大行評級丨交銀國際:建議把握高股息主線,內險股看好中國平安、中國太保和中國財險
交銀國際發表報吿,預計中資金融股高股息策略的支撐因素進一步強化,建議把握高股息主線。該行認為支撐高股息策略的核心因素仍然成立,特朗普政府的關税政策及其高不確定性加劇了經濟和資本市場波動,使得高股息資產的吸引力進一步凸顯。保險行業方面,交銀國際指,資產、負債表現分化,當前估值水平上兼具防禦性與彈性,推薦中國平安、中國太保和中國財險。銀行業方面,交銀國際指,撥備貢獻盈利呈現分化態勢,高股息策略驅動因素進一步強化。建議繼續關注撥備仍有釋放空間的標的,繼續關注國有行和招商銀行。證券行業方面,交銀國際預計2025年盈利趨勢向好,估值處於偏低水平,推薦業務結構較為均衡的龍頭券商,維持中信證券和華泰證券“買入”評級。
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