中信证券:无需过度担忧债市底层负债赎回和流动性收缩

金融界
Aug 26
中信证券指出,8月以来权益继续走牛,而债市波动调整期限利差重新走阔,在此过程中部分债市空头观点逐渐由短期的股债跷跷板向更长期的市场流动性和居民财富格局重塑演化。结合债基、理财、险资等机构近期的交易行为,中信证券认为短期内居民存款、固收理财快速流向股市尚缺少数据支撑,无需过度担忧债市底层负债赎回和流动性收缩。但权益市场若能延续当前稳定上涨的慢牛趋势,居民财富配置结构的重塑或将成为长期趋势,但更多是“慢变量”而非“特效药”。

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