金吾财讯 | 国信证券表示，四季度是原油需求传统淡季，油价有交易回落的预期，这可能使得美债利率走平或阶段性回落。此外，人民币汇率持续在6.7附近甚至进一步走强，会改善港股国际资金环境，以及Meta muse打开了对于个人Agent应用的想象空间，且互联网大厂估值较低，也有助于估值修复。板块方面：1、大金融/高股息：高利率环境相对有利于银行息差，且估值/股息提供缓冲，电信运营商现金流稳定，是Q4组合稳定器。2、AI算力硬件：中国AI基础设施投资仍是相对确定的产业趋势，盈利能力持续向上，典型如服务器、PCB、光纤、GPU。3、创新药：BD出海逻辑仍在，但已经从Beta行情转向个股Alpha。4、互联网龙头：互联网龙头目前估值较低，AI业务上开始有起色，有估值修复机会。
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