智通财经APP获悉，高盛发布研报称，招商银行(03968)提供高股息率及更佳的每股股息增长。因此，高盛维持其“买入”评级，并轻微将H股目标价由53.41港元上调至53.44港元，招商银行(600036.SH)A股目标价由54.68元人民币上调至54.71元人民币。
该行称，招商银行已公布去年初步业绩，收入及纯利分别为3,380亿元人民币及1,500亿元人民币，意味着2025年第四季分别为860亿元人民币及360亿元人民币。这相当于2025全年及第四季纯利增长1%及3%，大致符合该行对四大行的预测。
然而，该行对招商银行2026年的收入及纯利预测分别为3,550亿元人民币及1,630亿元人民币，较彭博市场共识高出3%及5%，相当于同比增长7%及8%，对比四大行平均增长5%及3%。正如先前报告所讨论，该行预期2026年将是招商银行相对四大行的纯利增长轨迹出现分歧的时刻，主要由于预期招商银行不大可能大幅增加拨备，从而在强劲收入势头下带动盈利增长加速。
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