《大行报告》中金:疫苗进展及油组逐步增产支撑油价 看好中石化及上石化
中金发表石油行业报告表示,12月5日沙特宣布明年1月份的官方石油售价(OSP ),本次仅对销往亚洲的原油价差进行了大幅上调,而销往美国与西北欧的原油价差环比下降或维持不变。
该行指,自11月初以来,国际油价持续复苏,除疫苗进展乐观的利好消息外,12月初油组达成的逐步增产协议,打消了市场对供给侧的极端预期,也支撑了油价的持续复苏。
中金继续建议投资者关注估值被明显低估的国营炼厂中石化(00386.HK)(予「跑赢行业」评级及目标价4.2元)与上石化(00338.HK)(予「跑赢行业」评级及目标价2.5元),以及民营大炼化企业东方盛虹(000301.SZ)、恒力石化(600346.SH)等 ,该行预计2021年周期性行业估值有望得到修复。
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