投资摘要:行情回顾:2025 年银行行情受市场风格影响阶段性特征明显,上半年持续上涨创新高,三季度调整,四季度修复,全年有绝对无相对收益。子板块中,国有行表现更好;个股方面,受益于险资持续流入,港股银行表现亮眼。基本面展望:2026 年上市银行盈利增速有望边际小幅提升。核心改善因子为净息差企稳,净利息收入有望恢复正增长。中收预计延续温和修复趋势,而其他非息收入贡献预计下降,资产质量和信用成本预计...
Source Link投资摘要:行情回顾:2025 年银行行情受市场风格影响阶段性特征明显,上半年持续上涨创新高,三季度调整,四季度修复,全年有绝对无相对收益。子板块中,国有行表现更好;个股方面,受益于险资持续流入,港股银行表现亮眼。基本面展望:2026 年上市银行盈利增速有望边际小幅提升。核心改善因子为净息差企稳,净利息收入有望恢复正增长。中收预计延续温和修复趋势,而其他非息收入贡献预计下降,资产质量和信用成本预计...
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