盈選報告 | 從昂貴的週期股轉向價值股，關注電子、重卡行業
市場策略
▍高盛建議從昂貴的週期性股票轉向價值股。報告稱，隨着歐洲經濟增長動能接近峯值，投資者必須從昂貴的週期性股票轉向表現落後的價值股。隨着歐盟復甦基金的資金開始流動，財政基建板塊中對歐洲有敞口的企業，以及政府專門投資的行業有吸引力。歐洲在疫苗接種方面正在加快速度，大部分地區夏季料可重啓。
▍興業證券首席策略分析師張憶東表示，2月份開始的季度性調整在4月底已到尾聲，最遲5月中旬將迎來季度級別的做多窗口期。
投資建議：逢低做多，積極把握盈利驅動型的結構性行情。具體推薦股票有：騰訊控股、康哲藥業、康寧傑瑞製藥-B、華潤萬象生活、創科實業、中國宏橋、申洲國際、宇華教育、永達汽車、中國飛鶴。
▍國信證券分析師王學恆表示，短期，PPI的上行，加息的聲音或者導致市場可能有回調，所謂“Sell in May”，但這與牛市的下半場樣貌是一致的：市場將在調整後再創新高，並且對加息的信息越來越不敏感。
組合建議：騰訊控股、金山軟件、JS環球生活、龍源電力、威高股份、中國宏橋、紫金礦業、中國移動。
▍方正證券策略分析師胡國鵬則認爲，5月份市場超跌反彈的過程基本結束，在新的主線明確之前又到逢高減倉時。核心在於三方面，一是去年二季度以來的經濟增長動力逐漸進入到衰減階段，政治局會議實際上是有保有壓的態度，社融下降對於需求擴張有抑制作用，同時大宗商品價格對於產出的抑制也將顯現；二是國內流動性邊際趨緊，國內利率易上難下，美債收益率仍有進一步上行的空間；三是市場結構性高估仍存，風險偏好難以全面擡升，需警惕未來中美科技供應鏈脫鉤現象的出現。
熱點機會
▍電子板塊：
中信證券表示，隨着全球逐步復工復產，電子板塊下遊的消費端正穩定復甦，電子行業Q1業績總體表現強勁。展望未來，建議關注行業景氣度好及自下而上有公司成長邏輯的細分領域龍頭。
建議關注：中芯國際、華虹半導體、小米集團-W、舜宇光學科技。
▍重卡行業：
天風證券表示，受環保限產等因素影響，4月重卡終端需求有所回落，但國六政策拉動下，4月重卡產銷仍維持高位。
投資建議：21年重卡行業仍有望維持較高的景氣度，但增速較此前將有一定回落，建議關注行業內擁有份額優勢及較高技術門檻的標的，關注重卡行業龍頭濰柴動力、治理改善的中國重汽。
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