对话2026 | 银行：所向既明，势分殊途

华创证券研究2025-12-12

#2026年度展望银行：所向既明，势分殊途2026年银行所向既明，势分殊途，成本和风控优势决胜，财富管理和客群优势释放空间。预计2026年仍是银行板块估值系统性回升的一年：从防御到攻守兼备，基本面回暖和资金驱动共同发力。2026年银行股的投资逻辑将从单纯的红利防御转向“红利+成长”的双轮驱动。1）高股息、低估值的特性依然是银行股的底色，特别是在无风险利率下行的背景下，银行股的类债属性将持续吸引稳健...

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