The Report is produced in Chinese only.
經濟放緩憧憬寬鬆政策 留意內需股投資機會 中美貿易戰進展仍待觀望之際,中國經濟下行壓力持續明顯,剛公佈的10月工業增加值、固定資產投資及零售增速,全低於市場預期。當中工業增加值按年增4.7%,低於9月及市場預期的5.8%及5.2%。零售額增長7.2%,也低於9月及預期的7.8%。首10個月的固定資產投資增5.2%,低於首9個月的5.4%。 第三季中國經濟增速已放緩至6%,我們預計,減稅、貨幣政策放鬆和一些基礎設施支出在內的政府措施會產生效果,而年底前並有望開展新一輪逆周期的寬鬆措施,全年經濟增速將能夠達到中央6%至6.5%的目標。撐內需仍將為中國政府焦點工作,我們建議可以繼續關注優質內需股投資機會,例如中國旺旺(151),其剛公佈表現不錯的中期業績,純利按年升18.4%,至16.1億元人民幣,派中期息0.64美仙。 |
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