《大行報告》中銀國際重申對中國電商「增持」評級 優先次序為京東、拼多多及阿里
中銀國際發表研報指,國家統計局數據顯示,今年5月份社會零售額按年增幅放緩至12.7%,其中商品網上零售額按年增長16.9%,按月比較回落4個百分點,線上銷售滲透率進一步提升至28.8%,相信是由是「618」促銷活動的預售階段,推動了5月線上銷售滲透率增長。
該行注意到必須消費品按年增速放緩,主要是由於高基數及部分品類可支配消費逐漸恢復。必需消費品方面食品和飲料類別出現按年輕微下跌;日用品的按年增長亦放緩至9.4%(4月10.1%);電訊設備表現較為出色,按年增幅達27.4%;服裝鞋履、化妝品和黃金珠寶品類亦分別按年增長 17.6%、11.7%和24.4%。
憧憬電商平台商品成交總額(GMV)增長進一步恢復,加上科企具有較吸引的估值,以及政府降息等利好政策的出台,中銀國際重申對中國電商行業的「增持」評級,選股優次為京東(09618.HK)(JD.US)、拼多多(PDD.US)及阿里巴巴(09988.HK)(BABA.US),均予「買入」評級。該行同時亦維持對美團(03690.HK)「買入」評級,看好其本地服務業務表現強勁。
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