摩根大通 |2026年中国信贷展望:看好TMT和部分国企,对房地产保持谨慎

RatingDog
Dec 09, 2025

YY点评本报告主要分析了2026年中国信贷市场的展望。摩根大通建议投资者采取精选策略,指出中国信贷市场风险分化明显:TMT行业质量优良,国企稳健但估值偏紧,房地产板块依然严峻。宏观层面,尽管面临美国关税波动,中国经济在2025年表现出韧性,但预计2026年GDP增速将放缓至4.4%。由于借贷成本高企导致供应有限,加之境内资金需求强劲,中国投资级债券利差已压缩至历史低位,预计这一技术面支撑将持续。 ...

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