中信證券:重點關注黃金、稀土、銅、鋁、錫和鎢板塊配置機遇
中信證券研報指出,2024年及2025年一季度,金屬行業盈利整體穩增,黃金、鎳鈷錫銻、稀土磁材和銅板塊領漲行業,電池金屬等品種底部承壓。當前金屬行業估值維持偏低水平,鋁、銅、鎳鈷錫銻估值處於相對低位,行業估值修復值得期待。此外,行業分紅回報延續提升態勢,部分個股股息率達到5%以上,股東回報能力持續提升。展望2025年下半年,我們認爲貿易爭端背景下,隨着流動性和財政政策漸進落地,應重點關注黃金、稀土、銅、鋁、錫和鎢板塊配置機遇。
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