信达策略:牛市加速期表现最弱的行业终局

樊继拓投资策略
Sep 24

核心结论6月下旬-8月主要指数呈现出加速上涨的趋势,但银行板块反而下跌。从6月23日至8月25日,上证指数涨幅达到15.6%,创业板指涨幅达到37%。但过去2年表现始终偏强的银行在过去1个季度指数加速上涨阶段反而表现最弱,绝对收益下跌0.39%,跑输上证指数约16个百分点,在所有一级行业中排名最后。我们认为出现这种情况的主要原因在于,银行板块的防御、红利属性与指数加速上涨期小盘成长风格不匹配。历史...

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