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class="Custom_UnionStyle"> <p><span style="font-size:16px;"> <strong> 今日A股迎来牛q第一个交易日。站在牛q的LQ八位金牛基金经理共同把脉牛qA股投资。他们认为,牛年全球l济持箋复苏Q众多因素将催生l构性投资机会,恒强、龙头集中趋势将愈加明显。投资机会将聚焦可选消贏V高端制造和周期成长三大方向?/strong></span></p> <p><span style="font-size:16px;"><strong>  q八位金牛基金经理是q发基金高董事ȝ理傅友兴、中Ƨ基金基金经理周应L、银华基金董事ȝ理李晓星、嘉实基金成镉K格投资ȝ归凯、景林资产ȝ理高云程、东Ҏ湾董事长但斌、源乐晟资创始人曾晓洁、重x资总裁王庆?/strong></span></p> <p><span style="font-size:16px;">  着眼未来,八位金牛基金l理对中国经、A股市场的长期表现充满信心。他们认为,当前A股市Z处于历史性的底部区域Q未来二三十q大概率是牛长熊短的局面?/span></p> <p><span style="font-size:16px;">  <strong>l构性机会更加明?/strong></span></p> <p><span style="font-size:16px;">  对于宏观l济Q但斌表C,2021q大概率是一个全球经复苏的q䆾。中国资本市场基制度不断夯实QA股逐步q向成熟市场。当前A股市场处于历史性的底部区域Q未来二三十q大概率是牛长熊短的局面?/span></p> <p><span style="font-size:16px;">  周应波表C,全球l济发展虽然面考验Q但仍然在震荡中上行。国内经{型升U和新经快速发展,资本市场攚w不断推进Q激发中长期增长潜力Q对中国l济、中国股市的长期表现充满信心?/span></p> <p><span style="font-size:16px;">  曾晓z指出,在全球经复苏的背景下,众多l构性因素将催生资本市场的投资机会。各个行业中Q优U上市公司的集中度提升势q未l束Q这些公司股价将l箋呈现慢牛走势?/span></p> <p><span style="font-size:16px;">  王庆认ؓQ国内行业竞争加剧,龙头公司优势开始体玎ͼ注册制改革持l推q;机构投资者占比将不断提升。经和资本市场内部l构性变化具备不可逆{性,大市D跑赢中市D的格局gl?/span></p> <p><span style="font-size:16px;">  李晓星预计,2021qA股市势前低后高,一季度会稍昑^淡,背后的原因是动性的变化。因此,一季度是播U阶D,二三季度是开始收L季节。周应L表示Q市场经?019q及2020q的上涨Q估值水qx升较多,整体市场从结构性机会向l构性高估过渡?/span></p> <p><span style="font-size:16px;">  <strong>聚焦三大方向</strong></span></p> <p><span style="font-size:16px;">  在当前的宏观背景和市场环境下Q有哪些投资Z可以挖掘Q?/span></p> <p><span style="font-size:16px;">  李晓星表C,牛年A股投资聚焦比较优势,即科技和消Ҏ块。科技?ldquo;两条?rdquo;Q碳中和相关?G后周期相养I消费斚wQ近期的股h回调提升了相x的性h比,看好估值和基本面具有性h比的优质公司?/span></p> <p><span style="font-size:16px;">  归凯表示Q未来我国经的发展Q必焉要内需消费和科技创新的支持。这个长期的势l投资提供了指导。牛q投资将围绕四个领域展开Q大消费、大健康、大刉和U技创新?/span></p> <p><span style="font-size:16px;">  周应波表C,2021q主要看好三大机会:一是受到经提振、经营好转的可选消费品Q如汽R、家늭行业。二是高端制造业。疫情考验下,中国刉业产业铄争力凸显Q中国作为全球制造业中心的地位愈发m固。化工、机械、徏材等高端刉细分领域全球出口䆾额持l扩张,具备极强的全球竞争力。三是新兴经领域,如智能汽车、全真互联网、云计算?/span></p> <p><span style="font-size:16px;">  傅友兴认为,真正有盈利支撑的行业会有结构性行情,重点x受益于疫情改善、经修复、出口替代的行业Q一是可选消费,如白酒、家电家居等Q二是制造业Q包括汽车零部g、机械设备等Q三是周期成长,如化工等l分领域的龙头企业?/span></p> <p><span style="font-size:16px;">  高云E表C,在业层面,看到了很多不断演q的机遇。比如,最q几q很多传l消费品领域出现崭新的品牌,以惊人的速度获得消费者青睐。在传统刉业领域Qh工智能技术正在改造传l设备与生模式。从家电到汽车,电子化和化的势已不可逆{Q每一个子行业的创新都是对原有品牌和格局的改变?/span></p> <p><span style="font-size:16px;">  曾晓z表C,牛年投资聚焦于可能产生l构性成长和景气度超预期的领域:W一cL受益于全球经复苏的板块Q如消费品或工业刉品{;W二cL成长性很强的行业Q如新能源RQ第三类是景气度依然可观、长期发展空间比较大的行业,如互联网、科技、消费等?/span></p> <p><span style="font-size:16px;">  <strong>x风险因素</strong></span></p> <p><span style="font-size:16px;">  当然Q风险也不容忽视。李晓星表示Q?021q投资应回避“灰犀?rdquo;风险Q即C铄关风险。他表示Q?ldquo;灰犀?rdquo;风险在逐步出水面Q银行对于地产相关的h持箋收紧Q地产链相关的风险只是刚刚显Ԍ牛年会l回避这一风险?/span></p> <p><span style="font-size:16px;">  周应波表C,牛年有两大风险因素需要注意,一是大宗商品h格大q上涨带来的风险Q二是房C资泡沫。另外,风格极致演绎Dl分行业之间估值差距拉大,其中一些可以用长期价值来解释Q但是另外一些更多是受短期资金行为推动,很难持箋Q投资者需要注意风险,量规避?/span></p> <p><span style="font-size:16px;">  曾晓z认为,目前来看不存在系l性风险,但适当降低未来一D|间的收益预期是一U务实态度?/span></p> </div> </section></p> <p> </p> </div> </div> <div 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