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在2025年之前,资金押注“中国错失论”乃至有明显的多轮做空
在2025年之前,资金押注“中国错失论”乃至有明显的多轮做空
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所属报告:
2025中国叙事:敢教日月换新天-250327(42页).pdf
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资本市场的表现也映射了这种“错失论”。自 2023年初,截至 2024年 12月 31日,美股Magnificent-7与中国Terrific-10表现截然不同(股价表现164% vs 15%,估值变动 20% vs -60%)。以中国恒生科技沽空金额占成交额的比重变化可见,中国科技类核心资产期间甚至经历多次明显的做空交易。而 A 股 TMT 板块内部,市场在 2023年与 2024年的 AI方向配置思路,也更多地集中于光模块等海外大厂供应链品种,实际上是另一种“出海投资”。
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当前图表所属:
2025中国叙事:敢教日月换新天-250327(42页).pdf
表9、茅指数之中的19家核心消费公司较之全A,股息率、ROE与ROE稳定性均占优
直接增收、财政/企业补贴、盘活存量
表7、恒生科技指数高权重企业对AI暴露度较高
表6、恒生科技前5大权重(占比40.8%)更多体现为业绩改善与估值回归合理水平
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