<p>瑞士银行发布了一份研究报告，指出中国大陆银行在第一季度表现强劲，国有银行在收入和盈利方面均显著超出预期。六大国有银行的平均收入增长为 8.5%，是自 2021 年以来的最快增速，远高于瑞士银行预测的 4.6%。该银行表示，收入超出预期主要得益于净利差的意外反弹、稳定的手续费收入以及部分银行交易收入的低基数。尽管更高的拨备抵消了部分强劲表现，平均盈利增长仍达到 3.4%，高于瑞士银行预测的 1.7%。</p>
<p>报告指出，四大国有银行是明显的赢家，而股份制银行的表现则较为混合，普遍未能达到市场预期。瑞士银行表示，大型国有银行的净利差在第一季度环比反弹了平均 4 个基点，主要受益于定期存款到期后的重新定价，特别是三年期定期存款，这导致其覆盖范围内的利息支出环比下降 3%。尽管大多数银行承认净利差仍面临温和压力，但预计同比下降将进一步缩小。手续费收入持续恢复，普遍实现中到高个位数的增长，财富管理手续费仍是主要的增长动力。</p>
<p>瑞士银行重申其对防御性、高股息的大陆银行股票的偏好，青睐建设银行（00939.HK）+0.080 (+0.911%) 空头卖出 166.39 百万美元；比例 36.927%，中国银行（03988.HK）+0.040 (+0.791%) 空头卖出 73.78 百万美元；比例 24.533%，工商银行（01398.HK）+0.094 (+1.375%) 空头卖出 118.93 百万美元；比例 30.616%，中信银行（00998.HK）-0.080 (-0.976%) 空头卖出 3.44 百万美元；比例 9.293% 和宁波银行（002142.SZ）-0.350 (-1.043%)。该券商警告，零售贷款资产质量加速恶化的迹象已显现，多个银行的逾期贷款比例上升，信用卡贷款资产质量普遍恶化。预计零售资产质量的压力将持续成为阻力，可能导致大型国有银行与股份制银行之间的拨备和盈利增长持续分化。（ad/u）（香港股票报价延迟至少 15 分钟。空头卖出数据截至 2026-05-04 12:25。）（A 股报价延迟至少 15 分钟。）</p>
<p>本文由人工智能自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

工商银行

建设银行

华安中证银行ETF

中证银行ETF

富国中证800银行ETF

华宝中证银行ETF

华夏中证银行ETF

<p>瑞士银行的报告指出，内地中国银行，特别是国有银行，在第一季度的表现超出预期，平均收入增长达 8.5%。这一增长得益于净利差的反弹、稳定的手续费收入以及较低的交易收入基数。尽管拨备增加，盈利仍增长了 3.4%。瑞士银行看好防御性、高股息的银行股票，如建设银行和工商银行，但警告零售贷款资产质量恶化，可能会对大型国有银行和股份制银行的盈利增长产生不同影响</p>

<p>UBS published a research report noting that mainland Chinese banks delivered strong results in the first quarter, with state-owned banks significantly beating expectations in both revenue and earnings. The six major state-owned banks recorded an average revenue growth of 8.5%, the fastest pace since 2021 and well above UBS's forecast of 4.6%. The bank said the revenue beat was mainly driven by a better-than-expected rebound in NIM, resilient fee income and a low base for trading income at certain banks. Despite higher provisioning offsetting part of the strong performance, average earnings growth reached 3.4%, still above UBS's forecast of 1.7%.</p>
<div class="lb-trans"><p>瑞士银行发布了一份研究报告，指出中国大陆银行在第一季度表现强劲，国有银行在收入和盈利方面均显著超出预期。六大国有银行的平均收入增长为 8.5%，是自 2021 年以来的最快增速，远高于瑞士银行预测的 4.6%。该银行表示，收入超出预期主要得益于净利差的意外反弹、稳定的手续费收入以及部分银行交易收入的低基数。尽管更高的拨备抵消了部分强劲表现，平均盈利增长仍达到 3.4%，高于瑞士银行预测的 1.7%。</p>
</div><p>The report indicated that the four largest state-owned banks were clear winners, while joint-stock banks showed more mixed performance and generally fell short of market expectations. UBS said NIM of the large state-owned banks rebounded by an average of 4 bps QoQ in the first quarter, mainly benefiting from repricing of time deposits upon maturity, particularly three-year time deposits, which led to a 3% QoQ decline in interest expenses across its coverage. Although most banks acknowledged that NIM still faces mild pressure, the YoY decline is expected to narrow further. Fee income continued its recovery trend, generally posting mid- to high-single-digit growth, with wealth management fees remaining the key growth driver.</p>
<div class="lb-trans"><p>报告指出，四大国有银行是明显的赢家，而股份制银行的表现则较为混合，普遍未能达到市场预期。瑞士银行表示，大型国有银行的净利差在第一季度环比反弹了平均 4 个基点，主要受益于定期存款到期后的重新定价，特别是三年期定期存款，这导致其覆盖范围内的利息支出环比下降 3%。尽管大多数银行承认净利差仍面临温和压力，但预计同比下降将进一步缩小。手续费收入持续恢复，普遍实现中到高个位数的增长，财富管理手续费仍是主要的增长动力。</p>
</div><p>UBS reiterated its preference for defensive, high-dividend mainland bank stocks, favoring CCB (00939.HK) +0.080 (+0.911%)  Short selling $166.39M; Ratio 36.927%  , BANK OF CHINA (03988.HK) +0.040 (+0.791%)  Short selling $73.78M; Ratio 24.533%  , ICBC (01398.HK) +0.094 (+1.375%)  Short selling $118.93M; Ratio 30.616%  , CITIC BANK (00998.HK) -0.080 (-0.976%)  Short selling $3.44M; Ratio 9.293%  and BANK OF NINGBO (002142.SZ) -0.350 (-1.043%)  . The broker cautioned that signs of accelerating deterioration in retail loan asset quality have emerged, with overdue loan ratios rising at several banks and credit card loan asset quality generally weakening. It expects pressure on retail asset quality to remain a headwind, potentially leading to continued divergence in provisioning and earnings growth between large state-owned banks and joint-stock banks. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-04 12:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>瑞士银行重申其对防御性、高股息的大陆银行股票的偏好，青睐建设银行（00939.HK）+0.080 (+0.911%) 空头卖出 166.39 百万美元；比例 36.927%，中国银行（03988.HK）+0.040 (+0.791%) 空头卖出 73.78 百万美元；比例 24.533%，工商银行（01398.HK）+0.094 (+1.375%) 空头卖出 118.93 百万美元；比例 30.616%，中信银行（00998.HK）-0.080 (-0.976%) 空头卖出 3.44 百万美元；比例 9.293% 和宁波银行（002142.SZ）-0.350 (-1.043%)。该券商警告，零售贷款资产质量加速恶化的迹象已显现，多个银行的逾期贷款比例上升，信用卡贷款资产质量普遍恶化。预计零售资产质量的压力将持续成为阻力，可能导致大型国有银行与股份制银行之间的拨备和盈利增长持续分化。（ad/u）（香港股票报价延迟至少 15 分钟。空头卖出数据截至 2026-05-04 12:25。）（A 股报价延迟至少 15 分钟。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由人工智能自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

UBS: Mainland Banks' 1Q Results Generally Beat; NIM Rebounds; State-owned Big Banks Outperform

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瑞银：大陆银行第一季度业绩普遍超出预期；净息差回升；国有大型银行表现突出