《大行报告》瑞银一举降中铝(02600.HK)及江铜(00358.HK)评级至「沽售」 调整原材料股目标价
瑞银发表研究报告,基本材料板块本年至今累升逾30%後,其风险回报已变得较不吸引。近期正面催化剂,如中国以外强劲需求、价格复苏,以及内地「碳中和」政策下生产削减,都已经充分反映。该行称,未看到有下一正面催化剂可进一步推高估值。
因此,该行称,对商品价格有最高直接敞口的股份更趋审慎,将中铝(02600.HK)及江铜(00358.HK)投资评级由「买入」一举降至「沽售」。考虑盈利增长乏力,将神华(01088.HK)评级级由「买入」降至「中性」。该行首选属有良好产量增长的企业如紫金矿业(02899.HK)及估值与基本面有落差的企业,如中国宏桥(01378.HK)及鞍钢(00347.HK)。
报告称,由於中国以外地区原材料价格普遍高於中国境内,环球投资者应该已留意到中国以外正在进行疫情後补充库存。中国减碳将限制额外产能,但料应逐步推展,以避免过分推高商品价格,致影响下游制造业盈利能力。在这两大催化剂浮面後,该行料板块强劲表现难以持续。该行矿业团队料今年属周期顶峰而不是超级周期的开始。
瑞银表示,内地基本面稳定,但流动性不确定性持续;信贷增长放缓料限制商品投机炒作及相关行业估值扩张。考虑首季业绩,该行上调板块大多数公司今年盈测,并调整相关投资评级及目标价,详见另表。瑞银首选紫金、宏桥及鞍钢。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.