《大行报告》瑞银:通胀忧虑下资源股乏催化剂 吁留意估值落後股
瑞银发表研究报告,指由於商品价格通胀引发对政府干预的忧虑,钢、铝及铜价按周显着下跌,只有纸板及水泥销售均价上升。材料投资者似乎轮转至电动车电池增长故事。因此,电池材料股表现最佳,按周升16%。钢铁股挫3%领跌,另水泥、铜及煤股回调约2%。
报告称,板块风险回报难以清晰界定,特别是金属。短期三大因素或持续为行业逆风,包括大部分金属迎来夏季淡季;政府及央行平抑价格举措;市场忧虑商品价过高影响下游需求。因此,认为没有催化剂支持材料板块强劲走势,即使现时商品价格高企意味次季商品股盈利强劲,亦应已广为市场预期。
瑞银表示,美国及国际钢价仍远高於中国钢价。在忧虑政府干预下,钢、铜、铝及煤价均有一定程度调整。展望未来颠簸前路,相信投资者将留意估值落後股(估值低於帐面值的钢、煤股)。相关股份投资评级及目标价见另表。
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