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華泰證券:中期中國資產重估或仍處於進行時
華泰證券指出,上週市場先揚後抑,外部擾動下風險偏好回落,交易線索以事件驅動為主。大勢上,短期或進入歇腳期,指數接近震盪區間上沿、強勢品種充分演繹後性價比有所下降,但中期中國資產重估或仍處於進行時;高交易擁擠度並不意味着立即反轉,且強產業趨勢行情中往往伴隨着擁擠度中樞的抬升,但當前小微盤、新消費、醫藥等擁擠度升高後短期賠率偏低,調整後或為更好的介入機會。配置上,短期沿着賠率思維在啞鈴內部切換,關注穩定型紅利和軍工、貴金屬等防禦性資產,以及科技中擁擠度相對低位且具備產業催化的方向,中期關注以A50、消費、金融為代表的核心資產。
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