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《大行》花旗:「十五五」規劃將成催化劑 首選股名單新增恆瑞(01276.HK)、舜宇(02382.HK)及ASMPT(00522.HK)
花旗發表研究報告指,中國企業上半年業績表現大致符合預期,考慮到內地上半年GDP增長勝預期,但PPI及CPI仍遜預期,相信當局在「反內捲」政策框架下將持續推進供給側改革,從而提振下半年CPI及PPI,預料「十五五」(第十五個五年規劃,規劃期為2026年至2030年)規劃下的經濟發展、科技創新、社會民生、綠色發展及改革開放等主題,可成為中國股市配置的催化劑。 憧憬在港上市企業2026年每股盈利增長向好,加上主要中國及香港指數估值仍低廉,花旗將今年底恆指目標上調7%,由25,000點升至26,800點,明年6月底及年底目標分別上調至27,500點(原目標為26,000點)及28,800點,並更偏好H股多於A股,因能更受益於美國潛在減息。 花旗H股首選股名單新增恆瑞醫藥(01276.HK)、舜宇光學(02382.HK)及ASMPT(00522.HK),並保留騰訊(00700.HK)、友邦(01299.HK)、攜程(TCOM.US)及亞朵(ATAT.US),剔出安踏(02020.HK)、華能國電(00902.HK)及比亞迪(01211.HK)。 行業方面,花旗上調醫療保健及保險業的評級至「增持」,下調電訊及油氣板塊至「減持」,以反映企業盈利增長預期,並因行業競爭加劇,下調互聯網及汽車行業的權重。
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