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《大行》匯豐研究:內銀中績略爲正面 更偏好券商及險企
匯豐研究發表研究報告指,內銀上半年業績略爲正面,但利好消息可能已大致被市場消化,該行評級的10間內地銀行中有6間因費用及交易收益強勁,第二季淨利潤表現好過預期,另外亦有8間銀行第二季淨利潤按年增幅較首季改善,而成本及資產質素趨勢則好壞參半,認爲貸款增長前景對國有銀行似乎較爲有利。
在中國內地金融股中,匯豐研究更偏好券商及保險股,多於銀行股,同時亦看好香港金融股。該行指,第二季建行(00939.HK)、郵儲行(01658.HK)及民生銀行(01988.HK)淨息差按季表現較好,而工行(01398.HK)、中行(03988.HK)及交行(03328.HK)則表現較遜色。期內,股份制銀行較國有銀行展現出更大的成本靈活性。展望未來,該行指出內銀股股價年初至今跑贏大市,但利好消息或已被市場消化,多項宏觀指標亦顯示市場驅動的貸款需求在第二季轉弱,預料銀行對零售資產質素將較審慎。
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