中信证券研报认为观察到最近国内和海外存在三个市场流动性特征。特征一:ETF资金流向明显分化宽基减而行业、主题增A股减而港

智通财经
Sep 08
中信证券研报认为观察到最近国内和海外存在三个市场流动性特征。特征一:ETF资金流向明显分化宽基减而行业、主题增A股减而港股增;反映出机构配置型资金还是有明显的高切低特征而近期的强趋势板块主要还是主动选股型资金驱动。特征二:市场或步入2021年以来主动型公募产品最后一轮密集申赎换手阶段伴随机构重仓的核心资产上涨前述产品有望逐步消化赎回带来的压力对应的机构票或是下一轮产业趋势以及经济回暖过程中的配置重心过去几年重小轻大、规避机构持仓票的策略模式可能不再成立回归核心资产正成为现实。特征三:海外高债务资金利率和央行被动的降息压力共存欧美国家在高债务资金利率的环境下被迫步入降息周期中国制造业在全球竞争当中的压力在减缓“反内卷”的大趋势下未来中国制造业把份额优势转变成定价权、进而转变为利润率长期回升是中长期可以预见的最重要的基本面线索之一人民币资产吸引力在持续提升。

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