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<Research>Citi: CN Resources Stocks Unaffected by US Tariffs, May Benefit from Stimulus Policies/ Supply-side Reforms
Recommend 27 Positive 37 Negative 13 |
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Citi Research issued a research report believing that the announced US tariffs would have little impact on the relevant sub-sectors, except on the battery sub-segment. The broker expected more supply-side policies from the central government to adjust steel supply in the near term. Cement, gold and coal are considered more defensive than other sectors in the short term. Citi Research anticipated that China's exports will generally face downward pressure and affect China's commodities, which in turn will prompt the government to introduce more stimulus policies to boost domestic demand and ensure supply-side discipline to balance the dynamics of supply and demand. The broker longed for the central government to introduce more supply-side reform to adjust steel supply in the near term, and was optimistic about ANGANG STEEL (00347.HK) and MAANSHAN IRON (00323.HK). Cement is mainly consumed domestically, hence it is a defensive sector amid tariff increase, Citi Research added. The broker turned more bullish on the cement sector as it estimated ASP and margin to improve in 2Q25. Citi Research liked gold as it will benefit from concerns over global economic growth and inflation, and gold-related stocks should be able to benefit from higher gold prices. The broker preferred CONCH CEMENT (00914.HK), CHINA SHENHUA (01088.HK) and ZIJIN MINING (02899.HK). AAStocks Financial News |
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