《大行報告》中金料內銀股迎新一輪業績分化起點 H股看好招行(03968.HK)
中金發表報告表示,宏觀經濟、金融監管及技術進步決定了銀行經營的外圍環境,資產規模等量化指標以及治理效率則決定了機構個體競爭力,上述兩個因素決定行業上限和競爭格局。
該行補充,供給側改革推動融資體系升級,資產管理、財富管理行業增長快於傳統銀行業,消費信貸增長快於傳統公司業務,金融科技作為底層基礎實施擁有更大的成長空間;規模先發優勢、存量資源和公司治理效率則決定了機構間分化趨勢延續甚至更加顯著,目前是新一輪業績及估值分化的起點;龍頭銀行進入新型增長階段,表現為利潤增長保持在10%至20%,非利息收入佔比接近50%,股本回報率為代表的盈利能力繼續提高至20%左右。
該行重申,H股中看好招行(03968.HK)的中長期發展及估值上升空間,目標價為73元,予「跑贏行業」評級。工行(01398.HK)評級同樣為「跑贏行業」,目標價7.9元。
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