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花旗:料內地將推更多支持經濟措施 內銀股優於券商股
格隆匯 02-04 11:15

花旗研報指,受武漢新型冠狀病毒肺炎影響,預期內地政府會推出更多支持措施,包括注入流動性以降低銀行間利率、對中小企業的定向支持措施、2月降低LPR利率、進一步降低MLF利率和降準減息等。

又指,內銀股的防禦性特徵及低估值,仍然使其顯示出有吸引力的風險回報比,首選有工商銀行(1398.HK)、建設銀行(0939.HK)和興業銀行。如果疫情持續時間不長,對貸款需求和不良率的衝擊將屬短暫,仍然維持2020年銀行平均盈利增長在7.2%的預測。

對比SARS時期,內地券商股相較銀行股更為脆弱,不過有關衝擊亦是暫時。如果疫情緩解,在反彈行情中,券商股是不錯的選擇,首選包括中信證券(6030.HK0和華泰證券(6886.HK)。

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