《大行報告》中金料內銀H股指數今年上漲逾60% 看好四大內銀、招行及光行
中金發表報告,2021年年初兩個交易日A股及H股銀行指數各下跌3.01%及1.61%,主要源自近期部分投資者對政策的誤讀導致的悲觀情緒釋放,昨日(6日)A股及H銀行指數各上漲2.37%及1.3%,以上錯誤判斷得到一定修正。向前看,該行再次重申全面看好內銀股。
該行指,內銀股目前處於業績「V」型反轉的起點,處於風險溢價因素反轉的起點,處於估值倉位反轉的起點。該行認為宏觀經濟復蘇趨勢明確,信用條件向常態收斂,貸款定價隨需求走高,宏觀環境有利於銀行營業收入和資產質量端持續好轉。向前看,該行預計A股及H股銀行指數於2021年上漲空間有望超過各50%及60%,看好內銀H股多於A股,基於修復及增長邏輯。
中金指,內銀個股層面,看好報表修復加快的平安銀行(000001.SZ)、興業銀行(601166.SH)、光大銀行(06818.HK)及其A股(601818.SH)、四大行A股及H股和受益於新一輪業績估值分化的招行(03968.HK)及其A股(600036.SH)和寧波銀行(002142.SZ)。
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