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《大行》摩通對內銀及券商股看法正面 籲採取槓鈴策略
摩根大通發表研究報告表示,對中資銀行及券商股持正面看法,建議投資者對中資金融股採用槓鈴策略(Barbell Strategy),即同時投資於高風險及低風險資產,預期市場資產輪動及過剩流動性增加,將成為股市上升的關鍵驅動力。
該行預期今輪股市升勢將進一步延續,因目前市場槓桿水平溫和且估值不高,估計潛在資金輪動或為股市注入額外14萬億元人民幣流動性,相當於可流通市值約16%。在券商股中首選中金(03908.HK)、東方財富(300059.SZ)及華泰證券(06886.HK),預期中金將最能受惠於中國內地及香港IPO市場復甦與市況向好所帶來的股權投資收益增長。
摩通預期高息股將於第四季重拾動力,內銀首選招行(600036.SH),同時亦推薦工商銀行(01398.HK)、中國銀行(03988.HK)及交通銀行(601328.SH),均予「增持」評級。
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