中信证券研报表示6月以来市场最大的变化是逐步从存量市场转为增量市场不过A股当中机构易于接受的板块短期内涨幅较大进入到高位

智通财经
Jul 13, 2025
中信证券研报表示6月以来市场最大的变化是逐步从存量市场转为增量市场不过A股当中机构易于接受的板块短期内涨幅较大进入到高位震荡阶段。相对而言处于低位的是受价格因素主导的制造板块当下的反内卷是类比于“一带一路”的长期叙事在增量资金流入环境下有助于撬动这些低位板块。此外港股当前的估值洼地特征又显现出来在巨大的配置压力下保险资金投资范围扩圈是大势所趋南下资金有望再次回暖。中信证券判断当下是增配港股的时机A股的有色、AI硬件、创新药、游戏和军工板块则将继续轮动低位制造板块有望在增量流动性和政策预期推动下持续修复。

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