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中金:看好中國金融業未來表現 首推建行(0939.HK)等內銀股
格隆匯 11-05 16:26

中金髮表報告指,中國金融行業估值較低,股息回報率高且穩定,加上機構投資者配置比例依然低,看好行業未來表現,明年對金融業推薦順序依次為銀行、證券及保險。其中,H股推薦建設銀行(0939.HK)及農業銀行(1288.HK),均予其“優於大市”評級,目標價分別為9.83港元及4.86港元。

中金認為,在經濟轉型、資本市場改革穩步推進背景下,預計新股融資節奏提速、創業板和新三板改革、註冊制等逐步推進,預期銀行業明年收入及利潤增長分別達8%及6%,至於證券行業明年整體收入及利潤增速則料分別為10%及15%。由於券商股對政策變化較敏感,預計券商在A股的交投活躍度和估值持續高於H股,當中看好華泰證券(6886.HK)A股及H股、國泰君安A股。

該行又指,長期國債利率存在下行風險,預期壽險行業明年新業務價值有中低單位數增長,內含價值增長料約13%-16%,當中推薦中國人壽(2628.HK)及中國平安(2318.HK)A股及H股。

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