中信证券：预计2026年银行业净息差降幅收窄至4bps左右

Group 1 - The core viewpoint of the report indicates that the overall interest rate policy in 2026 is expected to be moderate, with a forecasted reduction of policy rates by 10 basis points potentially occurring 1 to 2 times [1] - For banks, the concentration of medium to long-term deposits maturing will aid in cost control on the liability side, while the frequency of LPR adjustments and the slowdown in terminal interest rate declines will keep the yield decline manageable [1] - It is anticipated that the net interest margin (NIM) for the banking industry will narrow by approximately 4 basis points in 2026, marking the first annual decline in single digits since 2022 [1] Group 2 - Benefiting from these factors, the year-on-year growth rates for total operating income and net profit attributable to shareholders of listed banks are expected to improve to around 3.3% and 2.8%, respectively, establishing a solid foundation for stable returns in the sector [1]