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《即日市評》恆指萬七關失而復得 李寧瀉兩成 渣打績後挫11%
內地A股今日(26日)午後反覆造好,恆指全日跌幅略爲收窄。美國10年期國債孳息率再逼近5釐水平,美國30年期定息按揭利率於上週亦升至7.9釐高位,美股道指及納指隔晚(25日)各跌0.3%及2.4%;撰文之時,美國10年期債券孳息率報4.951釐,美匯指數升至106.73,道指期貨最新跌115點或0.35%,納指期貨最新跌1%。人行開展4,240億元人民幣逆回購及連續七日淨投放,上證綜指全日升14點或0.48%收2,988點,深證成指升0.4%,而滬深兩市成交額共8,424億元人民幣。 恆指低開不足1點,初段曾升88點一度高見17,174點,其後曾轉跌168點見16,917點,全日跌40點或0.2%,收17,044點;國指升5點或0.1%,收5,859點;恆生科技指數升11點或0.3%,收3,712點。大市全日成交總額808.07億元,滬、深港通南下交易淨流入25.12億及13.08億元人民幣。 科網股走個別,騰訊(00700.HK)微跌0.07%收287.6元,阿里巴-SW(09988.HK)及美團-W(03690.HK)股價各升近0.6%及0.2%。 【李寧瀉兩成 安踏跌半成】 內地體育用股受壓,安踏(02020.HK)股價下滑5.3%,李寧(02331.HK)下瀉20.7%收23.95元。花旗發表報告指,李寧第三季零售銷售差過市場預期,渠道庫存對銷售比率按季急升,由第二季末的3.8倍增至第三季末的5倍,公司需於第四季及明年第一季積極去庫存,因此今年全年指引顯着下調,收入只有高單位數增長,淨利潤率爲低十位數(low-teen)水平。 花旗相信李寧加大折扣,對大部分內地體育品牌造成壓力,尤其是平均售價較李寧低20%至30%的品牌。售價較高的國際品牌及小衆品牌,所受影響較輕微,分銷商如滔搏(06110.HK)所受影響最少,行業的偏好爲滔搏、其次爲安踏(02020.HK)及李寧。 【渣打績後挫 淨息差遜色】 港股主板今日市寬轉弱,主板股票的升跌比率爲17比23(上日22比18);恆指成份股今日37只股份上升,40只股份下跌,升跌比率爲46比50(上日爲61比38);大市今日錄沽空145.37億元,佔可沽空股份成交額683.9億元的21.256%(上日19.959%)。 匯控(00005.HK)全日股價走低2.3%收57.1元,渣打(02888.HK)股價急挫11.4%收59.75元。渣打中午公佈第三季業績,除稅前基本溢利按年下跌2.2%至13.16億美元,低於中金及大摩預測的14.05億及15.17億美元;除稅前法定溢利跌54%至6.33億美元。每股基本盈利23.2美仙,去年同期爲31美仙。淨息差按正常基準計算爲1.67%,按季下降4個基點。 瑞銀髮表報告表示,渣打第三季除稅前基本溢利13.16億美元,低於市場預期9%,基本淨利息收入較預期低出約4%,淨息差按季收窄8個基點至1.63%,較市場預期低9個基點。在利率上升的環境下渣打淨息差較預期低9個基點,指公司上季淨息差令人失望及存款面臨收縮,將是市場今日(26日)焦點。該行指渣打上季撥備前溢利符合預期,但稅前溢利遜預期;信貸損失高於市場原預期28%,其中2.94億美元開支中的1.86億美元與內地商業房地產(CRE)支出有關,關注涉及內地商業不動產信貸損失。
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