策略周观点:新消费和AI扩散顺序的相似性

信达证券
Jun 15, 2025

(以下内容从信达证券《策略周观点:新消费和AI扩散顺序的相似性》研报附件原文摘录)核心结论:新消费和AI产业逻辑有很大的不同,但如果仔细观察内部细分行业的轮动顺序,能够看到有很大的相似性。(1)轮动的第一步:最先上涨且涨幅最大的个股均是当下有业绩有壁垒的标的(AI中的芯片算力、新消费中的泡泡玛特、老铺黄金等)。(2)轮动的第二步:投资者逐渐证明的产业趋势,开始寻找产业趋势中大概率会受益的方向,AI...

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