国泰海通策略:回调即是增配良机

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大势研判:外部扰动不会终结趋势,回调是增配A股良机。本周股市显著调整,投资者对大国博弈进一步扩散的担忧加剧,止盈与兑现需求明显升温。我们维持较共识更为乐观的判断:1)与四月相比,本轮大国博弈的风险边界更为清晰:美国关税反制面临供应链调整缓慢、经济需求回落、美元信用冲击等多重实质性约束,贸易议题降温是大概率事件;2)中国“转型牛”内在趋势确定:经济转型加快、无风险收益下沉与资本市场改革。当下中国社会...

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