核心观点渣打集团1Q25 营收、利润超预期,ROT E 持续提升。交易银行、财富管理保持强劲增长,带动非息收入大超预期。关税政策影响有限,美国相关业务占总营收比重5%。信用成本处于低位,中国内房及香港地产资产质量保持稳定。展望未来,渣打保持2026年13%的ROT E 指引不变,预计渣打能够游刃有余的达成业绩目标,且2025 年业绩表现仍有超预期空间。股东回报方面,分红+回购综合回报率有望保持...
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