方正总量｜燕翔：从g＞r到d＞r，银行股行情思考

方正证券财富管理2025-07-16

开年以来A股市场银行板块表现不俗，截至7月14日，银行指数涨幅17.2%，在30个一级行业中排名第二。拉长时间看，2023年初以来银行板块持续大涨，银行指数屡创新高。对于银行股的上涨，市场观点是有分歧的。分歧的焦点在于最近几年银行股价走势与财务数据基本面走势不匹配。从财务数据看，银行板块整体净资产收益率ROE最近几年一直在下滑，目前已经跌破了10%。银行板块盈利能力下行的背后，是信贷增速的下行和净...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250716073805a44d3d05&s=b><strong>方正证券财富管理</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>开年以来A股市场银行板块表现不俗，截至7月14日，银行指数涨幅17.2%，在30个一级行业中排名第二。拉长时间看，2023年初以来银行板块持续大涨，银行指数屡创新高。对于银行股的上涨，市场观点是有分歧的。分歧的焦点在于最近几年银行股价走势与财务数据基本面走势不匹配。从财务数据看，银行板块整体净资产收益率ROE最近几年一直在下滑，目前已经跌破了10%。银行板块盈利能力下行的背后，是信贷增速的下行和净...</p>\n\n<a 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