【券商聚焦】中国银河:在板块轮动行情中 隐藏的主线或是年末行情演绎的主题

金吾财讯
Nov 10, 2025

金吾财讯 | 中国银河证券发研报指,前科技主线延续调整,本周部分主题行情出现回暖但持续性仍显不足,行情或仍以震荡结构为主,关注调整后的配置价值。在政策与业绩空窗期的环境中,市场热点预计维持快速轮动,电网设备、锂电、化工等热点方向与题材在轮动中上涨,背后反映出反内卷主线的逐步确认,价格水平回升逻辑正在提振中期景气改善预期。在板块轮动行情中,隐藏的主线或是年末行情演绎的主题。市场正在为新一轮向上趋势蓄势。上市公司三季报展现出基本面韧性,其中,结构性亮点突出。“十五五”规划《建议》稿强调高质量发展与科技自立自强,要求提升宏观经济治理效能。随着后续政策落地节奏进一步明确,物价回升预期下反内卷板块逻辑明确,科技主线产业趋势与业绩进入验证阶段,A股市场中长期向好趋势不改。在板块轮动中关注反内卷、红利等主题机会,科技主题关注补涨细分及产业趋势的催化。(1)反内卷领域:要综合整治“内卷式”竞争。反内卷成为宏观调控的重要抓手,相关板块中长期投资价值提升。(2)新质生产力领域:顺应国家战略、具备真实技术壁垒的科技企业将是A股投资的重要主线。(3)消费领域:消费作为内需的重要部分,对稳定经济基本盘至关重要。服务消费赛道、新型消费等细分领域值得重点关注。(4)“两重”领域:项目建设将推动产业链的完善和发展,相关企业受益于订单增长与业绩释放。

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