金吾财讯 | 申万宏源发研报指，消费和科技都是景气预期强化的方向，而4月消费结构性机会集中演绎，科技调整波段延续。一季报国内AI算力景气持续预期强化，5月脉冲式修复，但TMT相对消费仍是短期性价比较高的方向。长期维度下，A股重新进入结构牛波段，需要科技重磅产业催化，进一步强化市场共识。中期，看25Q2-Q3，A股可能维持震荡市，科技和消费都要把握好波段机会。继续战略看好国内AI产业链和具身智能的投资机会。公募一季报反映出，机器人相对AI持股更集中，微观结构更优。这在短期体现为，机器人更容易对催化做出反映，是主题弹性更高的方向；而AI行情重启所需要更重磅的催化，如果启动则更偏向于中期行情。我们继续提示，科技结构性行情阶段，继续看好港股弹性高于A股。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.