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对于周期性行业,我们需要考虑的是这些行业经历了前期的大幅调整之后,股价是否已经充分反映了对这些行业的不利预期。我们的观点是:周期性行业的调整还没有结束,其整体表现还难以超越市场平均水平。投资机会只存在于部分受益于行业投资加速的细分行业内。
For the cyclical industry, we need to consider whether the stock price has fully reflected the unfavorable expectations of these industries after the previous drastic adjustments. Our view is: cyclical industry restructuring is not over, its overall performance is difficult to go beyond the market average. Investment opportunities exist only in some segments that benefit from the accelerated investment in the industry.