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《大行》交銀國際:證券行業估值仍具上升空間 維持中信證券(06030.HK)華泰證券(06886.HK)「買入」評級
交銀國際發表研究報告指出,從已公佈業績預告的券商來看,次季度業績仍保持強勁增長,增速超出該行預期。目前已有24家A股上市券商公佈中報業績預告,2025年上半年盈利按年增長區間在65%至80%(扣除國泰海通合併產生的負商譽),平均增長72%;次季度相較一季度增長13%。 交銀國際預計,上半年經紀業務在去年同期低基數上顯着回升;預計自營投資收益按年顯着增長,仍是券商盈利增長的主要推動因素;A股IPO募資額在低位上恢復正增長,港股IPO增長強勁。 該行認爲,當前板塊估值仍具吸引力。A股證券行業指數市淨率爲1.38倍,處於過去十年35%歷史分位數,預計在強勁的業績增長支撐下,存在估值進一步上升的空間。 交銀國際維持證券行業領先評級,並上調2025年全年盈利預測,龍頭券商將充分受益於有利的市場環境,維持中信證券(06030.HK)和華泰證券(06886.HK)的「買入」評級。
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