《大行報告》中金：內地取消QFII額度限制 利券商股 關注海通及銀河
就國家外管局決定取消合格境外機構投資者(QFII)和人民幣合格境外機構投資者(RQFII)投資額度限制。中金發表報告表示，QFII/RQFII投資額度限制取消、進一步促進市場開放。合格境外投資者制度是境外投資者投資境內金融市場最主要渠道之一，以及中國金融市場開放最重要的制度之一；此次宣布取消QFII/RQFII投資額度限制，在額度要求上與現行滬深港通保持同步。
該行指，隨著MSCI、富時羅素、標普道瓊斯、彭博巴克萊等國際主流指數相繼將中國股票和債券納入其指數體系，資本市場的進一步開放將更加便利和吸引國際資金投資境內金融市場。
中金料，上述開放短期邊際影響有限、長期有助於A股投資者結構的積極變化。截止8月末，QFII投資總額度3,000億美元、共292家合格境外機構投資者獲批額度1,114億美元；RQFII投資總額度1.99萬億元人民幣、共222家RQFII機構獲批6,933億元人民幣額度；同時考慮當前滬深港股已不設總額度限制，此次QFII/RQFII總額度的放開對於加大外資流入的邊際影響有限。但長期來看，隨著A股市場的不斷開放，外資佔比有望持續提升。該行策略組測算，當前外資持有A股比例佔總市值3%、佔自由流通市值的8%；預計未來5至10年外資持股比例有望達到10%左右或以上。
該行認為，外資佔比的長期提升將逐步改善A股投資者結構，提升長線投資者及機構投資者佔比，有助於市場的成熟穩健發展。同時，機構業務及國際業務領先的證券公司也將隨之受益。
中金表示，內地資本市場的進一步開放與改革，有助於提振市場情緒，利好券商板塊。當前大型券商預測市賬率均處於歷史偏低水平，選股邏輯：第一是低估值大型券商估值修復，關注海通證券(06837.HK)、國泰君安(601211.SH)；第二是相對於交易額的高彈性標的，關注中國銀河(06881.HK)、東吳證券(601555.SH)、華西證券(002926.SZ)；第三是顯著受益於資本市場改革推進，以及國際化、機構化業務佔比較高的龍頭券商股。
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