如何看待近期银行股调整❓ 机构解读：6 月以来交易情绪过热，短期快速上涨后估值和股息率吸引力下降；近期市场风险偏好全面回升，各板块投资机会快速轮动，活跃资 金流出银行板块。 | | | 已披露2025年半年度业绩快报的上市银行 | | | | --- | --- | --- | --- | --- | | 简称 | 营业收入 | 营收同比% | | 归母净利润 归母净利润 | | | (亿元) | | (亿元) | 同比% | | 宁波银行 | 371.6 | 7.9 | 147.7 | 8.2 | | 常熟银行 | 60. 6 | 10. 1 | 19.7 | 13.6 | | 齐鲁银行 | 67.8 | 5.8 | 27.3 | 16. 5 | | 杭州银行 | 200. 9 | 3.9 | 116. 6 | 16. 7 | 2、近期市场风险偏好全面回升,各板块投资机会快速轮动,活 跃资金流出银行板块。 但目前银行股的中期核心投资逻辑依然稳固,盈利稳定是银行股 价值重估的关键,中报期有望支撑股价企稳。关注调整的空间和 节奏。(观点来源:长江证券) 风险提示:基金有风险,投资须谨慎。上述观点、看法和思路根据 ...

Investment Rating - The investment rating for the banking sector is "Positive" and maintained [11] Core Insights - The recent adjustment in bank stocks reflects a combination of overheated trading sentiment since June and a shift in market risk appetite, leading to active funds flowing out of the banking sector [2][6] - The core investment logic for bank stocks remains solid, with expectations for stabilization supported by mid-term performance reports and dividend distributions [6][7] Summary by Sections Market Performance - The Yangtze Bank Index fell by 2.9% this week, underperforming the CSI 300 by 4.6% and the ChiNext Index by 5.7% [2][8] - Most bank stocks experienced declines, with notable exceptions like Ningbo Bank, which rose by 7% due to better-than-expected performance [8][20] Dividend Value Perspective - Jiangsu Bank, a leading city commercial bank, has shown a consistent adjustment pattern of around 10% since 2024, with the current expected dividend yield rising to 4.9%, the highest among A-share listed banks [6][40] - The adjustment from the peak in late June has reached 8%, indicating that the adjustment space is likely complete, enhancing the attractiveness of further investments if prices decline [6][36] Time Rhythm Perspective - Mid-term performance reports from banks like Hangzhou Bank and Qilu Bank show stable and better-than-expected core performance indicators, which are crucial for the revaluation of bank stocks [7][37] - The mid-term dividend distribution is expected to start soon, with August and September identified as key periods for investment positioning [7][37] Convertible Bonds - Qilu Bank is currently managing the pressure from its convertible bonds, with the balance reduced to 1.7 billion yuan, and is expected to accelerate the conversion process following positive mid-term performance [27][29] - The adjustment in the banking sector has also affected other banks nearing convertible bond redemption, expanding the distance to redemption prices [27][29] Trading Activity - The turnover rate and transaction volume for various bank stocks have decreased, indicating a significant recovery in market risk appetite, while trading heat for previously high-performing bank stocks has notably declined [29][32] - The core investment logic for bank stocks remains intact, with expectations for continued upward adjustments in institutional allocations [29][32]