<p>在 9 月 18 日，美联储将基准利率下调了 0.25%。这是自去年 12 月以来中央银行首次降息，旨在平衡其双重使命，以实现价格稳定和最大就业。</p>
<p>降息有利于负债较多的公司，包括小型股。投资者可能忽视的一个价值投资机会是地区银行。原因如下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI2NTAvcGVvcGxlLXRhbGstdG8tdGVsbGVyLWF0LWEtYmFuay1nZXR0eS5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI2NTAvcGVvcGxlLXRhbGstdG8tdGVsbGVyLWF0LWEtYmFuay1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>降息如何使地区银行受益</h2>
<p>地区银行可以从降息中受益，因为它们的存款成本通常比贷款收益更快地向下调整。大多数存款是短期且对利率敏感的，而许多贷款是固定的或重新定价较慢。这种时间差可以提高净利差，减轻之前加息带来的压力。</p>
<p>较低的利率还刺激了借贷需求，推动贷款增长和手续费收入。这些动态可以在宽松周期中提升地区银行的盈利能力和资本灵活性。主要受益者是那些拥有强大存款业务、对利率敏感且资产负债表严重倾向于贷款的银行。</p>
<p><strong>PNC 金融服务</strong> 是一个地区银行，其存款贝塔值相对较低，得益于稳定、低成本的资金基础和广泛的地理覆盖，资产负债表倾向于贷款。相比之下，像 <strong>齐昂银行</strong> 和 <strong>KeyCorp</strong> 这样的资产敏感型同行，在加息环境中因存款成本上升而受到盈利压力，如果随着降息资金成本敏感性减弱，可能会看到超额的利润恢复。</p>
<h2>投资者如何把握反弹机会</h2>
<p>对于投资者来说，降息为地区银行创造了机会。随着资金成本比贷款收益更快地降低，利润空间扩大，信贷需求上升，收益改善。</p>
<p>由于几年前地区银行危机带来的压力，估值仍然受到压制，随着货币政策成为顺风，地区银行可能会带来可观的上涨。对于感兴趣的投资者，<strong>SPDR S&amp;P 地区银行 ETF</strong>（KRE -1.25%）是一个在 140 多只地区银行股票中把握反弹的方式。</p>

PNC金融服务

齐昂银行

<p>美联储最近将利率下调 0.25% 可能会使地区银行受益，因为它们的存款成本下降速度快于贷款收益，这可能会提升净利差。这种环境可能刺激借贷需求，并改善像 PNC 金融服务这样的银行的盈利能力，而像齐昂银行和 KeyCorp 这样的银行则可能看到利差的恢复。投资者可能会在地区银行中发现价值，特别是通过 SPDR S&P 地区银行 ETF（KRE），因为在危机后估值仍然被压缩，货币政策的变化有利于这些机构</p>

<p>On Sept. 18, the Federal Reserve cut its benchmark interest rate by 0.25%. It was the central bank's first interest rate cut since December, as it looks to balance both sides of its dual mandate to achieve both stable prices and maximum employment.</p>
<div class="lb-trans"><p>在 9 月 18 日，美联储将基准利率下调了 0.25%。这是自去年 12 月以来中央银行首次降息，旨在平衡其双重使命，以实现价格稳定和最大就业。</p>
</div><p>Interest rate cuts benefit companies with more debt, including small-cap stocks. One value play that investors might be overlooking is regional banks. Here's why.</p>
<div class="lb-trans"><p>降息有利于负债较多的公司，包括小型股。投资者可能忽视的一个价值投资机会是地区银行。原因如下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI2NTAvcGVvcGxlLXRhbGstdG8tdGVsbGVyLWF0LWEtYmFuay1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832650%2Fpeople-talk-to-teller-at-a-bank-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>How interest rate cuts could benefit regional banks</h2>
<div class="lb-trans"><h2>降息如何使地区银行受益</h2>
</div><p>Regional banks can benefit from interest rate cuts because their deposit costs typically adjust downward faster than loan yields. Most deposits are short-term and rate-sensitive, while many loans are fixed or repriced more slowly. This timing gap can boost net interest margins, easing pressure from prior rate hikes.</p>
<div class="lb-trans"><p>地区银行可以从降息中受益，因为它们的存款成本通常比贷款收益更快地向下调整。大多数存款是短期且对利率敏感的，而许多贷款是固定的或重新定价较慢。这种时间差可以提高净利差，减轻之前加息带来的压力。</p>
</div><p>Lower rates also stimulate borrowing demand, boosting loan growth and fee income. Together, these dynamics can boost profitability and capital flexibility for regional banks during easing cycles. The primary beneficiaries are banks with strong deposit franchises, sensitivity to interest rates, and balance sheets heavily tilted toward lending.</p>
<div class="lb-trans"><p>较低的利率还刺激了借贷需求，推动贷款增长和手续费收入。这些动态可以在宽松周期中提升地区银行的盈利能力和资本灵活性。主要受益者是那些拥有强大存款业务、对利率敏感且资产负债表严重倾向于贷款的银行。</p>
</div><p><strong>PNC Financial</strong> is one regional bank with a relatively low deposit beta, supported by a stable, low-cost funding base and broad geographic reach, with a balance sheet tilted toward lending. By contrast, more asset-sensitive peers such as <strong>Zions Bancorp</strong> and <strong>KeyCorp</strong>, whose earnings were pressured by higher deposit costs in the rising rate environment, could see outsized margin recovery if funding cost sensitivity eases with rate cuts.</p>
<div class="lb-trans"><p><strong>PNC 金融服务</strong> 是一个地区银行，其存款贝塔值相对较低，得益于稳定、低成本的资金基础和广泛的地理覆盖，资产负债表倾向于贷款。相比之下，像 <strong>齐昂银行</strong> 和 <strong>KeyCorp</strong> 这样的资产敏感型同行，在加息环境中因存款成本上升而受到盈利压力，如果随着降息资金成本敏感性减弱，可能会看到超额的利润恢复。</p>
</div><h2>How investors could play the rebound</h2>
<div class="lb-trans"><h2>投资者如何把握反弹机会</h2>
</div><p>For investors, rate cuts create an opportunity in regional banks. As funding costs ease faster than loan yields, margins expand, credit demand rises, and earnings improve.</p>
<div class="lb-trans"><p>对于投资者来说，降息为地区银行创造了机会。随着资金成本比贷款收益更快地降低，利润空间扩大，信贷需求上升，收益改善。</p>
</div><p>With valuations still compressed from pressures that emerged during the regional bank crisis a couple of years ago, regionals could deliver solid upside as monetary policy becomes a tailwind. For those interested, the <strong>SPDR S&amp;P Regional Banking ETF</strong>(KRE -1.25%) is one way to play the rebound across a diverse group of over 140+ regional bank stocks.</p>
<div class="lb-trans"><p>由于几年前地区银行危机带来的压力，估值仍然受到压制，随着货币政策成为顺风，地区银行可能会带来可观的上涨。对于感兴趣的投资者，<strong>SPDR S&amp;P 地区银行 ETF</strong>（KRE -1.25%）是一个在 140 多只地区银行股票中把握反弹的方式。</p>
</div>

Why Regional Banks Might Be the Value Play Everyone's Missing

- 9 月 18 日，美联储将基准利率下调 0.25%。  
- 地区银行因存款成本下降快于贷款收益而受益。  
- 投资者可通过 SPDR S&P 地区银行 ETF 抓住反弹机会。  

为什么区域性银行可能是所有人都错过的价值投资机会