分析师称，消费类股票是马来西亚2027年支出计划的最大受益者之一，原因是提高了改善家庭购买力的拨款。马来西亚股票周一上涨幅度最高可达0.4%，延续了周五的涨势。
Consumer stocks are among the biggest beneficiaries of Malaysia’s spending plan for 2027, boosted by higher allocations to improve households’ purchasing power, according to analysts. Malaysian stocks rose as much as 0.4% on Monday, extending Friday’s gains.
伯纳黛特·托报道，在首相安瓦尔·伊布拉欣周五宣布印花税豁免和住房保障，以及为延伸“访问马来西亚”运动提供新资金后，房地产和旅游业也成为边际赢家。与此同时，由于缺乏新的大型基础设施项目，建筑业可能受到抑制；而最低工资上涨则对劳动密集型行业如种植园和手套制造商构成压力。
By Bernadette Toh The property and tourism sectors are also marginal winners after Prime Minister Anwar Ibrahim on Friday announced stamp-duty exemptions and housing guarantees, as well as fresh funds for the extended Visit Malaysia campaign.
该预算案在全国大选于2028年初到来之前发布，安瓦尔正试图在最近州选举失利后重建公众支持。基准吉隆坡综合指数今年迄今仍下跌超过4%，落后于一些东南亚同行，包括越南和泰国，因为财政和政治风险持续施压。以下是市场参与者对预算案发表的看法：花旗集团公司（Megat Fais）从股权角度来看，受益者是消费、房地产、旅游、柔佛、沙巴/砂拉越。
Meanwhile, the construction sector may be dampened by the lack of new large infrastructure projects, while a minimum wage hike poses headwinds for labor-intensive industries such as plantations and glove-makers. The budget ahead of a national election due early 2028 comes as Anwar seeks to rebuild public support after recent state poll setbacks.
最低工资提高对劳动密集型行业如种植园、电子制造服务、手套制造商和部分消费品行业构成负面影响。我们认为2027年预算对马来西亚股市是温和的积极因素，因为它通过减税、收入支持措施、基础设施支出和投资激励措施继续支持增长，同时通过持续的财政紧缩保持可信度。建银投资银行有限公司（Peter Kong）鉴于没有新的大型基础设施项目，私人消费相关板块成为主要受益者，备受关注。
The benchmark Kuala Lumpur Composite Index remains down more than 4% this year, lagging some Southeast Asian peers including Vietnam and Thailand, as fiscal and political risks weigh.
消费能力的综合影响可能抵消2027年中计划实施的最低工资上调的影响，这一政策主要针对近期表现疲软的消费细分市场。推动马来西亚向价值链上升的催化性行业支出在技术、人工智能、能源转型和气候适应领域仍然明显；消费、房地产、银行、公用事业和科技板块受益。种植业部门可能会感受到工资成本的压力。
Here’s what market participants are saying about the budget announcement:
中银证券（Hoy Ken Mak 和 Wei Yi Tan）我们不认为2027年预算会因新大型基础设施项目数量有限而对国内建筑新闻流提供显著提振。不过，我们青睐 Gamuda Bhd.，因其在新基础设施项目上的选择性敞口，尤其是北霹雳供水计划潜在价值40亿至50亿令吉的合同以及大规模可再生能源项目。我们看好 IJM Corp.，因其正在进行的重组举措；喜欢 Malaysian Resources Corp.，因其承担槟城轻轨Mutiaraline的CMC2标段，以释放“槟城中央的深层嵌入价值”；以及马来西亚水泥有限公司。
Citigroup Inc. (Megat Fais) From an equity standpoint, the winners are consumer, property, tourism, Johor, Sabah/Sarawak Higher minimum wage is negative for labor-intensive sectors like planters, electronics manufacturing services, glove-makers and selected consumers“We view Budget 2027 as modestly positive for Malaysian equities” as it remains growth supportive through tax cuts, income support measures, infrastructure spending and investment incentives, while preserving credibility through continued fiscal consolidation Kenanga Investment Bank Bhd. (Peter Kong)“Given the absence of new large infrastructure projects, the spotlight shines brightly on private consumption plays as the main beneficiary”
建筑材料行业的建设仍然保持活跃，得益于交通、水务和区域基础设施支出。房地产行业因印花税豁免和200亿令吉的住房担保而获得及时提振。“2027年预算是促增长、惠民生、支持公平的，这强化了MBSB Research对2027年底富时综指（FBM KLCI）1850点的目标。”RHB Research（Alexander Chia）总体而言，这些预算提案将为房地产、消费、建筑、石油及天然气以及非银行金融机构带来净收益。
种植业、科技和橡胶制品行业在考虑到最低工资上调带来的更高劳动力成本后，成为净亏损者。拨款25亿令吉用于减少非收入水流失，应能惠及如KKB Engineering Bhd.这样的管道承包商。
Combined effects on spending power may offset the impact of a minimum wage hike slated for mid-2027 primarily for recently beaten-down segments of consumer Spending on catalytic sectors to drive Malaysia up the value chain also remains evident in the area of technology, artificial intelligence, energy transition and climate adaptation; consumer, property, banks, utilities, and tech sectors benefit Plantation sector will likely feel the wage cost pinch CIMB Securities (Hoy Ken Mak and Wei Yi Tan)“We do not expect Budget 2027 to provide a significant boost to domestic construction news flow, given the limited number of new large-scale infrastructure projects”Nevertheless, favors Gamuda Bhd. for selective exposure to new infrastructure projects, particularly the 4 billion to 5 billion ringgit worth of potential contracts from the Northern Perak Water Supply Scheme and large scale renewable energy projects Likes IJM Corp. for its ongoing restructuring initiatives, Malaysian Resources Corp. for Package CMC2 of the Penang Light Rail Transit Mutiara Line to unlock “the deep embedded value of Penang Sentral,” and Malayan Cement Bhd. for building materials plays Construction stays firmly in play, backed by transport, water and regional infrastructure spending Property receives a timely lift from stamp-duty exemptions and 20 billion ringgit in housing guarantees“Budget 2027 is pro-growth, rakyat-focused and equity-supportive, reinforcing MBSB Research’s end-2027 FBM KLCI target of 1,850 points” RHB Research (Alexander Chia) Collectively, the budget proposals will offer net benefits to the property, consumer, construction, oil & gas, and non-bank financial institutions The plantations, technology, and rubber products sectors are net losers after factoring higher labor costs from the raised minimum wage An allocation of 2.5 billion ringgit for non-revenue water reduction should benefit piping contractors such as KKB Engineering Bhd.
预计市场将保持区间波动，呈现出轮动性机会。CIMB Bank Bhd.（Michelle Chia）表示：“财政护栏为马来西亚政府债券提供了建设性背景”，因为明年总供应预计将从2026年的1850亿令吉下降至1790亿令吉。2027财政赤字目标“仍然可信”，因为更高的支出得到了政府关联公司贡献的支撑，包括来自国家石油公司（Petroliam Nasional bhd.）的预期股息增加320亿令吉。
Expect markets to remain range-bound featuring prevailing rotational plays CIMB Bank Bhd. (Michelle Chia)“Fiscal guardrails set a constructive backdrop” for Malaysia government bonds, as gross supply declines to 179 billion ringgit next year from 185 billion ringgit in 2026 2027 fiscal deficit target “remains credible,” as higher spending has been underpinned by contributions from government-linked companies including higher expected dividends of 32 billion ringgit from Petroliam Nasional bhd.