作者:admin 日期:2023-12-10 16:31:05 浏览:58 分类:资讯
炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会!
来源 银河证券
作者 杨超
一、核心观点
复盘2023年A股市场:2023年以来,A股市场先扬后抑,一波三折,整体表现弱势。主题风格分化,小盘在年内相对占优,价值风格明显占优。结构主线明晰,TMT板块整体表现突出,上游能源行业相对抗跌。
2024年A股投资环境展望:海外确定性叠加不确定性:(1)不确定性一:地缘政治因素对资本市场的压制;(2)不确定性二:极端天气对农业和经济发展的影响;(3)不确定性三:美国大选的不确定性及对全球资本市场的潜在扰动;(4)确定性一:全球经济衰退风险;(5)确定性二:全球主要央行货币政策转向。国内视角的风险与挑战:(1)经济总体恢复向好,但仍需关注地产下行对于内需拖累以及外需持续低迷的风险;(2)优化信贷结构压力较大,实体经济活跃度有待提振;(3)长期缓释房地产“灰犀牛”风险;(4)信用债违约风险;(5)中美贸易稳定性脆弱。国内政策“稳”与“进”的协同:“稳”在防范金融、房地产及地方债务的重大风险方面;“进”在实现经济高质量发展与推进现代化产业体系建设。
2024年A股“纵-横-势”推演:2024年新一轮朱格拉周期和库存周期有望开启,但房地产转型压力下,周期开启时间可能推迟,同时上行斜率受限。随着稳增长政策效果显现,经济大概率延续向好态势,企业业绩迎来边际改善,为A股向上行情提供支撑。当前A股估值处于历史中低水平,具有较大修复空间。同时,中长期资金引入力度不断加大,市场情绪逐步回暖,增量资金状况有望缓步改善。但是,海内外存在较多不确定性扰动。研判2024年A股在周期更替时期,震荡上行概率大,随着海外货币政策转向,下半年上行动能或更为明显。
2024年A股市场是否具备风格转换条件?(1)大盘VS小盘:大小盘风格更多与资金面有关,在存量博弈阶段,小盘相对占优,在增量资金加速入场阶段,大盘占优可能性更大。预判2024年总体上小盘股相对占优,但下半年美国货币政策迎来拐点,外资净流出幅度有望收窄,大盘股局部占优可能性逐渐增大。(2)成长VS价值:在经济上行周期,成长占优的可能性更大;在经济下行周期,价值股具有较强的防御性,总体风格占优。当中美利差收窄时,成长股估值对分母端利率水平更敏感。同时M1-M2剪刀差改善,市场风险偏好高时,成长占优可能性相对较高。综合判断,2024年上半年成长价值风格相对均衡,但随着海外货币政策转向,下半年成长股占优可能性逐步上升。
结构性博弈:A股市场存在较多不确定性扰动,行业配置上,建议关注(1)央国企改革;(2)国产替代科技创新:电子(半导体、消费电子、电子化学品)、通信(通信服务、运营商转型数字经济)、计算机(AI算力、数据要素、信创)以及传媒(游戏、院线、平台经济);(3)业绩绩优的消费细分:食品饮料(白酒、乳制品等)、医药生物(中药、创新药、生物制品)、酒店、旅游、交运等;(4)安全领域:粮食安全、信息安全(数字经济)、国防军工;(5)绿色低碳:光伏、绿电(风电、氢能等)、储能、新能源汽车;(6)交易性机会:上游能源品、金融地产产业链等。
二、风险提示
全球经济下行风险,海外货币政策超预期风险,石油产出国延长减产风险,国内政策不及预期风险,市场情绪不稳定风险等。
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