<p>交通银行国际发布报告指出，在中国大陆经济稳步复苏的背景下，广泛金融行业的基本面有望进一步改善。在盈利前景方面，预计银行业将在 2026 年加速盈利恢复，大型国有银行将保持正的净利润增长，股份制银行将恢复正的净利润增长。证券行业预计将维持相对快速的盈利增长，领先机构的净利润增长可能超过 15%。保险行业受 2025 年高基数和投资收益阶段性回落的影响，整体净利润表现可能出现分化，尽管一些领先机构仍有望实现正增长。</p>
<p>从估值角度来看，银行、证券公司和保险公司的市净率仍处于历史低位，提供了相对较高的安全边际。</p>
<p>展望 2026 年下半年，该公司认为，广泛金融行业的高股息加上估值恢复的投资逻辑将保持不变，领先机构将展现出更为平衡的攻防配置价值。</p>
<p>银行作为金融行业的 “压舱石”，在资本市场波动中展现出最显著的防御特性，可以作为 “寻求进步同时保持稳定” 策略的核心持仓。在外部环境改善和银行自身运营优化的支持下，该行业的基本面显示出明显的复苏趋势。净息差的下行周期基本结束。再加上稳健的资产质量和充足的拨备释放空间，盈利能力开始恢复，运营韧性进一步增强。该公司建议关注国有银行和中信银行（00998.HK）+0.110 (+1.440%) 的配置机会，空头头寸为$8.54M；比例为 4.302%。</p>
<p>券商的投资银行和财富管理业务显示出明显的复苏趋势，随着风险偏好的进一步改善，可能带来强劲的盈利弹性。自 2026 年以来，股票表现的差异化加大，一些领先公司在稳健的盈利支持下继续超越同行。同时，顶级券商的估值仍然相对较低，留有进一步上调的空间。该公司建议关注中金公司（03908.HK）-0.120 (-0.634%)  空头头寸为$7.85M；比例为 11.076% 和东吴证券（06030.HK）-0.040 (-0.160%)  空头头寸为$10.33M；比例为 14.133%。</p>
<p>核心保险业务总体保持稳定，能够继续作为当前投资逻辑下的补充配置。香港上市的保险公司整体展现出强大的韧性，特别是大型寿险领导者，显示出更大的运营稳定性和估值吸引力。该公司建议关注中国人寿（02628 HK）和中国太平（00966.HK）+0.590 (+2.984%)  空头头寸为$14.85M；比例为 12.429%。(ad/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-06-10 12:25。)</p>

中金公司

中信证券

中信银行

中国太平

中国人寿

<p>BOCOM 国际报告称，中国金融行业的基本面将在 2026 年下半年改善，主要受经济复苏的推动。预计银行将加速盈利增长，净利差和资产质量恢复，而证券公司领先者的利润增长可能超过 15%。保险利润可能出现分化，但顶级保险公司保持稳定。银行、券商和保险公司的估值历史上处于低位，提供了安全性。该公司建议关注国有银行、中信银行、中金公司、中信证券、中国人寿和中国太平等领先机构，以实现高股息和估值恢复策略</p>

<p>BOCOM International published a report stating that amid the steady recovery of China’s mainland economy, the fundamentals of the broad financial sector are set to further improve. In terms of earnings outlook, it expects the banking sector to accelerate its earnings recovery in 2026, with large state-owned banks maintaining positive net profit growth and joint-stock banks returning to positive net profit growth. The securities sector is expected to sustain relatively fast earnings growth, with leading institutions likely to achieve net profit growth of more than 15%. The insurance sector, affected by a high base in 2025 and a phased pullback in investment income, may see divergence in overall net profit performance, although some leading institutions are still expected to deliver positive growth.</p>
<div class="lb-trans"><p>交通银行国际发布报告指出，在中国大陆经济稳步复苏的背景下，广泛金融行业的基本面有望进一步改善。在盈利前景方面，预计银行业将在 2026 年加速盈利恢复，大型国有银行将保持正的净利润增长，股份制银行将恢复正的净利润增长。证券行业预计将维持相对快速的盈利增长，领先机构的净利润增长可能超过 15%。保险行业受 2025 年高基数和投资收益阶段性回落的影响，整体净利润表现可能出现分化，尽管一些领先机构仍有望实现正增长。</p>
</div><p>From a valuation perspective, the price-to-book ratios of banks, securities firms and insurers remain at historically low levels, offering a relatively high margin of safety.</p>
<div class="lb-trans"><p>从估值角度来看，银行、证券公司和保险公司的市净率仍处于历史低位，提供了相对较高的安全边际。</p>
</div><p>Looking ahead to 2H26, the firm believes the investment logic of high dividends plus valuation recovery in the broad financial sector will remain intact, with leading institutions demonstrating more balanced offensive and defensive allocation value.</p>
<div class="lb-trans"><p>展望 2026 年下半年，该公司认为，广泛金融行业的高股息加上估值恢复的投资逻辑将保持不变，领先机构将展现出更为平衡的攻防配置价值。</p>
</div><p>Banks, as the &#34;ballast stone&#34; of the financial sector, exhibit the most prominent defensive characteristics amid capital market volatility and can serve as core holdings for a &#34;seeking progress while maintaining stability&#34; strategy. Supported by improvements in the external environment and optimization of banks’ own operations, the sector’s fundamentals are showing a clear recovery trend. The downward cycle of NIM has largely ended. Coupled with solid asset quality and ample room for provision releases, profitability has begun to recover and operational resilience has further strengthened. The firm recommends paying attention to allocation opportunities in state-owned banks and CITIC BANK (00998.HK) +0.110 (+1.440%)  Short selling $8.54M; Ratio 4.302%  .</p>
<div class="lb-trans"><p>银行作为金融行业的 “压舱石”，在资本市场波动中展现出最显著的防御特性，可以作为 “寻求进步同时保持稳定” 策略的核心持仓。在外部环境改善和银行自身运营优化的支持下，该行业的基本面显示出明显的复苏趋势。净息差的下行周期基本结束。再加上稳健的资产质量和充足的拨备释放空间，盈利能力开始恢复，运营韧性进一步增强。该公司建议关注国有银行和中信银行（00998.HK）+0.110 (+1.440%) 的配置机会，空头头寸为$8.54M；比例为 4.302%。</p>
</div><p>Brokerages’ investment banking and wealth management businesses have shown a clear recovery trend and could deliver strong earnings elasticity as risk appetite further improves. Since 2026, stock performance differentiation has widened, with some leading names continuing to outperform peers on solid earnings support. Meanwhile, valuations of top-tier brokerages remain relatively low, leaving room for further upside re-rating. The firm recommends paying attention to CICC (03908.HK) -0.120 (-0.634%)  Short selling $7.85M; Ratio 11.076%  and CITIC SEC (06030.HK) -0.040 (-0.160%)  Short selling $10.33M; Ratio 14.133%  .</p>
<div class="lb-trans"><p>券商的投资银行和财富管理业务显示出明显的复苏趋势，随着风险偏好的进一步改善，可能带来强劲的盈利弹性。自 2026 年以来，股票表现的差异化加大，一些领先公司在稳健的盈利支持下继续超越同行。同时，顶级券商的估值仍然相对较低，留有进一步上调的空间。该公司建议关注中金公司（03908.HK）-0.120 (-0.634%)  空头头寸为$7.85M；比例为 11.076% 和东吴证券（06030.HK）-0.040 (-0.160%)  空头头寸为$10.33M；比例为 14.133%。</p>
</div><p>The core insurance business remains broadly stable and can continue to serve as a supplementary allocation under the current investment logic. Hong Kong-listed insurers demonstrate strong resilience overall, particularly large life insurance leaders, which show greater operational stability and valuation appeal. The firm recommends paying attention to CHINA LIFE (02628 HK) and CHINA TAIPING (00966.HK) +0.590 (+2.984%)  Short selling $14.85M; Ratio 12.429%  . (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-10 12:25.)</p>
<div class="lb-trans"><p>核心保险业务总体保持稳定，能够继续作为当前投资逻辑下的补充配置。香港上市的保险公司整体展现出强大的韧性，特别是大型寿险领导者，显示出更大的运营稳定性和估值吸引力。该公司建议关注中国人寿（02628 HK）和中国太平（00966.HK）+0.590 (+2.984%)  空头头寸为$14.85M；比例为 12.429%。(ad/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-06-10 12:25。)</p>
</div>

交银国际：金融行业基本面预计将在 2026 年下半年改善，倾向于支持领先的金融机构