研報掘金|中金:國有內銀仍有較穩健股息回報預期 但股價彈性可能有限
中金髮表報吿指,若內銀信貸需求、利率價格、資產質量、財富配置風險偏好跟隨政策的出台趨於企穩改善,則調整內銀股投資建議由股息策略至優質彈性標的,包括招行、寧波銀行等;國有大行方面仍有較為穩健的股息回報預期,但股價彈性可能有限,H股上升空間或大於A股。中金提及,政策鼓勵金融支持經濟,也兼顧考慮金融的支持能力。預計上市銀行利潤和分紅的穩定性仍可期待,金融系統性風險發生的概率較低。當前內銀H股估值平均相當於預測今年市賬率0.43倍,認為投資安全性較高,是較好的底倉型品種。
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