《大行報告》摩通:降準對內銀淨息差正面 郵儲行(01658.HK)最受惠
摩根大通發表報告指,人行預告下調存款準備金率(RRR)50個基點,自2月5日起生效。人行預計可向金融體系釋放流動性約1萬億元人民幣。該行表示,中國降準的時間較預期更早、降幅亦較預期大,這對內銀的影響正面,因為人行僅降低RRR,但沒有降低利率。該行認為,最新措施將有助於內銀的淨息差,同時支持內銀投資政府債券,從而略為緩解增長和資產品質風險。政策同時亦發出了政策制定者支持增長立場的正面訊號。
該行表示,在股票層面,由於降準帶來的額外流動性應透過發行國債吸收,預期銀行之間的利率不會大幅下降,故此認為郵儲行(01658.HK)將最為受惠。
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