<p>摩根士丹利发布了一份研究报告，指出尽管中国政府债券收益率近期有所下降，但随着 PPI 压力的缓解和金融部门重新关注基于风险的贷款定价，金融资产收益率预计将逐渐反弹，尽管短期内可能会出现波动。该券商认为，中国房地产市场的逐步稳定将在未来两年内成为提升金融资产收益率的另一个关键催化剂，支持国内金融部门收入和盈利增长的进一步改善，并推动行业的重新评级。</p>
<p>摩根士丹利与大陆银行的会议表明，银行认为当前的政府债券收益率处于有利水平，可能会考虑获利了结，主要是因为银行专注于交易市场以获取回报。报告指出，强劲的出口增长和出口商将更多美元兑换为人民币为市场带来了充足的流动性。再加上在 2026 年第一季度强劲增长后，季节性贷款增长的适度放缓，以及中国人民银行持续的流动性收回，这些因素表明政策制定者意图维持金融资产收益率的稳定。</p>
<p>摩根士丹利目前对中国金融部门给予&#34;吸引力&#34;评级，宁波银行（002142.SZ）+0.630 (+1.966%) 作为其首选股票。它对四大国有银行的 H 股和中信银行（00998.HK）+0.210 (+2.518%) 也持积极态度。空头头寸为 1.0205 亿美元；比例为 18.832%。该券商补充道，2026 年第一季度新贷款定价稳定，大多数覆盖银行的净利差录得环比反弹。此外，工业信贷风险下降速度快于预期，这些都是积极的信号。（ad/j）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-11 16:25。）（A 股报价延迟至少 15 分钟。）</p>

中信银行

宁波银行

<p>摩根士丹利的研究报告指出，尽管中国政府债券收益率近期有所下降，但由于 PPI 压力缓解以及对基于风险的贷款定价的关注，金融资产收益率预计将逐渐反弹。中国房地产市场的稳定被视为改善金融部门收入和盈利的催化剂。摩根士丹利将中国金融部门评级为 “具有吸引力”，偏好宁波银行和四大国有银行的 H 股以及中信银行。强劲的出口增长和市场流动性支持金融资产收益率的稳定</p>

<p>M Stanley published a research report stating that although China government bond yields have declined recently, financial asset yields are expected to gradually rebound as PPI pressure eases and the financial sector refocuses on risk-based loan pricing, despite potential short-term volatility. The broker believes that the gradual stabilization of Chinas property market will be another key catalyst in the next two years to lift financial asset yields, supporting further improvement in revenue and earnings growth of the domestic financial sector and driving sector re-rating.</p>
<div class="lb-trans"><p>摩根士丹利发布了一份研究报告，指出尽管中国政府债券收益率近期有所下降，但随着 PPI 压力的缓解和金融部门重新关注基于风险的贷款定价，金融资产收益率预计将逐渐反弹，尽管短期内可能会出现波动。该券商认为，中国房地产市场的逐步稳定将在未来两年内成为提升金融资产收益率的另一个关键催化剂，支持国内金融部门收入和盈利增长的进一步改善，并推动行业的重新评级。</p>
</div><p>Meetings between M Stanley and mainland banks indicated that banks consider current government bond yields to be at favorable levels and may consider profit-taking, mainly as banks focus on the trading market to generate returns. The report noted that strong export growth and exporters converting more USD into RMB have brought ample liquidity to the market. Together with seasonal loan growth moderation following strong growth in 1Q26 and the Peoples Bank of Chinas continued liquidity withdrawal, these factors suggest policymakers intend to maintain stable financial asset yields.</p>
<div class="lb-trans"><p>摩根士丹利与大陆银行的会议表明，银行认为当前的政府债券收益率处于有利水平，可能会考虑获利了结，主要是因为银行专注于交易市场以获取回报。报告指出，强劲的出口增长和出口商将更多美元兑换为人民币为市场带来了充足的流动性。再加上在 2026 年第一季度强劲增长后，季节性贷款增长的适度放缓，以及中国人民银行持续的流动性收回，这些因素表明政策制定者意图维持金融资产收益率的稳定。</p>
</div><p>M Stanley currently assigns an &#34;Attractive&#34; rating to Chinas financial sector, with BANK OF NINGBO (002142.SZ) +0.630 (+1.966%)  as its top pick. It is also positive on the H shares of the four major state-owned banks and CITIC BANK (00998.HK) +0.210 (+2.518%)  Short selling $102.05M; Ratio 18.832%  . The broker added that new loan pricing stabilized in 1Q26, and the NIM of most covered banks recorded a QoQ rebound. In addition, industrial credit risk has declined faster than expected, all of which are positive signs. (ad/j)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-11 16:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>摩根士丹利目前对中国金融部门给予&#34;吸引力&#34;评级，宁波银行（002142.SZ）+0.630 (+1.966%) 作为其首选股票。它对四大国有银行的 H 股和中信银行（00998.HK）+0.210 (+2.518%) 也持积极态度。空头头寸为 1.0205 亿美元；比例为 18.832%。该券商补充道，2026 年第一季度新贷款定价稳定，大多数覆盖银行的净利差录得环比反弹。此外，工业信贷风险下降速度快于预期，这些都是积极的信号。（ad/j）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-11 16:25。）（A 股报价延迟至少 15 分钟。）</p>
</div>

M Stanley: Mainland Financial Asset Yields to Gradually Rebound, Favors Four Major Banks and CITIC BANK

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MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

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中国银行(ADR)

摩根士丹利：大陆金融资产收益率预计将逐步回升，偏好四大银行和中信银行