华泰证券表示,大势上,结合信用周期指引与财报线索,A股仍处于库存周期弱企稳,产能周期继续出清的阶段,向上弹性待改善。同时,政策抓落实、稳预期,支撑风险偏好,市场或处于“上有顶、下有底”的状态。风格上,中期维持红利+内需+科技的哑铃型配置,做多波动率。具体择线上,红利内部,国有行、水电等运营性资产仍是底仓。科技和内需强调左侧思维,科技内部,AI 和军工电子若调整仍可中期布局。内需内部,三个筛选条件:...
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