<p>[北京] 中國最大的國有銀行報告了第一季度收益增長，因為該行業試圖擺脱多年來定義該行業表現的盈利能力長期受壓的局面。</p>
<p>根據 4 月 29 日（星期三）的交易所公告，中國工商銀行報告淨利潤增長 3.3%，達到 869 億元人民幣（約合 159 億新元）。中國農業銀行和交通銀行的淨利潤分別增長了 4.5% 和 3.1%。</p>
<p>各銀行的淨利差（NIM）保持穩定或繼續收窄，而不良貸款比率大致保持穩定。</p>
<p>停滯的底線已成為該行業的常態，因為北京要求國有銀行履行國家服務，通過廉價信貸和債務寬容來支持降温的經濟。</p>
<p>持續的逆風迫使貸款機構在創紀錄的低利差和惡化的資產質量之間艱難應對。這種持續的壓力促使當局在 3 月承諾發行特別主權債券，以為國家最大的銀行注資，旨在鞏固 70 萬億美元的金融體系。</p>
<p>儘管年初表現平平，但一些分析師認為轉折點即將到來。越來越多的經濟學家預測，國家中央銀行今年不會降低利率或貸款機構的法定準備金，因為伊朗戰爭引發的石油危機推高了通脹預期。</p>
<p>另見</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>消息來源稱，中國中央銀行指導銀行在 4 月加大放貸力度</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>儘管伊朗戰爭，中國的經濟增長預計將在 2026 年初反彈</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>中國的信貸增長令人失望，貸款需求疲軟持續</h3>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察，送達您的郵箱。</p>
<p>摩根士丹利預計 2026 年剩餘時間的前景更加光明，預測隨着利差壓力緩解和手續費收入穩定，收入將恢復。由 Richard Xu 領導的分析師在 3 月底的報告中寫道：“存款的重新定價和貸款定價向 ‘反內卷’ 的轉變——減少不理性的競爭——是預計今年將支持淨利差的因素之一。”</p>
<p>資產質量也預計將找到底部。根據 Fitch Ratings 金融機構董事 Vivian Xue 的説法，中國貸款機構的資產負債表將通過更加謹慎的貸款增長方式和主動處置不良資產的策略得到支撐。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>

農業銀行

交通銀行

工商銀行

<p>中國最大的國有銀行在第一季度報告了利潤增長，其中工商銀行的利潤增長了 3.3%，達到 869 億元人民幣。農業銀行和交通銀行的收益也有所增長。儘管淨利差和不良貸款比例保持穩定，但該行業面臨低利差和資產質量問題的挑戰。分析師預測可能會出現復甦，預計中央銀行將維持利率不變。摩根士丹利預測，隨着利差壓力緩解和資產質量穩定，收入將改善</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] 中國最大的國有銀行報告了第一季度收益增長，因為該行業試圖擺脱多年來定義該行業表現的盈利能力長期受壓的局面。</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>根據 4 月 29 日（星期三）的交易所公告，中國工商銀行報告淨利潤增長 3.3%，達到 869 億元人民幣（約合 159 億新元）。中國農業銀行和交通銀行的淨利潤分別增長了 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>各銀行的淨利差（NIM）保持穩定或繼續收窄，而不良貸款比率大致保持穩定。</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>停滯的底線已成為該行業的常態，因為北京要求國有銀行履行國家服務，通過廉價信貸和債務寬容來支持降温的經濟。</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>持續的逆風迫使貸款機構在創紀錄的低利差和惡化的資產質量之間艱難應對。這種持續的壓力促使當局在 3 月承諾發行特別主權債券，以為國家最大的銀行注資，旨在鞏固 70 萬億美元的金融體系。</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>儘管年初表現平平，但一些分析師認為轉折點即將到來。越來越多的經濟學家預測，國家中央銀行今年不會降低利率或貸款機構的法定準備金，因為伊朗戰爭引發的石油危機推高了通脹預期。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>消息來源稱，中國中央銀行指導銀行在 4 月加大放貸力度</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>儘管伊朗戰爭，中國的經濟增長預計將在 2026 年初反彈</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>中國的信貸增長令人失望，貸款需求疲軟持續</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察，送達您的郵箱。</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>摩根士丹利預計 2026 年剩餘時間的前景更加光明，預測隨着利差壓力緩解和手續費收入穩定，收入將恢復。由 Richard Xu 領導的分析師在 3 月底的報告中寫道：“存款的重新定價和貸款定價向 ‘反內卷’ 的轉變——減少不理性的競爭——是預計今年將支持淨利差的因素之一。”</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>資產質量也預計將找到底部。根據 Fitch Ratings 金融機構董事 Vivian Xue 的説法，中國貸款機構的資產負債表將通過更加謹慎的貸款增長方式和主動處置不良資產的策略得到支撐。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>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</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

南方中證銀行ETF

華夏中證銀行ETF

招商中證銀行AH價格優選ETF

中證銀行ETF

華寶中證銀行ETF

富國中證800銀行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

中國大型銀行在第一季度的利潤有所增長