《大行報告》高盛:北交所成立反映改革資本市場決心 對港交所(00388.HK)市佔蠶食風險料有限
高盛發表研究報告指,繼不足兩周前MSCI中國A50互聯互通指數期貨獲批後,內地宣布擬建立北交所,反映內地宣示加大開放及改革境內資本市場的決心;這亦與內地支持中小企及直接融資、去槓桿、鼓勵創新、支持公平競爭,以及改善地區合作的政策傾向一致;北交所成立亦有助建立更明確及更多元資本市場結構,為尚未達至深交所創業板或上交所科創板上市條件、早期中小企提供融資平台,以及為境外上市中資企業提供回A的潛在渠道。此外,市場微結構有望改變,及政策落地料刺激交投及減少「專精特新中小企業」股份的流動性溢價。
報告稱,由於內地多家上市平台具差異戰略定位,在新交易所規模成熟前,對港交所(00388.HK)及內地其他交易所市佔蠶食風險料有限。而且,市場中介人如經紀商料受惠,但由於北交所上市及交易詳情尚未出台,因此要量化其影響仍言之過早。此外,高盛稱,可見資本市場改革動力或有助壓抑監管風險溢價,鼓勵資金逐漸流入A股市場,支持該行對A股市場的「增持」看法。
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