市场增量资金:“固收+”偏好怎样的行业和公司?

华尔街见闻
Aug 26, 2025

报告摘要“固收+”是市场重要的增量资金。6月下旬以来,资金的“四个蓄水池”发生变化并推动牛市。市场的存款搬家目前处于风险偏好跃升的第一步,从纯固收往少量含权(固收+)迁移,而纯权益目前还不明显。当前“固收+”的仓位偏低,未来潜在“推仓位+净申购”有望为市场贡献增量资金。我们测算:权益仓位抬升可能带来数百亿的增量,如果“固收+”持股市值回到21年高点,还有1600+亿的空间。“固收+”的审美:偏好...

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