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2021年以来,LPR调降的次数、幅度以及四类银行净息差环比变动情况(bps)
2021年以来,LPR调降的次数、幅度以及四类银行净息差环比变动情况(bps)
行业数据
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图片大小:155KB
图片尺寸:2268*1440
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所属报告:
银行业2026年年度投资策略报告:银行2026银行牛未走远-251226(31页).pdf
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五年期LPR(%)(右轴)
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2026-03-03
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图2-52023-2025中国贷款市场报价利率(LPR)走势
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2026-03-02
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中国OMO投放16910亿,LPR为3%
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2026-03-02
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图2-82023-2025中国贷款市场报价利率(LPR)走势
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2026-02-06
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基于上述分析,我们认为在不降息的情况下,存款利率的下行叠加效应将使得银行在 2H26 实现息差的回暖。然而,我们认为政策的最优降息策略是在 Q1 进行一次较大幅度的 LPR 调降或者在 Q2 和 Q3 两次达到同等效果的缓和调降。在降息的设定下,我们预计存款对冲比例从前两季度的 60-70%升至 Q4 的 100%,但全年平均仍有 12bps 的存贷利差下行空间(随后将另撰一文详细论述其动态机制)。
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银行业2026年年度投资策略报告:银行2026银行牛未走远-251226(31页).pdf
银行业2026年年度投资策略报告:银行2026银行牛未走远-251226
普惠小微企业(主要是私企)的信贷增速回落
非金融上市公司长期贷款和短期贷款的增速分化
发债样本中非金融企业的应付债券增速(分企业类型)
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