高盛看空！下調部分銀行評級，國內機構：性價比高，有望估值修復
近期，高盛發佈看空中國銀行的報吿引發廣泛關注，但昨日市場表現並不激烈。
7月5日，A股銀行指數下跌0.52%，跌幅較大的分別是招商銀行、郵儲銀行和寧波銀行，也並未對應被下調評級的銀行。港股銀行指數下探較深，跌幅為2.49%，同樣是招行領跌。
今日，港A市場上的銀行股也是表現平平，未出現大幅下跌，跌幅最大的浙商銀行、招商銀行，也僅跌超1%。
高盛下調部分銀行評級
7月4日，高盛發了一個100多頁的中國銀行業大報吿，把工行，農行，交行，興業，華夏全部降到“賣出”，中行和招行為“中性”，“買入”評級的只剩了建行、郵儲、寧波銀行和平安銀行。
不過，高盛並非對銀行股全面下調評級，也有提高評級的部分，郵儲銀行由“賣出”上調至“買入”，對建設銀行則維持“買入”評級。
高盛在報吿中指出，中國多家銀行將面臨盈利壓力，存在股息減少的風險。
機構：性價比有所提升
對於銀行股未來的投資，國內券商機構卻不認可高盛的觀點。機構認為，當前銀行板塊的估值已經足夠低，銀行的資產質量正在改善，性價比正在提升。
中金研報最新研報指出，銀行估值有望長期見底回升。考慮到ROE和息差水平有望長期處於底部區間，銀行估值也應企穩回升，前向市淨率也有望修復到2020-2021年均值0.7-0.8x的水平，相比當前的0.5x左右隱含30%-50%的修復空間。考慮到主要H股銀行相比A股存在30%左右的折價，H股修復空間或更大。
催化劑包括：1）宏觀經濟復甦；2）進一步全面降低存款成本；2）鼓勵市場資金投資銀行的政策措施；3）財政政策穩增長；4）更加充分的信息披露，等等。
招商證券銀行首席分析師廖志明表示，A股上市銀行一季度整體業績增速為近年來的低位，主要是由於息差大幅收窄。儘管存款利率下調將驅動銀行負債成本下降，但6月份LPR下調了10基點，未來息差仍將承壓。A股上市銀行基本面雖承壓，但盈利保持穩定，隨着板塊估值下跌，性價比有所提升，年底或有估值切換行情。
國信證券金融業首席分析師王劍認為，當前銀行基本面雖然繼續承壓，但目前銀行板塊估值處於歷史低位，低估值反映了市場的悲觀預期，維持行業“超配”評級。
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