<p><em>招商银行的营业收入增长在 2025 年停滞不前，这家被认为是中国大型国有银行中最具市场导向的银行之一</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/28071108/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_135955_thebambooworks.com_-1024x678.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/28071108/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_135955_thebambooworks.com_-1024x678.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>招商银行的营业收入去年仅增长了 0.01%，而净利润增长略好，为 1.2%</li>
<li>结果显示，在放缓的中国经济中，推动该行竞争优势的高利润零售产品的增长正在停滞</li>
</ul>
<p>在中国银行业中，<strong>招商银行股份有限公司</strong>（3968.HK；600036.SH）长期以来一直是创新者，通过卓越的零售银行和财富管理服务开辟了优质增长的道路。与大多数总部位于北京的国家竞争对手不同，这家银行源自南方的繁荣城市深圳，使其远离大多数同行的政策导向贷款。但该行的 最新年度业绩 的初步版本显示，这一特例无法逃脱放缓经济的引力，这种经济影响着所有人。</p>
<p>根据上周五发布的初步结果，2025 年招商银行的营业收入几乎停滞，同比仅增长 0.01%，达到 3375 亿元人民币（约合 480 亿美元）。该行的净利润略微增长，但仍不令人印象深刻，增长了 1.2%，达到 1502 亿元人民币。</p>
<p>一个小小的好消息是，去年下半年情况似乎有所好转，因为该行的营业收入在上半年同比实际下降，而净利润在那段时间仅增长了 0.25%。但无论如何，招商银行的年度报告卡可能不会让很多人印象深刻。</p>
<p>这一表现与招商银行过去的行业领先盈利增长形成鲜明对比。就在 2021 年，当中国仍在与 Covid-19 疫情作斗争并偶尔封锁时，这家股份制商业银行的营业收入增长了 14%，净利润增长了 23%，是六年来最快的增速，超越了国有银行巨头。</p>
<p>在其全盛时期，招商银行的增长主要来自两个来源：高质量的零售贷款组合，其利息利润率优于同行，以及蓬勃发展的以费用为基础的业务，包括财富管理、信用卡和投资银行服务。</p>
<p>但这些相同的利润驱动因素现在使招商银行在中国长期经济下滑中比那些重度依赖向大型国有企业贷款的国有竞争对手更脆弱。</p>
<p>根据初步结果，招商银行的净利息收入仅增长了约 2%，该结果未提供该项的具体数字，但提供了非利息收入的细分。这一增长落后于其贷款组合 5.4% 的扩张。银行贷款业务的疲软揭示了其面临的两个问题。</p>
<p>首先，对其贷款的需求不再像以前那样强劲。富裕的城市家庭，招商银行的核心客户群，正在去杠杆化，推迟重大购买，并在当前经济不确定的环境中避免借贷。因此，推动贷款的难度正在加大。</p>
<p>而中国央行多年来通过降息来刺激经济的努力正在压缩所有银行的净利息利润率。这对招商银行的打击尤其严重，因为其贷款策略围绕高利润的零售产品展开。去年其贷款组合的增长率与净利息收入的较慢增长之间的显著差距清楚地说明了利润率压力。</p>
<p>与此同时，招商银行去年非利息收入的下降表明，其财富管理服务的需求，作为其最大的费用收入来源，减少了，因为客户越来越趋向于规避风险，选择将更多资金存入储蓄账户，而不是投资于潜在收益更高的产品。反映这一点的是，招商银行的存款与 2024 年相比增长了 8%。</p>
<h4><strong>防御性胜利</strong></h4>
<p>中国的 “四大” 国有银行——以 <strong>工商银行</strong>（1398.HK；601398.SH）为首的境况也并不特别乐观。但这些更具政策导向的贷款机构在去年前三个季度的收入增长速度均快于招商银行。它们的业务可能不那么令人兴奋，但更为稳定，因为它们的主要角色是通过资助大型国家项目和向大型国有企业提供信贷来为经济提供稳定，充当货币政策的渠道。</p>
<p>招商银行最新业绩中的一个亮点是其卓越的资产质量。其不良贷款（NPL）比率在去年年底保持在 1% 以下，远低于行业整体水平和四大银行的水平。</p>
<p>这表明招商银行在风险管理方面表现良好，专注于高质量的借款人，而不是盲目追求业务增长。但这一成就并不是值得全心庆祝的，因为这更多是一种防御性胜利，无法提升其利润或使银行恢复往日的辉煌。</p>
<p>显然，招商银行的管理层并没有坐以待毙。在该行的中期报告中，提出了一项战略，重点通过零售银行生态系统深化其 “价值创造”，并加速数字化。目标是利用其良好的客户服务和技术平台来增加客户粘性和交叉销售。</p>
<p>但这种策略看起来相当防御性，因为它本质上是关于保护现有客户群和优化效率，而不是发现新的高增长领域。</p>
<p>可能还有更激进的选择。例如，招商银行可以加大对投资银行业务的投入，以提升其手续费收入，特别是利用当前中国企业重组浪潮的机会。或者，它可以利用其技术能力创造新的数字金融产品，以吸引更广泛的借款人。显著的海外扩张也是另一种可能性。但这些举措需要更多的风险承担，如果执行不当，可能会适得其反。</p>
<p>招商银行的股票在 2025 年初步业绩发布后的两个交易日内仍上涨了约 1.7%，略微超过了恒生指数 1.4% 的涨幅。其市盈率（P/E）为 7.3，高于工商银行的 5.6。也许投资者喜欢招商银行尽管收入增长平稳，但仍设法 modestly 增加净利润，这可能归功于成本削减。归根结底，招商银行在将股东资金转化为利润方面仍然表现优越，股本回报率（ROE）约为 12%，而工商银行为 9%。</p>
<p>但差距正在缩小，问题是招商银行能否重新点燃增长，以维持其相对于更政策导向的国家竞争对手的估值优势。就目前而言，回到中国经济繁荣时期招商银行的快速扩张似乎是一个艰巨的任务。</p>
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招商银行

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<p>招商银行的营业收入在 2025 年增长停滞，仅为 0.01%，净利润增长 1.2%。这反映了中国经济放缓对其高利润零售产品的影响。尽管该行在零售银行业务中是创新者，但由于经济不确定性，富裕客户减少借贷，面临挑战。虽然其资产质量依然强劲，不良贷款率低于 1%，但整体表现相较于国有竞争对手显示出脆弱性，后者的收入增长更为稳定</p>

<p><em>Operating income growth for the bank, considered one of the most market-oriented among China's big state-run lenders, came to a standstill in 2025</em></p>
<div class="lb-trans"><p><em>招商银行的营业收入增长在 2025 年停滞不前，这家被认为是中国大型国有银行中最具市场导向的银行之一</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/28071108/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_135955_thebambooworks.com_-1024x678.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/28071108/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_135955_thebambooworks.com_-1024x678.jpeg"/></p>
<p><em>Image Credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>China Merchants Bank's operating income increased by just 0.01% last year, while its net profit grew by an only slightly better 1.2%</li>
<li>The results show that growth is stalling in a slowing Chinese economy for the high-margin retail products that give the bank its competitive edge</li>
</ul>
<div class="lb-trans"><ul>
<li>招商银行的营业收入去年仅增长了 0.01%，而净利润增长略好，为 1.2%</li>
<li>结果显示，在放缓的中国经济中，推动该行竞争优势的高利润零售产品的增长正在停滞</li>
</ul>
</div><p>In the world of Chinese banking, <strong>China Merchants Bank Co. Ltd.</strong> (3968.HK; 600036.SH) has long been an innovator, charting a course of premium growth through superior retail banking and wealth management services. Unlike its national rivals, mostly based in Beijing, the lender harkens from the southern boomtown of Shenzhen, distancing it from the policy-oriented lending of most of its peers. But a preliminary version of the bank's latest annual results shows that this outlier can't escape the gravitational pull of a slowing economy that is weighing on everyone.</p>
<div class="lb-trans"><p>在中国银行业中，<strong>招商银行股份有限公司</strong>（3968.HK；600036.SH）长期以来一直是创新者，通过卓越的零售银行和财富管理服务开辟了优质增长的道路。与大多数总部位于北京的国家竞争对手不同，这家银行源自南方的繁荣城市深圳，使其远离大多数同行的政策导向贷款。但该行的 最新年度业绩 的初步版本显示，这一特例无法逃脱放缓经济的引力，这种经济影响着所有人。</p>
</div><p>In 2025, growth in China Merchants Bank's operating income, effectively its revenue, came to a virtual halt, rising a mere 0.01% year-on-year to 337.5 billion yuan ($48 billion), according to the preliminary results released last Friday. The lender managed to grow its net profit by a slightly bigger but still unimpressive 1.2% to 150.2 billion yuan.</p>
<div class="lb-trans"><p>根据上周五发布的初步结果，2025 年招商银行的营业收入几乎停滞，同比仅增长 0.01%，达到 3375 亿元人民币（约合 480 亿美元）。该行的净利润略微增长，但仍不令人印象深刻，增长了 1.2%，达到 1502 亿元人民币。</p>
</div><p>A small silver lining may be that things appeared to pick up in the second half of last year, since the bank's operating income actually shrank year-on-year in the first half and its net profit rose by just 0.25% during that time. But regardless, China Merchants Bank's annual report card probably won't impress many.</p>
<div class="lb-trans"><p>一个小小的好消息是，去年下半年情况似乎有所好转，因为该行的营业收入在上半年同比实际下降，而净利润在那段时间仅增长了 0.25%。但无论如何，招商银行的年度报告卡可能不会让很多人印象深刻。</p>
</div><p>This performance is a stark departure from industry-leading earnings growth that China Merchants Bank pulled off in the past. As recently as 2021, when China was still battling Covid-19 outbreaks with occasional lockdowns, the joint-stock commercial lender's operating income grew 14%, and its net profit jumped 23%, the fastest pace in six years, outperforming state-owned banking titans.</p>
<div class="lb-trans"><p>这一表现与招商银行过去的行业领先盈利增长形成鲜明对比。就在 2021 年，当中国仍在与 Covid-19 疫情作斗争并偶尔封锁时，这家股份制商业银行的营业收入增长了 14%，净利润增长了 23%，是六年来最快的增速，超越了国有银行巨头。</p>
</div><p>During its heyday, China Merchants Bank's growth came from two main sources: a high-quality retail loan book that commanded better interest margins than its peers, and a booming fee-based business encompassing wealth management, credit card and investment banking services.</p>
<div class="lb-trans"><p>在其全盛时期，招商银行的增长主要来自两个来源：高质量的零售贷款组合，其利息利润率优于同行，以及蓬勃发展的以费用为基础的业务，包括财富管理、信用卡和投资银行服务。</p>
</div><p>But these same profit drivers are now making China Merchants Bank more vulnerable to China's prolonged economic downturn than its state-owned rivals that focus heavily on lending to large state-owned companies.</p>
<div class="lb-trans"><p>但这些相同的利润驱动因素现在使招商银行在中国长期经济下滑中比那些重度依赖向大型国有企业贷款的国有竞争对手更脆弱。</p>
</div><p>China Merchants Bank's net interest income increased only by an estimated 2%, according to its preliminary results, which don't include a specific figure for the item but provide a breakdown for non-interest revenue. That lags a 5.4% expansion of its loan book. The sluggishness of the bank's lending business reveals two problems it's facing.</p>
<div class="lb-trans"><p>根据初步结果，招商银行的净利息收入仅增长了约 2%，该结果未提供该项的具体数字，但提供了非利息收入的细分。这一增长落后于其贷款组合 5.4% 的扩张。银行贷款业务的疲软揭示了其面临的两个问题。</p>
</div><p>For starters, demand for its loans isn't what it used to be. Affluent urban households, China Merchants Bank's core clientele, are deleveraging, postponing major purchases and refraining from borrowing in the current climate of economic uncertainty. As a result, boosting loans is becoming tougher for the lender.</p>
<div class="lb-trans"><p>首先，对其贷款的需求不再像以前那样强劲。富裕的城市家庭，招商银行的核心客户群，正在去杠杆化，推迟重大购买，并在当前经济不确定的环境中避免借贷。因此，推动贷款的难度正在加大。</p>
</div><p>And the Chinese central bank's years-long efforts to stimulate the economy through interest rate cuts are weighing on net interest margins for all banks. This is hitting China Merchants Bank particularly hard because its lending strategy revolves around high-margin retail products. The significant gap between the growth rate for its loan book and slower growth for its net interest income last year clearly illustrates the margin pressure.</p>
<div class="lb-trans"><p>而中国央行多年来通过降息来刺激经济的努力正在压缩所有银行的净利息利润率。这对招商银行的打击尤其严重，因为其贷款策略围绕高利润的零售产品展开。去年其贷款组合的增长率与净利息收入的较慢增长之间的显著差距清楚地说明了利润率压力。</p>
</div><p>At the same time, the fall in China Merchants Bank's non-interest income last year suggests that demand for its wealth management services, its biggest source of fee income, diminished as its customers increasingly became risk averse and opted to park more money in their savings accounts instead of investing in products with higher potential yields. Reflecting that, China Merchants Bank's deposits swelled 8% last year compared with 2024.</p>
<div class="lb-trans"><p>与此同时，招商银行去年非利息收入的下降表明，其财富管理服务的需求，作为其最大的费用收入来源，减少了，因为客户越来越趋向于规避风险，选择将更多资金存入储蓄账户，而不是投资于潜在收益更高的产品。反映这一点的是，招商银行的存款与 2024 年相比增长了 8%。</p>
</div><h4><strong>Defensive triumph</strong></h4>
<div class="lb-trans"><h4><strong>防御性胜利</strong></h4>
</div><p>Life isn't particularly great either for China's &#34;Big Four&#34; state-owned banks — led by <strong>ICBC</strong> (1398.HK; 601398.SH). But those more policy-oriented lenders all posted faster revenue growth than China Merchants Bank in the first nine months of last year. Their business may not be so exciting but is steadier as their main role is to provide stability for the economy by funding large national projects and channeling credit to big state-owned enterprises, acting as conduits for monetary policy.</p>
<div class="lb-trans"><p>中国的 “四大” 国有银行——以 <strong>工商银行</strong>（1398.HK；601398.SH）为首的境况也并不特别乐观。但这些更具政策导向的贷款机构在去年前三个季度的收入增长速度均快于招商银行。它们的业务可能不那么令人兴奋，但更为稳定，因为它们的主要角色是通过资助大型国家项目和向大型国有企业提供信贷来为经济提供稳定，充当货币政策的渠道。</p>
</div><p>One bright spot in China Merchants Bank's latest results is its superb asset quality. Its non-performing loan (NPL) ratio remained below 1% at the end of last year, well below the sector-wide level and figures for the Big Four banks.</p>
<div class="lb-trans"><p>招商银行最新业绩中的一个亮点是其卓越的资产质量。其不良贷款（NPL）比率在去年年底保持在 1% 以下，远低于行业整体水平和四大银行的水平。</p>
</div><p>This shows China Merchants Bank is managing risks well, focusing on high-quality borrowers, instead of recklessly pursuing business growth. But this achievement isn't something to wholeheartedly celebrate as it's more of a defensive triumph that won't do anything to boost its profits or return the bank to its former glory.</p>
<div class="lb-trans"><p>这表明招商银行在风险管理方面表现良好，专注于高质量的借款人，而不是盲目追求业务增长。但这一成就并不是值得全心庆祝的，因为这更多是一种防御性胜利，无法提升其利润或使银行恢复往日的辉煌。</p>
</div><p>Obviously, China Merchants Bank's management is not sitting idle. In the bank's midyear report, it outlined a strategy focused on deepening its &#34;value creation&#34; through the retail banking ecosystem and accelerating digitalization. The goal is to leverage its well-regarded customer service and technology platform to increase client stickiness and cross-selling.</p>
<div class="lb-trans"><p>显然，招商银行的管理层并没有坐以待毙。在该行的中期报告中，提出了一项战略，重点通过零售银行生态系统深化其 “价值创造”，并加速数字化。目标是利用其良好的客户服务和技术平台来增加客户粘性和交叉销售。</p>
</div><p>But this tactic also looks rather defensive as it's essentially about protecting the existing customer base and optimizing efficiency rather than discovering new, high-growth frontiers.</p>
<div class="lb-trans"><p>但这种策略看起来相当防御性，因为它本质上是关于保护现有客户群和优化效率，而不是发现新的高增长领域。</p>
</div><p>There could be more aggressive options. For example, China Merchants Bank could double down on investment banking to boost its fee income, particularly to take advantage of a wave of corporate restructuring now happening in China. Or it could leverage its technological capabilities to create new digital finance products that can appeal to a broader range of borrowers. Significant overseas expansion is yet another possibility. But such initiatives would require more risk-taking and could do more harm than good if not executed properly.</p>
<div class="lb-trans"><p>可能还有更激进的选择。例如，招商银行可以加大对投资银行业务的投入，以提升其手续费收入，特别是利用当前中国企业重组浪潮的机会。或者，它可以利用其技术能力创造新的数字金融产品，以吸引更广泛的借款人。显著的海外扩张也是另一种可能性。但这些举措需要更多的风险承担，如果执行不当，可能会适得其反。</p>
</div><p>China Merchants Bank shares still gained about 1.7% in the two trading days after the 2025 preliminary results release, slightly outpacing a 1.4% gain in the Hang Seng Index. They trade at a trailing price-to-earnings (P/E) ratio of 7.3, higher than 5.6 for ICBC. Perhaps investors like the fact that China Merchants Bank managed to increase its net profit, albeit modestly, despite flat revenue growth, which probably owed to cost cutting. At the end of the day, China Merchants Bank remains superior in turning shareholder money into profit, with a return on equity (ROE) of about 12%, versus 9% for ICBC.</p>
<div class="lb-trans"><p>招商银行的股票在 2025 年初步业绩发布后的两个交易日内仍上涨了约 1.7%，略微超过了恒生指数 1.4% 的涨幅。其市盈率（P/E）为 7.3，高于工商银行的 5.6。也许投资者喜欢招商银行尽管收入增长平稳，但仍设法 modestly 增加净利润，这可能归功于成本削减。归根结底，招商银行在将股东资金转化为利润方面仍然表现优越，股本回报率（ROE）约为 12%，而工商银行为 9%。</p>
</div><p>But the gap is narrowing, and the question is whether China Merchants Bank can reignite growth to maintain its valuation edge over its more policy-oriented national rivals. As things stand now, a return to the bank's juicy expansion of earlier years when China's economy was booming seems like a tall order.</p>
<div class="lb-trans"><p>但差距正在缩小，问题是招商银行能否重新点燃增长，以维持其相对于更政策导向的国家竞争对手的估值优势。就目前而言，回到中国经济繁荣时期招商银行的快速扩张似乎是一个艰巨的任务。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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在经济放缓的背景下，招商银行表现不佳