金吾财讯 | 摩根士丹利研报指，上调中国必需消费品行业至“中性”，并将贵州茅台(600519)、华润电力(00836)加入关注名单，同时下调信息技术板块至“中性”，以反映关税不确定性以及全球宏观增长和风险资产下行风险加剧，而A股在可比历史背景下更具韧性。大摩指，选择茅台因其基本面具有较高可预见性，同时受益于国内消费的潜在刺激措施，而其本益比显示下行空间有限。中国“国家队”的积极买盘也表明流动性支持将逐步增强。选择华润电力是因为在贸易紧张局势和经济放缓的背景下，电力股的基本面仍具高稳定性和确定性，华润电力今年可维持至少5%的股息殖利率，比主要同行有更好的确定性。大摩表示，建议采取更均衡的投资组合策略，增持防御性资产和A股敞口，同时保持灵活，密切关注潜在的中美贸易谈判以及中国加大宽松力度。
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