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《大行報告》里昂:不排除內需股短期出現獲利回吐 申洲(02313.HK)及新秀麗(01910.HK)評級「買入」
里昂發表研究報告指出,內地日前宣布「新十條」放寬防疫措施,以改善市內及跨省市流動性,該行相信本地消費者服務和線下零售業將受惠於市內流動性改善,包括減少核酸檢測規模及頻率,更精準識別高風險地區,解除進入公共區域時檢查健康碼的要求,以及放寬強制性檢疫要求;而出行和旅遊零售需求將受惠於跨城交通改善,包括取消出行前對核酸檢測陰性的要求、綠色健康碼和抵達後的核酸檢測要求。 該行相信,內地重新開放將是不可逆轉的路徑,亦是內需股結構性重新評級的關鍵驅動因素。不過,在多重復甦的推動下,內需股在11月出現反彈,不排除短期將出現獲利回吐。行業中首選申洲(02313.HK)及新秀麗(01910.HK),均予以「買入」評級,目標價各為110元及26元。 里昂認為,新秀麗將繼續受惠於亞洲國家重新開放而刺激的旅遊需求。至於申洲方面,由於基數低,當重新開放後訂單復甦料屬大概率發生事件,而早期正面信號已顯現;短期訂單壓力已很大程度上反映在市場預期中,相信長期競爭力保持不變。
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