詳解郵儲銀行2024年半年報：存款增長良好資產質量穩(wěn)健

際下行一方面源于營收增速的邊際下行，另一方面撥備釋放的力度也有減弱。同比少增749億；零售新增464億，同比少增502億；票據(jù)增加400億，同比多同比增11.7%，占比總存款較年初下降0.63個百分點至88.9%；企業(yè)存款增速明n非息收入：手續(xù)費繼續(xù)承壓，其他非息支撐力度邊際減弱。凈非息收入同比下降環(huán)比上升10bp；逾期率1.06%，較年初上升15bp；逾期90天以上占比不良nn深的護城河，資產質量保持在穩(wěn)定水平。公司零售客群廣，隨著財害管理體系建4.8%手續(xù)費持續(xù)負增長，其他非息的支撐力度也有富管理配置需求不旺和行業(yè)減費讓利的影響，手撥備釋放的力度也有減弱。1H23~1H24營收、PPOP、歸別同比增長2.0%/1.2%/2.3%/1.4%/-0.1%、-7.2%/-8.8%/-7.1%/-6.1%/-6.1%、5.2%/2.5%/1.2%/-1.4%/-1.5%。 40%稅收稅后利潤稅收稅后利潤來源：公司財報，中泰證券研究所同比少增631億。其中，對公新增503億，同比增464億，同比少增502億；票據(jù)增加400億，同比多增621億。分行業(yè)來看，上半年信貸增長主要由批零制造業(yè)、基建類及個人經(jīng)營貸貢獻。2、債券投資：環(huán)比增加2.6%，占生息資產比重較1Q上升0.8個存款定期化趨勢延續(xù)，活期存款占總存款比例下降21Q232Q233Q234Q231Q242Q24單季新增貸款（百萬元）412,469199,765197,829128,397373,181136,688對公貸款278,264125,18985,18956,467267,91550,259對公貸款（含票據(jù)）246,094103,151103,80161,271202,22790,273個人貸款166,37596,61494,02867,126170,95446,415票據(jù)-32,170-22,03818,6124,804-65,68840,014對公占比67%63%43%44%72%37%對公占比（含票據(jù)）60%52%52%48%54%66%個貸占比40%48%48%52%46%34%票據(jù)占比-11%9%4%-18%29%當季新增占比全年 21%21%14% 73%27%單季新增存款（百萬元）52571361393191531462841672084237013當季新增占比全年 42%5%15% 3 37% 74%26%環(huán)比增速貸款20221H2320231H24制造業(yè)11.0%14.1%10.7%10.9%建筑業(yè)4.6%6.6%4.7%6.2%采掘業(yè)1.2%2.2%1.5%1.1%房地產業(yè)9.6%5.3%4.4%6.4%交通運輸、倉儲和郵政業(yè)9.8%9.1%8.4%0.5%電力、燃氣及水的生產和供應企業(yè)3.3%2.2%2.2%2.0%金融業(yè)2.2%4.6%3.4%-3.1%批發(fā)和零售業(yè)6.6%7.3%6.2%9.1%租賃和商務服務業(yè)1.8%6.1%6.5%6.7%水利、環(huán)境和公共設施管理業(yè)2.4%4.6%6.1%16.6%其它2.5%3.8%4.1%6.1%對公貸款54.9%65.9%58.1%62.4%個人按揭貸款12.2%10.2%8.1%4.6%信用卡1.0%1.8%3.9%0.8%消費貸款-3.9%0.5%5.7%9.2%經(jīng)營性貸款29.1%30.5%27.4%28.0%個人貸款38.3%43.0%45.2%42.6%貼現(xiàn)票據(jù)6.7%-8.9%-3.3%-5.0%20221H2320231H2420221H2320231H24活期存款5.2%2.8%-2.0%0.5%32.32%29.70%28.86%26.70%定期存款15.57%12.97%15.38%16.53%67.66%70.28%71.12%73.28%居民存款12.3%10.7%10.8%11.7%88.73%88.97%89.53%88.90%企業(yè)存款9.5%2.7%2.0%12.4%11.24%11.01%10.45%11.08%其他-9.3%-5.4%-1.9%9.3%0.02%0.02%0.02%0.02%總存款12.0%9.7%9.8%11.8%5.0%mm凈非息收入占比2Q233Q234Q232Q24同比變動環(huán)比變動不良維度不良率0.82%0.81%0.81%0.83%0.84%0.84%0.03%0.00%不良凈生成率（單季年化）0.33%0.50%0.43%0.43%0.57%0.41%-0.09%-0.16%不良凈生成率（累計年化）0.33%0.29%0.35%0.53%0.57%0.37%0.08%-0.20%不良核銷轉出率27.06%27.22%32.85%51.54%44.28%30.51%3.29%-13.77%關注類占比0.55%0.62%0.61%0.68%0.71%0.81%0.19%0.10%0.22%0.10%逾期維度2Q233Q234Q232Q24同比變動較年初變動逾期率0.96%0.91%0.10%0.15%逾期/不良7.98%逾期90天以上/貸款總額0.62%0.59%0.66%0.04%0.07%逾期90天以上/不良貸款余額76.59%71.45%78.95%2.36%7.50%撥備維度2Q233Q234Q232Q24同比變動環(huán)比變動信用成本（累積）0.45%0.35%0.37%-0.08%撥備覆蓋率381.12%381.28%363.91%347.56%326.87%325.61%-55.67%-1.26%撥備/貸款總額3.13%3.08%2.93%2.88%2.75%2.72%-0.36%-0.03%n前十大股東變動：1、增持：新華人壽保險股份有限公司增持0.08%至股東名稱方向持股數(shù)量(股)持股數(shù)量變動(股)占總股本比例(%)持股比例變動(%)中國郵政集團有限公司不變62,255,549,28062.78香港中央結算(代理人)有限公司不變19,843,003,300-248,00020.010.00中國移動通信集團有限公司不變6,777,108,4336.83中國人壽保險股份有限公司減持1,376,720,105-354,173,3001.39-0.36中國電信集團有限公司不變1,117,223,2181.13香港中央結算有限公司減持836,462,166-58,569,4990.84-0.06新華人壽保險股份有限公司-傳統(tǒng)-普通保險產品增持219,962,20982,729,9880.220.08上證50交易型開放式指數(shù)證券投資基金新進178,187,3660.18中國平安人壽保險股份有限公司新進161,793,4020.16全國社保基金108組合不變142,345,0445,000,0000.140.0092,908,354,52393.68售客群廣，隨著財害管理體系建設，有望在零售領城稅前利潤貸款收益率稅后利潤貸款總額貸款余額核心資本充足率杠桿率預期未來6~12個月內相對同期基準指數(shù)漲幅在5%~15%之間預期未來6~12個月內相對同期基準指數(shù)漲其中A股市場以滬深300指數(shù)為基準；新三板市場以三板成指（針對協(xié)議轉讓標的）或