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《大行報告》野村:內地券商可受惠財管結構增長動力 看好中信證券及中金公司 調整目標價
野村發表研究報告指出,監於A股市場成交量強勁,該行將A股市場2021年的日均成交量上調11%至1萬億元人民幣,以反映第三季以來的強勁市場成交量。不過,平均經紀傭金率由去年的2.6點子,降至今年上半年的2.5點子。在該行覆蓋的內地券商中,金融產品代理銷售將繼續上升,上半年按年增長超過100%,而中信證券(06030.HK)及及中金公司(03908.HK)逾20%的經紀收入貢獻源自金融產品代理銷售業務。 該行指出,長遠而言,預計家庭不斷增長的財富管理需求,將爲券商的經紀和資產管理業務帶來結構性增長動力,特別是如中金公司和中信證券般擁有強大機構特許經營權的經紀商而言,監於其強大的產品開發能力及分銷渠道,能與銀行和線上平臺競爭。 野村看好中金公司和中信證券,重申予「買入」評級,並上調目標價0.6%至1.5%,並下調華泰證券(06886.HK)及中國銀河(06881.HK)目標價分別6%至16%,評級「中性」,詳見另表。
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