2023年A股中期策略：风起于青萍之末，浪成于微澜之间

请阅读最后评级说明和重要声明 -20%-15%-10%-5%0%5%10%2022/032022/082023/01000300.SH投资要点 ➢ ➢ ➢ 2 一、国内经济缓慢复苏，流动性有望持续向好 ............................................................................. 4 1.2022年&2023Q1业绩微增，国内经济缓慢复苏 ........................................................................................ 4 2.流动性：海外紧缩压力下降，国内维持宽松 ............................................................................................... 5 二、“中特估”加持下，央国企再度崛起 ......................................................................................... 7 1.“中特估”提出后，国企表现持续强劲 ........................................................................................................... 7 2.把握“央国企+数字经济”和“一带一路”两条主线 ............................................................................................ 8 三、人工智能引领新一轮科技投资 ............................................................................................... 9 1. ChatGPT上线后，人工智能表现持续强劲 ................................................................................................ 9 2. AI产业浪潮下，看好全年TMT投资 .......................................................................................................... 9 四、美联储加息见顶，黄金配置价值凸显 ................................................................................... 10 1.美联储降息预期升温，黄金价格景气 ........................................................................................................ 10 2.美国经济指标表现不佳，央行购金需求强劲 ............................................................................................. 11 3.看好黄金板块投资机会 .............................................................................................................................. 12 五、其他板块：估值低位，业绩分化，聚焦多行业黄金赛道 ...................................................... 12 1.电力设备 .................................................................................................................................................... 12 2.医药生物 .................................................................................................................................................... 13 3.非银金融 .................................................................................................................................................... 13 4.汽车 ........................................................................................................................................................... 13 5.食品饮料 .................................................................................................................................................... 14 6.国防军工 .................................................................................................................................................... 14 7.美容护理 .................................................................................................................................................... 14 ................................................................................................................... 4 ........................................................................................................... 4 ............................................................................................................... 4 ....................................................................................................... 4 ................................................................................................................ 6 .............................................................................................................. 7 ........................................................................................................ 7 ................................................................................................................. 9 ........................................................................................................... 9 ............................................................................................................................ 10 ......................................................................................................................................... 11 3 ............................................................................................................................................ 11 ..................................................................................................................................... 12 .......................................................................................................................... 4 ................................................................................. 5 ........................................................................................ 6 ............................................................................................................................. 7 4 -20%-10%0%10%20%30%40%50%电力设备石油石化公用事业有色金属基础化工农林牧渔医药生物建筑装饰通信煤炭国防军工交通运输食品饮料美容护理汽车轻工制造计算机银行机械设备家用电器环保电子纺织服饰商贸零售传媒非银金融钢铁社会服务房地产建筑材料-1