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《大行報告》匯豐研究上調內地三大油股目標價1%至6% 維持「買入」中石油(00857.HK)及中海油(00883.HK)
匯豐研究發表研究報告指出,儘管石油輸出國組織及盟國(OPEC+)及沙地阿拉伯減產,但宏觀問題限制油價上漲。該行對今年布油價格預測降至每桶80美元,明年預測降至每桶75美元。此外,該行指今年第二季中國石油需求強勁,但下游利潤因宏觀問題和供求失衡而有所收窄。 該行維持對中石油(00857.HK)及中海油(00883.HK)的「買入」評級與中石化(00386.HK)的「持有」評級,看好中石油直接受惠於天然氣價格改革,而上游基本面看來具韌性。儘管油價疲弱,但該行認為中海油的下行空間有限,因其銷量每年約達6%至7%增長。 此外,該行將內地三大油股目標價上調1%至6%,並預期國企改革後股東回報政策可能會更新,有助提振市場情緒及重新評級。然而,該行認為雖然油價下跌的影響正面,但化工利潤低迷和國內液化天然氣需求仍然疲弱,加劇該行的憂慮。 匯豐研究對石油股最新評級及目標價表列如下: 股份|評級|目標價(港元) 中石油|買入|6.3元→6.7元 中海油|買入|15.2元→15.3元 中石化|持有|5元→5.1元
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