银行业研思录23:AH股银行资产质量评估(2025H1)-基于“广义不良”和“超额拨备”的分析

招商证券
Oct 17

银行估值溢价通常源自中收和负债优势,估值折价通常源自资产质量的担忧。银行不良生成具有滞后性,会呈现出宏观行业周期和微观管理层周期交错共振。微观银行短期业绩超额弹性和压力通常源自资产质量出清和拨备反哺周期的错位,所以我们研究和投资银行,客观评估资产质量状况是核心。在前期报告《银行研思录10:如何评估资产质量?》中,我们介绍了当期银行不良和资产质量指标体系,然后尝试通过构建“广义不良率”和“超额拨备...

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