2021中期展望：牛心熊胆，龙头躺赢策略逐步失效_老虎社区_美港股上老虎

2021中期展望：牛心熊胆，龙头躺赢策略逐步失效

陈果A股策略2021-06-22

核心观点牛心熊胆，配置主线围绕快车道：维持年度报告《从复苏牛迈向高质牛》判断，2021年是A股从复苏牛迈向高质牛的过渡年。复苏牛已经完成：疫情以来的经济与价格周期正在或已经见顶。复苏之后，面临的是经济增速中枢下移。但A股中长期牛市的基石未变：经济转型升级，优质公司ROE/ROIC上升，中国居民增配A股。过渡期，操作上宜牛心熊胆：下半年增长放缓，但再宽松力度有限，整体市场依然不是趋势市。...

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