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高盛:予平安(000001.SZ)、招行(3968.HK)等“買入”評級
格隆匯 10-11 16:15
高盛發表的研究報告指,公佈次季業績後內銀股表現缺乏生氣,該行覆蓋的內銀H股及A股分別升4%及2%,而同期恆指及滬深300指數則分別升1%及4%。該行認為受社會融資規模增長疲弱以及LPR改革收窄淨息差等,相信相關的經營態勢在第三季仍會維持,但認為股價有潛在正面表現,因為負面因數已大致反映在股價上,社會融資規模或逐步復甦,同時亦估計為保障銀行利潤LPR不會大幅下調。該行認為存款成本壓力將持續,因為監管環境自次季以來大致未變或只有輕微改善,但受成本較高的結構性存款增長放慢影響,相關成本於第三季或有所回穩。
高盛亦料信貸成本或持續向下,主要因為系統資產質素維持良性,加上現時銀行有較好的風險緩衝,而大部分的銀行亦將信貸增長放在較前的位置,所以估計具質素的銀行第三季的撥備開支將進一步改善。另外在非利息收入增長方面,該行相信部分銀行或有來自債券交易、財富管理及其他增值服務方面的增長。總括而言該行對行業看法有較大分歧,並估計具質素的銀行有較大的風險定價能力及足夠的風險緩衝,故可跑贏大市,予平安銀行(000001.SZ)、招商銀行(3968.HK) 及興業銀行(601166.SH)“ 買入 ”評級,三家均在其確信買入名單上。

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