渣打集团第四季业绩好坏参半，目标价265港元，续列首选股份

摩根大通02-26

一、业绩表现概述渣打集团(02888)在2025年第四季度的业绩表现好坏参半。根据摩根大通发布的研报，该季度收入整体符合预期，但具体来看，净利息收入优于预期，而非净利息收入因环球市场业务阶段性收入下降而逊于预期。税前利润低于市场预期6%，主要原因是成本高出预期4%。然而，股息发放超出市场预期40%，同时15亿美元的回购计划与市场预期一致。二、目标价与评级维持摩根大通继续将渣打集团列为首选股份，并...

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