观点聚焦过去一年，香港银行股价表现较优，我们认为其背后主要是有形净资产回报率ROTE的超预期抬升。展望2026年，我们预计上市香港银行资本回报率或仍能维持10-17%的较高水平，分红+回购回报率仍有7%左右，存在配置价值。Abstract摘要理由香港银行维持较高ROTE是多因素共同作用的结果。多因素包括海外中高利率环境、资本市场活跃、新贸易格局下跨境金融需求增加、宽松流动性下信用成本可控、持续优化...
Source Link观点聚焦过去一年，香港银行股价表现较优，我们认为其背后主要是有形净资产回报率ROTE的超预期抬升。展望2026年，我们预计上市香港银行资本回报率或仍能维持10-17%的较高水平，分红+回购回报率仍有7%左右，存在配置价值。Abstract摘要理由香港银行维持较高ROTE是多因素共同作用的结果。多因素包括海外中高利率环境、资本市场活跃、新贸易格局下跨境金融需求增加、宽松流动性下信用成本可控、持续优化...
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