本轮回调后,我们认为银行股估值长期修复向好趋势依然不变,具体原因如下:25H1业绩可能兑现部分基本面边际改善预期,具体而言:其一,净息差边际企稳。其二,非息收入有望持续改善。其三,置换债“早发快用”、一揽子金融政策落地等持续缓解银行资产质量压力,行业整体拨备充足仍能反哺利润。7月11日以来银行股价明显回调,截止7月18日银行指数累计下跌3.41%,股价回调或主要受以下三项因素影响:前期涨势较强后的...
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