东吴策略:创新药和新消费之后 还能买什么板块?

东方财富
Jun 15, 2025

今年以来大盘两轮上涨行情中板块轮动存在明显差异2025 年以来大盘的两轮上涨行情在空间和时间维度都具备相似性。第一轮“东升西落”行情始于美元见顶回落,弱美元和中国科技资产重估双重叙事驱动下,全A量价齐升。第二轮行情是中美贸易摩擦冲击下大盘形成“黄金坑”,随后国家队积极入市、稳市政策陆续出台修复市场预期,外部方面中美关税边际改善,市场反弹。两轮行情虽时空相似,但板块轮动特征差异显著。从轮动面积来看,...

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