7月初债市调整以来,反内卷的宏观叙事逻辑将股市、商品、债券三者交易逻辑绑定,因此才在流动性宽裕的背景下,催生了大类资产的观点分歧。8月临近尾声,反内卷链条中最重要的三个宏观变量表现如何?本文将进行分析。 变量一:生产,首先看两个前瞻指标,8月EPMI生产分项读数录得46.3,为近5年同期最低值,环比小幅下滑0.3个百分点;8月中国企业经营状况指数(BCI)录得46.9,环比下滑0.8个百分点,...
Source Link7月初债市调整以来,反内卷的宏观叙事逻辑将股市、商品、债券三者交易逻辑绑定,因此才在流动性宽裕的背景下,催生了大类资产的观点分歧。8月临近尾声,反内卷链条中最重要的三个宏观变量表现如何?本文将进行分析。 变量一:生产,首先看两个前瞻指标,8月EPMI生产分项读数录得46.3,为近5年同期最低值,环比小幅下滑0.3个百分点;8月中国企业经营状况指数(BCI)录得46.9,环比下滑0.8个百分点,...
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