大行評級|大摩:首兩月製造及建築業資本開支好過預期 首選濰柴動力
大摩發表報告指,在內地政府刺激政策及部分前期出口的支持下,1至2月內地製造業及建築業資本開支好過預期。1至2月,主要自動化公司的訂單錄得10%至20%按年增長,挖掘機銷售按年反彈50%,而重型卡車銷量按年基本持平,是由於今年的以舊換新補貼政策尚未在大多數地區實施,顯示出需求韌性。展望未來,設備升級刺激政策的執行以及人工智能驅動的週期,可能會爲資本支出上揚帶來驚喜。
選股方面,該行近期偏好具國內資本支出週期敞口的股票,濰柴動力是首選,因爲內地AI數據中心和重卡(HDT)需求旺盛;同時上調三一重工目標價,由20元升至24元,以反映內地挖掘機需求強勁。
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