申万宏源:眼前或为压力最大阶段,中国能源安全、供应链安全可能是全球 Alpha

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申万宏源研究傅静涛团队表示,美伊冲突陷入僵局,市场风险偏好承压,支持“第一阶段上涨”的资金短期集中退坡,行业ETF规模收缩、年金及“固收+”产品减仓压力显现,眼前或为压力最大阶段。中期变数被低估:货币紧缩应对输入性通胀非最优解,中美经济韧性超预期,中国能源与供应链安全有望成为全球Alpha。一、美伊冲突僵局,风险偏好持续承压,关注支持“第一阶段上涨”的资金短期集中退坡 (行业 ETF 规模收缩,...

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