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盈選報告 | 經濟基本面環比動能延續,關注體育用品及儲能板塊

市場策略

▍2021年Q1基金持倉回顧:2021Q1基金總贖回份額雖明顯增加,但淨贖回份額較上季度有所減少,並且與2007年相比,本輪基金髮行熱潮褪去的過程中行業馬太效應逐漸強化,板塊配置上主要增配港股,主板、創業板及科創板配置比重均有所下降;行業層面,減持中遊製造、房地產與基建及科技,增配銀行、醫藥和上遊週期;重倉股層面,持股集中度基本走平,非金融重倉股估值有所下降,但核心持倉較爲穩定。

▍中信證券表示,五一期間的機票預定量高增、機票價格快漲或預示着消費延續復甦,同時考慮到專項債發行加速對基建投資的支撐,以及在終端需求不弱+高利潤水平+高產能利用率的環境,製造業投資仍有上行空間,該行認爲短期內經濟基本面環比復甦動能或仍將延續。

▍ 中泰證券研究所表示尋找人口轉型下資本市場的“十倍股”:

老齡化加速下,全社會消費心態的變化——中青年人對預期壽命的提高及提前防老的心態,如:因爲擔心年老後生活開支,故增加保險方面支出;因爲希望延緩衰老,故更加註重健康方面支出:藥品保健、醫美、藥妝、健康飲料將越來越受青睞;因爲擔心缺少陪伴,故寵物經濟盛行。
另外,作爲“世代財富傳承”及邊際消費傾向最強的95-00後年輕人的“新世代消費”,如:新潮國貨、互聯網消費等亦將是“人口轉型”下重要的消費投資機遇。

熱點機會

▍ 體育用品板塊:

安信國際表示,後疫情時期民衆對健康的重視性有所提高,對於體育用品的需求進一步提升。此外,棉花事件也使得國產品牌受到更多消費者的認可,刺激短期銷售增長。雖然短期事件的影響相對短暫,但李寧藉助短期事件提升了品牌影響力,中長期有望實現更高收益。同時,“雙奧運”的臨近也將會進一步提高體育用品的關注度。該行持續看好體育用品賽道未來的發展,李寧作爲行業龍頭,將優先享受行業增長紅利。

▍儲能行業:

中信證券表示,國家發改委、能源局發佈《關於加快推動新型儲能發展的指導意見(徵求意見稿)》,新型儲能行業迎政策利好,有望解決儲能主體市場地位和配套政策缺失痛點,開啓市場化新階段,儲能設備供應商和綜合能源服務商率先受益。重點推薦,電池環節:比亞迪;燃料電池等氫能利用設備:東方電氣。

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