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《大行報告》瑞信:內地政策環境改善 內銀首選招行(03968.HK)、郵儲行(01658.HK)及寧波銀行(002142.SZ)
瑞信發表研究報告指,中國內地政策格局出現顯著變化,表明其政策思維正轉為支持增長。該行指,內地上周五(11日)放寬部分疫情控制措施,惟該些措施未被全面落實,主要城市北京、上海和廣州新增個案仍多。報告相信,基於財政負擔,地方政府會有足夠動力遵守。這無疑是內地對疫情控制態度的一個轉折點,標誌著通關的方向。報告提到,第二個變化是內地推出「救市16條」,為旨在「關於做好當前金融支持房地產市場平穩健康發展工作」的文件。該行預計,政策將為銀行的資產質量帶來積極的變化。 該行認為,這兩項政策推出的時機較預期早;並來自多方面,料可得到更好的協調。而美國通脹壓力得到緩解,政策為銀行提供了基本面的上行空間和估值支持。該行重申,看好對質量好且被低估的股票,依次分別是招行(03968.HK)、郵儲行(01658.HK)及寧波銀行(002142.SZ),各予‧「跑贏大市」評級,目標價分別41.7港元、5.4港元及36元人民幣。
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