红利价值凸显,银行股估值仍有抬升空间

证券市场周刊
Oct 17

利率环境对银行股投资的影响体现在利率下行增厚银行权益价值,隐含PB更低;叠加2025年中期业绩回升消除了投资者对银行利润波动的担忧,强化了银行股稳定红利属性,类债性估值仍有抬升空间。基于此判断,银行股虽然过去两年涨幅较大但并不高估。在银行中报业绩有所回升的背景下,利率环境对银行股的投资逻辑有较大的影响,这种影响主要体现在以下两个方面:首先,根据银行财报披露的利率敏感性分析,静态来看,利率上行对银行...

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