中金公司：建議先債後股，債券當前性價比更高

智通財經
2024.03.25 00:03
中金公司研報認為，3 月看似 “混亂” 的資產背後隱含着三條主線：充裕流動性驅動的比特幣、黃金和銅；降息預期驅動的利率、股市和黃金；需求改善與二次通脹預期驅動的銅和油。流動性交易二季度或將面臨拐點，再通脹是 “漲出來” 的邏輯明顯搶跑，降息交易或將逐漸成為主線。資產配置上，方向比時點更重要，當前類似於 2019 年 4—5 月。建議先債後股，債券當前性價比更高，美股面臨一定波折後更好，黃金搶跑後空間有限、回調後可再介入，再通脹驅動的銅和油需求轉好要待降息後。
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