中金公司：建议先债后股，债券当前性价比更高

Zhitong
2024.03.25 00:03
中金公司研报认为，3 月看似 “混乱” 的资产背后隐含着三条主线：充裕流动性驱动的比特币、黄金和铜；降息预期驱动的利率、股市和黄金；需求改善与二次通胀预期驱动的铜和油。流动性交易二季度或将面临拐点，再通胀是 “涨出来” 的逻辑明显抢跑，降息交易或将逐渐成为主线。资产配置上，方向比时点更重要，当前类似于 2019 年 4—5 月。建议先债后股，债券当前性价比更高，美股面临一定波折后更好，黄金抢跑后空间有限、回调后可再介入，再通胀驱动的铜和油需求转好要待降息后。
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