【银行】金融股又到“春播”时？——银行&保险业春节后投资展望（王一峰/董文欣/黄怡婷/赵晨阳）

Core Viewpoint - The financial sector in A-shares and H-shares has shown mixed performance in early 2026, with A-share banks and non-bank financials underperforming the CSI 300 index, while Hong Kong's financial sector has seen gains [4]. Group 1: Banking Sector Investment - The banking sector is entering a "spring sowing" time window, with stable operating performance expected to support earnings in the upcoming March financial report season [4]. - The estimated revenue growth for listed banks in 2026 has been slightly revised up to around 2%, supported by a moderate expansion in credit and easing pressure on interest margins [4][5]. - The banking sector's "high dividend, low valuation" characteristics are becoming more prominent, with the upcoming "Two Sessions" likely to improve market expectations [5]. - There is significant potential for allocation in the banking sector, with insurance capital, passive index funds, and industrial capital being the main purchasing forces [5]. Group 2: Insurance Sector Investment - The insurance sector's fundamentals are improving, with strong sales of participating insurance products expected to continue due to favorable market conditions [6]. - The investment performance of listed insurance companies has seen a significant increase, with the stock market's stability likely to enhance their profitability [7]. - The high dividend strategy is becoming a core choice for insurance companies' asset allocation, which may lead to further valuation upgrades for insurance stocks [7].