站在当前时点我们重申券商配置价值,主要基于三个原因:1)大金融板块内滞涨且估值安全边际仍较高;2)中报披露在即,预计业绩仍延续高增;3)AH 溢价绝对值仍较高,H 股估值修复进行中。建议把握券商板块配置机会,重点关注业绩改善幅度大且估值相对偏低的优质头部券商国泰海通、中金公司和中国银河。理由一:大金融板块内滞涨,估值安全边际仍较高行情表现方面,2025 年至今跑输大盘,大金融板块内存在滞涨。...
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