Energy_ Outlook 2025_ Still Playing Defence but Sector Raised to 'In-Line'
-·2025-01-12 05:33
本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 The Energy sector underperformed sharply in 2H 2024. Looking ahead, we still recognise headwinds, but much is now priced in. We raise our sector view from 'Cautious' to 'In-Line'. Shell and Equinor replace TotalEnergies and Eni as Overweights. We lower our rating on Repsol to Underweight. Key Takeaways Exhibit 1: After a sharp de-rating, relative valuation looks compelling again | M 本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 | | Idea | | --- | --- | --- | | January 7, 20 ...