金吾财讯 | 中金公司发研报指，A股在当下冲击中显现较强韧性。近期全球股市尤其亚太市场表现不佳，A股相比其他主要国家股市波动幅度较小。海外地缘局势剧烈变化虽一定程度上影响A股投资者风险偏好，但在A股上市公司年报业绩增速持续回稳高景气产业数量增多、资金面与宏观流动性相对宽裕、两会召开在即伴随积极政策及中长期改革预期等综合因素影响下，指数显现较强韧性。中期来看，我们认为，国际秩序重构与我国产业创新趋势共振是推动本轮A股上涨、中国资产重估的核心驱动。中东冲突引发的短期冲击并未动摇上述逻辑。此外，在宏观范式转换与资本市场制度改革持续推进的背景下，A股的底层环境正在发生结构性改善，稳市机制建设过程中市场防范“大起大落”能力明显增强，A股市场相较以往更具备形成“稳进”格局的条件，中长期仍有望延续稳健上行趋势。
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