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施羅德投資:黃金股整體營運環境今年有望持續好轉
施羅德投資表示,黃金股的整體營運環境有望在今年持續好轉。去年石油、鋼鐵及勞工成本上升,加上金價下跌,以致黃金生產商的利潤率受壓。因此,黃金生產商股票的表現較金價遜色。 施羅德投資認爲,黃金生產商的利潤率有望於今年因金價走強而再度向上。成本方面,部份領域已見大幅回落。在勞工等「更具粘性」的領域,預計自新冠疫情以來持續強勁上升的成本將有所放緩,特別是在北美洲及澳洲。其次,黃金生產商股票估值按長遠計仍處於較低水平,且投資者的持倉量仍然在低位徘徊。 施羅德投資指,投資者目前對黃金的持倉權重接近零。與此同時,黃金股對比歷來在標準普爾或多倫多證券交易所綜合指數中的權重仍然偏低。加拿大礦產資源豐富,有許多上市的黃金生產商,因此該指數的黃金股權重所反映的黃金股投資意欲具參考價值。 整體黃金行業估值仍較2009年至2012年期間所達到的水平低約三分之一,意味着目前從股票估值上並未有任何因素支持金價可持續於高位運行。
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