核心结论:本轮上涨并非完全是系统性普涨拔估值,结构性特征相对明显,TMT 领涨。从一轮极端牛市的演绎形态看,牛市后期如果“消灭低估值、歼灭低价股”,最终各个行业对整个市场的涨幅贡献将趋于均衡,但极端情形下单一行业的涨幅贡献仍能到30%+。当前在产业趋势下享有估值溢价的TMT对全A 的涨幅贡献并未演绎至极端形态。短期贡献度视角下,AI 仍未到极端过热状态。8 月27 日和7 月末TMT 行业对全A ...
Source Link核心结论:本轮上涨并非完全是系统性普涨拔估值,结构性特征相对明显,TMT 领涨。从一轮极端牛市的演绎形态看,牛市后期如果“消灭低估值、歼灭低价股”,最终各个行业对整个市场的涨幅贡献将趋于均衡,但极端情形下单一行业的涨幅贡献仍能到30%+。当前在产业趋势下享有估值溢价的TMT对全A 的涨幅贡献并未演绎至极端形态。短期贡献度视角下,AI 仍未到极端过热状态。8 月27 日和7 月末TMT 行业对全A ...
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