郭家耀: 港股倾向个别发展 内银估值重评空间料有限
正荣金融业务部副总裁郭家耀称，美股周二(29日)先升後回，大市一度再创纪录新高，但其後市场观望联储局议息结果，加上个别科技巨企业绩未如理想，令大市高位出现获利回吐，三大指数均录得轻微跌幅收市。美元轻微偏软，美国十年期债息回落至1.83厘水平，油价及金价继续回落。港股预托证券个别发展，预料大市早段缺乏方向。内地股市表现回软，沪综指低开後反覆向下，收市下跌0.9%，沪深两市成交额维持活跃。市场观望政策消息及中美贸易谈判进展，短期未有突破动力。
港股走势回落，指数高开低走，成交亦略为减少。受业绩因素影响，股份倾向个别发展，投资者亦观望外围消息，短期仍未有突破能力，预料继续维持於26,200至27,000点水平徘徊。
另多家内银股陆续公布第三季业绩，内银净利息收益率受压趋势持续，工行(01398.HK)及交行(03328.HK)首三季净利息收益率较上半年分别收窄3个基点及1个基点至2.26%及1.57%，拖累第三季净利息收入增长较上半年放缓。农行(01288.HK)上半年受同业市场利率下行的影响，净利息收入增长为同业较低水平，第三季仍未见明显改善，首三季净利息收益率按年下滑15.2个基点至2.1%。
手续费及佣金收入方面，多家内银股均录得至接近双位数增长。资产质素继续有改善，工行及农行不良贷款率分别较上半年下跌4个基点及1个基点至1.44%及1.42%，而交行则维持1.47%。拨备覆盖率继续上升，农行较6月底时上升2.88个百分点至281.26%，工行及交行则分别上升约6.07个百分点及0.69个百分点至198.09%及174.22%，显示拨备水平相当充足。
资本水平方面，农行及工行核心一级资本充足率与去年底比较分别下跌0.36个百分点及0.05个百分点，至11.19%及12.93%，交行则升0.48个百分点至11.07%，仍维持在健康的水平。整体内银业绩符合预期，盈利持续温和增长，但由於缺乏亮点，预计行业估值难有太大重估空间。
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