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《大行报告》花旗料中资券商股可受惠A股结构性「牛市」 首选中信证券及华泰证券
阿思达克 11-03 14:25
花旗发表研究报告,指其覆盖的中国券商股第三季收入及税後净利润分别按年增长35%及31%,主要是受到经纪、投资银行部、资产管理、净利息收入增长所带动,抵销了自营交易的疲弱及拨备增加的影响。期内,净资产回报率按年增0.75个百分点至4.53%,核心杠杆比率按年增长0.34倍至4.08倍。在其覆盖的券商股中,东方证券(03958.HK)及中国银河(06881.HK)的盈利增长最强劲,中信证券(06030.HK)的表现则最弱。

该行仍对中国券商股抱正面看法,因为无风险利率下降、机构参与度提高及有利的政策将支持A股出现结构性牛市。而即将出现的催化剂亦包括扩阔注册制IPO、启动T+0结算,以及中国退休福利计划出台後或有更多资金流入A股市场等。

在10月31日举行的国务院会议上,副总理刘鹤曾重申加快资本市场改革、通过全面推广注册制IPO来促进直接融资,以及建立更佳退市机制等目标,相信这些措施将提振A股市场气氛,并在长远惠及券商的投资银行业务。在更多利好政策因素及潜在并购下,该行持续看好大型券商股,首选中信证券及华泰证券(06886.HK)。

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