中银国际：内银市净率仍低、股息率有吸引力及估值或进一步升维持H股增持评级_老虎社区_美港股上老虎

中银国际：内银市净率仍低、股息率有吸引力及估值或进一步升维持H股增持评级

智通财经02-05

智通财经APP获悉，中银国际发表报告，维持H股内银业增持评级等，现时该券商覆盖的内银H股的平均市净率约为0.54倍(基于2026年预期市净率)，仍处于过去10年该板块历史估值区间的下限，认为今年投资者仍将更加关注内银H股板块，该板块估值较低，基本面稳健，2026年预期股息率约5.46%，相较中国1年期及10年期国债的收益率分别为1.29%及1.81%，内地一年期人民币存款利率1.5%，香港一年期...

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Maintain the H-share overweight rating","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01288":0.9,"01398":0.9,"03143":0.6},"content_text":"智通财经APP获悉，中银国际发表报告，维持H股内银业增持评级等，现时该券商覆盖的内银H股的平均市净率约为0.54倍(基于2026年预期市净率)，仍处于过去10年该板块历史估值区间的下限，认为今年投资者仍将更加关注内银H股板块，该板块估值较低，基本面稳健，2026年预期股息率约5.46%，相较中国1年期及10年期国债的收益率分别为1.29%及1.81%，内地一年期人民币存款利率1.5%，香港一年期港元定存息约为3%而言颇具吸引力。展望2026年，鉴于政策制定者可能继续推行宽松的货币政策和积极的财政政策，长期投资者将继续密切关注内银H股板块。该券商指，工商银行 (01398) 是在该板块中的首选，在于其估值在同业中相对较低。该券商同时亦建议投资者买进农业银行 (01288) 、招商银行 (03968) 、建设银行 (00939) 、邮储银行 (01658) 及光大银行 (06818) 。对于今年1月，内银H股表现跑输恒指同期升幅，中银国际指，原因是投资者热衷买进高贝塔系数(股价波动幅度大于整体大市)的股票，展望未来，认为投资风格可能会更加平衡。 2026年，政策制定者可能会继续推动宽松的货币政策和积极的财政政策，因此内银业基本面将保持稳健，该券商预计内银业盈利将稳步提升，资产质量良好，股息也将保持稳定。该券商又指，由于内银股息收益率具有吸引力，估值可能会进一步提升。根据预测，在存款重新定价和结构性降息的双重推动下，如果年内实施10-20个基点的全面降息，净息差的全年降幅将收窄至个位数，较2025年显著改善。随着净利差下限逐渐稳固，信贷资源精准投向关键领域，银行业的获利韧性将进一步增强。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}