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《大行報告》匯豐研究:內地額外寬鬆增跨境流動性 中銀香港(02388.HK)及港交所(00388.HK)料成淨受益者
匯豐研究發表研究報告指,著眼於大局,人民銀行近月為銀行體系投放流動性,目標是在沒有通脹壓力的情況下減緩信貸增長,認為人行行動及時及有按實際數據作出反應,取態將有助提高可信度。 該行指出,內地降息必定會影響內銀淨息差前景,就股價而言目前負面影響較大,指出年初至今中國內地銀行股表現明顯跑贏大市,反映出市場較樂觀情緒,預期美元利率維持高位,與人民幣的利差持續擴大,可能導致對外投資需求增加。但另一方面,降息可減輕借款人負擔,為內地房地產市場提供支持。 匯豐研究預期內銀股近期走勢或要先歇一會,但該行繼續看好國有行的長期股息吸引力,亦預期跨境流動可能增加,將利好中銀香港(02388.HK)及港交所(00388.HK)表現,均予「買入」評級,目標價分別為32.4及423元。
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