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華泰證券:券商板塊關注市場預期改善帶來的結構性機會
華泰證券研報指出,今年上半年上市券商/大型券商歸母淨利潤同比-22%/-20%,大券商同比表現略好於上市券商整體。大型券商重點變化: 1)資產負債表變動分化,資產規模多有收縮;2)投資業績顯著分化,但Q2普遍環比改善;3)經紀、利息淨收入普遍下滑,投行股、債業務分化;4)參控股公募基金利潤貢獻相對穩健,私募、另類子公司利潤波動;5)國際業務利潤規模分化,但同比多有增長、頭部業績貢獻提升;6)中期分紅落地,提振市場信心。板塊低估低配,看好來自政策驅動下的結構性機會。
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