大行評級|大摩:中資券商中看好中金公司 股本回報率回升空間較大
摩根士丹利發表研究報告指,A股市場2025年首季日均成交額按年增長84%,若按季比較則下跌9.4%,4月至今市場成交額增長勢頭的可持續性存在愈來愈多的不確定性,在美國關稅衝擊下中國政策制定者、國家隊以及人民銀行都紛紛對股市表達強而有力的支持態度,預期持續的關稅紛爭將爲市場情緒及基本面帶來更多的不確定性,因此目前未能確定成交量的增長勢頭能持續多久。在一衆中資券商當中,大摩最看好中金公司,給予“增持”評級,認爲其股本回報率回升空間較大,將推動估值重估,目標價從21港元降至18.8港元。假如日均成交額和債券投資收益按年放緩,大摩預期銀河證券和招商證券受到的影響會更大,分別給予“與大市同步”及“減持”評級。
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