麥格理:內地明年車市復甦放緩 料華晨、東風及廣汽“跑贏大市”
麥格理髮表報告表示,下調明年內地汽車銷售預期5%,當中即使2019年銷售大跌的基礎下,預期乘用車明年亦僅按年升0.5%,主因環球經濟放緩,打擊較低級城市的需求;家庭槓桿增加及通脹上升;以及消費信心減弱等。
該行認為,繼深圳及廣州後,預期明年有更多重點城市放寬汽車牌照限制,惟相信政府發佈需要較多財政支持政策的機會較低,因考慮到財政壓力。因此該行對汽車行業的偏好次序分別是高端>低端>新能源汽車,當中持續看好高端且擁有較強合營品牌將受惠於換車需求帶動;對低端品牌面對的市場競爭加劇感憂慮;而新能源汽車補貼下降帶來負面影響。
麥格理補充,由於預期明年上半年汽車銷售仍受壓,故短期汽車股有下行風險。該行予華晨(01114.HK)、東風(00489.HK)及廣汽(02238.HK)“跑贏大市”評級,比亞迪(01211.HK)及長城汽車(02333.HK)“跑輸大市”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.