天风证券:预计2026年LPR降10 - 20bp、春节前降准25 - 50bp

和讯网
Dec 17, 2025

【天风证券对2026年降准降息作出判断】12月17日,天风证券从银行视角出发,对2026年降准降息情况给出判断。预计2026年LPR下调10 - 20bp,上半年有望落地,二季度概率更大。原因一是2026年银行息差压力较2025年缓解,可为LPR下调提供空间;二是优质企业新发放贷款利率脱离LPR基准锚;三是2025年LPR可能未执行成本加成法原则。预计2026年存款降息有望执行非对称原则,二季度...

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