中信证券:寻找收入、利润、现金流与资本回报同步改善而估值尚未充分反映的高质量、高景气资产

智通财经
Sep 03
【中信证券:寻找收入、利润、现金流与资本回报同步改善而估值尚未充分反映的高质量、高景气资产】中信证券研报称,2026年半年报显示,A股盈利周期进入加速修复阶段,但“盈利改善”本身正在失去稀缺性,景气扩散的广度、盈利修复的质量以及市场定价的充分程度,正成为下一阶段资产选择的关键。当前资源、科技景气领先,传统行业盈利修复有所扩散,消费、制造整体仍处相对低位;但高增长并不等同于高质量,需要进一步验证盈利“成色”。一是科技板块重点关注利润能否转化为现金,寻找高增长与高盈利质量共振的资产,但对现金流压力不能一票否决;二是“反内卷”不能仅以资本开支收缩或价格回升判断,需要观察供给纪律能否进一步传导至盈利、现金流和资本回报改善;三是人民币升值背景下,汇兑损失对盈利质量的影响难以避免,海外毛利率和定价能力成为识别高质量出海的重要线索;四是红利投资应从高股息、高自由现金流进一步转向分红来源及可持续性,并从动态视角挖掘红利新逻辑。估值层面,市场已开始为不同质量的盈利给予差异化定价,下一阶段建议重点寻找收入、利润、现金流与资本回报同步改善,而估值尚未充分反映的高质量、高景气资产。

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.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10