金吾财讯 | 中信证券表示，国常会明确财政金融协同发力，通过消费及设备更新贷款贴息、中小微企业贴息与担保、民企债券风险分担等举措，降低实体融资成本，带动消费、制造业更新及民间投资修复，银行信贷投放基础持续夯实。房地产融资协调机制在贷款展期与白名单覆盖上放宽，对开发贷到期压力形成系统性缓释，有助于稳定项目融资并改善银行资产质量。权益市场风险偏好回升，开年后银行板块相对收益减弱；不过，银行股的稳定回报特征，以及政策助力风险预期改善，对于稳定回报+低回撤要求资金仍具备较强吸引力，下阶段有望持续演绎绝对收益。展望2026年，宏观金融条件稳定指向银行经营环境稳定，预计银行息差见底、实体部门风险缓释、收入与盈利同步修复，板块有望继续向估值提升方向演绎。个股选择而言：1）优选稳健品种，即配置策略打底。由于增量资金主要来自于居民/险资/外资等长线/低回撤要求投资者，建议采取底仓配置策略，重点关注具备红利价值和商业模型价值的银行。2）兼顾弹性品种，即轮动策略交易。相对收益资金和量化资金仍重视“预期差”和交易属性，因此在板块行情平淡期和上涨后期，需要重视“预期差”个股的弹性表现。
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