全文可编辑-银行业2025年投资策略分析报告：复苏脉络，存贷协调、风险缓释，价格拐点.ppt

2024411fl12E)

2024Ql-Q3_E^MfrJkl#^X:

2024^^=-^±MMfr^yoy^-1.05%(2024H1^-1.95%),)3$:fr4]frfroy39+1.43%(2024H1tV+0.37%),frtlZt-M-o4^,Mfr/flWfrMWfr/Wfr4£yoy3#J^-1.19%/-

2.49%/+3.93%/+2.15%,4]/T4yoy9+0.79%/+0.85%/+6.67%/+4.88%o

ioM,mAirWt”W,4frWTlW

roepbM^oPBtWoEatM^WMOoMfrfrtt^Mfr,iUttMlWfr4k?i4-69£#o2024MWfr»M^frfr,^StMMOM^Oofr$±M:(1)

(2)MiOMiWoWWtM;(3)IO

£J2O25^W:

(1)2024^“]^£”^“£#£”44=«WATFH^M«WM,tfMWitMote2024MtMifrWfr^Mfr,WWW^\,OMfrfrfrMoWI025WOttMWttno

4MHOM,MIMOWWUo(2)2025fr-MMfr

M*7e—a^^jOX20254#Mi^^’N±oM«iW^Hfrih

«-£:(1)MfrfrMWfr,lfr69«fr«Mfro(2

)ltW«Wtb£,WWm#6«,flWmfr*4m,Wfr6WWfr,fr^frWfrWMfrfro(3)Mfrtfr69Mfe«fr#,fr«frfrXfrt/fr;fr^Wfr#o(4)

tffMMotfr,M##^WMfr,MWiWh

MMfrfrWWAMitHWOM.

a

CONTENTS

2024Ql-Q3±TK#.-ffSk^,^j£W±-ai£#:

2024-T1f6

20254^1Hf-M:

1

2024Ql-Q3±4fr«4Jt:

20244^-=^t±^^e4tyoy^-1.05%(2O24H1^-

1.95%),;f4J-41yoy3V+1.43%(2024H1^+0.37%),W^J^-g-o£+,S4fM#fr/MWfr/^-Mfr4tyoy^#J^-1.19%/-2.49%/+3.93%/+2.15%,4J41yoy^+0.79%/+0.85%/+6.67%/+4.88%0

ffll:20244Ayoy^-1.05%

,Q?rjOV

c#

*

@4r

4Wff

JW ±4^fr

JAWIt

:Wind,4$iiEW£#r

:Wind,

1

2024Ql-Q3±T^4Hfrjlk,^j£:iVfrVC

1:2024^ttSJ^±^frJM£Ayoy#-1.05%

W#*—£#JJkJj±o2024-^-«MJ«+W(

14.67%)tMM#(11.30%),

■rg7^-4iUTM

(t»

4f(25.86%)MM#(18.63%)tMM#(18.17%)TFtM#(17.19%)^-frW#(15.60%)

Z-

o

o

lu

m

n

1.2

1.2.1«iWM|5Wt-£4K

(1)4:#4‘MX#’’#^69‘M£zl-^’’,

AWTW*JM69MA,*PAWAM

4;MAW

A#AAWo

69694M,TlH

X/,WWA

^MtW4^M^oMO,MA

“«4#A”69MAM«W,4“AM”AMA69W

i±3#o

(2)A:20244±fW69iUMM«W,AWWM~HHOMAMM,M4A69«#AM-AfW^Hi69W,W9WWWWW,

MA4£M#Mj£.

M4,W“W”M“^M”4^MMWM69-fWoO4M?1M4A69Aft«.A##4,4J®r4ASMA4k“4#”69A,“4«WA69-AWo

Blff IK.##

MiMr -fciMff ±^ff

«:Wind4WWM

1.2

1.2.1^]$CA:l§)

4«W3WWMom-WiUWfT,^±W^WA1^,lUMWnfWHOfcMiTHM^£4^(140

2:2024TH^HO$UTft£TA4£JiT*+ft-ftlU$OWft(%)

±■^4!

K-KHf

M.W-ff

ftMflUf

BWf771It

o

*

to

to

O

=a

^r