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《大行報告》摩通:中國銀河(06881.HK)和招商證券(06099.HK)較受惠內地下調證券交易印花稅
摩根大通發表研究報告指出,國家財政部昨日(27日)宣布,將證券交易印花稅下調50%,自今日(28日)起生效。同時,中證監宣布降低融資保證金最低比例要求、收緊新股上市/再融資活動,以及限制大股東減持股份。 該行認為,上述措施對股票經紀和融資融券業務有利,但對承銷業務不利;特別是歷史顯示,削減印花稅可能會在短期內促進交易量。 當中,該行指中國銀河(06881.HK)和招商證券(06099.HK)對日均成交金額(ADT)與融資保證金的槓桿較大,且從營運角度而言更能受惠於新措施。另一方面,新股及再融資活動或多或少會受到限制,預期中金(03908.HK)和中信証券(06030.HK)所受影響較同業大。 摩通對內地券商股最新評級及目標價表列如下: 股份|評級|目標價(港元) 國泰君安(02611.HK)|增持|10.8元 HTSC(06886.HK)|增持|13.6元 招商證券(06099.HK)|中性|7.2元 中信証券(06030.HK)|增持|17.7元 廣發証券(01776.HK)|中性|9.5元 中國銀河(06881.HK)|增持|6.4元 海通證券(06837.HK)|中性|5.2元 中金公司(03908.HK)|增持|22.8元
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