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研報掘金|華泰證券A股策略:以A50為底倉 關注供給收縮的方向

華泰證券發佈研報稱,近期市場缺乏新的變量因素,政策預期較低,但指數層面下行風險或較為有限,當前A股風險溢價隱含的國內地產銷售保守預期、美元指數預期或已形成超調,資金面/估值面/政策面共同指示年中日曆或仍可期待。配置上:1)宏觀供需兩端壓力下,憑藉自身能力保持ROE中樞平穩卻沿ROE下行定價的資產—A50資產或仍為中期配置的底倉選擇;2)行業層面,家電/食飲/物流/出版為代表的消費白馬也具備上述特徵;3)前期強勢的出口資產受到基本面及情緒影響下有所回調,業績披露期,挖掘供給收縮切換的行業,或主要集中在消費電子/養殖/製冷劑/煤化工等細分環節。

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