《大行報告》麥格理:資源股首選中鋁(02600.HK)、福耀玻璃(03606.HK)、中國建材(03323.HK)、鞍鋼(00347.HK)及恩捷股份(002812.SZ)
麥格理發表資源股報告,指內地材料正處於「黎明前最黑暗的時刻」,預期未來4至6個月需求的基礎將面臨重大阻力,但預期中央政府將從微觀調控優先轉向新刺激政策,包括通過房地產、基建及消費以支持經濟增長,以達成GDP增長超過5%的目標。麥格理首選資源股中鋁(02600.HK)、福耀玻璃(03606.HK)、中國建材(03323.HK)、鞍鋼(00347.HK)及恩捷股份(002812.SZ)。
麥格理同時下調各資源股2022年預測每股收益,鋼鐵股、鋁股、動力煤股分別下調2%、1%及6%。雖然電力分配後,供應緊張情況略有舒緩,但作為能源密集型、高排放行業,如鋁、鋼鐵及水泥業,仍面臨改革及對碳排放的嚴格控制。該行預期將出現內房和基建的政策寬鬆,或近期有望提振鋼鐵、水泥及鋁股。該行12月個首選排序,順序為鋁、電動汽車及電池材料、鋼、水泥、紙、銅、玻璃及煤。(me/k)
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