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汇丰研究:公用股首选燃气 推荐中燃(0384.HK)、润电(0836.HK)等
格隆汇 02-03 17:04
汇丰研究发表报告,指出在天然气股份方面有三大变化,由今年起一条新的俄罗斯管道将为中国东北地区提供中国天然气总需求的1.5%,并计划到2025年将此百分比增加到10%;国家石油天然气管道集团的成立将控制大部份国有能源公司的主要油气输送管道,而这是一个重大的行业改革,将降低运输的单位成本;天然气销售的增长日渐成熟,不少企业正寻找替代能源的收入来源,例如综合能源,而这是一个高效的程序,因为天然气产生电力后,其制造出来的热水及蒸汽可以被回收并出售。
在煤炭股方面,虽然煤炭独立发电商在去年再次经历盈利复苏的一年,但由于担心新的关税制度会损害今年的盈利能力,因此这板块的股份又再被抛售。随着新的关税制度渐见清晰,相关消息听起来似乎好过预期,加上实施新的供给侧改革,盈利前景可能会有改善。
在太阳能方面,虽然工程的进度或会受最近的新型冠状病毒肺炎影响,但该行相信新安装的速度将会在今年复苏,因为大部份在去年延期的项目将会推至今年。
至于环保事业方面,相信需求会保持强劲增长,尤其是对废物转化为能源的需求。随着政府提高进入公私合营(PPP)项目参与者的门槛,优质的运营商或会从中受益。
该行推荐中国燃气(0384.HK) 、华润电力(0836.HK) 、中国光大国际(0257.HK) 、信义光能(0968.HK) 、长和(0001.HK) 及长江基建集团(1038.HK) 等,并建议避开中国核电企业及电能设备股。当中,光大国际目标价由9.4港元降至7.6港元,评级“ 买入 ”;信义光能目标价由5.8港元升至6.8港元,评级“ 买入 ”;长建目标价看67港元,评级“ 买入 ”。
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