金吾财讯 | 交银国际表示，伴随市场主体内生增长动力逐步修复，银行经营环境正在改善。以招商银行（03968 HK/未评级）、中信银行（00998 HK/未评级）等为代表的股份制银行2025年经营业绩保持稳健。其中，招商银行作为公认的零售业务标杆银行，当前中高端客群风险偏好在改善中，对营收贡献略有下降，但整体营收、净利润等核心指标已有改善；中信银行作为传统对公银行，净利润同比增速企稳回升。2026年是“十五五”规划的开局之年，财政、货币政策进一步发力有望拉动企业端信贷需求，改善个人端投资和消费预期，助力银行业务发展稳中向好；同时，净息差有所企稳，不良率保持低位，亦将为银行业绩增长提供支撑。在长线资金持续入市过程中，建议重点关注基本面稳定、同时股息较高的股份制银行的结构性机会。
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