《大行报告》大摩:内地社融增速加快 料可支持内银股核心盈利趋势
摩根士丹利发表研究报告,指9月份内地社融增速加快至13.5%,主要由政府发行债券、长期企业债,以及家庭信贷增加所带动,相信可支持银行核心业务的股本回报,但如果信贷趋势持续,银行将面对收紧贷款额,和相关收紧政策的风险。
该行指,内地社融增速加快将可支持银行核心盈利趋势,并相信强劲贷款增长是由按揭和基建需求带动,但同时指需留意因资产价格过热,和经济风险会带来政策转变,以及银行置换低息债至高息债,是第四季收紧信贷额度的讯号,同时部份银行资本比率低,高信贷增长,将影响明年的信贷资源。
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