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中信證券:年內銀行板塊估值存在修復空間

中信證券指出,2021年,預計傳統週期業和製造業經營整固,高景氣度行業(消費與科技)盈利持續佔優,房地產產業鏈穩定,零售客羣收入繼續恢復,銀行業資產質量有望呈現修復趨勢。

年內來看,當前銀行板塊加權平均估值爲0.77倍市淨率,較過去5年平均水平的0.92倍仍有高確定性的修復空間

中長信用週期視角下,仍需重點關注融資平臺的債務質量演變,尤其是尾部平臺的出清進程,判斷這將成爲銀行板塊估值進一步向上的重要決定要素。

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