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華西策略:A股仍處在本輪“倒春寒”週期 配置上堅守“穩增長”主線
格隆匯 01-09 17:24
格隆匯1月9日丨華西策略認爲,年初以來,在美聯儲貨幣政策擾動和高景氣賽道的估值調整下,A股市場迎風格再平衡。考慮到當前國內流動性維持寬鬆、逆週期政策逐步推出以及市場整體估值合理,中長期我們依舊看好A股。我們認爲本輪A股“倒春寒”週期結束的信號:國內貨幣政策由“穩健中性”再次轉向寬鬆,國內貨幣與財政再度雙發力,助力於“穩增長”。配置上,建議以“穩增長”爲主線。一是傳統基建相關,如建材建築;二是受益於地產政策邊際改善的房地產及其上下遊產業鏈。
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