<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2022/06/westpac.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2022/06/westpac.jpg"/></p>
<p>澳大利亚银行正全力以赴，即使该国经济放缓，也在击败全球同行。</p>
<p>西太平洋银行（WBC）股价在过去五个连续交易日上涨了超过 42.50%，今年以来表现强劲。</p>
<p>同样，澳新集团股价飙升了 22%，也达到了历史最高点。澳大利亚商业银行（CBA）股价飙升了近 32%，而澳新集团股价上涨了 22%。澳新银行今年上涨了 30%。</p>
<p>这些银行的表现优于相关公司。备受关注的 KBW 银行 ETF（KBWB）今年上涨不到 25%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/ANZ-vs.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/ANZ-vs.png"/></p>
<p><em>澳新 vs 西太 vs CBA vs NAB vs KBWB</em></p>
<h2>澳大利亚经济疲软</h2>
<p>尽管迹象表明该国经济正在放缓，但澳大利亚大型银行今年表现出色。</p>
<p>最新数据显示，经济增长在第二季度放缓至 1.1%，而在第一季度增长了 1.6%。</p>
<p>这一增长率在 2021 年增长超过 9% 后开始放缓，分析师预计放缓势头将继续。</p>
<p>作为澳大利亚经济重要组成部分的大宗商品今年表现不一。黄金价格飙升至历史高位，而铁矿石和煤炭等商品因中国需求疲软而出现回落。</p>
<p>更多经济数据显示，澳大利亚人仍在应对生活成本危机，因为通胀率仍高于其他国家。劳动力市场在过去几个月略微放缓，失业率超过 4%。</p>
<h2>澳洲联储利率</h2>
<p>这些银行尽管面临经济挑战，但表现出色的首要原因是澳大利亚联邦储备银行（RBA）已成为全球最鹰派的央行。</p>
<p>最近的会议记录显示，官员们在最近一次会议上考虑加息，理由是通胀持续偏高。</p>
<p>这是一种高度分歧的态度，考虑到大多数央行已开始削减利率。在美国，美联储暗示将在下次会议上开始削减利率。</p>
<p>欧洲央行（ECB）、英格兰银行（BoE）和瑞士国家银行（SNB）也削减了利率。预计这些银行中的大多数今年将进一步降息。</p>
<p>从理论上讲，银行在利率较高时受益，因为净利差较高。这是他们持有现金或放贷所赚取的利率减去他们向存款人提供的利率。</p>
<p>然而，较高的利率会带来意想不到的后果。当利率上升到像澳大利亚这样的高位时，许多人倾向于将资金从银行转移到支付更高利率的货币市场基金。</p>
<p>该国统计局的数据显示，去年 12 月托管基金总额达到 4.75 万亿澳元，托管基金的综合资产达到 3.8 万亿澳元。</p>
<p>利率上升的另一个意外后果是导致消费者和公司的违约率上升。</p>
<h2>澳大利亚银行上半年利润下滑</h2>
<p>尽管最近的业绩显示这些银行上半年的财务状况有所放缓，但这些股票仍大幅上涨。</p>
<p>作为该国最大银行，CBA 的税后净利润（NPAT）在上半年下降了 8%，至 48 亿澳元。该银行指出，这一下滑是因为该期间运营费用增加。其净利差也略微下降至 1.99%。</p>
<p>作为表现最佳的澳大利亚银行股票，西太平洋银行的净利差在上个季度上升至 1.92%，因客户存款增加了 154 亿澳元以上。</p>
<p>澳新银行上半年营收下降了 3%，净利润下降了 11%，至 39 亿澳元。澳新银行的法定税后利润下降了 4%，至 34 亿美元。</p>
<p>值得注意的是，大多数澳大利亚最大银行的核心一级资本比率低于其全球同行。澳新银行的比率最高，为 13.5%，而 NAB 的比率为 12.5%，西太平洋银行和 CBA 的比率为 12%。核心一级资本比率是一个重要的数字，显示了银行准备金与风险加权资产的比例。</p>
<p>此外，有迹象表明这些银行面临激烈竞争，这解释了为什么它们中的大多数已经开始降息。就在上周，CBA 银行为新借款人削减了利率，因为抵押贷款行业的竞争加剧。</p>
<p>澳大利亚最大银行面临的另一个风险是它们不再便宜。CBA 的市净率为 3.24，而 NAB、西太和澳新的倍数分别为 2.0、1.52 和 1.38。以坚实资产负债表而闻名的摩根大通的倍数为 2，远低于 CBA 银行的倍数。</p>
<p>因此，这些银行在短期内可能会继续上涨，但随着一些投资者开始获利了结，回调也不可避免。</p>
<p>本文来源于 Invezz，原文链接：Here’s why ANZ, CBA, NAB, and Westpac share prices are surging</p>

<p>澳大利亚银行，包括西太平洋银行、澳新银行、澳洲联邦银行和国民银行，尽管经济增速放缓，但股价出现显著上涨，表现优于全球同行。西太平洋银行的股价今年已上涨超过 42.5%，而澳洲联邦银行和国民银行分别上涨近 32% 和 30%。澳大利亚储备银行仍然持鹰派立场，支持提高利率，这提振了银行的净利差，尽管不良贷款增加。尽管财报显示了一些下滑，但抵押贷款领域的激烈竞争导致银行降低利率，这增加了未来盈利风险，因为银行估值上升</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2022/06/westpac.jpg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2022/06/westpac.jpg"/></p>
<p>Australian banks are firing on all cylinders and are beating their global peers even as the country’s economy slows.</p>
<div class="lb-trans"><p>澳大利亚银行正全力以赴，即使该国经济放缓，也在击败全球同行。</p>
</div><p>Westpac Banking Corporation (WBC) share price has risen in the last five consecutive days and by over 42.50% this year.</p>
<div class="lb-trans"><p>西太平洋银行（WBC）股价在过去五个连续交易日上涨了超过 42.50%，今年以来表现强劲。</p>
</div><p>Similarly, ANZ Group stock has soared by 22% and is also sitting at its highest point on record. Commercial Bank of Australia (CBA) shares soared by almost 32% while ANZ Group shares are up by 22%. NAB Bank has risen by 30% this year.</p>
<div class="lb-trans"><p>同样，澳新集团股价飙升了 22%，也达到了历史最高点。澳大利亚商业银行（CBA）股价飙升了近 32%，而澳新集团股价上涨了 22%。澳新银行今年上涨了 30%。</p>
</div><p>These banks are outperforming related companies. The closely watched KBW Bank ETF (KBWB) has risen by less than 25% this year.</p>
<div class="lb-trans"><p>这些银行的表现优于相关公司。备受关注的 KBW 银行 ETF（KBWB）今年上涨不到 25%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/ANZ-vs.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/ANZ-vs.png"/></p>
<p><em>ANZ vs WestPac vs CBA vs NAB vs KBWB</em></p>
<div class="lb-trans"><p><em>澳新 vs 西太 vs CBA vs NAB vs KBWB</em></p>
</div><h2>Australia economic weakness</h2>
<div class="lb-trans"><h2>澳大利亚经济疲软</h2>
</div><p>Big Australian banks have done welll this year even as signs showed that the country’s economy was slowing.</p>
<div class="lb-trans"><p>尽管迹象表明该国经济正在放缓，但澳大利亚大型银行今年表现出色。</p>
</div><p>The most recent data showed that the economic growth softened to 1.1% in the second quarter after rising by 1.6% in the first quarter.</p>
<div class="lb-trans"><p>最新数据显示，经济增长在第二季度放缓至 1.1%，而在第一季度增长了 1.6%。</p>
</div><p>This growth rate has been slowing after growing by over 9% in 2021 and analysts expect the slowdown to continue further.</p>
<div class="lb-trans"><p>这一增长率在 2021 年增长超过 9% 后开始放缓，分析师预计放缓势头将继续。</p>
</div><p>Commodities, which are an important part of the Australian economy have been mixed this year. Gold has soared to a record high while commodities like iron ore and coal have retreated because of the Chinese weakness.</p>
<div class="lb-trans"><p>作为澳大利亚经济重要组成部分的大宗商品今年表现不一。黄金价格飙升至历史高位，而铁矿石和煤炭等商品因中国需求疲软而出现回落。</p>
</div><p>More economic data has shown that Australians are still dealing with the cost of living crisis as inflation has remained higher than in other countries. The labor market has also softened slightly in the past few months, with the jobless rate being over 4%.</p>
<div class="lb-trans"><p>更多经济数据显示，澳大利亚人仍在应对生活成本危机，因为通胀率仍高于其他国家。劳动力市场在过去几个月略微放缓，失业率超过 4%。</p>
</div><h2>RBA interest rates</h2>
<div class="lb-trans"><h2>澳洲联储利率</h2>
</div><p>The first main reason why these banks have done well despite the economic challenges is that the Reserve Bank of Australia (RBA) has become the most hawkish central bank in the world.</p>
<div class="lb-trans"><p>这些银行尽管面临经济挑战，但表现出色的首要原因是澳大利亚联邦储备银行（RBA）已成为全球最鹰派的央行。</p>
</div><p>The last minutes showed that officials deliberated hiking interest rates in the last meeting, citing the stubbornly high inflation.</p>
<div class="lb-trans"><p>最近的会议记录显示，官员们在最近一次会议上考虑加息，理由是通胀持续偏高。</p>
</div><p>This was a highly divergent tone considering that most central banks have started to slash interest rates. In the United States, the Fed has hinted that it will start to trim its rates in the next meeting.</p>
<div class="lb-trans"><p>这是一种高度分歧的态度，考虑到大多数央行已开始削减利率。在美国，美联储暗示将在下次会议上开始削减利率。</p>
</div><p>The European Central Bank (ECB), Bank of England (BoE), and the Swiss National Bank (SNB) have also slashed interest rates. Most of these banks are expected to deliver more cuts this year.</p>
<div class="lb-trans"><p>欧洲央行（ECB）、英格兰银行（BoE）和瑞士国家银行（SNB）也削减了利率。预计这些银行中的大多数今年将进一步降息。</p>
</div><p>In theory, banks benefit when interest rates are high because of the higher Net Interest Margin (NIM). That is the interest rate they make for holding cash or lending minus the rate they offer their depositors</p>
<div class="lb-trans"><p>从理论上讲，银行在利率较高时受益，因为净利差较高。这是他们持有现金或放贷所赚取的利率减去他们向存款人提供的利率。</p>
</div><p>Higher interest rates have unintended consequences though. When rates rise so high, as they are in Australia, many people tend to move their money from banks to money market funds, which pay a higher rate.</p>
<div class="lb-trans"><p>然而，较高的利率会带来意想不到的后果。当利率上升到像澳大利亚这样的高位时，许多人倾向于将资金从银行转移到支付更高利率的货币市场基金。</p>
</div><p>Data by the country’s statistics bureau shows that the total managed funds rose to A$4.75 trillion in December last year while consolidated assets of managed funds hit A$3.8 trillion.</p>
<div class="lb-trans"><p>该国统计局的数据显示，去年 12 月托管基金总额达到 4.75 万亿澳元，托管基金的综合资产达到 3.8 万亿澳元。</p>
</div><p>The other unintended consequence of higher rates is that it leads to higher default rates among consumers and companies.</p>
<div class="lb-trans"><p>利率上升的另一个意外后果是导致消费者和公司的违约率上升。</p>
</div><h2>Australian banks profits eased in the first half</h2>
<div class="lb-trans"><h2>澳大利亚银行上半年利润下滑</h2>
</div><p>These stocks have surged even after the recent results showed that their financial results eased in the first half of the year.</p>
<div class="lb-trans"><p>尽管最近的业绩显示这些银行上半年的财务状况有所放缓，但这些股票仍大幅上涨。</p>
</div><p>CBA, the biggest bank in the country, saw its net profit after tax (NPAT) fall by 8% to A$4.8 billion in the first half. The bank noted that the decline was because of higher operating expenses during the period. Its NIM also retreated slightly to 1.99%.</p>
<div class="lb-trans"><p>作为该国最大银行，CBA 的税后净利润（NPAT）在上半年下降了 8%，至 48 亿澳元。该银行指出，这一下滑是因为该期间运营费用增加。其净利差也略微下降至 1.99%。</p>
</div><p>Westpac, the best-performing Australian bank stock, saw its NIM rise to 1.92% in the last quarter as customer deposits jumped by over A$15.4 billion.</p>
<div class="lb-trans"><p>作为表现最佳的澳大利亚银行股票，西太平洋银行的净利差在上个季度上升至 1.92%，因客户存款增加了 154 亿澳元以上。</p>
</div><p>NAB Bank’s revenue dropped by 3% in the first half of the year while net profit fell by 11% to A$3.9 billion. ANZ’s statutory profit after tax fell by 4% to $3.4 billion.</p>
<div class="lb-trans"><p>澳新银行上半年营收下降了 3%，净利润下降了 11%，至 39 亿澳元。澳新银行的法定税后利润下降了 4%，至 34 亿美元。</p>
</div><p>Notably, most of Australia’s biggest banks have a lower CET1 ratio than their global peers. ANZ Bank has the highest rate of 13.5% while NAB has a ratio of 12.5% while Westpac and CBA have 12%. CET ratio is an important number that shows how a bank’s reserves compared to risk-weighted assets.</p>
<div class="lb-trans"><p>值得注意的是，大多数澳大利亚最大银行的核心一级资本比率低于其全球同行。澳新银行的比率最高，为 13.5%，而 NAB 的比率为 12.5%，西太平洋银行和 CBA 的比率为 12%。核心一级资本比率是一个重要的数字，显示了银行准备金与风险加权资产的比例。</p>
</div><p>Additionally, there are signs that these banks are seeing strong competition, which explains why most of them have started cuttig interest rates. Just last week, CBA Bank slashed rates for new borrowers as the competition in the mortgage industry tightened.</p>
<div class="lb-trans"><p>此外，有迹象表明这些银行面临激烈竞争，这解释了为什么它们中的大多数已经开始降息。就在上周，CBA 银行为新借款人削减了利率，因为抵押贷款行业的竞争加剧。</p>
</div><p>Another risk for Australia’s biggest banks is that they are no longer cheap. CBA has a price-to-book ratio of 3.24 while NAB, Westpac, and ANZ have multiples of 2.0, 1.52, and 1.38, respectively. JP Morgan, a bank known for its fortress balance sheet has a multiple of 2, much lower than that of CBA Bank.</p>
<div class="lb-trans"><p>澳大利亚最大银行面临的另一个风险是它们不再便宜。CBA 的市净率为 3.24，而 NAB、西太和澳新的倍数分别为 2.0、1.52 和 1.38。以坚实资产负债表而闻名的摩根大通的倍数为 2，远低于 CBA 银行的倍数。</p>
</div><p>Therefore, these banks will likely continue rising in the near term but a pullback cannot be ruled out as some investors start taking profits.</p>
<div class="lb-trans"><p>因此，这些银行在短期内可能会继续上涨，但随着一些投资者开始获利了结，回调也不可避免。</p>
</div><p>The post Here’s why ANZ, CBA, NAB, and Westpac share prices are surging appeared first on Invezz</p>
<div class="lb-trans"><p>本文来源于 Invezz，原文链接：Here’s why ANZ, CBA, NAB, and Westpac share prices are surging</p>
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以下是澳新银行（ANZ）、联邦银行（CBA）、国民银行（NAB）和西太平洋银行（Westpac）股价飙升的原因