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《大行報告》摩通:內地汽車基礎需求仍緩慢 偏好華晨(01114.HK)、北京汽車(01958.HK)、比亞迪(01211.HK)及中國重汽(03808.HK)
摩根大通發表報告指,今年2月中資汽車股價集體反彈約21%,而同期MSCI中國指數則上升7%,估計是因市場已消化農年新年假期後預期的行業數據按月改善,以及年度全國兩會的支持措施。 然而,該行表示反彈並沒有持續至3月,中資汽車股價自2月底以來已回落4%(相對同期國企指數為下跌1%),相信是由於沒有數據表明競爭/定價環境或需求動能正在改善。 摩通提到,內地汽車基礎需求仍緩慢,今年首兩個月行業銷量的持續疲弱,反映其對中國汽車市場的審慎看法。行業中,考慮目前汽車市場的競爭環境和盈利能見度較低,該行認為投資者應關注估值有吸引力的高收益品牌,偏好華晨(01114.HK)及北京汽車(01958.HK),同時也看好擁有紮實海外業務(主要是新興市場)和優質產品策略的車廠,包括比亞迪(01211.HK)及中國重汽(03808.HK)。
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