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Fixed Income:Deleveraging Continues;Regulations Tightens

2017-08-01 16:31:02 新浪财经 评论 字号 繁体中文 关闭 收藏 打印 复制
兴业证券股份 兴业证券研究所


  In the mid-term, different investors may have different interpretations for the policy. The marketremains bullish, and the possibility of bond yield drop cannot be fully ruled out. Now the economicfundamentals remain stable, regulations are tightening and the monetary policy remains neutral. Inlight of this, don’t think it’ s time to make long-term investments. The market is becomingincreasingly concerned about volatility risks and downside risks. As deleveraging continues, theimpact of credit risk revaluation on the market merits attention.

  1) We believe that securing high return is becoming increasingly difficult for the financial industry.

  Aggressively seeking high return from investments will become riskier. Investors should abandontheir thought that the bull market is approaching. 2) We advise investors not to invest inshort-duration bonds and lower-grade bonds. From the long-term perspective, deleveraging willlead to revaluation of credit assets. 3) Long-term rates products seem to deserve speculation. Webelieve only after deleveraging may ideal investment opportunities arise. Therefore, we adviseinvestors to be patient and wait until the impact of credit risk revaluation is alleviated.


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