<p>欧洲银行在 2026 年的形势与几年前大相径庭。</p>
<p>对负利率的恐慌已经消退，净利差有所改善，投资者再次关注盈利能力而非生存。但并不是每家银行在这一周期阶段的定位都相同。</p>
<p>ING 集团（NYSE: ING）之所以突出，是因为它不仅仅是一家传统的欧洲贷款机构。它越来越被视为欧洲最具可扩展性的数字银行平台之一。</p>
<p>这一区别在 2026 年可能更加重要，因为投资者正在寻找能够保护盈利能力的金融机构，即使欧洲的经济增长保持温和。</p>
<h2>为什么市场仍在密切关注 ING？</h2>
<p>自超低利率时代以来，欧洲银行业发生了显著变化。</p>
<p>多年来，银行在利率接近零的世界中努力扩大利差。这种压力影响了整个行业的盈利能力。</p>
<p>现在的环境看起来有所不同。</p>
<p>利率稳定在高于投资者在过去十年中习惯的水平，这改善了许多贷款机构的盈利条件。ING 是受益于这一变化的银行之一。</p>
<p>该公司在保持健康资本比率的同时，继续产生强劲的净利息收入。其 CET1 比率保持在 <strong>14%</strong> 以上，进一步强化了即使在经济放缓的环境中，资产负债表依然稳健的观点。</p>
<p>盈利能力和资本实力的结合变得更加重要，因为投资者关注质量而不仅仅是周期性上行。</p>
<h2>数字规模正成为更大的故事</h2>
<p>ING 与一些传统欧洲银行交易方式不同的一个原因是其数字化模式。</p>
<p>该银行花费多年时间在多个市场建立数字基础设施和在线银行能力。这项投资在银行业务进一步向移动和平台服务转型时变得越来越有价值。</p>
<p>数字银行很重要，因为它可以通过多种方式提高效率：</p>
<ul>
<li>降低网点成本</li>
<li>更快的客户获取</li>
<li>可扩展的运营</li>
<li>更好的跨境整合</li>
<li>更高的长期运营杠杆</li>
</ul>
<p>对于 ING 来说，这为其与仍然严重依赖昂贵实体网点网络的银行相比创造了结构性优势。</p>
<p>公司的规模也有所帮助。管理数千万客户的数字平台使 ING 能够在更广泛的基础上分摊技术投资，从而随着时间的推移提高效率。</p>
<h2>一种不同类型的欧洲金融暴露</h2>
<p>许多投资者仍然谨慎对待欧洲银行，因为该行业历史上一直面临低回报和不均衡增长的挑战。</p>
<p>ING 的定位则有所不同。</p>
<p>该公司涉及传统银行业务，但也受益于数字化采用和运营效率的趋势。这可以使其在贷款增长放缓的时期保持盈利的韧性。</p>
<p>在实际操作中，ING 对经济快速增长的依赖程度低于一些规模较小或更专注于国内市场的贷款机构。</p>
<p>这在欧洲当前的环境中尤为重要，尽管增长保持稳定，但并不特别强劲。</p>
<h2>贸易和物流角度也很重要</h2>
<p>荷兰更广泛的经济结构也间接支持了 ING 的定位。</p>
<p>该国仍然是欧洲最具全球一体化的经济体之一，出口超过 <strong>90%</strong> 的 GDP，鹿特丹继续作为欧洲最大的港口运营。</p>
<p>这种贸易强度支持了企业银行业务、国际金融和跨境资本流动，这些仍然是大型荷兰金融机构的重要领域。</p>
<p>随着全球贸易和供应链多样化的不断演变，与这些流动相关的金融平台可以从增加的商业活动中受益，即使国内需求保持温和。</p>
<h2>投资者在 2026 年关注什么？</h2>
<p>对于 ING 来说，今年的重点可能仍然集中在几个关键领域。</p>
<p>投资者将继续监测：</p>
<ul>
<li>净利息收入趋势</li>
<li>存款稳定性</li>
<li>欧洲的贷款增长</li>
<li>成本效率改善</li>
<li>资本回报计划</li>
</ul>
<p>欧洲利率的走势也将继续重要。虽然急剧降低的利率可能再次对利差施加压力，但更稳定的利率环境可能继续支持盈利能力。</p>
<p>与此同时，数字化执行仍然至关重要。投资者越来越期待像 ING 这样的银行证明技术投资能够转化为长期效率提升和更强的回报。</p>
<h2>为什么 ING 适合这个市场环境？</h2>
<p>2026 年的更广泛欧洲市场看起来更具选择性而非激进。</p>
<p>投资者关注的重点不再是投机性增长，而是能够产生稳定收益和有纪律的资本回报的公司。这一动态可以支持拥有强大资产负债表和可扩展商业模式的银行。</p>
<p>ING 在这一方面表现得相当不错。</p>
<p>该公司结合了：</p>
<ul>
<li>大规模的数字银行业务</li>
<li>国际多元化</li>
<li>强劲的资本水平</li>
<li>改善的盈利能力</li>
<li>对欧洲金融正常化的暴露</li>
</ul>
<p>这使其成为荷兰市场上更有趣的大型金融名称之一。</p>
<h3>结论</h3>
<p>ING 在 2026 年的故事不再是快速扩张，而是高效执行。</p>
<p>该银行受益于更稳定的欧洲利率背景、可扩展的数字银行平台以及对欧洲最具全球连接经济体之一的暴露。尽管荷兰本身可能仅实现温和的 GDP 增长，但 ING 仍然与整个欧洲的金融和贸易流动紧密相连。对于投资者而言，该股票越来越代表着对数字银行规模和稳定盈利能力的押注，而非传统的周期性银行复苏。</p>
<p><em>图片来源：作者</em></p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未对内容或准确性进行编辑。</em></strong></p>

荷兰国际

<p>荷兰国际被定位为 2026 年的一个具有韧性的银行业务，受益于净利差的改善和强大的数字银行模式。与传统银行不同，ING 的可扩展数字平台提高了效率和盈利能力，使其对快速经济增长的依赖性降低。该银行稳健的资本比率和对优质收益的关注与投资者对稳定性的偏好相一致。随着欧洲银行业的发展，ING 的国际多元化和运营效率使其在一个选择性市场中处于有利地位，强调有纪律的资本回报和可持续增长</p>

<p>European banks are entering 2026 with a very different setup than they had just a few years ago.</p>
<div class="lb-trans"><p>欧洲银行在 2026 年的形势与几年前大相径庭。</p>
</div><p>The panic over negative rates has faded, net interest margins have improved, and investors are once again paying attention to profitability rather than survival. But not every bank is positioned the same way going into this phase of the cycle.</p>
<div class="lb-trans"><p>对负利率的恐慌已经消退，净利差有所改善，投资者再次关注盈利能力而非生存。但并不是每家银行在这一周期阶段的定位都相同。</p>
</div><p>ING Group (NYSE: ING) stands out because it is not just a traditional European lender. It is increasingly being viewed as one of the continent's most scalable digital banking platforms.</p>
<div class="lb-trans"><p>ING 集团（NYSE: ING）之所以突出，是因为它不仅仅是一家传统的欧洲贷款机构。它越来越被视为欧洲最具可扩展性的数字银行平台之一。</p>
</div><p>That distinction could matter more in 2026 as investors look for financial institutions capable of protecting profitability even if economic growth across Europe remains moderate.</p>
<div class="lb-trans"><p>这一区别在 2026 年可能更加重要，因为投资者正在寻找能够保护盈利能力的金融机构，即使欧洲的经济增长保持温和。</p>
</div><h2>Why Is the Market Still Watching ING Closely?</h2>
<div class="lb-trans"><h2>为什么市场仍在密切关注 ING？</h2>
</div><p>European banking has changed significantly since the era of ultra-low rates.</p>
<div class="lb-trans"><p>自超低利率时代以来，欧洲银行业发生了显著变化。</p>
</div><p>For years, banks struggled to expand margins in a world where interest rates stayed close to zero. That pressure hurt profitability across much of the sector.</p>
<div class="lb-trans"><p>多年来，银行在利率接近零的世界中努力扩大利差。这种压力影响了整个行业的盈利能力。</p>
</div><p>The environment now looks different.</p>
<div class="lb-trans"><p>现在的环境看起来有所不同。</p>
</div><p>Rates are stabilizing at levels higher than investors were used to during the previous decade, which has improved earnings conditions for many lenders. ING has been one of the banks benefiting from that shift.</p>
<div class="lb-trans"><p>利率稳定在高于投资者在过去十年中习惯的水平，这改善了许多贷款机构的盈利条件。ING 是受益于这一变化的银行之一。</p>
</div><p>The company has continued generating strong net interest income while maintaining healthy capital ratios. Its CET1 ratio has remained above <strong>14%</strong>, reinforcing the view that the balance sheet remains solid even in a slower economic environment.</p>
<div class="lb-trans"><p>该公司在保持健康资本比率的同时，继续产生强劲的净利息收入。其 CET1 比率保持在 <strong>14%</strong> 以上，进一步强化了即使在经济放缓的环境中，资产负债表依然稳健的观点。</p>
</div><p>That combination of profitability and capital strength has become more important as investors focus on quality rather than just cyclical upside.</p>
<div class="lb-trans"><p>盈利能力和资本实力的结合变得更加重要，因为投资者关注质量而不仅仅是周期性上行。</p>
</div><h2>Digital Scale Is Becoming The Bigger Story</h2>
<div class="lb-trans"><h2>数字规模正成为更大的故事</h2>
</div><p>One reason ING trades differently from some traditional European banks is its digital model.</p>
<div class="lb-trans"><p>ING 与一些传统欧洲银行交易方式不同的一个原因是其数字化模式。</p>
</div><p>The bank spent years building out digital infrastructure and online banking capabilities across multiple markets. That investment is becoming increasingly valuable as banking shifts further toward mobile and platform based services.</p>
<div class="lb-trans"><p>该银行花费多年时间在多个市场建立数字基础设施和在线银行能力。这项投资在银行业务进一步向移动和平台服务转型时变得越来越有价值。</p>
</div><p>Digital banking matters because it can improve efficiency in several ways:</p>
<div class="lb-trans"><p>数字银行很重要，因为它可以通过多种方式提高效率：</p>
</div><ul>
<li>Lower branch costs</li>
<li>Faster customer acquisition</li>
<li>Scalable operations</li>
<li>Better cross-border integration</li>
<li>Higher long-term operating leverage</li>
</ul>
<div class="lb-trans"><ul>
<li>降低网点成本</li>
<li>更快的客户获取</li>
<li>可扩展的运营</li>
<li>更好的跨境整合</li>
<li>更高的长期运营杠杆</li>
</ul>
</div><p>For ING, this creates a structural advantage compared to banks that still rely heavily on expensive physical branch networks.</p>
<div class="lb-trans"><p>对于 ING 来说，这为其与仍然严重依赖昂贵实体网点网络的银行相比创造了结构性优势。</p>
</div><p>The company's scale also helps. Managing tens of millions of customers across digital platforms allows ING to spread technology investment across a broader base, improving efficiency over time.</p>
<div class="lb-trans"><p>公司的规模也有所帮助。管理数千万客户的数字平台使 ING 能够在更广泛的基础上分摊技术投资，从而随着时间的推移提高效率。</p>
</div><h2>A Different Kind of European Financial Exposure</h2>
<div class="lb-trans"><h2>一种不同类型的欧洲金融暴露</h2>
</div><p>Many investors still approach European banks cautiously because the sector has historically struggled with low returns and uneven growth.</p>
<div class="lb-trans"><p>许多投资者仍然谨慎对待欧洲银行，因为该行业历史上一直面临低回报和不均衡增长的挑战。</p>
</div><p>ING's positioning is somewhat different.</p>
<div class="lb-trans"><p>ING 的定位则有所不同。</p>
</div><p>The company is exposed to traditional banking activities, but it also benefits from trends in digital adoption and operational efficiency. That can make earnings more resilient during periods where loan growth slows.</p>
<div class="lb-trans"><p>该公司涉及传统银行业务，但也受益于数字化采用和运营效率的趋势。这可以使其在贷款增长放缓的时期保持盈利的韧性。</p>
</div><p>In practical terms, ING is less dependent on rapid economic acceleration than some smaller or more domestically focused lenders.</p>
<div class="lb-trans"><p>在实际操作中，ING 对经济快速增长的依赖程度低于一些规模较小或更专注于国内市场的贷款机构。</p>
</div><p>That matters in Europe's current environment, where growth remains steady but not particularly strong.</p>
<div class="lb-trans"><p>这在欧洲当前的环境中尤为重要，尽管增长保持稳定，但并不特别强劲。</p>
</div><h2>The Trade and Logistics Angle Matters Too</h2>
<div class="lb-trans"><h2>贸易和物流角度也很重要</h2>
</div><p>The Netherlands' broader economic structure also indirectly supports ING's positioning.</p>
<div class="lb-trans"><p>荷兰更广泛的经济结构也间接支持了 ING 的定位。</p>
</div><p>The country remains one of Europe's most globally integrated economies, with exports exceeding <strong>90% of GDP</strong> and Rotterdam continuing to operate as Europe's largest port.</p>
<div class="lb-trans"><p>该国仍然是欧洲最具全球一体化的经济体之一，出口超过 <strong>90%</strong> 的 GDP，鹿特丹继续作为欧洲最大的港口运营。</p>
</div><p>That trade intensity supports corporate banking activity, international finance and cross-border capital flows, all of which remain important areas for large Dutch financial institutions.</p>
<div class="lb-trans"><p>这种贸易强度支持了企业银行业务、国际金融和跨境资本流动，这些仍然是大型荷兰金融机构的重要领域。</p>
</div><p>As global trade and supply chain diversification continue evolving, financial platforms connected to those flows can benefit from increased business activity even if domestic demand remains moderate.</p>
<div class="lb-trans"><p>随着全球贸易和供应链多样化的不断演变，与这些流动相关的金融平台可以从增加的商业活动中受益，即使国内需求保持温和。</p>
</div><h2>What Investors Are Watching In 2026?</h2>
<div class="lb-trans"><h2>投资者在 2026 年关注什么？</h2>
</div><p>For ING, the focus this year is likely to remain on a few key areas.</p>
<div class="lb-trans"><p>对于 ING 来说，今年的重点可能仍然集中在几个关键领域。</p>
</div><p>Investors will continue monitoring:</p>
<div class="lb-trans"><p>投资者将继续监测：</p>
</div><ul>
<li>Net interest income trends</li>
<li>Deposit stability</li>
<li>Loan growth across Europe</li>
<li>Cost efficiency improvements</li>
<li>Capital return programs</li>
</ul>
<div class="lb-trans"><ul>
<li>净利息收入趋势</li>
<li>存款稳定性</li>
<li>欧洲的贷款增长</li>
<li>成本效率改善</li>
<li>资本回报计划</li>
</ul>
</div><p>The path of European interest rates will also remain important. While sharply lower rates could again pressure margins, a more stable rate environment may continue to support profitability.</p>
<div class="lb-trans"><p>欧洲利率的走势也将继续重要。虽然急剧降低的利率可能再次对利差施加压力，但更稳定的利率环境可能继续支持盈利能力。</p>
</div><p>At the same time, digital execution remains critical. Investors increasingly expect banks like ING to prove that technology investment can translate into long-term efficiency gains and stronger returns.</p>
<div class="lb-trans"><p>与此同时，数字化执行仍然至关重要。投资者越来越期待像 ING 这样的银行证明技术投资能够转化为长期效率提升和更强的回报。</p>
</div><h2>Why ING Fits This Market Environment?</h2>
<div class="lb-trans"><h2>为什么 ING 适合这个市场环境？</h2>
</div><p>The broader European market in 2026 looks more selective than aggressive.</p>
<div class="lb-trans"><p>2026 年的更广泛欧洲市场看起来更具选择性而非激进。</p>
</div><p>Investors are focusing less on speculative growth and more on companies capable of producing stable earnings and disciplined capital returns. That dynamic can support banks with strong balance sheets and scalable business models.</p>
<div class="lb-trans"><p>投资者关注的重点不再是投机性增长，而是能够产生稳定收益和有纪律的资本回报的公司。这一动态可以支持拥有强大资产负债表和可扩展商业模式的银行。</p>
</div><p>ING fits that profile reasonably well.</p>
<div class="lb-trans"><p>ING 在这一方面表现得相当不错。</p>
</div><p>The company combines:</p>
<div class="lb-trans"><p>该公司结合了：</p>
</div><ul>
<li>Large-scale digital banking operations</li>
<li>International diversification</li>
<li>Strong capital levels</li>
<li>Improving profitability</li>
<li>Exposure to European financial normalization</li>
</ul>
<div class="lb-trans"><ul>
<li>大规模的数字银行业务</li>
<li>国际多元化</li>
<li>强劲的资本水平</li>
<li>改善的盈利能力</li>
<li>对欧洲金融正常化的暴露</li>
</ul>
</div><p>That makes it one of the more interesting large financial names in the Dutch market.</p>
<div class="lb-trans"><p>这使其成为荷兰市场上更有趣的大型金融名称之一。</p>
</div><h3>Conclusion</h3>
<div class="lb-trans"><h3>结论</h3>
</div><p>ING's 2026 story is less about rapid expansion and more about efficient execution.</p>
<div class="lb-trans"><p>ING 在 2026 年的故事不再是快速扩张，而是高效执行。</p>
</div><p>The bank benefits from a more stable European rate backdrop, a scalable digital banking platform and exposure to one of Europe's most globally connected economies. While the Netherlands itself may deliver only moderate GDP growth, ING remains tied to broader financial and trade flows across Europe. For investors, the stock increasingly represents a bet on digital banking scale and steady profitability rather than a traditional cyclical banking recovery.</p>
<div class="lb-trans"><p>该银行受益于更稳定的欧洲利率背景、可扩展的数字银行平台以及对欧洲最具全球连接经济体之一的暴露。尽管荷兰本身可能仅实现温和的 GDP 增长，但 ING 仍然与整个欧洲的金融和贸易流动紧密相连。对于投资者而言，该股票越来越代表着对数字银行规模和稳定盈利能力的押注，而非传统的周期性银行复苏。</p>
</div><p><em>image credit: Author</em></p>
<div class="lb-trans"><p><em>图片来源：作者</em></p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未对内容或准确性进行编辑。</em></strong></p>
</div>

为什么荷兰国际集团可能成为 2026 年欧洲具有韧性的银行交易