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盈選報告 | 中國復甦態勢仍在持續,關注銀行、智能耳機行業

市場策略

▍中信證券表示,2021Q1滬深港通新發基金延續高景氣,板塊層面,Q1權重板塊配置偏好顯著分化,通信(騰訊)、醫藥、金融持續獲機構青睞,但前期估值較高的信息技術及消費板塊重倉持股市值變化則相對平穩。另外,非權重板塊中經濟復甦週期相關的能源、工業(航空)以及主題投資相關的地產(物管)、公用事業板塊亦獲機構關注。QDII基金管理規模環比增長26.3%,媒體與娛樂、零售業在Q1獲得QDII資金較大幅度增配,快手-W進入前十。

▍國泰君安證券研究所首席宏觀分析師董琦認爲投資中國遠景大好,近觀當下復甦態勢仍在延續。1、消費是當前經濟修復的主要推動力,預計二、三季度我國消費將逐步恢復常態;2、固定資產投資常態化迴歸,驅動力將從地產逐步轉向製造業;3、出口角度來看,未來全球貿易修復、全球朱格拉週期將逐漸接力供給替代動力;4、政策角度,貨幣政策可以概括爲邊際收緊、價穩量控;5、通脹角度,全年溫和,高通脹並無持續性。

熱點機會

▍ 智能耳機行業:

中信證券認爲以智能耳機爲代表的智能音頻行業的高成長期遠未結束(除了蘋果外的其他品牌)。終端創新持續、品牌集中度提升趨勢下,建議重點關注具備平臺優勢的主芯片廠商、具備產品生態/品質的終端品牌廠商、以及具備服務大客戶能力及整合能力的ODM/OEM廠商,重點推薦:小米集團-W和高通。

▍銀行板塊:

中信證券表示,一季度銀行板塊表現回暖,主要得益於宏觀經濟環境修復,利好資產質量預期以及業績增長預期,板塊市場關注度及交易量均較上年提升。全年視角看,預計銀行板塊將延續穩健經營格局,配置價值仍將延續,關注招商銀行和中國光大銀行。

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