经济复苏将持续支撑银行估值修复，维持板块看好评级。2 月信贷、社融超预期，PPI 同样处于正数增长区间，信贷需求旺盛、微观企业经营活跃充分反映当前经济复苏动能强劲。3-4 月为银行年报、一季报披露窗口期，在经济好、流动性紧的大环境下，我们认为息差、资产质量、业绩同样会有超预期表现，银行板块有望持续获得绝对和相对收益，预计兼具存款绝对优势和低信用成本优势的大行表现更优。

过去几年，监管要求严格确认不良并加大处置力度，当前银行业账面不良真实程度较高。监管多次明确释放出进一步加快不良处置信号，政策全力支持不良处置市场化发展，这既有助于实现存量不良出清，也有助于降低处置不良的成本。当前宏观环境与2017 年类似，银行资产质量转好趋势下，银行估值或将演绎一轮类似估值提升行情。

当前银行板块估值约0.79xPB（LF），板块估值处于历史较低水平。2020 年全行业不良确认及处置力度大，隐性风险基本出清，2021 年轻装上阵，业绩反转确定性强。1、2 月金融数据显
示，当前实体经济融资需求旺盛。个股推荐：长期持有建议关注经营有优势的招商银行、平安银行。性价比角度，建议关注估值低，业绩改善的银行。

The root of the queueing principle dates back to the 19th century. Queues date back to primitive times, some historians say. Everyone had to wait for their turn as hunters brought fresh meat. Quite possibly, these "waiting lines" resembled animal queuing, where the order is decided by tribal hierarchy. With time, waiting lines formed. They became a social phenomenon only in the early 19th century. The first use of the term "queue" dates back to 1837 and comes from a tail, an old French "cue." Urbanization, or migration to cities that are highly populated, brought together millions of people – more than what manufacturing and stores could accommodate. Also, people leave their jobs at the same time. This added to peak hours at supermarkets, and the need to line up in an organised fashion.