本报告汇总摩根大通全球银行股票研究团队截至2026年9月25日当周的研究成果，覆盖美国、拉美、欧洲、CEEMEA及亚太银行板块。美国大型银行方面，三季度至今工商业及非银金融机构贷款温和增长，存款小幅上升；中小银行并购活跃，两周内宣布10笔交易，WaFd与EverBank以约39亿美元全股票合并，年初至今并购已达120笔。专题方面涵盖数字银行（Neobank）小额贷款问卷调查、澳大利亚银行AI应用调查（采用率高但生产力与客户聚焦仍是关键）、西班牙住房市场、南非银行五大风险与五大上行主题、巴西金融股选举前估值筛选（偏好资本市场）、日本银行政策利率与ROE预期、印度金融业盈利与手续费收入风险、CEEMEA保加利亚暴利税影响等。个股层面覆盖Investec、Remgro、法国兴业银行，以及重庆农商行、宁波银行、北京银行、常熟农商行等模型更新。
This report provides a summary of research produced by J.P. Morgan Global Bank Equity Research for the week ending 25 September 2026, covering banks across the US, Latin America, Europe, CEEMEA and Asia Pacific. US large cap banks saw modest growth in C&I plus NBFI loans quarter-to-date with deposits rising moderately; US mid- and small-cap bank M&A remained active with 10 deals announced in two weeks, including WaFd and EverBank combining in a ~$3.9B all-stock merger and 120 YTD deals. Thematic work included a neobank small dollar loan survey, an Australian banks AI survey, Spanish housing, South African banks' five risks and five upside themes, Brazilian financials screening ahead of elections, the Japan bank sector's policy rate and ROE outlook, India financials earnings and fee income risks, and the proposed Bulgarian windfall tax impact for CEEMEA banks. Single-stock coverage included Investec, Remgro, Société Générale and model updates on Chongqing Rural Commercial Bank, Bank of