里昂：央行优化利率体系 内银看好农行(01288)及建行(00939)
里昂发表报告指，中国人民银行早前宣布减息，当中1年期和5年期以上LPR下降10个基点，反映中国人民银行优化利率体系。该行预期中国人民银行会有更多的行动，例如在LPR和存款定价方面，以优化利率传导。在美国采取减息行动后，该行认为中国人民银行有更大的减息空间，可能导致银行净息差下滑。
里昂认为较低的LPR将对下半年及明年净息差构成挑战。但长远而言，更好的传导意味着银行资产收益率与负债成本更匹配，令银行更有效地管理净息差。中国人民银行表示，减息目的是加强对实体经济的支持。
该行认为，减息10个基点并不足够，关注于政策升级。考虑到股息回报和全年盈利稳定性，看好H股农行(01288)和建行(00939)。
Reprinted from 引领外汇网，the copyright all reserved by the original author.
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