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《大行報告》美銀證券:中資券商首選中信證券(06030.HK)及華泰證券(06886.HK) 降中國銀河(06881.HK)評級至「跑輸大市」
美銀證券發表研究報告指出,目前正處於中國資本市場的重大財富遷移浪潮中,隨着共同富裕的臨近,相信遷移還遠未接近上限,估計家庭金融資產中的股權比例將由2020年底的18%,增長至2023年底的21%。隨着更多散戶投資者的教育程度提高,更多資金從散戶投資者流向資產管理公司,看到更多面向機構的需求。 該行認爲,對於中資券商而言,資產管理的收益是唾手可得的成果,因他們可以分享互惠基金股權的利潤,並與現有網絡和客戶分配資金,預期更大的券商將能夠獲得更多機構客戶。而更多機構服務將有助提高槓杆,估計中資券商的平均股本回報率將於2022至2023財年上升至11%(2020年:8%)。 該行偏好中資券商H股,首選中信證券(06030.HK)及華泰證券(06886.HK),認爲他們的機構業務高於平均水平;另予中金(03908.HK)、招商證券(06099.HK)、國泰君安(02611.HK)及海通證券(06837.HK)「買入」評級;將中國銀河(06881.HK)評級由「買入」降至「跑輸大市」(詳見另表)。
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