《大行報告》摩通:中資券商股或已過度調整 偏好中信証券(06030.HK)及中金公司(03908.HK)
摩根大通發表研究報告指,國務院日前出台鼓勵金融機構降費的文件,中資券商AH股的股價於上周五回落4%至5%,對比同期指數僅下跌1%至2%,相信財富管理及資產管理的費率將成為市場關注重點,帶來潛在負面盈利影響,但預期對受評中資券商股而言並非災難性影響,又認為股價已出現過度調整,繼續將中金公司(03908.HK)及中信証券(06030.HK)列為行業首選。
該行指出,資產管理規模在50萬元以上的客戶,不應成為補貼的重點群體,因此降低共同基金相關費用可能是惠及大眾市場散戶投資者的最簡單方法,預期此情況下理財產品銷售共同基金子公司及附屬的佣金收入可能會受到今次政策的不利影響。
摩通指,廣發証券(01776.HK)及招商證券(06099.HK)在理財產品銷售和共同基金業務上的槓桿率更高,預期較受影響,但相信今次政策出台並非完全負面,未有對行業結構性趨勢造成破壞,又指減稅降費一直是支持基礎經濟的持續政策方向,通常有利於促進金融市場的交易流動。(gc/u) ~
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