业绩回顾3Q25 业绩符合我们预期前三季度上市银行利润增速如期改善,体现出宏观环境复苏背景下的顺周期特征。息差四年来首次边际企稳,除了前期存款降息和“反内卷”措施之外,也受益于资本市场回暖带来的存款搬家。但另一方面,利率波动形成债市敞口浮亏,零售信贷等资产质量的局部隐忧也值得关注。发展趋势具体而言,我们观察到银行三季报体现出以下经营线索:1. 大行利润同比增速由负转正:1~3Q25 上市银行净利润...
Source Link业绩回顾3Q25 业绩符合我们预期前三季度上市银行利润增速如期改善,体现出宏观环境复苏背景下的顺周期特征。息差四年来首次边际企稳,除了前期存款降息和“反内卷”措施之外,也受益于资本市场回暖带来的存款搬家。但另一方面,利率波动形成债市敞口浮亏,零售信贷等资产质量的局部隐忧也值得关注。发展趋势具体而言,我们观察到银行三季报体现出以下经营线索:1. 大行利润同比增速由负转正:1~3Q25 上市银行净利润...
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