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《大行報告》中金:水泥、玻璃等低估值板塊有望迎來估值修復機會
中金發表研究報告,指宏觀面預期改善將利好當前低估值的水泥、玻璃板塊,料迎來估值修復機會。水泥股方面,當前板塊市賬率僅約1.1倍,低於2016年周期最底部,亦低於近五年中樞超過2倍標準差,目前板塊盈利仍在高位,明年亦有望受益基建端穩增長的投資拉動,認為板塊當前具備配置吸引力。 玻璃股方面,該行認為板塊估值已回調至低位,當前浮法玻璃價格已經低於部分企業現金成本,行業普遍利潤微薄,預期未來冷修有望明顯增加,帶來供給的收縮和現貨價格反彈。 該行認為,傳統周期品類有望迎來估值修復的窗口期,建議關注南玻A(000012.SZ)、旗濱集團(601636.SH)、信義玻璃(00868.HK)、中國玻璃(03300.HK)、海螺水泥(00914.HK)、華新水泥(600801.SH),以及減水劑龍頭蘇博特(603916.SH)。
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