《大行報告》大摩:港交所(00388.HK)推雙櫃台支持人民幣國際化 短期日均成交受惠有限
摩根士丹利發表報告指,港交所(00388.HK)推出港幣人民幣雙櫃台,透過擴大離岸人民幣持有人的投資資產範疇,有助長遠支持人民幣國際化,但短期日均成交受惠有限。
該行指,首階段包括了24隻股票,惟南向通買家現階段暫未可以購買人民幣櫃台股票,另近期港交所資金流入增量及交易量的提升均有限,主要是投資與否最終取決於市場環境和股票機會,惟目前仍然具挑戰性。
該行指,更重要的是,雙櫃檯模式並不能讓投資者擺脫外匯風險管理,並將通過做市機制嵌入人民幣股價;即使未來南向資金流入或會被納入當中,但流入規模仍主要受到在岸互惠資金推出的影響,主要是雙櫃檯模式並不能改變南向通投資者的門檻。
該行給予港交所目標價為253港元,維持其評級為「減持」。
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