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《大行報告》里昂一舉升國泰君安(02611.HK)評級至「買入」 降中國銀河(06881.HK)至「跑贏大市」
阿思達克 01-26 12:18
里昂發表的研究報告指,預期2021年將是H股中資券商亮眼的一年,料註冊制將為盈利帶來支撐並改善市場氣氛,而券商料可乘著財富及資產管理的強勁增長,同時認為H股中的券商A/H股存在差距,股息率吸引,料可受惠A/H股估值差距調整,將國泰君安(02611.HK)評級升至「買入」,並將中國銀河(06881.HK)評級降至「跑贏大市」,首選華泰證券(06886.HK)及海通證券(06837.HK)。

該行指出2019年新股註冊制進入快速通道,加快新股市場表現,2020年集資額是2018年的三倍,估計2021年新股市場將按年升28%至6,000億元人民幣,加上再融資規則放寬,認為2021年投行業務將有表現,而科創板下半年將放寬共同投資,估計有助券商體現持續回報。

里昂指出A/H股估值有明顯差距,不過今年故事將有所轉變,北水近期有購入H股的趨勢,而今年以來淨流入達2,310億港元破紀錄,按年增長34%,主要因為估值較便宜而且在岸募資規模龐大,中資券商是A/H股價差較大的行業,加上股息率吸引,相信將受惠相關趨勢。

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