维持“买入”评级,上调目标价至38.50 港元。中银香港(“公司”)2024 年净利息收入基本符合预期,非利息收入超我们的预期。尽管全球处于降息周期,公司有效管理负债成本并动态调整资产组合。我们对其未来净利息收入增长保持乐观,预计在负债成本显著优势的支持下,净息差将保持稳定。非利息收入增长显著,在粤港澳大湾区融合和东南亚扩张的背景下,我们看好财富管理和保险收入前景。此外,公司提高了派息率,增强了对...
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