5月22日，A股市场窄幅震荡，银行板块涨幅靠前。截至上午收盘，银行ETF南方(512700.SH)涨0.80%，青岛银行涨3.89%。
中邮证券展望来看，银行板块方面，新一轮存款降息落地，推动银行负债成本下行，叠加LPR调整对资产端定价压力边际缓和，净息差改善预期增强，对银行盈利能力形成正向支撑。政策层面，监管引导规范存贷款定价、优化负债结构以匹配资产端重定价周期，有助于稳定银行息差水平，增强经营韧性。同时，合理息差是银行服务实体经济可持续性的基础，在财政政策发力及经济复苏背景下，银行信贷需求有望随国内需求扩张而提升，资产质量压力或边际缓释。当前板块估值处于低位，安全边际较高，流动性宽松环境下高股息属性吸引力凸显。综合政策催化、息差修复及盈利改善预期，银行板块配置价值提升，建议关注银行ETF南方(512700.SH)。
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