<p>[北京] 中国最大的国有银行报告了第一季度收益增长，因为该行业试图摆脱多年来定义该行业表现的盈利能力长期受压的局面。</p>
<p>根据 4 月 29 日（星期三）的交易所公告，中国工商银行报告净利润增长 3.3%，达到 869 亿元人民币（约合 159 亿新元）。中国农业银行和交通银行的净利润分别增长了 4.5% 和 3.1%。</p>
<p>各银行的净利差（NIM）保持稳定或继续收窄，而不良贷款比率大致保持稳定。</p>
<p>停滞的底线已成为该行业的常态，因为北京要求国有银行履行国家服务，通过廉价信贷和债务宽容来支持降温的经济。</p>
<p>持续的逆风迫使贷款机构在创纪录的低利差和恶化的资产质量之间艰难应对。这种持续的压力促使当局在 3 月承诺发行特别主权债券，以为国家最大的银行注资，旨在巩固 70 万亿美元的金融体系。</p>
<p>尽管年初表现平平，但一些分析师认为转折点即将到来。越来越多的经济学家预测，国家中央银行今年不会降低利率或贷款机构的法定准备金，因为伊朗战争引发的石油危机推高了通胀预期。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f2e344229bb26e64b6a328772997b51e2fc3e6e2e8eba42cc2af6187c3686645/query-ZHByPTEmZj13ZWJwJnc9MjQw?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://cassette.sphdigital.com.sg/image/businesstimes/f2e344229bb26e64b6a328772997b51e2fc3e6e2e8eba42cc2af6187c3686645/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>消息来源称，中国中央银行指导银行在 4 月加大放贷力度</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/cb1c15c3e39921d1794c66a15997910e09c6eee1097500af909d7668ab2825c5/query-ZHByPTEmZj13ZWJwJnc9MjQw?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://cassette.sphdigital.com.sg/image/businesstimes/cb1c15c3e39921d1794c66a15997910e09c6eee1097500af909d7668ab2825c5/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>尽管伊朗战争，中国的经济增长预计将在 2026 年初反弹</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4b6682671530bb12116acaca69a3e4a7615c541f5bff1a7778bff1c11a44a0d3/query-ZHByPTEmZj13ZWJwJnc9MjQw?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://cassette.sphdigital.com.sg/image/businesstimes/4b6682671530bb12116acaca69a3e4a7615c541f5bff1a7778bff1c11a44a0d3/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国的信贷增长令人失望，贷款需求疲软持续</h3>
<h3>在新的全球秩序中导航亚洲</h3>
<p>获取洞察，送达您的邮箱。</p>
<p>摩根士丹利预计 2026 年剩余时间的前景更加光明，预测随着利差压力缓解和手续费收入稳定，收入将恢复。由 Richard Xu 领导的分析师在 3 月底的报告中写道：“存款的重新定价和贷款定价向 ‘反内卷’ 的转变——减少不理性的竞争——是预计今年将支持净利差的因素之一。”</p>
<p>资产质量也预计将找到底部。根据 Fitch Ratings 金融机构董事 Vivian Xue 的说法，中国贷款机构的资产负债表将通过更加谨慎的贷款增长方式和主动处置不良资产的策略得到支撑。彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>

农业银行

交通银行

工商银行

<p>中国最大的国有银行在第一季度报告了利润增长，其中工商银行的利润增长了 3.3%，达到 869 亿元人民币。农业银行和交通银行的收益也有所增长。尽管净利差和不良贷款比例保持稳定，但该行业面临低利差和资产质量问题的挑战。分析师预测可能会出现复苏，预计中央银行将维持利率不变。摩根士丹利预测，随着利差压力缓解和资产质量稳定，收入将改善</p>

<p>[BEIJING] China’s largest state-owned lenders reported increased first-quarter earnings, as the industry seeks to emerge from a protracted squeeze on profitability that has defined the sector’s performance for years.</p>
<div class="lb-trans"><p>[北京] 中国最大的国有银行报告了第一季度收益增长，因为该行业试图摆脱多年来定义该行业表现的盈利能力长期受压的局面。</p>
</div><p>Industrial &amp; Commercial Bank of China posed reported a 3.3 per cent gain to 86.9 billion yuan (S$15.9 billion), according to an exchange filing on Wednesday (Apr 29). Agricultural Bank of China and Bank of Communications posted earnings growth of 4.5 per cent and 3.1 per cent, respectively.</p>
<div class="lb-trans"><p>根据 4 月 29 日（星期三）的交易所公告，中国工商银行报告净利润增长 3.3%，达到 869 亿元人民币（约合 159 亿新元）。中国农业银行和交通银行的净利润分别增长了 4.5% 和 3.1%。</p>
</div><p>Net interest margins (NIM) were stable or continued to narrow across the banks, while non-performing loan ratios were largely stable.</p>
<div class="lb-trans"><p>各银行的净利差（NIM）保持稳定或继续收窄，而不良贷款比率大致保持稳定。</p>
</div><p>Stagnant bottom lines have become a fixture for the industry as Beijing mandates that state banks perform national service to support the cooling economy through cheap credit and debt forbearance.</p>
<div class="lb-trans"><p>停滞的底线已成为该行业的常态，因为北京要求国有银行履行国家服务，通过廉价信贷和债务宽容来支持降温的经济。</p>
</div><p>The persistent headwinds have forced lenders to navigate a tightening vise of record-low margins and deteriorating asset quality. This sustained strain prompted authorities in March to pledge the issuance of special sovereign bonds to recapitalise the nation’s largest banks, a move aimed at fortifying the US$70 trillion financial system.</p>
<div class="lb-trans"><p>持续的逆风迫使贷款机构在创纪录的低利差和恶化的资产质量之间艰难应对。这种持续的压力促使当局在 3 月承诺发行特别主权债券，以为国家最大的银行注资，旨在巩固 70 万亿美元的金融体系。</p>
</div><p>Despite the lacklustre start to the year, some analysts see a turning point on the horizon. An increasing number of economists is predicting the nation’s central bank will not cut interest rates or lenders’ required reserves this year as the oil crisis caused by the Iran war pushes up inflation expectations.</p>
<div class="lb-trans"><p>尽管年初表现平平，但一些分析师认为转折点即将到来。越来越多的经济学家预测，国家中央银行今年不会降低利率或贷款机构的法定准备金，因为伊朗战争引发的石油危机推高了通胀预期。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f2e344229bb26e64b6a328772997b51e2fc3e6e2e8eba42cc2af6187c3686645/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/f2e344229bb26e64b6a328772997b51e2fc3e6e2e8eba42cc2af6187c3686645?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s central bank guides banks to step up lending in April: sources</h3>
<div class="lb-trans"><h3>消息来源称，中国中央银行指导银行在 4 月加大放贷力度</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/cb1c15c3e39921d1794c66a15997910e09c6eee1097500af909d7668ab2825c5/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/cb1c15c3e39921d1794c66a15997910e09c6eee1097500af909d7668ab2825c5?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s growth seen rebounding in early 2026 despite war in Iran</h3>
<div class="lb-trans"><h3>尽管伊朗战争，中国的经济增长预计将在 2026 年初反弹</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4b6682671530bb12116acaca69a3e4a7615c541f5bff1a7778bff1c11a44a0d3/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/4b6682671530bb12116acaca69a3e4a7615c541f5bff1a7778bff1c11a44a0d3?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s credit growth disappoints as weak loan demand persists</h3>
<div class="lb-trans"><h3>中国的信贷增长令人失望，贷款需求疲软持续</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察，送达您的邮箱。</p>
</div><p>Morgan Stanley expects a brighter outlook for the remainder of 2026, forecasting a revenue recovery as margin pressure eases and fee income stabilises. “The repricing of deposits and a move towards ‘anti-involution’ in loan pricing-reducing irrational competition-are among the factors expected to support NIM this year,” analysts led by Richard Xu wrote in a late March note.</p>
<div class="lb-trans"><p>摩根士丹利预计 2026 年剩余时间的前景更加光明，预测随着利差压力缓解和手续费收入稳定，收入将恢复。由 Richard Xu 领导的分析师在 3 月底的报告中写道：“存款的重新定价和贷款定价向 ‘反内卷’ 的转变——减少不理性的竞争——是预计今年将支持净利差的因素之一。”</p>
</div><p>Asset quality is also expected to find a floor. According to Vivian Xue, a director for financial institutions at Fitch Ratings, Chinese lenders’ balance sheets will be underpinned by a more prudent approach to loan growth and a proactive strategy for disposing of toxic assets. BLOOMBERG</p>
<div class="lb-trans"><p>资产质量也预计将找到底部。根据 Fitch Ratings 金融机构董事 Vivian Xue 的说法，中国贷款机构的资产负债表将通过更加谨慎的贷款增长方式和主动处置不良资产的策略得到支撑。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>
</div>

China’s mega banks post increased profits in first quarter

Businesstimes News

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

南方中证银行ETF

华夏中证银行ETF

招商中证银行AH价格优选ETF

中证银行ETF

华宝中证银行ETF

富国中证800银行ETF

摩根士丹利

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

中国大型银行在第一季度的利润有所增长