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《大行》交銀國際列出8月推介股份名單(表)
交銀國際發表報告表示,內地「反內卷」政策與內需政策形成共振,推動港股創出年內新高。當前,「反內卷」政策正全面鋪開並向多個行業擴展,預計有望遏制價格戰的影響,並提振企業盈利預期。同時,需求側政策同步發力,雅江下遊電站基建項目啓動以及全國育兒補貼等民生政策的推進,持續爲市場情緒提供正面支持。 該行指,行業配置維持「高彈性」+「高股息」啞鈴型策略:1)互聯網及AI硬科技板塊:「反內卷」政策下補貼戰勢頭放緩,企業盈利有望重新上調,H20晶片解禁爲AI等領域資本支出增長提供支持,且近期海外科技巨頭擴大資本支出及AI模型持續進化,均有利於AI投資主線的迴歸。2)生物醫藥板塊:海外醫藥巨頭資金充裕,內地創新藥管線豐富,對外授權合作(BD)景氣度維持高位。全球流動性延續寬鬆亦構成利好,但需關注交易層面擁擠度偏高的風險。 3)「反內卷」受益股份:政策主線下,原材料等傳統行業以及光伏、鋰電池、新能源車等新興產業龍頭企業將有望受益於行業競爭格局的改善。4)高股息防禦配置:銀行、保險等高股息板塊可持續作爲組合底倉,在市場波動中提供穩定收益支撐。 該行列出8月推介股份名單: 股份│投資評級│目標價 中國平安(02318.HK)│買入│73港元 領展(00823.HK) │買入│47.7港元 豪威集團(603501.SH)│買入│180元人民幣 阿里巴巴(09988.HK)│買入│159港元 小鵬-W(09868.HK)│買入│134.69港元 德琪醫藥-B(06996.HK)│買入│27港元 安踏(02020.HK)│買入│110.2港元 協鑫科技(03800.HK) │買入│1.49港元
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