银行业三季度资产负债结构分析（上市）：低风险偏好持续.docx

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1、行业深度研究一、生息资产：贷款继续拉动生息资产环比高增，地方债配置增多n三季度生息资产环比高增，主要是贷款拉动；较二季度增速进一步提升，则是债券投资和同业资产在本季度增加较多，3Q18生息资产规模环比增长2.1%，较二季度增速提升0.2个百分点。1、贷款保持高增，但增速较二季度有所放缓，环比增长2.8%。2、债券投资、同业资产均较二季度规模增速提升较多，预计主要为地方债增配以及流动性宽松下，大行资金融出增多，分别环比增长2.1、2.2个百分点，较二季度增速提升0.8、6.4个百分点。各板块分化持续：国有行与行业表现一致；股份行、城商行生

2、息资产规模增速均较二季度放缓，股份行是贷款、债券投资、同业资产全面放缓，城商行则是贷款、同业资产增速放缓。三季度缩表的全为股份行——招行、浦发、民生以及兴业银行，债券投资、同业资产在压降，预计主要为非标资产。图表：上市银行生息资产环比增速生息资产贷款债券投资同业资产1Q181H183Q181Q181H183Q181Q181H183Q181Q181H183Q18工商银行1.4%3.2%3.3%2.4%2.5%2.2%6.9%1.7%4.7%-21.6%10.9%22.3%建设银行3.2%0.4%2.6%1.9%2.3%2.3%0.4%0.

3、8%6.2%87.8%-10.2%-3.2%农业银行2.2%1.6%3.5%4.0%2.8%2.7%-1.1%5.6%4.1%1.8%-25.1%29.4%中国银行3.4%0.9%3.1%2.1%2.4%2.6%3.7%1.8%2.7%24.6%-9.1%-9.2%交通银行1.0%0.9%0.8%0.1%1.9%1.2%3.6%2.1%3.4%3.2%-9.2%-3.4%招商银行-0.8%4.8%-0.6%4.2%4.4%2.0%-2.2%-6.0%0.1%-13.5%44.1%-15.8%中信银行-0.9%3.8%1.4%3.2%2.

4、4%3.9%-8.9%10.9%5.1%14.5%-11.4%-20.7%浦发银行-0.6%-0.2%-0.3%1.6%3.1%3.4%-4.4%-2.0%-9.5%13.8%-15.1%25.8%民生银行1.4%1.1%-1.3%3.6%5.0%0.6%-2.7%-1.2%-6.7%24.2%-20.0%30.5%兴业银行-0.1%2.5%-0.3%4.9%4.9%5.5%-1.4%-2.9%-2.2%-19.7%41.6%-22.3%光大银行1.6%3.0%1.8%4.2%5.4%6.4%-1.4%2.0%0.1%-3.6%-9.0

5、%-11.5%华夏银行1.1%1.2%1.8%6.6%3.5%2.6%-6.9%0.9%4.2%-19.2%-9.1%-15.9%平安银行2.8%1.7%0.3%4.0%4.3%4.0%-0.1%-3.3%-0.5%19.4%-7.5%-15.4%北京银行2.6%4.0%1.8%6.2%6.2%2.4%5.4%1.2%2.5%-28.7%7.2%-7.0%南京银行2.7%1.3%2.3%4.7%7.1%7.1%3.2%0.3%0.2%9.3%-33.1%8.9%宁波银行1.8%2.8%0.4%4.0%5.3%6.4%-1.4%3.5%-

6、1.8%8.9%3.4%-16.1%江苏银行1.2%3.1%5.0%5.1%5.6%6.4%1.6%-3.7%10.1%-37.1%27.7%-28.8%贵阳银行-1.9%3.9%3.4%5.8%5.2%14.9%-0.7%2.1%-4.3%-26.1%-17.7%122.1%杭州银行0.8%1.4%1.4%4.9%5.2%10.9%-8.4%-1.2%-3.5%84.6%-4.0%-13.4%上海银行1.6%4.8%2.2%8.1%8.7%6.6%-4.8%2.5%1.3%-1.8%10.3%-9.4%上市银行1.7%1.9%2.1%

7、2.9%3.1%2.8%0.4%1.3%2.1%5.9%-4.2%2.2%国有行2.3%1.6%2.9%2.3%2.5%2.3%2.5%2.6%4.4%9.6%-7.8%7.9%股份行0.3%2.3%0.2%3.8%4.1%3.4%-3.2%-0.8%-2.2%1.2%3.5%-8.5%城商行1.7%3.3%2.4%5.8%6.4%6.0%-0.2%0.5%1.8%-9.1%2.4%-8.3%来源：公司财报，中泰证券研究所-18-请务必阅读正文之后的重要声明部分行业深度研究图表：上市银行三季度生息资产结构情况贷款债券投资同业资产1Q18

8、1H183Q181Q181H183Q181Q181H183Q18工商银行56.6%56.3%55.7%23.9%23.6%23.9%5.6%6.0%7.1%建设银行58.7%59.8%59.7%23.2%2