每(mei)經AI快訊(xun)，華(hua)泰證券指(zhi)出，上周(zhou)社融、經濟數據好于預(yu)(yu)期(qi)(qi)，降(jiang)準進一步(bu)體現(xian)政(zheng)策呵護，但(dan)海外(wai)擾動下市(shi)場以震(zhen)蕩(dang)為主。大勢上，本(ben)輪“政(zheng)策底”到“市(shi)場底”階段外(wai)資(zi)(zi)定(ding)價權更高，當前處于國內基(ji)本(ben)面預(yu)(yu)期(qi)(qi)底部與海外(wai)基(ji)本(ben)面預(yu)(yu)期(qi)(qi)頂部的最(zui)后角(jiao)力期(qi)(qi)，美聯儲加息(xi)路徑仍有分歧(qi)、國內政(zheng)策有效性(xing)待驗，趨(qu)勢性(xing)回(hui)升或(huo)需等待內外(wai)現(xian)實向預(yu)(yu)期(qi)(qi)收(shou)斂；結構(gou)上，重視 Q4 剩(sheng)余流動性(xing)回(hui)落+盈利視角(jiao)切換兩大交易線索(suo)，在潛在業績增(zeng)速反轉的品種(zhong)(zhong)中(zhong)(zhong)(zhong)，篩選順周(zhou)期(qi)(qi)資(zi)(zi)產(chan)中(zhong)(zhong)(zhong)供給彈性(xing)約束(shu)較低、成長類資(zi)(zi)產(chan)中(zhong)(zhong)(zhong)有獨立周(zhou)期(qi)(qi)且先行(xing)指(zhi)標向好、且公募籌碼(ma)壓力較小的品種(zhong)(zhong)，繼續戰(zhan)略看多(duo)醫藥(yao)/電子，戰(zhan)術看多(duo)建(jian)材(cai)/MDI/小金(jin)屬(shu)。