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摩尔投研精选
Nov 04, 2025

【宏观策略精选】两条思路布局年末行情兴业证券策略张启尧认为,当前市场关注的重点还是在于结构。随着年末市场提前抢跑定价下一年景气,景气预期变得更加重要,而当期景气对股价的影响减弱,核心是寻找下一年强者恒强或者困境反转的方向。若市场预期主线风格的景气优势在明年仍将持续甚至加速,则年末行情中主线仍将保持定力;若有因素导致主线景气预期证伪、或推动低位方向景气预期向好,则市场可能会系统性转向低位方向。回到...

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