場內獨家·香港銀行LOF(501025)盤中漲超1.8%,財政部5000億注資四大國有行
3月30日,中行、建行、交行、郵儲銀行四家國有商業銀行公告指出將獲得財政部注資5000億元用於增加核心一級資本。其中中行0.74x PB增資,較3月28日收盤價+10%;建行0.73x PB增資,較3月28收盤價+8.8%;交行0.67x PB增資,較3月28收盤價+18%;郵儲0.76x PB增資,較3月28日收盤價+21%。而按照對股本的攤薄來看,建行攤薄4.5%、中行9.3%、交行18.6%、郵儲20.7%,財政部用定增的溢價,一定程度彌補股本的攤薄。長遠來看,從股息率的角度,攤薄後建行4.55%、中行4.1%、交行4.24%、郵儲4.03%,相對30年國債,溢價200bps左右。從投資的維度,利好的角度是兩個:第一,資本補充後,大行的分紅能力有保證,對保險等機構客戶而言會繼續有吸引力;第二,對這些大行而言,股價上漲最核心的邏輯即估值的修復(PB的修復),這點並沒有發生改變。今年,已有10家上市公司被險資舉牌,其中5家銀行股。業內分析,多重因素作用下,險資對於權益資產尤其是紅利資產的配置比例處於上升通道。在此背景下,保險公司在考慮增配權益類資產時,銀行股這類發展穩健的高股息股票是非常重要的配置標的。香港銀行LOF(501025)是場內獨家香港銀行品種,場內份額自開年來每週均保持非負流入,逐步受到關注,具備配置價值。
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