《大行報告》瑞信下調中資券商股目標價 國務院鼓勵進一步降低收費影響負面
瑞信發表研究報告指,國務院辦公廳日前出台《關於進一步優化營商環境降低市場主體制度性交易成本的意見》,鼓勵金融機構降費,並表示將進一步規範涉企收費,是令人意外的負面消息,預期市場將關注中資券商的經紀佣金率、資管費率、金融產品認購費率及託管清算費率的下行壓力。
該行進行估算,預期前端業務及資管費率若下調10%,明年受評券商的稅後淨利將下降3%至7%,當中廣發証券(01776.HK)將最受影響,其次為東方證券(03958.HK)、東方財富(300059.SZ)、中金公司(03908.HK)及中信証券(06030.HK)。
瑞信指,東方財富對經紀佣金費率下降更為敏感,但相信藉較高的經營槓桿,長期而言東方財富可以進一步從中小型券商手中獲得券商市場份額,估計其利潤增長仍將穩定跑贏同業。
該行將中資券商股目標價下調約5%至10%,其中廣發証券、中金公司及中信証券維持「跑贏大市」評級,東方證券則維持「中性」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.