<p>甘肃银行和江西银行最新的年度业绩显示，由于高额的定期存款利息支付和贷款收益下降，它们的利润空间正在受到压缩。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/01051857/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_1-4-2026_131655_thebambooworks.com_-1024x728.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/2026/04/01051857/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_1-4-2026_131655_thebambooworks.com_-1024x728.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>甘肃银行和江西银行的净利差正在急剧收窄，因为它们面临降低贷款利率的压力，但仍被高成本的定期存款所困扰。</li>
<li>它们日益无法产生利润，这意味着可能需要来自国有控股股东的资本支持，这很可能会稀释其他股东的权益。</li>
</ul>
<p><strong>甘肃银行有限公司</strong>（2139.HK）和 <strong>江西银行有限公司</strong>（1916.HK）最新的年度业绩——这两家区域性银行扎根于中国两个欠发达省份——描绘了中国金融行业这一角落的严峻形势。</p>
<p>像这对小型区域银行在中国贷款机构普遍面临的利润压缩中遭受的打击最为严重。由于经济放缓，贷款需求疲软，而中央银行的低利率环境则压制了贷款收益。同时，这些小型银行在降低存款高成本方面也面临困难。随着盈利能力受到越来越大的压力，来自国有股东的外部资本支持显得愈发必要。这将进一步削弱已经看到其股份价值缩水的私人投资者。</p>
<p>让我们先从甘肃银行开始，该行位于中国相对贫困的西北地区。根据 其报告，该行的新增贷款不仅在去年缩减，而且其净利差（NIM）也从 2024 年的 1.18% 降至 1.09%，而在 2021 年时曾高达 1.65%。因此，其主要收入来源的净利息收入下降了 4.8%，降至 44 亿元人民币（6.37 亿美元）。江西银行虽然成功增加了新增贷款，但其净利差却进一步收窄，下降超过 0.20 个百分点，降至 1.41%，净利息收入几乎下降了 10%，降至 77 亿元人民币，根据 其报告。</p>
<p>这两家银行在结构上比大型国有银行或富裕省份的区域银行更容易受到利润压力的影响。</p>
<p>与那些受益于大型企业客户和高频交易流动所产生的低成本活期存款的同行不同，江西银行和甘肃银行在很大程度上依赖于利率更高的定期存款。这种资金结构是一个昂贵的差异，且难以逃脱。</p>
<p>这可能是因为它们的大部分零售客户都是风险厌恶型个人，他们更倾向于在有限的资金访问权下选择固定利率的确定性，而不是将资金存放在几乎零收益的活期账户中所带来的更大灵活性。同时，这些银行的企业客户——主要是小型企业和地方政府融资平台——要么在低利率或无利率的活期账户中保持最低余额，要么试图为这些存款获得高利率。</p>
<p>对于江西银行而言，零售定期存款的平均利率为 2.61%，几乎占其零售存款基础的 90%，而零售存款又占其总存款的一半多。相比之下，该行对活期存款的利率仅为 0.06%。甘肃银行的情况类似，甚至更依赖于零售存款。</p>
<p>与活期存款相比，定期存款确实为银行提供了一些好处。最显著的是，前者为银行的流动性提供了稳定性。但当贷款收益如今天在中国所经历的那样下降时，它们会对盈利能力造成严重拖累。甘肃银行面临更大的困扰，因为它在经济放缓的情况下难以发放新贷款，借款人越来越无法偿还债务。其贷款与存款的比率去年降至仅 66% 以上，这意味着其存款中有相当一部分处于闲置状态，给银行带来了成本而没有产生回报。</p>
<h4><strong>缓冲侵蚀</strong></h4>
<p>为了抵御这些逆风，甘肃银行和江西银行正在采取一些看起来不太明智的措施——减少其贷款损失的缓冲。</p>
<p>江西银行去年将其信用损失准备金削减了约 15%。这帮助其将净利润的下降限制在 4%，相比之下，其营业收入下降了 22%，这是一个不错的结果。贷款损失准备金的减少可能表明该行管理层对其资产质量变得更加自信，其不良贷款（NPL）比率从 2024 年的 2.15% 降至去年的 2.00%。但怀疑者可能会认为这是不明智的操控，以支撑其利润。</p>
<p>尽管江西银行的不良贷款减少，但仍高于大型商业银行的平均水平。同时，其准备金与不良债务的比率约为 160%，低于 200% 以上的行业标准。这意味着江西银行在任何可能因违约潮引发的重大危机面前，运营的缓冲更薄弱。</p>
<p>甘肃银行的缓冲更弱，去年底其贷款损失准备金降至不良贷款的约 131%，比一年前低了 3 个百分点。借助这一手段，其净利润去年实际上增长了 1%，尽管营业收入下降了 9%。</p>
<p>该银行的不良贷款比例在去年保持在 1.93% 的水平，但它还将大量不良资产出售给了一家属于其大股东的资产管理公司。这种清理工作——基本上是将不良资产从上市公司转移到未上市的关联公司——提醒我们，中国银行，尤其是小型银行的头条数字往往需要一些审查。</p>
<p>现在，这两家银行面临的最大挑战是其资本缓冲的侵蚀。实际上，它们无法产生足够的资本来支持业务增长。特别是，江西银行的普通股一级资本比率在 12 月底降至 9% 以下，危险地接近监管最低要求。</p>
<p>如果它们的资本恶化持续下去，这些贷款机构将别无选择，只能向其控股股东，通常是地方政府实体，寻求新的注资以换取新股。这将以稀释的形式对其他股东造成成本。</p>
<p>因此，这两家银行的股票在投资者中失宠，过去五年中价值损失近 80% 也就不足为奇了。甘肃银行的股票交易价格与账面价值比（P/B）仅为 0.11，而江西银行更糟，仅为 0.08。这基本上意味着每 1 美元的股本，投资者愿意支付的仅约 10 美分，这表明他们对其资产的真实价值极为怀疑，并认为不良贷款最终将侵蚀其账面价值。</p>
<p>中国许多大型银行的这一数字也低于 1，例如 <strong>工商银行</strong>（1398.HK；601398.SH）在香港上市的股票为 0.47，反映出投资者对这一群体在当前疲弱经济环境中的担忧。但如果大型银行的日子艰难，那么小型银行的处境看起来就更加悲惨，尤其是在中国欠发达地区。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。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>

甘肃银行

江西银行

<p>甘肃银行和江西银行的年度业绩显示，由于定期存款的高利息支出和贷款收益的下降，利润率显著压缩。两家银行在盈利能力方面面临困境，可能需要国有股东的资本支持，这可能会稀释私人投资者的股份。甘肃银行的净利差降至 1.09%，而江西银行的净利差缩小至 1.41%。它们对高成本定期存款的依赖以及在经济放缓中贷款需求疲软，加剧了其财务挑战，导致抵御贷款损失的缓冲能力下降</p>

<p><em>The latest annual results from Bank of Gansu and Jiangxi Bank show their margins are getting compressed by high interest payments on their time deposits and falling loan yields</em></p>
<div class="lb-trans"><p>甘肃银行和江西银行最新的年度业绩显示，由于高额的定期存款利息支付和贷款收益下降，它们的利润空间正在受到压缩。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/01051857/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_1-4-2026_131655_thebambooworks.com_-1024x728.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/01051857/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_1-4-2026_131655_thebambooworks.com_-1024x728.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>Bank of Gansu and Jiangxi Bank are seeing their net interest margins compress sharply as they get pressured to lower loan interest rates but remain stuck with costly time deposits</li>
<li>Their growing inability to generate profits means they may need capital support from their state-owned controlling shareholders, most likely diluting other shareholders</li>
</ul>
<div class="lb-trans"><ul>
<li>甘肃银行和江西银行的净利差正在急剧收窄，因为它们面临降低贷款利率的压力，但仍被高成本的定期存款所困扰。</li>
<li>它们日益无法产生利润，这意味着可能需要来自国有控股股东的资本支持，这很可能会稀释其他股东的权益。</li>
</ul>
</div><p>The latest annual results from <strong>Bank of Gansu Co. Ltd.</strong> (2139.HK) and <strong>Jiangxi Bank Co. Ltd.</strong> (1916.HK) — regional lenders anchored in two of China's less developed provinces — paint a bleak picture of this corner of the Chinese financial sector.</p>
<div class="lb-trans"><p><strong>甘肃银行有限公司</strong>（2139.HK）和 <strong>江西银行有限公司</strong>（1916.HK）最新的年度业绩——这两家区域性银行扎根于中国两个欠发达省份——描绘了中国金融行业这一角落的严峻形势。</p>
</div><p>Small regional banks like this pair are suffering the most in an industry-wide margin squeeze afflicting Chinese lenders. Loan demand is weak in a slowing economy, and the central bank's low interest rate environment is crushing loan yields. At the same time, these smaller banks are struggling to reduce high costs for deposits. As their profitability comes under growing pressure, external capital support from their state-owned shareholders increasingly looks necessary. That would further undermine long-suffering private investors who have already seen the value of their shares shrivel.</p>
<div class="lb-trans"><p>像这对小型区域银行在中国贷款机构普遍面临的利润压缩中遭受的打击最为严重。由于经济放缓，贷款需求疲软，而中央银行的低利率环境则压制了贷款收益。同时，这些小型银行在降低存款高成本方面也面临困难。随着盈利能力受到越来越大的压力，来自国有股东的外部资本支持显得愈发必要。这将进一步削弱已经看到其股份价值缩水的私人投资者。</p>
</div><p>Let's start with Bank of Gansu, based in the country's less affluent Northwest. Not only did the bank's new lending shrink last year, but its net interest margin (NIM) also dropped to 1.09% from 1.18% in 2024, and 1.65% as recently as 2021, according to its report. As a result, net interest income, its primary revenue source, dropped 4.8% to 4.4 billion yuan ($637 million). Jiangxi Bank managed to boost its new lending, but its NIM narrowed even more, by more than 0.20 percentage points, to 1.41%, driving down its net interest income by nearly 10% to 7.7 billion yuan, according to its report.</p>
<div class="lb-trans"><p>让我们先从甘肃银行开始，该行位于中国相对贫困的西北地区。根据 其报告，该行的新增贷款不仅在去年缩减，而且其净利差（NIM）也从 2024 年的 1.18% 降至 1.09%，而在 2021 年时曾高达 1.65%。因此，其主要收入来源的净利息收入下降了 4.8%，降至 44 亿元人民币（6.37 亿美元）。江西银行虽然成功增加了新增贷款，但其净利差却进一步收窄，下降超过 0.20 个百分点，降至 1.41%，净利息收入几乎下降了 10%，降至 77 亿元人民币，根据 其报告。</p>
</div><p>The two banks are structurally more susceptible to margin pressure than big state-owned national lenders or regional banks in wealthier provinces.</p>
<div class="lb-trans"><p>这两家银行在结构上比大型国有银行或富裕省份的区域银行更容易受到利润压力的影响。</p>
</div><p>Unlike those peers that benefit from deep pools of low-cost demand deposits generated by big corporate customers and high-velocity transaction flows, Jiangxi Bank and Bank of Gansu rely heavily on time deposits that carry much higher interest rates. That funding structure is a costly difference and one that's difficult to escape.</p>
<div class="lb-trans"><p>与那些受益于大型企业客户和高频交易流动所产生的低成本活期存款的同行不同，江西银行和甘肃银行在很大程度上依赖于利率更高的定期存款。这种资金结构是一个昂贵的差异，且难以逃脱。</p>
</div><p>That's likely because large proportions of their retail customers are risk-averse individuals who prefer the certainty of fixed interest rates in exchange for limited access to their funds, over greater flexibility that comes with keeping money in near-zero-yield on-demand accounts. Meanwhile, these banks' corporate clients — mostly small enterprises and local government financing vehicles — either keep minimal balances in their low- or no-interest on-demand accounts, or try to get high rates for those deposits.</p>
<div class="lb-trans"><p>这可能是因为它们的大部分零售客户都是风险厌恶型个人，他们更倾向于在有限的资金访问权下选择固定利率的确定性，而不是将资金存放在几乎零收益的活期账户中所带来的更大灵活性。同时，这些银行的企业客户——主要是小型企业和地方政府融资平台——要么在低利率或无利率的活期账户中保持最低余额，要么试图为这些存款获得高利率。</p>
</div><p>For Jiangxi Bank, retail time deposits, which carry an average interest rate of 2.61%, account for almost 90% of its retail deposit base, which make up a little more than half of its total deposits. By comparison, the bank pays a far lower 0.06% for demand deposits. The story is similar for Bank of Gansu, which is even more reliant on retail depositors.</p>
<div class="lb-trans"><p>对于江西银行而言，零售定期存款的平均利率为 2.61%，几乎占其零售存款基础的 90%，而零售存款又占其总存款的一半多。相比之下，该行对活期存款的利率仅为 0.06%。甘肃银行的情况类似，甚至更依赖于零售存款。</p>
</div><p>Term deposits do offer some benefits for banks compared with demand deposits. Most notably, the former provide stability for a bank's liquidity. But they become a severe drag on profitability when loan yields decline as they have been in China these days. Bank of Gansu is facing a bigger headache as it struggles to make new loans in a slowing economy where borrowers are increasingly unable to repay their debt. The ratio of its loans to its deposits fell to just a little over 66% last year, meaning a significant share of its deposits is sitting idle, costing the bank money without generating returns.</p>
<div class="lb-trans"><p>与活期存款相比，定期存款确实为银行提供了一些好处。最显著的是，前者为银行的流动性提供了稳定性。但当贷款收益如今天在中国所经历的那样下降时，它们会对盈利能力造成严重拖累。甘肃银行面临更大的困扰，因为它在经济放缓的情况下难以发放新贷款，借款人越来越无法偿还债务。其贷款与存款的比率去年降至仅 66% 以上，这意味着其存款中有相当一部分处于闲置状态，给银行带来了成本而没有产生回报。</p>
</div><h4><strong>Buffer erosion</strong></h4>
<div class="lb-trans"><h4><strong>缓冲侵蚀</strong></h4>
</div><p>In an apparent effort to defend their bottom lines against these headwinds, Bank of Gansu and Jiangxi Bank are doing something that doesn't look so prudent — reducing their buffers against loan losses.</p>
<div class="lb-trans"><p>为了抵御这些逆风，甘肃银行和江西银行正在采取一些看起来不太明智的措施——减少其贷款损失的缓冲。</p>
</div><p>Jiangxi Bank cut its provisions for credit losses by about 15% last year. This helped it limit the decline in its net profit to 4% last year, a good outcome compared to a 22% plunge in its operating income. The decrease in loan-loss provisions may suggest that the bank's management has become more confident about its asset quality, with its nonperforming loan (NPL) ratio falling to 2.00% last year from 2.15% in 2024. But skeptics might see this as imprudent maneuvering to prop up its profits.</p>
<div class="lb-trans"><p>江西银行去年将其信用损失准备金削减了约 15%。这帮助其将净利润的下降限制在 4%，相比之下，其营业收入下降了 22%，这是一个不错的结果。贷款损失准备金的减少可能表明该行管理层对其资产质量变得更加自信，其不良贷款（NPL）比率从 2024 年的 2.15% 降至去年的 2.00%。但怀疑者可能会认为这是不明智的操控，以支撑其利润。</p>
</div><p>And even though Jiangxi Bank's NPL fell, it's still higher than the average for large commercial banks. Meanwhile, the ratio of its provisions relative to bad debt, at about 160%, is lower than the 200%-plus industry norm. That means Jiangxi Bank operates on a thinner cushion against any major crisis that could be triggered by a wave of defaults.</p>
<div class="lb-trans"><p>尽管江西银行的不良贷款减少，但仍高于大型商业银行的平均水平。同时，其准备金与不良债务的比率约为 160%，低于 200% 以上的行业标准。这意味着江西银行在任何可能因违约潮引发的重大危机面前，运营的缓冲更薄弱。</p>
</div><p>Bank of Gansu has an even weaker buffer, which eroded further after it cut its loan-loss provisions to about 131% of NPLs at the end of last year, a good 3 percentage points lower than a year earlier. Helped by this trick, its net profit actually grew 1% last year despite a 9% fall in its operating income.</p>
<div class="lb-trans"><p>甘肃银行的缓冲更弱，去年底其贷款损失准备金降至不良贷款的约 131%，比一年前低了 3 个百分点。借助这一手段，其净利润去年实际上增长了 1%，尽管营业收入下降了 9%。</p>
</div><p>The bank's bad loan ratio held steady at 1.93% last year, but it also sold a large chunk of its bad assets to an asset management company that is a subsidiary of one of its large shareholders. That kind of clean-up – basically shifting bad assets from a listed company to an unlisted related company – is an important reminder that headline numbers of Chinese banks, especially small ones, often require some scrutiny.</p>
<div class="lb-trans"><p>该银行的不良贷款比例在去年保持在 1.93% 的水平，但它还将大量不良资产出售给了一家属于其大股东的资产管理公司。这种清理工作——基本上是将不良资产从上市公司转移到未上市的关联公司——提醒我们，中国银行，尤其是小型银行的头条数字往往需要一些审查。</p>
</div><p>Now, the biggest challenge for the two banks is the erosion of their capital buffers. In effect, they can't generate sufficient capital to cover their business growth. Particularly, Jiangxi Bank's Common Equity Tier 1 (CET1) capital ratio fell below 9% as of the end of December, dangerously close to the regulatory minimum requirement.</p>
<div class="lb-trans"><p>现在，这两家银行面临的最大挑战是其资本缓冲的侵蚀。实际上，它们无法产生足够的资本来支持业务增长。特别是，江西银行的普通股一级资本比率在 12 月底降至 9% 以下，危险地接近监管最低要求。</p>
</div><p>If their capital deterioration continues, these lenders will have little choice but to ask their controlling shareholders, usually regional government entities, for fresh injections in exchange for new shares. That would cost other shareholders in the form of dilution.</p>
<div class="lb-trans"><p>如果它们的资本恶化持续下去，这些贷款机构将别无选择，只能向其控股股东，通常是地方政府实体，寻求新的注资以换取新股。这将以稀释的形式对其他股东造成成本。</p>
</div><p>So, it's no wonder these two banks' shares have fallen out of favor with investors, losing close to 80% of their value in the past five years. Bank of Gansu shares trade at a paltry price-to-book (P/B) ratio of 0.11 and Jiangxi Bank is even worse at 0.08. This basically means for every $1 of equity on their balance sheets, investors are willing to pay only around 10 cents, suggesting that they are extremely skeptical about the true values of their assets and believe NPLs will eventually erode their book values.</p>
<div class="lb-trans"><p>因此，这两家银行的股票在投资者中失宠，过去五年中价值损失近 80% 也就不足为奇了。甘肃银行的股票交易价格与账面价值比（P/B）仅为 0.11，而江西银行更糟，仅为 0.08。这基本上意味着每 1 美元的股本，投资者愿意支付的仅约 10 美分，这表明他们对其资产的真实价值极为怀疑，并认为不良贷款最终将侵蚀其账面价值。</p>
</div><p>The figure for many large banks in China is also below 1, such as the 0.47 for <strong>ICBC's</strong> (1398.HK; 601398.SH) Hong Kong-listed shares, reflecting investor concerns about this group in the current weak economic climate. But if life is hard for big banks, it looks even more miserable for smaller ones, especially in China's less developed regions.</p>
<div class="lb-trans"><p>中国许多大型银行的这一数字也低于 1，例如 <strong>工商银行</strong>（1398.HK；601398.SH）在香港上市的股票为 0.47，反映出投资者对这一群体在当前疲弱经济环境中的担忧。但如果大型银行的日子艰难，那么小型银行的处境看起来就更加悲惨，尤其是在中国欠发达地区。</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：本文来自一位未付费的外部贡献者。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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财富差距：中国较贫困地区的银行承受利润压缩的主要压力