<p>傑富瑞發佈了一份研究報告，預計在温和的宏觀經濟復甦和低政策波動的背景下，中國大陸的銀行業將在 2026 年實現穩定的盈利改善。該券商預測，淨利差收窄的速度將放緩，支持淨利息收入的增長恢復。預計覆蓋銀行的預撥備營業利潤將在 2026 年全面恢復，盈利同比增長約 3.4%。</p>
<p>報告指出，資本流入將繼續支持大陸銀行業。特別是在新的會計準則下，保險公司有更強的激勵來增加對高收益股票的配置，並將其分類到公允價值計入其他綜合收益賬户，預計將成為持續且穩定的邊際買家。</p>
<p>該券商認為該行業具有選擇性的吸引力，偏好那些資本流入持續且盈利可見性改善的股票。其首選股票是 H 股和 A 股的領軍企業中國銀行（BANK OF CHINA）（03988.HK）+0.090 (+1.724%) 空頭頭寸 280.11 百萬；比例 23.636% 和寧波銀行（BANK OF NINGBO）（002142.SZ）+0.060 (+0.187%)，均被評級為買入。</p>
<p>傑富瑞列出了大陸銀行的評級和目標價：</p>
<p>公司及股票代碼評級目標價</p>
<p>------------------------------------------------------------------</p>
<p>工商銀行（ICBC）（01398.HK）+0.050 (+0.714%) 空頭頭寸 189.40 百萬；比例 17.367% 買入 HKD8.5</p>
<p>工商銀行（ICBC）（601398.SH）+0.100 (+1.383%) 買入 RMB8.7</p>
<p>------------------------------------------------------------------</p>
<p>農業銀行（ABC）（01288.HK）+0.050 (+0.821%) 空頭頭寸 217.93 百萬；比例 38.182% 持有 HKD6.6</p>
<p>農業銀行（AGRICULTURAL BANK）（601288.SH）+0.140 (+2.102%) 持有 RMB7.4</p>
<p>------------------------------------------------------------------</p>
<p>中國銀行（BANK OF CHINA）（03988.HK）+0.090 (+1.724%) 空頭頭寸 280.11 百萬；比例 23.636% 買入 HKD6.3</p>
<p>中國銀行（BANK OF CHINA）（601988.SH）+0.090 (+1.573%) 買入 RMB7.4</p>
<p>------------------------------------------------------------------</p>
<p>建設銀行（CCB）（00939.HK）+0.060 (+0.676%) 空頭頭寸 354.21 百萬；比例 25.421% 買入 HKD10.6</p>
<p>建設銀行（CCB）（601939.SH）+0.120 (+1.249%) 買入 RMB11.9</p>
<p>------------------------------------------------------------------</p>
<p>交通銀行（BANKCOMM）（03328.HK）+0.080 (+1.096%) 空頭頭寸 61.80 百萬；比例 32.119% 買入 HKD8.5</p>
<p>交通銀行（BANKCOMM）（601328.SH）+0.060 (+0.898%) 買入 RMB8.5</p>
<p>------------------------------------------------------------------</p>
<p>郵儲銀行（PSBC）（01658.HK）+0.010 (+0.196%) 空頭頭寸 12.68 百萬；比例 24.517% 持有 HKD5.1</p>
<p>郵儲銀行（PSBC）（601658.SH）+0.030 (+0.600%) 持有 RMB5.3</p>
<p>------------------------------------------------------------------</p>
<p>招商銀行（CM BANK）（03968.HK）+0.180 (+0.381%) 空頭頭寸 134.21 百萬；比例 22.126% 買入 HKD55.0</p>
<p>招商銀行（CMB）（600036.SH）+0.070 (+0.185%) 買入 RMB51.0</p>
<p>------------------------------------------------------------------</p>
<p>民生銀行（MINSHENG BANK）（01988.HK）-0.060 (-1.657%) 空頭頭寸 20.26 百萬；比例 21.483% 持有 HKD4.1</p>
<p>民生銀行（MINSHENG BANK）（600016.SH）0.000 (0.000%) 持有 RMB4.2</p>
<p>------------------------------------------------------------------</p>
<p>平安銀行（PING AN BANK）（000001.SZ）-0.040 (-0.359%) 買入 RMB13.8</p>
<p>------------------------------------------------------------------</p>
<p>寧波銀行（BANK OF NINGBO）（002142.SZ）+0.060 (+0.187%) 買入 RMB42.1</p>
<p>（廣告/用户）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-13 16:25。）（A 股報價延遲至少 15 分鐘。）</p>

寧波銀行

中國銀行

中國銀行(ADR)

富國中證800銀行ETF

中證銀行ETF

華安中證銀行ETF

華夏中證銀行ETF

華寶中證銀行ETF

<p>傑富瑞預計，受温和的宏觀經濟復甦和低政策波動的推動，2026 年中國大陸銀行業的盈利將穩步改善。報告預測淨利差收窄的速度將放緩，支持淨利息收入的增長，預期撥備前營業利潤將完全恢復。該券商看好中國銀行和寧波銀行，均給予買入評級，並強調由於資本流入和盈利可見性的改善，該行業具有選擇性的吸引力。報告中還提供了各家銀行的評級和目標價格</p>

<p>Jefferies issued a research report expecting mainland China's banking sector to deliver steady earnings improvement in 2026 amid a mild macroeconomic recovery and low policy volatility. The broker forecast that the pace of NIM narrowing will slow, supporting a return to growth in net interest income. It expects pre-provision operating profit of the covered banks to fully recover in 2026, with earnings rising approximately 3.4% YoY.</p>
<div class="lb-trans"><p>傑富瑞發佈了一份研究報告，預計在温和的宏觀經濟復甦和低政策波動的背景下，中國大陸的銀行業將在 2026 年實現穩定的盈利改善。該券商預測，淨利差收窄的速度將放緩，支持淨利息收入的增長恢復。預計覆蓋銀行的預撥備營業利潤將在 2026 年全面恢復，盈利同比增長約 3.4%。</p>
</div><p>The report noted that capital inflows will continue to support the mainland banking sector. In particular, under new accounting standards, insurance companies have stronger incentives to increase allocation to high-yield equities and classify them into FVOCI accounts, and are expected to become persistent and stable marginal buyers.</p>
<div class="lb-trans"><p>報告指出，資本流入將繼續支持大陸銀行業。特別是在新的會計準則下，保險公司有更強的激勵來增加對高收益股票的配置，並將其分類到公允價值計入其他綜合收益賬户，預計將成為持續且穩定的邊際買家。</p>
</div><p>The broker believes the sector offers selective attractiveness, favoring stocks with sustained capital inflows and improving earnings visibility. Its top picks are H-share and A-share leaders BANK OF CHINA (03988.HK) +0.090 (+1.724%)  Short selling $280.11M; Ratio 23.636%  and BANK OF NINGBO (002142.SZ) +0.060 (+0.187%)  , both rated Buy.</p>
<div class="lb-trans"><p>該券商認為該行業具有選擇性的吸引力，偏好那些資本流入持續且盈利可見性改善的股票。其首選股票是 H 股和 A 股的領軍企業中國銀行（BANK OF CHINA）（03988.HK）+0.090 (+1.724%) 空頭頭寸 280.11 百萬；比例 23.636% 和寧波銀行（BANK OF NINGBO）（002142.SZ）+0.060 (+0.187%)，均被評級為買入。</p>
</div><p>Jefferies listed ratings and TP for mainland banks:</p>
<div class="lb-trans"><p>傑富瑞列出了大陸銀行的評級和目標價：</p>
</div><p>Company and Stock CodeRatingTP</p>
<div class="lb-trans"><p>公司及股票代碼評級目標價</p>
</div><p>------------------------------------------------------------------</p>
<div class="lb-trans"><p>------------------------------------------------------------------</p>
</div><p>ICBC (01398.HK) +0.050 (+0.714%)  Short selling $189.40M; Ratio 17.367%  BuyHKD8.5</p>
<div class="lb-trans"><p>工商銀行（ICBC）（01398.HK）+0.050 (+0.714%) 空頭頭寸 189.40 百萬；比例 17.367% 買入 HKD8.5</p>
</div><p>ICBC (601398.SH) +0.100 (+1.383%)  BuyRMB8.7</p>
<div class="lb-trans"><p>工商銀行（ICBC）（601398.SH）+0.100 (+1.383%) 買入 RMB8.7</p>
</div><p>------------------------------------------------------------------</p>
<div class="lb-trans"><p>------------------------------------------------------------------</p>
</div><p>ABC (01288.HK) +0.050 (+0.821%)  Short selling $217.93M; Ratio 38.182%  HoldHKD6.6</p>
<div class="lb-trans"><p>農業銀行（ABC）（01288.HK）+0.050 (+0.821%) 空頭頭寸 217.93 百萬；比例 38.182% 持有 HKD6.6</p>
</div><p>AGRICULTURAL BANK (601288.SH) +0.140 (+2.102%)  HoldRMB7.4</p>
<div class="lb-trans"><p>農業銀行（AGRICULTURAL BANK）（601288.SH）+0.140 (+2.102%) 持有 RMB7.4</p>
</div><p>------------------------------------------------------------------</p>
<div class="lb-trans"><p>------------------------------------------------------------------</p>
</div><p>BANK OF CHINA (03988.HK) +0.090 (+1.724%)  Short selling $280.11M; Ratio 23.636%  BuyHKD6.3</p>
<div class="lb-trans"><p>中國銀行（BANK OF CHINA）（03988.HK）+0.090 (+1.724%) 空頭頭寸 280.11 百萬；比例 23.636% 買入 HKD6.3</p>
</div><p>BANK OF CHINA (601988.SH) +0.090 (+1.573%)  BuyRMB7.4</p>
<div class="lb-trans"><p>中國銀行（BANK OF CHINA）（601988.SH）+0.090 (+1.573%) 買入 RMB7.4</p>
</div><p>------------------------------------------------------------------</p>
<div class="lb-trans"><p>------------------------------------------------------------------</p>
</div><p>CCB (00939.HK) +0.060 (+0.676%)  Short selling $354.21M; Ratio 25.421%  BuyHKD10.6</p>
<div class="lb-trans"><p>建設銀行（CCB）（00939.HK）+0.060 (+0.676%) 空頭頭寸 354.21 百萬；比例 25.421% 買入 HKD10.6</p>
</div><p>CCB (601939.SH) +0.120 (+1.249%)  BuyRMB11.9</p>
<div class="lb-trans"><p>建設銀行（CCB）（601939.SH）+0.120 (+1.249%) 買入 RMB11.9</p>
</div><p>------------------------------------------------------------------</p>
<div class="lb-trans"><p>------------------------------------------------------------------</p>
</div><p>BANKCOMM (03328.HK) +0.080 (+1.096%)  Short selling $61.80M; Ratio 32.119%  BuyHKD8.5</p>
<div class="lb-trans"><p>交通銀行（BANKCOMM）（03328.HK）+0.080 (+1.096%) 空頭頭寸 61.80 百萬；比例 32.119% 買入 HKD8.5</p>
</div><p>BANKCOMM (601328.SH) +0.060 (+0.898%)  BuyRMB8.5</p>
<div class="lb-trans"><p>交通銀行（BANKCOMM）（601328.SH）+0.060 (+0.898%) 買入 RMB8.5</p>
</div><p>------------------------------------------------------------------</p>
<div class="lb-trans"><p>------------------------------------------------------------------</p>
</div><p>PSBC (01658.HK) +0.010 (+0.196%)  Short selling $12.68M; Ratio 24.517%  HoldHKD5.1</p>
<div class="lb-trans"><p>郵儲銀行（PSBC）（01658.HK）+0.010 (+0.196%) 空頭頭寸 12.68 百萬；比例 24.517% 持有 HKD5.1</p>
</div><p>PSBC (601658.SH) +0.030 (+0.600%)  HoldRMB5.3</p>
<div class="lb-trans"><p>郵儲銀行（PSBC）（601658.SH）+0.030 (+0.600%) 持有 RMB5.3</p>
</div><p>------------------------------------------------------------------</p>
<div class="lb-trans"><p>------------------------------------------------------------------</p>
</div><p>CM BANK (03968.HK) +0.180 (+0.381%)  Short selling $134.21M; Ratio 22.126%  BuyHKD55.0</p>
<div class="lb-trans"><p>招商銀行（CM BANK）（03968.HK）+0.180 (+0.381%) 空頭頭寸 134.21 百萬；比例 22.126% 買入 HKD55.0</p>
</div><p>CMB (600036.SH) +0.070 (+0.185%)  BuyRMB51.0</p>
<div class="lb-trans"><p>招商銀行（CMB）（600036.SH）+0.070 (+0.185%) 買入 RMB51.0</p>
</div><p>------------------------------------------------------------------</p>
<div class="lb-trans"><p>------------------------------------------------------------------</p>
</div><p>MINSHENG BANK (01988.HK) -0.060 (-1.657%)  Short selling $20.26M; Ratio 21.483%  HoldHKD4.1</p>
<div class="lb-trans"><p>民生銀行（MINSHENG BANK）（01988.HK）-0.060 (-1.657%) 空頭頭寸 20.26 百萬；比例 21.483% 持有 HKD4.1</p>
</div><p>MINSHENG BANK (600016.SH) 0.000 (0.000%)  HoldRMB4.2</p>
<div class="lb-trans"><p>民生銀行（MINSHENG BANK）（600016.SH）0.000 (0.000%) 持有 RMB4.2</p>
</div><p>------------------------------------------------------------------</p>
<div class="lb-trans"><p>------------------------------------------------------------------</p>
</div><p>PING AN BANK (000001.SZ) -0.040 (-0.359%)  BuyRMB13.8</p>
<div class="lb-trans"><p>平安銀行（PING AN BANK）（000001.SZ）-0.040 (-0.359%) 買入 RMB13.8</p>
</div><p>------------------------------------------------------------------</p>
<div class="lb-trans"><p>------------------------------------------------------------------</p>
</div><p>BANK OF NINGBO (002142.SZ) +0.060 (+0.187%)  BuyRMB42.1</p>
<div class="lb-trans"><p>寧波銀行（BANK OF NINGBO）（002142.SZ）+0.060 (+0.187%) 買入 RMB42.1</p>
</div><p>(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>（廣告/用户）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-13 16:25。）（A 股報價延遲至少 15 分鐘。）</p>
</div>

Jefferies: Mainland Banks to See Steady Improvement This Year, Favors BANK OF CHINA  and BANK OF NINGBO

AASTOCKS News

Jefferies Financial

工商銀行

農業銀行

建設銀行

交通銀行

郵儲銀行

招商銀行

民生銀行

平安銀行

中銀香港

傑富瑞認為大陸銀行今年將穩步改善，並偏好中國銀行和寧波銀行