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《大行》摩通升廣汽(02238.HK)中升(00881.HK)評級至「增持」 上調目標價
摩根大通發表報告指出,中國政府近期針對新能源汽車等面臨產能過剩與價格競爭惡化的產業,推出一系列「反內卷」政策以遏制非理性競爭。該行認爲,政府反內卷舉措與企業層面的結構性改革將推動產業於2026年迎來轉機,相關個股有望自2025年下半年起反映此預期。 摩通將廣汽集團(02238.HK)(601238.SH)投資評級從「減持」上調至「增持」,H股目標價由1.8港元升至5港元;A股目標價由3.5元人民幣升至11元人民幣。中升控股(00881.HK)亦上調至「增持」,目標價由12港元升至20港元。兩家公司均具備自主改善潛力:廣汽集團受益於2026年產品週期向好及結構調整,中升控股則受惠於經銷網絡優化。該行新設的目標價隱含40%至60%上行空間。市場交流顯示,多數投資者已將焦點轉向2025年下半年可能被低估的標的,當前競爭環境與疲弱盈利導致的低關注度,使廣汽集團及中升控股符合此類投資邏輯。
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