*&2024 2023 12 19*2024 5 LPR 2024 8BP 1.61%2024Q3 2024 2024 ROE PB 1-2 0.3-0.8 5()29%2023()(7.0%6.0%-7.0%)2 2XVAZvMrMoNmNtNnOnQsNoPaQbP8OtRoOnPnOfQpOoMfQpNoOaQqRqQuOtRmOwMtPrQ*C O N T E N T S020301040506-3*01.*2011 6 PB 0.51 2023“”2023 2023-12-18 5 wind 0.00.20.40.60.81.01.21.41.61,5002,0002,5003,0003,5004,0004,5005,0005,5002011-122012-042012-082012-122013-042013-082013-122014-042014-082014-122015-042015-082015-122016-042016-082016-122017-042017-082017-122018-042018-082018-122019-042019-082019-122020-042020-082020-122021-042021-082021-122022-042022-082022-122023-042023-082023-12银行指数（左轴）PB(LF)20-21 行情16-17 行情2019行情2023重估之路14-15行情 2012 行情*GDP“”2023Q3-0.81%(2017Q1-1.11%)2024 GDP 6 wind-15%-10%-5%0%5%10%15%20%25%30%35%5001,5002,5003,5004,5005,5006,5002011-112012-032012-072012-112013-032013-072013-112014-032014-072014-112015-032015-072015-112016-032016-072016-112017-032017-072017-112018-032018-072018-112019-032019-072019-112020-032020-072020-112021-032021-072021-112022-032022-072022-112023-032023-072023-11银行指数（左轴）GDP 累计同比 归母净利润增速 营收增速20-21 行情16-17行情2019 行情2023 行情2012 行情 14-15行情*02.7*82024 1 23H1()16%2.1%1.5%2 LPR 2023 1 LPR 5 LPR 20BP 10BP 2024 3 12.9%4 2.7%1.5%2.1%5 2022 2023 10BP 20BP 12.6,5.3%12.5,5.3%11.9,5.0%6.9,2.9%6.4,2.7%5.5,2.3%5.0,2.1%3.5,1.5%3.2,1.3%1.8,0.7%1.4,0.6%0.8,0.3%0.6,0.3%0.3,0.1%0.2,0.1%0.2,0.1%0.1,0.0%0.0,0.0%0.0,0.0%0.0,0.0%35.0,14.8%8.6,3.6%7.5,3.1%4.0,1.7%6.6,2.8%4.3,1.8%38.3,16.1%7.7,3.2%5.7,2.4%5.3,2.2%4.9,2.1%3.9,1.6%0.7,0.3%0.6,0.3%0.3,0.1%0.2,0.1%0.1,0.0%16.0,6.7%13.8,5.8%0%2%4%6%8%10%12%14%16%18%租赁商务服务制造业交运仓储邮政房地产水利环境公管电力燃气水批发零售建筑业其他对公金融业采掘业卫生社保社服信息软件服务文体娱乐农林牧渔住宿餐饮科研技术地质居民服务投资管理综合企业个人按揭个人经营信用卡个人消费贴现票据境外及子公司政府债金融债政金债基金企业债非标资产同业存单权益投资ABS其他理财存放央行同业往来对公 个贷 其他 投资 同业上市银行各类资产规模（23H1，万亿）及其在生息资产中占比 wind*24Q39 5 23H1 2024-2026-8BP+2BP+2BP 2024 1.61%2023 8BP 2023-21BP 2023 9 25 2023Q1-3 LPR 2023 6 8 2024Q3 wind 1.70%1.61%1.5%1.7%1.9%2.1%2.3%2.5%2.7%2.9%2014201520162017201820192020202120223Q232023E2024E*2024H110()11.3%10.8%6%7%8%9%10%11%12%13%14%3Q1820181Q191H193Q1920191Q201H203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q23贷款 总资产 2024 2018 2019 2020 2021 2022 2023 2023Q3 2024 22Q3 23Q1 24Q1 2024 wind(11,000)(6,000)(1,000)4,0009,0002020-112021-022021-052021-082021-112022-022022-052022-082022-112023-022023-052023-082023-11对公中长期 居民中长期 对公短期 居民短期 票据 非银同业*15.7%-20%-10%0%10%20%30%40%50%60%70%20181Q191H193Q1920191Q201H203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q23 2023-12-18-5.4%-20%-15%-10%-5%0%5%10%15%20181Q191H193Q1920191Q201H203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q23 2024 2024 23H1 23Q1-3 YoY+15.7%23H1 6.9pct 2023 11 wind 0%50%100%150%200%250%-20%0%20%40%60%80%100%2013-122014-072015-022015-092016-042016-112017-062018-012018-082019-032019-102020-052020-122021-072022-022022-092023-042023-11公募基金资产规模同比增速（右轴）万得全A 累计涨幅(自2012年底)*12 23H1 2024 23H1 90 2020 23H1 0.70%2022“”wind 0%1%2%3%4%5%6%7%8%201420152016201720181H1920191H2020201H2120211H2220221H23制造业 房地产 租赁商务服务批发零售 交运仓储邮政 采掘业电力燃气水 建筑业0.0%0.5%1.0%1.5%2.0%2.5%1H1120111H1220121H1320131H1420141H1520151H1620161H1720171H1820181H1920191H2020201H2120211H2220221H23不良率 逾期率 逾期90 天以内 不良净生成率*2024 24Q3 2024 13-0.8%2.6%-10%-5%0%5%10%15%20%20181Q191H193Q1920191Q201H203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q23 245.8%3.13%2.5%2.6%2.7%2.8%2.9%3.0%3.1%3.2%3.3%3.4%150%170%190%210%230%250%270%290%3Q131Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q223Q221Q233Q23拨备覆盖率 拨贷比(右轴)(2,000)(1,000)01,0002,0003,0001H1420141H1520151H1620161H1720171H1820181H1920191H2020201H2120211H2220221H23半年度核销及转出(亿元)：上市行半年度核销及转出 资产减值损失*-03.*2023 20242.5%-0.5%10.5%12.4%-12%-7%-2%3%8%13%18%20191Q201H203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q23 0.1%-3.8%2.1%1.8%-5%0%5%10%15%20%20191Q201H203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H233Q23 YoY YoY PB 2023-12-18 2023 23Q3 10%2.5%15 wind 0.450.500.550.600.650.700.750.800.850.902021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-116 大行 股份行 城商行 农商行*5+()()5 42 2024 P5 16 2023E 2024E 23Q3 21.1%2.4%14.8%0.0%1.6%45.2%1.65%-0.09%12.5%17.7%2.5%16.8%0.0%0.0%42.9%1.73%-0.10%10.3%18.8%2.5%14.0%0.0%0.5%43.7%1.60%-0.08%14.4%21.5%4.8%16.0%0.1%1.1%41.5%1.62%-0.11%10.9%18.6%3.8%11.1%1.6%1.6%45.3%1.28%-0.08%9.0%9.6%1.6%15.4%0.7%1.6%67.3%2.03%-0.06%13.3%9.5%3.3%13.0%1.1%1.5%34.7%2.17%-0.09%9.9%12.5%4.2%11.2%6.6%5.2%34.5%1.92%-0.12%9.2%12.1%3.7%9.8%7.1%2.2%36.4%1.51%-0.10%4.5%14.1%3.3%11.4%2.9%1.4%37.1%1.80%-0.09%3.5%14.1%5.2%7.6%1.0%5.7%41.4%1.46%-0.09%5.4%13.1%2.6%9.0%0.9%5.8%47.7%1.77%-0.07%9.1%1.6%5.1%15.6%2.0%1.5%46.2%2.45%-0.11%6.2%18.2%2.3%7.9%9.1%5.6%37.7%1.85%-0.11%6.8%11.9%6.2%4.4%3.6%3.5%41.8%2.09%-0.08%16.3%14.4%3.4%9.4%6.7%3.2%33.3%1.49%-0.07%15.3%12.0%4.1%5.5%1.4%8.2%39.0%1.35%-0.04%6.1%12.8%3.0%7.8%2.4%5.4%36.6%2.23%-0.05%14.2%18.6%2.4%3.5%8.6%4.3%51.8%2.14%-0.02%15.2%9.9%3.8%3.2%6.5%5.4%42.7%1.87%-0.03%15.3%18.5%2.1%5.3%4.1%8.1%29.6%1.51%-0.05%14.5%11.3%1.2%6.8%5.5%5.3%38.8%2.29%-0.06%15.8%11.5%4.8%3.1%13.8%2.6%42.4%2.12%-0.11%4.9%26.2%3.7%8.6%3.5%3.8%47.8%1.87%-0.07%17.1%18.8%1.4%5.6%7.2%10.4%45.8%1.58%-0.11%10.6%19.0%5.2%6.0%9.9%1.3%35.3%2.08%-0.10%4.3%11.5%4.2%8.6%2.3%7.6%47.2%1.82%-0.06%9.4%11.1%2.5%6.5%6.8%5.9%42.3%1.69%-0.08%14.5%9.9%4.8%7.2%4.7%2.7%47.4%1.48%-0.04%5.0%16.5%1.0%9.3%4.6%3.7%52.7%1.79%-0.08%15.8%7.2%2.1%7.1%0.1%4.4%35.3%1.29%-0.06%4.1%10.2%2.4%5.9%3.9%8.3%49.4%1.38%-0.06%17.2%12.8%0.2%6.6%1.3%3.8%49.2%1.75%-0.04%8.8%8.1%7.9%8.2%0.1%5.4%50.7%1.67%-0.05%11.2%10.1%5.0%6.6%3.4%2.2%48.4%1.83%-0.06%7.2%15.3%2.9%7.4%0.1%3.3%62.0%1.57%-0.03%10.3%6.2%0.6%4.3%2.2%4.0%58.1%2.93%-0.02%15.6%15.6%0.4%6.3%0.0%4.7%68.8%1.61%-0.01%11.0%6.5%0.6%5.5%2.8%4.1%57.7%2.01%-0.02%9.9%8.8%0.5%5.1%0.0%0.0%52.2%2.05%-0.02%7.5%4.9%1.0%7.0%0.9%5.5%52.9%1.73%-0.02%21.4%6.3%1.2%4.3%0.1%4.7%51.4%1.68%-0.03%14.2%*-04.*()2023()(7.0%)2021-2022(/)29%wind 6.5%6.3%6.5%6.0%6.6%6.1%6.8%7.5%3.4%6.8%5.7%6.8%3.3%7.1%7.2%6.9%7.9%7.6%2.8%5.2%5.7%5.7%8.5%5.7%6.0%6.3%4.9%5.4%6.5%5.2%7.0%7.0%0.0%4.1%4.5%4.7%5.6%5.8%2.7%4.7%9.0%9.6%8.7%8.8%8.9%7.9%7.8%11.0%8.9%9.5%11.2%10.4%11.0%0%2%4%6%8%10%12%工商银行建设银行农业银行中国银行交通银行邮储银行招商银行兴业银行浦发银行中信银行民生银行光大银行平安银行华夏银行北京银行上海银行江苏银行南京银行宁波银行杭州银行长沙银行贵阳银行成都银行重庆银行青岛银行苏州银行兰州银行齐鲁银行厦门银行西安银行渝农商行沪农商行青农商行紫金银行常熟银行无锡银行张家港行江阴银行瑞丰银行苏农银行大行 股份 城商 农商上市银行股息率（按预计2024 年分红）股息率(A 股)股息率(H 股)18-5%0%5%10%15%20%25%30%01,0002,0003,0004,0005,0006,0007,0002016 2017 2018 2019 2020 2021 2022现金分红总额(左轴)同比增速分红比例(分红金额/归母净利润)*05.*PB-ROE 20 PB-ROE A PB-ROE ROE PB 1-2 0.3-0.8 wind bloomberg JPMBACCWFCUSBPNCTFCCFGSIVBFITBFRCMTBKEYHBANRFSBNYFCNCAZIONCMAFHNWBSNYCBEWBCSNVVLYWTFCCADEONBSSB BOKFFNBPACWPNFPASBPBUMBFBKUHWCUMPQFIBKTCBIUBSISFNCOZKFULTFHBABCBUCBIHOMBEBCCATYPPBIWAFDCOLBWSFSAUB6%7%8%9%10%11%12%13%14%15%16%17%18%19%20%0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2.0工商建设农业中国交通邮储招商兴业浦发中信民生光大平安华夏浙商北京上海江苏南京宁波杭州长沙贵阳成都重庆郑州青岛苏州兰州齐鲁厦门西安渝农沪农青农紫金常熟无锡张家江阴瑞丰苏农6%7%8%9%10%11%12%13%14%15%16%17%18%19%20%0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2.0*06.*22*THANKS 8 1 5F 200120 28 A 19 100005 6001 32 05 518026 S0100521120003 23*12 A 300 500 15%5%15%-5%5%5%5%-5%5%5%