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華泰證券:銀行業績有望企穩 把握結構機會
華泰證券研報表示,預計上市銀行2025年業績有望企穩,但息差和信用成本或為主要擾動變量。穩增長政策持續,助力銀行信貸穩健投放;央行多次表態呵護銀行盈利空間,負債端成本改善效應逐步顯現,息差降幅有望逐步收窄;隨資本市場回暖,中收有望自低基數回升。資金風險偏好回暖下,銀行選股邏輯從股息避險轉向績優+低估值彈性個股,穩健高股息仍有配置價值。
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