大行评级｜花旗：市场对美国银行开支增长忧虑过度 ROTCE改善轨迹未变

中金财经01-15

花旗报告指出，美国银行公布第四季业绩后股价下跌3.8%，市场反应或过度，主要因投资者对2026年营运杠杆指引的负面解读，担心营运开支增长加快，加上管理层未有为开支设定上限，导致抛售压力。然而，花旗认为市场尚未充分认识美银净息差修复后的正常化盈利能力，当前股价提供吸引力。花旗预计，美国银行2026年营运杠杆将略高于指引的200个基点，营运开支预计按年增长约4%，而净利息收入年复合增长率可达5%至7%...

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