【券商聚焦】国信证券首予中银香港(02388)“优于大市”评级指非息收入增长明显

金吾财讯

Oct 13

金吾财讯 | 国信证券发研报指，中银香港(02388)2025上半年实现营业收入400亿港元，同比增长13.3%；上半年实现归母净利润222亿港元，同比增长10.5%。上半年年化加权平均ROE12.9%，同比上升0.5个百分点。公司6月末总资产同比增长10.0%至4.40万亿港元，较年初增长4.9%，市场份额与年初比保持稳定。6月末存款较年初增长5.8%至2.87万亿港元，贷款总额较年初增长2.0%至1.71万亿港元。6月末普通股权一级资本比率20.05%，较年初提高0.03个百分点。非息收入增长明显。上半年手续费净收入同比增长25.8%，主要得益于投资市场气氛回暖，公司抓住客户财富管理需求机遇，保险、证券经纪、基金分销及管理佣金收入增长较多。其他非息收入同比增长99.1%，主要是因为全球市场交易业务收入上升以及市场波动令外汇相关产品市场价格上升，导致净交易性收益增长较多。该机构预计公司2025-2027年归母净利润389/402/427亿港元，同比增长1.8%/3.4%/6.2%，EPS分别为3.68/3.81/4.04元，对应PE为10.0/9.7/9.1倍，PB为1.09/1.04/0.98倍。综合绝对估值和相对估值，该机构认为公司合理股价在43.6-48.4港元，相较10月10日收盘价有大约18%-31%的溢价空间，首次覆盖给予“优于大市”评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2575051425"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2575051425\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2575051425?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250109/MWIyNWQwZjQ4NTQyNjI4OTI5NDE=.jpg","is_english":false,"pubTime":"2025-10-13 12:08","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2575051425","market":"fut","top_or_hot":-1,"title":"【券商聚焦】国信证券首予中银香港(02388)“优于大市”评级 指非息收入增长明显","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/002736\">国信证券</a>发研报指，<a href=\"https://laohu8.com/S/02388\">中银香港</a>(02388)2025上半年实现营业收入400亿港元，同比增长13.3%；上半年实现归母净利润222亿港元，同比增长10.5%。上半年年化加权平均ROE12.9%，同比上升0.5个百分点。公司6月末总资产同比增长10.0%至4.40万亿港元，较年初增长4.9%，市场份额与年初比保持稳定。6月末存款较年初增长5.8%至2.87万亿港元，贷款总额较年初增长2.0%至1.71万亿港元。6月末普通股权一级资本比率20.05%，较年初提高0.03个百分点。非息收入增长明显。上半年手续费净收入同比增长25.8%，主要得益于投资市场气氛回暖，公司抓住客户财富管理需求机遇，保险、证券经纪、基金分销及管理佣金收入增长较多。其他非息收入同比增长99.1%，主要是因为全球市场交易业务收入上升以及市场波动令外汇相关产品市场价格上升，导致净交易性收益增长较多。该机构预计公司2025-2027年归母净利润389/402/427亿港元，同比增长1.8%/3.4%/6.2%，EPS分别为3.68/3.81/4.04元，对应PE为10.0/9.7/9.1倍，PB为1.09/1.04/0.98倍。综合绝对估值和相对估值，该机构认为公司合理股价在43.6-48.4港元，相较10月10日收盘价有大约18%-31%的溢价空间，首次覆盖给予“优于大市”评级。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】国信证券首予中银香港(02388)“优于大市”评级 指非息收入增长明显</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】国信证券首予中银香港(02388)“优于大市”评级 指非息收入增长明显\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-10-13 12:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/002736\">国信证券</a>发研报指，<a href=\"https://laohu8.com/S/02388\">中银香港</a>(02388)2025上半年实现营业收入400亿港元，同比增长13.3%；上半年实现归母净利润222亿港元，同比增长10.5%。上半年年化加权平均ROE12.9%，同比上升0.5个百分点。公司6月末总资产同比增长10.0%至4.40万亿港元，较年初增长4.9%，市场份额与年初比保持稳定。6月末存款较年初增长5.8%至2.87万亿港元，贷款总额较年初增长2.0%至1.71万亿港元。6月末普通股权一级资本比率20.05%，较年初提高0.03个百分点。非息收入增长明显。上半年手续费净收入同比增长25.8%，主要得益于投资市场气氛回暖，公司抓住客户财富管理需求机遇，保险、证券经纪、基金分销及管理佣金收入增长较多。其他非息收入同比增长99.1%，主要是因为全球市场交易业务收入上升以及市场波动令外汇相关产品市场价格上升，导致净交易性收益增长较多。该机构预计公司2025-2027年归母净利润389/402/427亿港元，同比增长1.8%/3.4%/6.2%，EPS分别为3.68/3.81/4.04元，对应PE为10.0/9.7/9.1倍，PB为1.09/1.04/0.98倍。综合绝对估值和相对估值，该机构认为公司合理股价在43.6-48.4港元，相较10月10日收盘价有大约18%-31%的溢价空间，首次覆盖给予“优于大市”评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"02388","symbol_name":"中银香港","start_time":0,"source_url":"1967649","article_id":"2575051425","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/MWIyNWQwZjQ4NTQyNjI4OTI5NDE=.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2575051425","pubTimestamp":1760328484,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"金吾财讯 | 国信证券发研报指，中银香港 2025上半年实现营业收入400亿港元，同比增长13.3%；上半年实现归母净利润222亿港元，同比增长10.5%。非息收入增长明显。其他非息收入同比增长99.1%，主要是因为全球市场交易业务收入上升以及市场波动令外汇相关产品市场价格上升，导致净交易性收益增长较多。综合绝对估值和相对估值，该机构认为公司合理股价在43.6-48.4港元，相较10月10日收盘价有大约18%-31%的溢价空间，首次覆盖给予“优于大市”评级。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"02388":"中银香港","002736":"国信证券"},"translate_title":"[Brokerage Focus] Guosen Securities first gave BOC Hong Kong (02388) an \"outperform\" rating, indicating significant growth in non-interest income","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"002736":1.5,"02388":1.5},"content_text":"金吾财讯 | 国信证券发研报指，中银香港(02388)2025上半年实现营业收入400亿港元，同比增长13.3%；上半年实现归母净利润222亿港元，同比增长10.5%。上半年年化加权平均ROE12.9%，同比上升0.5个百分点。公司6月末总资产同比增长10.0%至4.40万亿港元，较年初增长4.9%，市场份额与年初比保持稳定。6月末存款较年初增长5.8%至2.87万亿港元，贷款总额较年初增长2.0%至1.71万亿港元。6月末普通股权一级资本比率20.05%，较年初提高0.03个百分点。非息收入增长明显。上半年手续费净收入同比增长25.8%，主要得益于投资市场气氛回暖，公司抓住客户财富管理需求机遇，保险、证券经纪、基金分销及管理佣金收入增长较多。其他非息收入同比增长99.1%，主要是因为全球市场交易业务收入上升以及市场波动令外汇相关产品市场价格上升，导致净交易性收益增长较多。该机构预计公司2025-2027年归母净利润389/402/427亿港元，同比增长1.8%/3.4%/6.2%，EPS分别为3.68/3.81/4.04元，对应PE为10.0/9.7/9.1倍，PB为1.09/1.04/0.98倍。综合绝对估值和相对估值，该机构认为公司合理股价在43.6-48.4港元，相较10月10日收盘价有大约18%-31%的溢价空间，首次覆盖给予“优于大市”评级。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}