金吾财讯 | 中信证券研报指出，美国经济并未如愿回归疫情前的低通胀、温和增长常态，反而深陷高债务、高利率、高通胀与增长放缓的四重泥潭。当前，全球供应链不再单纯追逐成本洼地，而是围绕地缘政治信任圈和物理距离进行重构，呈现出鲜明的区域化与近岸化特征。
研报认为，当前投资主线应聚焦于中长期统筹安全与发展，以科技自立与制度创新夯实抗风险韧性，并在服务业放宽准入、激发市场活力以提振全社会消费与供需平衡。应在半导体前道制程核心环节、工业底层数控与软件、新能源前沿迭代技术、AI底层算力基座系统、以及关乎国计民生的国家粮食主权与金融信息合规安全等纵深领域内，切实构建起高深硬核技术壁垒的领军企业，其战略稀缺价值与长周期的自由现金流成长性，将在未来被市场长久且持续地赋予高确定性溢价。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.