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如果存款利率不进一步降低,存量政策下,存款降息的脉冲余波(单位bps)
如果存款利率不进一步降低,存量政策下,存款降息的脉冲余波(单位bps)
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图片格式:PNG
图片大小:188KB
图片尺寸:2268*927
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所属报告:
银行业:最优降息策略的一般化理论-260103(14页).pdf
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图81920sGoodwill规模进一步扩大
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市场规模
2026-07-20
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《关于进一步加强银行代理渠道费用管理有关事项的通知》
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行业数据
2026-07-10
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2025年中国民航飞机停飞规模进一步增长
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市场规模
2026-07-06
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一线城市租金回报率为1.81%,与30年国债利差为-41bps(单位:%)
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行业数据
2026-07-02
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强劲的全球电气和电子产品需求推动泰国出口创多年新高,并进一步提振商品产出。
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行业数据
2026-07-01
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齐鲁银行存款成本始终低于同业约20bps
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行业数据
2026-07-01
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2026年浮法玻璃现货价格进一步承压
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行业数据
2026-07-01
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2026年是地方政府换届启动之年,地方政府主动压降存量风险、优化债务结构和加快实现阶段性清零目标的积极性进一步提升
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行业数据
2026-06-25
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季调后,5月剔除注资特别国债和特殊专项债规模后的广义财政支出环比增长进一步下探
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市场规模
2026-06-25
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2017年后中国造业增加值占全球的比重进一步升
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行业数据
2026-06-12
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2026年全球电解铝供需缺口或进一步扩大
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行业数据
2026-06-09
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新国标重塑竞争格局,中小品牌进一步出清
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竞争格局
2026-05-28
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图43、2026年中国AI硬件链条出口增速进一步上行至60%左右,芯片和存储出口亮眼
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行业数据
2026-05-11
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图15、滞胀压力进一步掣肘货币政策宽松
fCDml7bpl7QgICB8IOe+juWbvSB8IOasp+a0siB8IOaXpeacrCB8CnwtLS0tLS0tLXwtLS0tLS18LS0tLS0tfC0tLS0tLXwKfCAyNi0wMSAgfCAtMi4zIHwgMC4xICB8IDEuOCAgfAp8IDI2LTAyICB8IC0yLjEgfCAtMC4xIHwgMi41ICB8CnwgMjYtMDMgIHwgLTIuMyB8IC0wLjQgfCAxLjkgIHwKfCAyNi0wNCAgfCAwLjIgIHwgMy4xICB8IDIuMCAgfAoK6LWE5paZ5p2l5rqQ77yaQmxvb21iZXJn77yM5YW05Lia6K+B5Yi457uP5rWO5LiO6YeR6J6N56CU56m26Zmi5pW055CG
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2026-05-11
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图30、霍顿(DHI.N)BPS&PB
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2026-05-11
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通过设定每次降息时不同期限的利率冲击的时序特征,并按照不同久期的权重进行加总(图 11),我们展示了存款利率下行的整体影响脉冲(图 8),同时模拟出存款降息影响的累计值的时间序列(图 9)。对比预测和银行财务报表数据,发现二者误差在[5bps,10bps]之间,即预测结果比真实结果多下降了 5-10bps。误差来源是数据的时序分布,而非累计效果的绝对值。整个冲击过程(2022-2030Q1)存款利率累计下行 81.48bps。1y、2y、3y、5y 期限的存款同期累计幅度是 80bps、130bps、150bps、145bps。测算结果接近 1 年期存款利率的降幅,这与存款重定价久期过去三年均值为 11.2 个月这一结果逻辑一致,因此置信度较高。时序特征上,2025 年年报披露之前,我无法通过更加严谨的逻辑进一步缩小误差。但误差范围较小,不会减弱后续讨论的有效性。
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当前图表所属:
银行业:最优降息策略的一般化理论-260103(14页).pdf
银行业:最优降息策略的一般化理论-260103
按照存款降息冲击模拟,加权得到的存款降息的季度累计效果,2026年末累计降幅9.5bps,单位(bps)
如果存款利率不进一步降低,存量政策下,存款降息的脉冲余波(单位bps)
四类银行的贷款重定价久期(单位为月)
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