中信证券研报认为“稳定回报”资产具有低波动、低回撤、持续收益的特点美股经验来看相关标的的核心逻辑在于盈利与分红的双重稳定

智通财经
Jul 11, 2025
中信证券研报认为“稳定回报”资产具有低波动、低回撤、持续收益的特点美股经验来看相关标的的核心逻辑在于盈利与分红的双重稳定性商业模式多为“经济周期弱属性+特许经营与客户粘性+资本开支稳定”。借鉴海外从ROE、分红与股息绝对值和稳定度出发A股中银行、电力等四大行业的过去15年财务条件最为符合。目前情况看银行板块“稳定回报”基础进一步夯实一方面源于宏观政策、监管政策对盈利稳定性的贡献另一方面包括险资、公募和AMC公司的增持进一步强化“稳定回报”属性。个股方面预计下阶段交易型资金将重点关注低估值品种配置型资金则延续贝塔品种。

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