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《大行报告》摩通料内地券商次季盈利反弹 续荐中信证券(06030.HK)及中金(03908.HK)
摩根大通发表报告指,中证监於上周五(24日)公布就「个人养老金投资公开募集证券投资基金业务管理暂行规定」徵求意见,以建立共同基金投资的监管框架,将其作为私人养老金的合格投资工具之一。 摩通表示,中证监将於部分城市实行一年试点计划,往後再将计划扩展。该行认为计划对中资券商近期的收入影响有限,但预期对行业中长期营运有正面作用,因券商可受惠於财富管理产品销售增加,及共同基金子公司的资产管理规模增长。 另一方面,虽然A股今年第二季日均成交放缓至9,000亿元人民币,但IPO市场仍然活跃,指数表现亦相对稳定,该行预期内地券商第二季盈利将按季反弹。行业中,摩通继续喜好具质素的券商包括中信证券(06030.HK)及中金公司(03908.HK),两股评级均为「增持」,目标价分别19.8元及27.2元,相信此等企业在同行中可交出优越盈利表现及股本回报率。
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