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《大行報告》匯豐研究:內銀存款競爭有減弱跡象 未來數月淨息差前景發展正面
匯豐研究發表研究報告指,內地PMI、房地產銷售、貸款需求和商業信心均有全面改善的跡象,且內銀之間的存款競爭似乎有所緩和,據報內地有多間地區性銀行在今年4月下調了定期存款利率,意味著內銀的淨息差前景於近數個月以來首次出現積極進展。 該行認為,大多數全球投資者仍在「減持」內銀,部分是由於淨息差壓力、財富相關收入疲軟,以及資產質量的憂慮,而這些負面因素已經部分反映在股票的折現估值中。目前的關鍵問題是宏觀主導的復甦是否會出現類似於2016年和2020年的對更廣泛的內地銀行業作出重新評級。 該行看好建行(00939.HK)和工行(01398.HK),認為這兩間銀行的資產負債表強勁,資產質量表現穩健,資本充足率領先於同業;認為交通銀行(03328.HK)的股息收益率具有吸引力,而且面向長三角地區;又看好招商銀行(03968.HK)(600036.SH)AH股,因為該銀行擁有強大的零售銀行業務、財富管理潛力和強大的內生資本生成能力。對以上股票均予「買入」評級。 股份 | 投資評級 | 目標價 工行(01398.HK) | 買入 | 5.2港元 建行(00939.HK) | 買入 | 6.8港元 交行(03328.HK) | 買入 | 5.8港元 招行H股(03968.HK) | 買入 | 58港元 招行A股(600036.SH) | 買入 | 50.5人民幣
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