研报掘金丨长江证券：维持交通银行“买入”评级，具备估值修复空间和弹性

格隆汇2025-11-17

长江证券研报指出，目前国有行依然处于系统性估值修复的进程中，近期中期分红陆续启动加速推动重估。交通银行目前在A 股国有行里PB估值最低，2025年预期股息率最高，具备估值修复空间和弹性。目前银行业零售资产质量承压，交通银行三季度末零售贷款不良率环比上行，与行业趋势一致，未来仍需关注零售风险态势。今年前三季度净息差1.20%，2023 年以来累计降幅在国有行中最低（仅8BP），与均值持续收敛，考虑...

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