研报掘金丨申万宏源研究：工商银行稳居港股大行股息率之首，首予“买入”评级

格隆汇2025-07-29

申万宏源研究指出，工商银行稳居港股大行股息率之首，低波红利属性更突出。回顾看，过去五年（2019-2024 年）工行总体保持稳健的盈利表现，归母净利润CAGR 为3.2%），背后映射了在资产质量“底盘”相对稳定的基础上，稳步改善的信用成本支撑ROE 维持11.5%的中枢水平。基于盈利稳定这一核心前提，看到工行（H）对应25年股息率约5.6%、为港股大行最高，有望持续吸引以险资为代表的中长期资金流入...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2555303387?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-29 15:50","share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","id":"2555303387","market":"hk","top_or_hot":-1,"title":"研报掘金丨申万宏源研究：工商银行稳居港股大行股息率之首，首予“买入”评级","media":"格隆汇","content":"<div>\n<p>申万宏源研究指出，工商银行稳居港股大行股息率之首，低波红利属性更突出。回顾看，过去五年（2019-2024 年）工行总体保持稳健的盈利表现，归母净利润CAGR 为3.2%），背后映射了在资产质量“底盘”相对稳定的基础上，稳步改善的信用成本支撑ROE 维持11.5%的中枢水平。基于盈利稳定这一核心前提，看到工行（H）对应25年股息率约5.6%、为港股大行最高，有望持续吸引以险资为代表的中长期资金流入...</p>\n\n<a href=\"https://www.gelonghui.com/rss/live/live.xml\">网页链接</a>\n\n</div>\n","source":"live_gelonghui","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>研报掘金丨申万宏源研究：工商银行稳居港股大行股息率之首，首予“买入”评级</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研报掘金丨申万宏源研究：工商银行稳居港股大行股息率之首，首予“买入”评级\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-29 15:50 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.gelonghui.com/rss/live/live.xml><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>申万宏源研究指出，工商银行稳居港股大行股息率之首，低波红利属性更突出。回顾看，过去五年（2019-2024 年）工行总体保持稳健的盈利表现，归母净利润CAGR 为3.2%），背后映射了在资产质量“底盘”相对稳定的基础上，稳步改善的信用成本支撑ROE 维持11.5%的中枢水平。基于盈利稳定这一核心前提，看到工行（H）对应25年股息率约5.6%、为港股大行最高，有望持续吸引以险资为代表的中长期资金流入...</p>\n\n<a href=\"https://www.gelonghui.com/rss/live/live.xml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0605514214.HKD","symbol_name":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","start_time":0,"source_url":"https://www.gelonghui.com/rss/live/live.xml","article_id":"2555303387","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2555303387","pubTimestamp":1753775418,"columns":[],"sourceInfo":{"source_id":"live_gelonghui","name":"格隆汇"},"weMediaInfo":null,"summary":"申万宏源研究指出，工商银行稳居港股大行股息率之首，低波红利属性更突出。回顾看，过去五年（2019-2024 年）工行总体保持稳健的盈利表现，归母净利润CAGR 为3.2%），背后映射了在资产质量“底盘","collect":0,"end_time":0,"defaultTopTitle":"gelonghui.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"82318":"中国平安-R","159547":"低波红利","159940":"金融","601318":"中国平安","601398":"工商银行","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","YANG":"三倍做空富时中国ETF-Direxion","HSTECH":"恒生科技指数","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","H":"凯悦酒店","ROE":"ASTORIA US QUALITY KINGS ETF","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","HPAD.SI":"Ping An Ins HK SDR2to1","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","01398":"工商银行","02318":"中国平安","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","BK4614":"Manus概念股","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","BK0012":"证金概念","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","000166":"申万宏源","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK0187":"一线龙头","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","BK0028":"国家队","LU2213484517.USD":"FRANKLIN TEMPLETON CHINA A-SHARES \"A\" (USD) ACC","PNGAY":"中国平安ADR","03143":"华夏香港银行股","LU":"陆金所","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","BK1560":"内银股","07226":"南方两倍做多恒科","BK0175":"白马股","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","HSCEI":"国企指数","03145":"华夏亚洲高息股","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC"},"translate_title":"Research Report Nuggets | Shenwan Hongyuan Research: Industrial and Commercial Bank of China firmly ranks first in the Dividend ratio of major Hong Kong stock banks, giving it the first \"buy\" rating","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82318":0.6,"159547":1,"159940":1,"601318":1,"601398":1,"PAImain":1,"YANG":1,"ROE":1,"02318":1,"000166":1,"03143":0.6,"HSTECH":1,"01398":1,"PNGAY":0.6,"LU":1,"HSCEI":1,"07226":1,"03145":0.6,"H":1,"HPAD.SI":0.6},"content_text":"申万宏源研究指出，工商银行稳居港股大行股息率之首，低波红利属性更突出。回顾看，过去五年（2019-2024 年）工行总体保持稳健的盈利表现，归母净利润CAGR 为3.2%），背后映射了在资产质量“底盘”相对稳定的基础上，稳步改善的信用成本支撑ROE 维持11.5%的中枢水平。基于盈利稳定这一核心前提，看到工行（H）对应25年股息率约5.6%、为港股大行最高，有望持续吸引以险资为代表的中长期资金流入（2024年12月，中国平安已举牌工行-H）。银行业“哑铃”格局愈发明朗，作为金融稳定的压舱石，“做优做强”国有大行是明确方向；与此同时，伴随长期、耐心资本入市，权重个股也有望直接受益、率先享受估值修复，首次覆盖给予“买入”评级。","kind":"live","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2555303387","isCrawlerRequest":true}