> 数据图表如何解释上市银行对公资产质量整体改善2026-3-2上市银行对公资产质量整体改善◼ 弱复苏环境下，对公贷款资产质量整体改善。尽管当前对公企业经营状况仍承压力，但2025H1仅个别银行对公贷款不良率较2024年末略有上升，其余银行均有较大幅度改善。国股行中，仅兴业、平安对公不良率边际上行，其余不良率均下行，部分国股行改善幅度超10bp；城、农商行中仅宁波、郑州、厦门边际承压。上市银行主要对公行业中，交运、制造业、租赁商服不良率较2024年整体改善，但部分银行批发零售行业不良率仍有抬升，且主要集中于股份行及中小行，亦反映小微企业区域性经营压力。◼ 企业经营偏弱与对公信贷风险修复二者同时存在。当前企业经营仍处偏弱阶段，但对公信贷风险持续修复，我们认为形成该现象的原因在于：（1）受前期房地产、城投冲击影响，银行对公信贷风险政策趋紧，在压降了许多存量涉险客户同时，也限制了潜在风险客户的准入，故对公客群质量显著提升；（2）在经济复苏偏弱的过程中，对公企业尤其是央、国企等大型企业，抗击系统性风险能力较强，现金流虽边际承压但其体量仍旧雄厚，故资金仍可满足其正常经营活动及还本付息。表7：2025H1上市银行对公贷款不良率改善幅度较大（%或BP）资料来源：Wind，华源证券研究所24交运仓储邮政制造业租赁商服批发零售建筑业房地产对公2024 2025H 变化 2024 2025H 变化 2024 2025H 变化 2024 2025H 变化 2024 2025H 变化 2024 2025H 变化 2024 2025H 变化(11)(7)(13)(7)(5)4.994.795.404.941.941.471.581.451.190.491.871.721.571.080.701.521.711.771.360.361.471.631.551.260.304.872.492.324.062.292.07(81)(20)(25)38(5)(5)44(32)1.581.651.581.260.542.982.752.131.430.642.422.851.771.250.921.521.591.310.870.62(35)(13)(27)(20)(8)0.290.680.690.250.07(8)(6)3(3)(0)(6)(7)(21)(9)(6)(56)11(35)(18)275.374.745.355.381.62银行工商银行 0.37建设银行 0.74农业银行 0.66中国银行 0.28邮储银行 0.08交通银行 0.32招商银行 0.22浦发银行 0.27兴业银行 0.08中信银行 0.22民生银行 0.12光大银行 0.84平安银行 0.06华夏银行 2.12浙商银行 6.36上海银行江苏银行 0.65南京银行 0.15宁波银行 0.15杭州银行 0.12长沙银行 0.18成都银行 0.00重庆银行 0.50贵阳银行 0.10青岛银行 0.04齐鲁银行 0.55郑州银行 0.33苏州银行 0.33厦门银行 0.48沪农商行 0.98渝农银行青农商行 3.17瑞丰银行 0.00常熟银行 0.001.311.17(15)0.310.200.360.070.200.110.540.041.796.000.450.060.120.080.210.020.250.110.030.450.330.280.321.180.830.000.00(1)(2)9(1)(2)(1)(30)(2)(33)(36)(20)(10)(3)(4)31(25)1(1)(10)(0)(6)(16)20(235)001.430.491.450.721.871.161.280.921.861.471.431.020.970.310.712.181.622.191.452.243.763.061.011.020.701.471.740.450.881.540.440.891.121.741.321.230.741.811.211.330.900.990.620.662.341.551.991.451.273.010.821.161.110.950.581.070.410.8111(4)(56)40(13)17(5)(18)(5)(25)(10)(12)131(5)16(7)(20)0(97)(75)(224)14926(89)(67)(4)(7)0.710.410.630.691.030.340.850.000.511.110.900.300.080.070.500.330.110.150.110.000.061.060.060.190.830.671.190.110.430.590.090.450.590.890.980.740.000.411.060.490.280.090.050.300.070.100.330.120.010.151.040.050.130.900.580.030.050.38(13)(31)(18)(10)(14)64(12)0(10)(5)(41)(2)1(2)(20)(26)(2)18119(1)(1)(6)7(10)(117)(6)(5)2.971.072.283.622.081.442.560.832.752.232.482.371.350.401.301.431.782.245.021.261.072.430.990.902.462.551.060.761.132.631.001.773.541.881.632.060.972.612.772.051.561.330.361.021.092.091.204.581.641.093.840.940.982.371.801.910.740.901.181.271.891.560.530.881.120.492.730.880.920.900.160.430.392.121.131.210.490.781.460.450.192.402.084.500.05(34)(7)(51)(7)(21)19(50)14(14)54(43)(81)(3)(4)(28)(33)32(104)(44)382141(5)8(9)(74)85(2)(23)1.201.101.241.470.990.721.240.862.370.800.961.140.190.300.432.110.421.210.410.421.130.530.401.431.400.580.113(17)(65)(9)46(16)1237(36)(8)4243(13)4(1)(71)0(9)(36)(32)821(97)(69)(392)64.854.942.501.542.215.014.281.793.761.550.982.202.250.136.650.642.155.631.052.077.209.550.090.031.154.324.743.571.901.893.484.492.212.530.862.593.952.080.126.440.562.447.191.751.890.009.750.220.030.85(54)(20)10736(32)(152)2242(123)(69)161175(17)(1)(21)(9)2915670(17)(720)19140(30)7.1721.3214151.471.061.341.011.271.371.240.791.591.361.370.910.660.230.800.690.630.901.400.940.952.050.570.511.021.042.020.430.651.300.931.191.081.141.271.210.911.361.261.360.850.650.270.680.590.610.751.210.860.772.070.540.550.940.681.950.380.56(17)(14)(15)7(12)(10)(2)12(23)(10)(1)(6)(1)4(11)(10)(2)(15)(19)(8)(18)3(3)4(8)(36)(8)(5)(9)华源证券综合其他
