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《大行》瑞銀:內地加強對境外投資監管 料港銀短期新客增長放緩
瑞銀發表報告指,繼中國證監會打擊非法跨境證券交易後,香港金融管理局對持牌機構就持有使用內地身份證明文件的內地投資者投資帳戶的開立及管理,推出額外措施。香港銀行因此收緊新交易帳戶的開戶審查,要求這類投資者簽署聲明,涵蓋資金來源、文件真實性及過往記錄,並確認資金乃在內地以外合法取得。由於香港銀行業務線多元化,內地投資者的證券投資服務佔總收入比重預計較小。本地香港...
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《大行》瑞銀:內地加強對境外投資監管 料港銀短期新客增長放緩
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瑞銀發表報告指,繼中國證監會打擊非法跨境證券交易後,香港金融管理局對持牌機構就持有使用內地身份證明文件的內地投資者投資帳戶的開立及管理,推出額外措施。香港銀行因此收緊新交易帳戶的開戶審查,要求這類投資者簽署聲明,涵蓋資金來源、文件真實性及過往記錄,並確認資金乃在內地以外合法取得。

由於香港銀行業務線多元化,內地投資者的證券投資服務佔總收入比重預計較小。本地香港銀行面臨的壓力可能高於國際同業,因為跨境客戶對其客戶基礎貢獻較大。儘管如此,現有的KYC及AML要求應能限制整體財務影響。該行預計短期內新客戶增長將放緩,因為過去兩至三年,內地客戶一直是主要增長動力。

該行舉例,中銀香港(02388.HK)  -0.360 (-0.754%)    Short selling $41.58M; Ratio 20.750%   2025年跨境高端客戶基礎按年增長超過20%,財富管理收入增長40%。東亞銀行(00023.HK)  -0.100 (-0.725%)    Short selling $290.96K; Ratio 8.818%   2025年南向跨境客戶基礎、資產管理規模及收入亦錄得雙位數增長。雖然實施細節仍有待公布,但短期影響看來可控。

另外,國務院公布了新的內地境外投資管理規定,將於7月1日起生效。該行預計新框架將導致境外投資審查更加嚴格,進而對銀行的企業銀行業務增長構成壓力,特別是與內地實體相關的業務。該行對中銀香港和東亞銀行維持「中性」評級。(ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-04 12:25.)

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