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《大行》瑞銀:眾安在線(06060.HK)近期抽升因港通過穩定幣草案
阿思達克 05-29 12:29
眾安在線(06060.HK)今日半日股價飆升25%收20元,成交額18.59億元。香港立法會上周三(21日)三讀通過《穩定幣條例草案》,設立「法幣穩定幣發行人」發牌及監管制度。財庫局長許正宇表示爭取制度在今年內實施,正草擬監管指引,穩定幣主要場景是跨境支付,對於與海外金融監管機構訂立互認機制持開放態度。 瑞銀於本周二(27日)發表報告稱,在香港立法會通過穩定幣法後五個交易日,眾安在線股價累計上漲29%,認為該法案為向公眾發售穩定幣掃除了障礙。香港金融管理局已推出穩定幣發行商的監管「沙盒」,而眾安間接持有8.7%股份的企業——RD InnoTech,是三家參與機構之一。市場預期眾安將從以下兩方面受益:1)RD InnoTech估值上升潛力;以及2)可觀的淨利息差。 穩定幣的價值通常與其他資產(如法定貨幣、黃金)掛鉤,以維持價格穩定。用戶若要發行穩定幣,需向發行商存入等值的法幣。由於初期競爭有限(僅有3家沙盒參與者),存款利率可能低至活期存款水平,意味著眾安銀行資金成本較低。隨著未來穩定幣發行商數量增加,存款利率或逐步上升。然而,眾安認為穩定幣市場規模也可能大幅擴張。目前USDT(一種美元支持的穩定幣)市值超過1,500億美元。用戶主要用於交易(例如無需進行法幣出入金流程即可交易比特幣)和跨境支付。 瑞銀指,2025年前四月,眾安在線總保費按年增長13%。其中健康險保費增長超40%,主要得益於流量獲客成本下降及加大營銷力度,以及新產品推出。數碼生活類保費則按年下跌10%,因平台業務(如退貨物流、OTA旅遊保險)有所收縮。汽車險保費按年增長逾30%,因監管加強對線下分銷渠道(如經紀人)佣金的限制,而眾安專注線上渠道。消費金融業務亦見復甦,與行業趨勢一致。 瑞銀維持眾安在線「中性」評級及目標價13.1元。
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