银行行业研究:零售风险及新规影响有限 兼论信贷去抵押化

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Oct 27

2025H1 零售不良率及不良生成率指标双高,但风险应仍处可控区间中报上市银行不良率延续低位改善趋势,但或因信贷规模扩张及不良处置因素使其参考价值弱化。中报上市银行零售风险仍持续反弹,不良率曲线延续陡峭化,在对公不良生成率低位运行同时零售不良生成仍居高位,故当前零售不良拐点尚未呈现。我们认为各类零售产品风险当前仍处可控区间:(1)按揭不良率绝对水平仍低,政策支持下按揭违约概率保持平稳;(2)个人...

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