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《大行報告》中金:A股及港股市場風險偏好改善 看好資本市場板塊估值修復
中金髮表研究報告指出,境內防疫政策優化疊加美國通脹緩解驅動A股及港股市場風險偏好改善,該行看好資本市場板塊迎來估值持續修復行情。 該行認爲,證券行業資產質量、業務結構、競爭格局及外部市場流動性等方面均自2018年以來明顯改善,而全面註冊製爲代表的改革深化以及持續地、更高程度地制度型開放,將進一步促進行業格局優化。綜合型龍頭公司及在財富/資管領域深耕的專業型公司有望脫穎而出,獲得更確定性的業績增長和更具認可的市場估值。建議關注中信證券(06030.HK)(600030.SH)、廣發證券(000776.SZ)及國聯證券(01456.HK)(601456.SH)等。當中對中信證券及國聯證券的H股同爲「跑贏行業」評級,目標價各爲16.9及4.3元。 此外,該行指港股市場更低的估值疊加防疫政策優化、美國通脹築頂等內外圍因素帶來的催化、表現出更大彈性,帶動港交所(00388.HK)表現活躍。短期市場風險偏好提升有望帶動港交所迎盈利上修和估值改善的雙擊效應。對其目標價爲365元,予以「跑贏行業」評級。
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