智通财经APP获悉，摩根大通发布研报称，四家国有内银建设银行(00939)、邮储银行(01658)、交通银行(03328)、中国银行(03988)宣布进行A股集资，中行和建行向财政部发新股，交行和邮储行则向财政部及部分国有企业发新股。总计5200亿人民币的新资本符合预期，新股定价较3月28日A股收盘价溢价9%至22%，较H股收盘价溢价34%至48%。
报告指，建行稀释影响最小，2025年预估资本运用回报率、每股盈利及每股股息分别为-16个基点、-2.4%及-3.8%，而邮储银行的稀释影响最大，2025年预估资本运用回报率、每股盈利、每股股息分别为-65个基点、-9.6%及-14.7%。由于邮储银行的稀释风险高于预期，且去年第四季度数据显示其资产质量风险上升，认为邮储行可能表现不及其他国有内银同行。
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