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中金:A股的股息率相比長債收益率有明顯吸引力 建議關注AI算力、創新藥、有色金屬等行業
中金研報稱,基本面層面,金融數據往往是市場的前瞻指標,貨幣增速等指標改善表明政策已經在行動,近期高規格會議再提“反內卷”也體現出對於物價偏弱等問題的重視;資金面層面,市場經歷10個月區間震盪後,籌碼結構得到優化,並且我們測算當前市場點位已明顯高於過去1年和3年的資金平均成本,賺錢效應正在好轉,當前“資產荒”的環境下,A股的股息率相比長債收益率有明顯吸引力,是市場向好的底層邏輯。配置上,在不確定性環境下仍然建議保留紅利低波作為底倉資產,另一方面結合景氣回升和產業趨勢進行佈局,建議關注AI算力、創新藥、有色金屬等行業。
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