摩根士丹利：中国工业_反弹思考_股票目前交易情况

M Idea China Industrials | Asia Pacific October 7, 2024 08:00 PM GMT Thoughts on Rally: Where Are Stocks Trading at Now? Stocks have jumped since the policy pivot. We look at current valuations vs. comparable cycles to provide a reference to valuation ranges under different scenarios of policy rollouts. Key Takeaways We think 2016-19 could be the most comparable period for valuation reference, given the macro environment, stimulus policy and industrial cycle. In the base case scenario of a modest initial fi ...