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《大行報告》瑞信:看好定價能力佳及受惠疫苗的11隻中資股
瑞信發表中國市場報告表示,從395家上市公司公布去年業績顯示,相關公司去年下半年業務復甦停滯,整體淨利潤增速從2021年上半年的41%,至2021年下半年降至3%。非金融類公司的淨利潤在去年下半年按年下降2%,對比去年上半年增長76%。該行指,內地零售,消費服務和軟件行業股份在去年下半年由盈轉虧,而汽車、公用事業、食品行業股份的盈利按年減少。 該行指,內地去年下半年宏觀經濟面臨的挑戰越來越多,導致企業盈利遜於市場預期較多,在該行覆蓋的408隻股票公布去年業績之中,約有112隻的淨利潤低於預期,並低於2020年,而大部分集中在汽車和資本商品的行業。 瑞信表示,中國目前正面臨新冠疫情復燃,並正在損害近期的經濟活動。隨著全球商品價格上升,中國經濟面臨輸入性通脹的壓力也會加大。 該行繼續看好供應鏈受限的受益者,例如中海油(00883.HK)、中石油(00857.HK)、神華(01088.HK)、海豐(01308.HK)、中遠海運(01919.HK)。該行亦看好具有強大定價能力及成本轉嫁能力的企業,如半導體中的華潤微電子(688396.SH)、紫金礦業(02899.HK)、中鋁(02600.HK)等。對於新冠疫苗療法,該行推薦石藥(01093.HK)和君實生物(01877.HK),而復星醫藥(02196.HK)潛在受惠內地批准外國的mRNA疫苗。
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