核心观点中银香港成长性与红利属性兼备。2024 年中银香港营收、业绩符合预期,调整后息差稳定、非息增长强劲、信用成本改善。降息周期开启,香港地产商流动性压力有望缓解,不必过分担忧中银香港的地产风险。展望未来,受益于中国企业出海、内地居民财富全球配置的大趋势,中银香港东南亚业务和财富管理业务双轮驱动营收增长。股东回报方面,中银香港资本实力雄厚,分红率有进一步提升空间,且正在积极研究股票回购,提高股东...
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