银行行业:银行一季报增速超预期

  营_blank class=infotextkey>收端_blank class=infotextkey>get=_blank class=infotextkey>实现两位数_blank class=infotextkey>get=_blank class=infotextkey>超_blank class=infotextkey>get=_blank class=infotextkey>高速_blank class=infotextkey>get=_blank class=infotextkey>增长: 据_blank class=infotextkey>get=_blank class=infotextkey>目前已披露的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>银行一季报来看,_blank class=infotextkey>get=_blank class=infotextkey>行业营_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>情况_blank class=infotextkey>继续_blank class=infotextkey>get=_blank class=infotextkey>修复,延续 1Q18 来的_blank class=infotextkey>get=_blank class=infotextkey>回升_blank class=infotextkey>get=_blank class=infotextkey>趋势,同比_blank class=infotextkey>get=_blank class=infotextkey>增速升幅较_blank class=infotextkey>get=_blank class=infotextkey>2018 年陡升。 PPOP 在营_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>高增基础_blank class=infotextkey>get=_blank class=infotextkey>上进一步_blank class=infotextkey>get=_blank class=infotextkey>提升, _blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>运营效率_blank class=infotextkey>get=_blank class=infotextkey>提升: PPOP _blank class=infotextkey>get=_blank class=infotextkey>增速_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>部分在 _blank class=infotextkey>get=_blank class=infotextkey>20%左右,_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>小_blank class=infotextkey>get=_blank class=infotextkey>产权_blank class=infotextkey>get=_blank class=infotextkey>房,_blank class=infotextkey>部分甚至_blank class=infotextkey>get=_blank class=infotextkey>高达 _blank class=infotextkey>30%。 净利润与 PPOP _blank class=infotextkey>get=_blank class=infotextkey>增速差_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>部分在 _blank class=infotextkey>get=_blank class=infotextkey>10_blank class=infotextkey>get=_blank class=infotextkey>20 个点,拨备计提_blank class=infotextkey>get=_blank class=infotextkey>力度加_blank class=infotextkey>get=_blank class=infotextkey>大,_blank class=infotextkey>get=_blank class=infotextkey>行业整_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>安_blank class=infotextkey>get=_blank class=infotextkey>全边际_blank class=infotextkey>get=_blank class=infotextkey>提升。 _blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>长期来看,宏观_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济在_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>大水漫灌_blank class=infotextkey>get=_blank class=infotextkey>刺激_blank class=infotextkey>get=_blank class=infotextkey>下,_blank class=infotextkey>get=_blank class=infotextkey>持续性_blank class=infotextkey>get=_blank class=infotextkey>增强,_blank class=infotextkey>get=_blank class=infotextkey>行业整_blank class=infotextkey>get=_blank class=infotextkey>体盈利_blank class=infotextkey>get=_blank class=infotextkey>平稳_blank class=infotextkey>get=_blank class=infotextkey>增长可_blank class=infotextkey>get=_blank class=infotextkey>持续。

  _blank class=infotextkey>get=_blank class=infotextkey>规模_blank class=infotextkey>get=_blank class=infotextkey>高增是_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重要贡献: 已披露一季_blank class=infotextkey>get=_blank class=infotextkey>报的 6 家_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>银行生息_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>规模同比_blank class=infotextkey>get=_blank class=infotextkey>增速均达到 _blank class=infotextkey>get=_blank class=infotextkey>10 个点_blank class=infotextkey>get=_blank class=infotextkey>上。

  净息差+非息_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合盈利能力_blank class=infotextkey>get=_blank class=infotextkey>提升: _blank class=infotextkey>get=_blank class=infotextkey>由于_blank class=infotextkey>部分_blank class=infotextkey>get=_blank class=infotextkey>银行受_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>get=_blank class=infotextkey>会计准则_blank class=infotextkey>get=_blank class=infotextkey>影响,利息_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入与非息_blank class=infotextkey>不可比,在此将二者结_blank class=infotextkey>合来看_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合盈利能力_blank class=infotextkey>get=_blank class=infotextkey>情况,_blank class=infotextkey>get=_blank class=infotextkey>可看到, 1 季度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>银行均_blank class=infotextkey>get=_blank class=infotextkey>有显著的_blank class=infotextkey>get=_blank class=infotextkey>提升。净息差_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面,_blank class=infotextkey>get=_blank class=infotextkey>预计主动_blank class=infotextkey>get=_blank class=infotextkey>负债的_blank class=infotextkey>get=_blank class=infotextkey>成本_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降,_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>收益率_blank class=infotextkey>get=_blank class=infotextkey>平稳。_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时,在对个股的细_blank class=infotextkey>get=_blank class=infotextkey>拆表明,_blank class=infotextkey>get=_blank class=infotextkey>手续费_blank class=infotextkey>get=_blank class=infotextkey>增速_blank class=infotextkey>get=_blank class=infotextkey>回升是_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重要_blank class=infotextkey>get=_blank class=infotextkey>驱动因素,.fan_blank class=infotextkey>g558.com/lon_blank class=infotextkey>g_blank class=infotextkey>gan_blank class=infotextkey>g/ tar_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>龙岗,_blank class=infotextkey>get=_blank class=infotextkey>预计受益于资本_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>行情_blank class=infotextkey>get=_blank class=infotextkey>较好,_blank class=infotextkey>get=_blank class=infotextkey>代销佣_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>有较_blank class=infotextkey>get=_blank class=infotextkey>大的_blank class=infotextkey>get=_blank class=infotextkey>提升,_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>集_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>发力_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>信用卡,_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>信用卡_blank class=infotextkey>get=_blank class=infotextkey>手续费亦是_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重要支撑。

  _blank class=infotextkey>get=_blank class=infotextkey>成本在_blank class=infotextkey>get=_blank class=infotextkey>去年普遍加_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>科技_blank class=infotextkey>get=_blank class=infotextkey>投入、_blank class=infotextkey>get=_blank class=infotextkey>去年吸_blank class=infotextkey>收存款的_blank class=infotextkey>get=_blank class=infotextkey>费用_blank class=infotextkey>get=_blank class=infotextkey>压力等的_blank class=infotextkey>get=_blank class=infotextkey>高基数_blank class=infotextkey>get=_blank class=infotextkey>下, 19 年 1 季度同比对业绩转为正向贡献。

  _blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>质量_blank class=infotextkey>get=_blank class=infotextkey>平稳,拨备计提_blank class=infotextkey>get=_blank class=infotextkey>力度加_blank class=infotextkey>get=_blank class=infotextkey>大。 盈利_blank class=infotextkey>get=_blank class=infotextkey>高增_blank class=infotextkey>get=_blank class=infotextkey>下,_blank class=infotextkey>get=_blank class=infotextkey>行业丰补歉,当前_blank class=infotextkey>get=_blank class=infotextkey>估值对应_blank class=infotextkey>get=_blank class=infotextkey>安_blank class=infotextkey>get=_blank class=infotextkey>全边际极_blank class=infotextkey>get=_blank class=infotextkey>高,拨备_blank class=infotextkey>get=_blank class=infotextkey>覆盖率进一步_blank class=infotextkey>get=_blank class=infotextkey>提升,_blank class=infotextkey>get=_blank class=infotextkey>安_blank class=infotextkey>get=_blank class=infotextkey>全边际_blank class=infotextkey>get=_blank class=infotextkey>提升。

  _blank class=infotextkey>get=_blank class=infotextkey>投资建议: _blank class=infotextkey>get=_blank class=infotextkey>我们 _blank class=infotextkey>3 _blank class=infotextkey>get=_blank class=infotextkey>月底_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重点_blank class=infotextkey>get=_blank class=infotextkey>推荐了_blank class=infotextkey>get=_blank class=infotextkey>银行板块: _blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济预期_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改善+低_blank class=infotextkey>get=_blank class=infotextkey>估值_blank class=infotextkey>get=_blank class=infotextkey>高息率能_blank class=infotextkey>get=_blank class=infotextkey>推动_blank class=infotextkey>get=_blank class=infotextkey>银行的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上涨_blank class=infotextkey>get=_blank class=infotextkey>行情。(详见_blank class=infotextkey>get=_blank class=infotextkey>报告《_blank class=infotextkey>get=_blank class=infotextkey>银行股对增量_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金的_blank class=infotextkey>get=_blank class=infotextkey>吸引力:_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济预期_blank class=infotextkey>get=_blank class=infotextkey>修复+低_blank class=infotextkey>get=_blank class=infotextkey>估值_blank class=infotextkey>get=_blank class=infotextkey>高股息率)。 _blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>近期,_blank class=infotextkey>get=_blank class=infotextkey>由于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策微调,_blank class=infotextkey>get=_blank class=infotextkey>市场对_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>未来预期分歧加_blank class=infotextkey>get=_blank class=infotextkey>大,_blank class=infotextkey>get=_blank class=infotextkey>我们看好_blank class=infotextkey>get=_blank class=infotextkey>银行股_blank class=infotextkey>get=_blank class=infotextkey>未来的稳健_blank class=infotextkey>收益。 社融快增,确_blank class=infotextkey>get=_blank class=infotextkey>保_blank class=infotextkey>get=_blank class=infotextkey>银行 _blank class=infotextkey>get=_blank class=infotextkey>2019 _blank class=infotextkey>年的_blank class=infotextkey>get=_blank class=infotextkey>贷款、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入和利润_blank class=infotextkey>get=_blank class=infotextkey>增速;_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济企稳确_blank class=infotextkey>定了其_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>长期的_blank class=infotextkey>get=_blank class=infotextkey>投资逻辑。随着_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>长期_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金和机构_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金的_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>入市,_blank class=infotextkey>get=_blank class=infotextkey>银行板块_blank class=infotextkey>get=_blank class=infotextkey>有望_blank class=infotextkey>get=_blank class=infotextkey>持续吸_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金,_blank class=infotextkey>get=_blank class=infotextkey>推动板块_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>上。 _blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>近期_blank class=infotextkey>get=_blank class=infotextkey>我们_blank class=infotextkey>get=_blank class=infotextkey>推荐_blank class=infotextkey>get=_blank class=infotextkey>弹性较_blank class=infotextkey>get=_blank class=infotextkey>大、季报业绩_blank class=infotextkey>get=_blank class=infotextkey>好的_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>小_blank class=infotextkey>get=_blank class=infotextkey>银行:_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>南京_blank class=infotextkey>get=_blank class=infotextkey>银行、兴业_blank class=infotextkey>get=_blank class=infotextkey>银行、_blank class=infotextkey>get=_blank class=infotextkey>江苏_blank class=infotextkey>get=_blank class=infotextkey>银行和_blank class=infotextkey>get=_blank class=infotextkey>常熟_blank class=infotextkey>get=_blank class=infotextkey>银行;_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时看好_blank class=infotextkey>get=_blank class=infotextkey>头_blank class=infotextkey>部_blank class=infotextkey>get=_blank class=infotextkey>银行_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>长期_blank class=infotextkey>get=_blank class=infotextkey>价值:招_blank class=infotextkey>get=_blank class=infotextkey>商_blank class=infotextkey>get=_blank class=infotextkey>银行、_blank class=infotextkey>get=_blank class=infotextkey>宁波_blank class=infotextkey>get=_blank class=infotextkey>银行、工_blank class=infotextkey>get=_blank class=infotextkey>商_blank class=infotextkey>get=_blank class=infotextkey>银行和_blank class=infotextkey>get=_blank class=infotextkey>建设_blank class=infotextkey>get=_blank class=infotextkey>银行。

在线咨询
联系电话
返回顶部