摩根大通:内银股仍有绝对上升空间,预期明年首季将降准50个基点

格隆汇
Dec 17, 2025

格隆汇12月17日|摩根大通发表研究报告指,是次中央经济工作会议对内地银行业的启示,在于宏观环境稳定的支持下,银行股股价仍有绝对上升空间。该行认为,收益型股票相对于银行指数的优异表现可能会在明年减弱,原因包括:政策支持可能更趋审慎,债券收益率将保持稳定,限制股息差距空间。 该行预计中国人民银行明年上下半年各降息10个基点,并在2026年第一季将存款准备金率(RRR)下调50个基点,以缓解流动性压力...

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