测算|债券增值税新规对上市银行影响:营收静态影响0.4%【中泰银行·戴志锋/邓美君/马志豪】

传统借贷vs新型...
Aug 03

投资要点核心观点:1、债券增值税新规对银行行为的影响:短期内通过OCI浮盈兑现对冲影响,中长期或更加重视交易能力的提升。2、对银行业绩的影响:银行作为投资人受到新投相关债券的税收成本增加的影响、银行作为发行人受到发行金融债的利息支出上升的影响以及银行作为老券持有人短期获得浮盈;静态测算下对每年营收的影响在0.4%左右,利润影响在0.95%左右。3、投资建议:“对等关税”后,我们持续重点推荐银行板块...

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