摩根大通发表研究报告,重申“反内卷”是中国市场未来18至24个月的主题交易,并有以下新评估:1)“反内卷”政策最接近2021年防止资本无序扩张的监管思路,但范围更广,超过供给侧改革1.0,此次政策重点在于理顺地方政府背书/补贴投资。2)有三个产业生态受影响,其中可再生能源股因收入结构优于地产+宏观股,且政策执行力强于电商股,故具优先性。3)“反内卷”对中国股市极为关键,因更高的ROI是在岸股市机构...
Source Link摩根大通发表研究报告,重申“反内卷”是中国市场未来18至24个月的主题交易,并有以下新评估:1)“反内卷”政策最接近2021年防止资本无序扩张的监管思路,但范围更广,超过供给侧改革1.0,此次政策重点在于理顺地方政府背书/补贴投资。2)有三个产业生态受影响,其中可再生能源股因收入结构优于地产+宏观股,且政策执行力强于电商股,故具优先性。3)“反内卷”对中国股市极为关键,因更高的ROI是在岸股市机构...
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