研报掘金丨广发证券：交通银行定增落地，估值有望继续提升

格隆汇2025-06-26

广发证券研报指出，交通银行定增落地，估值有望继续提升。25年6月特别国债资本补充计划落地，测算交通银行核心一级资本充足率明显提升1.3PCT 至11.52%。短期来看，资本充足率的提升有利于分红比例保持高位，考虑到定增溢价率与摊薄水平基本相当，高股息价值有望长期保持，在经济筑底时期对估值形成一定支撑。长期来看，考虑到财政加快发力，经济逐步企稳，规模增长提速、零售转型加速带动ROE 回升，估值有望...

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