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《大行報告》摩通:人行重申宏觀經濟增長「穩中向好」 略緩解內銀股憂慮
摩根大通近日發表報告表示,從人民銀行近日召開記者會發言顯示對內銀行業正面,人行其中一個關鍵信息是貨幣政策沒不會重大轉變,並重申宏觀經濟增長「穩中向好」,這略緩解了該行對內地宏觀增長和今年下半年貸款利率下調的擔憂。

該行指,人行其他積極信息包括貸款結構改善、料降費對內銀的影響將低於預期。而對內銀的主要負面影響是貸款利率下降,導致淨息差的下行風險。

摩通表示,內地貸款利率下降是壓低內銀淨息差的關鍵因素,雖然內銀已明言2021年淨息差將從2020年的水平下降。零售貸款利率可能比企業貸款利率更具彈性,料此對零售業務佔比較高的內銀如招行(03968.HK)及平安銀行(000001.SZ)有利。(wl/u)

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