金吾财讯 | 中信证券表示，当前金融产业正迎来周期拐点。2025年以来利率结束单边下行，保险业利差损担忧缓解，证券业在“反内卷”政策下费率企稳，银行业息差趋稳，行业整体经营环境显著改善。展望2026年，预计经济复苏将驱动金融需求回暖：储蓄向保险迁移推动新业务增长，资本市场活跃提振券商盈利，银行财富管理中收持续改善。保险资金作为市场压舱石，将持续增配高股息金融股，主导价值发现。投资策略上，建议把握复苏周期中的板块轮动。保险板块兼具业绩弹性与长期逻辑，是首推领域；证券板块受益于市场活跃度提升，龙头公司与潜力中型券商值得关注；银行板块则彰显出稳固的股息回报与基本面逐步修复带来的配置价值。整体而言，金融板块已步入新一轮上升周期。
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