《大行報告》中金:疫苗進展及油組逐步增產支撐油價 看好中石化及上石化
中金發表石油行業報告表示,12月5日沙特宣布明年1月份的官方石油售價(OSP ),本次僅對銷往亞洲的原油價差進行了大幅上調,而銷往美國與西北歐的原油價差環比下降或維持不變。
該行指,自11月初以來,國際油價持續復甦,除疫苗進展樂觀的利好消息外,12月初油組達成的逐步增產協議,打消了市場對供給側的極端預期,也支撐了油價的持續復甦。
中金繼續建議投資者關注估值被明顯低估的國營煉廠中石化(00386.HK)(予「跑贏行業」評級及目標價4.2元)與上石化(00338.HK)(予「跑贏行業」評級及目標價2.5元),以及民營大煉化企業東方盛虹(000301.SZ)、恆力石化(600346.SH)等 ,該行預計2021年周期性行業估值有望得到修復。
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