> 数据图表咨询下各位2.22025-12-32.2业绩：2026年子行业盈利预测经营基本面视角子行业来看：预计城商行业绩表现有望继续领跑上市行，主要考虑规模增速高，息差韧性强，以量补价能力强。归母净利润增速营收增速规模增速单季净息差利息净收入增速中收增速其他非息增速信用成本归母净利润增速营收增速规模增速单季净息差利息净收入增速中收增速其他非息增速信用成本国有行24A25Q125H125Q1-31.8%-0.3%7.9%1.37%-1.6%-7.9%22.9%0.50%-2.1%-1.5%7.4%1.29%-3.4%-1.5%12.8%0.73%股份行-0.1%1.9%10.4%1.26%-2.4%4.7%28.8%0.70%1.2%1.9%10.0%1.24%-2.0%5.9%23.9%0.57%24A25Q125H125Q1-31.8%-1.3%4.8%1.45%-4.9%-12.3%29.3%1.09%-2.1%-3.9%5.2%1.43%-0.5%-0.9%-17.8%0.92%0.3%-2.3%5.3%1.40%-1.8%-0.6%-5.3%1.03%-0.2%-2.6%4.9%1.44%-0.9%1.3%25E1.4%2.5%9.7%1.26%-1.1%5.8%24.9%0.53%25E0.6%-2.6%5.1%1.47%1.0%1.2%26E2.2%2.6%9.5%1.21%5.2%5.0%-14.8%0.51%26E1.9%2.1%4.8%1.42%4.1%5.0%归母净利润增速营收增速规模增速单季净息差利息净收入增速中收增速其他非息增速信用成本归母净利润增速营收增速规模增速单季净息差利息净收入增速中收增速-12.1%-18.8%-10.3%其他非息增速0.98%1.00%0.99%信用成本城商行24A25Q125H125Q1-37.3%6.4%12.1%1.34%2.6%-9.6%24.9%0.96%5.5%3.0%14.1%1.34%8.4%10.3%-13.8%0.95%农商行7.0%5.3%15.5%1.27%8.8%4.1%-3.3%0.92%5.7%3.5%6.8%1.49%-2.8%-1.2%40.5%0.74%4.8%0.2%7.5%1.44%-0.9%4.7%2.8%4.4%0.9%6.9%1.42%-0.6%1.0%5.8%0.72%0.68%-11.7%-18.9%0.90%0.88%24A25Q125H125Q1-36.9%4.8%16.1%1.31%10.3%8.8%3.6%0.0%7.6%25E7.0%3.9%14.8%1.34%11.7%8.3%25E3.9%0.6%6.8%26E7.7%7.1%11.5%1.31%11.5%5.0%-9.1%0.83%26E1.4%0.5%6.5%1.43%1.45%1.42%0.1%3.9%-1.6%0.56%1.2%3.5%-2.5%0.69%5.2%5.0%-19.3%0.65%18数据来源：wind，浙商证券研究所。注：息差取上市行加权平均，单季净息差=单季净利息收入/期初期末平均总资产。灰色底纹为预测值。浙商证券综合其他
