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《大行報告》美銀證券降光大證券(06178.HK)評級至「跑輸大市」 調整中資券商股目標價
阿思達克 09-15 14:55
美銀證券發表研究報告,指上半年對券商來說是不錯的時間,尤其是在第二季。中國於去年起開始實行放寬政策,而人行降低貸款最優惠利率及向市場注入流動生,以支持經濟,尤其是在1月底爆發疫情之後。該行提到,寬鬆的政策帶來兩項改變,包括市場利率降低及流動性更佳,而隨著資金流入市場,股票市場的成交額提升。

與銀行及保險公司面對毛利率及投資回報低企的壓力相比,券商在寬鬆的環境下受惠。雖然券商的投資收益亦受到負面影響,但它們亦同時降低融資成本或利息支出。大部分券商均指出,它們上半年的融資成本下降40至50個基點。

上半年整體市場的總成交額為89萬億元人民幣,按年上升28%,日均成交量升29%。這是過去五年來最好的上半年表現。雖然券商的佣金率錄輕微下降,但其手續費收入按年增長16至40%。

隨了寬鬆政策外,另一個推動券商收入增長的因素是改革,在上半年宣布對中國創業板進行進一步改革,規模比新的科創板仍要大得多。另外,上半年IPO集資規模按年升134%至1,440億元人民幣,而股票再融資的集資規模亦升17%至4,240億元人民幣。大型券商,包括中信証券(06030.HK)、中信建投証券(06066.HK)、中金公司(03908.HK)、海通証券(06837.HK)是主要的受惠者,因為它們在承銷和併購業務方面實力雄厚。相比同業,光大證券(06178.HK)表現較弱,評級由「中性」降至「跑輸大市」。

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