银行业2026年度投资策略:核心业务压力缓解,在红利韧性中捕捉周期弹性

东海证券
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(以下内容从东海证券《银行业2026年度投资策略:核心业务压力缓解,在红利韧性中捕捉周期弹性》研报附件原文摘录)核心观点红利行情底色仍存,但逻辑向确定性收敛。(1)虽然利率下行遇阻,但银行股息率相较10年期国债收益率的溢价仍处于高位,资产配置视角仍具备显著的相对优势。(2)重点领域风险化解与资本夯实筑牢风险底线,银行分红连续性和稳定性体现的类债资产属性仍有效。(3)政策资本市场支撑力度较大,长线...

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