You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》中金:A股迎接日均交投1萬億人幣新常態 升中資券商股目標價
阿思達克 07-06 14:31
中金發表報告指,基於行業景氣度的持續回升,上調中資證券行業今明兩年盈利預測至1,556億元及1,888億元人民幣,按年增長25%及21%,看好資本市場改革下龍頭券商迎來業績和估值的「戴維斯雙擊」(包括頂尖投行及互聯網特色券商)。

該行表示,中國資本市場或正迎來發展的大機遇,受供需雙側因素驅動下,未來5至10年中國證券化率有望從當前的60%左右,提升至不同國際市場分布的中位數100%附近,意味著中國股市總市值相比當前有翻倍的空間。

考慮到歷史上券商板塊較大級別的上漲行情往往伴隨著市場交易額的支撐和發酵,中金提出近期A股重新站上的1萬億元人民幣交易額有望成為新的均衡水平,儘管交易額短期波動主要受投資者風險偏好影響,但中長期來看體現的是自由流通市值的變化和投資者結構及交易習慣的改變。

中金認為,中資券商業績確定增長疊加業務模式升級,驅動行業估值體系的重構,相信伴隨著中國資本市場的茁壯成長,直接融資的發展將帶來大量投行業務的新增機會、機構化、國際化及產品化的浪潮下機構交易業務將蓬勃發展、資管新規作用下財富管理和資產管理行業迎來發展新機遇,中國頭部券商的業務將迎來全面開花、打造出各個業務線協同的生態圈、從而構建自身強大的護城河以支撐確定性的增長,並將帶來估值方法的重構和估值水平的修復。

該行上調中資券商目標價,認為當前正處在投資中國證券行業的重要機遇期,A/H大券商平均交易於今年市賬率1.6倍/0.8倍,較歷史平均水平仍然偏離13%/36%,與當前高景氣度的市場環境相背離。(ek/W)~

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account