大行评级丨中银国际:黄金增值税新规后行业跌幅过大 仍看好周大福和六福珠宝

中金财经
Nov 10, 2025

  中银国际发表研究报告指,中国政府宣布黄金增值税新规后,黄金珠宝零售商的股价显著回调。虽然该行预期政策或对行业盈利产生温和的负面影响,料每股盈利将出现中个位数跌幅,但认为目前的股价回调幅度过大,并主要是由于其他因素的叠加影响,例如金价下跌及美国政府停摆期间的获利回吐。该行仍然看好周大福六福珠宝,均予“买入”评级,目标价分别为17.8港元及23.8港元,并预计两间公司即将发布的中期业绩有望缓解投资者的忧虑。   

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