《即日市评》汇控及内银股领跌 中生逆市弹高
恒指上周累跌137点或1.7%後，今日受银行及科技股跌势所拖累向下。报道指英国本周二起展开大规模接种新冠疫苗计划，美国最快本周内安排紧急接种，执笔之时美汇指数回升至90.95，道指期货最新跌69点或0.2%、美股纳指期货最新跌3点或0.03%。中国11月美元计出口按年升21.1%(市场预期升12%)、中国11月美元计进口按年升4.5%(市场原预期升7%)；今早人币中间价续上调145点报6.5362兑一美元近两年半高，上证综指全日跌0.8%收3,416，深证成指跌0.4%，沪深两市成交额共7,690亿人民币。
恒指高开34点报26,870点，其後曾倒跌579点一度低见26,256点，全日跌329点或1.2%，收26,506点；国指跌151点或1.4%收10,473点；恒生科技指数跌8点或0.1%，收7,944点。大市全日成交总额1,352.74亿元，沪、深港通南下交易半日录得净流入金额分别为18.78亿及14.32亿元人民币。
恒指新贵造淡，美团(03690.HK)、安踏(02020.HK)及百威亚太(01876.HK)股价各跌2.1%、3.1%及0.7%。中生制药(01177.HK)投资於研发生产新冠疫苗企业涉资5.15亿美元，全日股价上扬4.6%
【中生逆市扬 银行股受压】
银行股向下，汇控(00005.HK)全日股价走低1.9%收42.9元。美银证券发表报表示，下调汇控(00005.HK)评级，由「中性」降至「跑输大市」，维持汇控在本港上市的目标价41.93港元。该行指，汇控股价自今年最低位至今已累积回升50%，指估值已较高。
美银证券认为，汇控处於复杂重组的初期及道路慢长，料集团首要是减少在欧美的投资。但是该行料集团至2023年才能实现成本下降，而减少风险加权资产(RWA)将可以实现股票回购。该行预计英伦银行可能最早在12月11日取消对银行派股息的禁令，但该行认为这已经为市场所消化。该行料汇控未来将可恢复派息，但在此阶段，认为汇控未来股息的规模更为重要，但该行料其2022年股息回报比市场共识低40%，并指若汇控2021年的股息回报低於3厘，汇控估值属较高水平。
【沽空率上升 内银股造淡】
港股今日主板市宽，主板股票的升跌比率为16比27(上日为20比21)，下跌1,075只(跌幅2.4%)，恒指成份股今日12只股份上升，下跌股份39只，升跌比率为75比23(上日为44比50)；大市今日录沽空189.71亿元，占可沽空股份成1,146.38亿元的16.549%(上日为13.736%)。
内银股造淡，工行(01398.HK)股价跌2.4%收4.87元，建行(00939.HK)跌近2%，招行(03968.HK)及农行(01288.HK)股价各跌4.2%及1%，民行(01988.HK)及中信银行(00998.HK)股价各走低1.8%及2%。
瑞信发表报告，指出人民银行及银保监正式发布《系统重大银行评估办法》的最终版本，以识别系统重要性银行(D-SIB)，并将於明年1月1日起生效。当中指出D-SIB清单将会每年发布，以作为区别监管的基础，防止系统性风险。商业银行、开发银行及政策性银行都属於这一范围。
该行相信这消息已得到充分的预期，虽然如此，但最直接的影响将会是对D-SIB额外的1个百分点资本要求，这或会增加银行体系的资本补充压力。在该行所覆盖的银行中，相信民生银行(01988.HK)及中信银行(00998.HK)在面对此要求时会承受较大压力。(wl/a)
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