投资烟酒这类行业的不应该就是防御性质的吗？答案没看明白呢

NO.PZ2022120703000093问题如下 Exclung the tobacsector in a passive investment strategy most likely tilts the portfolio towar a more: A.cyclical, value-orienteprofile.B.cyclical, growth-orienteprofile.C.fensive, growth-orienteprofile. B is correbecause \"incorporating any given set of exclusions or ESG tasets into a passive investment strategy potentially carries unintenconsequences, notably limiting one’s ability to versify. This mresult from portfolio stortion to unwantefactor anmarket exposure. spite their weight within a given broar inx, recing or eliminating exposure to certain sectors represents a naturre-weight to the remaining sectors aninx constituents. Commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimize exposure to these sectors will naturally tilt portfolios towar a more cyclical, growth-orienteprofile.\"A is incorrebecause \"commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios characteristiof value-orienteprofile, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimise exposure to these sectors will naturally tilt portfolios towar a more cyclical, growth-orientenot value-orientesinsucompanies are excluprofile.\"C is incorrebecause \"commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimise exposure to these sectors will naturally tilt portfolios towar a more cyclicnot fensive sinsucompanies are exclu growth-orienteprofile.\" 如题 书里好像只讲过清洁能源是顺周期和 水是逆周期 没有提到过烟草

NO.PZ2022120703000093问题如下 Exclung the tobacsector in a passive investment strategy most likely tilts the portfolio towar a more: A.cyclical, value-orienteprofile.B.cyclical, growth-orienteprofile.C.fensive, growth-orienteprofile. B is correbecause \"incorporating any given set of exclusions or ESG tasets into a passive investment strategy potentially carries unintenconsequences, notably limiting one’s ability to versify. This mresult from portfolio stortion to unwantefactor anmarket exposure. spite their weight within a given broar inx, recing or eliminating exposure to certain sectors represents a naturre-weight to the remaining sectors aninx constituents. Commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimize exposure to these sectors will naturally tilt portfolios towar a more cyclical, growth-orienteprofile.\"A is incorrebecause \"commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios characteristiof value-orienteprofile, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimise exposure to these sectors will naturally tilt portfolios towar a more cyclical, growth-orientenot value-orientesinsucompanies are excluprofile.\"C is incorrebecause \"commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimise exposure to these sectors will naturally tilt portfolios towar a more cyclicnot fensive sinsucompanies are exclu growth-orienteprofile.\" 究竟是什么类型oriente产业？我选择相反的就可以了是么？

NO.PZ2022120703000093问题如下 Exclung the tobacsector in a passive investment strategy most likely tilts the portfolio towar a more: A.cyclical, value-orienteprofile.B.cyclical, growth-orienteprofile.C.fensive, growth-orienteprofile. B is correbecause \"incorporating any given set of exclusions or ESG tasets into a passive investment strategy potentially carries unintenconsequences, notably limiting one’s ability to versify. This mresult from portfolio stortion to unwantefactor anmarket exposure. spite their weight within a given broar inx, recing or eliminating exposure to certain sectors represents a naturre-weight to the remaining sectors aninx constituents. Commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimize exposure to these sectors will naturally tilt portfolios towar a more cyclical, growth-orienteprofile.\"A is incorrebecause \"commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios characteristiof value-orienteprofile, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimise exposure to these sectors will naturally tilt portfolios towar a more cyclical, growth-orientenot value-orientesinsucompanies are excluprofile.\"C is incorrebecause \"commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimise exposure to these sectors will naturally tilt portfolios towar a more cyclicnot fensive sinsucompanies are exclu growth-orienteprofile.\" 请老师用中文下。

NO.PZ2022120703000093问题如下 Exclung the tobacsector in a passive investment strategy most likely tilts the portfolio towar a more: A.cyclical, value-orienteprofile.B.cyclical, growth-orienteprofile.C.fensive, growth-orienteprofile. B is correbecause \"incorporating any given set of exclusions or ESG tasets into a passive investment strategy potentially carries unintenconsequences, notably limiting one’s ability to versify. This mresult from portfolio stortion to unwantefactor anmarket exposure. spite their weight within a given broar inx, recing or eliminating exposure to certain sectors represents a naturre-weight to the remaining sectors aninx constituents. Commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimize exposure to these sectors will naturally tilt portfolios towar a more cyclical, growth-orienteprofile.\"A is incorrebecause \"commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios characteristiof value-orienteprofile, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimise exposure to these sectors will naturally tilt portfolios towar a more cyclical, growth-orientenot value-orientesinsucompanies are excluprofile.\"C is incorrebecause \"commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimise exposure to these sectors will naturally tilt portfolios towar a more cyclicnot fensive sinsucompanies are exclu growth-orienteprofile.\" fensive对应防守型策略，那cyclical呢？

NO.PZ2022120703000093 问题如下 Exclung the tobacsector in a passive investment strategy most likely tilts the portfolio towar a more: A.cyclical, value-orienteprofile. B.cyclical, growth-orienteprofile. C.fensive, growth-orienteprofile. B is correbecause \"incorporating any given set of exclusions or ESG tasets into a passive investment strategy potentially carries unintenconsequences, notably limiting one’s ability to versify. This mresult from portfolio stortion to unwantefactor anmarket exposure. spite their weight within a given broar inx, recing or eliminating exposure to certain sectors represents a naturre-weight to the remaining sectors aninx constituents. Commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimize exposure to these sectors will naturally tilt portfolios towar a more cyclical, growth-orienteprofile.\"A is incorrebecause \"commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios characteristiof value-orienteprofile, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimise exposure to these sectors will naturally tilt portfolios towar a more cyclical, growth-orientenot value-orientesinsucompanies are excluprofile.\"C is incorrebecause \"commonly exclusectors, like tobacanfossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature anfaless pressure to reinvest cash flow into growth-relate capitexpenture programmes. a result, stable operating margins equate to consistent cash flows anvinpay-out ratios, whiprovi fensive, counter-cyclicexposure within portfolios. Inces thexclu or minimise exposure to these sectors will naturally tilt portfolios towar a more cyclicnot fensive sinsucompanies are exclu growth-orienteprofile.\" 老师，这个题怎么不选a啊啊啊啊，怎么理解