<ul>
<li>中国最大的几家银行利润几乎持平</li>
</ul><ul>
<li>息差稳定，但今年可能会收窄</li>
</ul><ul>
<li>中东冲突风险依然存在</li>
</ul><p>作者：Tang Ziyi 和 Selena Li</p><p>北京/香港，3 月 27 日（路透社）- 中国三大银行周五公布的年度利润几乎持平，因为这个世界第二大经济体在长期放缓中正遭受房地产行业债务危机加剧的困扰。</p><p>按资产计，全球最大的贷款机构——工商银行（601398.SS）（1398.HK）和建设银行（601939.SS）（0939.HK）报告的 2025 年净利润增长均不足 1%。</p><p>交通银行（3328.HK）（601328.SS）表现稍好，去年净利润增长了 2.2%。</p><p>由于全国房价下跌，以及所谓的大型 “僵尸开发商”（即亏损的开发商）继续对贷款进行展期，中国的房地产危机尚未触底。</p><p>然而，衡量盈利能力的指标——净息差（NIMs）一直保持稳定。</p><p>截至 12 月底，工商银行和交通银行的净息差较 9 月底保持稳定，尽管建设银行的净息差略有收窄。</p><p>截至 12 月底，工商银行的不良贷款率（NPL）从三个月前的 1.33% 小幅降至 1.31%。</p><p>交通银行的不良贷款率从三个月前的 1.26% 小幅升至 12 月底的 1.28%。</p><h3>中东战争风险</h3><p>分析师警告称，如果中东冲突持续超过四周，可能对银行资产负债表产生不利影响。</p><p>穆迪银行分析师 Nicholas Zhu 表示，更高的油价和对政治波动的定价 “将导致中国银行面临更具挑战性的经营环境，增加银行贷款和投资组合中的资产风险”。</p><p>息差预计今年还将进一步收窄。</p><p>Zhu 补充道：“随着银行在贷款和存款定价以及银行服务收费定价方面采取更严格的纪律，我们预计净息差（NIM）收窄幅度将进一步缩小。”</p><p>然而，工商银行预计息差的下降将放缓。</p><p>工商银行副行长姚明德在财报发布会上表示：“净息差的收窄速度将放慢。”</p><p>银行的一个亮点是高成本定期存款的大规模重新定价。分析师表示，今年约有 50 万亿元人民币（合 6.9 万亿美元）的定期存款到期，这为银行提供了以接近 2022 年和 2023 年利率一半的水平进行续作的机会。</p><p>重新定价预计将把利息成本降低多达 150 个基点，并总体上为净息差增加约 12 个基点。</p><p>路透社周四援引消息人士称，中国还在考虑允许部分银行股东在目前最多持股两家的上限基础上，在另外一到两家银行中成为主要投资者（定义为持股比例达到 5% 或以上）。（1 美元 = 6.9103 人民币）</p>

华夏中证银行ETF

工商银行

IDCBY

<ul>
<li>China’s largest lenders post virtually flat profits</li>
</ul>
<div class="lb-trans"><ul>
<li>中国最大的几家银行利润几乎持平</li>
</ul></div><ul>
<li>Margins stable, but likely to shrink this year</li>
</ul>
<div class="lb-trans"><ul>
<li>息差稳定，但今年可能会收窄</li>
</ul></div><ul>
<li>Risks from Middle East conflict remain</li>
</ul>
<div class="lb-trans"><ul>
<li>中东冲突风险依然存在</li>
</ul></div><p>By Ziyi Tang and Selena Li</p>
<div class="lb-trans"><p>作者：Tang Ziyi 和 Selena Li</p></div><p>BEIJING/HONG KONG, March 27 (Reuters) - Three of China’s largest banks reported nearly flat annual profits on Friday as the world’s second largest economy reels from a deepening property sector debt crisis amid a prolonged slowdown.</p>
<div class="lb-trans"><p>北京/香港，3 月 27 日（路透社）- 中国三大银行周五公布的年度利润几乎持平，因为这个世界第二大经济体在长期放缓中正遭受房地产行业债务危机加剧的困扰。</p></div><p>Industrial and Commercial Bank of China (601398.SS) (1398.HK) , the world’s largest lender by assets, and China Construction Bank (601939.SS) (0939.HK) both reported less than 1% growth in 2025 net profit.</p>
<div class="lb-trans"><p>按资产计，全球最大的贷款机构——工商银行（601398.SS）（1398.HK）和建设银行（601939.SS）（0939.HK）报告的 2025 年净利润增长均不足 1%。</p></div><p>The Bank of Communications (3328.HK) (601328.SS) did slightly better with a 2.2% rise in net profit last year.</p>
<div class="lb-trans"><p>交通银行（3328.HK）（601328.SS）表现稍好，去年净利润增长了 2.2%。</p></div><p>China has yet to see the property crisis bottom out, as house prices slip across the country and large so-called zombie developers, or developers that are unprofitable, continue to roll-over loans.</p>
<div class="lb-trans"><p>由于全国房价下跌，以及所谓的大型 “僵尸开发商”（即亏损的开发商）继续对贷款进行展期，中国的房地产危机尚未触底。</p></div><p>However, net interest margins (NIMs) - a gauge of profitability - have remained steady.</p>
<div class="lb-trans"><p>然而，衡量盈利能力的指标——净息差（NIMs）一直保持稳定。</p></div><p>Both ICBC’s and BoCom’s NIMs were steady between the end of September and the end of December, though CCB’s contracted slightly.</p>
<div class="lb-trans"><p>截至 12 月底，工商银行和交通银行的净息差较 9 月底保持稳定，尽管建设银行的净息差略有收窄。</p></div><p>ICBC’s non-performing loan ratio (NPL) fell slightly to 1.31% by the end of December compared with 1.33% three months earlier.</p>
<div class="lb-trans"><p>截至 12 月底，工商银行的不良贷款率（NPL）从三个月前的 1.33% 小幅降至 1.31%。</p></div><p>BoCom’s NPL ratio ticked up slightly to 1.28% at end of December from 1.26% three months earlier.</p>
<div class="lb-trans"><p>交通银行的不良贷款率从三个月前的 1.26% 小幅升至 12 月底的 1.28%。</p></div><h3>MIDDLE EAST WAR RISKS</h3>
<div class="lb-trans"><h3>中东战争风险</h3></div><p>Analysts warned though, that a prolonged Middle East conflict, one that exceeded four weeks, could have a detrimental impact on bank balance sheets.</p>
<div class="lb-trans"><p>分析师警告称，如果中东冲突持续超过四周，可能对银行资产负债表产生不利影响。</p></div><p>Higher oil prices and the pricing in of political volatility “would lead to a more challenging operating environment for Chinese banks, raising asset risks in banks’ lending and investment portfolios,” said Nicholas Zhu, a banking analyst at Moody’s.</p>
<div class="lb-trans"><p>穆迪银行分析师 Nicholas Zhu 表示，更高的油价和对政治波动的定价 “将导致中国银行面临更具挑战性的经营环境，增加银行贷款和投资组合中的资产风险”。</p></div><p>Margins are also expected to shrink further this year.</p>
<div class="lb-trans"><p>息差预计今年还将进一步收窄。</p></div><p>“We expect NIM contraction to further narrow as banks exercise greater discipline in loan and deposit pricing, as well as in the pricing of fees for banking services,” Zhu added.</p>
<div class="lb-trans"><p>Zhu 补充道：“随着银行在贷款和存款定价以及银行服务收费定价方面采取更严格的纪律，我们预计净息差（NIM）收窄幅度将进一步缩小。”</p></div><p>ICBC, however, expects the decline in margins will slow.</p>
<div class="lb-trans"><p>然而，工商银行预计息差的下降将放缓。</p></div><p>“Net interest margins will contract at a slower pace,” ICBC Vice President Yao Mingde said at a post-earnings press conference.</p>
<div class="lb-trans"><p>工商银行副行长姚明德在财报发布会上表示：“净息差的收窄速度将放慢。”</p></div><p>A bright spot for banks is the massive repricing of high-cost time deposits. Around 50 trillion yuan ($6.9 trillion) in time deposits are maturing this year, offering lenders a chance to roll them over at rates nearly half the levels seen in 2022 and 2023, analysts said.</p>
<div class="lb-trans"><p>银行的一个亮点是高成本定期存款的大规模重新定价。分析师表示，今年约有 50 万亿元人民币（合 6.9 万亿美元）的定期存款到期，这为银行提供了以接近 2022 年和 2023 年利率一半的水平进行续作的机会。</p></div><p>The repricing is expected to lower interest costs by as much as 150 basis points and add about 12 basis points to net interest margins overall.</p>
<div class="lb-trans"><p>重新定价预计将把利息成本降低多达 150 个基点，并总体上为净息差增加约 12 个基点。</p></div><p>China is also weighing allowing some bank shareholders to become major investors - defined as holding a 5% stake or more - in one to two additional banks, on top of an upper limit of two currently, sources told Reuters on Thursday. ($1 = 6.9103 Chinese yuan renminbi)</p>
<div class="lb-trans"><p>路透社周四援引消息人士称，中国还在考虑允许部分银行股东在目前最多持股两家的上限基础上，在另外一到两家银行中成为主要投资者（定义为持股比例达到 5% 或以上）。（1 美元 = 6.9103 人民币）</p></div>

WRAPUP 1-China's largest banks' profits virtually flat as property slump continues

Reuters

INDUSTRIAL & COMMERCIAL BK OF CHINA UNSP ADR EACH REPR 20 ORD SHS

华安中证银行ETF

富国中证800银行ETF

建设银行

中证银行ETF

华宝中证银行ETF

建设银行(ADR)

交通银行

综述 1-受房地产市场持续低迷影响，中国大型银行利润几乎持平