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招商银行零售客户数增速平稳(万户)
招商银行零售客户数增速平稳(万户)
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### 表3：2025H1国有行资金业务营收贡献度提升  
| 银行名称   | 营业收入占比较上年同期变动 - 对公 | 营业收入占比较上年同期变动 - 零售 | 营业收入占比较上年同期变动 - 资金 |
|------------|------------------------------------|------------------------------------|------------------------------------|
| 工商银行   | 1.6%                               | -0.9%                              | -0.7%                              |
| 建设银行   | -0.9%                              | -0.5%                              | 0.2%                               |
| 农业银行   | -4.1%                              | -4.1%                              | 7.9%                               |
| 中国银行   | -2.6%                              | -1.1%                              | 3.4%                               |
| 邮储银行   | 3.5%                               | -6.6%                              | 3.1%                               |
| 交通银行   | 0.3%                               | -2.2%                              | 1.9%                               |
| 招商银行   | -0.3%                              | 1.1%                               | -0.8%                              |
| 中信银行   | 3.3%                               | -1.6%                              | -0.6%                              |
| 民生银行   | -2.5%                              | -1.2%                              | 3.7%                               |
| 光大银行   | 1.1%                               | -2.2%                              | 0.9%                               |
| 浙商银行   | 5.5%                               | -3.4%                              | -4.1%                              |
| 北京银行   | 4.0%                               | -5.2%                              | 0.9%                               |
| 南京银行   | -0.2%                              | 2.8%                               | -2.6%                              |


### 表4：除工行外，国有行资金业务业绩贡献度普遍提高（亿元）  
| 银行名称   | 营业收入（2025H1）- 对公 | 营业收入（2025H1）- 零售 | 营业收入（2025H1）- 资金 | 营业收入较上年同期 - 对公 | 营业收入较上年同期 - 零售 | 营业收入较上年同期 - 资金 | 利润总额（2025H1）- 对公 | 利润总额（2025H1）- 零售 | 利润总额（2025H1）- 资金 | 利润总额较上年同期 - 对公 | 利润总额较上年同期 - 零售 | 利润总额较上年同期 - 资金 |
|------------|--------------------------|--------------------------|--------------------------|---------------------------|---------------------------|---------------------------|--------------------------|--------------------------|--------------------------|---------------------------|---------------------------|---------------------------|
| 工商银行   | 2030                     | 1693                     | 509                      | 99                        | -11                       | -21                       | 636                      | 928                      | 391                      | -291                      | 292                       | 10                        |
| 建设银行   | 1138                     | 1815                     | 832                      | -13                       | 18                        | 25                        | 175                      | 787                      | 774                      | -19                       | -192                      | 53                        |
| 农业银行   | 1379                     | 1902                     | 294                      | -140                      | -135                      | 292                       | 770                      | 685                      | 89                       | -68                       | -211                      | 304                       |
| 中国银行   | 1244                     | 1459                     | 610                      | -37                       | 19                        | 129                       | 627                      | 419                      | 483                      | -125                      | 15                        | 143                       |
| 邮储银行   | 407                      | 1169                     | 217                      | 68                        | -99                       | 58                        | 363                      | 91                       | 128                      | 63                        | -81                       | 66                        |
| 交通银行   | 646                      | 496                      | 186                      | 9                         | -26                       | 26                        | 251                      | 75                       | 143                      | 49                        | -68                       | 11                        |
| 招商银行   | 703                      | 962                      | 35                       | -17                       | 3                         | -15                       | 371                      | 520                      | -2                       | 6                         | 8                         | -22                       |
| 中信银行   | 491                      | 405                      | 152                      | 20                        | -30                       | -12                       | 290                      | 56                       | 124                      | 28                        | 29                        | -11                       |
| 民生银行   | 355                      | 286                      | 83                       | 9                         | 13                        | 31                        | 146                      | 65                       | 17                       | -35                       | -2                        | 30                        |
| 光大银行   | 250                      | 255                      | 154                      | -7                        | -30                       | -2                        | 152                      | 9                        | 150                      | -27                       | 28                        | 11                        |
| 浙商银行   | 189                      | 51                       | 73                       | 8                         | -15                       | -19                       | 86                       | -29                      | 35                       | 54                        | -19                       | -37                       |
| 北京银行   | 164                      | 111                      | 85                       | 17                        | -16                       | 5                         | 75                       | 33                       | 62                       | 19                        | -16                       | 0                         |
| 南京银行   | 130                      | 76                       | 78                       | 10                        | 13                        | -1                        | 84                       | 8                        | 62                       | 8                         | 15                        | -11                       |


### 资料来源  
Wind、各银行财报、开源证券研究所
所属报告:
【开源证券】银行行业2026年度投资策略:“稳健锚”与“增长帆”,从红利重估到能力定价-251105(63页).pdf
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| 银行   | 经营贷不良率 2024A | 经营贷不良率 2025H | 经营贷不良率 较年初 | 消费贷不良率 2024A | 消费贷不良率 2025H | 消费贷不良率 较年初 | 信用卡不良率 2024A | 信用卡不良率 2025H | 信用卡不良率 较年初 | 按揭贷不良率 2024A | 按揭贷不良率 2025H | 按揭贷不良率 较年初 |
|--------|---------------------|---------------------|----------------------|---------------------|---------------------|----------------------|---------------------|---------------------|----------------------|---------------------|---------------------|----------------------|
| 重庆   | 5.70%               | 6.23%               | 53 bp                | 2.39%               | 2.51%               | 12 bp                | 3.04%               | 4.19%               | 115 bp               | 1.63%               | 1.86%               | 23 bp                |
| 兰州   | 3.94%               | 4.30%               | 36 bp                | 2.14%               | 2.44%               | 30 bp                | 3.50%               | 3.75%               | 25 bp                | 1.49%               | 1.77%               | 28 bp                |
| 苏州   | 3.18%               | 3.50%               | 32 bp                | 2.24%               | 2.30%               | 6 bp                 | 3.28%               | 3.68%               | 40 bp                | 1.62%               | 1.68%               | 6 bp                 |
| 宁波   | 2.97%               | 3.30%               | 33 bp                | 1.99%               | 2.01%               | 2 bp                 | 3.64%               | 3.28%               | -36 bp               | 1.15%               | 1.33%               | 18 bp                |
| 郑州   | 2.25%               | 2.65%               | 40 bp                | 1.62%               | 1.84%               | 22 bp                | 2.34%               | 2.97%               | 63 bp                | 1.08%               | 1.11%               | 3 bp                 |
| 渝农   | 1.67%               | 2.46%               | 79 bp                | 1.61%               | 1.83%               | 22 bp                | 1.79%               | 2.85%               | 106 bp               | 0.78%               | 1.03%               | 25 bp                |
| 邮储   | 2.21%               | 2.29%               | 8 bp                 | 1.60%               | 1.80%               | 20 bp                | 4.14%               | 2.80%               | -134 bp              | 0.96%               | 0.96%               | 0 bp                 |
| 上海   | 1.56%               | 2.12%               | 56 bp                | 1.36%               | 1.56%               | 20 bp                | 2.51%               | 2.73%               | 22 bp                | 0.73%               | 0.86%               | 13 bp                |
| 中行   | 1.78%               | 2.11%               | 33 bp                | 1.55%               | 1.55%               | 0 bp                 | 1.98%               | 2.50%               | 52 bp                | 0.59%               | 0.82%               | 23 bp                |
| 浦发   | 1.70%               | 1.94%               | 24 bp                | 1.34%               | 1.47%               | 13 bp                | 2.22%               | 2.35%               | 13 bp                | 0.73%               | 0.77%               | 4 bp                 |
| 农行   | 1.39%               | 1.70%               | 31 bp                | 1.20%               | 1.46%               | 26 bp                | 2.56%               | 2.30%               | -26 bp               | 0.63%               | 0.76%               | 13 bp                |
| 江苏   | 2.04%               | 1.67%               | -37 bp               | 1.04%               | 1.41%               | 37 bp                | 2.45%               | 2.29%               | -16 bp               | 0.76%               | 0.76%               | -28 bp               |
| 青农   | 1.69%               | 1.67%               | -2 bp                | 1.35%               | 1.37%               | 2 bp                 | 2.55%               | 2.16%               | -39 bp               | 0.58%               | 0.75%               | 17 bp                |
| 工行   | 1.27%               | 1.62%               | 35 bp                | 1.12%               | 1.29%               | 17 bp                | 1.73%               | 1.93%               | 20 bp                | 0.61%               | 0.74%               | 13 bp                |
| 民生   | 1.54%               | 1.56%               | 2 bp                 | 1.23%               | 1.24%               | 1 bp                 | 1.75%               | 1.75%               | 0 bp                 | 0.64%               | 0.73%               | 9 bp                 |
| 建行   | 1.59%               | 1.51%               | -8 bp                | 1.09%               | 1.09%               | 0 bp                 | 1.48%               | 1.55%               | 7 bp                 | 0.63%               | 0.71%               | 8 bp                 |
| 交行   | 1.21%               | 1.36%               | 15 bp                | 0.86%               | 0.83%               | -3 bp                | 1.46%               | 1.51%               | 5 bp                 | 0.41%               | 0.69%               | 28 bp                |
| 杭州   | 0.93%               | 1.28%               | 35 bp                | 0.69%               | 0.78%               | 9 bp                 |                     |                     |                      | 0.45%               | 0.63%               | 18 bp                |
| 常熟   | 0.95%               | 1.13%               | 18 bp                | 1.05%               | 0.74%               | -31 bp               |                     |                     |                      | 0.60%               | 0.54%               | -6 bp                |
| 平安   | 1.02%               | 1.05%               | 3 bp                 | 0.77%               | 0.67%               | -10 bp               |                     |                     |                      | 0.49%               | 0.50%               | 1 bp                 |
| 成都   | 0.97%               | 0.98%               | 1 bp                 |                     |                     |                      |                     |                     |                      | 0.29%               | 0.46%               | 17 bp                |
| 招行   | 0.79%               | 0.95%               | 16 bp                |                     |                     |                      |                     |                     |                      | 0.48%               | 0.46%               | -2 bp                |
| 兴业   | 0.80%               | 0.86%               | 6 bp                 |                     |                     |                      |                     |                     |                      | 0.38%               | 0.26%               | -12 bp               |
| 均值   | 1.88%               | 2.10%               | 22 bp                | 1.41%               | 1.51%               | 10 bp                | 2.50%               | 2.62%               | 13 bp                | 0.77%               | 0.85%               | 8 bp                 |

资料来源：上市银行2024年报及2025年中报，国泰海通证券研究
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招商银行各类贷款不良生成率(公司口径,单季年化)
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行业数据
2026-01-13
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2023-2025H1招商银行净息差与上市银行均值相当,弱于股份行、略好于国有行
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行业数据
2026-01-13
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2020-2025Q3招商银行增量资产规模及结构分布(亿元)
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市场规模
2026-01-13
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招商银行各类贷款市场份额变化
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竞争格局
2026-01-13
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招商银行零售AUM市占率稳步提升(增速高于均值),非存占比自2025年以来逐季提升
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竞争格局
2026-01-13
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招商银行零售战略保持定力,坚持稳健经营、资本内生的商业模式
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商业模式
2026-01-13
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2025年,招商银行个人住房贷款抵押率在40%
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行业数据
2026-01-12
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招商银行各类产品代销规模及保有量情况
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市场规模
2025-12-09
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招商银行零售AUM增速持续回升(亿元)
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行业数据
2025-11-07
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招商银行2025Q3财富管理手续费及佣金收入同比增长31.92%,其中代销基金、代理证
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【开源证券】银行行业2026年度投资策略:“稳健锚”与“增长帆”,从红利重估到能力定价-251105(63页).pdf
2026年银行行业投资策略报告:稳健锚与增长帆,银行三层功守道分析
【开源证券】银行行业2026年度投资策略:“稳健锚”与“增长帆”,从红利重估到能力定价-251105
各类型银行金融投资分账户规模变动(亿元)
2025H1国有行资金业务营收贡献度提升
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