强产业趋势

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杠杆资金加剧A股“水牛”行情认知,多家机构谨慎乐观看待
Huan Qiu Wang· 2025-08-11 01:33
【环球网财经综合报道】上周,A股三大指数周线集体飘红。上证指数在上周五盘中续创今年以来新 高,全周上涨逾2%。综合周末业内机构观点,在流动性驱动下,大盘上行趋势稳固。同时,随着政策 组合拳持续发力,供需格局将持续优化,全A盈利与ROE有望企稳改善;当前市场风格正从传统周期性 板块逐步转向科技板块,优质科技资产在三季度或有显著超额收益。 如中信建投证券发布研报表示,短期A股继续超预期上行面临一定阻力,但仍处于牛市中继,回调带来 配置良机;近期行业轮动加速,建议关注新赛道低位细分品种。行业重点关注国防军工、AI算力、半 导体、人形机器人、有色、交运、券商、创新药等。 但中信证券则在策略报告称,相比于一些高景气但是也阶段性高位的行业,其实小微盘现阶段更需要放 慢脚步。当前的市场,对于业绩兑现度较高的强产业趋势仍然保持较大的克制,但对于148倍市盈率的 中证2000和TTM利润为负的微盘股很难找到继续向上的合理性。 展望后期,中信证券认为未来一旦宏观逻辑逐步理顺,微盘+银行的结构可能会面临较大的挑战,因此 在配置上的策略还是聚焦在五大强产业趋势的行业,同时避免参与似是而非的资金接力交易。 另据Wind统计显示,截至目 ...
中信证券:聚焦在五大强产业趋势的行业
Di Yi Cai Jing· 2025-08-10 09:27
Core Viewpoint - The current market shows restraint towards high-performance industries, suggesting that the small-cap sector should slow down its pace [1] Industry Analysis - The strong industry trends with high earnings realization are still favored, while the small-cap stocks with a price-to-earnings ratio of 148 times and negative TTM profits lack reasonable upward potential [1] - The valuation of the five industries previously highlighted (non-ferrous metals, telecommunications, innovative pharmaceuticals, gaming, and military industry) is more reasonable compared to the small-cap sector and the CSI 2000 index [1] - The recent increase in small-cap stocks is primarily driven by liquidity rather than structural profit growth, which is not as robust as in 2015 [1] Market Dynamics - The main sources of incremental funds for small-cap stocks are quantitative products, small active equity products, and retail investors, with financing heat in this sector rising faster than in large-cap stocks [1] - There is a potential challenge for the small-cap and banking structure once the macroeconomic logic is clarified [1] Investment Strategy - The recommended investment strategy focuses on the five strong industry trends while avoiding participation in misleading capital relay trades [1]