中信证券：预计2026年政策利率10bps幅度调降或在1~2次

Group 1 - The core viewpoint of the article indicates that the overall interest rate policy in 2026 is expected to be moderate, with a projected reduction of policy rates by 10 basis points possibly occurring once or twice [1] - For banks, the concentration of medium- and long-term deposits maturing on the liability side will help in cost control, while the frequency of LPR adjustments on the asset side and the slowdown in terminal interest rate declines will keep yield reductions manageable [1] - It is anticipated that the net interest margin 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 annual operating income and net profit attributable to shareholders of listed banks are expected to improve year-on-year growth rates to around 3.3% and 2.8% respectively, laying a solid foundation for stable returns in the sector [1]