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专题:市场缩量分化A股热点轮动或将延续

◎记者严晓菲

伴随A股公司2024年年报陆续披露,券商分析师纷纷调整部分个股评级。Wind数据显示,4月以来,已有20只个股获券商上调评级,主要覆盖科技、消费两大核心领域,业绩增长、发展前景广阔是券商调增评级的主要原因。与此同时,贵州茅台、锦江酒店等十余只个股被券商下调评级。

据Wind统计,4月以来获券商调高评级的个股包括妙可蓝多、三只松鼠、博腾股份、浪潮信息等20只。其中,消费、科技两大板块个股数量较多。

从评级报告分析,业绩增长是消费股受券商青睐的直接原因。例如,中信证券对三只松鼠的评级由“增持”上调至“买入”,核心逻辑在于公司2024年营收达成重回百亿元目标,2025年电商渠道有望继续稳健增长,饮料等新日销品类将推动线下分销渠道收入高增长。

对科技股而言,看好行业及公司发展前景,是券商上调评级的主要原因。以浪潮信息为例,西部证券对其评级从“增持”上调至“买入”,关键理由是公司2024年业绩高速增长,合同负债体现出下游旺盛需求。西部证券表示,浪潮信息合同负债等指标表明下游客户正在加大数据中心基础设施领域的投入,公司有望获得确定性较高、弹性较大的增长。

券商对个股评级调整的背后,除了对单家上市公司业绩的分析与研判,在一定程度上也折射出其对相关行业未来走势的判断与思考。在机构人士看来,市场接下来或将开启防御与顺周期风格的轮动,消费、科技等领域细分行业中的核心资产有望受益。

招商证券认为,中期来看,围绕内需政策发力和AI应用落地是今年主要方向,建议关注景气度改善或较高的电子、工程机械、乘用车、食品饮料等行业。

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