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國金證券:4月A股風格偏向“盈利底”邏輯,配置重心可向大盤價值傾斜
格隆匯 04-05 18:42
展望4月份的A股行情,國金證券首席策略分析師張弛在4月5日最新發布的報告中指出,結合近期A股現狀,接下來的一個季度內,市場風格將偏向“盈利底”邏輯,建議投資者採取“中小盤成長風格切換至大盤價值防禦”的配置策略。張弛分析稱,3月A股市場呈現“倒V型”走勢,同時,A股的波動率中樞已出現趨勢性擡升跡象。因此,建議投資者將配置重心向大盤價值及防禦性板塊傾斜。“至少在未來一個季度內,市場風格將偏向‘盈利底’邏輯,而非單純追逐高景氣成長。”張弛進一步指出,“中小盤成長股在分子端(盈利)與分母端(估值)的雙重擾動下,或面臨階段性調整。”此外,張弛表示,產業邏輯催化下,科技成長板塊仍存結構性機會。不過,需要投資者精選具備產業政策支持的細分領域,如半導體設備、AI算力等。
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