行业核心观点:“顺周期+高股息”,政策组合拳推动板块估值修复。一方面我们持续提示板块股息价值吸引力,按照23年分红额以及2月28日收盘价计算板块平均股息率达到4.50%,相对以10年期国债收益率衡量的无风险利率的溢价水平仍处于历史高位,且仍在继续走阔,类固收的配置价值持续。与此同时,我们关注成长性优异及受益于政策实效的区域行,区域经济修复或将提升盈利端向上弹性。最后,预期改善对于股份行的催化值得...
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