《大行報告》匯豐研究:存款增長續高於貸款反映流動資金流入惟缺乏風險胃納 金融股偏好港交所(00388.HK)及中銀香港(02388.HK)
匯豐研究發表報告指,本港存款及貸款增長的差距持續擴大,淨存款增加,但貸款餘額減少。內地居民受港元及美元利率較高吸引,資金流進本港存款,但當中大部分風險胃納較低,而且屬定期存款。另一方面,貸款增長疲弱,當中在外地使用的貸款減少,新批按揭亦下跌,反映實質利率高企,以及銀行傾向減低風險。
報告指,在市況疲弱下,投資者正審視配置,而在本地金融股中,該行偏好港交所(00388.HK)及中銀香港(02388.HK)。從基本因素而言,港交所附屬LME鎳交易訴訟獲勝,相關風險降低,20天日均成交量亦由10月中的750億元,回升至約1,000億元,不過負面因素是股市調整導致新股上市進度減慢,長遠而言,明年及2025年利率可能下調,對日均成交有利,對港交所持「買入」評級,目標價352元。至於中銀香港評級為「買入」,目標價25.8元。
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