核心观点渣打、汇丰两家港股国际大行业绩持续超预期,基本面优异。渣打基本面全线超预期,业绩向上的弹性更大、扰动更少, 趋势更明确。预计ROTE 在达到13%目标后仍有进一步提升的空间。而汇丰业绩偏向更稳健的超预期,保证未来三年降息周期内ROTE 稳定在15%左右的中双位数水平是核心目标。在净利息收入稳定、非息增长强劲、信用成本低位的共性表现下,渣打、汇丰超预期业绩可持续,指引置信度高。长期来看,国际...
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