<p>摩根士丹利發佈了一份研究報告，指出儘管中國政府債券收益率近期有所下降，但隨着 PPI 壓力的緩解和金融部門重新關注基於風險的貸款定價，金融資產收益率預計將逐漸反彈，儘管短期內可能會出現波動。該券商認為，中國房地產市場的逐步穩定將在未來兩年內成為提升金融資產收益率的另一個關鍵催化劑，支持國內金融部門收入和盈利增長的進一步改善，並推動行業的重新評級。</p>
<p>摩根士丹利與大陸銀行的會議表明，銀行認為當前的政府債券收益率處於有利水平，可能會考慮獲利了結，主要是因為銀行專注於交易市場以獲取回報。報告指出，強勁的出口增長和出口商將更多美元兑換為人民幣為市場帶來了充足的流動性。再加上在 2026 年第一季度強勁增長後，季節性貸款增長的適度放緩，以及中國人民銀行持續的流動性收回，這些因素表明政策制定者意圖維持金融資產收益率的穩定。</p>
<p>摩根士丹利目前對中國金融部門給予&#34;吸引力&#34;評級，寧波銀行（002142.SZ）+0.630 (+1.966%) 作為其首選股票。它對四大國有銀行的 H 股和中信銀行（00998.HK）+0.210 (+2.518%) 也持積極態度。空頭頭寸為 1.0205 億美元；比例為 18.832%。該券商補充道，2026 年第一季度新貸款定價穩定，大多數覆蓋銀行的淨利差錄得環比反彈。此外，工業信貸風險下降速度快於預期，這些都是積極的信號。（ad/j）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-11 16:25。）（A 股報價延遲至少 15 分鐘。）</p>

中信銀行

寧波銀行

<p>摩根士丹利的研究報告指出，儘管中國政府債券收益率近期有所下降，但由於 PPI 壓力緩解以及對基於風險的貸款定價的關注，金融資產收益率預計將逐漸反彈。中國房地產市場的穩定被視為改善金融部門收入和盈利的催化劑。摩根士丹利將中國金融部門評級為 “具有吸引力”，偏好寧波銀行和四大國有銀行的 H 股以及中信銀行。強勁的出口增長和市場流動性支持金融資產收益率的穩定</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>摩根士丹利發佈了一份研究報告，指出儘管中國政府債券收益率近期有所下降，但隨着 PPI 壓力的緩解和金融部門重新關注基於風險的貸款定價，金融資產收益率預計將逐漸反彈，儘管短期內可能會出現波動。該券商認為，中國房地產市場的逐步穩定將在未來兩年內成為提升金融資產收益率的另一個關鍵催化劑，支持國內金融部門收入和盈利增長的進一步改善，並推動行業的重新評級。</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>摩根士丹利與大陸銀行的會議表明，銀行認為當前的政府債券收益率處於有利水平，可能會考慮獲利了結，主要是因為銀行專注於交易市場以獲取回報。報告指出，強勁的出口增長和出口商將更多美元兑換為人民幣為市場帶來了充足的流動性。再加上在 2026 年第一季度強勁增長後，季節性貸款增長的適度放緩，以及中國人民銀行持續的流動性收回，這些因素表明政策制定者意圖維持金融資產收益率的穩定。</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>摩根士丹利目前對中國金融部門給予&#34;吸引力&#34;評級，寧波銀行（002142.SZ）+0.630 (+1.966%) 作為其首選股票。它對四大國有銀行的 H 股和中信銀行（00998.HK）+0.210 (+2.518%) 也持積極態度。空頭頭寸為 1.0205 億美元；比例為 18.832%。該券商補充道，2026 年第一季度新貸款定價穩定，大多數覆蓋銀行的淨利差錄得環比反彈。此外，工業信貸風險下降速度快於預期，這些都是積極的信號。（ad/j）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-11 16:25。）（A 股報價延遲至少 15 分鐘。）</p>
</div>

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

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工商銀行

建設銀行

農業銀行

中國銀行

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

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

中銀香港

中國銀行(ADR)

摩根士丹利：大陸金融資產收益率預計將逐步回升，偏好四大銀行和中信銀行