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《大行》高盛:內地對外投資新規對港銀與保險業實際運作影響有限
高盛發表研報指,受內地跨境投資相關法規及新聞引發的市場疑慮影響,該行所覆蓋的香港銀行和保險股股價昨日(4日)出現顯著下挫。市場普遍關注新規對香港業務長期增長的衝擊,特別是內地居民市場板塊。高盛指出,兩項主要法規包括5月22日證監會對線上券商的監管處罰,以及6月1日國務院發佈、定於7月1日生效的《國務院關於對外投資的規定》(國務院令第837號)。儘管部分媒體報...
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《大行》高盛:內地對外投資新規對港銀與保險業實際運作影響有限
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14
 
 

高盛發表研報指,受內地跨境投資相關法規及新聞引發的市場疑慮影響,該行所覆蓋的香港銀行和保險股股價昨日(4日)出現顯著下挫。市場普遍關注新規對香港業務長期增長的衝擊,特別是內地居民市場板塊。高盛指出,兩項主要法規包括5月22日證監會對線上券商的監管處罰,以及6月1日國務院發佈、定於7月1日生效的《國務院關於對外投資的規定》(國務院令第837號)。儘管部分媒體報道有銀行暫停內地居民在內地分行開立香港投資帳戶,但該行透過渠道調研顯示,相關香港銀行(包括渣打、滙豐、中銀香港及東亞銀行)主要是提高了開戶的程序要求,特別是投資帳戶,要求客戶聲明資金來源合法且來自內地以外。高盛強調,目前各機構在港的存款及投資產品開戶活動仍在持續,並未出現大範圍暫停客戶招攬或跨境銀行業務的情況 。

在銀行板塊方面,高盛提到近年財富管理收入增長強勁。截至2026年5月,渣打和滙豐的財富管理收入約佔其總手續費或非利息收入的34%,以及營業收入的29% 。其中,滙豐香港部分的財富手續費佔集團整體營業收入的2%至3% ;渣打香港則貢獻了其總財富收入的約40%。中銀香港(02388.HK)  0.000 (0.000%)    Short selling $45.65M; Ratio 16.449%   與東亞銀行(00023.HK)  -0.230 (-1.665%)    Short selling $435.60K; Ratio 4.610%   在2025財年的證券、資產管理及保險手續費收入,則佔其總手續費收入的40%至65%,佔營業收入的6%至9%。全行業目前更加注重了解客戶(KYC)程序,以核實資金確實用於投資用途。

在保險板塊方面,高盛覆蓋的區域性保險公司(包括友邦保險(01299.HK)  -2.700 (-3.520%)    Short selling $1.04B; Ratio 17.450%   、保誠(02378.HK)  -6.900 (-6.389%)    Short selling $242.36K; Ratio 3.050%   和富衛(01828.HK)  -0.360 (-1.224%)    Short selling $529.34K; Ratio 40.596%   ,其香港本地代理人本就已被禁止在內地開展業務,所有銷售過程必須在香港境內進行。雖然行業在2016年曾迎來對銀聯卡購險的監管收緊及增設內地訪客(MCV)實體存在聲明等限制,但目前這些規定並未發生實質改變。此外,根據友邦保險提供的數據,2025年內地訪客板塊中,約有90%的新業務及續期保費是直接透過已在香港銀行帳戶內的資金進行支付,這表明新政策對其實際業務的直接衝擊可控。(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-05 12:25.)

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