《大行》花旗:券商受惠家庭資產向股票重新配置 首選中金公司(03908.HK)及中國銀河(06881.HK)
花旗表示,自去年9月24日中國人民銀行推出證券、基金、保險公司互換便利(SFISF)以來,對房地產市場和消費產生積極影響,該行看到監管機構擬利用股市創造財富效應、促進家庭消費的信號。該行估計,股票投資佔家庭總資產(574萬億元人民幣)的2.9%,相較於美國的24.7%為低。花旗看到多項政策努力推動家庭資產向股票重新配置。家庭資產配置中股票投資每增加1個百分點,將為股市帶來超過5萬億元人民幣的資金流入。
得益於替代投資回報下降及監管機構支持恢復A股市場信心的政策,花旗認為上證綜合指數有望突破先前高位3,500點,進一步吸引家庭資產向股票重新配置。在這一正向反饋循環下,該行認為中國券商作為A股市場的代表將顯著受益。該行偏好具有併購主題的大型券商及有望從香港IPO反彈中受益的券商,首選中金公司(03908.HK)及中國銀河(06881.HK)。
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