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中信证券:无需过度担忧债市底层负债赎回和流动性收缩
Zheng Quan Shi Bao Wang·2025-08-26 00:41

Core Viewpoint - The equity market has continued to perform well since August, while the bond market has experienced volatility, leading to a widening of the yield spread [1] Group 1: Market Trends - The shift in bond market sentiment is evolving from short-term stock-bond dynamics to a longer-term focus on market liquidity and the restructuring of household wealth [1] - Recent trading behaviors of institutions such as bond funds, wealth management products, and insurance capital indicate that there is currently insufficient data to support a rapid flow of household deposits and fixed-income investments into the stock market [1] Group 2: Future Outlook - There is no need for excessive concern regarding the redemption of underlying liabilities in the bond market and liquidity contraction in the short term [1] - If the equity market can maintain its current stable upward trend, the restructuring of household wealth allocation may become a long-term trend, characterized more as a "slow variable" rather than an "instant remedy" [1]