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研報掘金 | 長城證券:非銀行金融業流動性釋放超預期 維持”強於大市“評級 推薦東方財富等
格隆匯4月18日丨長城證券發研報指,東方財富為代表的AI股使得金融股股價近日表現有所企穩,疊加市場在東方證券等幾家公佈一季度業績不錯表現,券商估值波動上升到1.26倍PB附近。從配置窗口看,中美利差存在階段性收斂趨勢,不排除市場或存在一定程度的“高低切換”下風格均衡的內在驅動力,央企等“中字頭”低估板塊可能是其中一條暗線,需要聚焦到業績基本面。中期視角看,金融板塊戰略性配置窗口有所顯現(市場需要重視高層在《堅決打贏反腐敗鬥爭攻堅戰持久戰》中對於金融反腐的相關表態及可能產生的影響)。展望下週,券商股機會有所凸顯,應積極配置。該行判斷,行業生態重塑,財富管理和以投行鏈為代表的機構業務優質的龍頭部券商具備更強的估值吸引力,謹慎看好Q2券商股機會,推薦輕資本成長型券商,如東方財富(宕機事件影響或收斂,配置機會凸顯)等;近期完成再融資,短時間再融資概率較低且業績表現不錯的優質券商,如東方證券、國聯證券等;以及部分管理費用佔比較高的國資券商,可能通過降低費用所帶來利潤改善機會,如中金公司、華泰證券等。
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