大行评级丨花旗:美联储渐进加息对港银盈利略偏正面,首选中银香港

中金财经
3 hours ago
  花旗发表研报指,美联储渐进加息对香港银行盈利略偏正面,但受按揭最优惠利率上限及存款利率对市场利率变动的敏感度较高影响,但认为在高利率环境下,净利差敏感度现已明显降低。不过,若美国加息幅度超出预期,并朝5%靠近,则可能对香港银行不利,因信贷需求减弱及资产质素风险上升或会抵销潜在的息差收益。中银香港是该行香港银行股首选。该行静态分析估计,利率每高25个基点,中银香港/东亚银行盈利分别受惠约3.5%,惟若计及加息周期定期存款迁徙影响,实际敏感度或更低;汇丰控股和渣打集团因已有对冲,每高25个基点的盈利敏感度较低,约0.3%至0.4%。   

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