<p>中国最大的国有银行在第一季度交出了强于预期的业绩，随着利息收入的增加和资产质量的稳定，显示出信贷需求的改善，因为北京加大了对经济关键领域的支持。四大银行——中国工商银行（ICBC）、中国建设银行（CCB）、中国农业银行（ABC）和中国银行（BOC）——均报告了收入和净利润的增长，标志着近年来利润压力的逆转。根据它们的财报，合并净利润在年初的前三个月达到了约 3050 亿元人民币（446 亿美元），相当于该期间每天约 34 亿元人民币的水平。反弹部分得益于净利息收入的恢复，四家银行的净利息收入均增长超过 7%。净利息差作为衡量银行盈利能力的关键指标，在经历了长期下降后也显示出早期稳定的迹象，一些银行报告了轻微的环比改善。花旗集团的分析师朱迪·张在最近的一份报告中表示，强劲的业绩得益于 “由政府相关贷款驱动的韧性贷款增长”，因为银行加大了对基础设施和政策支持领域（如制造业）的融资。他们补充说，大型国有银行由于对企业和政府贷款的更强暴露而表现优于同行，而缓解的利润压力和较低的融资成本则有助于支持利息收入的恢复。这些收益表明，政策驱动的贷款开始在金融系统中发挥作用，因为银行将更多信贷引导至政府支持的优先领域，如高科技制造、绿色能源和基础设施。工商银行表示，其人民币贷款在本季度增加了近 1.1 万亿元，而建设银行的国内企业贷款增加了近 8%。农业银行继续加大对农村地区和科技企业的贷款，向科技企业的贷款增长超过 20%。与此同时，中国银行则增加了对制造业和战略性新兴产业的投入，制造业贷款余额较去年年底增长了 5%，反映了北京推动建立更具自给自足的工业基础的努力。信贷配置的变化也突显了银行在支持政策优先事项方面日益增长的作用，特别是在中国寻求抵消房地产行业的疲软并恢复国内需求之际。全球评级机构穆迪周二将包括四大银行在内的八家主要中国银行的展望从 “负面” 调整为 “稳定”，同时维持对这些银行的 A1 评级。该机构表示，展望的变化反映了尽管面临国内和地缘政治挑战，国家的经济和财政实力仍将保持韧性的预期。它补充说，这些主要商业银行预计将继续受益于 “非常高” 的政府支持可能性，依据周二的报告。</p>

中国银行

建设银行

工商银行

<p>中国四大银行报告了强于预期的第一季度业绩，合并净利润达到约 3050 亿元人民币（446 亿美元）。这一增长得益于净利息收入的恢复，增长超过 7%，以及资产质量的改善。分析师指出，贷款增长表现出韧性，特别是在基础设施和制造等与政府相关的行业。这些银行越来越多地支持政策优先事项，对科技公司和制造业的贷款显著增加。穆迪评级将这些银行的展望从负面调整为稳定，反映出对持续政府支持的预期</p>

<p>China’s largest state-owned banks delivered stronger-than-expected first-quarter earnings, with rising interest income and steady asset quality pointing to improving credit demand as Beijing ramps up support for key sectors of the economy. The Big Four lenders – Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Agricultural Bank of China (ABC) and Bank of China (BOC) – all reported growth in both revenue and net profit, marking a turnaround from the margin pressure seen in recent years. Combined net profit reached about 305 billion yuan (US$44.6 billion) in the first three months of the year, according to their filings, equivalent to roughly 3.4 billion yuan a day during the period. The rebound was driven in part by a recovery in net interest income, which rose more than 7 per cent across all four banks. Net interest margin, a key gauge of lenders’ profitability, also showed early signs of stabilisation after a prolonged decline, with some lenders reporting slight sequential improvements. Analysts led by Judy Zhang at Citi said in a recent report that the stronger results were supported by “resilient loan growth driven by government-related loans”, as banks stepped up financing to infrastructure and policy-backed sectors such as manufacturing. They added that large state-owned lenders outperformed peers due to their stronger exposure to corporate and government lending, while easing margin pressure and lower funding costs helped support a recovery in interest income. The earnings suggest that policy-driven lending is beginning to filter through the financial system, as banks channel more credit towards government-backed priorities such as hi-tech manufacturing, green energy and infrastructure. ICBC said its yuan-denominated loans increased by nearly 1.1 trillion yuan during the quarter, while CCB expanded its domestic corporate loan book by nearly 8 per cent. ABC continued to step up lending to rural regions and technology firms, with loans to technology enterprises rising more than 20 per cent. BOC, meanwhile, increased its exposure to manufacturing and strategic emerging industries, with outstanding manufacturing loans up 5 per cent from the end of last year, reflecting Beijing’s push to build a more self-reliant industrial base. The shift in credit allocation also highlights banks’ growing role in supporting policy priorities, particularly as China seeks to offset weakness in the property sector and revive domestic demand. Global rating firm Moody’s Ratings on Tuesday revised the outlook of eight major Chinese banks, including the Big Four lenders, from “negative” to “stable”, while maintaining its A1 rating on the banks. The agency said the outlook change reflected expectations that the country’s economic and fiscal strength would remain resilient despite domestic and geopolitical challenges. It added that these major commercial banks were expected to continue to benefit from a “very high” likelihood of government support, according to a Tuesday report.</p>
<div class="lb-trans"><p>中国最大的国有银行在第一季度交出了强于预期的业绩，随着利息收入的增加和资产质量的稳定，显示出信贷需求的改善，因为北京加大了对经济关键领域的支持。四大银行——中国工商银行（ICBC）、中国建设银行（CCB）、中国农业银行（ABC）和中国银行（BOC）——均报告了收入和净利润的增长，标志着近年来利润压力的逆转。根据它们的财报，合并净利润在年初的前三个月达到了约 3050 亿元人民币（446 亿美元），相当于该期间每天约 34 亿元人民币的水平。反弹部分得益于净利息收入的恢复，四家银行的净利息收入均增长超过 7%。净利息差作为衡量银行盈利能力的关键指标，在经历了长期下降后也显示出早期稳定的迹象，一些银行报告了轻微的环比改善。花旗集团的分析师朱迪·张在最近的一份报告中表示，强劲的业绩得益于 “由政府相关贷款驱动的韧性贷款增长”，因为银行加大了对基础设施和政策支持领域（如制造业）的融资。他们补充说，大型国有银行由于对企业和政府贷款的更强暴露而表现优于同行，而缓解的利润压力和较低的融资成本则有助于支持利息收入的恢复。这些收益表明，政策驱动的贷款开始在金融系统中发挥作用，因为银行将更多信贷引导至政府支持的优先领域，如高科技制造、绿色能源和基础设施。工商银行表示，其人民币贷款在本季度增加了近 1.1 万亿元，而建设银行的国内企业贷款增加了近 8%。农业银行继续加大对农村地区和科技企业的贷款，向科技企业的贷款增长超过 20%。与此同时，中国银行则增加了对制造业和战略性新兴产业的投入，制造业贷款余额较去年年底增长了 5%，反映了北京推动建立更具自给自足的工业基础的努力。信贷配置的变化也突显了银行在支持政策优先事项方面日益增长的作用，特别是在中国寻求抵消房地产行业的疲软并恢复国内需求之际。全球评级机构穆迪周二将包括四大银行在内的八家主要中国银行的展望从 “负面” 调整为 “稳定”，同时维持对这些银行的 A1 评级。该机构表示，展望的变化反映了尽管面临国内和地缘政治挑战，国家的经济和财政实力仍将保持韧性的预期。它补充说，这些主要商业银行预计将继续受益于 “非常高” 的政府支持可能性，依据周二的报告。</p>
</div>

China’s Big Four banks post stronger earnings as policy lending lifts growth

南华早报

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

建设银行(ADR)

南方中证银行ETF

华夏中证银行ETF

华宝中证银行ETF

招商中证银行AH价格优选ETF

华安中证银行ETF

中证银行ETF

农业银行

花旗

穆迪

中银香港

中国银行(ADR)

CITIGROUP INC 6.250 NON CUM SER II PFD WI

由于政策贷款推动了增长，中国四大银行公布了更强劲的收益