智通财经APP获悉，华福证券发布研报称，2025年上半年，银行板块上涨13.1%，在申万一级行业中涨幅排名第2，绝对收益和相对收益并存。对银行子板块的排序是：股份行>城商行=国有行>农商行。股份行在财务出清、权重回归、估值和股息率安全垫相对充足的三重优势下，估值有望加快修复。投资标的方面，最看好股份行子板块，其次看好城商行和国有行子板块。
报告中称，从资金配置角度，险资、被动资金、产业资本、公募基金、私募基金等各路资金持续增持银行，为板块带来了增量资金。从基本面驱动角度，该行认为上半年银行行情是红利行情的延续和ROE修复行情的预演。红利方面，随着无风险收益率下行，银行股息率的比较优势凸显。ROE方面，银行ROE拖累因素逐渐消化，该行认为银行业ROE触底回升的拐点渐近，上半年ROE边际向好的银行领涨。
该行对银行板块维持看多观点。从资金面角度，投资者对银行股仍有较强的配置需求，增量资金有望持续流入。从基本面角度，当前A股上市银行股息率中位数在4%左右，仍然有下行空间。随着净息差行业性企稳、资产质量稳中向好，该行认为银行业ROE触底回升的预期也有望逐步兑现。
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