去年以来券商板块滞涨,业绩增速与估值显著错配,或受资金面约束和市场主题偏好影响。当前如何看待?四维度强调板块配置机会:1)强现实&稳预期,2025 年多家券商净利润历史新高,26Q1 有望延续高增,中性假设下我们将行业2026E ROE 从7.7%上调至9.1%;2)国际业务利润贡献提升,头部积极增资,未来是新增长极;3)通过并购重组及再融资增厚资本,叠加扶持头部的政策预期,当前仍有用表空间;4)...
Source Link去年以来券商板块滞涨,业绩增速与估值显著错配,或受资金面约束和市场主题偏好影响。当前如何看待?四维度强调板块配置机会:1)强现实&稳预期,2025 年多家券商净利润历史新高,26Q1 有望延续高增,中性假设下我们将行业2026E ROE 从7.7%上调至9.1%;2)国际业务利润贡献提升,头部积极增资,未来是新增长极;3)通过并购重组及再融资增厚资本,叠加扶持头部的政策预期,当前仍有用表空间;4)...
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