Tiger Brokers

内银股集体走软 民生银行（01988）跌4.19%、中国银行（03988）跌1.97%

金吾财讯
Oct 22

金吾财讯 | 内银股集体走软，截至发稿，民生银行（01988）跌4.19%，青岛银行（03866）跌3.37%，重庆银行（01963）跌3.27%，渤海银行（09668）跌2.76%，徽商银行（03698）跌2.33%，中银香港（02388）跌2.24%，中国光大银行（06818）跌2.20%，中国银行（03988）跌1.97%，中信银行（00998）跌2.03%，中原银行（01216）跌1.79%。太平洋证券新近发布研报指，2026H1上市银行净息差同比仅-1bp，利息净收入同比+8.35%，是营收提速的主要来源；利润增速偏低主要受拨备和所得税拖累（两项合计拖累约1584亿元），PPOP同比+9.83%。展望下半年，存款重定价对负债成本的贡献预计边际减弱，叠加信贷需求偏弱，营收增速可能有所回落；但拨备覆盖率仍在270%以上、OCI浮盈有所回升，利润端具备一定调节空间，全年业绩增速有望好于2025年（2025年归母净利润同比+1.44%）。对公改善、零售承压的格局延续，整体不良率保持平稳，但逾期率有所抬升，后续不良确认压力仍需关注。板块估值已修复至近10年均值上方，后续行情更依赖盈利兑现，个股分化预计加大；从资金结构看，险资增配、公募减配，银行股的配置属性有望进一步增强，建议优选股息稳定、资本充足、业绩确定性高的个股。

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