【券商聚焦】招银国际：全球市场波动加剧国内经济仍需政策进一步支持

金吾财讯

Jun 16, 2025

金吾财讯|招银国际发布研报指，全球市场受以色列与伊朗冲突影响波动加剧；国内经济仍需进一步政策支持以应对信贷疲弱。

全球市场观察显示，以色列与伊朗冲突主导市场情绪，供应链中断担忧推升油价，避险情绪上升提振黄金等避险资产，打击股票、新兴市场货币、数字货币等风险资产。地缘风险上升利好美元和美债，但油价上涨引发通胀担忧后压制避险买盘。美联储可能在6月17-18日会议保持利率不变，7月可能继续暂停降息，9-12月可能降息两次。日本央行本周会议可能保持政策利率0.5%不变，可能讨论减缓QT速度。中国5月信贷数据显示政府加快债券发行，但私人部门信贷需求疲弱，预计2025年下半年LPR将进一步下调10个基点，广义财政赤字可能温和增加。

公司方面，贝克微(2149HK，买入，目标价:93港元)为模拟 IC 优质标的，需求前景清晰，具备持续增长潜力，维持“买入”评级，并将目标价上调至93港元。

同时，在招银国际关注的环球市场焦点股份中，认为以下公司的股价上行空间较大，给予“买入”评级：

吉利汽车(00175)目标价24.00港元，上行空间为47%；

小鹏汽车(XPEV.US），目标价28.00美元，上行空间为54%；

华润饮料(02460)，目标价18.61港元，上行空间为53%；

比亚迪电子(00285)，目标价43.22，上行空间为40%。

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href=\"https://laohu8.com/S/02460\">华润饮料</a>(02460)，目标价18.61港元，上行空间为53%；</p><p><a href=\"https://laohu8.com/S/00285\">比亚迪电子</a>(00285)，目标价43.22，上行空间为40%。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999006597.SGD","symbol_name":"United China-India Dynamic Growth 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