美银证券发表研究报告指，今年看淡煤炭行业及神华(01088.HK) ，因料煤炭需求增长有限，且库存处于历史高位，并需面对持续的进口威胁。该行预计，今年的燃料煤价格为每吨720元人民币(按年跌16%)，现货价格在第二季度至第三季度将低于合同价格，而焦煤价格为每吨1,400元人民币。
美银证券下调神华的评级由“买入”降至“中性”，目标价降23%至34元，又将兖矿能源(01171.HK) 的评级由“买入”下调至“跑输大市”，目标价下调38%至8元。该行对中煤能源(01898.HK) 保持“中性”评级，目标价下调9%至9.7元。
该行续指，由于需求疲弱及宏观不确定因素，建设投资者选择具防守性的国企。该行看好中石油(00857.HK) ，具强劲的现金流，维持“买入”评级，下调目标价3%至7.8元。(sl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-07 16:25。)
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