盈選報告 | 宏觀政策保持平穩，關注保險、SaaS等板塊
市場策略
▍ 中泰宏觀首席分析師陳興表示，本輪高通脹具備結構性特徵，而CPI增速平穩、PPI增速上行的格局有利於上市公司盈利改善。
▍ 中信證券研究表示，預計4月政治局會議將保持宏觀政策平穩，工業品價格大幅上升不會影響未來貨幣政策基調；宏觀基本面維度，預計3月社融增速放緩，但結構繼續改善；投資依舊維持高增長，製造業投資全年延續性更強；消費穩步復甦，出行服務相關行業恢復更快；工業板塊將成爲平靜期內新的市場主角。
熱點機會
▍ 保險板塊：
大和證券發表報告表示，隨着疫後背景下，中國社會隔離措施的逐步消除和消費者信心的恢復，在略微收緊的貨幣政策的幫助下，該行相信內地保險行業於2021年將是良好的一年，相信短期內所面臨挑戰因素已被反映在估值之上。該行指在內地與香港保險股的行業首選包括中國太平（00966）、新華保險(01336)、友邦保險（01299）、中國太保（02601）及衆安在線(06060)。
▍ SaaS板塊：
中信證券研究表示，電商SaaS是國內消費領域產業互聯網的標杆落地場景，孕育出國內極具稀缺性的原生型SaaS廠商。在視頻號、跨平臺等趨勢下，該賽道有望持續快速滲透，爲業內廠商提供發展的優質土壤。依託線上營銷及產品複用的經驗，業內廠商有望進一步引領線下門店SaaS市場的突破。重點推薦中國有贊（電商SaaS龍頭，轉板開啓新徵途）、微盟集團（發力新零售SaaS，大客化戰略成效顯著）。
▍ 半導體板塊：
中信證券研究表示，1）半導體：半導體板塊當前行業高景氣復甦，後續國產替代邏輯加強。2）消費電子：手機端短期創新能力承壓，但因業績強勁+估值顯著低位，迎來中長期佈局時點。3）順週期板塊：建議重點關注面板、安防、被動元器件，均處於高景氣成長期。推薦標的：中芯國際、華虹半導體、舜宇光學科技、小米集團等。
▍ 阿裏巴巴：
阿裏被罰182億後多數大行發表了觀點。摩根大通：阿裏反壟斷調查結案，料股價反應正面。摩根士丹利：阿裏罰款落地可消市場憂慮，焦點重新轉至基本面。天風證券：阿裏處罰辯證看待，已經不需要過度悲觀，後續關注點重回基本面。國泰君安證券：反壟斷是2021全年重要的經濟工作目標，預計相關監管力度仍將趨嚴。
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