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中信建投:中期牛市的核心邏輯沒有改變
中信建投研報指出,近期市場對財政支持化債分歧不大,對促進房地產市場止跌回穩的後續舉措積極關注,對直接強刺激消費的預期也有所調整。短期美國大選結果、美國再通脹與美債利率上行預期以及人民幣兑美元匯率面臨的約束,也使得國內政策對沖仍有一定複雜性,投資者需耐心觀察,從容應對。但無論外因如何演變,我們相信最終內因更重要,中期牛市的核心邏輯—政策全力振興經濟,沒有改變。短期我們認為可考慮底倉配置高勝率的化債與資產重估方向,精選內需景氣品種,逢低佈局核心資產,重視供給收縮,困境反轉預期方向則徐徐圖之。重點關注銀行、保險、建築、工程機械、創新藥、新能源車、家電、電力設備、互聯網等。重點關注主題:新質生產力,併購重組等。
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