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《大行報告》匯豐研究:電解鋁行業受惠內地需求復甦及較低燃料成本 偏好中國宏橋(01378.HK)
阿思達克 02-22 09:51
匯豐研究發表報告指,雲南電力短缺後加強控產,導致近期中國供應再減2%,如果農曆新年後在補庫存需求持續減產,料鋁價存在上行風險。該行預計,電解鋁行業受惠內地需求復甦及較低燃料成本,看好中國宏橋(01378.HK),予目標價10.6元及「買入」評級。 該行表示,如果中國加強電力控制,這可能會進一步降低鋁供應並導致鋁價面臨上行風險,預計今年價格為每噸2,450美元。該行看好中國宏橋,認為該公司是鋁價上漲和煤價下跌的主要受惠者,而且股息收益率具有吸引力。宏橋在山東擁有約550萬噸產能,在雲南擁有約100萬噸產能。因此,鋁價上漲的利好可超越產量減少。
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