaKgOS4juWBpeW6tyB8IDIwICAgICAgICAgICAgIHwKfCDnp5HmioAgICAgICAgICAgIHwgMTggICAgICAgICAgICAgfAp8IOW3peS4miAgICAgICAgICAgfCAxNCAgICAgICAgICAgICB8Cnwg5p2Q5paZICAgICAgICAgICB8IDcgICAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8muWbvuihqOacquaYjuehruagh+azqOi1hOaWmeadpea6kO+8jOatpOWkhOaaguaXoOazleaPkOS+m+WFt+S9k+adpea6kOS/oeaBr+OAgg==
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行业数据
2025-12-01
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国五大行加权平均股率对比风险益率仍具备比价优势
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行业数据
2025-11-25
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开源北交所五大行业板块市盈率TTM(倍)
fCDooYzkuJrmnb/lnZcgICB8IOW4guebiOeOh1RUTe+8iOWAje+8iSB8CnwtLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfAp8IOmrmOerr+ijheWkhyAgIHwgNDQuMTUgICAgICAgICAgICB8Cnwg5L+h5oGv5oqA5pyvICAgfCA5Ni43NiAgICAgICAgICAgIHwKfCDljJblt6XmlrDmnZDmlpkgfCA0Ny44NiAgICAgICAgICAgIHwKfCDmtojotLnmnI3liqEgICB8IDU3LjEyICAgICAgICAgICAgfAp8IOWMu+iNr+eUn+eJqSAgIHwgNDAuMzggICAgICAgICAgICB8CgrmlbDmja7mnaXmupDvvJpXaW5k44CB5byA5rqQ6K+B5Yi456CU56m25omA77yI5rOo77ya5pWw5o2u5oiq6IezMjAyNeW5tDEw5pyIMzHml6XvvJvorqHnrpfph4flj5bmlbTkvZPms5XvvIzliZTpmaTkuo8=
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行业数据
2025-11-04
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开源北交所五大行业板块市盈率TTM(倍)
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行业数据
2025-09-16
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开源北交所五大行业板块市盈率TTM(倍)
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行业数据
2025-09-01
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利息净收入驱动ROA与五大行差距收窄
<table border="1" cellspacing="0" cellpadding="5">
    <thead>
        <tr>
            <th rowspan="2">单位: %</th>
            <th colspan="4">交通</th>
            <th colspan="4">四大行</th>
            <th colspan="4">交通-四大行</th>
        </tr>
        <tr>
            <th>22A</th>
            <th>23A</th>
            <th>24A</th>
            <th>25Q1</th>
            <th>22A</th>
            <th>23A</th>
            <th>24A</th>
            <th>25Q1</th>
            <th>22A</th>
            <th>23A</th>
            <th>24A</th>
            <th>25Q1</th>
        </tr>
    </thead>
    <tbody>
        <tr>
            <td>营业收入</td>
            <td>2.08</td>
            <td>1.90</td>
            <td>1.79</td>
            <td>1.76</td>
            <td>2.27</td>
            <td>2.01</td>
            <td>1.81</td>
            <td>1.77</td>
            <td>-0.18</td>
            <td>-0.10</td>
            <td>-0.01</td>
            <td>-0.01</td>
        </tr>
        <tr>
            <td>利息净收入</td>
            <td>1.38</td>
            <td>1.21</td>
            <td>1.17</td>
            <td>1.13</td>
            <td>1.84</td>
            <td>1.58</td>
            <td>1.40</td>
            <td>1.28</td>
            <td>-0.46</td>
            <td>-0.37</td>
            <td>-0.22</td>
            <td>-0.15</td>
        </tr>
        <tr>
            <td>利息收入</td>
            <td>3.39</td>
            <td>3.40</td>
            <td>3.12</td>
            <td>2.85</td>
            <td>3.43</td>
            <td>3.37</td>
            <td>3.11</td>
            <td>2.75</td>
            <td>-0.04</td>
            <td>0.03</td>
            <td>0.01</td>
            <td>0.09</td>
        </tr>
        <tr>
            <td>利息支出</td>
            <td>2.01</td>
            <td>2.19</td>
            <td>1.95</td>
            <td>1.72</td>
            <td>1.59</td>
            <td>1.79</td>
            <td>1.72</td>
            <td>1.48</td>
            <td>0.42</td>
            <td>0.39</td>
            <td>0.23</td>
            <td>0.24</td>
        </tr>
        <tr>
            <td>非利息收入</td>
            <td>0.70</td>
            <td>0.69</td>
            <td>0.62</td>
            <td>0.63</td>
            <td>0.43</td>
            <td>0.43</td>
            <td>0.41</td>
            <td>0.49</td>
            <td>0.28</td>
            <td>0.26</td>
            <td>0.21</td>
            <td>0.14</td>
        </tr>
        <tr>
            <td>手续费及佣金净收入</td>
            <td>0.36</td>
            <td>0.32</td>
            <td>0.25</td>
            <td>0.31</td>
            <td>0.31</td>
            <td>0.27</td>
            <td>0.23</td>
            <td>0.30</td>
            <td>0.06</td>
            <td>0.05</td>
            <td>0.03</td>
            <td>0.00</td>
        </tr>
        <tr>
            <td>净其他非息收入</td>
            <td>0.34</td>
            <td>0.37</td>
            <td>0.37</td>
            <td>0.32</td>
            <td>0.12</td>
            <td>0.16</td>
            <td>0.19</td>
            <td>0.19</td>
            <td>0.22</td>
            <td>0.21</td>
            <td>0.18</td>
            <td>0.13</td>
        </tr>
        <tr>
            <td>营业支出</td>
            <td>0.64</td>
            <td>0.60</td>
            <td>0.56</td>
            <td>0.55</td>
            <td>0.67</td>
            <td>0.60</td>
            <td>0.56</td>
            <td>0.44</td>
            <td>-0.03</td>
            <td>-0.01</td>
            <td>-0.00</td>
            <td>0.11</td>
        </tr>
        <tr>
            <td>税金及附加</td>
            <td>0.03</td>
            <td>0.02</td>
            <td>0.02</td>
            <td>0.02</td>
            <td>0.02</td>
            <td>0.02</td>
            <td>0.02</td>
            <td>0.02</td>
            <td>0.00</td>
            <td>0.00</td>
            <td>0.00</td>
            <td>0.00</td>
        </tr>
        <tr>
            <td>管理费用</td>
            <td>0.62</td>
            <td>0.57</td>
            <td>0.54</td>
            <td>0.53</td>
            <td>0.65</td>
            <td>0.58</td>
            <td>0.54</td>
            <td>0.43</td>
            <td>-0.03</td>
            <td>-0.01</td>
            <td>-0.00</td>
            <td>0.11</td>
        </tr>
        <tr>
            <td>营业外支出</td>
            <td>0.15</td>
            <td>0.14</td>
            <td>0.15</td>
            <td>0.14</td>
            <td>0.07</td>
            <td>0.07</td>
            <td>0.07</td>
            <td>0.07</td>
            <td>0.08</td>
            <td>0.07</td>
            <td>0.08</td>
            <td>0.07</td>
        </tr>
        <tr>
            <td>PPOP</td>
            <td>1.29</td>
            <td>1.17</td>
            <td>1.09</td>
            <td>1.06</td>
            <td>1.52</td>
            <td>1.33</td>
            <td>1.18</td>
            <td>1.26</td>
            <td>-0.24</td>
            <td>-0.16</td>
            <td>-0.09</td>
            <td>-0.19</td>
        </tr>
        <tr>
            <td>资产减值损失</td>
            <td>0.49</td>
            <td>0.43</td>
            <td>0.37</td>
            <td>0.33</td>
            <td>0.44</td>
            <td>0.36</td>
            <td>0.30</td>
            <td>0.45</td>
            <td>0.05</td>
            <td>0.07</td>
            <td>0.07</td>
            <td>-0.11</td>
        </tr>
        <tr>
            <td>利润总额</td>
            <td>0.80</td>
            <td>0.74</td>
            <td>0.71</td>
            <td>0.73</td>
            <td>1.08</td>
            <td>0.97</td>
            <td>0.88</td>
            <td>0.81</td>
            <td>-0.28</td>
            <td>-0.23</td>
            <td>-0.17</td>
            <td>-0.08</td>
        </tr>
        <tr>
            <td>所得税</td>
            <td>0.05</td>
            <td>0.05</td>
            <td>0.06</td>
            <td>0.05</td>
            <td>0.17</td>
            <td>0.14</td>
            <td>0.11</td>
            <td>0.11</td>
            <td>-0.12</td>
            <td>-0.09</td>
            <td>-0.05</td>
            <td>-0.06</td>
        </tr>
        <tr>
            <td>ROAA（净利润）</td>
            <td>0.75</td>
            <td>0.69</td>
            <td>0.65</td>
            <td>0.68</td>
            <td>0.91</td>
            <td>0.83</td>
            <td>0.77</td>
            <td>0.70</td>
            <td>-0.16</td>
            <td>-0.14</td>
            <td>-0.12</td>
            <td>-0.02</td>
        </tr>
        <tr>
            <td>ROAE</td>
            <td>9.26</td>
            <td>8.83</td>
            <td>8.44</td>
            <td>8.87</td>
            <td>10.76</td>
            <td>10.15</td>
            <td>9.66</td>
            <td>9.01</td>
            <td>-1.50</td>
            <td>-1.31</td>
            <td>-1.21</td>
            <td>-0.13</td>
        </tr>
        <tr>
            <td>权益乘数</td>
            <td>12.41</td>
            <td>12.81</td>
            <td>12.97</td>
            <td>13.07</td>
            <td>11.84</td>
            <td>12.29</td>
            <td>12.65</td>
            <td>12.92</td>
            <td>0.57</td>
            <td>0.52</td>
            <td>0.33</td>
            <td>0.15</td>
        </tr>
        <tr>
            <td></td>
            <td></td>
            <td></td>
            <td></td>
            <td></td>
            <td></td>
            <td></td>
            <td></td>
            <td></td>
            <td></td>
            <td></td>
            <td></td>
        </tr>
        <tr>
            <td>贷款/总资产</td>
            <td>54.93</td>
            <td>55.28</td>
            <td>56.05</td>
            <td>56.96</td>
            <td>57.86</td>
            <td>57.90</td>
            <td>58.45</td>
            <td>58.69</td>
            <td>-2.93</td>
            <td>-2.62</td>
            <td>-2.40</td>
            <td>-1.73</td>
        </tr>
        <tr>
            <td>减值损失/总贷款</td>
            <td>0.89</td>
            <td>0.78</td>
            <td>0.67</td>
            <td>0.59</td>
            <td>0.77</td>
            <td>0.63</td>
            <td>0.51</td>
            <td>0.77</td>
            <td>0.12</td>
            <td>0.15</td>
            <td>0.16</td>
            <td>-0.18</td>
        </tr>
        <tr>
            <td>资产收益率-减值损失</td>
            <td>2.90</td>
            <td>2.97</td>
            <td>2.75</td>
            <td>2.51</td>
            <td>2.98</td>
            <td>3.01</td>
            <td>2.81</td>
            <td>2.30</td>
            <td>-0.08</td>
            <td>-0.04</td>
            <td>-0.07</td>
            <td>0.21</td>
        </tr>
        <tr>
            <td>投资净收益/总资产</td>
            <td>0.12</td>
            <td>0.19</td>
            <td>0.19</td>
            <td>0.04</td>
            <td>0.08</td>
            <td>0.08</td>
            <td>0.08</td>
            <td>0.02</td>
            <td>0.05</td>
            <td>0.11</td>
            <td>0.10</td>
            <td>0.02</td>
        </tr>
        <tr>
            <td>公允价值变动/总资产</td>
            <td>-0.02</td>
            <td>0.01</td>
            <td>0.02</td>
            <td>-0.00</td>
            <td>-0.03</td>
            <td>0.00</td>
            <td>0.01</td>
            <td>-0.00</td>
            <td>0.01</td>
            <td>0.01</td>
            <td>0.00</td>
            <td>-0.00</td>
        </tr>
        <tr>
            <td>净其他非息-其他项/总资产</td>
            <td>0.60</td>
            <td>0.49</td>
            <td>0.42</td>
            <td>0.60</td>
            <td>0.38</td>
            <td>0.35</td>
            <td>0.31</td>
            <td>0.47</td>
            <td>0.22</td>
            <td>0.14</td>
            <td>0.10</td>
            <td>0.12</td>
        </tr>
        <tr>
            <td>其他综合收益/总资产</td>
            <td>0.00</td>
            <td>0.06</td>
            <td>0.08</td>
            <td>-0.02</td>
            <td>0.01</td>
            <td>0.04</td>
            <td>0.12</td>
            <td>-0.05</td>
            <td>-0.00</td>
            <td>0.02</td>
            <td>-0.04</td>
            <td>0.02</td>
        </tr>
        <tr>
            <td>广义其他非息/总资产</td>
            <td>0.71</td>
            <td>0.75</td>
            <td>0.70</td>
            <td>0.61</td>
            <td>0.43</td>
            <td>0.47</td>
            <td>0.53</td>
            <td>0.45</td>
            <td>0.27</td>
            <td>0.28</td>
            <td>0.17</td>
            <td>0.16</td>
        </tr>
    </tbody>
</table>

数据来源：Wind，广发证券发展研究中心
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