《大行》摩通:避险轮动开始 建议转向优质落后标的

阿斯达克财经
Oct 13, 2025

摩根大通发表报告指出,自上周四(9日)以来重燃的美中紧张局势正推升地缘政治风险溢价。该行此前已警示以下风险:11月美中贸易谈判门槛偏高、第三季财报公布期间沪深300指数市场对其每股盈测面临下行压力,以及美债10年期收益率趋稳将限制股权风险溢价的宽松空间。在可能持续数周的避险情绪前,摩通将必需消费品板块评等调升至“增持”,并将非必需消费/医疗保健板块评等调降至“与大市同步”,建议从拥挤的成长概念股...

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