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《大行》中銀國際料年底恆指目標27,500點 現時港股估值仍具吸引力
中銀國際研究報告指,對今年下半年港股市場展望持樂觀態度,相信中國決策層擁有較豐富的增量政策儲備工具,可有效應對中美博弈;預期下半年決策層將加力實施增量政策,充分釋放政策效應。該行認為,發力點將聚焦在加強國內大循環,推進供給端改革和反內捲式惡性競爭,全方位擴大國內消費需求,大力推動科技創新和推動產業升級,持續鞏固房地產市場穩定態勢,持續穩定和活躍資本市場,著力防範化解金融風險、債務風險等。 該行認為,目前港股市場估值水平仍具有吸引力,預測今年底恆指可達27,500點,基於12.2倍2025年預測市盈率,較過去20年歷史平均市盈率溢價5%左右。重點投資機會方面,建議重點關注供給端改革,反內捲式惡性競爭及大基建產業鏈等領域。中長期而言,建議關注以內需為主的消費龍頭公司、低估值高息股、國產替代進程加速的自主品牌。
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