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中金:予中交建(1800.HK)“跑赢行业”评级 目标价9.2港元
格隆汇 09-20 16:27
对于近日中央及国务院之《交通强国建设纲要》中强调交通先行的地位且适度超前,中金发表报告表示,该指引明确要继续大力发展交通基建的重要意义。报告又指,该纲要提出到2035年基本建成交通强国的目标,目前中国交通基础设施密度仍低于发达国家,中国公路铁路密度仅相当于美国72%及46%,且存在区域分布不均等问题。因此在交通强国的目标下,该行预计未来一段时间中国交通基础设施建设仍持续增长,在基建愈来愈受重视及基建股估值较低下,看好中国交通建设(1800.HK) ,目标价为9.2港元,予“ 跑赢行业 ”评级。
中金认为,在近期贸易摩擦加剧、社会零售增速下行、制造业投资疲弱且地产政策高压的背景下,基建有望再一次充当经济增长稳定器作用,9月初国常会提出要通过扩大基建投资来稳定经济增长的意图。而交通基建由于本身具有一定的现金流,对政府债务负担相对较小,且具有较强的正外部性,该行认为有成为基础设施中的重点投资领域。
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