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2026年银行存贷利差大概率底部趋稳
2026年银行存贷利差大概率底部趋稳
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银行业上市银行春季调研反馈暨板块思考:2026年银行业选股为先α优于β-260128(23页).pdf
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图19.2026年“全球十大最具价值涂料品牌榜单”及“全球十大
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2026-07-21
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图20.公司传统零售及三大新业态
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2026-07-21
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图表42024年以来,十年期国债和DR007的利差大多数时间较为稳定
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2026-07-20
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零售四大类贷款不良额净增测算(百万)
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2026-07-20
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全球全年龄段奶粉市场规模(亿美元)
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2026-07-30
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2026年银行息差下行压力仍存,但相对积极的是,我们判断银行存贷利差或先行趋稳。主要原因有三:其一,银行新发放贷款利率自去年下半年以来基本趋稳,如央行介绍2025年 12 月新发放企业贷款利率和新发放按揭贷款利率都在 3.1%左右,与 9 月基本持平。一方面与 LPR 并未调整有关,另一方面也与当前贷款已接近半数为 LPR 减点、贷款利率绝对水平已处于历史相对低位有关。其二,存量贷款利率与新发放贷款利率价差已明显收窄。以对公贷款平均利率为例,1H25 国有行平均对公贷款利率约 3%,与增量相近;股份行平均对公贷款利率约 3.4%,与增量价差约 20bps。其三,存量高息定期存款到期重定价,2026 年银行存款成本下行幅度或达 20bps。我们估算上市银行 2026 年到期的三年期以上存款占总存款比重约 13%,按照到期存款续存价差 150bps 估算,对应行业平均存款成本改善或约 20bps,定期存款占比更高的银行成本改善幅度或超 30bps。
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银行业上市银行春季调研反馈暨板块思考:2026年银行业选股为先α优于β-260128(23页).pdf
2026年银行业策略:选股为先,α优于β
银行业上市银行春季调研反馈暨板块思考:2026年银行业选股为先α优于β-260128
以国有行+股份行按揭贷款的“不良率+关注率”衡量逾期现状,2024年平均约2%
过去三年来不良生成率底部有所抬升,零售不良压力上行是主要原因,对公端增提拨备压力则不大
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