恒生银行维持“中性”评级，目标价109.5港元

中金公司2025-08-01

一、业绩表现与预期偏差恒生银行(00011)发布2025年上半年业绩报告，营业收入同比增长3%，基本符合中金公司的预期，但归母普通股净利润同比下降35%，低于预期。主要原因是香港商业地产减值损失计提增加，导致信用成本显著上升。净利息收入同比下降7%，贷款需求疲弱，净息差进一步收窄至1.99%。非息收入增长较快，手续费收入同比增长23%，其他非息收入同比增长46%，这得益于证券经纪服务、结构性...

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