高盛：维持招商银行(03968)“买入”评级目标价微降至53.53港元

智通财经

Mar 31

智通财经APP获悉，高盛发布研报称，维持招商银行(03968)“买入”评级，微调2026至2028年拨备前利润及净利润预测，各下调约1%，H股目标价微降至53.53港元，招商银行(600036.SH)A股目标价微降至54.87元人民币。该行预期，招行净息差趋稳及信贷增长复苏将推动净利息收入反弹，财富管理业务将带动手续费收入录得更好增长，而优越的资产质量状况及充足的现有拨备为信贷成本下降提供空间。

报告中称，公司管理层在2025年业绩电话会议上预期招行2026年收入增长将趋于稳定且呈上升趋势，主要受惠于净息差收窄幅度持续减小(预计2026年下半年企稳)及手续费收入增长持续改善。该行重申其观点，认为招行2026年盈利增长将优于四大国有银行。

管理层提及，招行2025年第四季不良贷款形成率上升主要是由于房地产风险的一次性暴露，但由于房地产行业已有充足拨备，影响有限。展望2026年，对企业资产质量趋势正面，零售资产质量仍将受压，但总体风险可控，信贷成本有望下降以支持更好的盈利增长。此外，核心一级资本充足率下降主要受中期股息引入及债市波动影响，未来风险加权资产增长预计在9%至10%之间，派息比率预计保持稳定。

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/2623308893"},"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:\"2623308893\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2623308893?lang=en_US&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2026-03-31 13:42","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2623308893","market":"sh","top_or_hot":-1,"title":"高盛：维持招商银行(03968)“买入”评级 目标价微降至53.53港元","media":"智通财经","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/GS\">高盛</a>发布研报称，维持<a href=\"https://laohu8.com/S/600036\">招商银行</a>(03968)“买入”评级，微调2026至2028年拨备前利润及净利润预测，各下调约1%，H股目标价微降至53.53港元，<a href=\"https://laohu8.com/S/03968\">招商银行</a>(600036.SH)A股目标价微降至54.87元人民币。该行预期，招行净息差趋稳及信贷增长复苏将推动净利息收入反弹，财富管理业务将带动手续费收入录得更好增长，而优越的资产质量状况及充足的现有拨备为信贷成本下降提供空间。</p><p>报告中称，公司管理层在2025年业绩电话会议上预期招行2026年收入增长将趋于稳定且呈上升趋势，主要受惠于净息差收窄幅度持续减小(预计2026年下半年企稳)及手续费收入增长持续改善。该行重申其观点，认为招行2026年盈利增长将优于四大国有银行。</p><p>管理层提及，招行2025年第四季不良贷款形成率上升主要是由于房地产风险的一次性暴露，但由于房地产行业已有充足拨备，影响有限。展望2026年，对企业资产质量趋势正面，零售资产质量仍将受压，但总体风险可控，信贷成本有望下降以支持更好的盈利增长。此外，核心一级资本充足率下降主要受中期股息引入及债市波动影响，未来风险加权资产增长预计在9%至10%之间，派息比率预计保持稳定。</p></body></html>","source":"stock_zhitongcaijing","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>高盛：维持招商银行(03968)“买入”评级 目标价微降至53.53港元</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高盛：维持招商银行(03968)“买入”评级 目标价微降至53.53港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-31 13:42 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1422816.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，高盛发布研报称，维持招商银行(03968)“买入”评级，微调2026至2028年拨备前利润及净利润预测，各下调约1%，H股目标价微降至53.53港元，招商银行(600036.SH)A股目标价微降至54.87元人民币。该行预期，招行净息差趋稳及信贷增长复苏将推动净利息收入反弹，财富管理业务将带动手续费收入录得更好增长，而优越的资产质量状况及充足的现有拨备为信贷成本下降提供空间。...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1422816.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"600036","symbol_name":"招商银行","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1422816.html","article_id":"2623308893","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2623308893","pubTimestamp":1774935779,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，高盛发布研报称，维持招商银行“买入”评级，微调2026至2028年拨备前利润及净利润预测，各下调约1%，H股目标价微降至53.53港元，招商银行A股目标价微降至54.87元人民币。该行预期，招行净息差趋稳及信贷增长复苏将推动净利息收入反弹，财富管理业务将带动手续费收入录得更好增长，而优越的资产质量状况及充足的现有拨备为信贷成本下降提供空间。该行重申其观点，认为招行2026年盈利增长将优于四大国有银行。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"600036":"招商银行","03968":"招商银行","EWH":"香港ETF-iShares MSCI"},"translate_title":"Goldman Sachs: Maintains \"Buy\" Rating on China Merchants Bank (03968), Slightly Lowers Price Target to HK$53.53","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600036":1.5,"EWH":1.5,"03968":1.5},"content_text":"智通财经APP获悉，高盛发布研报称，维持招商银行(03968)“买入”评级，微调2026至2028年拨备前利润及净利润预测，各下调约1%，H股目标价微降至53.53港元，招商银行(600036.SH)A股目标价微降至54.87元人民币。该行预期，招行净息差趋稳及信贷增长复苏将推动净利息收入反弹，财富管理业务将带动手续费收入录得更好增长，而优越的资产质量状况及充足的现有拨备为信贷成本下降提供空间。报告中称，公司管理层在2025年业绩电话会议上预期招行2026年收入增长将趋于稳定且呈上升趋势，主要受惠于净息差收窄幅度持续减小(预计2026年下半年企稳)及手续费收入增长持续改善。该行重申其观点，认为招行2026年盈利增长将优于四大国有银行。管理层提及，招行2025年第四季不良贷款形成率上升主要是由于房地产风险的一次性暴露，但由于房地产行业已有充足拨备，影响有限。展望2026年，对企业资产质量趋势正面，零售资产质量仍将受压，但总体风险可控，信贷成本有望下降以支持更好的盈利增长。此外，核心一级资本充足率下降主要受中期股息引入及债市波动影响，未来风险加权资产增长预计在9%至10%之间，派息比率预计保持稳定。","kind":"news","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}