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《大行報告》匯豐研究:傳統商業銀行較少參與棚戶區改造項目 偏好工行(01398.HK)、建行(00939.HK)及交行(03328.HK)
匯豐環球研究發表報告指,多間國有及股份制銀行近日就使用房票對最新棚戶區補償模式發表看法。傳統而言,棚戶區改造項目多數是由政策銀行直接融資,商業銀行較少參與。不過,商業銀行仍可間接受惠,包括按揭需求增加及物業市場交投上升令發展商現金流改善等。 另一方面,該行認為內銀對目前的房票計劃的範圍不太感到興奮,因計劃主要用於房地產供應過剩的低線城市。 匯豐研究提到,今年5月及6月的商業活動和貸款需求依然平淡,貸款增長主要是受短期及票據推動。隨著LPR下調、支持實體經濟的方向及風險規避程度的提高,預期銀行的資產收益率或會在今年次季下降,從而導致淨息差壓力。 內銀股中,該行偏好工行(01398.HK)、建行(00939.HK)及交行(03328.HK)等防守性股份,三間銀行H股評級均為「買入」,目標價分別7元、8.7元及6.5元。
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