<p><em>招商銀行的營業收入增長在 2025 年停滯不前，這家被認為是中國大型國有銀行中最具市場導向的銀行之一</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/28071108/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_135955_thebambooworks.com_-1024x678.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/2026/01/28071108/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_135955_thebambooworks.com_-1024x678.jpeg"/></p>
<p><em>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>招商銀行的營業收入去年僅增長了 0.01%，而淨利潤增長略好，為 1.2%</li>
<li>結果顯示，在放緩的中國經濟中，推動該行競爭優勢的高利潤零售產品的增長正在停滯</li>
</ul>
<p>在中國銀行業中，<strong>招商銀行股份有限公司</strong>（3968.HK；600036.SH）長期以來一直是創新者，通過卓越的零售銀行和財富管理服務開闢了優質增長的道路。與大多數總部位於北京的國家競爭對手不同，這家銀行源自南方的繁榮城市深圳，使其遠離大多數同行的政策導向貸款。但該行的 最新年度業績 的初步版本顯示，這一特例無法逃脱放緩經濟的引力，這種經濟影響着所有人。</p>
<p>根據上週五發布的初步結果，2025 年招商銀行的營業收入幾乎停滯，同比僅增長 0.01%，達到 3375 億元人民幣（約合 480 億美元）。該行的淨利潤略微增長，但仍不令人印象深刻，增長了 1.2%，達到 1502 億元人民幣。</p>
<p>一個小小的好消息是，去年下半年情況似乎有所好轉，因為該行的營業收入在上半年同比實際下降，而淨利潤在那段時間僅增長了 0.25%。但無論如何，招商銀行的年度報告卡可能不會讓很多人印象深刻。</p>
<p>這一表現與招商銀行過去的行業領先盈利增長形成鮮明對比。就在 2021 年，當中國仍在與 Covid-19 疫情作鬥爭並偶爾封鎖時，這家股份制商業銀行的營業收入增長了 14%，淨利潤增長了 23%，是六年來最快的增速，超越了國有銀行巨頭。</p>
<p>在其全盛時期，招商銀行的增長主要來自兩個來源：高質量的零售貸款組合，其利息利潤率優於同行，以及蓬勃發展的以費用為基礎的業務，包括財富管理、信用卡和投資銀行服務。</p>
<p>但這些相同的利潤驅動因素現在使招商銀行在中國長期經濟下滑中比那些重度依賴向大型國有企業貸款的國有競爭對手更脆弱。</p>
<p>根據初步結果，招商銀行的淨利息收入僅增長了約 2%，該結果未提供該項的具體數字，但提供了非利息收入的細分。這一增長落後於其貸款組合 5.4% 的擴張。銀行貸款業務的疲軟揭示了其面臨的兩個問題。</p>
<p>首先，對其貸款的需求不再像以前那樣強勁。富裕的城市家庭，招商銀行的核心客户羣，正在去槓桿化，推遲重大購買，並在當前經濟不確定的環境中避免借貸。因此，推動貸款的難度正在加大。</p>
<p>而中國央行多年來通過降息來刺激經濟的努力正在壓縮所有銀行的淨利息利潤率。這對招商銀行的打擊尤其嚴重，因為其貸款策略圍繞高利潤的零售產品展開。去年其貸款組合的增長率與淨利息收入的較慢增長之間的顯著差距清楚地説明了利潤率壓力。</p>
<p>與此同時，招商銀行去年非利息收入的下降表明，其財富管理服務的需求，作為其最大的費用收入來源，減少了，因為客户越來越趨向於規避風險，選擇將更多資金存入儲蓄賬户，而不是投資於潛在收益更高的產品。反映這一點的是，招商銀行的存款與 2024 年相比增長了 8%。</p>
<h4><strong>防禦性勝利</strong></h4>
<p>中國的 “四大” 國有銀行——以 <strong>工商銀行</strong>（1398.HK；601398.SH）為首的境況也並不特別樂觀。但這些更具政策導向的貸款機構在去年前三個季度的收入增長速度均快於招商銀行。它們的業務可能不那麼令人興奮，但更為穩定，因為它們的主要角色是通過資助大型國家項目和向大型國有企業提供信貸來為經濟提供穩定，充當貨幣政策的渠道。</p>
<p>招商銀行最新業績中的一個亮點是其卓越的資產質量。其不良貸款（NPL）比率在去年年底保持在 1% 以下，遠低於行業整體水平和四大銀行的水平。</p>
<p>這表明招商銀行在風險管理方面表現良好，專注於高質量的借款人，而不是盲目追求業務增長。但這一成就並不是值得全心慶祝的，因為這更多是一種防禦性勝利，無法提升其利潤或使銀行恢復往日的輝煌。</p>
<p>顯然，招商銀行的管理層並沒有坐以待斃。在該行的中期報告中，提出了一項戰略，重點通過零售銀行生態系統深化其 “價值創造”，並加速數字化。目標是利用其良好的客户服務和技術平台來增加客户粘性和交叉銷售。</p>
<p>但這種策略看起來相當防禦性，因為它本質上是關於保護現有客户羣和優化效率，而不是發現新的高增長領域。</p>
<p>可能還有更激進的選擇。例如，招商銀行可以加大對投資銀行業務的投入，以提升其手續費收入，特別是利用當前中國企業重組浪潮的機會。或者，它可以利用其技術能力創造新的數字金融產品，以吸引更廣泛的借款人。顯著的海外擴張也是另一種可能性。但這些舉措需要更多的風險承擔，如果執行不當，可能會適得其反。</p>
<p>招商銀行的股票在 2025 年初步業績發佈後的兩個交易日內仍上漲了約 1.7%，略微超過了恒生指數 1.4% 的漲幅。其市盈率（P/E）為 7.3，高於工商銀行的 5.6。也許投資者喜歡招商銀行儘管收入增長平穩，但仍設法 modestly 增加淨利潤，這可能歸功於成本削減。歸根結底，招商銀行在將股東資金轉化為利潤方面仍然表現優越，股本回報率（ROE）約為 12%，而工商銀行為 9%。</p>
<p>但差距正在縮小，問題是招商銀行能否重新點燃增長，以維持其相對於更政策導向的國家競爭對手的估值優勢。就目前而言，回到中國經濟繁榮時期招商銀行的快速擴張似乎是一個艱鉅的任務。</p>
<p><em>要訂閲 Bamboo Works 每週免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

招商銀行

富國中證800銀行ETF

招商中證銀行AH價格優選ETF

南方中證銀行ETF

中證銀行ETF

華夏中證銀行ETF

華寶中證銀行ETF

華安中證銀行ETF

<p>招商銀行的營業收入在 2025 年增長停滯，僅為 0.01%，淨利潤增長 1.2%。這反映了中國經濟放緩對其高利潤零售產品的影響。儘管該行在零售銀行業務中是創新者，但由於經濟不確定性，富裕客户減少借貸，面臨挑戰。雖然其資產質量依然強勁，不良貸款率低於 1%，但整體表現相較於國有競爭對手顯示出脆弱性，後者的收入增長更為穩定</p>

<p><em>Operating income growth for the bank, considered one of the most market-oriented among China's big state-run lenders, came to a standstill in 2025</em></p>
<div class="lb-trans"><p><em>招商銀行的營業收入增長在 2025 年停滯不前，這家被認為是中國大型國有銀行中最具市場導向的銀行之一</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/28071108/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_135955_thebambooworks.com_-1024x678.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/28071108/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_135955_thebambooworks.com_-1024x678.jpeg"/></p>
<p><em>Image Credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</strong></h4>
</div><ul>
<li>China Merchants Bank's operating income increased by just 0.01% last year, while its net profit grew by an only slightly better 1.2%</li>
<li>The results show that growth is stalling in a slowing Chinese economy for the high-margin retail products that give the bank its competitive edge</li>
</ul>
<div class="lb-trans"><ul>
<li>招商銀行的營業收入去年僅增長了 0.01%，而淨利潤增長略好，為 1.2%</li>
<li>結果顯示，在放緩的中國經濟中，推動該行競爭優勢的高利潤零售產品的增長正在停滯</li>
</ul>
</div><p>In the world of Chinese banking, <strong>China Merchants Bank Co. Ltd.</strong> (3968.HK; 600036.SH) has long been an innovator, charting a course of premium growth through superior retail banking and wealth management services. Unlike its national rivals, mostly based in Beijing, the lender harkens from the southern boomtown of Shenzhen, distancing it from the policy-oriented lending of most of its peers. But a preliminary version of the bank's latest annual results shows that this outlier can't escape the gravitational pull of a slowing economy that is weighing on everyone.</p>
<div class="lb-trans"><p>在中國銀行業中，<strong>招商銀行股份有限公司</strong>（3968.HK；600036.SH）長期以來一直是創新者，通過卓越的零售銀行和財富管理服務開闢了優質增長的道路。與大多數總部位於北京的國家競爭對手不同，這家銀行源自南方的繁榮城市深圳，使其遠離大多數同行的政策導向貸款。但該行的 最新年度業績 的初步版本顯示，這一特例無法逃脱放緩經濟的引力，這種經濟影響着所有人。</p>
</div><p>In 2025, growth in China Merchants Bank's operating income, effectively its revenue, came to a virtual halt, rising a mere 0.01% year-on-year to 337.5 billion yuan ($48 billion), according to the preliminary results released last Friday. The lender managed to grow its net profit by a slightly bigger but still unimpressive 1.2% to 150.2 billion yuan.</p>
<div class="lb-trans"><p>根據上週五發布的初步結果，2025 年招商銀行的營業收入幾乎停滯，同比僅增長 0.01%，達到 3375 億元人民幣（約合 480 億美元）。該行的淨利潤略微增長，但仍不令人印象深刻，增長了 1.2%，達到 1502 億元人民幣。</p>
</div><p>A small silver lining may be that things appeared to pick up in the second half of last year, since the bank's operating income actually shrank year-on-year in the first half and its net profit rose by just 0.25% during that time. But regardless, China Merchants Bank's annual report card probably won't impress many.</p>
<div class="lb-trans"><p>一個小小的好消息是，去年下半年情況似乎有所好轉，因為該行的營業收入在上半年同比實際下降，而淨利潤在那段時間僅增長了 0.25%。但無論如何，招商銀行的年度報告卡可能不會讓很多人印象深刻。</p>
</div><p>This performance is a stark departure from industry-leading earnings growth that China Merchants Bank pulled off in the past. As recently as 2021, when China was still battling Covid-19 outbreaks with occasional lockdowns, the joint-stock commercial lender's operating income grew 14%, and its net profit jumped 23%, the fastest pace in six years, outperforming state-owned banking titans.</p>
<div class="lb-trans"><p>這一表現與招商銀行過去的行業領先盈利增長形成鮮明對比。就在 2021 年，當中國仍在與 Covid-19 疫情作鬥爭並偶爾封鎖時，這家股份制商業銀行的營業收入增長了 14%，淨利潤增長了 23%，是六年來最快的增速，超越了國有銀行巨頭。</p>
</div><p>During its heyday, China Merchants Bank's growth came from two main sources: a high-quality retail loan book that commanded better interest margins than its peers, and a booming fee-based business encompassing wealth management, credit card and investment banking services.</p>
<div class="lb-trans"><p>在其全盛時期，招商銀行的增長主要來自兩個來源：高質量的零售貸款組合，其利息利潤率優於同行，以及蓬勃發展的以費用為基礎的業務，包括財富管理、信用卡和投資銀行服務。</p>
</div><p>But these same profit drivers are now making China Merchants Bank more vulnerable to China's prolonged economic downturn than its state-owned rivals that focus heavily on lending to large state-owned companies.</p>
<div class="lb-trans"><p>但這些相同的利潤驅動因素現在使招商銀行在中國長期經濟下滑中比那些重度依賴向大型國有企業貸款的國有競爭對手更脆弱。</p>
</div><p>China Merchants Bank's net interest income increased only by an estimated 2%, according to its preliminary results, which don't include a specific figure for the item but provide a breakdown for non-interest revenue. That lags a 5.4% expansion of its loan book. The sluggishness of the bank's lending business reveals two problems it's facing.</p>
<div class="lb-trans"><p>根據初步結果，招商銀行的淨利息收入僅增長了約 2%，該結果未提供該項的具體數字，但提供了非利息收入的細分。這一增長落後於其貸款組合 5.4% 的擴張。銀行貸款業務的疲軟揭示了其面臨的兩個問題。</p>
</div><p>For starters, demand for its loans isn't what it used to be. Affluent urban households, China Merchants Bank's core clientele, are deleveraging, postponing major purchases and refraining from borrowing in the current climate of economic uncertainty. As a result, boosting loans is becoming tougher for the lender.</p>
<div class="lb-trans"><p>首先，對其貸款的需求不再像以前那樣強勁。富裕的城市家庭，招商銀行的核心客户羣，正在去槓桿化，推遲重大購買，並在當前經濟不確定的環境中避免借貸。因此，推動貸款的難度正在加大。</p>
</div><p>And the Chinese central bank's years-long efforts to stimulate the economy through interest rate cuts are weighing on net interest margins for all banks. This is hitting China Merchants Bank particularly hard because its lending strategy revolves around high-margin retail products. The significant gap between the growth rate for its loan book and slower growth for its net interest income last year clearly illustrates the margin pressure.</p>
<div class="lb-trans"><p>而中國央行多年來通過降息來刺激經濟的努力正在壓縮所有銀行的淨利息利潤率。這對招商銀行的打擊尤其嚴重，因為其貸款策略圍繞高利潤的零售產品展開。去年其貸款組合的增長率與淨利息收入的較慢增長之間的顯著差距清楚地説明了利潤率壓力。</p>
</div><p>At the same time, the fall in China Merchants Bank's non-interest income last year suggests that demand for its wealth management services, its biggest source of fee income, diminished as its customers increasingly became risk averse and opted to park more money in their savings accounts instead of investing in products with higher potential yields. Reflecting that, China Merchants Bank's deposits swelled 8% last year compared with 2024.</p>
<div class="lb-trans"><p>與此同時，招商銀行去年非利息收入的下降表明，其財富管理服務的需求，作為其最大的費用收入來源，減少了，因為客户越來越趨向於規避風險，選擇將更多資金存入儲蓄賬户，而不是投資於潛在收益更高的產品。反映這一點的是，招商銀行的存款與 2024 年相比增長了 8%。</p>
</div><h4><strong>Defensive triumph</strong></h4>
<div class="lb-trans"><h4><strong>防禦性勝利</strong></h4>
</div><p>Life isn't particularly great either for China's &#34;Big Four&#34; state-owned banks — led by <strong>ICBC</strong> (1398.HK; 601398.SH). But those more policy-oriented lenders all posted faster revenue growth than China Merchants Bank in the first nine months of last year. Their business may not be so exciting but is steadier as their main role is to provide stability for the economy by funding large national projects and channeling credit to big state-owned enterprises, acting as conduits for monetary policy.</p>
<div class="lb-trans"><p>中國的 “四大” 國有銀行——以 <strong>工商銀行</strong>（1398.HK；601398.SH）為首的境況也並不特別樂觀。但這些更具政策導向的貸款機構在去年前三個季度的收入增長速度均快於招商銀行。它們的業務可能不那麼令人興奮，但更為穩定，因為它們的主要角色是通過資助大型國家項目和向大型國有企業提供信貸來為經濟提供穩定，充當貨幣政策的渠道。</p>
</div><p>One bright spot in China Merchants Bank's latest results is its superb asset quality. Its non-performing loan (NPL) ratio remained below 1% at the end of last year, well below the sector-wide level and figures for the Big Four banks.</p>
<div class="lb-trans"><p>招商銀行最新業績中的一個亮點是其卓越的資產質量。其不良貸款（NPL）比率在去年年底保持在 1% 以下，遠低於行業整體水平和四大銀行的水平。</p>
</div><p>This shows China Merchants Bank is managing risks well, focusing on high-quality borrowers, instead of recklessly pursuing business growth. But this achievement isn't something to wholeheartedly celebrate as it's more of a defensive triumph that won't do anything to boost its profits or return the bank to its former glory.</p>
<div class="lb-trans"><p>這表明招商銀行在風險管理方面表現良好，專注於高質量的借款人，而不是盲目追求業務增長。但這一成就並不是值得全心慶祝的，因為這更多是一種防禦性勝利，無法提升其利潤或使銀行恢復往日的輝煌。</p>
</div><p>Obviously, China Merchants Bank's management is not sitting idle. In the bank's midyear report, it outlined a strategy focused on deepening its &#34;value creation&#34; through the retail banking ecosystem and accelerating digitalization. The goal is to leverage its well-regarded customer service and technology platform to increase client stickiness and cross-selling.</p>
<div class="lb-trans"><p>顯然，招商銀行的管理層並沒有坐以待斃。在該行的中期報告中，提出了一項戰略，重點通過零售銀行生態系統深化其 “價值創造”，並加速數字化。目標是利用其良好的客户服務和技術平台來增加客户粘性和交叉銷售。</p>
</div><p>But this tactic also looks rather defensive as it's essentially about protecting the existing customer base and optimizing efficiency rather than discovering new, high-growth frontiers.</p>
<div class="lb-trans"><p>但這種策略看起來相當防禦性，因為它本質上是關於保護現有客户羣和優化效率，而不是發現新的高增長領域。</p>
</div><p>There could be more aggressive options. For example, China Merchants Bank could double down on investment banking to boost its fee income, particularly to take advantage of a wave of corporate restructuring now happening in China. Or it could leverage its technological capabilities to create new digital finance products that can appeal to a broader range of borrowers. Significant overseas expansion is yet another possibility. But such initiatives would require more risk-taking and could do more harm than good if not executed properly.</p>
<div class="lb-trans"><p>可能還有更激進的選擇。例如，招商銀行可以加大對投資銀行業務的投入，以提升其手續費收入，特別是利用當前中國企業重組浪潮的機會。或者，它可以利用其技術能力創造新的數字金融產品，以吸引更廣泛的借款人。顯著的海外擴張也是另一種可能性。但這些舉措需要更多的風險承擔，如果執行不當，可能會適得其反。</p>
</div><p>China Merchants Bank shares still gained about 1.7% in the two trading days after the 2025 preliminary results release, slightly outpacing a 1.4% gain in the Hang Seng Index. They trade at a trailing price-to-earnings (P/E) ratio of 7.3, higher than 5.6 for ICBC. Perhaps investors like the fact that China Merchants Bank managed to increase its net profit, albeit modestly, despite flat revenue growth, which probably owed to cost cutting. At the end of the day, China Merchants Bank remains superior in turning shareholder money into profit, with a return on equity (ROE) of about 12%, versus 9% for ICBC.</p>
<div class="lb-trans"><p>招商銀行的股票在 2025 年初步業績發佈後的兩個交易日內仍上漲了約 1.7%，略微超過了恒生指數 1.4% 的漲幅。其市盈率（P/E）為 7.3，高於工商銀行的 5.6。也許投資者喜歡招商銀行儘管收入增長平穩，但仍設法 modestly 增加淨利潤，這可能歸功於成本削減。歸根結底，招商銀行在將股東資金轉化為利潤方面仍然表現優越，股本回報率（ROE）約為 12%，而工商銀行為 9%。</p>
</div><p>But the gap is narrowing, and the question is whether China Merchants Bank can reignite growth to maintain its valuation edge over its more policy-oriented national rivals. As things stand now, a return to the bank's juicy expansion of earlier years when China's economy was booming seems like a tall order.</p>
<div class="lb-trans"><p>但差距正在縮小，問題是招商銀行能否重新點燃增長，以維持其相對於更政策導向的國家競爭對手的估值優勢。就目前而言，回到中國經濟繁榮時期招商銀行的快速擴張似乎是一個艱鉅的任務。</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 免責聲明：本文來自一位未付的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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在經濟放緩的背景下，招商銀行表現不佳