You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
匯豐研究:大型內銀淨息差抗壓力較佳 傾向選擇工行(1398.HK)等
格隆匯 09-23 12:58
匯豐研究發表研究報告指,人行下調一年期貸款市場報價利率(LPR)5個基點至4.2%,而五年期LPR則持平在4.85%的水平,整體而言該行相信針對LPR方面的舉措符預期,並不如市場預期般進取,因為經過8月份下調5至10個基點後,市場預期9月將有更大的降幅,但在9月17日人行維持中期借貸便利(MLF)利率後預期亦有所降温。 在政策層面,該行認為方向對中小企及私人企業借貸有支持,但則無助按揭,當中一年期LPR利率下調有利企業借貸,而五年期LPR利率維持不變則反映當局對按揭及較長期的基建融資採取不同態度。
該行指出下調LPR利率對銀行的淨息差有負面影響,相信銀行較難將低借貸利率轉嫁至低存款利率,從行業角度來看,存款增長較貸款增長慢,而該行早前分析亦顯示企業貸款息每降10個基點,就會對銀行盈利帶來1.6%至3.5%的影響。
匯豐研究認為,一年期LPR減息大致符市場預期,但五年期LPR利率維持不變則較預期保守,認為LPR下調將有一個較慢及較長的過程,而五年期LPR的政府方向反映當局仍扞衞按息,對擁有較大按揭規模的大型銀行較為有利,在內銀中該行傾向選擇工商銀行(1398.HK) 、建設銀行(0939.HK) 、農業銀行(1288.HK) 、中國銀行(3988.HK) 及中國光大銀行(6818.HK)
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account