智通财经APP获悉，万联证券发布研报称，国外政策偏宽松，2025年9月美国再次开启降息周期，利好 全球资本的流动。国内方面，2026年货币与财政协同促进稳增长的政策有望进一步加力，流动性宽松基 调仍将延续。高股息风格仍有阶段性机会。综合考虑银行股当前的股息率以及估值水平，该行认为银行 板块仍具有配置价值。 万联证券主要观点如下： 2025年前三季度归母净利润增速改善 2025年前三季度42家上市银行营业收入同比增速为0.91%，归母净利润增速为1.48%，营收增速环比回 落，归母净利润增速环比改善。营收端，债市波动对其他非息收入形成一定拖累，其他非息收入同比增 速放缓，使得上市银行整体营收增速略有波动，不过受益于利息净收入降幅收窄以及中收的明显改善， 整体仍实现正增长。 成本端，业务及管理费用同比增速0.34%，信用减值损失同比增长-1.9%，所得税同比增速为3.9%。业 务及管理费增速低于同期营收增速，拨备继续反哺利润，不过拨备计提力度的下降对利润的释放有所下 降。2025年前三季度，上市银行总资产同比增速为9.3%，规模扩张仍保持高位。 净息差方面，该行估算上市银行前三季度净息差约为1.33%，同比下降约 ...

Monetary Policy and Economic Environment - The central bank's "moderately loose" monetary policy is being implemented gradually due to the stabilization of external conditions, following the reduction in reserve requirements and interest rates in May [1] - The central bank is actively injecting liquidity through reverse repos and MLF, creating a comprehensive easing environment [1] - The combination of monetary and fiscal policies has led to a "double easing" situation, with government investment and financial support for consumption being the two main driving forces for domestic demand [1] Structural Monetary Policy Tools - The central bank has highlighted three prominent areas for structural tools: technological innovation, inclusive and consumer finance, and securities market financing [2] - Expansion of re-lending for technological innovation and support for consumer finance has been initiated, with specific amounts allocated for various purposes [2] - The central bank is also promoting the issuance of bonds in sectors like culture, tourism, and education to support consumption [2] Support for Foreign Trade - The central bank supports pilot programs for foreign trade refinancing in Shanghai, indicating a localized approach to structural tools for foreign trade enterprises [3] Real Estate Market Dynamics - Current policies supporting real estate, including PSL, are not significantly impactful, indicating a stabilization rather than expansion in the real estate sector [4] - Data shows a slight decline in real estate loan balances, suggesting limited effectiveness of monetary policy in stimulating housing demand [4] - The financial regulatory authority is working on new financing systems to adapt to the evolving real estate market, which may be crucial for long-term stability [5] Consumer and Inclusive Finance Growth - Despite a contraction in real estate loans, the demand for inclusive and consumer finance remains robust, with significant year-on-year growth in operating loans and consumer loans [5] - The expansion of structural tools has created a policy space exceeding 1.4 trillion yuan, indicating potential for gradual policy release rather than immediate large-scale actions [5] Future Policy Outlook - The combination of total and structural tools will likely become the norm in future policy, with a focus on the role of each depending on the economic context [6] - The urgency for further total policy actions may arise in the fourth quarter, influenced by external conditions and interest rate differentials [6]