摩根大通发表研究报告指，汇控(00005.HK) 及渣打(02888.HK) 年初至今股价分别累升19%及25%，对比同期恒指升幅为约21%，发现投资者愈来愈担忧美国增长风险对息口走势的影响，进而影响两间银行的盈利前景和估值。
该行敏感性测试结果显示在大幅降息、手续费收入降低以及信贷成本上升的压力情景下，汇控及渣打2025年的权益税后回报率可能降至11.6%及8.7%，预期会对股价表现带来压力。但由于整体回报率更高，摩通预计汇控表现将跑赢渣打和香港本地银行股，但可能不及中国国有银行。
摩通将汇控2025至2027手续费及其他收入预测上调2%、4%及4%，净利润预测上调2%、2%及3%，目标价从108元上调至115元，评级“增持”。(gc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-21 12:25。)
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