中金发表研报指，中银香港公布2025年度业绩，营收按年增8.1%，归母净利润按年增4.9%。中金引入今明两年盈利预测，预计今明两年公司营业收入分别为773亿、784亿港元；归母净利润分别为400亿、405亿港元。考虑市场风险偏好变化与盈利预期变化，该行上调公司目标价53%至45.1港元，维持“跑赢行业”评级。 该行又预计，中银香港净手续费收入2026年维持双位数按年增速；信用成本基本持平于约50bp。公司披露董事会已原则上批准2026至2028年股东回报框架，主要内容为灵活采取既定派息区间(40%至60%)内有序提升股东派息率、股份回购、特别股息等措施增加股东回报，争取于今年上半年业绩发布时实施。考虑公司当前估值水平较高，中金判断股息相关措施被采纳概率可能更高，特别股东回报有望在今年上半年落地。
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