研報掘金|招商證券:觀望當前高關稅政策持續性 本地生活及服務行業具防守性
招商證券發表研究報告指,美國的關稅政策對股價造成了巨大沖擊,對當前高關稅政策的持續性持觀望態度,因爲該政策或對美國消費者和經濟產生負面影響,並因各國報復措施而加劇。該行表示,該政策直接影響美國購買進口商品的消費者,因此下調了對亞馬遜的盈利預期,目標價由270美元下調至215美元,但鑑於其相對估值和強大的市場地位,儘管面臨短期不確定性,仍維持“增持”評級。
該行推薦大型的網路公司,因爲相對於規模較小的線上或線下競爭對手,這些公司憑藉穩健的資產負債表和強大的市場地位,將更能應對市場波動。該行建議投資者關注防守性的本地生活及服務行業,而中國平臺面臨的風險可控,首選騰訊、阿里巴巴、好未來、多鄰國、Meta及奈飛。
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