华泰证券:被动抛售不构成金银中长期配置逻辑的反转信号

格隆汇
Jan 08

格隆汇1月8日|华泰证券表示,我们认为,2026年BCOM再平衡所带来的被动抛售属于阶段性的技术扰动,而非中长期配置逻辑的否定。贵金属在指数中的目标权重依然处于历史高位,反映其在商品组合中的结构性价值并未发生变化。再平衡期间的被动抛售,更多影响的是短期交易节奏与价格波动,而不改变金银在宏观对冲、资产配置及商品组合中的长期定位。考虑2026年宽松流动性、通胀抬头和弱美元均利于进一步上行,指数再平衡...

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