现今,股市低迷与滞涨的源头在于“投资主题的缺失”,原有的经济增长动力难以持续,新经济增长模式的培育尚需时间,另一重要佐证是:价值发现投资策略的效率在降低。如何在缺乏方向感和投资主题的市场中寻找溢价机会是一道难题,中关村证券最新推出的策略报告认为,主题缺失将导致系统性机会缺乏,市场重心可能继续下移,升跌重要动力是政策博弈的溢价效应,首选策略是防守反击+盲点套利。 Nowadays, the source of stock market downturn and stagflation lies in the “lack of investment theme.” The original momentum of economic growth is difficult to sustain and the cultivation of new economic growth mode takes time. Another important evidence is that the efficiency of the value discovery investment strategy is declining . How to find the premium opportunity in the market with the lack of sense of direction and investment theme is a difficult problem. The latest strategy report released by Zhongguancun Securities believes that the lack of the theme will lead to a lack of systematic opportunities, the market center of gravity may continue to move down, and the important driving force is the policy game The premium effect, the preferred strategy is defensive backlash + blind spot arbitrage.