投资策略周报:科技与周期的再平衡

开源证券股份有...
Nov 09

科技与周期由“一骑绝尘”到“两翼齐飞”我们认为当前应重视科技与周期风格的阶段性再平衡。就2025 年7 月到10 月期间,市场在估值扩张阶段下的表现而言,呈现出高beta 风格独占鳌头,其中电子、通信、电力设备以及有色金属收益遥遥领先,也正遵循了我们自今年7 月开始强调的观点:“坚定牛市仓位,科技为先,PPI 交易为辅”。但伴随科技方向累计较大的涨幅,且三季报视角下周期品类甚至具备更强的业绩边际...

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