金融ETF（510230）涨超1.5%，2026年银行净息差有望企稳回升

Core Viewpoint - The banking net interest margin is expected to stabilize and rebound by 2026, driven primarily by improvements in liability costs [1] Group 1: Banking Sector Insights - The improvement in liability costs is projected to contribute approximately 17.5 basis points (BP) to the interest-bearing liability cost rate, supporting the net interest margin by about 15.6 BP [1] - The impact of asset repricing is limited, with new loan interest rates potentially reaching an inflection point, alongside local debt influences, leading to a combined negative impact of approximately -8 BP on the net interest margin [1] - Credit growth is anticipated to be between 6.1% and 6.6%, while social financing growth is expected to range from 8.3% to 9% [1] Group 2: Financial Industry Overview - The overall asset quality remains stable, with continuous improvements in the corporate sector [1] - The growth of non-interest income is expected to marginally decline as the industry returns to normal growth patterns [1] - The capital adequacy ratio across the industry remains stable, with large banks injecting capital to help mitigate risks [1] Group 3: Financial ETF Information - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects large and medium-sized enterprises from the banking, insurance, and securities sectors in the Chinese A-share market [1]