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惠譽:內地資本市場改革將利好中資券商 惟業務面臨劇烈波動
惠譽評級認為,內地資本市場擴容趨勢利好本地證券行業前景。儘管如此,中國資本市場快速演進,疊加經濟發展面臨挑戰與持續的地緣政治不確定性,將在中短期內繼續令市場參與者的業務面臨劇烈波動。 惠譽預期,金融改革,包含促進直接融資、發展多層次資本市場體系、逐步開放市場,將降低中國經濟依賴負債來獲得增長的程度。與此同時,散戶投資者對更多元化投資組合的需求將支撐證券公司拓展營收來源。 此外,惠譽預測,證券行業市場地位將進一步分化,因為投資銀行與資產管理能力強勁的證券公司在捕捉新業務和獲取客戶方面更具有優勢。 惠譽認為,風險管控能力與業務狀況是區分證券公司獨立信用狀況評估結果的關鍵因素。風險基礎設施架構全面且市場地位成熟的證券公司應能在傳統經紀傭金費率因激烈競爭而持續承壓時,具備更強的實力來渡過市場波動,並捕捉新的業務機會。
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