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野村:覆蓋的銀行股中首選招行(3968.HK)
格隆匯 06-19 15:12

野村發表研究報告指,國務院將推動金融機構全年向各類企業合理讓利1.5萬億元人民幣,以支持實體經濟,同時承諾透過降準及人行再融資以維持充足的流動性。該行認為,國務院的呼籲不太可能以犧牲金融機構的資本實力為代價,因為控制金融風險仍是當務之急。

野村表示,1.5萬億元人民幣將包括降低貸款及債券利率,以最優惠的利率去提供貸款、降低銀行手續費等,認為1.5萬億元人民幣是一個廣泛的數字,對銀行盈利的影響應該不大。

*招行仍屬首選股*

該行又預計,政府將會採取措施協助銀行降低負債成本,以抵銷貸款利率下降所帶來的負面影響,從而確保金融體系穩定。從今年5月開始,野村留意到結構性存款的控制收緊,認為人行短期內將進一步降準,及向小型銀行再融資。若有需要,人行甚至可以降低基準存款利率。

野村又指,對於覆蓋的銀行,重申對其今年的平均貸款利率下跌約30個基點,以及淨息差將跌12個基點的預測。同時首選仍為招商銀行(3968.HK),主要是由於其技術推動的戰略和良好的業務質量。此外,鑑於強勁的資產負債表,亦喜歡建設銀行(0939.HK)及工商銀行(1398.HK)

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