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中金:資金面五大變化共振 對下半年A股市場保持相對積極
中金公司發佈研報稱,近期宏觀基本面沒有明顯催化,A股市場明顯走強,中金認為需要重視從資金面視角理解市場,並總結出A股資金面正在發生的五大重要變化,包括貨幣秩序重構引發資產變局,人民幣資產相對受益;A股投資者結構中,個人投資者佔比階段性提升;居民儲蓄存款增長疊加“資產荒”,股市的相對吸引力提升;A股資金面籌碼結構改善,賺錢效應提升,資金面開始進入正向循環;較多機構投資者的A股倉位處於歷史低位,可能成為潛在多頭。市場中期走勢由基本面決定,但中金也提示不可忽視資金流動的力量階段性超過基本面,在五個變化的共振下,對下半年市場可保持相對積極。
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