金吾财讯 | 中信证券研究指，美联储9月加息不仅强化了价格稳定承诺，也通过全票表决和弱化前瞻指引，进一步巩固Warsh的政策权威与美联储独立性。与此同时，欧美日同步收紧显示全球货币政策正重新进入共振加息阶段。历史经验表明，若经济与就业保持韧性，加息未必系统性压制风险资产，市场更可能表现为利率上行、黄金承压以及权益内部的结构性分化。港股方面，市场对外部资金的敏感度或进一步上升，配置上应由单纯关注高股息转向兼顾盈利、现金流与股东回报能力的高质量红利，并进一步结合回购、解禁及卖空结构筛选微观资金面更健康的行业。电信、公用事业等类债方向防御属性相对突出，食品饮料、物业管理、纺服、机械及部分医药方向亦具一定配置价值；相比之下，部分成长行业近期仍面临更高的解禁与卖空压力。风险因素：1）全球央行超预期继续收紧货币政策；2）全球地缘冲突再度升级；3）中美科技、贸易、金融领域摩擦加剧；4）我国政策力度、实施效果及经济复苏不及预期。
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