金吾财讯 | 花旗集团资产配置策略团队将英国股市评级连续下调两级至低配，此前评级为超配，机构建议增配美国、日本市场，其余欧洲区域维持中性评级，核心逻辑为地缘冲突缓解后，英国市场防御属性与大宗商品权重的优势弱化。
富时 100 指数能源股权重约 10%，英国石油、壳牌等标的此前受益中东局势推升油价，带动指数在 4 月中旬前持续走强；同时指数医疗、必需消费等防御板块合计权重接近 35%，在地缘动荡、经济下行周期具备避险属性.自 4 月 8 日美伊达成停火协议后，能源板块行情走弱，富时 100 指数相对全球主要市场持续跑输。机构团队表示，当前市场环境偏向盈利增长扩散、成长主线占优的行情，英国股市高防御、高商品权重的结构难以契合当前资金偏好，吸引力持续下滑。本次评级调整反映资金大类资产切换逻辑，避险属性资产的估值溢价随地缘风险消退逐步收缩，资金持续流向成长空间更充足的美股与日股赛道。
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