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营收增长超10%，净利反降4.6%：7700亿贵阳银行“增收不增利”之谜_我的网站

一 |     　　来源：WEMONEY研究室　　8月24日晚间，贵阳银行（601997.SH）披露2026年半年度报告。财报显示，该行上半年实现营业收入72.07亿元，同比增长10.87%；归属于母公司股东的净利润23.60亿元，同比下降4.61%。在营收双位数增长的背景下，归母净利润逆势下滑，一增一降之间，这家总资产突破7700亿元的西部城商行，正在经历一场典型的“息差修复”与“风险出清”的拉锯战。

二 | 　　贵阳银行在半年报中将利润下滑的原因归结为一句话：对部分风险资产加大减值计提力度，持续增强风险抵御能力。

三 |     A sizable piece of trash discovered in the middle of a sheep pasture in Eastern Australia's New South Wales may be space debris from a SpaceX mission and connected to a loud blast reported in early July in the area, Australian ABC News has reported.,According to the report, numerous people who heard the sound on July 9 turned to social media to report it from as far away as Albury, Wagga Wagga, and Canberra to the Snowy Mountains in southern New South Wales.,An extraordinary nearly three-meter-high object was reported by farmer Mick Miners, who runs a sheep farm at the remote area of Numbla Vale.,"I didn't know what to think, I had no idea what it was," he told the outlet, while his neighbor, Jock Wallace, who also stumbled upon strange debris said he "didn't hear the bang, but my daughters said it was very loud. I think it's a concern it's just fallen out of the sky. If it landed on your house it would make a hell of a mess.",As we all wait for the Chinese booster to impact-Here’s some photos of pieces believed to be from SpaceX’s Crew-1’s Trunk, which landed in Australia on July 9th, but discovered in farmland on July 25thThese are large pieces; which could be dangerous & fatal & more frequent. pic.twitter.com/ImaO4YKQzL— Earth Consuming Mike (@LCS_Big_Mike) July 29, 2022,Serial numbers were seen on one of the items discovered on his premises. Astrophysicist Brad Tucker from the Australian National University College of Science reportedly claimed that the debris was most likely from the craft's unpressurized crew trunk.,SpaceX's Crew Dragon Lifts Off for Its First Operational Mission to ISS16 November 2020, 00:29 GMT,He said that it might be the biggest piece of debris to have been found in Australia since NASA's Skylab space station crashed to Earth above Esperance, Western Australia, in 1979.,"In photographs of the debris you can clearly see charring, which you would expect from re-entry," Tucker told the outlet last Friday. "It is very rare to see, because they don't usually land on land, but in the ocean.",I just got back from Dalgety, NSW. I was busy confirming that parts of a @SpaceX Crew-1 Trunk capsule crashed into a few paddocks in rural NSW! More info to come:https://t.co/2VJzeYMhhn pic.twitter.com/sQsE4WAxRq— Brad Tucker (@btucker22) July 29, 2022,In the Pacific Ocean, between Australia and New Zealand, he added, the spacecraft was intended to make its landing. According to the expert, the craft was probably traveling at 25,000 kilometers per hour when it made re-entry and left behind debris, and it was probably responsible for the July 9 blast heard by many people in the area.,This Monday, in an interview on a local radio, quoted by the Daily Mail, Tucker confirmed that the debris belonged to the Crew-1 SpaceX mission spacecraft.,"This is most definitely space junk which was part of the SpaceX Crew-1 trunk," he is quoted as saying. "SpaceX has this capsule that takes humans into space but there is a bottom part... so when the astronauts come back, they leave the bottom part in space before the capsule lands.",The component, most likely made of aluminum and carbon composites, has been in orbit since November 2020, according to the expert.,"There was a plan of having it come down on Earth and purposely hitting the Earth's atmosphere so it would break apart and land in the ocean," he said.,It took some time to find the object, according to Tucker, because it had fallen far from Miners' house.,"From a distance it looks like a tree almost, like a burnt tree, and then you get closer and you realise 'hey that's not right'," Tucker explained.。但拆解利润表可以发现，“增收不增利”的背后，是减值计提、投资收益、税率上行三股力量同时发力。　　信用减值损失多提5.62亿元　　吞掉营收增量　　上半年贵阳银行计提信用减值损失25.83亿元，较上年同期增加5.62亿元，增幅约28%。而这多提的5.62亿元，几乎吃掉了营收端多增的7.06亿元。　　值得注意的是，减值不是集中在某一个科目，而是多点开花。数据显示，上半年贷款减值计提同比增加2.1亿元，金融投资减值多提1.2亿元，长期应收款减值多提1.0亿元，后者主要来自子公司贵银金租加大计提力度。这意味着风险暴露分布在信贷、投资、租赁三条业务线上，该行选择了全面覆盖而非局部修补。　　对应的资产质量指标也在同步变化。截至6月末，该行资产总额7，730.76 亿元，较年初增加296.14亿元，增长3.98%。

四 | 同期，该行不良贷款率1.78%，较年初上升0.19个百分点；拨备覆盖率229.57%，较年初下降6.05个百分点。该行解释，不良率上行主要是按照风险分类审慎原则，将风险特征发生变化的贷款纳入不良，同时上半年存量不良贷款清收处置进度较缓。

五 | 　　投资收益同比骤降50%　　非息收入未能形成有效对冲　　如果说减值是利润下滑的主因，那么投资收益的塌方则让情况雪上加霜。

六 | 　　上半年贵阳银行投资收益8.69亿元，同比骤降50.02%，主因是其他债权投资处置损益大幅减少；虽然公允价值变动收益受债市利率下行影响，从去年同期的-5.11亿元扭转为+2.36亿元，但两相抵扣后，非息收入仅微增1.55%。　　这并非贵阳银行一家的困境。同批披露中报的南京银行投资收益同比下降28.8%、非息净收入下滑24.73%，“债市低位波动拖累投资收益”已成为行业共性压力。　　第三个拖累来自所得税。上半年所得税费用1.57亿元，同比暴增206.71%，原因是免税收入减少，国债等政府债券利息收入占比下降，实际税率上行进一步压缩了净利润空间。

七 | 　　三股力量叠加：营收多增7.06亿元，被信用减值损失多提的5.62亿元吃掉大头，再叠加投资收益减少8.70亿元（被公允价值变动收益弥补约7.47亿元）、所得税多缴1.06亿元，最终归母净利润较去年同期少了1.14亿元。　　息差修复能否撑住利润？　　三季度是关键观察窗口　　把贵阳银行近两年的利润表放在一起看，拨备计提节奏已经成为利润调节的最大变量：2025年年报，营收下降12.94%，归母净利润却增长1.66%，靠的是减少计提减值损失22.31亿元。2026年上半年，营收转正，净利润却转负，靠的是多计提5.62亿元。

八 | 　　这种“以丰补歉”的会计选择，让下半年的观察窗口变得清晰：减值计提节奏能否回落，取决于不良清收处置能否提速。　　从有利因素看，该行净息差1.67%，同比上升0.14个百分点。这1.67%的息差并非来自资产端“多赚钱”，而是负债端“省出来”的：存款平均付息率降至1.84%，计息负债平均利率1.79%，叠加部分存量高成本负债集中进入重定价周期，利息支出明显回落。

九 | 息差优势为营收端提供了持续正贡献的底座。　　从不利因素看，上半年存量不良贷款清收处置进度偏缓，是不良率上行的另一主因。

十 | 贵阳银行在半年报中明确表示，后续将加大不良贷款清收处置力度，密切关注重点领域和重点行业风险。　　资本端也有一定缓冲。

十一 | 截至6月末，该行资本充足率15.07%，一级资本充足率13.86%，核心一级资本充足率12.87%，资本水平保持充足；且2026年中期不进行利润分配，利润留存可补充内源性资本。　　考虑到该行主动加大计提的意图明确、拨备覆盖率229.57%仍有厚实缓冲、净息差领先优势带来营收正增长，下半年利润同比降幅大概率收窄，全年归母净利润有望微增或持平。但若批发零售业、个人经营贷、按揭贷款等重点领域不良生成继续加速，且清收处置进度仍跟不上，“增收不增利”的局面可能贯穿全年。　　对于投资者而言，三季报披露的信用减值损失同比变化，将是验证这次“加大计提”究竟是一次性出清、还是持续性压力的关键信号。责任编辑：曹睿潼。

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