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《大行報告》匯豐研究看好港交所(00388.HK)及中信證券(06030.HK)受惠國策 降中金(03908.HK)評級至「持有」
匯豐研究發表研報指,中證監等部門出臺多項刺激資本市場的政策,包括通過股票印花稅減半、投資者融資買入證券時的融資保證金最低要求從100%降低至80%、交易所手續費降低30%至50%等方式來降低交易成本,同時鼓勵更多長期資金進入A股市場,社保基金和養老基金,以及考慮放寬優質券商的資本約束等。 該行認爲,舉措對中國券商的利好因素已浮現,7月24日至今所覆蓋的券商股股價平均上漲14%,跑贏同期指數表現,若要觸發新一輪重新評級,則要等到市場活動改善的實際證據出現,預期將很大程度上取決於中國宏觀前景、樓市市況及地方政府融資趨勢的變化,短期收入壓力仍存在,因此相信券商板塊需喘息一段時間。 券商中,匯豐研究較看好中信證券(06030.HK),維持H股「買入」評級,目標價則由18.5元上調至19元,並將2023至2025年收入預測下調3%、2%及1%,淨利潤預測則各下調1%。該行並將中金公司(03908.HK)H股評級由「買入」降至「持有」,目標價維持16.5元,今明兩年淨利潤預測分別下調2%及1%。 匯豐研究又指,港府亦正研究如何提振股市成交量,潛在方法包括削減港股交易印花稅,考慮到A股對H股的溢價,預期若A股在最新國策的推動下有所改善,H股亦應該會受益,同時憧憬人民幣計價證券納入南向通在未來幾月或見新進展,以及順豐、途虎等大型IPO登場,均爲股價正面催化劑,看好港交所(00388.HK),同樣維持「買入」評級,目標價370元不變。
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