摩根士丹利基金：当前A股和港股仍处于中低分位估值

智通财经网2025-12-09

智通财经APP获悉，摩根士丹利基金相关人士认为，当前A股和港股仍处于中低分位估值，盈利由钝化见底转向修复定价，在红利与现金流因子基础上配置中高端制造行业，具备结构性机会。考虑到人民币计价资产在核心通胀温和、利润率修复与对美元资产低相关加持下兼具分散风险与抗扰动属性，全球资产配置潜在投资空间稳步提升。商品市场方面，央行购金延续+实际利率下行支撑多头驱动因素仍在，白银低库存与工业需求β弹性更强，但须...

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