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拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約-行業數據

拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約
因此，當宏觀經濟不能如期“變好”時，我們不能線性外推銀行股就不值得投資，反而要充分意識到銀行是存量經營這一特殊屬性、在金融體系和實體經濟中的特殊地位，從行業比較角度，銀行板塊依然能跑出超預期的股價表現。
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拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第1頁
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拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第2頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第3頁
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拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第4頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第5頁
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拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第6頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第7頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第8頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第9頁
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拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第10頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第11頁
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拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第12頁
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拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第13頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第14頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第15頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第16頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第17頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第18頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第19頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第20頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第21頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第22頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第23頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第24頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第25頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第26頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第27頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第28頁
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
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第29頁
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
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第30頁
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
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第31頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第32頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第33頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第34頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第35頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第36頁
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第37頁
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
拉長周期來看，銀行股投資回報率近似等同于獲取銀行ROE，但2020年以來銀行板塊收益率（僅約_第38頁
所屬報告： 再論銀行業投資框架及配置價值：新變革、新驅動、新認知-250526（31頁）.pdf
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