(来源:姚佩策略探索)1.传统红利资产:白电、白酒,内需承压背景下现金管理配置金融资产,盈利能力走平或下滑;2.现金流改善的资产:黑电、照明、美护,受益于开支力度压降或金融资产配置力度的显著降低;3.现金流较稳定的资产:纺服、轻工、化药、食品加工、休闲食品、厨电,25Q2盈利能力开始回升、行业基本面或已开始好转;4.基本面承压:中药、饮料乳品、非白酒(啤酒+葡萄酒+黄酒)、调味品,中药受制于集采,...
Source Link(来源:姚佩策略探索)1.传统红利资产:白电、白酒,内需承压背景下现金管理配置金融资产,盈利能力走平或下滑;2.现金流改善的资产:黑电、照明、美护,受益于开支力度压降或金融资产配置力度的显著降低;3.现金流较稳定的资产:纺服、轻工、化药、食品加工、休闲食品、厨电,25Q2盈利能力开始回升、行业基本面或已开始好转;4.基本面承压:中药、饮料乳品、非白酒(啤酒+葡萄酒+黄酒)、调味品,中药受制于集采,...
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