《大行》大摩:中資券商迎多正面消息 金融系統回歸審慎發展助資本市場 料香港率先受益
摩根士丹利發表報告表示,該行所研究覆蓋券商股H股在過去五天股價上漲12.6%,相較恆生指數上漲3.3%,其中以招商證券(06099.HK)領漲17.8%。該行指中金公司(03908.HK)是今年迄今表現最佳的券商,總回報率達45%。該行認為近期一系列正面消息顯示金融系統回歸審慎發展模式,有利於資本市場,料香港市場可望率先受益。
該行指,更多開放措施、香港與內地的市場聯繫、更具包容性和多元化的A股IPO改革,以及可能加快的融資步伐,都是正面指標。大摩指一直強調,內地金融風險清理和消化已基本完成,金融系統已回歸審慎發展軌道。因此,注意到一系列推動券商上漲的正面發展,包括:本周全球地緣政治不確定性緩解,風險偏好提升;香港市場持續強勁的平均日成交量和IPO交易流量。
大摩指,自中國證監會的正面信號顯示,自2023年以來的監管收緊正轉向更支持增長的立場:1)中證監主席討論利用資本市場融資支持科技企業;2)上海陸家嘴論壇重新引入未盈利企業的上市規則;3)跨境支付通一系列開放措施,支持資金流向香港。;4)鼓勵消費品企業的IPO及私募股權及風險投資。
該行預期中金公司將繼續實現ROE復甦和估值重估;富途(FUTU.US)的客戶資產流入和交易活躍度,將受益於香港市場的強勁趨勢;中信證券(600030.SH)若IPO步伐加快且對衍生品和賣空的限制放鬆,可加速在內地的市場份額增長。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.