--- title: "中信证券秦培景：三阶段配置刚进入第二阶段，科技和医药板块超额收益显著" description: "2024 年市场信心将重聚，建议坚持 “三阶段配置策略”" type: "news" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/102988274.md" published_at: "2023-11-22T11:27:50.000Z" --- # 中信证券秦培景：三阶段配置刚进入第二阶段，科技和医药板块超额收益显著 > 2024 年市场信心将重聚，建议坚持 “三阶段配置策略” 11 月 22 日，中信证券 2024 年资本市场年会上，中信证券首席策略师秦培景表示， 2023 年，市场信心恢复滞后于已出现转折的政策和经济周期；2024 年，市场信心将重聚，投资者行为变化驱动估值修复是 A 股市场的主旋律，预计上半年弹性更大，下半年震荡分化，建议坚持 “三阶段配置策略”。 具体来看，秦培景指出，第一阶段受益于本轮稳增长政策的顺周期行业在前期有较为显著的防御属性，不**过这一决定阶段在****10****月末已经进入尾声。**而第二阶段以中央财政积极扩张、美联储货币政策潜在拐点为信号，**10****月底以来市场已进入第二阶段，科技和医药板块超额收益显著，建议首选以科技和医药为代表的超跌成长板块。** 秦培景还强调，12 月中央经济工作会议到明年 “两会” 是第三阶段布局白马龙头的重要决断窗口。2021 年初以来，传统价值投资的高 ROE 策略和成长性定价的 GARP 策略估值承压，已持续调整近 3 年的时间。2023 年 12 月中下旬到 2024 年 3 月期间，以两次重要会议为契机，有可能出现投资者预期的快速扭转，推动消费、新能源、互联网等白马品种估值修复。 秦培景提醒，2024 年下半年，随着经济运行回归常态，中美利率水平降低，建议关注经济高质量发展对应的科技自主可控、高端制造等方向。 ### Related Stocks - [600030.CN - 中信证券](https://longbridge.com/zh-CN/quote/600030.CN.md) - [06030.HK - 中信证券](https://longbridge.com/zh-CN/quote/06030.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Olympics-Curling-As double touching drama continues at Games, curlers are open to video review | As controversy over double touching stones continues in curling at the Winter Olympics, players express openness to vide | [Link](https://longbridge.com/zh-CN/news/276010244.md) | | Codeifai Enters AI-Backed Quantum Security Market | Codeifai Ltd :CODEIFAI ENTERS AI-BACKED QUANTUM SECURITY MARKETCOMPLETION OF ACQUISITION OF ANTENNATRANSFER.IOTOTAL CONS | [Link](https://longbridge.com/zh-CN/news/276015719.md) | | New Buy Rating for Gujarat Fluorochemicals Ltd. (FLUOROCHEM), the Basic Materials Giant | In a report released yesterday, from ICICI Securities maintained a Buy rating on Gujarat Fluorochemicals Ltd., with a pr | [Link](https://longbridge.com/zh-CN/news/276009682.md) | | Alibaba unveils new Qwen3.5 model for 'agentic AI era' | Alibaba has launched its new AI model, Qwen 3.5, which is designed for independent task execution and boasts significant | [Link](https://longbridge.com/zh-CN/news/276045126.md) | | Sino Biopharm Wins China Nod for New Lung Cancer Use of PD-L1 Drug | Sino Biopharmaceutical has received Chinese regulatory approval for its PD-L1 inhibitor, benmelstobart, for use as maint | [Link](https://longbridge.com/zh-CN/news/276016059.md) | --- > **免责声明**：本文内容仅供参考，不构成任何投资建议。