大都会资管发表下半年固定收益展望：偏好中期年期债券配置

智通财经

Jul 08

智通财经APP获悉，大都会投资管理发表2026年下半年固定收益展望，指出整体收益率偏高，持续支持固定收益资产需求，但息差收窄、债券发行人之间的差异化减少、通胀压力持续及地缘政治风险升温，投资者需采取更具选择性、更多元化及更重视估值的投资策略。此外，市场对科技企业的兴趣及较高的整体收益率继续为投资级别债券提供支持。然而，由于发行人的差异化有限、息差处于偏低水平，加上AI相关发债增加，该行认为投资者更需要注重个别债券筛选，并偏好中期年期债券配置。

人工智能相关投资正逐步影响债券发行、指数组成及相对价值表现。部分发行人受惠于AI热潮带来的增长机遇，但亦伴随着市场集中度上升、资产相关性提高，以及商业模式转型等新风险。

在杠杆融资市场，该行继续看好高收益债、杠杆贷款及抵押贷款证券(CLO)前景，但投资配置上较倾向固定利率高收益债。随着AI推动企业表现带来更明显的差异，加上软件行业相关风险增加，由下而上的信贷分析及个别发债人筛选将尤为重要。

新兴市场方面，具吸引力的票息收益及政策改善，继续支持该区债券表现。然而息差收窄，各市场对能源价格、通胀压力及选举风险的承受能力不一，令投资机会愈趋分化，投资者需更着重个别市场及个别资产的基本因素。

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