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招行(03968.HK)績後跌3% 摩通料短期內股價跑輸同業
招商銀行(03968.HK)今日(29日)平開後走低,初段跌見48.16元。現報48.46元,跌3.27%,成交780.92萬股,涉資3.8億元。公司首季營業淨收入869.52億人民幣(下同),按年增加3.9%。歸屬股東淨利潤378.52億元,增長1.5%,每股收益1.49元。期內淨利差1.77%,淨利息收益率1.83%,按年分別下降5個基點和8個基點,按季...
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招行(03968.HK)績後跌3% 摩通料短期內股價跑輸同業
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招商銀行(03968.HK)  -2.300 (-4.591%)    Short selling $473.20M; Ratio 39.940%   今日(29日)平開後走低,初段跌見48.16元。現報48.46元,跌3.27%,成交780.92萬股,涉資3.8億元。

公司首季營業淨收入869.52億人民幣(下同),按年增加3.9%。歸屬股東淨利潤378.52億元,增長1.5%,每股收益1.49元。期內淨利差1.77%,淨利息收益率1.83%,按年分別下降5個基點和8個基點,按季分別下降2個基點和3個基點,主要受貸款重定價的影響,疊加有效信貸需求不足、零售貸款佔比下降等因素影響,生息資產收益率有所下降。

摩根大通發表研究報告指,招行今年首季收入及純利分別按年增長4%及2%,收入超出該行預期2%,但利潤則低於預期1%。收入增長主要由淨利息收入增速加快至2023年首季以來最快,以及強勁的財富管理費用所帶動。不過,非財富管理費用按年下跌3%,加上撥備高於預期,抵銷了收入方面的強勁表現。零售資產質素,特別是信用卡相關的風險,仍然是重要的觀察點。該行預期,招行股價短期內將表現落後同業。摩通指出,雖然招行淨利息收入復甦及財富管理業務強勁,但尚未轉化為強勁的利潤增長,而招行相對於其他A/H股銀行已有溢價。基於其首季利潤增長遜於寧波銀行等同業,在缺乏管理層對增長前景改善或總回報的承諾下,該行認為股價動力短期內仍然乏力。該行維持對招行H股的「增持」評級,目標價62港元。

美銀證券發表研究報告指,招行首季趨勢大致符合預期,撥備前經營溢利增長改善。期內,招行純利按年升1.5%至379億元;首季撥備前經營溢利按年升4.5%,而2025財年為跌1.6%。普通股權一級資本比率(CET1)按季穩定於14.1%,而股本回報率(ROE)按年跌0.7個百分點至13.5%。美銀證券維持對招行的盈利預測不變,考慮到其增長前景與大型國有銀行相似,但估值顯著較高且股息率較低,因此維持H股「跑輸大市」評級。H股目標價為49.8港元。(ad-ss/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-29 12:25.)

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