汇丰环球研究报告指，中银香港(02388.HK) 2025年第一季度拨备前经营溢利按年增长15.6%，显著超出该行预估，占该行2025年预测的30.3%。
2025年第一季度业绩表现强劲，净手续费收入及交易收入增长推动业绩；不良贷款比率按季下降。净利息差收窄，但存款快速增长支持平均生息资产增长，为净利息收入提供保障。
汇丰环球研究维持中银香港“买入”评级，2025至2027年盈测上调1.3%至2.1%，以反映更高的手续费和其他非利息收入，以及更快的贷款和存款增长。目标价从34.2元上调至36.1元。当前估值仍具吸引力，2025年预估市盈率为8.4倍，市账率为0.9倍。鉴于中银香港资本充裕，预计其在2025年下半年将继续推进股票回购计划。(ad/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-30 12:25。)
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