高盛:內銀獲券商牌照加劇競爭 中金(3908.HK)中信(6030.HK)將不受影響
內地傳媒報道,商業銀行有望獲發券商牌照,並至少有兩間大型銀行可納入試行計劃。高盛發表研究報告指,與傳統券商相比,銀行龐大的資本規模及客户基礎,將令證券行業的競爭大大升級。該行認為,零售經紀業務及固定收益、外匯及大宗商品(FICC)相關業務可能會面臨來自銀行的更激烈競爭,因為這些業務與銀行現有業務之間存在明顯的協同優勢。
高盛表示,股票衍生產品、股票資本(ECM)及高淨值資產(HNW)等具較高風險業務的公司,如中金公司(3908.HK)及中信證券(6030.HK),將不會受政策影響。政府允許銀行進入證券業,最終目標是加快資本市場及直接融資體系的發展,認為儘管競爭加劇,但隨着資本市場的增長,可能將會為整個證券行業帶來更多商機。
該行又認為,消息將對券商的股價表現造成壓力,但由於較好的業務定位,該行予中金公司“確信買入”評級,以及中信證券AH股“優於大市”評級。
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