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2020年以来各类型银行累计涨跌幅
2020年以来各类型银行累计涨跌幅
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所属报告:
银行业专题研究:当前时点股份行为何值得关注?-250307(31页).pdf
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难以忽视的性价比:估值深度折价的再审视 市场面:估值深度折价,投资价值凸显 股份行已持续四年跑输银行板块,主要受资产质量风险、盈利增速放缓等担忧拖累。此前在经济弱复苏背景下,地产周期经历显著调整,居民风险偏好趋稳,财富管理空间缩水,股份行经营灵活的优势较难发挥,并且由于在地产、零售类资产敞口较大,信贷量、价、 质受损程 度更重,中收占比高也导致降费让利的负面影 响扰动更大,业绩表现掉队,因此股价波动相对较大,估值折价较深。即使 2024 年银行板块逆势上涨,但内部表现分化,国有大行以其稳健的经营风格和国有股东背景成为市场避险优选,部分优质稳健区域行也取得靓丽涨幅,但市场对于信贷投向更为复杂、股东结构更加多元的股份制银行仍信心不足,涨幅相对有限。
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银行业专题研究:当前时点股份行为何值得关注?-250307(31页).pdf
2025年银行行业报告:资产质量预期改善,低估值高股息性价比|华泰证券
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