摩根士丹利发表报告指，香港和新加坡银行受惠于利率上升而表现优异，但利率周期已转向，料未来非银行业务特别是财富业务增长将会支撑股本回报率。该行认为香港和新加坡银行现金产生能力强，因此仍具防守性。
港银中，该行偏好渣打(02888.HK) ，另下调中银香港(02388.HK) 及恒生(00011.HK) 评级，均由“与大市同步”降至“减持”，上调对中银目标价由100.4元升至108.5元，下调对恒生目标价由97.1元降至93元。该行上调对汇控(00005.HK) 目标价由76.8元升至84.6元，维持“增持”评级。
该行认为，银行的对冲措施已降低对利率下跌的敏感度，料2024年至2026年净利息收入的年复合增长率为-2%至+2%，但预期非保费收入，尤其是财富管理费用的增长将抵销这些压力。
大摩估计，去年银行财富管理费按年增长高达40%，而该行模型显示，财富管理收入在未来两年应继续录得高达17%的年复合增长率，抵销今年净利息收入的下跌。该行料，星展和渣打将成为财富收入增长的最大受惠者，两间银行都有20至25%的收入来自富裕客户群。(ha/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-06 12:25。)
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