詳解郵儲(chǔ)銀行2024年半年報(bào)：存款增長(zhǎng)良好資產(chǎn)質(zhì)量穩(wěn)健

際下行一方面源于營(yíng)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(gè)百分點(diǎn)至88.9%；企業(yè)存款增速明n非息收入：手續(xù)費(fèi)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(hù)城河，資產(chǎn)質(zhì)量保持在穩(wěn)定水平。公司零售客群廣，隨著財(cái)害管理體系建4.8%手續(xù)費(fèi)持續(xù)負(fù)增長(zhǎng)，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(fèi)讓利的影響，手撥備釋放的力度也有減弱。1H23~1H24營(yíng)收、PPOP、歸別同比增長(zhǎng)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(rùn)稅收稅后利潤(rùn)來源：公司財(cái)報(bào)，中泰證券研究所同比少增631億。其中，對(duì)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(zhǎng)主要由批零制造業(yè)、基建類及個(gè)人經(jīng)營(yíng)貸貢獻(xiàn)。2、債券投資：環(huán)比增加2.6%，占生息資產(chǎn)比重較1Q上升0.8個(gè)存款定期化趨勢(shì)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(duì)公貸款278,264125,18985,18956,467267,91550,259對(duì)公貸款（含票據(jù)）246,094103,151103,80161,271202,22790,273個(gè)人貸款166,37596,61494,02867,126170,95446,415票據(jù)-32,170-22,03818,6124,804-65,68840,014對(duì)公占比67%63%43%44%72%37%對(duì)公占比（含票據(jù)）60%52%52%48%54%66%個(gè)貸占比40%48%48%52%46%34%票據(jù)占比-11%9%4%-18%29%當(dāng)季新增占比全年 21%21%14% 73%27%單季新增存款（百萬元）52571361393191531462841672084237013當(dāng)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(chǎn)業(yè)9.6%5.3%4.4%6.4%交通運(yùn)輸、倉(cāng)儲(chǔ)和郵政業(yè)9.8%9.1%8.4%0.5%電力、燃?xì)饧八纳a(chǎn)和供應(yīng)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(wù)服務(wù)業(yè)1.8%6.1%6.5%6.7%水利、環(huán)境和公共設(shè)施管理業(yè)2.4%4.6%6.1%16.6%其它2.5%3.8%4.1%6.1%對(duì)公貸款54.9%65.9%58.1%62.4%個(gè)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(fèi)貸款-3.9%0.5%5.7%9.2%經(jīng)營(yíng)性貸款29.1%30.5%27.4%28.0%個(gè)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(dòng)環(huán)比變動(dòng)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(jì)年化）0.33%0.29%0.35%0.53%0.57%0.37%0.08%-0.20%不良核銷轉(zhuǎn)出率27.06%27.22%32.85%51.54%44.28%30.51%3.29%-13.77%關(guān)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(dòng)較年初變動(dòng)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(dòng)環(huán)比變動(dòng)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(dòng)：1、增持：新華人壽保險(xiǎn)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(dòng)(股)占總股本比例(%)持股比例變動(dòng)(%)中國(guó)郵政集團(tuán)有限公司不變62,255,549,28062.78香港中央結(jié)算(代理人)有限公司不變19,843,003,300-248,00020.010.00中國(guó)移動(dòng)通信集團(tuán)有限公司不變6,777,108,4336.83中國(guó)人壽保險(xiǎn)股份有限公司減持1,376,720,105-354,173,3001.39-0.36中國(guó)電信集團(tuán)有限公司不變1,117,223,2181.13香港中央結(jié)算有限公司減持836,462,166-58,569,4990.84-0.06新華人壽保險(xiǎn)股份有限公司-傳統(tǒng)-普通保險(xiǎn)產(chǎn)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(jìn)178,187,3660.18中國(guó)平安人壽保險(xiǎn)股份有限公司新進(jìn)161,793,4020.16全國(guó)社?；?08組合不變142,345,0445,000,0000.140.0092,908,354,52393.68售客群廣，隨著財(cái)害管理體系建設(shè)，有望在零售領(lǐng)城稅前利潤(rùn)貸款收益率稅后利潤(rùn)貸款總額貸款余額核心資本充足率杠桿率預(yù)期未來6~12個(gè)月內(nèi)相對(duì)同期基準(zhǔn)指數(shù)漲幅在5%~15%之間預(yù)期未來6~12個(gè)月內(nèi)相對(duì)同期基準(zhǔn)指數(shù)漲其中A股市場(chǎng)以滬深300指數(shù)為基準(zhǔn)；新三板市場(chǎng)以三板成指（針對(duì)協(xié)議轉(zhuǎn)讓標(biāo)的）或